The Nation Newspaper

Category: Investors

  • NSE lifts suspension on Thomas Wyatt, Union Dicon Salt

    The Nigerian Stock Exchange (NSE) has lifted suspension on trading in the shares of Thomas Wyatt Nigeria Plc and Union Dicon Salt Plc, after the two companies submitted their relevant financial statements.

    The NSE had earlier this month suspended trading on shares of six companies for failing to adhere to best corporate governance and extant post-listing requirements that require quoted companies to submit their periodic financial statements and reports within stipulated timelines.

    The suspended companies included DN Tyre & Rubber Plc, FTN Cocoa Processors Plc, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc, Union Dicon Salt Plc and Unic Diversified Holdings Plc.

    The Exchange stated that Thomas Wyatt Nigeria and Union Dicon Salt have submitted their audited financial statement for the year ended March 31, 2018, and unaudited financial statement for the period ended March 31, 2018 respectively to the Exchange.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

    Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31. While March 31 is usually the deadline for submission of annual report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.

     

  • Nigeria launches regulatory framework for green bonds

    Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), has unveiled a regulatory framework for issuance of green bonds in Nigeria, providing the much-needed guidelines for the development of the new market.

    SEC has issued a circular on the incorporation of new rules and regulations on green bond into the rules and regulations at the Nigerian capital market.

    The green bond regulatory framework defined a green bond as any type of debt instrument, the proceeds of which will be exclusively applied to finance or re-finance in part or in full new and or existing projects that have positive environmental impact.

    The rules indicated that green bonds would be used exclusively to finance renewable and sustainable energy, clean transportation, sustainable water management, climate change adaptation, energy efficiency, sustainable waste management, sustainable land use, bio-diversity conservation and any other categories as may be approved by SEC from time to time.

    The regulations highlighted some special conditions that any issuer of green bond must fulfill in addition to the general registration requirements for debt issuances as stated in the Rules and Regulations of the Commission for states, local governments, corporate and supranational agencies.

    According to the rules, an issuer of a green bond shall also file a feasibility study and report, stating clearly the measurable benefits of the proposed green project or assets such as green house gas reduction, reduction of water use and reduction of harmful emissions.

    The issuer must also file a prospectus, which shall include project categories, project selection criteria, decision-making procedures, environmental benefits, use and management of the proceeds as well as a letter from the issuer committing to invest proceeds of the bond in green projects or assets.

    The issuer must also provide an independent assessment or certification issued by a professional certification authority or person approved or recognised by the Commission in addition to any other documents that may be required by the Commission.

    “The net proceeds shall only be utilised for the purpose stated in the approved offer documents and shall be tracked as stated in the approved internal policy of the Issuer which shall be disclosed in the offer documents,” the rules stated.

    The parties to the issue are expected to create an escrow account meant specifically for the net proceeds of the offer while the proceeds shall be domiciled with the custodian. While the trustees shall ensure that the proceeds are used for the purpose stated in the prospectus, the issuer and the trustees shall be the signatories to the escrow account.

    “The issuer shall invest proceeds in green projects within the given time frame prescribed in the prospectus. Unallocated proceeds shall be invested in money market instruments with investment grade rating and this shall be disclosed in the offer documents,” according to the rules.

    According to the rules, where the issuer proposes to utilise a proportion of the issue proceeds of the issue of green bonds, towards refinancing of existing green assets, the issuer shall clearly provide in the offer document the details of the portfolio, assets and projects which are identified for such refinancing.

     

     

  • CAP grows Q3 net profit by 27%

    Chemical and Allied Products (CAP) Plc recorded strong growths in sales and profitability in the third quarter, with net profit rising by 27 per cent to N1.23 billion.

    Key extracts of the nine-month report for the period ended September 30, 2018, released at the Nigerian Stock Exchange (NSE) showed that turnover rose to N5.45 billion in third quarter 2018, compared with N4.90 billion in corresponding period of 2017. Profit before tax also rose from N1.42 billion to N1.80 billion, while profit after tax increased from N964.7 million to N1.23 billion. With these, earnings per share improved from N1.38 in third quarter of 2017 to N1.75 in third quarter of 2018.

