The NGX Regulation (NGX RegCo), the self-regulatory organisation (SRO) that regulates trading on Nigerian Exchange (NGX), has suspended trading in the shares of Greif Nigeria Plc.

The suspension followed the decision of the directors and shareholders of Greif Nigeria to wind up the company.

Shareholders of Greif Nigeria Plc had at their annual general meeting in January, 2022, authorised the commencement of the process of voluntary winding up of the company.

Section 622 of Companies and Allied Matters Act (CAMA)  2020 states that “ a voluntary winding-up shall be deemed to commence at the time of the passing of the resolution for voluntary winding-up”.

NGX RegCo stated that the suspension, which took effect on June 20, 2022 was” to ensure a smooth winding up process”.

“This is in line with Section 624 of CAMA 2020 which provides that “a transfer of shares, not being a transfer made to or with the sanction of the liquidator, and any alteration in the status of the members of the company, made after the commencement of a voluntary winding-up, shall be void,” NGX RegCo stated.

Sterling One Foundation has concluded arrangements to hold the first Africa Social Impact Summit.

The event will be held next month at the Transcorp Hilton Hotel , Abuja, to support social enterprises, impact investors and community development practitioners in Nigeria and Africa.

The two-day hybrid event, which will be held from July 13 to 14, is in partnership with the United Nations Global Compact, Coca-Cola Foundation, Impact Investors Foundation, and Sterling Bank. It is expected to bring together thousands of players working within the African development space to attract impact investments into critical sectors across the continent.

Set up in 2018, the Sterling One Foundation is a catalyst by providing and facilitating various resources such as alternative financing to impact-driven organisations, including non-profits, to create long-term impact and close gaps in underserved communities across Africa.

The summit aims to create realistic frameworks that will make it easier for African countries to achieve the 2030 Sustainable Development Goals.

Chief Executive Officer, Sterling One Foundation, Olapeju Ibekwe, said: “Our vision at the Sterling One Foundation is to tackle the root causes of poverty by working with different impact investors, social enterprises, and non-profits. We see daily how crucial the role they play in achieving this for Africa is, and this is why we are setting up this collaborative platform for these stakeholders to meet and engage with other stakeholders—business and government leaders—to share ideas that work and solutions that can scale,” Ibekwe said.

In addition to the summit’s opportunities for dialogue with key stakeholders, the Sterling One Foundation’s team plans to establish and support regional networks that will serve as knowledge-sharing hubs, assisting public and private sector players in aligning their priorities with the development space, facilitating the measurable achievement of the SDGs, and ensuring that solutions developed by various players are scalable and address the continent’s most pressing issues.

Notably, the summit will host a deal room in collaboration with the Impact Investors Foundation, where impactful and scalable solutions will access needed financing from local and global investors to address the continent’s unique challenges while accelerating growth toward the SDGs.

The event is open to attendees from all African nations, as well as foreign players with a keen interest in Africa, and will focus on discussions on climate action, circular economy, renewable energy, health, education, and gender equality.

Shareholders of Dangote Cement Plc yesterday approved 25 per cent increase in dividend payouts amid commendations for the board and management of the cement giant.

Shareholders unanimously approved 25 per cent increase in dividend per share to N20 per share for the year ended December 31, 2021 as against the N16 paid for the 2020 business year.

At the 13th annual general meeting (AGM) yesterday in Lagos, shareholders commended the board and management of the cement group for sustaining mpressive performance despite constraints in the operating environment. They also applauded the company for its efforts in reducing unclaimed dividend of the company.

Key extracts of the audited report and  accounts for the year ended December 31, 2021 showed that Dangote Cement recorded its highest profit before tax in its history at N538.4 billion. Also, the company recorded group volumes of 29.3Mta, up 13.8 per cent. Earnings before interest, tax, depreciation and amortization (EBITDA) stood at  N684.6 billion, up by 43.2 per cent, due mainly to strong cost control measures.

Chairman,, Dangote Cement Plc, Aliko Dangote, said that the group has over the  decade recorded exponential growth across all areas.

According to him, group volumes are now at almost 30Mta, capacity has tripled to 51.6Mta and the group now exports cement from five countries across Africa.

“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability and grit. These values are what we need to face unpredictable times in the future.

“Dangote Cement remains the leading cement company in Africa, well-positioned for a positive and sustainable future. We are resolute in transforming Africa, while creating sustainable value for our stakeholders,” Dangote said.

