Nigerian Stock Exchange
MTN to invest N640 billion to expand broadband access
MTN Nigeria plans to invest N640 billion (approximately US$1.5 billion) over the next three years to expand broadband access across the continent’s most populous country, in line with the federal government’s 2020-2025 National Broadband Plan and in support of MTN Group’s strategy, Ambition 2025: Leading digital solutions for Africa’s progress. ‘Nigeria is one of our most important markets. We have a proud history of partnering with Nigeria and Nigerians to drive faster and more inclusive growth through digital transformation,’ said MTN Group President and Chief Executive Officer Ralph Mupita after a three-day visit to Abuja and Lagos, in which he met a number of key stakeholders. These included President Muhammadu Buhari; Vice President Oluyemi Oluleke Osinbajo; Minister of Communications...
Firm cautions Nigerian government over sale of national assets
Agusto Consulting has cautioned the federal government over its plan to relinquish national assets to private hands, saying, the risk involved is unquantifiable. Agusto Consulting, in a report titled “Rethinking Nigeria’s Models for Infrastructure Development,” noted that, the benefits of relinquishing control to the private sector are glaring, but remain difficult to implement. Noting that the federal government’s handing off certain critical assets of the country that have been dormant over the years will positively impact on the country’s budgetary allocation, but added that this decision has caveats and risks associated with operating models that involve private sector participation regardless of the levels of participation. “First is the high level of corruption in the country and the...
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...
Ekiti reduces stake in Wema Bank
Ekiti State, one of the shareholders of Wema Bank Plc, has reduced its stake in the bank by 666.670 million from 1.191 billion shares. Ekiti, Oyo, Ogun, and Osun States are shareholders in Wema Bank. While Oyo, Osun, and Ogun held 666.670 million or 1.73 per cent each, Ekiti held 1.191 billion or 3.09 per cent as at December 31, 2019. But in a notification to the Nigerian Stock Exchange (NSE), signed by the Company Secretary of Wema Bank Plc, Johnson Lebile, the bank said Ekiti State Government sold 666.670 million shares at 65 kobo per share on the floors of the NSE, amounting to N433.336 million. According to the bank, the transaction took place between March 3 and 4, 2021. With the transaction, Ekiti State now holds about 524.1 million shares. Neem Tree Limited remains the majority shar...
DMO: Nigerian roads financed with Sukuk not repaying debt as planned
File Photo The Debt Management Office (DMO) has decried the country’s debt service to revenue ratio, describing it as a major issue of concern. Patience Oniha, the Director-General of DMO, said this in Abuja on Thursday at the fifth Budget Seminar (webinar) organised by the Securities and Exchange Commission (SEC). The theme of the budget seminar was, “Financing Nigeria’s Budget and Infrastructure Deficit through the Capital Market.” Oniha stressed the need for infrastructure built with borrowed funds to generate revenue to service the debts. According to her, “We have done the Sukuk, for instance, but the government is the one servicing the debt of those Sukuk. “They (the debts) are not being serviced with revenue from those sources (infrastructure). “I think that when we are talking abou...
Peter Obaseki retires as FCMB chief operating officer
The Board of Directors of FCMB Group Plc has announced the retirement of Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an executive director of the group. Mr Obaseki’s retirement was approved at a meeting of the Board of the FCMB Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution. The Chairman of FCMB Group Plc’s Board of Directors, Oladipupo Jadesimi, thanked Mr Obaseki for his valuable service and excellent support to the Board for many years. Get more stories like this on Twitter You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get ...
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...
2021: Banks to walk a tightrope amid low revenue environment
Nigeria’s deposit money banks (DMBs) must brace up for the challenge of 2021 that might tax their resolve to remain in business. Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles. Their valuable customers such as high net-worth individuals, corporate bodies and other institutions are equally challenged. In his book, Business Stripped Bare, celebrated iconic entrepreneur and founder of the Virgin Group, Richard Branson, says, “without trustworthy banks, there can be no business, no employment, no money. According to Branson, “People have got to be able to go to bed at night secure in the knowledge that the money they depo...
Stock market gains N138 billion despite profit taking
The stock market posted positive performance last week despite profit taking by some investors, as it sustained the growth recorded in the previous week. Precisely, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose 0.7 per cent to close at 35,137.99, while market capitalisation gained N137.5 billion to print at N18.365 trillion. Apart from the NSE ASI index that appreciated, NSE Insurance, NSE ASeM and NSE Oil/Gas indices also went up by 2.61 per cent, 1.56 per cent, 0.19 per cent and 1.71 per cent respectively. Although the gains recorded in the market in November was expected to propel profit taking, some market analysts are still upbeat that the bulls would remain in control till the end of the year. “With the low yield environment in the fixed income space and investors’ cor...
SEC: Governments can unlock potentials by privatisation
The Securities and Exchange Commission, SEC, has stated that the Federal and State Governments have the capabilities to unlock enormous potentials through privatisation. The post SEC: Governments can unlock potentials by privatisation appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
NSE retains global 2020 information security management certification – audit
The Nigerian Stock Exchange (NSE) on Friday announced that it had retained its ISO 27001:2013 certification for Information Security Management System (ISMS) in the 2020 surveillance audit by the British Standards Institution (BSI). The post NSE retains global 2020 information security management certification – audit appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Bulls on rampage, NSE market indices up 6.23 percent
The bulls continued to dominate activities on the Nigerian Stock Exchange (NSE) with the All-Share Index rising above the set five per cent threshold to trigger circuit breaker. The post Bulls on rampage, NSE market indices up 6.23 percent appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
