Investors Gain N13.54bn as NSEASI Inches Up by 0.07% Amid Negative Market Breadth
Equities market closed today on a positive note, as NSEASI appreciated by +0.07% to close at 39,460.68 basis points as against -0.12% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.01%.
Market breadth closed negative as MORISON led 17 Gainers as against 18 Losers topped by FTNCOCOA at the end of today’s session – an unimproved performance when compared with previous outlook.
Market turnover closes negative as volume moved down by -6.87% as against -24.68% downtick recorded in the previous session. COURTVILLE, SOVRENINS and WEMABANK were the most active to boost market turnover. SEPLAT and ZENITHBANK topped market value list.
MAYBAKER leads the list of active stocks that recorded impressive volume spike at the end of today’s session.
New oil law holds out possibilities, opportunities for real estate investors
Possibilities and opportunities for investors in the Nigerian real estate sector are part of the many benefits the new Petroleum Industry Act (PIA) signed recently by President Muhammadu Buhari is expected to bring to the country’s economy
OPay’s $2bn valuation equals 33% of Nigeria’s biggest banks
The new $2 billion (N822bn) market valuation of OPay, the Chinese-backed Africa-focused digital bank, makes it equivalent to a third of the N2.4 trillion market capitalisation of Nigeria’s top five banks
How Nigerian can strengthen food system amid global challenges
There are many challenges in the global food system occasioned by the COVID-19 pandemic, insecurity and Climate Change among a myriad of threats against the attainment of Global Food Security
Nigeria’s digital agency forges ahead with broadband penetration
Nigeria’s economy and budget have been largely supported from income and revenues generated from the petroleum industry since the 1960s. All that is bound to change sooner than anyone expects. Petroleum oil being displaced as the mainstay of the..
Inflows worth N334.5bn to hit Nigeria’s market Wednesday
Inflows worth N334.5 billion are expected to hit Nigeria’s financial market on Wednesday, raising the system liquidity levels to N406.8 billion from N72.3 billion levels on Friday.
FG to launch five-year economic development plan in October
The federal government on Monday said it will unveil the Medium-Term National Development Plan (MTNDP) 2021-2025 in October 2021 which is aimed at lifting millions of Nigerians out of poverty, ensuring economic stability, development, and good governance
Nigeria gets liquidity boost with IMF’s $3.5bn special drawing rights
Nigeria on Monday received its own share of $3.35 billion from the historic $650billion Special Drawing Rights (SDRs) general allocation of the International Monetary Fund (IMF) to member countries
Nigeria Customs leads charge to tax sugar-sweetened drinks
The Nigeria Customs Service (NCS) is leading a campaign to re-introduce excise duty on all sugar-sweetened drinks also known as soft drinks. Hameed Ali, comptroller-general of the NCS, said this at an interactive session on the 2022-2024 Medium-Term Expenditure Framework (MTEF) organised by the House of Representatives committee on finance, according to a report by the Cable
Collaboration between Registrars and Capital Market Operators, Key to Solving Unclaimed Dividends
Collaboration between Registrars and Capital Market Operators is vital to reducing the high cases of Unclaimed Dividends in Nigeria.
The Managing Director/CEO of Africa Prudential Plc, Mr. Obong Idiong, made this point while providing views on addressing the tide of unclaimed dividends in Nigeria.According to Idiong, a market-led approach would reduce the number of shareholders facing challenges in claiming their dividends.
He decried that only 2% of investor accounts in Nigeria have complete Know-Your-Customer (KYC) details, which means a lot is needed to resolve identity verification difficulties.Idiong acknowledged that incomplete KYC is a significant catalyst for the rising tide of unclaimed dividends. He observed that capital market operators must come together to address the matter.
On the E-Dividend Mandate Management System, e-DMMS, he stressed the need for synergy between the platforms of registrars in the market and that of the Nigeria Inter-Bank Settlement Systems (NIBSS). He believed that this would help in improving the turnaround time in documenting e-dividend mandates for shareholders.
He highlighted one of the significant areas of concern, the ‘Probates’, which needs drastic automation. He believed that the process needs to become more accessible for investors to apply and complete dividend claims without hitches.
The CEO of Africa Prudential Plc noted that the Institute of Capital Market Registrars is already exploring the possibilities of increasing automation in its activities.
He disclosed that despite the COVID-19 outbreak in 2020, Africa Prudential Plc, as a boon from digitization, paid out N120bn dividends to investors in the capital market.
He provided clarifications on unclaimed dividends, which hit N170bn in 2020; he stated that SEC came out with a rule after 15 months. Registrars hold 10% of the total dividends paid, while the rest goes to the Issuing company.
Speaking on the SEC-led awareness and enlightenment campaigns in the market and across the country, he said it was a welcome development. Still, the infrastructure and systems need to be implemented to support an efficient way of carrying out dividend mandates.
Electricity Grid Collapses for Second Time in One Month
The national power grid has collapsed for the second time in less than a month, worsening the blackout being experienced by households and businesses in parts of Nigeria.
Reps Dismiss Customs’ 1.3trn Revenue Projection for 2022
The House of Representatives’ Committee on Finance has dismissed a revenue of N1.3 trillion being projected by the Nigeria Customs Service for 2022 fiscal year, vowing to raise the target.
Nigerians in Diaspora Remit $65.34bn in Three Years
The Nigerian Diaspora population remitted $65.34bn in three years to boost economic activities in the country, data obtained from the World Bank have shown. According to the World Bank data, in 2018, the Nigerian Diaspora remittance was $24.31bn; in 2019, it dropped to $23.81bn; and in 2020, it fell to $17.21bn.
IMF’s Largest SDR Allocation in History Takes Effect
The International Monetary Fund (IMF) announced on Monday that its new allocation of Special Drawing Rights (SDRs) was equivalent to 650 billion U.S. dollars. The largest in the IMF’s history, comes into effect, in an effort to help countries recover from the COVID-19 pandemic.