Read Also: Dangote Cement raises N116b bond to finance expansion

He noted that in January 2022, the company completed the second tranche of its buy-back programme as Dangote Cement has now repurchased 0.98 per cent of its outstanding shares, pointing out that the share buy-back programme reflected the company’s unwavering commitment to creating value and identifying opportunities to return cash to shareholders.

“We began operations in our new 3Mta Okpella plant in Edo state in 2021, where we are successfully ramping up production and have contributed to creating a new industrial hub.

“We are actively deploying our alternative fuel strategy across all countries of operations, to optimise energy efficiency, reduce reliance on fossil fuels and ultimately reduce CO2 emission. Whilst we focused our efforts on meeting the robust demand of our local market in Nigeria, at the expense of our export markets, we still made significant progress in our cement and clinker exports.

“In 2021, we exported seven ships of clinker out of Nigeria and exported cement from five of our operations. Our vision is for West and Central Africa to be cement and clinker self-sufficient, while making the regional and continental free trade agreements a reality,” Dangote said.

He added that along with the company’s focus on strategy, it made progress on the effectiveness and diversity of its board with the appointment of Ms. Halima Aliko-Dangote to the board as a Non-Executive Director effective 26th February 2022, bringing female board representation to 27 per cent, from 20 per cent in 2020 in addition to the six different nationalities and five independent non-executive directors on our board.

”We continue our sustainability and governance efforts with our seven Sustainability Pillars – ‘The Dangote Way’. The 7 Pillars: cultural, economic, institutional, financial, environmental, operational and social, provide the appropriate framework in which we have embedded our corporate values and strategic objectives.”

“Our strategy in 2021 focused on energy transition, which is a crucial enabler of sustainable development and climate resilience on the continent. We have increased our focus on alternative fuels in our energy mix. We are actively investing in installing mechanical multi-fuel systems that can process diverse types of wastes,” Dangote said.

Group Managing Director, Dangote Cement Plc, Michel Puchercos said the goal of the group is to be the partner of choice for those transforming Africa, while creating sustainable value for our stakeholders remains firm and clear.

“Despite operating in a challenging and fast-moving environment, Dangote Cement consistently delivers superior profitability to the shareholders. The robust demand experienced across the continent despite the COVID-19 related challenges, confirm the powerful potential of these markets,” Puchercos said.

The Nigerian Exchange (NGX) yesterday took another major step in its quest to develop a viable exchange traded derivatives (ETDs) market with the listing of two futures contracts, paving the way for secondary market trading on the ETDs.

The NGX listed the NGX 30 Index Front Month Futures Contract and NGX Pension Index Front Month Futures Contracts were listed yesterday. Both ETDs expire on December 16, 2022. The NGX 30 Index contract was listed at N1,988.25 per unit while the NGX Pension Index contract was listed at N1,908.25 per unit.

The NGX had in April 2022 launched its ETDs market with the unveiling of the two equity index futures contracts. The launch of the ETD market saw the unveiling of the two equity index futures contracts, NGX 30 Index Futures and NGX Pension Index Futures, with more securities to be added in the future.

To promote clearing efficiency, stability, and confidence, the Exchange had collaborated with a central counterparty (CCP) in Nigeria, NG Clearing Limited, to provide the clearing infrastructure for NGX derivatives market and its clearing members – Access Bank and Zenith Bank.

The ETDs market commenced trading activities with three stockbrokers – Cardinal Stone Securities Limited, Meristem Securities Limited and APT Securities and Funds Limited – which had been cleared by NGX Regulation Limited to facilitate transactions on behalf of investors on NGX derivatives market.

Chief Executive Officer, Nigerian Exchange (NGX), Mr. Temi Popoola, said the launch of the new market segment was  consistent with the Exchange’s commitment to develop the Nigerian capital market by providing a market that thrives on innovation and responds to the needs of stakeholders in accessing and using capital.

Read Also: London Stock Exchange highlights Seplat’s success model

He commended the efforts of stakeholders who have successfully driven the completion of the derivatives market since 2014.

“NGX remains committed to building an exchange that can cater to the increasingly sophisticated needs of domestic and foreign investors. A strong pillar in our strategy is to enhance liquidity and expand market capitalisation to the end that we create value for stakeholders, and the introduction of ETDs is a critical step in the right direction. The platform will play an essential role in broadening and deepening the market, adding new impetus to NGX’s leading position as Africa’s preferred exchange hub.

