Category: Equities

  • AFC, Ecobank, Soto Gallery to empower artists

    AFC, Ecobank, Soto Gallery to empower artists

    The Africa Finance Corporation (AFC), the continent’s leading instrumental infrastructure solutions provider, has joined forces with Ecobank Nigeria and Soto Gallery to host the +234Art Fair, a 10-day international exhibition intended as a springboard to promote Africa’s art and its artists.

     The exhibition will display more than a thousand works of art from emerging and “un-galleried” artists starting Friday 22nd March at the Ecobank Pan African Centre (EPAC) on 270 Ozumba Mbadiwe Avenue, Victoria Island, Lagos.

     Announcing the partnership in Lagos, Samaila Zubairu, President & CEO of Africa Finance Corporation, said: “The +234Art Fair aligns with AFC’s advocacy strategy of empowering and elevating Africa’s youthful population, thereby fostering job creation, skills development, value retention and rapid economic growth. We are proud to collaborate with Ecobank to help drive Africa’s creative industry forward by creating a catalyst for promoting African art and artists locally and on the global stage.”

     Commenting, Bolaji Lawal, Managing Director and Regional Executive, Ecobank Nigeria said: “Our shared objective as the pan-African Bank is to project Africa’s creatives, including visual artists, by highlighting and developing talent, and providing a platform and opportunities for artists to showcase their works locally and globally.  All arrangements are in place to make the fair exciting and fulfilling for both the ‘un-galleried’ artists and art enthusiasts across the world. We are so impressed with the interest and enthusiasm generated among young and emerging artists.”

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    Curated by Soto Gallery, one of Africa’s foremost art collections, the collaborative approach by Ecobank and AFC sets out to catalyze the creative sector by enabling emerging artists to achieve recognition and livelihoods, contributing to economic growth through art sales locally and internationally. Alongside showcasing artwork, +234Art Fair will focus on enhancing the creative skills of participating artists through workshops with established local and international artists. A series of discussions between artists, collectors, gallerists, and exhibition visitors will impart critical knowledge of the global art world.

     The exhibition’s title ‘+234Art’ combines Nigeria’s country dialing code with the concept of art to signpost a thorough exposition of what regional art looks like today, and how it interacts with the larger art community across the continent and beyond.

    The thematic direction for the maiden exhibition – ‘A New Heritage’ – reflects the melting pot of artistic creativity from different strata and states, said Tola Akerele, Founder of the Soto Gallery. “In presenting ‘A New Heritage,’ +234Art Fair seeks to connect Nigerian art from the past to the present, fostering a sense of pride and purpose among emerging artists. The event prompts essential questions: What does it mean to be a Nigerian artist? What heritage underlies our artistic practice? How can we celebrate emerging artists, knowing they will contribute to our artistic heritage and legacy in the future?”

  • Equities sustain rally with N273b gain

    Equities sustain rally with N273b gain

    Nigerian equities continued their rally yesterday investors sought to lock into large-cap stocks in the key sectors of the economy.

    Gains in the telecommunications, construction, banking and manufacturing sectors lifted the overall market position to a net gain of 0.47 per cent, equivalent to N273 billion.

    The All Share Index (ASI)- a value-based index that tracks all share prices at the Nigerian Exchange (NGX) rose from its opening index of 103,524.44 points to close at 104,007.31 points.

    Aggregate market value of all quoted equities increased from its opening value of N58.534 trillion to close at N58.807 trillion.

    The overall market position was driven largely by gains recorded by several large-cap stocks including Julius Berger, MTN Nigeria Communications (MTNN), NASCON Allied Industries, Ecobank Transnational Incorporated (ETI) and Guaranty Trust Holding Company (GTCO).

    Read Also: Equities break into major rally with N837b gain

    There were 32 gainers against 23 losers. ETI and Julius Berger recorded the highest gain of 10 per cent each to close at N22 and N67.10 respectively. NEM Insurance followed with a gain of 9.92 per cent to close at N6.65 per share. RT Briscoe advanced by 8.89 per cent each to close at 49 kobo while Omatek Ventures rose by 8.70 per cent to close at 75 kobo.

