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Tag: raise

  • Lafarge Africa to raise N131.65b from shareholders

    Lafarge Africa to raise N131.65b from shareholders

    •To merge with two subsidiaries

    The board of directors of Lafarge Africa Plc yesterday announced that the cement company would be raising N131.65 billion through a rights issue.

    After the end of its extraordinary meeting, directors of Lafarge Africa stated that they have decided that the company will float a rights issue of five new ordinary shares for every nine ordinary shares at a price of N42.50 per share.

    The qualification date for the rights issue has not been decided. However, the company has commenced regulatory approval process for the new issue.

    Also, Lafarge Africa would be undertaking a business combination with two of its wholly owned subsidiaries-United Cement Company and Atlas Cement Company Limited.

    The board of directors of Lafarge Africa has already approved the merger and business combination between Lafarge Africa and the two other companies. The board of directors authorised Lafarge Africa to enter into negotiations necessary for the consummation of the merger.

    The directors had also passed a resolution authorising Lafarge Africa to seek the approval of the Securities and Exchange Commission (SEC) and other relevant regulators for the consummation of the merger.

    LafargeHolcim, which holds the majority equity stake of 72.59 per cent in Lafarge Africa Plc, has indicated it will subscribe fully to its rights. LafargeHolcim will pick up its rights under a debt-for-equities deal that will see conversion of LafargeHolcim’s dollar-based loan to equities.

    Many Nigerian shareholders had raised objections to the debt-for-equities deal, which they said could give the majority core investor undue advantage to increase its controlling equity stake in the company.

    Chairman, Lafarge Africa Plc, Mr. Mobolaji Balogun, said the recapitalisation would help to reduce the group’s exposure to adverse foreign currency translation losses as experienced in 2016 following a 40 per cent depreciation of the Naira against the Dollar.

    He noted that the decision of LafargeHolcim to convert existing loans into equity demonstrates the core investor’s continued belief in the Nigeria story, pointing out that the rights issue is the largest so far in the Nigerian capital market and the largest investment in a listed company by an investor.

    According to him, the rights issue will help to reduce the group’s foreign currency exposure by 50 per cent while the remaining portion of the debt, with the support from LafargeHolcim, has been refinanced and hedged for 12 months.

  • Livestock Feeds to raise N1.1b new equity funds from shareholders

    Livestock Feeds Plc has received the approval of the Nigerian Stock Exchange (NSE) to raise about N1.1 billion new equity funds from existing shareholders. The proposed supplementary issue of the agro-allied company was approved by the quotation committee of the Exchange last Thursday.

    A regulatory document obtained at the weekend by The Nation indicated that Livestock Feeds plans to undertake a rights issue of 1.0 billion ordinary shares of 50 kobo each at a price of N1.10 per share. The rights issue will be pre-allotted on the basis of one new ordinary share for two ordinary shares already held by the shareholder.

    The rights issue’s price of N1.10 per share represents about 28 per cent increase on the current market value of 86 kobo at the Exchange, raising fears about the attractiveness of the rights issue to the retail shareholders.

    More than half of the rights issue’s funds are expected to be provided by UACN of Nigeria (UACN), which acquired majority equity stake in the agro-allied company in 2013. Recent shareholding analysis showed that UACN holds 51.01 per cent equity stake in Livestock Feeds while First Capital Trust Limited holds the second largest equity stake of 8.02 per cent. Cashcraft Asset Management Limited holds the third largest stake of 5.06 per cent. Sundry minority shareholders hold the balance of 35.9 per cent equity stake.

    Market pundits, however, said the rights issue may provide a window for UACN to restructure the share capital of Livestock Feeds to allow for injection of additional funds and technical competence into the operations of the company.

    Chairman, UAC of Nigeria (UACN) Plc, Mr. Dan Agbor, had told shareholders at the annual general meeting in June that the group decided to retain the larger part of its net earnings in 2015 to ensure that it remained in a position to participate in new equity issues that might be launched by its subsidiaries.

