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.

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.