    CAP had paid N1.435 billion as cash dividend for the 2017 business year, representing a dividend per share of N2.05.

    Addressing shareholders at the company’s annual general meeting, CAP Plc Chairman, Mr. Larry Ettah, said the company has continued to show resilience in spite of the challenges in the economy.

    He noted the link between the overall economy and the performance of the real estate sector, expressing optimism that the recovery recorded in the Nigerian economy in 2017 is expected to be sustained in 2018 and will lead to better performance for the company.

    He said the company is closely following developments at all levels and is ready to take advantage of emerging opportunities from the various reforms.

    He added that the company will respond to emerging trends in the paints market and different economic scenarios by growing its market share, increasing product and services offerings, expanding trade channels, implementing impactful and aggressive marketing initiatives and continuing to build people’s capacities.

    “We are equally poised to take advantage of other structural reforms of the Federal Government, which might impact the housing and real estate sector,” Ettah said.

    He pointed out that the successful commissioning of the company’s automated in-plant tinting factory was a major achievement in 2017 as the factory will ensure emulsion paints are promptly and readily available to customers.

    He noted that the company retained its high certifications on quality and environment management systems, assuring that the company will continue to offer high quality products and services to customers while complying with regulatory requirements by conducting its operations in a healthy and safe manner, with minimal impact on the environment.

  • Exchange rate will remain stable, says Cordros Capital

    Cordros Capital Limited, a Lagos-based investment group, has said Naira will continue on a stable curve through the remaining months of this year, although the slowdown in the catalytic oil sector could dampen overall economic growth.

    In its fourth quarter economic outlook, Cordros Capital stated that elevated dollar sale by the Central Bank of Nigeria (CBN) will persist on the back of sustained pent-up foreign exchange demand occasioned by continued offshore sell-offs.

    Analysts at Cordros Capital however noted that increased CBN inflow driven by higher crude oil price and prospects of $2.8 billion Eurobond, combined with strong foreign exchange reserves, currently at some $43.9 billion, would provide the apex bank with the back-up to sustain foreign exchange stability.

    “We believe the CBN has more than enough legroom to keep the naira at current level through the rest of the year,” Cordros Capital stated.

    The investment banking group however cut its Gross Domestic Products (GDP) growth projection for 2018 to 1.9 per cent, citing slower-than-previously expected oil sector growth, flood-induced cutback in agriculture output, and the absence of structural reforms to propel sturdy manufacturing sector growth even as the forex market remains stable.

    “With the gains from base effect already dissipated, together with our expected higher month-on-month inflation over fourth quarter 2018 compared to 2017, we expect the year-on-year headline Consumer Price Index (CPI) to sustain upward trajectory through the rest of the year. We now look for headline CPI of 11.54 per cent year-on-year in September and 12.71 per cent in December, with full year 2018 average of 12.37 per cent,” Cordros Capital stated.

    Inflation had resumed uptick in August 2018 as the impact of base effect induced gains waned. Notably, amidst sustained forex stability, the renewed pressure stemmed from food inflation which jumped 31 basis points to 13.16 per cent on year-on-year basis, while core inflation sustained its deceleration, driven by stable energy and electricity prices.

    According to analysts, going forward, the efforts of the Federal Government at ensuring continued cease-fire in the Niger-Delta region – especially with elections around the corner – combined with improved oil production following the lifting of force majeure on Forcados, will aid rebound in oil GDP.

    Cordros Capital expected crude production to average 2.00mb/d through the rest of year, hinged on expected crude production ramp up in the Trans-Forcados Terminal which has already resumed activities. Against that backdrop, analysts projected oil GDP growth of 1.5 per cent year-on-year and 2.5 per cent year-on-year for third quarter 2018 and fourth quarter 2018 respectively.