    On the negative side, Skyway Aviation Handling Company led the losers’ chart with a drop of 10 per cent to close at N22.95 per share. SUNU Assurance dropped by 9.62 per cent to close at N1.41. May & Baker Nigeria declined by 5.90 per cent to close at N5.10 per share. Lasaco Assurance declined by 5.66 per cent to close at N2 while Japaul Gold & Ventures dropped by 4.35 per cent to close at N2.20 per share.

    Total turnover however dropped by 42.21 per cent to 326.945 million shares valued at N9.120 billion in 9,570 deals. Transnational Corporation (Transcorp) led the activity with 38.950 million shares worth N642.226 million. Unity Bank followed with account of 37.202 million shares valued at N69.827 million. GTCO recorded 26.435 million shares valued at N1.172 billion. United Bank for Africa (UBA) posted 21.289 million shares worth N565.245 million while FBN Holdings (FBNH) recorded 18.615 million shares worth N625.689 million.

  • Nigeria to issue new Eurobond by June

    Nigeria to issue new Eurobond by June

    Nigeria plans to issue a new Eurobond before the end of the second quarter as part of efforts to bolster the country’s foreign exchange (forex) position.

    Sources familiar with the proposed transaction said the government has hired investment banks including Citibank NA, JPMorgan Chase & Co and Goldman Sachs Group Inc to advise it on its first Eurobond issue since 2022.

    Bloomberg reported that the size of the Eurobond offer which is expected before June, is yet to be determined.

    According to the report, the government could raise as much as $1 billion in external borrowing this year to meet its spending needs.

    Read Also: Nigeria redeems $500m Eurobond

    The government has also engaged Standard Chartered Bank and Lagos-based Chapel Hill Denham as advisers, according to the people. The nation’s debt management office didn’t respond to calls and requests for comments.

    President Bola Tinubu had approved a N28.8 trillion ($18 billion) spending plan for 2024 and is targeting a budget deficit of N9.8 trillion, or 3.8 per cent of gross domestic product, which will be financed by borrowings from local and international investors and multilateral lenders.

    Emerging-market bond sales are springing back to life as governments seek to raise money after years of being priced out of international debt markets because of rising global interest rates. Benin, Ivory Coast and Kenya have successfully issued Eurobonds this year. 

    Since coming into office in May 2023, Tinubu has been seeking to attract foreign investors back into the economy with a raft of reforms. These include devaluing the naira twice as the country moves toward a more flexible exchange rate, reducing the gap between the central bank’s policy rate and yields on the short-dated paper it sells at auctions and removing costly fuel subsidies.

  • Access Holdings appoints pioneer GMD Aig-Imoukhuede chairman

    Access Holdings appoints pioneer GMD Aig-Imoukhuede chairman

    • ‘Shared vision which Wigwe gave everything for will be realised’

    The board of Access Holdings Plc yesterday announced the appointment of Mr. Aigboje Aig-Imoukhuede as its chairman. Aig-Imoukhuede replaced Mr. Abubakar Jimoh, the erstwhile chairman of the holdco who remains on the board as an independent non-executive director.

    In a regulatory filing at the Nigerian Exchange (NGX), Access Holdings stated that the decision to invite Aig-Imoukhuede as the chairman of the board came on the heels of extensive consultations with key stakeholders, in response to the untimely death of immediate past Group Chief Executive Officer of Access Holdings, Dr. Herbert Wigwe.

     Aig-Imoukhuede had laid a solid foundation for Access Bank’s success as Group Chief Executive Officer between 2002 and 2013 ably supported by his partner and deputy, the late Wigwe, who later succeeded him.

    Read Also: Access Holdings boosts growth with markets expansion

    In his new role as non-executive chairman, Aig-Imoukhuede will collaborate with the board of directors to oversee strategy and provide guidance to the executive management team.

    The board noted that Aig-Imoukhuede’s return was not only a testament to his unwavering dedication to Access Group but also a clear demonstration of the Board’s confidence in his ability to lead the group to new heights.