    According to him, the board had recommended total dividend of N1.92 billion for the 2015 business year while being mindful of the need to conserve funds so that the group could participate in the rights issues to be undertaken by three of its subsidiaries, including UACN Property Development Company Plc, Livestock Feeds Plc and Portland Paints & Products Nigeria Plc.

    Incorporated as a limited liability company in March 1963, Livestock Feeds converted to a public limited liability company and was quoted on the Nigerian Stock Exchange (NSE) in 1978.

  • Stanbic IBTC to raise N30b Tier II capital

    Stanbic IBTC to raise N30b Tier II capital

    Stanbic IBTC, the Nigerian unit of South Africa’s Standard Bank, plans to raise up to N30 billion in Tier II capital.

    The  lender’s Managing Director/CEO, Mrs.  Sola David-Borha, who confirmed the capital raise during an analyst’s conference call,  told Reuters that the actual amount would depend on market conditions and regulatory guidelines. She did not provide a timeline.

    She said the lender is aiming for a 15 per cent loan growth for the second-half of 2014, targeting business customers, after it grew loans 18 percent in the first-half.

    Also, Ecobank Transnational Incorporated’s (ETI) unit in Nigeria, sold $200 million of dated subordinated notes due in 2021 to join other lenders in Nigeria raising funds through debt sales.

    The issuance has a yield of nine per cent and a coupon of 8.75 per cent, according to information from a person with knowledge of the offering, who asked not to be identified because they weren’t authorised to speak publicly.

    Bloomberg said Deutsche Bank AG and Standard Chartered Plc are the lead managers.

    The notes are expected to be eligible as Tier 2 capital by the Central Bank of Nigeria (CBN), according to the source.

    Also, Access Bank Plc sold $400 million of subordinated notes in June with the yield falling 80 basis points since they were issued to 8.7 per cent. First Bank of Nigeria sold $450 million of bonds on July 18.

    The banks are raising money to help fund power, oil exploration and manufacturing projects in the country. Ecobank Transnational, a lender based in the Togolese capital of Lome that operates in 36 African countries, said net income rose 15 per cent to $194 million for the six months through June.

    The stock rose 4.6 per cent to N18.33  yesterday, thereby adding to its 13 per cent advance this year. The 195-member Nigerian Stock Exchange All Share Index has gained 3.1 per cent in 2014. Ecobank’s Nigeria unit isn’t listed on the bourse.

  • NFF election: Aspirants raise the alarm

    NFF election: Aspirants raise the alarm

    The Nigeria Football Federation Electoral Committee chairman, Amoni Bambo, has been accused of being biased and acting the script of certain people.

    Some aspirants who have been denied rights to obtain nomination forms to participate in the upcoming elections into the Executive Committee of the NFF pointed the accusing fingers at the Electoral Body Chairman, Bambo.

    They have therefore threatened a showdown should they be excluded from participating in the elections slated for Tuesday, 26th August, 2014.

    If the release of guidelines for elections by the NFF spokesperson, Ademola Olajire, on Thursday, is anything to go by, the sale of nomination forms has been technically closed and many aspirants now stand denied rights to contest.

    Those who have indicated interest in contesting the elections but may have been denied buying forms are Abba Yola , Ganiyu Majekodunmi , Ishola Busari, Domnic Iorfa, Joe Anene, Lucky Gospel-Ewa, Ebel Ehige amongst many others.

    Bambo is said to be using an official of the NFF to technically exclude some aspirants from participating in the elections by either not allowing them to pick nomination form or using other means that could knock them out from the race.

    It was gathered that while many could not get the nomination form, the same form that is being hidden was sold to the Chairman of Kogi FA, Adams Yahaya on Thursday but without receipt.

    Another aspirant who pleaded anonymity, said he has also picked the nomination form but without receipt, wondering: “Is this not a technical way of pushing me out of the race?

    “I am asking because the receipt is the only proof that I have the genuine form because I am aware there are some fake nomination forms out there.

    “But when I asked for receipt, the officer that sold it, Banabas Joro, said it would be sorted out later.

    “I think the Electoral Committee as it is presently constituted is biased and something must be done urgently.”

