Markets

Operators task SEC, NSE, others on local participation

The capital market stakeholders have called on Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE) and other stakeholders to formulate strategies that would boost local participation in the nation’s bourse.

The capital market stakeholders made this call during an interview with News Agency of Nigeria (NAN) in Lagos, while reacting to investor apathy in the equities market.

October 2019: FGN Bond auction over subscribed –DMO

Investors’ confidence in the Federal Government of Nigeria’s Securities remained high at the FGN Bond Auction conducted by the Debt Management Office (DMO) which reflected an increase in subscription.

The DMO offered three (3) Instruments  (5-year, 10-year and 30-year bonds) with a total face value of N150.00 billion which were well received by investors.

Total subscriptions received from competitive bids for the instruments was N255.99 billion, indicating a subscription level of 171%.

Exchange Commission says checklist review will improve accountability

The Securities and Exchange Commission (SEC) has said that the introduction of checklist review process for the capital market would make the system more competitive, reduce cost, promote efficiency, transparency and accountability.

The Acting Executive Commissioner Operations at SEC, Mr. Isyaku Tilde, stated this at the engagement session with Association of Issuing Houses, Trustees and Solicitors on the commencement of checklist review over the weekend, Voice of Nigeria reports.

Capital market operators task new ministers on recession

Some capital market operators yesterday said there was the need for the new ministers to commence work without delay to revive the nation’s economy to avoid another round of recession.

They told the News Agency of Nigeria in Lagos that the ministers must swing into action to revive the economy which was gradually descending into another round of recession.

Mr Sola Oni, a chartered stockbroker and Chief Executive Officer, Sofunix Investment and Communications, said the ministers needed to commence work without wasting time to revitalise the economy.

NSE: Operators decry restoration of VAT

Capital market operators on Tuesday said that restoration of Value Added Tax (VAT) on capital market transactions would discourage investors from the market and weaken financial inclusion drive of the Federal Government.

The operators were reacting to government’s plan to restore VAT on all capital market transactions effective from July 25 while speaking with the News Agency of Nigeria in Lagos.

They also said that the restoration would further dampen investors confidence in the market and as well discourage foreign participation.

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.

Pages

myfinancialintelligence.com