    According to the board, the decision to bring back Aig-Imoukhuede reflects the board’s commitment to its core values and determination to build upon the strong foundation, he jointly established with Wigwe.

    The board noted that with Aig-Imoukhuede’s return, Access Holdings aims to leverage his extensive experience, industry knowledge, and exceptional leadership skills to consolidate on the growth and accomplishments recorded under Wigwe’s leadership.

    Jimoh said Aig-Imoukhuede’s appointment to the board and subsequent election as chairman was a landmark development for Access Holdings.

  • Equities break into major rally with N837b gain

    Equities break into major rally with N837b gain

    Nigerian equities broke into a major rally yesterday as investors stepped up bargain-hunting for value stocks across the sectors.

    As against the previous trading sessions where the positive overall market position was driven by gains by few influential stocks, trading at the Nigerian Exchange (NGX) yesterday showed widespread positive sentiments with more advancers than decliners and higher volume of activities.

    Benchmark indices at the NGX indicated average return of 1.45 per cent, equivalent to net capital gain of N837 billion.

    With nearly three gainers for every loser, the market rally was driven by increased demand across the sectors, especially within mid and large-cap stocks such as MTN Communications Nigeria, Access Holdings, Transcorp Power, Julius Berger, United Bank for Africa (UBA) and Zenith Bank.

    The All Share Index- the value-based common index that tracks all share prices at the NGX, rose by 1.45 per cent to close at 103,524.44 points as against its opening index of 102,044.84 points.

    Aggregate market value of all quoted equities also increased from its opening value of N57.697 trillion to close at N58.533 trillion.

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    There were 35 gainers to 14 losers. UBA recorded the highest gain of 10 per cent to close at N25.30. MTN Nigeria followed with a gain of 9.98 per cent to close at N243.50. Julius Berger rose by 9.71 per cent to close at N61 per share. Access Holdings increased by 9.51 per cent to close at N22.45 while Veritas Kapital Assurance added 9.38 per cent to close at 70 kobo per share.

    On the negative side, Tantalizer led with a drop of 7.89 per cent to close at 35 kobo per share. NASCON Allied Industries followed with a decline of 6.77 per cent to close at N53.70. Morison Industries dropped by 6.62 per cent to close at N1.41. C&I Leasing lost 6.45 per cent to close at N3.48 while Cutix depreciated by 6.30 per cent to close at N2.53 per share.

    The momentum of activities improved with turnover rising by 29.50 per cent to 565.788 million shares valued at N14.234 billion in 11,519 deals. Transnational Corporation (Transcorp) led the activity with 170.718 million shares worth N3.135 billion. Access Holdings followed with 48.572 million shares valued at N1.059 billion. Guaranty Trust Holding Company (GTCO) traded 39.035 million shares valued at N1.658 billion. Jaiz Bank recorded 36.784 million shares worth N72.514 million while UBA saw exchange of 31.957 million shares worth N796.236 million.

  • Emerging Africa Capital seals agreements for Africa, Asia, Arabia fund

    Emerging Africa Capital seals agreements for Africa, Asia, Arabia fund

    • Impact investments across three continents

    The Emerging Africa Group has entered into partnership with two Asian financial institutions for the establishment of a global fund that will invest in life-enhancing projects across Africa, Asia and Arabia.

    Two Asian financial institutions-Titan Financial Services Limited of Hongkong  and  China and Fleur Capital of Singapore and Emerging Africa Group, will jointly oversee the fund, known as Africa, Asia Arabia (AAA) Impact Fund.

    Emerging Africa, a pan-African investment bank and fund manager with a successful track record of over $1 billion raised, will be the domain expert for the African market.

    The AAA Impact Fund was conceived with the innovative goal of linking Africa, Asia and Arabia through impact investments in sustainable projects, technology companies and funds, including but not limited to the Emerging Africa Technology Fund.

    At the signing ceremony,  Emerging Africa was represented by its Founder and Executive Vice-Chair, Dr. Toyin Sanni and Head, Corporate Finance and Venture Capital, Toni Sanni.

