The Nation Newspaper

Category: Equities

  • FMDQ provides depository for Lagos, Dangote’s N200b bonds

    FMDQ provides depository for Lagos, Dangote’s N200b bonds

    By Taofik Salako, Deputy Group Business Editor

     

    Barely 11 months after it was registered, Nigeria’s second depository, FMDQ Depository Limited, has onboarded two corporate and government bonds worth N200 billion to its platform.

    FMDQ Depository was appointed as sole depository to the Lagos State Government’s N100 billion bond and a joint depository to the Dangote Cement’s N100 billion bond. The two  marked epochal change in the  financial markets, which had operated with sole depository for more than 26 years.

    Securities and Exchange Commission (SEC) had, last June, taken the historic step of registering FMDQ Depository Limited as the second depository for the market.

    FMDQ Depository started operation last August, delivering on its core mandate to implement value-added products and service offerings.

    It is a member of FMDQ Group, a vertically integrated financial market infrastructure group, which included FMDQ Securities Exchange Limited and FMDQ Clear Limited.

    Chief Executive Officer, FMDQ Group, Mr. Bola Onadele-Koko, said the uploading of two of the choicest bonds on the FMDQ Depository was a major milestone for the progressive development of the market.

    According to him, the foresight of Lagos State Government in choosing FMDQ Depository for its most recent bond is an indication of the state’s alignment with progressive market development.

    He noted that Dangote Cement also deserves commendation for giving investors power, for the first time in the  capital market, to determine which depository to lodge their assets with, thereby validating the SEC’s vision of diversification and healthy competition for the market.

    “We are excited as we embark on another phase of implementing FMDQ’s GOLD Agenda – with the overarching objective of making the financial market globally competitive, operationally excellent, liquid and diverse. FMDQ Depository completes the value chain of pertinent market infrastructure for the pre-trade, trade and post-trade spectrums provided by FMDQ Group – from listing to trading, clearing, settlement, asset servicing and data and information, amongst other services,” Onadele-Koko said.

    Read Also: We will defeat coronavirus, says Dangote

     

    He pointed out that with the support and collaboration of its stakeholders, FMDQ’s much-sought after goal of delivering power of choice to the hands of the investors has been actualised, assuring that FMDQ Group remains committed to fostering prosperity to its stakeholders, especially the issuers and investors, through FMDQ’s capital market value chain services.

    He however noted that as FMDQ Depository is not saddled with allocating the International Securities Identification Numbers (ISINs) and Legal Entity Identifiers (LEIs), FMDQ Depository will remain focused on building its core competencies of efficient and value-added service delivery to market stakeholders, which is the crux of the depository service.

    FMDQ Depository stated that in order to ensure operational efficiency and facilitate ease of implementing investor’s choice of depository, it had been advocating from inception for SEC-registered central securities depositories (CSDs) in Nigeria to embrace operational collaboration towards promoting the global agenda for interoperability between their systems, thereby effectively empowering investors to deal on their Exchange of choice in Nigeria, irrespective of which depository their assets are held.

    FMDQ noted that with innovation at the core of its existence, the efficient and integrated linkage between FMDQ Exchange and FMDQ Depository guarantees seamless market making for all securities, including bonds and commercial papers (CPs), held on the FMDQ platform.

    In turn, investors are availed an unrivalled liquid market provided through the financial capacity of FMDQ Exchange’s dealing members including banks and non-bank financial institutions, credible price discovery from sizable market trades executed by these members as well as world-class models, and real time refinance and repurchase opportunities provided as part of FMDQ’s market development agenda.

    In addition, issuers and investors will also benefit from FMDQ Depository’s credible asset servicing for the investments lodged with the depository; secure and resilient processes and operations; and reliable data and information. Some of the other issuers currently benefiting from the complementary and unique depository services provided by FMDQ Depository include, Citibank Nigeria Limited, Eterna, First City Monument Bank, which had issued commercial papers.

    FMDQ reaffirmed that it has positioned to provide end-to-end execution, clearing and settlement of financial market transactions, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries including FMDQ Exchange, FMDQ Clear, FMDQ Depository and FMDQ Private Markets Limited.

