Investors
NGX records N419 billion growth in April
The market capitalisation of the Nigerian Stock (NGX) recorded a growth of N419 billion in April due to impressive first quarter results declared by some companies. Specifically, the market capitalisation which closed trading in March at N20.428tn rose by N419bn to close at N20.847tn in April. Similarly, the All-Share Index inched higher by 789.29 points to close at 39,834.42 in contrast with 39,045.13 recorded in March. Royal Exchange Assurance emerged the best performing stock for April in percentage terms, growing by 89.29 per cent to close at 58k per share against 28k recorded in March. Linkage trailed with 41.87 per cent to close at 85k in contrast with 60k posted in the comparative month. Speaking on the performance of the stock market, Mr Ambrose Omordion, the Chief Operating Office...
Oyo governor unveils agriculture electronic centre in Ibadan
Governor Seyi Makinde of Oyo State has inaugurated Africa’s first agricultural electronic centre, an innovation provided by Farm Konnect Agribusiness Nigeria Plc in Ibadan. A lot of dignitaries in and outside the state were in attendance at the epoch event, which took place at the Basorun area of Ibadan. Amongst the dignitaries include the Oyo State Chief of Staff, Chief Bisi Ilaka, the Director-General Oyo State Agribusiness Development Agency, Dr Debo Akande, Ekiti State Commissioner for Agriculture, and his Osun State counterpart, the representatives of the federal government, bank officials, investors and others. Speaking at the event, Governor Makinde commended FarmKonnect for bringing such an innovation that will change the face of agriculture in the country and Africa as a whole to ...
Bill seeking pay-as-you-go for cable TV passes second reading in House
The Deputy Chairman of the House of Representatives Committee on Communication, Hon Idem Unyime, on Friday assured that Nigerians will soon get pay-as-you-go services for digital satellite television. Unyime gave the assurance as a Bill for an Act to amend the National Broadcasting Commission Act, co-sponsored by himself, Hon Odebunmi Olusegun and Hon Dachung Musa Bagos, scaled second reading. Unyime while appealing to Nigerians to be patient as the Bill will soon be passed into law, said when passed, it will also give the NBC the power to fix prices for digital television. He expressed optimism that the proposed legislation would be passed into law as quickly as possible to assuage the inconvenience Nigerians have so far endured as far as cable television is concerned. The Bill, he said, ...
House rejects bill seeking to reduce cases in Supreme Court
The House of Representatives yesterday voted out a bill seeking to limit the category of litigations that can be appealed at the Supreme Court. The intention of the bill was to reduce the workload on the apex court, and speed up justice delivery. The lawmakers at the plenary yesterday considered for second reading, ‘A Bill for An Act to alter the provisions of the Constitution of the Federal Republic of Nigeria, 1999; the Constitution of the Federal Republic of Nigeria (First Alteration) Act, 2010; and the Constitution of the Federal Republic of Nigeria (Second Alteration) Act, 2010, to make appeals to the Supreme Court to be by leave in order to reduce workload on the court, expedite hearing and determination of appeals, and encourage efficiency and quality; and for related matters.’ Chai...
Wheat farmers bemoan $6.1 billion annual import, laud CBN restriction on forex for importers
The Wheat Farmers Association of Nigeria (WFAN) says about $6.1 billion is spent yearly to import wheat into Nigeria. The President of the association, Alhaji Salim Muhammad, made this known at a news conference on Wheat Forex in Abuja on Thursday. Muhammad commended the Central Bank of Nigeria (CBN) over the policy that placed wheat on Forex restriction. He described it as an impressive policy and a welcome development. According to him, Nigeria consumes 5 million metric tons of wheat per annum, while a meagre 420,000 tons is produced locally. He said that in view of numerous challenges that plagued local production, the policy would enable the government to unlock the unrealised potentials in the wheat sub-sector. “The forex restriction policy will give relevant stakeholders the confiden...
Analysts: Printing currency could hurt economy
Analysts have expressed concerns over a recent claim that the federal government resorted to printing money to augment the monthly allocation to the three tiers of government, warning that it could heighten inflationary pressure with dire consequences for the country’s exchange rate and economy. The analysts, in separate interviews with newsmen, warned that a sustained policy of printing the currency, if not well managed, would hurt the economy. The concern came on the heels of recent revelation by Governor of Edo State, Mr. Godwin Obaseki, that due to the dwindling revenue in the face of declining oil revenue arising from the growing sources of alternative sustainable energy, the federal government had to print money to augment the amount available for sharing by the federal, state and lo...
