Category: Investors

Nigerian equities regained their rally with net capital gains of N192 billion, with leading quoted companies rousing the market to a positive close.

Benchmark indices at the Nigerian Exchange (NGX) indicated average gain of 0.67 per cent, equivalent to net capital gain of N192 billion.

The All Share Index (ASI)- the common value-based index that tracks all share prices at the Exchange, rose by 352.49 points or 0.67 per cent to close at 52,701.31 points as against its opening index of 52,348.82 points.

Aggregate market value of all quoted equities rose from its opening value of N28.513 trillion to close at N28.705 trillion.

With  21 advancers against 15 decliners, the upturn was driven by widespread positive sentiments, especially gains recorded by large-cap stocks such asAirtel Africa, Nestle Nigeria and Flour Mills of Nigeria.

 UPDC Real Estate Investment Trust (UPDCREIT) recorded the highest gain of 10 per cent to close at N3.30 per share. MRS Oil Nigeria followed with a gain 9.93 per cent to close at N15.50. Chellarams rose by 9.92 per cent to close at N1.33 per share. SUNU Assurance went up by 8.82 per cent to close at 37 kobo while McNichols appreciated by 7.02 per cent to close at 61 kobo per share.

On the negative side, UACN Property Development Company (UPDC) led the losers’ chart by 6.93 per cent to close at 94 kobo per share. Geregu Power followed with a decline of 6.71 per cent to close at N139.00.  Linkage Assurance went down by 6.38 to close at 44 kobo, per share. Royal Exchange lost 5.26 per cent to close at 90 kobo while PZ Cussons Nigeria shed 5.21 per cent to close at N10.00, per share.

Turonver inched up by 3.0 per cent to 228.487 million shares worth N4.443 billion in 3,681 deals. Sterling Bank topped the activity chart with 76.739 million shares valued at N118.908 million. Chams followed with 17.568 million shares worth N5.180 million. Guaranty Trust Holding Company (GTCO) traded 16.754 million shares valued at N401.981 million.

Zenith Bank traded 11.323 million shares valued at N276.034 million while Royal Exchange transacted 10.651 million shares worth N9.341 million.

 “Our broad-based expectation for the equities market is bright in first quarter, 2023 as we expect the yield environment to remain depressed due to excess maturities.

“However, we note that there might be pockets of bearish sentiments across the market as investors book profits from extended rallies,” United Capital stated.

Nigerian Exchange Limited (NGX) has partnered with the International Finance Corporation (IFC) to conduct research on gender-based violence and harassment (GBVH) in Nigerian workplaces.

The study is being conducted as part of the Nigeria2Equal initiative, which aims to address GBVH in the private sector and provide evidence-based recommendations for prevention.

The research will focus on several key areas, including the development of a business case for creating respectful workplaces, the estimation of the cost of GBVH to participating businesses in Nigeria, and an understanding of employee perceptions and experiences of the current level of GBVH. It will also identify best practices offered by businesses, government bodies, and the community, as well as inform the design of GBVH policy and training for Nigerian companies, based on existing IFC respectful workplace tools.

“We are committed to fostering a culture of respect and inclusion in the workplace and are honored to be part of this important initiative,” said Irene Robinson-Ayanwale, Divisional Head of Business Support Services and General Counsel at NGX. “Through this study, we will gain valuable insights into the causes and effects of GBVH, as well as the best practices for preventing it. We are confident that the findings will help us, and other organizations in the private sector, to create safer and more equitable workplaces for all.”

The research is also expected to inform the adoption and eventual implementation of the International Labour Organization (ILO) Convention 190 on how to address GBVH in the world of work, and provide recommendations for the private sector and relevant ecosystem stakeholders on how to address GBVH in the world of work. NGX has called on other organizations to join the research and actively participate in creating respectful workplaces. With the rising awareness of the issue of GBVH in the workplace, this research is expected to play a crucial role in developing solutions and best practices for addressing it in Nigeria.

The Central Bank of Nigeria (CBN) has awarded a Payments Service Holding Company License (PSHC) to Chams Holdings Plc.

The apex bank premised the license on the  major payment licenses within the company.

Group Managing Director (GMD), Chams Holdings Plc,  Mayowa Olaniyan stated that Chams HoldCo was granted the PSHC license on Friday, January 13th, 2023 by CBN and also renewed both Switching, and Mobile Money Operators (MMO) licenses for the subsidiaries.

According to her, the need for the PSHC license is to establish a business institution that will further increase the pivotal role of the company in the payment industry across Africa and ensure global relevance.