    The aggrieved aspirants are alleging that the NFF General Secretary, Musa Amadu, Electoral Committee Chairman, Bambo, may be acting the script of Chris Giwa, owner of Giwa FC who is said to be eyeing the NFF Presidency and dropping the Minister of Sports’ name to manipulate the Electoral body.

    “The NFF Executive Committee must act urgently otherwise the crisis that will follow the elections will be unimaginable for our football because some of us will head to court and damn the consequence,” an aggrieved aspirant said on Friday.

  • Pfizer to raise AstraZeneca bid again

    Pfizer Inc is planning to sweeten its bid for United Kingdom rival AstraZeneca Plc (AZN) for a second time, people with knowledge of the matter said.

    Pfizer and its advisers are crafting a new offer that would increase the value modestly above the current 50 pounds-a-share, about $84, level while bumping the cash portion, said two of the people, who asked not to be identified discussing private information. Pfizer will probably wait until after U.K. government hearings to raise its bid, they said.

    Bloomberg reported that Pfizer is putting together a sweetened offer before it considers whether to make a hostile takeover attempt by bringing its proposal directly to AstraZeneca’s shareholders, the people said. Pfizer would prefer a friendly deal since its unsolicited overture already has attracted political scrutiny in the U.S. and U.K. AstraZeneca rejected Pfizer’s second proposal on May 2, valued at 62.6 billion pounds ($106 billion) and made up of 32 percent cash and the rest in stock.

    Ian Read, Pfizer’s chief executive officer, and Pascal Soriot, his counterpart at AstraZeneca, will testify at two separate parliamentary committees this week, as the U.K. government seeks guarantees that Pfizer will preserve jobs and medical research in Britain.

    Pfizer is concerned it’s beginning to lose momentum on the deal, said two of the people, and will be talking further to investors and listening to what comes out of the hearings as it evaluates its next steps.

    Pfizer has said it would move its legal residence to the U.K., gaining a lower tax rate, while the company’s operational headquarters would remain in New York. In doing so, Pfizer would join more than a dozen other companies that have said they are making or considering such transactions since 2012.

    Read has said the tax benefits, the chance to avoid U.S. taxes on $70 billion in cash built up overseas and AstraZeneca’s promising cancer medicines are among the reasons Pfizer is pursuing the deal.

    The tax issue has sparked criticism from U.S. lawmakers, including Senator Ron Wyden, an Oregon Democrat and chairman of the Senate Finance Committee that oversees tax legislation. Wyden said he may take up a proposal that would make it harder for U.S. companies to shift their legal addresses to avoid taxes.

    A deal with AstraZeneca would help Pfizer add early-stage drugs that use the body’s own immune cells to recognize and attack tumors. Atop the list is MEDI4736, AstraZeneca’s immuno-oncology drug expected to compete with experimental therapies from drugmakers including Bristol-Myers Squibb Co., Merck & Co. and Roche Holding AG.

    British lawmakers earlier this month mobilized against Pfizer’s attempt, demanding Business Secretary Vince Cable secure assurances on jobs and research investment. Part of Pfizer’s pitch to British officials is that AstraZeneca is a global company and has substantial operations and people outside the country, said one of the people.

    About 40 percent of AstraZeneca’s revenue in 2013 came from North America, and more than 30 percent from outside of Europe, data compiled by Bloomberg show.

  • CBN, banks to raise agric sector loans to 7%

    CBN, banks to raise agric sector loans to 7%

    The Bankers’ Committee is targeting a loan growth of seven per cent to the agricultural sector of the economy by 2015, Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi has said.

    The Bankers’ Committee is an association of Managing Directors of Deposit Money Bank’s (DMB’s), top officials of the CBN, the Nigerian Deposit Insurance Corporation of Nigeria (NDIC). The group meets bi-monthly to discuss the state of banking sector and the economy. Credit to the agricultural sector rose from 1.6 per cent in 2009 to 3.7 per cent this year.

    A statement from the committee said the current figure indicates an increase of 85 per cent over the 1.6 per cent growth of the agricultural sector share of banks’ credit four years ago.

    Sanusi, who chairs the committee, said the group also expects credits to the sector to rise to five per cent next year. He assured Nigerians and other stakeholders in the sector to partner in promoting an efficient and stable economy for the country. He said part of the 2014 action plan of the committee would be to deliver price stability, financial stability, financial inclusion and economic growth.