Seplat issues $650 million oil and gas bond
Seplat Petroleum Development Company, a Nigerian independent oil and gas firm, has issued $650 million in aggregate principal amount of senior notes due in 2026. It is said to be the largest ever Nigerian oil and gas bond issuance. A senior note is a type of bond that must be repaid before most other debts in the event that the issuer declares bankruptcy. It is more secure than other bonds. The dual listed company said the five-year bond was well-received in the market with orders from high quality institutional investors. “The notes priced at a yield of 7.75%, representing a significant pricing reduction from its $350 million debut issuance in 2018, which priced at a yield of 9.50% , with a coupon of 9.25%,” a statement by the company read. “The offering was well oversubscribed with deman...
Court declares SEC sanctions against Oando management null, void
Wikipedia Oando shareholders in the persons of Alhaji Yakubu Gumel; Alhaji Kabiru Tambari, suing for himself and on behalf of the Sokoto Zone Shareholders Association; Tunde Badmus, suing for himself and for the benefits of Pacesetters Shareholders Association, bagged yet another win at the Federal High Court (FHC) Kano, in a suit filed against the Securities and Exchange Commission (SEC) for overreaching its powers. Justice A. Lewis Allagoa presiding over the ruling dismissed the regulators preliminary objection and granted all the reliefs sought by the Oando Shareholders. The FHC Kano dismissed SEC’s objection on the basis that the shareholders’ claims fall under their rights as shareholders according to the Companies and Allied Matters Act (CAMA) and is therefore not a capital markets i...
Senate considers bill to unbundle NIPOST
The Senate has commenced moves to unbundle the Nigerian Postal Service with the consideration of a bill to repeal and re-enact the Nigerian Postal Service Act 2004. The bill which scaled second reading on Tuesday was sponsored by Senator Oluremi Tinubu (APC, Lagos Central). Leading the debate on the general principles of the bill, Tinubu said the piece of legislation seeks a reform of the Postal Industry and to make Comprehensive Provisions for the Development and Regulation of Postal Services in Nigeria. According to the lawmaker, the Nigerian Postal Service (NIPOST) which dates as far back as 1852, evolved from an exigency of the colonial administration to a Collection Office of the United Kingdom and eventually, to the NIPOST. She recalled that as at 1st of October, 1960, when Nigeria g...
Benue governor says no more amnesty, negotiation with criminals
Benue State Governor Samuel Ortom, says his administration will no longer negotiate with or grant amnesty to criminals under any guise in the state. Ortom stated this on Saturday in Anyiin, Logo Local Government Area of the state at the burial of Mr Terkura Suswam, the slain elder brother of former governor, Sen. Gabriel Suswam. Newsmen reports that Suswam was killed along with his aide, Mr Solomon Utanor on March 2, close to his residence in Anyiin. The governor condemned the crime rate in Logo, Ukum and Katsina-Ala, reiterating his determination to end all forms of criminalities in the state. “There is no more amnesty, no more negotiation with them, (criminals) except they come back like the prodigal son and plead for forgiveness,’’ he said. According to the governor, the State Security ...
AfDB provides $400,000 grant for SEC
African Development Bank Group (AfDB) on Friday signed a $400,000 grant agreement with the Securities and Exchange Commission (SEC) to strengthen securities market regulation and broaden market instruments. The funds, according to a statement from AfDB, will go towards strengthening the risk-based supervision framework, regulation of derivatives and green bonds, and build capacity for green finance. The grant will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the Bank. “This collaboration further underscores our mutual goal to grow our markets and create viable avenues for sustainable economic development for Nigeria and the region,” said Lamido Yuguda, Director General of the Securities and Exchange Commission at the virtual signing ceremon...
FIFA favours Patrice Motsepe for CAF presidency
FIFA have asked three candidates to back South Africa’s Patrice Motsepe in the upcoming Confederation of African Football (CAF) presidential election, a source close to one of the candidates told AFP. The previous incumbent Ahmad Ahmad was banned for breaches of FIFA’s ethical code, but has had the ban suspended by the Court of Arbitration for Sport. World body FIFA are keen for a fresh start in Africa, the source said. Motsepe is a South African mining billionaire and owner of reigning domestic champions Mamelodi Sundowns. According to the source, Augustin Senghor of Senegal and Ahmed Yahya of Mauritania are open to the idea of backing Motsepe and becoming vice-presidents themselves. Jacques Anouma of Ivory Coast would be offered a roll as advisor to Motsepe. “Motsepe is FIFA’s preferred ...