“Chams HoldCo has a primal focus of growing its consumer and digital payments solution as it expands other potential and current investments in the digital space.

“We have significantly improved the value of our assets at Chams HoldCo. Chamsswitch Limited, for example, has partnered with 3 major card schemes for card processing and has implemented two robust B2B products called Kardit and PelPay. This has tremendously increased its transactional payment volumes. Similarly, Chamsmobile Limited is one of the foremost MMOs in Nigeria, operating under the brand name Kegow,” Olaniyan said.

She reiterated Chams HoldCo’s efforts towards improving performance and increasing value for her investors.

She also hinted that other subsidiaries such as Card Centre Nigeria Limited (CCNL), has expanded its business and secured a major partnership deal which has led to the acquisition of substantial SIM card production businesses. Chamsaccess Limited has also been making tremendous waves as a major supplier of instant card issuance machines to the banks, and driving the development of new digital solutions, particularly under Argone and Pension Central brands.

“We are very grateful to the Central Bank of Nigeria for certifying and granting Chams such a prestigious payments license. I want to reaffirm our commitment towards continuously driving innovative FinTech solutions into the market, both in Nigeria and beyond, whilst increasing value for all our stakeholders,” Olaniyan said.

The Nigerian equities market ended 2022 with net capital gain of N4.45 trillion, one of the highest returns in the world. But beyond the general market outlook, there is a different market for every investor, reports Deputy Group Business Editor Taofik Salako

Nigerian stock market closed 2022 with a net capital gain of more than N4.45 trillion to investors.  With the global stock market at its worst performance in more than a decade, Nigerian equities rode on the back of a strong year-end rally to consolidate their position in world’s top 10 best performing stocks.

The benchmark index for the Nigerian stock market closed 2022 with full-year average return of 19.98 per cent, equivalent to net capital gain of N4.455 trillion. This was the third consecutive year of a significant bullish run. Nigerian equities had closed 2021 with average return of 6.07 per cent, equivalent to net capital gains of N1.278 trillion. In the throes of the outbreak of COVID-19 pandemic in 2020, Nigerian equities had recorded average return of 50.03 per cent, representing net capital gains of N6.483 trillion.

With the world markets dotted mostly in red, the last trading day at the Nigerian market on Friday, December 30, 2022, was a symbolic entertainment for the Nigerian investors. The peak of bullish excitements that gathered momentum with a Santa Claus rally and remained strong till the year-end, despite the traditional tendency for profit-taking due to cash demand for the festive season.  

Acclaimed filmmaker, Kemi Adetiba, the founder of Kemi Adetiba Visuals and director of well-applauded movies- “Wedding Party” and “King of Boys,” which was later adapted by Netflix, beat the ceremonial gong that signaled the end of trading for the year.  At the last trading session, the market posted average return of 1.89 per cent, equivalent to net capital gain of N518 billion for the day. It was enough to cheer for a weekend-long holiday. Chief Executive Officer, Nigerian Exchange (NGX), Mr. Temi Popoola quipped that Adetiba “has truly put Nigeria on the map with her incredible movie successes”, now you have a world-ranking return dished by a world-rated entertainer.

The All Share Index (ASI)- the common value-based index that tracks all share prices at the NGX closed 2022 at 51,251.06 points as against its 2022’s opening index of 42,716.44  points, representing average return of 19.98 per cent.

The performance of the Nigerian market bucked the largely negative global trend with major advanced and emerging world markets closing at their poorest levels in recent years. The MSCI All-Country World Index posted a negative return of -20 per cent in 2022, mirroring double-digit losses in America, Europe and Asia. In United States, the S & P 500 Index and NASDAQ recorded average returns of -19.44 per cent and -33.10 per cent respectively. The Dow Jones Industrial Average dropped by 8.78 per cent, underlining the complete bearish rout at the American market.

STOXX 50- which tracks the broad European markets, returned -11.74 per cent. United Kingdom’s FTSE 100 recorded modest gain of 0.91 per cent. Germany’s DAX dropped by 12.35 per cent, France’s CAC 40 Index lost 9.50 per cent while Japan’s NIKKEI declined by 9.37 per cent.    

Aggregate market value of all quoted equities at the NGX rose from the 2022’s opening value of N22.297 trillion to close the year at N27.915 trillion, representing an increase of 25.2 per cent or N5.62 trillion.  The difference between the ASI and aggregate market value growth rate was due mainly to new primary listings during the year including large-cap listings by BUA Foods Plc and Geregu Power Plc.

