Zubair appointed as acting DG, SEC. Tribune Online
The Federal Government of Nigeria has appointed Dr Abdul Zubair, the acting Director General of the Securities and Exchange Commission (SEC) with immediate effect. He was before the appointment, the Director in charge of External Relations in the Commission.
In a statement by SEC on Sunday, the commission assured the investing public and all stakeholders, local and international, of its commitment to ensuring an uninterrupted and orderly operation of the market and the regulation thereof..
“Accordingly, the Commission is poised to continue to ensure the stability of the Nigerian capital market and sustain the all-time high level of investor confidence, as recent developments will not be allowed to disrupt the regulatory effectiveness and efficiency of the Commission as the statutory regulator of the capital market and by extension, the smooth running of the market,” the statement said. Read more
14 banks incur N368.3bn bad loans in 9 months. Stakeholders in divergent views over implications. Vanguard Online
The trending economic recovery news in the third quarter of 2017 (Q3’17)/ first nine months 2017 (9-M’17), did not prevent the banking sector from some misery in the form of rising bad loans as 14 banks quoted on the Nigerian Stock Exchange, NSE recorded 8.0 percent increase in bad loans (impairment losses), within the period, Financial Vanguard investigations revealed.
Industry stakeholders have said that the economy has not fully recovered as banks’ credit customers were still grappling with hardships in meeting their loan repayment obligations.
It will be recalled that the National Bureau of Statistics, NBS, recently announced that the nation’s Gross Domestic Product, GDP, grew in Q3 2017 by 1.4 percent (year-on-year) in real terms, the second consecutive positive growth since the recovery of the economy from recession in Q2, 2017. Read more
Investors gain N4tr in equities. The Nation Online
Equities investors in the Nigerian Stock Exchange (NSE) have accumulated capital gains of about N4 trillion over the past 11 months. Low valuations, improved macro economy and more coordinated monetary policy management, led to sustained considerable rally across the stock market.
Benchmark indices at the NSE showed average year-to-date gain of 41.19 per cent for the 11-month period ended November 30, 2017, equivalent to net capital gain of about N3.97 trillion, representing a two-month increase of 33.7 per cent on net capital gain of N2.97 trillion recorded at the end of third quarter (Q3).
With largely positive and steady Q3 corporate earnings and stronger macroeconomic data, quoted equities rode above recurring profit-taking transactions, to sustain month-on-month positive trend. Read more