Markets

Exchange Commission to tackle fraud in capital market

The Securities and Exchange Commission (SEC) has signed a Memorandum of Understanding (MoU) with the Nigerian Financial Intelligence Unit (NFIU) to combat Ponzi schemes and fraud in the capital market.

Mrs Mary Uduk, the Acting Director-General of SEC, disclosed this in a statement in Abuja.

She said the collaboration was necessitated by the need for SEC and NFIU to close ranks in the face of “insider dealings, reawakening of Ponzi schemes, cybercrime and other fraudulent activities that have engulfed the market in the last few years”.

SEC tasks stakeholders on capital market growth, professionalism

The Securities and Exchange Commission (SEC) has urged members of the Chartered Institute of Stockbrokers (CIS) to uphold tenets of the profession in order to promote the capital market.

Mrs Mary Uduk, the Acting Director-General, SEC said this during her induction as an Associate Member of the CIS in Lagos on Monday.

Uduk said in a statement that promoting and protecting the interests of the profession through prescribing and upholding the highest standards would contribute to the “capital market of our dreams.”

NSE suspends trading in shares of erring companies

The Nigerian Stock Exchange (NSE) has suspended trading in the shares of some companies over delayed filing of accounts.

This was disclosed by Mr Godstime Iwenekhai, NSE Head, Listings Regulation Department in a statement obtained by source in Lagos, South-West Nigeria.

Iwenekhai said that the affected companies were: Conoil, FTN Cocoa Processors, Goldlink Insurance, Lasaco Assurance, Niger Insurance and R.T. Briscoe.

Others are: Resort Savings & Loans, Royal Exchange, Standard Alliance Insurance and Universal Insurance.

Federal Government begins sale of 2, 3-year savings bonds

The Federal Government has offered for subscription two-year savings bond at 11.19 percent and three-year savings bond at 12.19 percent per annum, the Debt Management Office (DMO) said.

According to the offer circular obtained from the DMO website, the two-year bond will be due in June 2021, while the three-year bond will be due in June 2022.

It did not state how much was offered, but added that the maximum subscription was N50 million at N1,000 per unit subject to minimum subscription of N5,000 and in multiples of N1,000.

Stock Exchange announces biannual review results

The Nigerian Stock Exchange (NSE) has announced the results of the biannual review for the NSE and co-branded indices. The composition of these indices after the review will be effective on Monday July 1, 2019.

Below are the incoming and exiting companies in the various indices:

Custodian Investment Plc comes under the NSE 30 Index as NSE Consumer Index welcomes MCNICHOLS Plc, while Dangote Flour Mills Plc exits both the NSE 30 Index and NSE Consumer Index.

Exchange Commission urges vibrant commodities market to boost forex earnings

Nigeria’s Securities and Exchange Commission (SEC) has emphasized the need for a vibrant Commodities Exchange to boost the country’s foreign exchange earnings.

Ms Mary Uduk, the Acting Director-General of SEC said this in a statement signed by SEC’s Head of Media, Mrs Efe Ebelo on Tuesday in Abuja, Nigeria’s capital.

Uduk spoke at the opening ceremony of a training for Senior Managers and Management Staff of the Investment and Securities Tribunal (IST) in Abuja.

Stock Exchange Addresses Concerns on MTN Nigeria’s Listing

The attention of The Nigerian Stock Exchange (NSE) has been drawn to a few critical issues raised in various print and social media platforms regarding the listing of MTN Nigeria Communications Plc on the Premium Board of The Exchange.  As an Exchange that is committed to operating a fair, orderly and transparent market, we deem it important to clarify these issues.

Post-Listing Liquidity of MTN Nigeria Shares

Stock Exchange Admits MTN Nigeria to its Premium Board

Photo L-R: Erelu Adebayo, Member, National Council Member, The Nigerian Stock Exchange (NSE); Aigboje Aig-Imoukhuede, Ex-Officio NSE; Oscar Onyema, CEO NSE; Ferdi Moolman, CEO MTN Nigeria; Pascal Dozie, Chairman MTN Nigeria; Bolaji Balogun, CEO Chapel Hill Denham; Abubakar Mahmoud, First Vice President NSE; and Gbenga Oyebode, Director MTN Nigeria ...during the Listing of MTN Nigeria Communications Plc on the Premium Board of the Exchange today in Lagos.


SEC partners with PenCom to boost financial literacy

The Securities and Exchange Commission (SEC) and the National Pensions Commission (PenCom) have pledged to work together to ensure more Nigerians are brought into the financial literacy net.

The Head, Market Development Department of the SEC, Mr Edward Okolo disclosed this in a statement signed by SEC’s Head of Media, Mrs Efe Ebelo on Tuesday in Abuja, Nigeria’s capital.

Okolo said the resolution was made when he led SEC’s Technical Committee on Financial Literacy on a visit to the PenCom office in Abuja.

Group partners with SEC, NSE to improve capital market

The Issuers and Investors Alternative Dispute Resolution Initiative (IIADRI) says it is partnering with the Securities and Exchange Commission, the Nigerian Stock Exchange and capital market registrars for overall growth of the capital market.

The group President Moses Igbrude said in Lagos that the association would strongly collaborate with capital market regulators and Association of Registrars through various initiatives for the development of the capital market in Nigeria.

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