    On the other hand, crop and livestock outputs are expected to remain pressured, with the herdsmen and farmers clash largely unresolved, and exacerbated by the recent reported cases of flooding in the food producing areas. The reverberating effect will continue to drag Agriculture GDP. However, sustained momentum of Service GDP, combined with strong Construction GDP, is expected to neuter sluggish Agriculture GDP, with knock-on effect driving strong non-oil GDP. On Service sector, ICT and Transportation sector will dictate the pace of growth, with ICT playing the lead role. Specifically, for ICT, analysts estimate that active subscribers for voice and data usage over third quarter 2018 surged 15.7 per cent and 13.0 per cent respectively.

    “Overall, we project non-oil GDP growth of 1.87 per cent year-on-year and 2.08 per cent year-on-year for third quarter 2018 and fourth quarter 2018 respectively. On balance, we now look for third quarter 2018 and fourth quarter 2018 GDP growth of 1.83 per cent year-on-year, leaving full-year2018 estimate at 1.9 per cent as against 0.82 per cent in 2017,” Cordros Capital stated.

     

  • ‘Sterling Bank has supported my business growth’

    Managing Director of Suntaal Oil and Gas Limited, Otunba Sunday Tawose, has commended Sterling Bank Plc for its continuing support for the growth of Nigerian businesses.

    Speaking against the background of events to mark customer service week, Tawose, who has been a customer of Sterling Bank for more than 14 years, said he had leveraged on the bank to build and sustain the growth of his business.

    “I have been a consistent customer of the bank due to the support I have received over the years to grow my businesses, and because of this I have continued to recommend it to my family members and friends as one of the best banks to bank with,” Tawose said.

    According to him, he started out as a transporter, moving oil products from Conoil depots in Rivers State to various parts of the state and with support from the bank and the entrepreneurial background, he decided to expand his business horizon.

    “My businesses are doing very well. I have a filling station and an event centre in Port Harcourt in Rivers State. I have been banking with Sterling Bank Plc since 2004 from Equitorial Trust Bank (ETB), one of the banks that merged with NAL Merchant Bank Plc and others to become Sterling Bank,” Tawose said.

    Sterling Bank recently celebrated the annual Customer Service Week to showcase its commitment to customer satisfaction and reward customers and other stakeholders that continue to live up to the brand focus of one-customer bank.

    Over the years, the range of organizations participating in the Customer Service Week has grown to include leading financial, healthcare, insurance, manufacturing, retailing, hospitality, communications, not-for-profit, and educational organizations, as well as government agencies, among others.

    Participating in the week-long event provides an opportunity for organizations to boost morale, motivation and teamwork; reward frontline reps for the important work they do all year long as well as raise companywide awareness of the importance of customer service.

  • ‘African start-ups are bankable investments with good prospects’

    Small and medium enterprises (SMEs) in Africa have the potential to grow and reward investors and other stakeholders if given the necessary support.

    Chief Executive Officer, Tony Elumelu Foundation (TEF), Parminder Vir, said contrary to the perception that African start-ups are risky investments, TEF has ample evidence that they are bankable provided they are given the right business development support as proven by the foundation’s entrepreneurship development programme.

    She noted that access to finance remains one of the biggest challenges for African startups and SMEs, adding that in order to enable entrepreneurs trained by TEF to access capital, the foundation has formed a range of diverse partnerships with financial services providers and investors to mobilise both early stage and growth stage financing.

    “Based on this we have encouraged commercial banks to embrace SMEs and to set up SME desks as part of their services. We have signed a partnership with Agence Francaise De Development (AFD) to provide risk guarantee scheme with United Bank for Africa (UBA).  In 2018, we will further diversify and deepen the partnerships between financial services providers and investors with the TEF entrepreneurs.

    “Through our engagement with African start-ups, we are aware that financial literacy is the weak link and we have enhanced our financial management modules to support them. We are also aware that the finance sector also needs to be educated to better serve start-ups and are working with angel networks, promoting public private grants and technical assistance, venture capital, private equity, and financial institutions. TEFConnect will build an investor network on the digital platform,” Vir said.