    Titan Financial Services Ltd, with over $7 billion in assets, was represented by Director of Business Development, Ms Meng Yingzhi. Fleur Capital, a Singaporean fund manager with $450 million under management, was represented by its Co-Founder, Mr. Yap Chee Wee.

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    The ceremony, held during the New Chinese Lunar year, was witnessed and co-chaired by Lord Marland, Chairman, Commonwealth Enterprise and Investment Council (CWEIC) and Minister of State, Republic of Singapore, Alvin Tan. Also present at the signing were the Host and Adviser to consortium, Mr. Raymond Huang, Country Chair for Singapore at Commonwealth Enterprise and Investment Council (CWEIC), Dr. Boh Soon Lim and other representatives of the investor community.

    Stakeholders lauded the initiative as a formidable partnership between member nations of the Commonwealth.

    They described the agreement as an opportunity to leverage on growing technological inventions and green investment initiatives using Singapore’s capabilities as a financial hub, Hong Kong and China’s significant financial resources and Africa’s young and vibrant economies and growing middle class.

    Sanni said the AAA Impact Fund will go a long way to bridge funding gaps for critical infrastructure and other resources caused by inadequate information, trust deficit and inadequate structures to support cross-border investments thus perpetuating poverty, inequality and inequities.

    She said with the partnership with Fleur Capital and Titan Financial Services, there is a strong optimism that the AAA Impact Fund will connect Africa with global financial centres and investments as well as impactful investment opportunities.

    She assured that the Emerging Africa Group is committed to advancing Africa’s economy through innovative financing and investment solutions, with a strong focus on environmental, social and governance (ESG) principles, leveraging its talent, innovation and collaborative efforts.

  • ‘Youths have pivotal role in shaping the future workplace’

    ‘Youths have pivotal role in shaping the future workplace’

    The Employee Place (EMP) Industry Meet-Up, now in its fifth year, recently convened at the CIBN Bankers Hall, Lagos, uniting thought leaders to delve into Generation Z’s influence on the professional landscape.

    Speakers, including Joseph Onaolapo (Jay On-air), Makuochukwu Okafor-Obi, and Sheriff Adekoya, explored pivotal themes such as consumerism, innovation, and the essence of trust in the context of modern workplaces.

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    A notable highlight of the event was the presentation of a survey conducted with 1,000 professionals from various organizations, aimed at understanding Gen Z’s impact on key workplace dynamics including consumerism, innovation, sustainability, and leadership. The study unveiled insightful data on how Gen Z integrates and influences the professional environment.

    Nduneche Ezurike, erstwhile Group Head Brand and Marketing Communication at Polaris Bank and the event’s convener, emphasized the crucial understanding of Generation Z as both a workforce and a consumer base. Insights from the survey revealed that a significant portion of Gen Z professionals feel empowered to share innovative ideas, signalling a shift towards more inclusive workplace cultures. However, traditional workplace norms present notable barriers, with a substantial number of respondents highlighting resistance to change, particularly in aligning with Gen Z’s sustainability values and digital consumer preferences.

  • Spotlight on ethics, professionalism as new bankers take oaths

    Spotlight on ethics, professionalism as new bankers take oaths

    Managing Director, Sterling Bank Plc, Mr. Abubakar Suleiman, will speak on the imperatives of ethics and professionalism as the Chartered Institute of Bankers of Nigeria (CIBN) inducts newly qualified bankers.

    At the 2024 Stream One Graduate Induction and Prize Awards Ceremony scheduled for March 23, 2024, Suleiman will speak on “Ethics and Professionalism: A Prerequisite for Building Sustainable Careers and Institutions.”

    The lecture is expected to provide insights for professionals about the importance of ethics and professionalism in fostering both individual careers and institutional sustainability.

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    At the event, CIBN will be awarding certificates to student members who have successfully completed its Banking Professional Examinations in 2023. A total of 336 newly qualified Associates (Chartered Bankers) and 149 Microfinance Certified Bankers would be formally admitted into the Associateship (ACIB) and Microfinance Certified Bankers (MCIB) categories of the institute.