     

  • Prestige Assurance, E-Tranzact get regulatory approval to raise N13.82b

    Prestige Assurance, E-Tranzact get regulatory approval to raise N13.82b

    Taofik Salako, Deputy Group Business Editor

    Authorities at the Nigerian Stock Exchange (NSE) have granted Prestige Assurance Plc  and E-Tranzact International Plc approvals to raise N13.82 billion new equity funds from their shareholders.

    Prestige Assurance will be offering 13.636 billion ordinary shares of 50 kobo each at a per value of 50 kobo. The rights will be pre-allotted on the basis of 38 new ordinary shares for every 15 ordinary shares held as at January 31, 2020.

    E-Tranzact will be offering 4.67 billion ordinary shares of 50 kobo each to existing shareholders at a price of N1.50 per share. The rights issue will be pre-allotted on a basis of 10 new ordinary shares of 50 kobo each for every nine ordinary shares of 50 kobo each held as at the close of business on March 25, 2020.

    Shareholders of Prestige Assurance had created additional new 14 billion ordinary shares to create headroom for the new capital raising. Prestige Assurance increased its authorised share capital from N3 billion of 6.0 billion ordinary shares of 50 kobo each to N10 billion of 20 billion ordinary shares of 50 kobo each through the creation of additional 14 billion ordinary shares of 50 kobo each.

    Shareholders also authorised the board of directors of the company to raise “capital by way most suitable to the company in line with the recapitalisation requirement of the National Insurance Commission”.

    The New India Assurance Company Limited, Mumbai, the precursor and founder of Prestige Assurance, holds 69.50 per cent majority equity stake in the Nigerian subsidiary while Leadway Assurance Company, an unlisted Nigerian insurance company, holds 11.47 per cent equity stake.

    Shareholders of E-Tranzact had also in December 2018 authorised the board of the company to raise additional capital of up to N7 billion “through the issuance of any form of equity instrument(s), whether by way of public offering, private placement, rights issue, offer for subscription or other methods they deem fit, with or without preferential allotments, either locally or internationally, at such dates and on such terms and conditions as shall be determined by the directors”.

    Shareholders also empowered the directors to consider as an alternative or addition issuance of convertible or non-convertible loans while allowing the company to issue undersubscribed shares to interested investors as well as absorb excess subscriptions.

    Shareholders increased the company’s authorised share capital from N2.1 billion or 4.2 billion ordinary shares of 50 kobo each to N9.1 billion or 18.2 billion ordinary shares of 50 kobo each.

    Market analysts said both Prestige Assurance and E-Tranzact might use their new issue to correct their free float deficiency. Prestige Assurance is 1.05 per cent below the regulatory minimum of 20 per cent for its listing on the main board of the Exchange. E-Tranzact has a free float of 18.22 per cent, 1.78 per cent below the 20 per cent benchmark. E-Tranzact had been given a deadline of December 07, 2020 to redress the deficiency by either reducing the concentrated core shareholdings or dilute them.

    Free float, otherwise known as public float, refers to the number of shares of a quoted company held by ordinary shareholders other than those directly or indirectly held by its parent, subsidiary or associate companies or any subsidiaries or associates of its parent company; its directors who are holding office as directors of the entity and their close family members and any single individual or institutional shareholder holding a statutorily significant stake, which is 5.0 per cent and above in Nigeria.

    Stock markets maintain minimum public float to prevent undue concentration of securities in the hands of the core investors and related interests, a situation that can make the stock to be susceptible to price manipulation. Besides, it provides the general investing public with opportunity to reasonably partake in the wealth creation by private enterprises.

    Insurance companies are in a hot race to raise new equity capital to meet new minimum capital requirements for various insurance functions as directed by NAICOM. NAICOM had in May 2019 released new capital requirements for insurance businesses with a 13-month compliance period for operators to shore up their minimum capital base to the required level. The minimum paid-up share capital of a life insurance company was increased from N2 billion to N8 billion, non-life insurance from N3 billion to N10 billion, composite insurance from N5 billion to N18 billion while re-insurance companies were directed to raise their capital base from N10 billion to N20 billion. The deadline was subsequently extended to December 31, 2020.