    He also explained that the committee has revalidated its goals to include the modernisation of the payment system; shared services and infrastructure for the financial industry to reduce cost; increased funding of small and medium enterprises; agriculture; power and telecommunication sectors.

    Also, data obtained recently from the Bankers’ Committee showed that between July and November last year, the country’s lenders issued over N6 billion in credit guarantees to farmers. The average loan guaranteed was N397 million with a range of N4 million to N1.5 billion and average duration of 285 days. “It is anticipated that the Nigeria Incentive – based Risk Sharing System for Agricultural Lending (NIRSAL), collaboration between banks and counter-parties will push loans under guarantee in excess of N25 billion before the end of this year,” the CBN said.

    It said the increase has been linked to the N200 billion agriculture credit scheme and N600 billion NIRSAL fund, adding that the NIRSAL guarantees up to 75 per cent of bank loans to the sector. Sources said the regulator plans to spend an estimated $500 million to create further incentives for the banks to sustain the flow of agric credit.

    The NIRSAL initiative, which is the brainchild of the CBN, the Bankers’ Committee and the Federal Ministry of Agriculture & Rural Development (FMARD), seeks to create incentives and catalyse processes to encourage the growth of formal credit, direct and indirect, for the agriculture value chain, as a mechanism for driving wealth creation among value chain participants.

    According to the apex bank, NIRSAL is also expected to be a catalyst for innovative risk management strategies, long-term financing for agribusiness and significant job creation by new entrepreneurs.

    “The mandate of NIRSAL is to act as the custodian of all credit guarantee schemes, interest draw back schemes, and commercialisation initiatives related to an integrated value chain approach to agriculture and agribusiness in Nigeria,” the CBN said.

    Under NIRSAL, there are five pillars to be addressed by an estimated $500 million that will be invested by the CBN, according to the programme document.

    There is also a Risk-sharing Facility of $300 million, planned to address banks’ perception of high-risks in the sector by sharing losses on agricultural loans. There is equally an insurance Facility of $30 million intended to expand insurance products for agricultural lending from the current coverage to new products, such as weather index insurance, new variants of pest and disease insurance.

  • NEXIM to raise $60m for shipping line

    NEXIM to raise $60m for shipping line

    The Nigeria Export-Import Bank (NEXIM) will go to the capital market next month to raise about $60 million to fund the sub-regional shipping line – Sealink.

    The Sealink take-off is to get more speed because there is “a huge market for the initiative within the two regions of West and Central Africa, which have about 26 countries with a combined GDP of $619 billion and a consumer base of 440 million people”.

    NEXIM Bank’s Managing Director Roberts Orya spoke in Abuja when he hosted the Comptroller-General of the Nigerian Immigration Service (NIS), David Parradang.

    Orya noted that the gain expected from the project “is extremely huge and we believe that the primary advantages will come to Nigeria because we are the major trading partner”.

    The bank chief explained that when the shipping line comes on stream, two ships would be designated to carry cargo and passengers, since Nigerians prefer to accompany their goods rather than send them as cargoes.

    Orya said: “We hope that by the time all of this is set up, two of them are going to carry both passengers and human beings, because if you look at the way our people move, they want to follow their goods. We recognise that two of the routes we have designated will carry passengers and cargoes.”

    The bank chief noted that trade is less than 10 per cent among member-countries of ECOWAS, which have about 318 to 320 million people.

    He said: “Nigeria controls 170 million of that population. Even in the political and financial institutions owned by ECOWAS, Nigeria is a dominant trading partner. So, whatever we can do to ease trade within the sub-region, we are actually doing it for Nigeria. That is why we came out with that initiative.

    He said the initiative is completely the business of the private sector.

    Orya also sought the assistance of the Nigerian Immigration Services (NIS) to provide foreigners, who are investing in Nigeria, necessary technical expertise.

  • Governors to raise nine questions on economy

    Governors to raise nine questions on economy

    Governors are disturbed by the state of the economy, which has remained hazy to them.