Sectoral analysis showed that the Nigerian market performance was driven by widespread positive sentiments across the sectors, especially within the large and mid-cap stocks in the oil and gas, industrial goods, banking and telecommunication sectors. The NGX Oil and Gas Index led with above-average return of 34.05 per cent. The NGX Industrial Goods Index followed with average gain of 19.67 per cent. The NGX Banking Index posted a modest return of 2.81 per cent.

The NGX 30 Index-which tracks the 30 largest stocks at the exchange, returned 6.98 per cent. The NGX Pension Index- which serves as gauge for stocks that meet the more stringent investment guidelines for pension funds, rallied average gain of 10.37 per cent while the NGX Lotus Islamic Index- which tracks stocks that comply with Islamic finance rules, closed with average return of 7.69 per cent. However, the NGX Insurance Index and NGX Consumer Goods Index dropped by 11.99 per cent and 0.06 per cent respectively.

But the overall market position usually plays a trick on investors. A blend of several movements and dynamics, when the overall market position is up, there is the euphoria of a generally rising market and when it is down, there is a discouraging feeling of decline. This is illustrative of the general sense of the benchmark indices. But there are always differing returns based on several segmentations and portfolio composition.

Pricing trend analysis in 2022 showed that investors’ returns differed and the extent of gains or losses was depended on the stocks that make up an investor’s portfolio. That was the situation in 2022. Out of the 155 quoted companies tracked at the NGX, there were more losers than gainers and only 36 stocks actually gained more than the average return. A breakdown indicated that there were 63 losers to 56 gainers while 36 stocks were unchanged.

But the market was really exciting, especially against the background of the global performance and the spread of gains. The top 10 gainers made returns of between 71.20 per cent and 1,890 per cent. With even inflation rate at 21.47 per cent and the Monetary Policy Rate at 16.50 per cent, investors with the least return within this group still had more than 33 per cent fully adjusted real return, a mouthwatering return not realizable in any other class of regulated assets.     

Conversely, the top 10 losers for the year lost between 29.82 per cent and 50.98 per cent. This implied that the real negative return at the top bracket might be as high as 90 per cent, such dismal situation that makes people to gloat over zero or low-yielding savings account.

Companies with the highest returns included Multiverse, 1,890 per cent; Meyer Paints, 393.48 per cent; Thomas Wyatt, 177.14 per cent; Academy Press, 158 per cent; Champion Breweries, 134.04 per cent; Learn Africa, 88.03 per cent; PZ Cussons Nigeria, 86.07 per cent; E-Tranzact International, 85.19 per cent; Guinness Nigeria, 77.69 per cent and Airtel Africa, which recorded net return of 71.20 per cent for the year. However, it must be noted that Multiverse’s return was partly due to its massive share reconstruction and not entirely due to ordinary pricing trend like other stocks. 

On the negative side, highest-losing stocks included Royal Exchange, with a loss of -50.98 per cent, Livestock Feeds, -49.30 per cent; Caverton Group, -42.44 per cent; Geo Spectrum Energy Services, -40.81 per cent; Sunu Assurance, 35.56 per cent; University Press, -35.37 per cent; Red Star Express, 34.49 per cent; UPDC Real Estate Investment Trust (UPDC REIT), 32.58 per cent; Honeywell Flour Mills, -31.18 per cent and Berger Paints, which posted negative return of -29.82 per cent.

Popoola described the year as an impressive year, despite facing global macroeconomic challenges and volatility.

“It’s been a fantastic year for NGX, with a positive 19.98 per cent. We’ve also seen several landmark listings in equity and fixed income, including BUA Foods and Geregu Power, which have played a key role in driving growth in the market this year,” Popoola said.

President, Chartered Institute of Stockbrokers (CIS), Mr. Oluwole Adeosun, said 2022 was a glorious year for the Nigerian stock market as it braced the turbulent global economic landscape and the tough domestic environment to sustain its rally.

He noted that in the aftermath of the global headwinds, the Nigerian economy was characterised by rising inflation, rising interest rates, worsening security concerns, and depreciating foreign exchange rate.

“Apart from the numbers, the market also took some important strategic steps to move the market closer to the highest global standards and ensure a prosperous future for the market and our investors.  The NGX launched the first exchange – traded derivatives (ETD) market in West Africa, with Equity Index Futures Contracts. We also witnessed the launch of the first Central Counterparty (CCP) Services (CCP) in West Africa, by way of NG Clearing which will facilitate the clearing and settlement of exchange-traded derivatives and commodities traded. Equally important is the African Exchanges Linkage Project (AELP) which has gone live on integrating African capital markets by facilitating cross-border trading and free movement of investments in the continent.