    She added that the TEF Entrepreneurship Programme has over 30 sectors represented in its programme across the 54 African countries, although the agriculture sector has consistently accounted for more of the selected entrepreneurs on the TEF Entrepreneurship Programme since the launch of the programme in 2015, without any deliberate effort by the Foundation to attract entrepreneurs from this sector.

    She pointed out that the dominance of agriculture represents a rising interest of young Africans who seek to operate on different segments of the agriculture value chain using more modern technology and innovations than their predecessors.

    She added that the recent rise of Start-ups in the ICT sector on the continent continues to illustrate the increasing significance of technology across the continent, accounting for over eight per cent of the TEF applications.

    According to her,  besides the development of core IT software and applications, these ICT entrepreneurs are creating solutions that a relevant to a plethora of industries. Given that the world is rapidly moving into the fourth industrial revolution, the relevance of this sector in ensuring that Africa is not left behind cannot be overstated. Manufacturing has also emerged as one of the popular sectors amongst the TEF entrepreneurs accounting for an average of seven per cent of applicants annually.

    Vir said the TEF has continued to engage and seek to influence government policies noting that the importance of government in establishing and maintaining healthy and competitive enabling business environment cannot be over stated as the economic ecosystem is determined by the policies and functionality of government, which is critical to the success of SMEs.

    “Over the past four years the Tony Elumelu Foundation has played its part in helping African governments see that innovation, entrepreneurship and economic growth are inextricably linked. For example, Rwanda has streamlined its business registration procedures to such an extent that it only takes 6 hours for an entrepreneur to register and be ready for operation. Kenya’s economy has been transformed through entrepreneurship. The Ghanaian government’s Youth Enterprise Support initiative provides young entrepreneurs and innovators with opportunities to grow their businesses from idea to implementation to scale. Enterprise Uganda is a programme of the Ugandan government which offers young entrepreneurs training and financial literacy aid as well as a credit facilitation service that provides guidance around available sources of financing,

    “These few examples are proof that attempts are being made to create entrepreneurial ecosystems that encourage and promote business development. While establishing a quality business environment is important, from our engagement with thousands of African entrepreneurs, the governments also need to address the broader issues: affordable power, reliable infrastructure, taxation, cross border business, and access to credit among others,

    “The Foundation participates and supports high-profile pan-African and international business conferences, summits, and forums to highlight the economic value of entrepreneurship to policy makers, promote entrepreneurship as good career choice and support the development of an entrepreneurial culture across the continent,” Vir said.

    The Foundation continues to engage with government policy makers and leaders. At the forthcoming 4th edition of the TEF Forum, the forum will welcome the President of Ghana, HE Nana Akufo-Addo and President of Kenya, HE Uhuru Kenyatta to engage in an interactive dialogue with the TEF Founder, Tony Elumelu. In July this year, TEF had welcomed President Macron of France who engaged with over 2000 TEF Entrepreneurs shaping Africa. In 2016, President of Sierra Leone was at the TEF Forum while Vice President of Nigeria, Yemi Osinbajo joined the Forum in 2015 and 2017 to name but a few.

    The Tony Elumelu Foundation has established Research and Advocacy division of the Foundation to strengthen the African entrepreneurship ecosystem by producing relevant research and impactful advocacy that informs policy makers, empowers entrepreneurs, and equips corporations, institutions and individuals with incisive analysis and timely information. Leveraging its extensive data base of over 300,000 African entrepreneurs across the 54 African countries, the Foundation has produced number of ground-breaking policy reports which have been shared with policy makers and government leaders as they develop their respective strategies and policies for entrepreneurship. These reports included Unleashing Africa’s Entrepreneurs: Improving the Enabling Environment for Start-ups and Improving the Enabling Environment for Agriculture entrepreneurs.

    One of the most vibrant aspects of the TEF Entrepreneurship Programme is the annual TEF Entrepreneurship Forum.  The 4th Annual Tony Elumelu Foundation Entrepreneurship Forum is taking place on October 25, 2018 at the Federal Palace Hotel, Lagos.  The Forum has grown and scale every year with over 5000 entrepreneurs and the entrepreneurship ecosystem players expected to converge on Lagos for this year’s Forum.

