Local News - Media Coverage

 

Naira gains as CBN offers $450 million in one week.

Jul 10 2017
Media Coverage >> What's On

Naira gains as CBN offers $450 million in one week. Guardian Online

The naira strengthened further against the dollar at the weekend as it exchanged for N365 per dollar at the parallel market, following two interventions by the Central Bank of Nigeria (CBN), which totalled $449.3 million.

 

At the weekend, the apex bank injected $254.3 million towards the end of daily transactions, which is expected to keep the market liquid and out of speculative attack until weekly transactions resume today.

 

The interventions, although decreasing in number and volume, according to some experts polled by The Guardian, may be signs of test of the market independence, just as the naira has remained relatively stable in the in the last four weeks, oscillating between N364 and N370 per dollar.  Read more

 

NSE suspends 17 firms over accounts’ renditions, others. Guardian Online

The Nigerian Stock Exchange (NSE) has suspended trading in the equities of 17 companies over failure to adhere to best corporate governance practices, and refusal to submit their accounts and operational reports.

 

The suspended companies include African Alliance Insurance Plc; Equity Assurance Plc; Fortis Microfinance Bank Plc; Guinea Insurance Plc; and Premier Paints Plc.

Others are Resort Savings & Loans; Sovereign Trust Insurance Plc; African Paints (Nigeria) Plc; Aso Savings & Loans Plc; Ekocorp Plc; Evans Medical Plc; Goldlink Insurance Plc; Great Nigeria Insurance Plc; Omatek Ventures Plc; and Union Dicon Salt Plc.

 

According to the exchange, the suspension took effect on Wednesday July 5, and will sustain until the companies submitted the relevant accounts.

NSE tags and fines on companies that fail to meet earnings reports’ deadline. Companies that also delayed their financial statements and accounts risk suspension and delisting in addition to the monetary fines.  Read more

 

Equities’ investors risk losing dividends over banks’ Eurobonds. Four raise $3 billion in global market. Guardian Online

The prevailing high domestic interest rate which has spurred banks’ increased appetite for external borrowings through Eurobonds has become a source of worry to capital market operators.

 

The operators urged the government to maintain stability in exchange rate to enable them to service their obligations and avoid impact of such borrowing on equities’ investors dividends.

 

Due to the collapse of the equities primary market and the high cost of issuing long-term domestic debt, four Nigerian banks have devised alternative means to access cheaper long-term funds from the international capital market. They plan to raise over $3 billion to close the gap in their foreign currency balance sheet.  Read more

 

NASS set to pass Bill expanding the scope CIS.  Vanguard Online

Vice Chairman, Senate Committee on the Capital Market, Senator Festus Ogwuma, has disclosed that the Bill to expand the scope of operations of the Chartered Institute of Stockbrokers (CIS) would be passed very soon. In a similar vein, the Finance Minister, Mrs. Kemi Adeosun has assured stockbrokers of the government’s continuous support for them as distribution agents in the value chain of financial intermediation.

 

Senator Ogwuma who was a guest at the 2017 National Workshop of the CIS in Abuja, weekend, explained that on-going review of the Investment and Securities Act (ISA), bill on demutualization of Nigerian Stock Exchange and other bills aimed at enhancing globalization of the capital market would be accorded priority by the National Assembly. According to him, the CIS Bill has passed two readings and the third reading would be done any moment from now. He also noted that under the review of the ISA, there would be two windows, namely: arbitration window and normal window. The arbitration window is regarded as the internal mechanism for cases to be redressed by the Institute, while normal window is the external mechanism for cases to be addressed by the law court.  Read more

 

Mobil: NIPCO Receives SEC’s Approval to Extend Mandatory Takeover Bid. Thisday Online

The Securities and Exchange Commission (SEC) has approved an extension in the period for the minority shareholders of Mobil Oil Nigeria Plc to sell their shares to NIPCO Investment Limited (NIL).

 

Following the successful acquisition of 60 per cent equity stake of Mobil Oil Nigeria Plc by NIL from Exxon Mobil Oil Corporation by NIPCO, the company had applied to regulators to acquire additional shares from minority shareholders.

 

The application for the Mandatory Take Over (MTO) bid opened had opened on May 30 and was to close on June 29, 2017.

THISDAY had exclusively reported last week that there were strong indications that there would be an extension in the period for the minority shareholders to accept the offer.

In notification to the Nigerian Stock Exchange (NSE), Cordros Securities Limited, one of the financial advisers in the transaction, said SEC had approved an extension. The MTO has now close July 27, 2017.  Read more

Last changed: Jul 10 2017 at 12:11 PM

Back