FG Committed to Capital Market Growth – Ahmed 

The Federal Government has again stated it’s commitment towards building a vibrant capital market that would contribute to the growth and development of the country.

Minister of Finance, Mrs Zainab Shamsuna Ahmed, said this In Lagos Tuesday at the Maiden Awards Night of the Securities and Exchange Commission, SEC tagged ‘Committed Partnership’ .

According to Ahmed, Capital markets play a central role in the development of the economy through mobilisation of long term savings for investment as well as efficient pricing of financial instruments 

She said over the years, the capital market has provided platforms through which corporates and governments source for capital to expand their operations and provide amenities for its citizens 

Speaking further on economic development, Ahmed said Nigeria is making a lot of efforts in diversifying the economy, raising revenues and blocking leakages, as well as also making a lot of efforts to in ensuring mobilisation of resources to aid investment in small and medium enterprises and provide infrastructure. 

The Minister commended the awardees for contributing  in significant ways towards achieving the over  100 initiatives contained in the master plan adding that she cannot but further  appreciate their commitment and contributions to actualise the master plan. 

She expressed delight that the  main thrust of the plan aligns to the vision of the Economic Recovery and Growth Plan, ERGP for the financial services sector saying that when the ERGP was being prepared, copious references were made to the 10 year master plan.

She disclosed that the ERGP vision  for the financial services sector is to strengthen relevant market institutions and mitigate risk by building a healthy and competitive financial system that is better positioned to support private sector and contribute towards the sustainable development of our economy. 

“Indeed, just as the Capital Market master plan, the ERGP policy objectives for the financial sector is to further diversify instruments of the stock market, review the capitalisation of the financial institutions and encourage lending to the real sector of the economy and encourage of the economy 

“All of these are necessary for us to be able to create jobs, wealth and increase the standard of living of our people and the capital market is central to all of these efforts. I want to urge all of you here today to continue to partner with the government in its bid to achieve policies that it is committed to in the ERGP”

“As the ERGP recognises the power of the capital market to drive its own forms, CAMMIC is today proven to be an embodiment of this recognition” she added.

Ahmed therefore commended the Market participants for coming together to co-operate with the regulator to formulate the plan and implement the master plan  in Impactful manner as shown by the results shown so far In diversifying and growing the market.

In her welcome address, Acting Director General of SEC, Ms. Mary Uduk, said the event was put together to appreciate the tremendous support and collaboration the Commission has received from market operators and various stakeholders in the capital market which has advanced collective aspiration to accelerate the growth of the market and contribute to the development of the nation’s economy.

She said the implementation of the 10 Year Capital Market Master Plan commenced in earnest under the guidance of the Capital Market Master Plan Implementation Council Chaired by Mr. Olutola Mobolurin. 

“ I am very pleased to state that we have made great strides in our implementation efforts.

We have taken up the initiatives outlined in the Master Plan document in a systematic manner while also painstakingly engaging with the government, its agencies and other critical stakeholders whose support and collaboration is required to achieve the objectives outlined in the Master Plan” she added.

 

Recall that the ten year capital market master plan which was launched in 2014, has the aim to position the Nigerian capital market for an accelerated development of the national economy.

SEC holds Q1 2019 CMC Meeting

The Securities and Exchange Commission (SEC) has announced that the First Capital Market Committee (CMC) meeting in 2019 has been scheduled to hold from Thursday March 21, to Friday March 22, 2019 at the Eko Hotels and Suites, Victoria Island, Lagos.While the key stakeholders in the capital market will meet on March 21, members of the media would be briefed on March 22 on the outcome of the CMC meeting.

However, SEC has advised that admission into the venue would be upon presentation of the CMC Identity Card and strictly by invitation.

According to the SEC, “Attendance to both events is strictly by invitation. Invited participants are expected to come with their identity cards to be admitted into the venue and all invited participants are expected to be seated by 9.45am,”

The CMC was mainly established to serve as a medium for exchange of ideas among market stakeholders as well as for feedback to SEC on how to continuously improve the market activities and regulation.

It is an industry-wide committee comprising members of the commission, representatives of capital market operators and trade groups and other stakeholders. The CMC meets every quarter to deliberate on various issues affecting the market and other policy matters.