    They are to raise nine issues on Thursday at the meeting of the National Economic Council (NEC), which has not been convened in the past three months.

    Many states have complained of being shortchanged in their monthly allocations. Some have been borrowing to pay their workers’ monthly wages, The Nation learnt at the weekend.

    Vice-President Namadi Sambo has summoned a NEC meeting, following the governors’ compliant that they are being kept in the dark about the economy’s health.

    The nine issues are:

    •Is it true that $50billion was unremitted to the Federation Account? Where is the money?

    •Is Nigeria is broke or not;

    •Why was the NEC consulted before 2014 Budget was presented to the National Assembly;

    •How much has Nigeria earned from its oil sales in 2013 and what percentage of the budget is funded by these receipts?

    •Is it really true that $5b is missing from Excess Crude Account

    •How much oil does Nigeria produce daily?

    •Is the benchmark price for oil in the 2013 budget is $79?

    •Is it a fact that crude oil was sold at prices that hovered about $110 per day throughout the year?

    Sections 18 and 19 of the 1999 Constitution states: “The Economic Council shall comprise the following members –

    (a) the Vice-President who shall be the Chairman;

    (b) the Governor of each State of the Federation; and

    (c) the Governor of the Central Bank of Nigeria established under the Central Bank of Nigeria Decree 1991 or any enactment replacing that Decree.

    “The National Economic Council shall have power to advise the President concerning the economic affairs of the Federation, and in particular on measures necessary for the co-ordination of the economic planning efforts or economic programmes of the various Governments of the Federation.”

    The governors have not been happy that the Presidency has kept NEC meeting in abeyance for about three months.

    According to sources, the governors had initially suspected that the delay in convening the meeting had to do with the Peoples Democratic Party (PDP) crisis, but they later discovered that it had to do with the state of the economy.

    A governor said: “We are really unhappy that the VP has refused to convene NEC meeting for three months running, which is in breach of the 1999 Constitution.

    “The excuse from the Presidency for shifting the meeting has been that there is no money in the treasury and it would not want the governors to take it to task on it.

    “Our position is that this is a constitutional breach because we are expected to meet monthly.”

    Another governor, who also pleaded not to be named, said: “It is so sad that the Presidency forwarded the 2014 Budget to the National Assembly without consulting the NEC. This is an aberration.

    “They refused to summon NEC meeting so that we will not raise questions.”

    It was gathered that following pressure from governors on the state of the nation’s economy, Sambo fixed a NEC meeting for Thursday.

    A governor said: “We got a belated notice to come for NEC meeting on Thursday. I am unhappy because we had longed for the meeting in the last three months.

    “However some of us have met and the NEC will enable us to ask nine questions from the Federal Government.

    “These nine questions include some of those Governor Rotimi Amaechi had put in the public domain.”

    Since September 23, states have been experiencing shortfall as the monthly Federal Allocation and Appropriation Committee (FAAC) was aborted twice because of lack of cash to share.

    Oil production has been between 1.9m and 2.2.m barrels per day instead of the projected 2.5m barrels per day.

    At a stage, Finance Minister Dr. Ngozi Okonjo-Iweala, said it was a bit difficult to pay state government allocations in full.

    But the Director-General of Budget Office, Mr. Bright Okogwu and his colleague, the Accountant-General of the Federation, Mr. Jonah Otunla, said: “Nigeria is not broke but it is having cash flow problems.”

    In Akwa Ibom State, the Commissioner for Finance, Mr. Bassey Akpan said the state government secured a loan of N80 billion from Standard Chartered Bank of London in order to meet its obligations.

    In Benue State, Teachers have been on strike in the last one month over non-payment of minimum wage.

    A senior government official in Kaduna State said last night that the shortfall was affecting government activities in the state ‘tremendously.”

    He said: “I must tell you that the shortfall is affecting us greatly. You know that there are so many things that are at a standstill at the moment. It is because of the shortfall that this is happening,

    “You see people don’t know what is happening and so it is easy for them to criticise from outside. But when you get into the system, you discover that things are different.