“Our partnership with best in class Central Counterparty, NG Clearing Limited, further engenders confidence in the ETDs market segment amongst market participants, as the clearing infrastructure is capable of reducing systemic risk and enhancing market transparency,” Popoola said.

Chief Executive Officer,  NG Clearing, Mr Tapas Das, said the launch of the derivatives market in Nigeria was a testament to the maturity of the market, a sign that the market has come of age and was ready for transition into a new era.

He said the risks that come with the derivatives market will be managed through NG Clearings’ robust technology-enabled clearing and settlement, collateral management, and risk management offerings as a critical central counter party (CCP) financial market infrastructure (FMI).

Das noted that the commencement of exchange traded derivatives in the Nigerian capital market came after many years of anticipation by stakeholders and was a remarkable step towards the actualisation of the Nigerian Capital Market Masterplan.

He pointed out that this coming at a time when economies are trying to grow after the setback of COVID-19 pandemic, creates an opportunity for market liquidity and capital flows, potentially contributing to Nigeria’s post-COVID recovery.

According to him, derivatives usher in a new asset class that will offer local and foreign investors new opportunities to hedge against market risks in Nigeria.

”NG Clearing’s purpose is to ensure that Nigeria’s derivatives market is safe and stable. We have put in place the infrastructure to achieve this. NG Clearing as a CCP is designed to provide clearing services across multiple asset classes and trading venues. The initial trading venue NG Clearing will be serving is the Nigerian Exchange. While we have started with equity index futures, we will subsequently introduce single stock futures, stock options as well as other asset classes, including commodities,” Das said.

ETDs are standardised, highly regulated, and transparent financial contracts listed and traded on a securities exchange, and guaranteed against default through the clearing house of the derivatives exchange. NGX ETDs market will complement existing asset classes, provide investors and other market players with the necessary tools for tactical asset allocation, as well as improve risk and cost management for effective portfolio management. It will further enhance the participation of domestic and international investors in Nigeria’s financial markets, which will positively impact the performance of the economy.

The Nigerian Exchange (NGX) has upgraded Skyway Aviation Handling Company (Sahco) Plc from a low-priced stock to medium-priced stock following recent appreciation in the share price of the aviation handling company.

In a regulatory circular yesterday, the Exchange stated that the reclassification, which took effect yesterday, was after a review of share price of Sahco over the most recent six months.

According to the NGX,  review of Sahco share price and trade activities over the most recent six-month period provided the basis for reclassifying the security from the low-priced stock group to the medium-priced stock group. The reclassification also necessitated the attendant change in the tick size change from 1.0 kobo to 5.0 kobo – in line with Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015.

”Sahco stock price appreciated above the N5 price level on January 4, 2022 and traded above N5 up till close of business on May 25, 2022. This indicates that Sahco stock price has traded above N5 in at least four months out of the last six months. Resultantly, Sahco has been reclassified from the low-priced stock group to the medium-priced stock group with effect from today June 14, 2022,” NGX stated.

Read Also: SAHCO targets growth as shareholders get N223.3m dividends

The NGX classifies quoted companies into three categories-high-priced, medium-priced and low-priced stocks, based on their market price. A company must have traded for at least four out of the most recent six month period within a stock price group’s specified price band to be classified into the category.

The high-priced stocks consist of large-cap equities that are priced at N100 per share or above for at least four of the last six trading months, or new security listings that are priced at N100 or above at the time of listing on the Exchange.

The medium-priced stocks consist of medium-priced equities that are priced at N5 per share or above but less than N100 per share for at least four of the last six months, or new security listings that are priced at N5 per share or above but less than N100 per share at the time of listing on the Exchange.

The low-priced stocks, where majority of listed companies fall, consist of equities that are priced at one kobo per share or above but below N5 per share for at least four of the last six months, or new security listings that are priced at one kobo per share or above but below N5 per share at the time of listing on the Exchange.

Nestlé Nigeria Plc has inducted additional 50 beneficiaries into its women empowerment initiative with the launch of the fourth phase of the Nestlé Empowering Rural Women in Nigeria Project in Port Harcourt.

An additional 50 beneficiaries from the South-South region of the country, selected from the company’s value chain, were inducted into the programme at a ceremony that included several training sessions.