“So, given the underlying dire macro-economic context, the Nigerian capital market has performed very well in 2022. If the country is able to sail through the elections storms in February, we should expect a better year for the market in 2023,” Adeosun said.

There is continuing optimism around the market. At the first trading session of 2023, the rally continued. Equities netted average return of 0.67 per cent, about N188 billion in capital gains. The ASI rallied to 51,595.66 points while aggregate market capitalization spiraled upward to N28.103 trillion. There were two advancers to every decliner, with 22 gainers to 11 losers. BUA Foods, which recorded the highest gain rose by 10 per cent, the maximum daily allowable change at the market while the other two highest gainers- John Holt and Prestige Assurance rose by 9.59 per cent and 9.52 per cent respectively.

The secret to success in stock investing, most analysts will say, lies in diversification. Diversification simply means investing in stocks across any sectors and growth cycles such that losses in some stocks or sector are counterbalanced by gains in other stocks and sector. Beyond sectoral categorisation which is based on the business operation, shares are also categorised by the intrinsic fundamentals and technical values. So, there are value stocks- mature stocks with steady pattern; growth stocks-relatively volatile but with potential; blue chips- well-established market leaders and least volatile and penny stocks- low-priced stocks susceptible to high volatility but less liquidity among others. The composition of the gainers and losers also lent credence to this, from natural resources to financial services, banking, industrial goods, oil and gas, agriculture, financial services, consumer goods to real estate as well as diversity in growth cycles, from penny stocks to blue chips. So, beyond the overarching theme, there are several shades for the market, depending on the position of each investor.

Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has set January 31, 2023 deadline for all capital market operators to complete the annual renewal of their registrations.

In a circular, SEC stated that the annual renewal of registration for year 2023 will commence from January 01, 2023 to January 31, 2023.

According to the commission, all capital market operators are expected to complete the process of renewal of registration for 2023 on or before January 31, 2023 through the registration renewal portal of the regulator.

Ikeja Hotels Plc will be raising about N1.145 billion new equity capital from its shareholders as the tourism and hospitality company seeks to rebuild its balance sheet to meet its long-term growth plan.

The board of directors of Ikeja Hotels plans to issue new shares to existing shareholders on a basis of six new ordinary shares of 50 kobo each for every 11 ordinary shares of 50 kobo each held as at the close of business on December 13, 2022.

Ikeja Hotels has already filed application with the Nigerian Exchange (NGX) for approval of a rights issue of 1.145 billion ordinary shares of 50 kobo each at N1 per share.

The Ibru family owns the single largest individual shareholding in Ikeja Hotels.

The impending rights issue comes on the heels of the recent acquisition of majority equity stake in Capital Hotels Plc, an associated company of Ikeja Hotels. Mr Toke Alex-Ibru was recently appointed a non-executive director of Ikeja Hotels.

22 Hospitality Limited had acquired 1.61 billion ordinary shares of 50 kobo each or 51 per cent of the equity share capital of Capital Hotels through private placement. It also acquired through offer for sale 456.64 million and 21.56 million ordinary shares of 50 kobo each, representing 14.45 per cent and 0.68 per cent of the paid up share capital of the company, from Hans Gremlin Nigeria Limited and Associated Ventures International Limited.

The private placement and offer for sale deals gave 22 Hospitality Limited a total of 2.09 billion ordinary shares of 50 kobo each, representing 66.13 per cent of the paid up share capital of Capital Hotels.

After the acquisition, a new board was constituted for Capital Hotels including Mr Ramesh Kansagra as chairman, Rishi Kansagra as a non-executive director;  Ravi Bachu  as executive director;  Aminu Abdulkadir as non-executive director; Chief Paul Obi as non-executive director and Pascal Demarchi as executive director. Also, Mr. Chuma Anosike, Alhaji Abatcha Bulama and Mr. Toke Alex-Ibru were appointed as independent non-executive directors.

Polaris Bank Limited’s digital bank-VULTe has reiterated its support for small and medium enterprises (SMEs) by further simplifying the process of accessing not less than five types of loans.

The digital bank stated that SME entrepreneurs could secure more than N100 million through several loans to fund their businesses by following few seamless automated steps.