    Most analysts agreed that the recapitalisation would open up opportunities for mergers and acquisitions, putting the top insurance companies with large capital base in good stead to acquire other companies and build up their base.

     

     

     

  • Jalo-Waziri joins ISSA committee

    Jalo-Waziri joins ISSA committee

    Taofik Salako, Deputy Group Business Editor

    The International Securities Services Association (ISSA) has appointed Chief Executive Officer of Central Securities Clearing System (CSCS) Plc, Mr. Haruna Jalo-Waziri, as the representative of the global community of central securities depositories (CSD) on the Operating Committee of the ISSA.

    The Operating Committee of the ISSA, chaired by Mr. Jyi-chen Chueh, Executive Director, Standard Chartered Bank, is the pivotal Committee of the ISSA saddled with the responsibility of providing technical support and execution to the Executive Board of ISSA in proposing, executing and managing work projects aimed at advancing securities services globally.

    Headquartered in Switzerland, the ISSA is an association of the world’s largest central securities depositories, global custodians and securities transaction services banks, including The Depository Trust and Clearing Corporation , the CSD for the United States markets; Euroclear, European CSD; Clearstream, German CSD, Hong Kong Exchanges and Clearing Limited, Citigrpup, Credit Suisse, Deetsche Bank AG, BNP Paribas, Standard Chartered Bank, SWIFT and Bank of New York Mellon among others.

    Chief Executive, International Securities Services Association (ISSA) , Parry Colin, said he was delighted that Jalo-Waziri agreed to be a member of the ISSA Operating Committee.

    Parry noted the value proposition of nominating and appointing Jalo-Waziri to the Operating Committee of ISSA included his leadership role in the Nigerian CSD and his understanding of ISSA as core member.

    Jalo-Waziri described the appointment as a clarion call to service in an industry that he is most passionate about.

    “It is my pleasure to have been nominated and appointed to join the esteemed professionals on the Operating Committee of the ISSA and I look forward to working with colleagues, with diverse global experience in actively promoting forward-thinking solutions that create efficiencies and mitigate risk within the global securities services industry,” Jalo-Waziri said.

    For more than 40 years, ISSA has made significant contributions to the development of the worldwide securities services industry by facilitating the interaction among market participants and providing leadership in the formulation and promotion of best practices in the post-trade securities services.

  • AfDB invests $10m in Pan-African healthcare fund

    AfDB invests $10m in Pan-African healthcare fund

    Taofik Salako, Deputy Group Business Editor

    The board of directors of the African Development Bank (AfDB) has approved a $10-million equity investment in Razorite Healthcare Africa Fund 1 (RHAF1) to help improve healthcare infrastructure delivery across the continent.

    The 10-year investment enables RHAF 1 to address growing demands for affordable and quality healthcare services in several countries of Sub-Saharan Africa (SSA, which faced lack of access to low cost, first-class healthcare.

    RHAF1, to be registered in Mauritius, will provide growth capital to operating healthcare infrastructure facilities which show high potential for growth, as well as build new facilities, where identified as necessary. To date, there have been over 9,000 cases of Covid-19 in Africa and over 500 deaths.

    AfDB had, last week, unveiled a Covid-19 Response Facility that will mobilise up to $10 billion to assist regional member countries in fighting the pandemic. The facility will be the institution’s primary channel for addressing the crisis.

    The advent of Coronavirus has highlighted the need to boost Africa’s healthcare infrastructure system to curb the spread of the pandemic and any future similar crises and build long term resilience. Healthcare-focused private equity funds in Africa with the capability to build equipment and an integrated eco-system across healthcare facilities and service providers are very limited. Target groups include low and middle-income class and vulnerable sectors.

    The Fund is expected to increase bed capacity in Africa by over 1,500 and create over 500 jobs over its life span. It will also support the development of local enterprises and private infrastructure in the healthcare infrastructure sector. The Fund targets final capitalisation of $100 million.

    AfDB expects its equity investment of $10 million to catalyse financing from other development finance institutions (DFIs) and commercial investors. As an advisory board member, AfDB will ensure that the Fund and its portfolio of projects adhere to social, environmental and corporate governance best practices.

