Investors showing interest in power distribution networks —Fashola
The Ministry of Power, Works and Housing has received lots of proposals from investors who are interested in providing funds for the expansion of power distribution networks across the country, the Minister of Power, Works and Housing, Babatunde Fashola, has said.
Nigeria’s electricity distribution networks are managed by 11 distribution companies, who on many occasions have complained of paucity of funds required to efficiently run the systems.
Ashaka Cement quits NSE
Ashaka Cement Plc has voluntarily delisted from the Nigerian Stock Exchange (NSE) for violation of the exchange free float deficiency provision of 20 per cent. The company announced its voluntary withdrawal in a statement posted on NSE website by the company’s directors.
“The Board of Directors of Ashaka Cement Plc has opted for a voluntarily delisting of the company from the NSE in violation of the Exchange’s Free Float Deficiency provision of 20 per cent,’’ the statement read in part. It stated that Lafarge Africa Plc currently holds 84.97 per cent of Ashaka Cement, bringing the free float that was tradable on the NSE to 15.03 per cent.
Poor implementation threatens government’s credit ratings, investors’ trust
The long years of misappropriation of public finance and non-transparent implementation of borrowed funds in Nigeria are now threatening sovereign credit rating and trust of institutional investors. The development has made the regional financial and development institutions to show preference for private sector lending, even when the Federal Government scampers for funds.
Besides, while a paltry sum, compared to huge lending to the private sector operators would be lent to government, such facility would also be subject to private sector participation and monitoring, rather than entirely a support for public good.
FG to borrow N450bn via bonds in Q3
The Federal Government is planning to borrow between N360bn and N450bn via sovereign bonds maturing between five and 20 years in the third quarter, the Debt Management Office has said.
The DMO said on Wednesday that it would auction between N90bn and N120bn in the five-year note and between N135bn and N165bn in the 10-year and 20-year debt between July and September.
Government pledges to increase capital market visibility in global arena
The Vice Chairman, Senate Committee on Capital Market, Senator Festus Ogwuma, has assured that on-going review of the Investment and Securities (ISA) Act, on demutualisation of the Nigerian Stock Exchange (NSE), and other bills aimed at enhancing globalisation of the capital market would be accorded priority by the National Assembly.
Besides, he also said the Bill to expand the scope of operations of the Chartered Institute of Stockbrokers (CIS), to serve as the hub of all professional associations in Nigeria would be passed very soon.
UNIDO to empower 500,000 Nigerian SMEs with skills
The United Nations Industrial Development Organisation is set to empower over 500,000 Small and Medium Enterprises, especially operators in the non-oil sector, with adequate skills to enhance their operations and contribute significantly to the nation’s Gross Domestic Product in the next two years.
The Chief Technical Adviser, Investment Promotion Division, United Nations Industrial Development Organisation, Mr. Stanislaw Pigon, said for the Nigerian economy to be competitive, the non-oil sector must be equipped with adequate investment and training in technology.
Preparing for Standardised Derivatives Market
Derivative instruments always come with controversies. Many analysts and pundits claim that derivatives increase systemic risk and blame it for the economic recession of 2007 to 2009, when credit-default swaps in the derivatives market incurred massive losses that sent the United States(U.S) and in fact the global, financial system into a meltdown.
NACCIMA seeks single-digit interest rate
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture has expressed concerns over the high interest rates in the country, which have remained in double digits.
According to the association, this is a major source of concern to the private sector. The National President, NACCIMA, Chief Alaba Lawson, gave the indication during a courtesy visit to the Punch Place, headquarters of Punch Nigeria Limited, in Ogun State on Wednesday.
FSDH Merchant Bank Raises N14.40bn via Commercial Paper
FSDH Merchant Bank Limited said it successfully raised N14.40 billion from its Series 3 and Series 4 Commercial Papers (CPs) issuance. Collectively, Series 3 and 4 represent FSDH Merchant Bank’s second issuance under its N30 Billion CP Programme established in 2016.