During the meeting, issues bordering on implementation of the Ten Year Capital Market Master Plan as well as others relating to the capital market and the economy would be discussed and the outcome made known to the media.

The ten-year master plan for the Nigerian capital market which is expected to refocus the market and help double its size over time and grow the economy was unveiled November 2014.

Recall that the Commission has vigorously implemented some initiatives in the Master Plan with the aim of attracting more investors to the market.

Some of the initiatives, include direct cash settlement, dematerialization and e-Dividend Registration, as they promote transparency, protect and enhance investors’ confidence in the capital market.

The SEC therefore enjoins all shareholders to take advantage of the initiatives introduced in the capital market aimed, primarily, at strengthening the market and accelerating economic development.

This, SEC said is in consonance with the present administration’s economic strategy focused on deepening the capital market as a vehicle for encouraging a private sector-led economy with enhanced productivity.

Those who have been invited to attend the expanded session are Chief Executive Officers (CEOs) of all registered capital market firms (i.e Broker Dealer, Capital Market Solicitors, Custodians, Fund Managers, Issuing Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees, and Consultants, etc.);

Others are Chief Executive Officers of The Nigerian Stock Exchange (NSE), National Association of Securities Dealers (NASD), The Financial Markets Dealers Quotations (FMDQ), Africa Exchange Holdings (AFEX), Nigeria Commodity Exchange (NCX), Central Securities Clearing System (CSCS), Chartered Institute of Stockbrokers (CIS); as well as representatives of relevant Financial Services’ Agencies, among others

EcobankPay Eases Loan Access for SMEs – Ecobank MD

Managing Director Ecobank Nigeria, Patrick Akinwuntan, has stated that SMEs who embrace the EcobankPay app stand a good chance of easily accessing business loans from the bank. Akinwuntan made this known during the launch of EcobankPay Zone at Amu Market in the Mushin area of Lagos on Tuesday.Ecobank Nigeria has launched EcobankPay Zone in Amu Market, Mushin Lagos.

Speaking at the event with market traders, Akinwuntan explained that transaction activities on the EcobankPay can be easily monitored by the bank. This he said can also make the bank approach some performing SMEs with loan offer.

 

The MD who addressed the traders in Yoruba language said, “As a small business owner who uses EcobankPay, if you need loan to expand your business, we don’t need to ask you for your business or transaction records. We can see it from your everyday transactions. It makes it easier for us to grant such loans. And we can even be the one to approach you with the loan offer because we can see that your business is performing and you need to expand to make more profit.”

 

The event was interactive, as the traders asked questions and advised the bank on how it can serve them better. On security for Ecobank’s Xpress Point agents, Akinwuntan explained that “ that the situation at Xpress Points is cash in cash out. As you come to deposit your money, someone else come for cash withdrawal. You can’t find much cash with the agents. We also ensure that we provide necessary support for these agents. We currently have 6,000 Xpress Point agents across the country.  And we are very strategic with the agents’ location.”

He further explained that apps in the EcobankPay Zone are developed to cater for the needs of SMEs. “Small businesses thrive on instant cash. When a customer comes to pay with the POS, it takes 24 hours for the money to reflect in your account. But with EcobankPay QR Code, you get value instantly. At our Xpress Points, you can easily make cash transactions, be it withdrawal or deposit without you visiting the bank. It’s fast, safe and secure. We have decided to come to the market and show you how this works. We are bringing banking to you right in your market and at your doorsteps. You don’t need to come to us, we come to you,” he said.

 

President of the institute of Loss Adjusters of Nigeria on a courtesy visit to MAN

At the center, Director General of MAN, Mr Segun A jayi-Kadir and President of the institute of Loss Adjusters of Nigeria (ILAN), Alhaji Femi Hassan flanked by Council members of the institute and Directors of MAN shortly after a meeting for collaboration at MAN House Building on Tuesday, March 19, 2019.

 

R-L: MAN Director General, Mr Segun Ajayi-Kadir having an handshake with the President, Institute of Loss Adjusters of Nigeria (ILAN), Alhaji Femi Hassan shortly after a visit for collaboration between MAN and the Institute on Tuesday, March 19, 2019.