    This year, TEF will be celebrating the 2018 beneficiaries of its Entrepreneurship Programme bringing the total beneficiaries of its $100 million seed capital, mentoring and world-class training to 4,470 African entrepreneurs. The Forum is also an opportunity for the entrepreneurs to engage with and learn from with established entrepreneurs, global investors, leaders from the African public and private sectors and developmental organizations.

     

  • Fidelity Bank: What tickle for the bulls?

    Fidelity Bank Plc is leading capital appreciation in the banking sector. Capital Market Editor Taofik Salako reports that the latest audited results of the bank appear exciting to investors.

    Fidelity Bank Plc recorded the highest capital appreciation in the banking sector last week. With a gain of 6.47 per cent, the bank was the only banking stock within the top 10 gainers at the stock market in the immediate past week.

    Against a negative average decline of 1.17 per cent by the benchmark index for quoted equities and a decline of 0.65 per cent by the banking sector index, Fidelity Bank played a major contrarian stock during the week. The bank sustained its bullish run on Monday, closing the first trading session of this week with a gain of 0.55 per cent to close at N1.82 per share.

    Fidelity Bank had three weeks ago released its audited report and accounts for the six-month period ended June 30, 2018. One of the five banks that go through rigourous process of twice auditing of financials in a year, the audit and the performance during the period appeared to be hedges for the bank against the generally downward trend in the stock market and possible backlashes from the recent liquidation of a bank by the Central Bank of Nigeria (CBN).

    Improved results

    Key extracts of the audited report and accounts for the first half ended June 30, 2018 showed double-digit growths in key performance indicators, with underlying ratios indicating that the bank is gaining significant traction in its business segments.

    Profit before tax rose by 27.3 per cent, from N10.2 billion in first half 2017, to N13 billion in first half 2018. Profit after tax grew by 31 per cent to N11.8 billion in 2018, as against N9.03 billion in comparable period of last year. Gross earnings increased from N85.8 billion in first half of 2017 to N88.9 billion in first half of 2018.

    The balance sheet showed increased customer confidence and shareholders’ value. Total assets grew by 13.7 per cent to N1.57 trillion in 2018, as against N1.38 trillion in the comparable period of 2017. Total deposits increased by 19.7 per cent, from N775.3 billion to N927.9 billion.

    Fidelity Bank Plc Managing Director Mr. Nnamdi Okonkwo attributed the performance of the bank to the disciplined approach in managing its balance sheet growth and strategic cost containment initiatives.

    According to him, the bank’s focused attention on chosen business segments and determined execution of its retail and digital banking strategy provided the linchpin for the sustained overall growth, despite the macroeconomic and regulatory headwinds.

    “Gross earnings, net fee and commission income all grew primarily due to the increase in transactional activities. Our digital banking initiative continues to gain traction with almost 40 per cent of our customers now enrolled on our mobile and internet banking products and over 80 per cent of total transactions now done on our digital platforms,” Okonkwo said.

    He pointed out that Fidelity Bank’s retail digital banking strategy has continued to positively impact its business as shown in recent years, noting that this was again evident in the first half 2018 results as savings deposits increased by 10.6 per cent to N197.5 billion.

    “The bank is on track to achieving a fifth consecutive year of double-digit savings growth. Low cost deposits now account for 73.8 per cent of total deposits,” Okonkwo said.

    He added that although total operating expenses grew by 5.7 per cent to N32.7 billion within the period, the bank maintained a relatively steady cost to income ratio of 67.7 per cent when compared with 67.5 per cent recorded in the previous year. This is in spite of the double-digit inflationary environment in Nigeria.

    With regulatory ratios of Capital Adequacy Ratio (CAR) at 17 per cent and Liquidity Ratio at 33.2 per cent, well above required thresholds, Okonkwo expressed optimism that the bank is on a strong footing to sustain its improved performance in the second half of the year.

