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Tag: Oscar Onyema

  • NSE inducts 46 new authorized dealing clerks

    THE Nigerian Stock Exchange (NSE) has in ducted 46 recently qualified dealing clerks, paving the way for them to begin trading at the Exchange.

    Out of the 53 candidates who had passed the Chartered Institute of Stockbrokers (CIS) examination and went through the mandatory practical Automated Trading System (ATS) training at the NSE, 46 passed the final oral examination at the Exchange.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr Oscar Onyema said the induction was both a celebration and a call to stand tall in integrity, to be impeccable in character, to be professional in service and to uphold the high ethics and values for which the Exchange and the capital market are renowned.

    According to him, professionalism and ethical behaviours are the major hurdles that the new dealing clerks must cross effortlessly in their daily practice of their profession.

    “The NSE has clear and enforceable rules and operates with a zero tolerance policy on all infractions. The NSE will support the inductees in developing their capacity. However, if infractions occur, NSE will not hesitate to wield the axe on any erring member that falls short on any of its rules,” Onyema said.

    Read Also: ‘113m people face food insecurity’

    He also advised the new clerks to stay relevant in today’s dynamic environment, emphasizing that continuous training is a tool that should not be underestimated.

    He noted that the Exchange established X-Academy, to provide education to individuals who wish to improve their understanding of various aspects of the capital market.

    Doyen of Stockbrokers, Alhaji Rasheed Yussuf, called on the newly inducted dealing clerks to let their words be their bond noting that this would engender confidence and growth of their respective organizations and the capital market at large.

  • Why issuance of IPOs was poor in 2017 – experts

    Why issuance of IPOs was poor in 2017 – experts

    Some financial experts on Wednesday attributed the disappearance of Initial Public Offerings (IPOs) on the Nigerian Stock Exchange (NSE) in recent years to the poor state of the economy.

    The experts told the Reporter in Lagos that IPOs could only thrive in an environment where the purchasing power of the people was high.

    The news reports that IPO is the very first sale of a company’s stock to the public.

    The news reports that in spite of emergence of the NSE as the third best performing stock in the world in 2017, it recorded no IPO during the period.

    Mr Oscar Onyema, the NSE Chief Executive, confirmed recently in Abuja that IPO activity on the NSE during the period was “mute”.

    Onyema said that although the IPO segment was stagnant, activity at the equity segment of the NSE increased by 121 per cent to N1.27 trillion in 2017 from N0.58 trillion in 2016.

    Dr Uche Uwaleke, the Head of Banking and Finance Department, Nasarawa State University,  Keffi, said that IPOs could only be successful when an economy was doing well.

    Read Also:  Long wait for new  IPOs

    He said that the success rate of an IPO would be limited in an economy characterised by weak aggregate demand because the cost of IPOs were high due to high cost of underwriting.

    Uwaleke advised that government should ensure that all its ongoing projects were completed to strengthen the economy to boost the success of  IPOs in the country.

    Prof. Sheriffdeen Tella, a Professor of Economics, Olabisi Onabanjo University Ago-Iwoye, Ogun, said that the prospect of IPOs would be higher if the current growth in the capital market and economy was sustained.

    He said that with stronger economy, many new companies would enter the stock market for long-term financing to expand their businesses.

    According to him, this will make the stock market regain confidence of investors.

    NAN

  • Dangote, Otedola, others converge on Abuja for Dogara @ 50

    Dangote, Otedola, others converge on Abuja for Dogara @ 50

    The busy roads of Abuja parted like the Red Sea last Sunday as the blue blood of high society converged on the capital city for the beginning of the golden jubilee celebration of the Speaker of the House of Representatives, Hon. Aminu Dogara.

    The spectacle of a hundred thunderclaps would hardly compare to the majesty on display as power brokers vied with dons and doyens of the private sector for bragging rights in a novelty football match that kicked off the birthday festivities. It was a sight to behold as deities among men huffed, puffed and whooped like mere mortals, while other deep-pocket spectators momentarily lost their heads to the rush of the occasion.

    On hand to chair the august event was the Chairman of Dangote Group, Alhaji Aliko Dangote, ably assisted by the likes of Forte Oil boss Femi Otedola, Sam Iwuajoku and Oscar Onyema. Also in attendance were Senate President Bukola Saraki and Sokoto State Governor Aminu Tambuwal, among others. The proceeds of the novelty match will be channelled into helping internally displaced persons in the Northeast.