According to the bank, VULTe, which has won several awards for its tech-edge solution, offers individuals and SMEs products and features to improve their banking experience.

Under its term loan, SMEs can access up to N20 million to expand their businesses and spread payment over some 24 months.

The bank’s overdraft also allows SMEs to overdraw their account up to N20 million to take care of business emergencies while the auto loan enables individuals and SMEs to purchase cars under amenable terms.

Also, the bank’s salary advance allows salary earners to attend to needs that could not wait till payday, structured individually or together at corporate level.

The bank’s Polaris Lite Loans provide access to quick funding to take care of personal needs such as medical bills, school fees and other emergencies that need less time for meeting up.

According to the bank, the seamless process requires no bank visit to start and complete transactions on VULTe, there is absolutely no collateral needed, no paperwork is needed, convenient to use on all devices while applicants can apply for loans on their mobile devices and get approval in minutes.

“VULTe is available to new and existing customers,” the bank stated.

The federal government has listed two new tranches of its monthly savings bond issuance on the Nigerian Exchange (NGX), paving the way for bondholders and other investors to trade on the retail bonds.

Regulatory documents at the NGX indicated that the government had listed a total of 1.74 million units of its Federal Government of Nigeria Savings Bonds (FGNSBs) at a par value of N1,000 per unit, representing market capitalisation of N1.74 billion.

A breakdown showed that 414,795 units of two-year savings bonds were listed at N1,000 per unit while a total of 1.325 million units of three-year bonds were listed at N1,000 par value.

The two tranches of FGNSBs were issued in November 2022 and were the 65th tranche of the savings bond introduced in 2017.

The Debt Management Office (DMO), which oversees government’s debt issuances and management, had in November offered a two-year FGN Savings Bond due November 16, 2024 at a coupon of 12.492 per cent per annum. It also simultaneously offered a three-year FGN Savings Bond due November 16, 2025 at coupon of 13.492 per cent per annum.

The coupon payment dates for the savings bonds, which pay interest rate quarterly, are February 16th, May16th, August 16th and November 16th respectively.

The FGNSB was introduced in 2017 as a mass instrument for nationwide mobilization of savings and investments. Minimum subscription to the FGNSB is usually N5, 000 while the bond pays coupon or interest rate on a quarterly basis.

Usually, the minimum subscription to the bonds, offered at N1,000 per unit, is N5,000 or five units and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

GTI Securities Limited, one of the authorised distribution agents for the FGNSB, noted that the savings bonds help to deepen national savings culture while providing opportunity to all Nigerians irrespective of income level to contribute to and benefit from national development.

According to the stockbroking firm, FGNSB enables all Nigerians opportunity to participate in and benefit from the favourable returns available in the capital market.

GTI Securities noted that the savings bonds are acceptable as collateral for loans by banks and can be sold for cash in the secondary market before maturity.

The bonds are usually listed on the stock exchange for trading, thus providing liquidity for investors who want to exit before maturity.

Savings bonds are good for savings towards retirement, marriage, school fees and house projects among other targets while assuring on its safety as the bonds are backed by the full faith and credit of the Federal Government of Nigeria.

•Alternative finance boosts infrastructure

 

Nigeria has raised about N745.56 billion through issuance of Sukuk bonds to fund several road projects over the past five years.

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.

Sukuk does not indicate the existence of any debt obligation as the issuer uses the proceeds from the certificate to purchase an asset, of which the investor also receives partial ownership.

Available data from the Debt Management Office (DMO), which oversees issuance and management of government’s sovereign issues, indicated that the federal government had raised N745.56 billion since it launched the sovereign Sukuk issuance programme in 2017.

The federal government recently concluded its latest Sukuk issuance, raising N130 billion from hugely oversubscribed 2022 Sukuk issuance. The N100 billion 2022 Sukuk was oversubscribed, which made the government to increase the offer size to N130 billion.

Director General, Debt Management Office (DMO), Ms Patience Oniha, listed some of Sukuk-funded projects to include the reconstruction of Bida-Lambata road in Niger State, rehabilitation of Lagos-Ota-Abeokuta road in Lagos and Ogun states, rehabilitation of Enugu-Port Harcourt road section III Enugu-Lokpanta, in Enugu State, rehabilitation and reconstruction of Enugu-Port Harcourt dual carriageway section II Umuahia-Aba in Abia State and rehabilitation of Kano-Katsina road Phase I, Kano State, among others.

DMO stated that government had used proceeds from Sukuk issuances to fund the construction of not less than 71 roads and six bridges, measuring 1,881 kilometres all over the country.