  • Stock market defies lockdown as equities recover

    Stock market defies lockdown as equities recover

    Taofik Salako, Deputy Group Business Editor

    • Investors net N150b gains

    • Turnover rises by 60%

    THE stock market has seen increased level of activities and considerable recovery as the market continues to operate unhindered in spite of the full lockdown of Lagos State, Nigeria’s main economic centre.

    All benchmark indices for the Nigerian stock market closed positive at the weekend with the turnover rising by about 60 per cent on the back of bargain-hunting that left investors with net capital gains of N150 billion. Average gain for the week closed weekend at 1.37 per cent, the first gain in the past five weeks.

    Aggregate market value of quoted equities on the Nigerian Stock Exchange (NSE) regained the N11 trillion mark at N11.144 trillion at the weekend, compared with N10.994 trillion recorded as opening value for the week. The All Share Index (ASI)- the common value-based index that tracks all share prices at the NSE, also trended upward from its week’s opening index of 21,094.62 points to close weekend at 21,384.03 points.

    Total turnover increased to 2.44 billion shares worth N19.93 billion in 18,918 deals last week, representing increase of 59.5 per cent and 76.9 per cent on turnover volume and value recorded in the previous week. Investors had traded a total of 1.53 billion shares valued at N11.27 billion in 18,928 deals two weeks ago.

    The primary issue segment of the market has also remained active with many companies raising capital in recent period. The NSE last week listed three bonds valued at N36.5 billion. Flour Mills of Nigeria Plc listed its N12.5 billion three-years 10 per cent series three, tranche A, fixed rate senior unsecured bond due 2023 and N7.5 billion five-year 11.10 per cent series three, tranche B, fixed rate senior unsecured bond due 2025. Also, Primero BRT listed its N16.5 billion series one, 17 per cent fixed rate bonds due 2026 under the N100 billion medium term bond programme.

    Lagos State, Nigeria’s main economic centre and traditionally the city centre of stock market transactions is the epicentre of the Coronavirus pandemic. President Muhammadu Buhari had ordered a total lockdown of Lagos State, alongside the Federal Capital Territory (FCT), and Ogun State. The NSE subsequently closed its trading floors nationwide and transited to fully digital remote operations on Wednesday March 25, 2020.

    Chief Executive Officer, Nigerian Stock Exchange (NSE) Mr. Oscar Onyema said the Exchange is committed to ensuring that its operations and trading activities continue seamlessly throughout this trying period.

    According to him, since the activation of its business continuity plan in response to COVID-19 on Wednesday, March 25, 2020, the Exchange has transitioned to digital operations with its employees working remotely and dealing member firms trading remotely.

    He pointed out that the Exchange has had no disruptions to its operations since the activation of the slow down efforts by state and federal governments to flatten the Covid-19 curve.

    “We have put in place the requisite measures to guarantee that our staff are able to provide requisite support, our stakeholders are able to conduct business digitally, and that all relevant information continues to flow into the market to spur capital market activity during the Covid-19 pandemic,” Onyema said.

    Further analysis of transactions at the stock market showed a broad recovery in share prices across the sectors. With nearly two advancers for every decliner, most sectoral indices closed on the upside. The NSE Banking Index posted a double-digit gain of 12.39 per cent. The NSE Consumer Goods Index appreciated by 6.50 per cent while the NSE Insurance Index inched up by 0.18 per cent. However, the NSE Oil and Gas Index declined by 4.76 per cent while the NSE Industrial Goods Index dropped by 6.59 per cent.

    The financial services sector dominated the activity chart with a turnover of 2.18 billion shares valued at N11.11 billion in 11,322 deals; representing 89.4 per cent and 55.7 per cent of the total equity turnover volume and value respectively. The industrial goods sector occupied a distant second position with a turnover of 102.77 million shares worth N3.63 billion in 2,483 deals while the consumer goods sector placed third with a turnover of 51.08 million shares worth N3.58 billion in 1,924 deals.

    Three banking stocks, Omoluabi Mortgage Bank Plc, Guaranty Trust Bank Plc and FBN Holdings Plc, were the three most active stocks, accounting for 1.70 billion shares worth N8.03 billion in 4,443 deals, representing 69.8 per cent and 40.3 per cent of the total equity turnover volume and value respectively.