The Nestlé Empowering Rural Women in Nigeria Project helps rural women in Nigeria to build financial security and improve their standard of living. The beneficiaries comprising female retailers in Nestlé’s value chain, will receive grants valued at 300 per cent of their monthly sales in form of Nestlé’s products. They will also participate in training and mentorship programs which will enable them scale up their businesses, thereby increasing their household incomes.

At the training and induction session in Port Harcourt, Commercial Manager, Nestlé Nigeria Plc, Mr. Khaled Ramadan said the company was happy to fulfil its promise of expanding Nestlé Empowering Rural Women in Nigeria Project to reach more women in other parts of Nigeria.

“We are pleased with the progress made so far by the 150 currently benefiting from the project. The beneficiaries who currently enjoy the training and mentorship provided by Nestlé and her implementation partners – FDConsults, are reporting faster turnover and increased revenue as well as stronger visibility of their outlets within their locations. We are therefore confident that these additional 50 selected retailers in South South, will also reap the full benefits of the support we are providing through training, mentorship and grants,” Ramadan said

Read Also: Alaro City, Lagos to empower host community

In his remarks at the induction and training for the new beneficiaries, Head, Partnerships & Training, FDConsults, Mr. Phranklin Audu, said, the Nestlé Empowering Rural Women project was such an amazing initiative as shown by the progress and growth recorded by the women in the several states where the project had been ongoing.

“We are talking about visible growth. Grade-C retailers are moving up the distribution ladder and more importantly these women are doing more sales turnovers thereby earning higher incomes for themselves. We must commend the visioners of this project and the entire project team for staying true to cause” Audu said.

“I feel so happy about this opportunity. I still cannot believe that this is true, because it is just like a dream. I want to say a big thank you to Nestlé” one of the beneficiaries Mrs. Joyce Nwaiwo said; expressing her gratitude to Nestlé,

The Nestlé Empowering Rural Women in Nigeria Project is designed to help rural women retailers scale up their businesses and sustain the new level of up to three times the size of their existing businesses. It is one of the Creating Shared Value initiatives that Nestlé deploys to help build thriving communities by improving livelihoods.

The training and mentorship elements of the project are provided by FDConsults who has a track record of helping rural dwellers access information and skills to improve their standard of living. Each beneficiary retailer is linked to a mentor for one-on-one guidance and consistent support over three months to ensure their success.

The project started in August 2021, in North Central Nigeria, with the induction of the first 50 women beneficiaries into the project from the suburbs of Abuja. In November of last year, the project moved to the South West and added an additional 50 beneficiaries, selected from the axis of Oshogbo, Ede and Ilesha in Osun State. In February of this year, the South East benefited with 50 inductees from the Nsukka and Obolo-Afo axis of Enugu State.

With the additional 50 recently inducted into the project in Port Harcourt, Rivers State, 200 women have so far been reached under the programme. The programme aims to reach 300 women across the country before the end of 2022.

West African capital markets will eliminate geographic distance and varied environmental factors by adopting ways and means that facilitate integration.

Speakers at the  West African Capital Markets Conference with the theme: “Deepening and Strengthening the Capital Markets Across West Africa through Effective Regulation” held in Accra, Ghana, agreed on the importance of closer collaboration and integration of the region’s capital markets.

The conference was organised by the West Africa Securities Regulators Association, WASRA.

Chairman, WASRA and Director General of Securities and Exchange Commission (SEC), Mr Lamido Yuguda  said the need for regular assessment necessitated the revision of the WASRA/WACMIC (West African Capital Markets Integration Council) Road Map to reflect current developments and include specific initiatives that will further improve the successful implementation of integration and other efforts.

He reiterated that against the backdrop of innovation and dynamism in the capital markets, there is the need for regulators to keep pace with this trend.

Yuguda stated that the WACMaC periodically presents members with an opportunity to explore the role that financial markets should play in supporting the growth of the real sector of the respective economies and indeed the sub-region in general.

“We are not unaware that in some member states, capital markets activities are still in their nascent stage. In collaboration with ECOWAS, efforts are being made to encourage these jurisdictions to join WASRA. We intend to engage and partner with them to build capital markets that will support the growth and development of their respective countries while advancing our regional market integration efforts.

“As the region continues to expand in market size and influence, it becomes increasingly more important to focus our attention on developing world class markets by looking at innovative ways to address critical issues such as systemic risk, market integrity, investor protection, Fintechs and disruptive technologies. We must also be steadfast in our collective efforts to close the geographic distance between our markets through ways and means that facilitate regional integration,” Yuguda said.

