Shareholders Contemplate Court Action To Stop Unclaimed Dividends Fund

Determined to stop the Securities and Exchange Commission (SEC) from moving unclaimed dividends of 12 years to the proposed Nigerian Capital Market Development Fund (NCMDF), some shareholders are planning a court action, THISDAY checks have revealed.

The capital market apex regulator is planning to establish the NCMDF for dividends that have been unclaimed for 12 years and above. The Companies and Allied Matters Act (CAMA) provides that unclaimed dividends for 12 years are statute barred and are returned to the companies that paid the dividends.

However, SEC has proposed a new rule on application of 12 years and above unclaimed dividends.
“All companies and registrars shall not later than 30 days after the end of every calendar year forward to the Commission a report of unclaimed dividends in their custody, which shall specify compliance with Sub Rule (1) of this Rule. Companies shall disclose details of compliance with this Rule in their annual reports,” SEC said in the rule. Read more

NSRDA Issue Warning As Solar Eclipse Hits Nigeria Today.

New Picture (8)Nigerians have been warned to be alert and not to panic as a solar eclipse will occur in some parts of the country on Thursday. 


National Space Research and Development Agency (NSRDA) has urged the public not to panic over the Annular Eclipse which will be experienced between the hours of 7:15am and 10:03am on Thursday, September 1 with slight variations in actual timing across the country.


In a press statement by the Head of Media and Corporate Communications, Dr Felix Ale, the Agency appealed to the general public not to panic or adduce any mystical interpretations to this event, urging them not to observe the eclipse with naked eyes, as this can cause damage. Read more

Investors Await N212.85bn T-Bill Auction This Week

currencyInvestors in the country’s capital market are optimistic that the next Treasury bill auction slated for this week will boost activities in the fixed income market.

Expectedly, there were no significant movements in liquidity level last week, given the absence of auctions. However, the Open Buy Back and overnight rates declined by 4.83 per cent and 6.66 per cent respectively, to peg average money market rate at 18.55 per cent at the close of the week.

Activities in the Nigerian bond market seemed bearish, as indicated by a 0.04 per cent week-on-week change in average bond yield to 16.14 per cent.  Conversely, average yields declined in the T-bills space across all tenors to peg at 17.16 per cent as of Thursday, August 26, 2016. Read more

NSE, Bloomberg Hold Talks With Business Leaders

Second left: Nigerian Stock Exchange (NSE), Chief Executive Officer, Mr. Oscar Onyema; NSE Executive Director, Capital Market, Haruna Jalo-Waziri; Managing Director, MRS Oil Nigeria Mr. Andrew Gbodume, and General Counsel and Head, Regulation, NSE, Tinuade Awe, during the MRS Oil management’s visit to the Exchange in Lagos
Second left: Nigerian Stock Exchange (NSE), Chief Executive Officer, Mr. Oscar Onyema; NSE Executive Director, Capital Market, Haruna Jalo-Waziri; Managing Director, MRS Oil Nigeria Mr. Andrew Gbodume, and General Counsel and Head, Regulation, NSE, Tinuade Awe, during the MRS Oil management’s visit to the Exchange in Lagos

Business leaders and captains of industry will on Wednesday gather at the Nigerian Stock Exchange (NSE) to discuss opportunities and challenges in the Nigerian economy, as part of efforts to stimulate invest.

The 2nd NSE Bloomberg CEO Roundtable is a collaboration between the NSE and Bloomberg.

The CEO Roundtable themed “Navigating the Changing Business Landscape in Nigeria”, will bring together thought leaders and captains of industry to share in-depth knowledge about their sectors with capital market players and proffer much needed solutions to economic realities.

The panel at the event will feature chief executive officers from the financial services, telecommunications, manufacturing and portfolio management sectors as well as renowned economists. Read more

NSE Gains N54bn At Week Open

The Nigerian Stock Exchange market capitalization advanced by N54bn to close at N9.552tn from N9.496tn at the close of trading on the Exchange’s floor on Monday.

The market opened the week in gains rising by 0.60 per cent following advances in key sectors.

The NSE All-Share Index also appreciated to 27,812.06 basis points from 27,650.32 basis point recorded on Friday last week.

The financial services and consumer goods sectors recorded gains on the back of advances in Guaranty Trust Bank Plc (1.58 per cent gain), FBN Holdings Plc (0.97 per cent gain), Nigerian Breweries Plc (1.44 per cent gain) and Nestle Nigeria Plc (1.21 per cent gain). Read more

Law Union And Rock Woos Foreign Investors For Capital

Law Union & Rock Insurance Managing Director/CEO Jide Orimolade, former Chairperson Princess Adenike Adeniran, Company Secretary Stanley Chikwendu and the new Chairman, Remi Babalola at the firm’s 47th AGM in Lagos.

Law Union and Rock Insurance Plc is wooing foreign investors to inject capital into the firm to make it be among the top five in the country, the new Chairman of the company, Remi Babalola has said.

He made this known to reporters in Lagos.

Babalola said the company decided to woo foreign strategic investors to improve product distribution, upgrade processes and platforms, and deepen participation in oil and gas, power and transportation segments. Read more

Indian refineries shun Nigeria’s oil, turn to Malaysia

A number of Indian state-owned refiners have been actively picking up Malaysian oil cargoes for loading in July and August amid growing uncertainty over the exports of Nigeria’s crude grades, according to regional sweet crude traders.

Bharat Petroleum Corporation Limited on Monday issued a spot tender to purchase several Malaysian light sweet crude grades, raising expectations that more Indian end-users could switch their focus to Southeast Asian supplies, Platts reported.

BPCL was said to be seeking up to one million barrels of various Southeast Asian light sweet crudes, including Malaysia’s Miri Light, Labuan, Tapis, Kikeh, Kimanis and Bintulu as well as Brunei’s Seria Light and Champion crudes for loading over September 11-20, according to an official tender notice seen by S&P Global Platts. Read more

NSE Equity Market 22-07-2016

The local bourse fell for the fifth consecutive trading day as it recorded 14 losers against 20 gainers, resulting in further depression of the overall performance measures, NSE ASI and Market capitalisation, fell by 1.21bps each. Gainers & Losers Shares of Nestle, NB, Interbrew, Guinness  Nigeria and UACN  gained N15.01, N1.01, N0.93, N0.53 and N0.41 to close at N850.01, N138.01, N19.58, N96.48 and N20.50 respectively. Read more

Nigeria The Most Stressed Out Country

Bloomberg has published its rating titled “The Most Stressed-Out Countries” and according to it, Nigeria is number 1.  Bloomberg ranked countries based on the stressfulness of their living environments. The estimates based on the information from the United Nations Office on Drugs and Crime, International Monetary Fund, Central Intelligence Agency World Factbook, Transparency International and World Health Organization. Seven equally weighted variables were considered: homicide rates, Read more