    There were 35 gainers against 18 losers last week compared with 15 gainers and 36 losers recorded in the previous week. Lafarge Africa recorded the highest gain, in percentage terms, of 41.3 per cent to close at N12.65. Wema Bank followed with a gain of 25.5 per cent to close at 59 kobo. United Bank for Africa rose by 25.3 per cent to close at N6.20. Sterling Bank appreciated by 25.2 per cent to close at N1.39 while Fidelity Bank rose by 24.3 per cent to close at N2.10.

    On the negative side, Ardova, former Forte Oil, recorded the highest loss of 18.5 per cent to close at N11.25. Sky Aviation Handling Company followed with a drop of 15.6 per cent to close at N2. BUA Cement dropped by 12.8 per cent to close at N30.80. Learn Africa and Cutix lost 10 per cent each to close at 90 kobo and N1.26 respectively while BOC Gases dropped by 9.9 per cent to close at N3.65 per share.

  • Nigeria, 89 other countries eye $100b IMF loans 

    Nigeria, 89 other countries eye $100b IMF loans 

    By Collins Nweze

     

     

    Nigeria and 89 other global economies have indicated interest to borrow at least $100 billion emergency fund from International Monetary Fund (IMF).

    IMF Managing Director, Kristalina Georgieva who disclosed this yesterday said the Fund has $1 trillion lending capacity, but the loan request by 90 countries are presently put at $100 billion.

    Speaking in an online broadcast posted on the Fund’s website, with theme: ‘Confronting the Crisis: Priorities for the Global Economy’ she said the Fund has already approved loans for Kyrgyz Republic, Rwanda, Madagascar, and Togo—with many more to come. The fund is to enable the countries reduce the impact of the COVID-19 pandemic on their economies.

    She explained that together with the World Bank, IMF is  calling for a standstill of debt service to official bilateral creditors for the world’s poorest countries.

    Ms. Georgieva said that COVID-19 pandemic has put emerging markets and low-income nations—across Africa, Latin America, and much of Asia—are at high risk.

    “With weaker health systems to begin with, many face the dreadful challenge of fighting the virus in densely populated cities and poverty-stricken slums—where social distancing is hardly an option.

    With fewer resources to begin with, they are dangerously exposed to the ongoing demand and supply shocks, drastic tightening in financial conditions, and some may face an unsustainable debt burden,” she said.

    According to her, in the last two months, portfolio outflows from emerging markets were about $100 billion—more than three times larger than for the same period of the global financial crisis.

    Commodity exporters are taking a double blow from the collapse in commodity prices. And remittances—the lifeblood of so many poor people—are expected to dwindle.

    Read Also: LSETF announces moratorium on loans to beneficiaries

     

    “We estimate the gross external financing needs for emerging market and developing countries to be in the trillions of dollars, and they can cover only a portion of that on their own, leaving residual gaps in the hundreds of billions of dollars. They urgently need help,” she added.

    She said the Fund is working 24/7 to support member countries—with policy advice, technical assistance and financial resources. “We have $1 trillion in lending capacity and are placing it at the service of our membership.

    We are responding to an unprecedented number of calls for emergency financing—from over 90 countries so far. Our Executive Board has just agreed to double access to our emergency facilities, which will allow us to meet the expected demand of about $100 billion in financing,” she said.

    The IMF boss said it is reviewing tool kit to see how it might better use precautionary credit lines to encourage additional liquidity support, establish a short-term liquidity line, and help meet countries’ financing needs via other options—including the use of Special Drawing Rights (SDRs).

    Ms. Georgieva said the Fund has revamped its Catastrophe Containment and Relief Trust to provide immediate debt relief to low-income countries affected by the crisis, thereby creating space for spending on urgent health needs rather than debt repayment.

    The IMF boss said the world  will overcome the COVID-19 challenge. “Our doctors and nurses are fighting it around the clock, often risking their lives to save the lives of others. Our scientists will come up with solutions to break COVID-19’s grip,” she said.

    “Between now and then, we must marshal the determination of all—individuals, governments, businesses, community leaders, international organizations—to act decisively and act together, to protect lives and livelihoods.