NSC holds one-day seminar on “Ethic and Integrity in Shipping Trade”  

The Nigerian Shippers’ Council (NSC) in collaboration with the Standards Organisation of Nigeria (SON) will hold an enlightenment programme on Ethics and Integrity in Shipping Trade at Golden Tulip Hotel Festac Town, Lagos on Thursday 21st March, 2019 by 9a.m.

 

In a statement endorsed by T. H Idris, Director, Special Duties saying The purpose of the seminar is to acquaint the trading Community with the rules, regulations and requirements for conducting shipping trade and the need for stakeholders to comply accordingly.

 

Expected participants include Importers/Exporters, Freight forwarders, Trade groups, Commodity groups and prospective Shippers across the nation.

 

Shareholders Laud Transcorp’s Outstanding Results 

Shareholders of Transnational Corporation of Nigeria Plc (Transcorp) have commended the Board and Management of the company for their remarkable achievements demonstrated in the company’s record-setting financial performance in 2018.

 

Speaking at the company’s 13th Annual General Meeting, which was held at the iconic Transcorp Hilton, Abuja on Friday, March 15, 2019, the shareholders lauded Transcorp for remarkably exceeding its financial performance in previous years while positively impacting the lives of its stakeholders across the country.

 

Transcorp’s results for the financial year ended December 31, 2018, showed that the Group’s revenue hit an impressive N104.16bn translating into a 30% revenue growth compared to the preceding year’s results. Profit Before Tax closed the year at N22.40bn; a significant leap compared to the Profit Before Tax of N12.31bn recorded in 2017.

 

While addressing the shareholders at the meeting, Valentine Ozigbo, The President/CEO of Transcorp stated that “the group’s performance for the year ended 2018 is the result of an unflinching commitment to deliver superior value to our wide clientele base.”

 

Elaborating further, he said, “Our hospitality business recorded a 26% increase in revenue year-on-year as the Transcorp Hilton Abuja saw an increase in occupancy following the release of the newly upgraded rooms after the US$100m upgrade of the hotel. Our power business also achieved a 31% increase in revenue year-on-year; a testament to an operating environment characterised for the most part, by stability in gas supply, foreign exchange rates and the payment assurance programme of the federal government. These and our focused efficiency measures across the Group resulted in a 23% reduction in operating costs, ensured that our Profit Before Tax soared by 82 % year-on-year.”

 

The National President, Association for the Advancement of Rights of Nigerian Shareholders, Dr. Faruk Umar, reiterated praises from other shareholders and applauded the management of Transcorp for keeping their promise to deliver superior returns to shareholders. “We are over N22bn (PBT) and we are sure this trend will continue.”

 

He also thanked Transcorp for consistently emerging as the first company quoted on the Nigerian Stock Exchange to host its AGM, which he described as a mark of strong corporate governance.

The Chairman, Transnational Corporation of Nigeria Plc, Tony O. Elumelu, CON, used the occasion of the Annual General Meeting to congratulate the President, His Excellency Muhammadu Buhari for his re-election ‎and urged him to prioritise the power sector. He also spoke on the importance of creating an enabling environment for domestic investors to succeed, emphasising that the steady supply of power will boost businesses and make the economy more competitive.

 

“Transcorp Plc remains committed to the purpose for which it was founded, which is to improve lives and transform Nigeria. ” He said. l-r: Group Company Secretary, Transnational Corporation of Nigeria Plc(Transcorp) Plc, Ms Helen Iwuchukwu, Chairman, Mr. Tony Elumelu, President/CEO, Mr. Valentine Ozigbo; and Director, Mrs Toyin Sanni, at the 13th Annual General Meeting of the company held in Transcorp Hilton Hotel Abuja on Friday

Chairman of Transnational Corporation of Nigeria Plc(Transcorp) Plc, Mr. Tony Elumelu and President/CEO, Transcorp Plc. Mr. Valentine Ozigbo at the 13th Annual General Meeting of the company held in Transcorp Hilton Hotel Abuja on Friday

l-r: Group Company Secretary, Transnational Corporation of Nigeria Plc(Transcorp) Plc, Ms Helen Iwuchukwu, Chairman, Mr. Tony Elumelu; and President/CEO, Mr. Valentine Ozigbo; at the 13th Annual General Meeting of the company held in Transcorp Hilton Hotel Abuja on Friday