  • Ezekwesili wants financial literacy for students early

    Ezekwesili wants financial literacy for students early

    Dr Oby Ezekwesili, a formerMinister of Education, on Wednesday said Nigerian youth should be equipped with skills and knowledge that would aid their understanding of financial matters right from secondary school.

    Ezekwesili stated this at the 2017 Nigerian Stock Exchange Essay Competition Awards Ceremony in Lagos.

    “We need to offer children financial literacy before they get to senior secondary schools.

    “It help and guarantees the young ones to grow into adults that can achieve financial security and success, and make informed decisions,” she said.

    The ex-minister said an individual who has acquired financial literacy is considered financially secured and able to succeed.

    “We must handle our youths with tools such as financial literacy because for too long, we have been made the poorest region in the world,” she said.

    Ezekwesili said Nigeria needs a newer generation that would help in changing the story.

    “Every country that has managed to do better, every country that has climbed out of poverty, has improved in education.

    “The basis of improvement is quality education.

    “We should be more interested in the state of the school system in Nigeria.

    “Anytime I see these young children excelling, I feel excited because I really don’t want their generation to repeat all the failures of my generation and the generation before me.

    “I am so such optimistic that Africa can claim its place in the 21st century because of our young ones,” she said.

    Ezekwesili commended the stock exchange for its investment in the education sector and called for more support from the private sector.

    “We need a collective effort on education.

    “The more the stock exchange will lead this process, the more the private sector understands that if they will find world class talents in this country, they have to be interested in what goes on in the education; so, it becomes a collective effort,” she said.

    Mr Oscar Onyema, Chief Executive Officer, the Nigerian Stock Exchange said the NSE would continue to invest in and develop financial education in schools.

    Onyema said the NSE was committed to playing its part in building a financially savvy generation, leveraging the essay competition and other initiatives.

    According to him, teaching students at a very young age the basics of finance and the capital market is essential to their broad financial literacy education.

    “Year on year, the participation and interest continues to increase, affirming the appetite of these future leaders for personal development.

    “The 2017 edition had a 36 per cent increase from the 2016 one, with over 10,100 entries received nationwide.

    “Through partnerships with Access Bank Plc, Zenith Bank Plc and Prime Atlantic Energy, the competition was a success.

    “In developing the entries, students are encouraged to consider real-world economic events and trends, conduct research online, develop investment knowledge and in the process gain the skills to prepare for their own financial future,” he said.

    Onyema said the the 2017 winners emerged from a rigorous and phased assessment process carried out by capital market professionals.

    “From the process, 10 national winners were selected, who further competed at the final stage to determine the overall best three entries and winners,” he said.

    According to him, the outstanding performance of the brilliant young is being recognised and rewarded today with equity investments, scholarship and sets of computers.

    “It is a win for the students and their schools,” he said.

    NAN

  • FBN Holdings targets non-performing loans ratio of 19% in 2017

    FBN Holdings targets non-performing loans ratio of 19% in 2017

    The management of FBN Holdings Plc on Thursday said it was targeting a Non-performing Loans (NPL) ratio of less than 20 per cent for the financial year ending Dec. 31, 2017.

    Mr. UK Eke, FBN Holdings Managing Director, stated this at the company’s facts behind the figures at the Nigerian Stock Exchange (NSE) in Lagos.

    Eke said that the company’s NPL would be less than 20 per cent by second quarter of 2017 against 26 per cent in the first quarter.

    The News Agency of Nigeria (NAN) reports that the company made impairment charge from credit losses of N226 billion in 2016 and N280m. 8 billion in the first quarter of 2017.

    He explained that there were five major accounts that constitute the company’s NPL, adding that one of the accounts would drop off by June 30.

    Eke stated that the company was awaiting government assent to drop off the second major NPL account, Atlantic Energy.

    He said that the 500 million dollars owed the company by Atlantic Energy would drop off from its NPL once the oil bloc was assigned to a new partner by the government.

    The group managing director expressed optimism that the five NPLs accounts would be resolved very soon.

    “There are no fresh NPLs forming in our books, the books are clean and our focus on lending is now on manufacturing sector,” he stated.

    Eke added that the company had reviewed its credit process and strengthened governance framework to ensure improvement in asset quality.

    He said that the company had recruited a new chief risk officer to drive the new credit architecture and build a robust and sustainable credit underwriting practice.