    These are the times for which the IMF was created—we are here to deploy the strength of the global community, so we can help shield the most vulnerable people and revitalize the economy. The actions we take now will determine the speed and strength of our recovery,” she said.

     

     

  • Iron Capital, Australia promote African trade

    Iron Capital, Australia promote African trade

    By Collins Nweze

     

    Iron Capital, an Africa-focused corporate finance and financial advisory firm has partnered with the Australian Government, through the Australian Trade Commission (Austrade) to boost African trade.

    The partnership allows Austrade, the trade and investment agency of the Australian Government leverage on the extensive network of contacts that Iron Capital has cultivated on the African continent to support Australian businesses making a foray into Africa, with a special focus on Nigeria, Ghana, Kenya and Zambia.

    The referral partnership will leverage on Iron Capital’s vast expertise in financial advisory, corporate finance, project finance, market penetration strategies and regulatory advisory services to help Australian companies navigate market entry with the aim of establishing a presence in the continent.

    Iron Capital’s selection also means that it would provide the same services to African companies interested in doing business with Australian firms.

    Chief Executive of Iron Capital, Jubril Enakele, said:  “Africa is the future of growth, and the decision of Austrade to strategically focus on Australia-Africa trade could not be coming at a better time. From inception, Iron Capital has pursued an Africa-wide agenda with a vision to helping its clients navigate the business terrain on the continent. This is reflected in the trust that Austrade has placed in us by appointing Iron Capital as their referral partner to Australian businesses”.

    Senior Trade Commissioner, Africa, for the Australian Trade and Investment Commission,  Kym Fullgrabe, said: “Austrade has an extensive network of more than 70 offices in around 50 countries in the world, and we rely on our chosen referral partners to assist Australian companies looking to enter foreign markets”.

    With this partnership, Australian entities are ensured of trusted and established support in an otherwise unfamiliar terrain – a vital service, especially in countries where Austrade does not have a physical presence.

     

  • COVID-19: Wema Bank donates materials to states

    COVID-19: Wema Bank donates materials to states

    By Collins Nweze

     

    Wema Bank Plc is donating relief materials to states affected by the COVID-19 pandemic in Nigeria.

    The donation, which includes bags of rice, cartons of vegetable oil and cartons of noodles, is aimed at complementing the effort of the government to cushion the effects of the lockdown.

    Alongside being a corporate social responsibility of the bank, the relief materials will also serve as a palliative measure to help lessen the plight of vulnerable members of society during the pandemic.

    “As a bank, we understand that there is no better time than now to support the government in fighting this pandemic”, Managing Director/CEO Wema Bank, Ademola Adebise said.

    He stressed that Wema Bank is “taking responsibility to support the governments of the affected states in the belief that this is a collective fight”

    “We also encourage Nigerians to do their respective bids to win the war against COVID-19,” he added.

    Read Also: ‘COVID-19 regulations conform to international best practices’

     

    According to Head, Brand and Marketing Communications, Wema Bank, Mrs. Funmilayo Falola, “This is a trying time for human kind, but also a test of our resolve to unite, whether as individuals or organisations, in this common fight.”

    Commending the response of health workers across the country, Mrs Falola explained that, “while the rest of us keep to the stay-at-home rule and practice social distancing, health workers are making the sacrifice of treating patients and helping to disinfect markets and other structures nationwide.

    “They are the frontline soldiers in a war that threatens all of us and we praise and appreciate their devotion to duty.”

    Since the outbreak of the virus in Nigeria, Wema Bank has consistently championed a robust drive the flatten the curve with repeated communications urging their customers, staff, stakeholders and other members of the public to take precautionary measures using its social media channels.

  • NPA urged to clarify 21 days waiver on demurrage

    NPA urged to clarify 21 days waiver on demurrage

    By Taofik Salako, Deputy Group Business Editor

     

    The Chairman, Maritime Task Team, Mr Samuel Nwakohu, on Thursday appealed to the Nigerian Ports Authority (NPA) to clarify its directive on 21 days waiver on demurrage.

    Nwakohu made the appeal in a communique after the Maritime Task Team meeting in Lagos.