In a statement yesterday, it revealed that Stanbic IBTC Capital Limited acted as Lead Arranger/Dealer while United Capital Plc and FSDH MB acted in the capacity of co-arrangers/dealers, and FSDH MB as issuing, calculation and paying agent.
FG unveils new gas policy, to create single regulator
The Ministry of Petroleum Resources on Wednesday announced the approval of the National Gas Policy by the Federal Executive Council and stated that the development would give rise to the establishment of a single independent petroleum regulatory authority.
Currently, the policy and regulatory institutions overseeing the oil and gas industry in the country are the Ministry of Petroleum Resources, Department of Petroleum Resources, Nigeria Content Development and Monitoring Board, Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund.
CBN Goes Tough with e-Fraudsters, to Unveil Watch-list
As part of efforts towards ensuring financial stability, the Central Bank of Nigeria (CBN), in collaboration with the Bankers Committee, has put in place a Framework on Watch-list for the Nigerian Financial system. The move is to address the increasing incidence of frauds and other unethical practices with a view to engendering public confidence in the financial system.
Nipco’s Mobil Oil takeover bid offer extended
The proposed mandatory takeover bid offer period by Nipco Investment Limited of 3.23 per cent equity stake representing 11,644,544 ordinary shares of 50 kobo each in Mobil Oil Nigeria Plc (held by qualifying shareholders), has been extended.
Further to the earlier closure date announced for the submission of completed acceptance form(s), Cordros Capital in a filing with the Nigerian Stock Exchange on Wednesday, informed dealing member firms that the Securities and Exchange Commission had granted a formal approval towards the extension of the closing date for the MTO from June 29, 2017 to Jury 27, 2017.
Mortgage Financing: APCON Eyes N13bn Earmarked for Civil Servants
The newly inaugurated Chairman of the Radio, Television, Theatre and Arts Workers Union of Nigeria (RATTAWU), APCON chapter, Ahmed Yelwa, has promised members of staff of the Advertising Practitioners Council of Nigeria (APCON), of easy access to the Federal Civil Servants Mortgage Refinancing scheme.
Yelwa, who spoke during the chapter’s inauguration, emphasised that the struggle for better condition of service was a continuous one in the life of public servant.
LASACO’s profit rises by 183%
LASACO Assurance Plc on Wednesday announced that its profit before tax rose by 183 per cent in the 2016 financial period.
The Chairman of the company, Mrs. Aderinola Disu, during the company’s 37th Annual General Meeting in Lagos, said, “Profit before tax for the year increased by 183 per cent from N404m achieved in 2015 to N1.14bn in 2016.
No Dividend as Seven-Up Records N11bn Full Year Loss
Shareholders of Seven-Up Bottling Company Plc will be without dividend as the company has recorded a loss of N10.7 billion for the year ended March 31, 2017. The shareholders had received a dividend of N1.60 per share for the year ended March 31, 2016, when the company posted a profit after tax of N3.34 billion.
However, this time around, Seven-Up Bottling Company has recorded a negative bottom-line. The company posted a revenue of 108.227 billion in 2017, up by 26 per cent from N85.6 billion in 2016.
Sovereign Trust Insurance profit drops by 89.65%, equities slide
Sovereign Trust Insurance Plc has reported a full-year (2016) pre-tax profit of N45m. This represents 89.65 per cent drop compared to N430.5m reported in 2015. Its full-year net premium income stood at N3.92bn for 2016 compared to N3.93bn reported a year ago
The insurer said no dividend was proposed in respect of the current year. Meanwhile, the Nigerian Stock Exchange market capitalisation dropped by N36bn to N11.133tn from N11.169tn at the close of trading on the bourse’s floor on Wednesday.
BPE: FG to Divest 20% of Its Shares in Privatised Companies on Stock Exchange
The federal government will sell up to 20 per cent of its shares in some of the companies it has partially privatised on the Nigerian Stock Exchange (NSE), to allow Nigerians own shares in them, the Director General of Bureau of Public Enterprises (BPE), Mr. Alex Okoh, has disclosed.
Okoh said the government’s share divestment programme would mostly affect privatised firms in the petrochemical sector of Nigeria.