Reacting to the oversubscriptions that had trailed Sukuk issuances, DMO noted that the level of subscription was evidence of investors’ confidence in the use and impact of Sukuk in the construction and rehabilitation of road infrastructure across the country.

“The strong participation of retail investor, ethical funds and non-interest financial institutions in this Sukuk offering, attest to the fact that the government’s objective of promoting financial inclusion through admitting more retail investors and ethical funds into the financial system is being achieved.

“The DMO on its part will work to sustain the laudable achievements recorded so far in the use of Sukuk issue proceeds for the construction and rehabilitation of Nigerian roads, and thereby, continue to enhance ease of commuting and doing business, safety on our roads, job creation, economic growth, and prosperity of our nation,” DMO stated, after its 2022 Sukuk recorded 165 per cent subscription.

Oniha had said the government recognised the need to issue more Sukuk bonds given the increasing success and strong investor’s appetite for the alternative non-interest bonds.

According to her, the Sukuk initiative by DMO has been increasingly successful given the strong level of awareness that has been created.

She attributed the success of the Sukuk issuances to the increased confidence from market participants given that the Sukuk bonds are tied to specific projects that can be tracked.

“Looking ahead, we recognise the need to upscale issuances to include other standalone projects beyond road infrastructure, but more importantly, we are looking to support projects that are revenue generating to service the Sukuk” Oniha said

The N100 billion 2022 Sovereign Sukuk was a 10-year Sukuk; a non-interest, alternative instrument designed in a form of a lease with rental rate. The Sukuk was issued through a special purpose vehicle- FGN Roads Sukuk Company 1 Plc, which will apply the net proceeds of the Sukuk to development of identified roads.

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 is an alternative instrument to conventional bonds and it is based on the tenets of Islam which prohibits usury or lending with interest payments.  Sukuk does not indicate the existence of any debt obligation as the issuer uses the proceeds from the certificate to purchase an asset, of which the investor also receives partial ownership.

Nigeria’s N150 billion third sovereign Sukuk issuance had recorded oversubscription of N519.12 billion, sustaining a trend of oversubscription that started with the maiden issuance 2017. The Federal Government had in June 2020 issued a N150 billion seven-year Ijarah Sukuk due June 2027 with approximate rental of 11.200 per cent per annum.

The federal government had in September 2017 floated its first sovereign Sukuk, a N100 billion seven-year issue with a rental rate of 16.47 per cent. It was oversubscribed by 5.8 per cent. Government followed in 2018 N100 billion seven-year tenored Sukuk Al Ijarah (Lease) with annual rental rate of 15.743 per cent. It was also oversubscribed.

S&P Global Ratings projected that total Sukuk issuances may be between $145 billion and $150 billion in 2022; slightly optimistic view than the previous year

According to the global rating agency; total Sukuk issuance stabilised at $147.4 billion last year compared with $148.4 billion in 2020 but foreign currency denominated issuance increased 10 per cent.

“We forecast total issuance of about $145 billion-$150 billion in 2022” S & P Global Ratings stated.

The report noted that Sukuk issuance volumes would be flat at best in 2022 amid lower and more expensive global and regional liquidity, increased complexity, and reduced financing needs for some core Islamic finance countries.

“On a positive note, we see opportunities created by the energy transition in core Islamic finance countries, higher environmental, social and governance (ESG) awareness from regional issuers, and stronger automation using fintech solutions as likely to support future Sukuk market growth” S & P Global Ratings stated.

She added that there must be a focus on growing and diversifying the investor base for the Sukuk as well as other investment products.

Jaiz Bank Plc, Nigeria’s premier and the leading non-interest bank, has relocated its head office to its own building, Jaiz Bank House, Plot 1073 J.S Tarka Street, Area 3, Garki, Abuja.

The movement coincided with the 10th anniversary of the bank, which commenced operations in 2012, with three branches in Abuja, Kano and Kaduna. The bank currently has 46 branches across Nigeria.

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The management of the bank said the new head office would provide the bank with more visibility, enlarged space and enhanced capacity to deliver excellent service to its stakeholders.

The management commended customers and shareholders who have continued to support the bank as well as its hardworking staff for their dedication to duty.

In the non-interest banking space in Nigeria, Jaiz Bank controls over 62 per cent assets. Jaiz Bank’s gross income rose by 26.4 per cent to N23.74 billion as at end of September 2022 as against N18.78 billion in comparable period of 2021.