    Eke said that the company had restructured credit terms of obligor with compelling business case to match cash flows.

    He said that the company’s NPL would be in single digit by 2019, while cost of risk would be less than two per cent.

    Eke said that the company would strengthen digital banking strategy to achieve 25 per cent migration of the bank active customer base to digital channels by 2019.

    He, however, assured shareholders of enhanced dividend in the years ahead, noting that the commercial banking arm had not contributed dividend to the holding company in the past two years.

    Eke said that the capacity of the holding company to distribute dividend would be enhanced by the time the commercial bank started contributing dividend.

    He said that the decision of the commercial bank not contributing dividend to the group was strategic to enable the company to clean up its book.

    Earlier, Mr. Oscar Onyema, NSE Chief Executive Officer, commended the company for using the facts behind the figures platform to engage the market on its strategic and operational development.

    Onyema commended the company for churning out strong fundamentals in spite of the challenging operating environment witnessed in 2016 financial year.

    He said that the exchange would continue to provide the platform for companies to meet their strategic objectives.  (NAN)

     

  • NSE launches X-Academy to boost capital markets investment

    NSE launches X-Academy to boost capital markets investment

    The Nigerian Stock Exchange (NSE) on Thursday launched X-Academy, a knowledge-platform designed to provide education services to individuals for better understanding of various aspects of the capital markets.

    Mr Oscar Onyema,  NSE Chef Executive Officer, said at the product launch on Lagos that X-Academy would help in strengthening financial literacy and enhance investment in the capital market.

    Onyema said that X-Academy offered a wide range of courses geared towards bridging the knowledge gap of dealing members, issuers, investors and the general public about products and services of the capital market.

    He stated that the establishment of X-Academy was consistent with NSE tradition of pioneering far-reaching innovations within the Nigerian capital market.

    Onyema added that the product would  feed directly into the National Financial Inclusion Strategy (NFIS) which was launched by the Federal Government of Nigeria in 2012 to reduce the number of adult Nigerians who were financially excluded, from 46.3 per  cent  in 2010 to 20 per cent by 2020.

    He said that the training programmes at X-Academy woukd provide individuals and businesses with a robust and effective array of training solutions that would  ensure participants were abreast with trends in the rapidly evolving financial markets.

    “As a socially responsible organisation devoted to enhancing the fortunes of Nigerians and our investors, we are confident that participants of programmes offered by X-Academy will be better positioned to make informed financial decisions”, Onyema said.

    Ms Pai Gamde , NSE Acting Head, Corporate Services Division, said  X-Academy would enhance financial literacy in Nigeria and equip professionals with requisite skill set to deliver innovative solutions for the challenges confronting our financial sector.

    Gamde said that the programmes offered by X-Academy would be facilitated by seasoned and certified subject matter experts with both local and international exposure to practical experience.

    “Partnerships with professional bodies to ensure that courses
    taken at X-Academy are awarded points under the Continuous Development Programmes of these bodies.

    “This initiative could not have come at a better time when the market is beginning to recover from the waning investors’ confidence.

    “The Exchange has taken into great consideration the state of the economy as well as income levels to make these programmes affordable to Nigerians”, she added.

    Gamde added that X-Academy would in 2017 offer programmes built around six broad themes, which include: Listings and Trading on the NSE, Products of the NSE, Market Data and Technology, Financial Education, Corporate Governance, and Risk Management and Compliance.

    She said that the first training of the X-Academy, titled Legal and Risk Aspects of Derivatives and Central Counterparty Clearing (CCP) Transactions, was scheduled for June 12 to 15 in Lagos.

  • ‘Acquisition of Mobil ‘ll raise investors’ confidence’

    ‘Acquisition of Mobil ‘ll raise investors’ confidence’

    The Chief Executive Officer, Nigerian Stock Exchange (NSE) Mr. Oscar Onyema,  has expressed confidence in   NIPCO’s ability to ensure continuous investors interest in the capital market following its 60 per cent stake acquisition in Mobil Oil Nigeria (MON) ,

    Onyema who gave the assurance during a courtesy visit with its management team to NIPCO’s office in Apapa, Lagos described the deal as one of the largest acquisitions in the downstream sector.

    He said the strategic acquisition will enhance the company’s continuous growth and expansion as well as add increased value to investor and other stakeholders in the country.