    Positive review

    Many analysts appeared to agree with the management of the bank. Analysts at Renaissance Securities stated that Fidelity Bank’s share price could rise further on the back of its half-year performance.

    “We like the decent eight per cent quarter-on-quarter growth in the bank’s loan book, which was largely driven by the manufacturing, general commerce and transport segments. We find this performance impressive in the light of the tepid growth in the sector,” Renaissance Securities stated.

    Analysts noted that deposit growth of 20 per cent within the period was also commendable, although an improved deposit mix would have made further improvement on the performance. Renaissance Securities noted that on a sequential basis, the profit before tax was up, on an impressive 61 per cent on quarter-on-quarter basis, largely driven by much stronger income during the quarter.

    The review pointed out that the bank’s non-performing loan ratio remained resilient at 6.1 per cent in first half 2018.

    “Cost-to-income ratio  improved to 67.7 per cent in first half 2018, compared to 72.7 per cent in first quarter 2018, albeit marginally higher than 67.5 per cent in full-year 2017. Though the reduction in cost-to-income ratio was driven more by income growth than controlled operating expenses, we like this development given that the bank’s high costs have historically concerned us,” Renaissance Securities stated.

    Analysts pointed out that Fidelity Bank’s return on equity (RoE) of 12.2 per cent is the highest it has been since 2008, driven by a combination of higher return on asset (RoA) and leverage.

    The first half 2018 performance strengthened the mid-term growth outlook of the bank, sustaining the upward trajectory that saw nearly a double in earnings in the previous year.

    Key extracts of the audited report and accounts of Fidelity Bank for the year ended December 31, 2017 had shown that profit after tax rose by 94 per cent to N18.9 billion in 2017, compared with N9.7 billion in 2016. Profit before tax had risen by 83.6 per cent to N20.3 billion in 2017, from N11.0 billion in 2016.

    Net interest income had increased by 15.4 per cent to N71.5 billion in 2017, while net operating income rose by 9.9 per cent, from N86.0 billion in 2016 to N78.3 billion in 2017.

    Gross earnings grew by 18.3 per cent, from N152.02 billion in 2016, to N179.9 billion in 2017. Total assets increased to N1.379 trillion in 2017 as against N1.298 trillion in 2016. The bank distributed N3.2 billion as cash dividends to shareholders for the 2017 business year, representing a dividend per share of 11 kobo.

    Niche markets

    With more than four million customers and 240 business offices and various digital banking channels, Fidelity Bank runs full-fledged commercial banking operation with a focus on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs).

    It had recently won accolades as the Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate and Investment Bank, among others.

    Aligning itself with Nigeria’s strategic economic growth agenda, Fidelity Bank has shown considerable supports for ongoing efforts aimed at strengthening Nigeria’s agricultural value-chain by providing innovative funding schemes and technical advisory services to this sector and general commercial agribusiness projects.

    The bank has extended loans valued at more than N60 billion to SMEs in Nigeria, in line with its commitment to help unlock SMEs’ potential as major foreign exchange earners and catalysts for national economic diversification and growth.

    Addressing shareholders, Fidelity Bank Plc Chairman Mr Ernest Ebi, said the bank is on a strong pedestal to sustain growth and make better returns to shareholders.

    According to him, the bank has been strategically positioned to successfully navigate the business environment and make better returns to shareholders in 2018.

    He said the performance of the bank underlined the resilience of its growth strategy, noting that expected improvement in the operating environment in 2018 should translate into improved performance for the bank.

    Okonkwo said the bank would continue to focus on enhancing its systems and processes to continuously improve service delivery and place itself in a better position to take advantage of emerging opportunities in the economy.

    He said that the bank would deepen its cost optimisation initiatives to reduce operating expenses and cost-to-service ratios as part of efforts to retain greater values for shareholders.

    “Clearly, our success in 2017 financial year has set a strong pedestal for sustained growth in revenue. We are optimistic about a favourable operating environment and we look forward to delivering decent set of numbers at the end of 2018 financial year, “ Okonkwo said.