    The News Agency of Nigeria (NAN) reports that the Maritime Task Team was formed after a meeting of the maritime stakeholders with Nigerian Shippers’ Council (NSC) and Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) last week.

    Nwakohu, Registrar of CRFFN emerged chairman of the Task Team after the meeting.

    To reduce the effect of COVID-19 on port operations, NPA had directed terminal operators and shipping companies to suspend collection of demurrage and storage charges for 21 days.

    However, clearing agents alleged that terminal operators and shipping companies were flouting the directive while the port operatives were insisting that the directive needed to be defined.

    The Task Team in the communique also called for Port Pass to aid the movement of freight forwarders and easy access to the port.

    Read Also: Britain reports 938 COVID-19 deaths in one day

     

    “There is a need for provision of more buses to transport freight forwarders and exporters to the port.

    “Other government agencies like the NPA, Nigerian Maritime Administration and Safety Agency, Nigeria Inland Waterways Authority should assist in the provision of additional buses.

    “Each bus should not carry more than 17 persons including drivers and security personnel.

    “E-Payment should also be encouraged among freight forwarders,” Nwakohu said.

    He added that there should be regular sanitisation and fumigation of the port to ensure safety and cleanliness.

    He said NSC should mandate shipping companies to ensure safety by putting in place preventive measures like hand washing facilities, sanitizers, gloves, nose masks and thermometer.

    The chairman said the Commissioner of Police, Western Command, should be part of the Maritime Task Team meetings.

    According to him, Freight forwarders with no legitimate business at the port should stay at home

    “The Registrar should write relevant authorities on the application of Section 27, 28 and 29 of CEMA Law in crisis period,” he said.

    Nwakohu said there was need to maintain the Maritime Task Team after COVID-19 to mitigate its effects.

  • Flour Mills, Primero list N36.5b bonds on NSE

    Flour Mills, Primero list N36.5b bonds on NSE

    By Taofik Salako, Deputy Group Business Editor

     

    Flour Mills of Nigeria (FMN) Plc and Primero BRT Securitization SPV Plc yesterday listed three bonds valued at N36.5 billion on the Nigerian Stock Exchange (NSE) as the Exchange continued to uphold its commitment to support companies to raise funds in the face of the Coronavirus pandemic.

    Flour Mills of Nigeria listed its N12.5 billion three-years 10 per cent series three, tranche A, fixed rate senior unsecured bond due 2023 and N7.5 billion five-year 11.10 per cent series three, tranche B, fixed rate senior unsecured bond due 2025.

    Primero BRT listed its N16.5 billion series one, 17 per cent fixed rate bonds due 2026 under the N100 billion medium term bond programme.

    Group Managing Director, Flour Mills of Nigeria (FMN) Plc, Mr. Peter Gbededo expressed excitement over the listing of the bond on the NSE.

    “We are delighted to return to the capital market with such a successful outing, especially with the level of interest shown by investors. The response from the market vindicates our decision to have taken this additional step to diversify our financing options beyond short-term commercial bank debt,” Gbedebo said.

    He said the company was also excited about the role NSE is playing in deepening secondary market liquidity thus aligning the Nigerian market with international best practices, adding that Flour Mills looks forward to enjoying the benefits of these efforts in its short and long-term instruments.

    Read Also: Bargain-hunters drive equities to N162b gain

     

    Chief Executive Officer, Nigerian Stock Exchange (NSE) Mr. Oscar Onyema, commended the management of Flour Mills Nigeria and Primero for the success of the issues.

    He reiterated the commitment of the Exchange to supporting its stakeholders.

    “As an Exchange, we are committed to ensuring that our operations and trading activities continue seamlessly throughout this period. We have put in place the requisite measures to guarantee that our staff are able to provide requisite support, our stakeholders are able to conduct business digitally, and that all relevant information continues to flow into the market to spur capital market activity during the COVID-19 pandemic,” Onyema said.

    According to him, since the activation of its business continuity plan in response to COVID-19 on Wednesday, March 25, 2020, the Exchange has transitioned to digital operations with its employees working remotely and dealing member firms trading remotely.

    He pointed out that the Exchange has had no disruptions to its operations since the activation of the slow down efforts by state and federal governments to flatten the COVID19 curve.