    Onyema said: “At the exchange ,we are keen to support businesses to achieve greater success so that they can thrive within the enabling environment as well as provide organisations with various opportunities to fund their long term objectives.”

    The NSE CEO said NIPCO, as a critical stakeholder, needed all the support with various initiatives and opportunities available via the capital market to enable it excel in the sector

    According to him, NIPCO 60 per cent stake acquisition  in MON was a great development for the industry and indeed a  great achievement  for Nigerian own investment company.

    “An industry that is expanding and imparted greatly to the growth of the oil and gas sector like NIPCO needs to be commended (for) growing the sector and boosting the local content development.

    “So we think it is a good development for the company,  it also give great potential for indigenous company to get global visibility,” he said.

    The NSE boss said:“We are indeed impressed with NIPCO track record on safety and how serious they took safety very important.”

    Onyema, however urged the management to NIPCO to reconsidered enlisting NIPCO company on the NSE, adding that it would give more credibility and attracted more shareholder to the company.

    According to him, there are so many benefit that are attached to a companies that is listed on the  NSE, we urged NIPCO to embrace being listed at the NSE.

  • NSE hosts The Nation at 10

    NSE hosts The Nation at 10

    The management of The Nation Newspaper on Monday visited the Nigerian Stock Exchange (NSE) to mark the 10 years anniverary of the paper.

    Speaking at the NSE office, the Managing Director of The Nation, Mr Victor Ifijeh, noted that the media house looks forward to being listed on the Nigerian Stock Exchange soon.

    To celebrate The Nation at 10, the Chief Executive Officer (CEO) of the NSE, Oscar Onyema, presented the media house with a replica of the closing gong even as The Nation MD sounds the closing gong.

    The Nation MD was accompanied on the trip by Soji Omotunde, General Manager, Corporate Services; Ade Odunewu, Executive Director, Finance and Administration Managing Editor, Online, Business Editor, Simeon Ebule and Stock Exchange Editor, Taofeek Salako.

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  • Photos: The Nation visits NSE

    Photos: The Nation visits NSE

    Oscar Onyema presented a replica of the Closing Gong to the MD, The Nation Newspaper to mark 10years anniversary
    Oscar Onyema presented a replica of the Closing Gong to the MD, The Nation Newspaper to mark 10years anniversary

    Nation at NSE

  • Unilever advocates sustainable business models and SDGs

    Unilever advocates sustainable business models and SDGs

    Unilever Nigeria has reiterated its commitment to the advancement the lives of Nigerians through its sustainable living plan. This was done at an event organised in partnership with the Lagos Business School.

    The Global Chief Executive Officer (CEO), Unilever Plc, Mr Paul Polman, spoke extensively on how profitable and sustainable businesses are built in the midst of volatility.

    Polman, who has been at the centre of the advocacy for building widespread support for the SDGs globally, has continued to champion the drive for a sustainable and integrated approach to sustainable business practices.

    Speaking to young entrepreneurs, sustainability experts and young business leaders at the forum, he said: “The scale and urgency of the challenges the world faces are so great and we need to look beyond our own business to drive transformational change. These challenges actually provide opportunities for emerging businesses to grow profitably and sustainably while addressing development challenges.”

    “At Unilever, we have been able to demonstrate that sustainability drives growth. More than ever before, we are leading the way, having taken a commitment to put sustainability at the core of our operations. And this is growing the business, despite current economic and business challenges” he added.

    Also speaking at the session, the Executive Governor of Lagos State, Mr. Akinwunmi Ambode, ably represented by Honourable Commissioner for Energy and Mineral Resources, Mr. Wale Oluwo, stressed that Lagos State is ready to support businesses like Unilever, who are delivering value and economic growth through their operations.

    Other Nigerian CEOs present include; Oscar Onyema, CEO Nigerian Stock Exchange; Mr. Mutiu Sumonu (CON), Chairman, Julius Berger Nigeria Plc.; and Mrs. Mosun Belo- Olusoga,  Chairman Access Bank; and they all shared from their wealth of experience the ways to create sustainable commercial models within a highly volatile world. The event was moderated by Dr. Chris Ogbechie, Diamond Bank Chairman, and Faculty of the Lagos Business School.

    In his opening remarks, Yaw Nsarkoh, Unilever Nigeria Managing Director said: “Businesses that address both the direct concerns of citizens and the needs of the environment will prosper over the long term. This is what guides our operations at Unilever as we meet the needs of our consumers while maintaining commercial profitability.