    With earnings rising and a strong first-half 2018 performance, many analysts see Fidelity Bank with more competitive returns to shareholders. The immediate dividend payout of 11 kobo per share represented a dividend yield of 6.04 per cent at the opening price of N1.82 per share at the Nigerian Stock Exchange (NSE), which is the highest in the enlarged financial services industry.

  • CSCS wins award

    The Central Securities Clearing System (CSCS) Plc has won the award for its Outstanding Contribution to the Capital Markets in Nigeria.

    The award organisers, London-based Capital Finance International (CFI.co), a print journal and online resource reporting on business, economics and finance, the CSCS, having fulfilled all the CFI.co’s award selection requirements, and based on the initial nomination and voting by CFI.co readers, contributors, subscribers, visitors all over the world to their website, was shortlisted. The awards judging panel, also, having gone through the rigorous exercise, reviewed and declared CSCS as the winner of the prestigious award of Outstanding Contribution to the Capital Markets in Nigeria 2018.

    CSCS Managing Director, Mr. Haruna Jalo -Waziri said the award was a confirmation and testimony of the company’s consistent hard work, investment in technology and customer focus.

    “The award is a call to service to continue to deliver excellent services to all the markets we serve. This achievement is shaped by the strength of the foundations we have set. It is as a result of consistent hard work, investment in technology and being customer focused. The foundation of any great organisation such as ours is deeply rooted in technology and sterling services. For us at CSCS, customer service is not a department or unit, it is an attitude,” Jalo-Waziri said.

    He said the company began this year by setting a three-year strategic plan-2018 to 2020, focusing on five strategic pillars of enhanced technology, process optimisation, customer satisfaction, partnership through strategic alliances, and revenue growth.

    “Staying focused on these strategic pillars has started yielding enviable results and more to come,” Jalo-Waziri said.

    According to CFI.co judging panel, CSCS continues to respond efficiently and faithfully to the needs of the securities and commodities market and has a proud record of providing sterling services to the capital markets in Nigeria.

    The panel also noted that CSCS looks to the best international models when planning its business, but insists on incorporating in its plan, features that respond to the specific needs of the Nigerian market.

    “CSCS takes its corporate governance responsibilities very seriously and constantly seeks out ways to improve. CSCS, a most innovative company, is very keen to harness technological developments in support of the services it offers. This is a very well-financed and managed firm that is moving from strength-to-strength,” the panel stated.

    Every year, CFI.co seeks out individuals and organisations that contribute significantly to the convergence of economies and truly add value to all stakeholders.

  • Global regulators restate commitments to investor’s protection

    Global capital market regulators under the auspices of the International Organisation of Securities Commissions (IOSCO) will this week organise several activities aimed at enhancing investors’ education and protection.

    IOSCO-the global body of securities’ regulators, on Monday launched a week-long activities to mark the second annual World Investor Week (WIW), following the success of the maiden edition last year. The maiden edition attracted more than 1000 financial organisations, which showcased their initiatives for promoting investor education and protection across the globe.

    All through this week, securities regulators, stock exchanges, international organisations, investor associations and other stakeholders from more than 80 countries are offering an array of activities to increase investor education and protection awareness in their jurisdictions.

    Activities range from the organisation of workshops and conferences to investor education campaigns, games and contests, and many of these events will continue throughout the rest of the year.

    In Japan, where financial markets are the first in the world to open every morning, the Financial Services Agency on Monday inaugurated WIW with a formal ceremony at its headquarters in Tokyo.

    Chairman, International Organisation of Securities Commissions (IOSCO), Ashley Alder, said the global scale of World Investor Week and the encouraging collaboration between IOSCO members and their stakeholders in conducting these activities demonstrated IOSCO’s strong commitment to investor education and protection.

    IOSCO Secretary General, Paul Andrews said the global body welcomes this second edition of World Investor Week as evidence that the annual event is gaining the momentum it needs to protect investors and prepare them for dealing with the challenges of increasingly interconnected and digitalised capital markets.