    Head, Corporate Communications and Brand Management, Chartered Institute of Bankers of Nigeria (CIBN), Folake Akintayo, stated that the programme was part of efforts towards ensuring enhanced career development in a fast paced, ever-changing world in the financial space.

    According to her, bankers and other financial experts across the globe will discuss the rapid dynamism of work and the cutting-edge strategies that will help financial service professionals reposition themselves for global relevance.

  • Fed Govt opens trading on N350b Sukuk

    Fed Govt opens trading on N350b Sukuk

    The federal government has listed its N350 billion Ijarah Sukuk on the Nigerian Exchange (NGX) and FMDQ Securities Exchange, providing existing and new investors opportunities to trade on the 10-year non-interest instrument.

    The N350 billion Sovereign Sukuk is a 10-year Ijarah Sukuk due 2033; a non-interest, alternative instrument designed in a form of a lease with rental rate. The rental rate is 15.75 per cent. Sukuk is a non-interest, asset-backed instrument, based on the principles of Islamic finance.

    The Debt Management Office (DMO), which oversees Nigeria’s government debt issuances and management, had floated the Sukuk through a special purpose vehicle- FGN Roads Sukuk Company 1 Plc, which is applying the net proceeds of the Sukuk to development of identified roads.

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    The DMO had indicated that the net proceeds would be used “solely for the construction and rehabilitation of key road projects and bridges across the six geopolitical zones of the country”.

    As a sovereign issuance, the Ijarah Sukuk is backed by the full faith and credit of the Federal Government and it qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds among other investors. It is also classified as liquid asset by the Central Bank of Nigeria (CBN) and certified by the Financial Regulation Advisory Council of Experts of the CBN.

    The federal government had raised N362.6 billion in three previous issuances which were hugely oversubscribed.

    The federal government had in 2017 launched its sovereign Sukuk issuance as a strategic initiative to support the development of critical infrastructure, promote financial inclusion and deepen the domestic securities market.

    Sukuk as an alternative instrument to conventional bonds and it is based on the tenets of Islam which prohibits usury or lending with interest payments. 

  • Equities open with N404b gains

    Equities open with N404b gains

    Nigerian equities continued on the positive streak yesterday as investors upped demand for large and mid-cap stocks with potential for considerable dividend payouts.

    Benchmark indices at the Nigerian Exchange (NGX) indicated average return of 0.70 per cent, equivalent to net capital gain of N404 billion.

    With nearly three advancers for every decliner, the positive overall market position was driven by widespread demand for quoted shares.

    The All Share Index (ASI) – the value-based common index that tracks all share prices at the NGX, rose from its opening index of 101,330.85 points to close at 102,044.84 points.

    Aggregate market value of all quoted equities also rose simultaneously from its opening value of N57.293 trillion to close at N57.697 trillion.

    Read Also: Equities sustain rally with N227b gains

    There were 34 gainers to 16 losers. Honeywell Flour Mills and NEM Insurance recorded the highest gain 10 per cent each to close at N3.74 and N6.05 respectively. Dangote Sugar Refinery followed with a gain of 9.97 per cent to close at N61.20. NASCON Allied Industries rose by 9.92 per cent to close at N57.60 while Wema Bank appreciated by 9.79 per cent to close at N7.85, per share.

    On the negative side, Prestige Assurance led others with a drop of  10 per cent to close at 54 kobo per share. LASACO Assurance followed with a decline of 9.83 per cent to close at N2.11. UACN lost 9.68 per cent to close at N12.60 per share. RT Briscoe dropped by 8.16 per cent to close at 45 kobo while International Energy Insurance depreciated by 7.74 per cent to close at N1.55 per share.

    The momentum of activities also improved with turnover rising by 22 per cent to 436.897 million shares valued at N17.099 billion in 11,344 deals. Guaranty Trust Holding Company (GTCO) led the activity with 96.631 million shares worth N4.024 billion. Transnational Corporation (Transcorp) followed with account of 73.860 million shares valued at N1.231 billion. Access Holdings traded 48.090 million shares valued at N988.350 million.