He expressed delight at the high level of participation at the meeting emphasizing that the biennial Conference is geared toward promoting robust discussions on how to harness resources and effectively optimize collective efforts towards the integration of markets in the region.

He said this would no doubt lead to the realization of a key outcome, namely, an increase in capital markets’ contribution to economic growth and development of the region.

“You will recall that at our inaugural conference in Abidjan, Cote d’Ivoire, we resolved to continually strive to create an environment that facilitates cross-border securities transactions; strengthen investor protection; build capacity; be more innovative with our processes, among others. To this end, we have made significant progress by adopting strategic initiatives aimed at boosting the economy, generating wealth, improving infrastructure development and growing trust and confidence as we strive for a deeper and more resilient capital market,” Yuguda said.

In his address, Director General of the Securities and Exchange Commission, Ghana, Rev. Daniel Ogbarmey Tetteh said the journey to achieve an integrated capital market in the West Africa sub-region began some nine years ago with the overarching goal of creating a regional capital market that would create the platform for various issuers including corporates, governments, regional development bodies, agencies and multilaterals to raise relatively cheap capital to fund regional infrastructural projects, corporate expansion and private sector development, cross-border trade and overall economic development of the sub-region.

“Everyone who is participating in this conference has a sense or an appreciation of the important role capital markets play in the mobilization of long term capital in the financing mix of any economy so there is no need to preach to the choir here. The focus of this conference, and rightly so, is on how effective regulation can enable the deepening and strengthening of the capital markets in the sub-region.

“Any weak link in the regulatory regime in an integrated market can spell doom and hence the need for a lot of effort to be channelled into developing a harmonized set of rules and regulations, the application of best practice in the regulation of securities markets and pursuit of robust cooperation to avoid regulatory arbitrage, protect investors as well as the integrity of the capital markets,’ Tetteh said.

According to him, it is even more critical in this age of innovative finance and technology, sustainable finance, the emergence of sophisticated financial solutions and the utilization of virtual platforms.

Tetteh therefore called on all the member states of ECOWAS, to get on board as the pursues this noble path to achieve an integrated market in the sub-region.

“No one would do it for us so we owe it to ourselves to assume the responsibility. The good news is that we can do it so let’s go for it. Your very strong participation in this conference says something about commitment to the cause so there’s hope that the dream would become reality,” Tetteh said.

After acquiring the single largest stake in the Nigerian Exchange (NGX), VFD Group Plc yesterday outlined its strategic growth plan to its shareholders with a commitment that the group will consolidate on existing businesses and seek out cross-border opportunities to drive growth in the years ahead.

At the annual general meeting in Lagos, Chairman, VFD Group Plc, Mr. Olatunde Busari said the group remains optimistic about the general outlook and would position itself to take advantage of opportunities that present themselves during the year.

According to him, the group would also focus on consolidating its existing business interests and drive its vision of becoming a commercially viable proprietary investment company with global influence.

“We will continue to seek cross border opportunities that enable us access new market to help us aggregate the service offerings of our existing portfolio companies and collaborations outside our ecosystem to build a platform that allows us ring-fence stakeholder value chain,” Busari said.

He pointed out that as an organization, VFD Group would always be measured by how much value it delivers to its shareholders, employees, community and all other stakeholders, assuring that the group remains committed to good governance and ethical business practices that promote the long-term interests of its stakeholders.

He noted that the 2021 business year results again reflected yet another successful year of delivering across board pointing out that the group recorded its highest gross earnings during the year with growth at 49.4 per cent to N9.9 billion in 2021 as against N6.7 billion in 2020.

He assured that the group has laid the framework for increased earnings and efficiency for the years ahead.

“Our financial performance demonstrates the effectiveness of our strategy in maximizing shareholders value, and the ongoing expansion phase our company is in, with significant cost growth,” Busari said.

Shareholders approved a dividend per share of N10.79 for the 2021 business year, N2.30 higher than the payout for the 2020 business. In addition, shareholders approved distribution of a bonus share of one new ordinary share for every two ordinary shares held as at qualification date.