    In addition to highlighting the importance of investor education and protection, a key objective of the WIW is to foster learning opportunities for investors – a particularly important goal in the current context of rapid technological innovation and increasingly interconnected financial markets.

    This year´s WIW not only seeks to promote the basics of smart investing, but to ensure that retail investors understand the risks associated with initial coin offerings, crypto-assets and other online investments.

    In Brazil, participants, this week, are using live sessions on social media to explain the rudiments of sound investing to the young; French groups are launching a radio campaign to spread the WIW´s key messages on investing wisely;  US participants are holding an educational summit on investing for retirement; in Romania, students are debating  financial issues in a public forum; Hong Kong stakeholders are staging an investor seminar titled: Changing landscape, changing risks.

    Undergraduates in Pakistan are also competing in an inter-university stock trading contest; in Kazakhstan, a financial literacy roadshow is focusing on green and Islamic finance; while Zambian entities are offering awareness programmes at schools and universities, workplaces and public forums, to name just a few of the many activities that are taking place in over 80 countries this week.

    International groups are also participating in WIW, which is endorsed by the Argentine G20 Presidency. The Financial Planning Standards Board (FPSB), together with its 26-member organisations representing 175,000 certified financial planners (CFPs), will celebrate World Financial Planning Day today to complement the activities of WIW.

    FPSB´s activities focus on debt management, home ownership, retirement and investment planning, to promote financial literacy further and encourage consumers to assume more responsibility for their finances.

    The International Forum For Investor Education (IFIE) offers a variety of activities in support of WIW that help build capacity at both global and regional levels. The IFIE Americas Caribbean Working Group—representing 16 jurisdictions across the Caribbean—has launched a Caribbean-wide video initiative to present Voices of the Caribbean: Empowering the Caribbean towards Financial Independence and Resilience.

  • UK, Nigeria partner to strengthen Nigerian capital market

    Nigeria has become the first capital market to benefit from United Kingdom’s (UK’s) initiative aimed at strengthening the African capital market by unlocking opportunities and building investor’s confidence through improved regulations and compliance with international standards.

    Under the programme, FSD Africa, a UK Aid funded non-profit company, will, over a three-year period, provide funding to build  capital market regulators’ capacity across the continent, providing world-class technical assistance, encouraging closer collaboration among regulators and conducting research to support the development of new policies and regulations.

    Through the programme, FSD Africa will assist Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) in several ways, including funding an institutional capacity audit to identify strengths and areas of improvement in SEC’s operations as well as provide support to implement recommendations.

    Also, FSD Africa will help in promoting fintech regulation as well as play a role in encouraging greater collaboration and knowledge management sharing with other African capital market regulators.

    As Africa’s largest economy, Nigeria represents a natural starting point for this new programme. The programme will also be implemented in Ghana, Kenya, Mozambique, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe.

    The cooperation agreement between SEC and FSD Africa was signed in Lagos at a ceremony, which included British Deputy High Commissioner, Laure Beaufils; Acting Director General, Securities and Exchange Commission, Mary Uduk  and Director, FSD Africa, Mark Napier.

    According to Beaufils, capital markets have an essential role to play to help unlock capital that can be invested in the real economy and that can contribute to job creation and inclusive growth.

    “It is a testament to the importance we attach to this issue and to our commitment to deepen and broaden our trade and investment relationship with Nigeria. I very much look forward to working with the SEC on this in the future,” Beaufils said.

    Uduk said the cooperation with FSD Africa holds tremendous potential as the various programmes will complement efforts to enhance capacity and further strengthen SEC’s ability to regulate the capital market.

    “This collaboration will no doubt contribute to the continued development of our market by facilitating access to capital by both the private and public sectors and enhance the competitiveness of the Nigerian capital market as a global investment destination,” Uduk said.

    Napier noted that well-functioning capital markets can play a vital role in support of inclusive economic growth by channeling long term finance into infrastructure and other large-scale projects that create jobs and improve access to markets.

    “Strengthening regulatory capacity in capital markets is an essential pre-condition for building investor confidence,” Napier said.