Key extracts of the audited report and accounts for 2021 showed that VFD Group grew gross earnings by 49.4 per cent to N9.95 billion in 2021 as against N6.65 billion in 2020, underlining continued headline growth from diverse income streams. Interest income grew significantly by 99 per cent to N7.33 billion in 2021 from N3.69 billion in 2020. Trading and other non-interest income grew by 156 per cent to N10.26 billion in 2021 as against N4.01 billion in 2020. Profit before tax stood at N3.94 billion in 2021 from N4.08 billion in 2020.

The balance sheet showed 64 per cent growth in shareholders’ funds to N14.64 billion in 2021 as against N8.92 billion in 2020. Total assets rose by 26 per cent to N102.82 billion in 2021 compared with N81.68 billion in 2020.

Addressing the shareholders, Group Managing Director, VFD Group Plc, Nonso Okpala  said despite the challenges in the macroeconomic and socioeconomic environment, the group has remained nimble as a company, ensuring quick decision-making across board and hastening its evolution to a mature company.

According to him, one of the critical decisions made concerned the group’s evolving business model as it used to operate as a group of companies, with a focus on the centre to provide shared services, but with significant increase in the number of its investee companies and the strain on the centre, it became necessary to give the investee companies a great deal of autonomy.

He explained that to ensure aligned strategic direction and drive optimal performance, the group has effectively restructured its business model to that of an investment holding firm, with oversight on portfolio companies through the governance function.

“We are creating an ecosystem unlike any other. Today, our ecosystem provides a mechanism for entities to leverage technology, improve operational efficiency through shared services, optimize service delivery through lower customer acquisition costs, and increase earnings through a developed cross-selling, up-selling, and loyalty framework. These, along with other benefits, represent the competitive advantage that our portfolio companies have today, and what future partners and portfolio companies can expect,” Okpala said.

He pointed out that the group’s strategic acquisition of stakes in NASD Plc. and Nigerian Exchange Group (NGX), Nigeria’s two leading exchange businesses, was one of the recent investments that scored highly against the group’s assessment framework, noting that the group is convinced that technology will forever change the delivery of financial products and instruments via fintech platforms, and the exchange business will remain the most viable platform to ensure mass retail delivery within appropriate regulatory frameworks.

“Regardless of how impressive the financials are, they do not provide a complete picture of our company’s unrealized, intrinsic value. I will mention a few things that support this claim. The first is the enormous ability to leverage the company’s and investee companies’ balance sheets for onward investments that complement our existing ecosystem.

“Second, with our diverse portfolio of investments and products and services, we are well positioned to maximize synergy for improved delivery and efficiency through technology adoption and application. The group and its affiliated companies will benefit from significant cost savings in delivery, increased customer loyalty as a result of compelling cross-selling benefits, and improved adoption mechanisms for our early-stage businesses. This is reflected in the deals and opportunities presented to us by owners and promoters who will gladly offer discounted investment pricing in exchange for these ecosystem-based benefits.

“Finally, several of our compelling investments have yet to be listed on Exchanges, creating a gap in marketability, and establishing true value. While this is to be expected as part of these companies’ developmental growth trend, it clearly demonstrates intrinsic value that is not reflected in the group’s annual report.

“As previously stated, the full impact of the value created has not been reflected due to a lag period. We are, however, pleased with our progress thus far and, as such, urge you, our valued shareholders, to increase your support and investment in the business, as we are committed to building a brand that will provide a compelling return in the medium to long term,” Okpala said.

He explained that the company has made significant progress toward its strategic goals during what was dubbed a “recovery year” including achievement of strategic initiatives which range from capital raising to capacity optimization, improved operational efficiency, and global expansion.

In 2021, the group successfully raised additional capital of N4.1 billion through a rights issue to support ongoing expansion plans. This, together with retained earnings, brought shareholders’ funds to N14.8 billion in 2021, up from N8.9 billion in 2020. The group’s shareholder base grew from 111 to 139, broadening its investor base further. VFD Group also in March 2021, signed an investment agreement with Piggyvest Limited to acquire approximately 12 per cent of the company. With over two million users, Piggyvest is Nigeria’s leading savings technology platform. ABEG, the company’s social payment platform with over one million users, has also been spun off.

As part of the group’s strategic focus for cross-border expansion, it also invested in Cashpot, a United Kingdom-based remittance company. This investment provided the group with a global remittance structure, allowing it to broaden service offerings within its financial service value chain and attract potential new customers from various jurisdictions.

“A new fiscal year has begun, providing us with yet another opportunity to demonstrate our dedication to performance and value creation. While our focus in 2022 will be on accelerating our cross-border expansion plan, we will also build on our existing business success to drive growth and profitability,” Okpala said.

He assured that while the group’s future is full of bold and audacious plans; it has a history full of similarly bold and audacious accomplishments, and it is with this assurance that all stakeholders should look forward to the year ahead.

 

 

The Nigerian Exchange (NGX) and the Institute  of Chartered Accountants of Nigeria (ICAN) have reiterated commitment to deepen their collaboration to further foster the development of the Nigerian capital market.

Chief Executive Officer, Nigerian Exchange, Mr. Temi Popoola, who spoke at the digital closing gong ceremony to mark the completion of Mrs. Comfort Olu Eyitayo’s tenure as the 57th President of ICAN, noted that since its establishment in 1960, ICAN has been producing world-class chartered accountants, as well as regulating, and continuously enhancing their ethical standards and technical competences in the public interest.

According to him, the institute is committed to equipping individuals and its members with knowledge and skillset through seminars on economic, tax and other accounting-related issues as part of its proactive efforts to create awareness and raise compliance levels of economic agents to universally accepted standards and statutory regulations.

He noted that NGX  was pleased to host Eyitayo who during her tenure, made several impressive achievements which include; leading the rebranding of the Institute with the change of its identity to reflect the new market dynamics; the improvement in the Institute’s digital presence; establishment of the Practical Entrepreneurship Initiative called the ICAN Entrepreneurship Development Centre (EDC) which graduated two streams of participants from the Centre; and collaboration with the Bank of Industry in establishing the ICAN-BOI Innovation Plus Hub.

NGX CEO pointed out that “As you may be aware, we have recently completed a restructuring from the Nigerian Stock Exchange to Nigerian Exchange Group, and our restructuring has positioned NGX to intensify key initiatives such as; our government advocacy efforts for listed companies such as Tax Incentives among others.

“Increase Retail Investor participation in the capital market aimed at building a market for the future and addressing the issue of financial inclusion in the Nigerian capital market; capacity building of market stakeholders through our X-Academy; technology advancement and digital innovation for the capital market; and collaboration with key stakeholders including ICAN to develop and push for disruptive, out of the box ideas that will dimension the next curve for the capital market.”

He added that “We are open to collaborating with ICAN for mutually beneficial outcomes. At NGX Group of Companies, we take pride in the caliber of people we employ and continue to encourage continuous professional development. We are privileged to have 19 chartered accountants who work across the group. They are continuously supported with necessary training and development programs.”

Eyitayo said it was an honour to have the once in a life time opportunity to execute the closing gong ceremony at the Exchange.

“It is indeed very symbolic as this event coincides with my last day in office as the 57th president of the Institute. On behalf of over 57 thousand members of our great Institute, I appreciate this landmark gesture of the Exchange. I wish you more resounding success in years to come,,” Eyitayo said.

MTN Nigeria Communications (MTN Nigeria) Plc has  raised N127 billion new debt capital, placing the telecoms group in better position to diversify its capital funding.

MTN Nigeria yesterday listed two commercial paper issuances worth N127 billion on the FMDQ Securities Exchange, completing the fund raising cycle for the issuances. the two issuances were under MTN Nigeria’s N150 billion CP issuance programme which were also admitted to the FMDQ Exchange.

The net proceeds of the issuances would be used by MTN Nigeria to support its short-term working capital and funding requirements.

FMDQ Exchange noted that the quotation of the MTN Nigeria Ps laid credence to the innovation, efficiency, and operational excellence for which the Exchange is reputed for as endorsed by issuers, investors, and other market stakeholders.

According to the Exchange, the Nigerian debt capital market has continued to play an important role in the efficient mobilisation and allocation of resources in the economy to effectively support corporates looking to expand their business operations.

“As an exchange with a commitment to facilitate growth and development in the Nigerian debt capital market and the economy at large, FMDQ Exchange will continue to show its commitment to promoting an efficient, transparent, and well-regulated market, which will attract and retain both domestic and foreign investors,” FMDQ Exchange stated.

MTN Nigeria is one of Africa’s largest providers of communications services and Nigeria’s premier provider of connectivity, communication and collaboration solutions. MTN Nigeria is a member of MTN Group – a multinational telecommunications group, which operates in 21 countries in Africa and the Middle East. The company serves over 77 million subscribers with national coverage and a fibre network that reaches every state in the nation.