    “Actually, Edo State Governor Adams Oshiomhole has put the whole thing in proper perspective. The states are suffering from the shortfall. But it is easier for him to speak out because he is from the opposition. But things are not easy for us at all”.

    In spite of that, the aide said the government is trying its best to ensure that workers’ salaries are not affected.

    Kano State Commissioner for Budget and Planning Alhaji Yusuf Bello Dambata said the state had been taking ingenious action to beat the shortfall.

    “We are trying to meet our promises to the people by blocking leakages.

    “We’ve intensified internally generated revenue and cut cost of governance.

    An Akwa Ibom Government House source, who preferred anonymity, explained that the effects of shortage in allocation from the federal government is affecting urban local government areas where are more concentration of primary schools.

    According to him, in Uyo local government area, due to the large concentration of primary schools, after deducting salaries of the primary school teachers nothing is left to pay salaries of more than 600 members of staff.

    His words: “Presenting, Uyo local government area owes its members of staff two months salaries. That of October and November has not been paid. The workers are not even sure of getting December salary.”

    Lagos State Governor Babatunde Fashola faulted the distortion in revenue allocation.

    He said: “We expect that as a country, we cannot continue to have this distortion in revenue collection and projection where the largest source of revenue comes from a single item. What it simply means is that we use revenue from our Internally Generated Revenue (IGR) that we should have used to pay contractors to keep the public service going. So, that distorts so many things.”

  • 2014 budget: Reps raise Committee on MTEF

    2014 budget: Reps raise Committee on MTEF

    The Speaker of the House of Representatives. Aminu Tambuwal yesterday named a five-member Conference Committee on the2013-2015 Medium Term Expenditure Framework that would meet its Senate counterpart.

    The Committee is expected to resolve differences generated over the oil benchmark for the 2014 budget.

    While President Goodluck Jonathan proposed $74 oil benchmark, the Senate approved $76.5, while the House raised it to $79.

    Members of the Committee, include the Chairman, Finance Committee, Abdulmumin Jibrin. Chairman, Aids, Loans and Debt Management, Adeyinka Ajayi, Daniel Reyemeju Abdulrahman Terab and Fort Dike.

    The Speaker made the announcement after the House resolved to investigate the Nigerian National Petroleum Corporation (NNPC) over subsidy for Dual Purpose kerosine (DPK).

    House Committee on Petroleum Resources (Downstream) was mandated to conduct an investigative hearing to establish the actual amount spent on kerosine subsidy from 2910 to 2013.

  • Securities regulators raise concerns on market risks

    World capital market regulators have outlined key concerns and risks that will highlight the global market trend between now and 2014, in a proactive effort to identify and deal with risks and strengthen the systemic framework of the global securities market.

    In its maiden Securities Markets Risk Outlook 2013-2014 released yesterday, the International Organisation of Securities Commissions (IOSCO), highlighted important trends, vulnerabilities and risks in securities markets that may be of concern from a systemic perspective. IOSCO is the global body of securities regulators and its members regulate more than 95 per cent of the world’s securities markets.

    The report was a joint effort between the IOSCO Research Department and the Committee on Emerging Risks (CER), which is comprised of senior researchers, chief economists and risk officers of almost 30 securities markets regulators from around the world.

    The information and data for the report were drawn from extensive consultation with experts, industry and other market participants; a survey to regulators, industry and academics; roundtables; and robust data analysis and literature review, altogether underlining the robustness of the report.

    According to the IOSCO, the outlook, in its maiden edition, will now be published annually with the aim of providing securities regulators with the information they need to adopt a forward looking approach in dealing with potential vulnerabilities and risks to global securities markets and the global financial system as a whole.

    The report identified and dealt extensively with four main risks including the interest rate risk, collateral management risk, derivatives risk and emerging market capital risk.

    The report noted that expansionary monetary policies have reduced interest rates to the point that real rates are at times negative pointing out that while these policies may help stimulate the real economy, the spill-over effects may create potential risks for securities markets.

    According to the report, a search for yield is turning investors towards leverage products such as CDO´s and leveraged real estate investment funds.

    “In response to global policy requirements, demand from investment firms for high quality collateral has increased significantly. More generally, bank holding companies with over the counter (OTC) dealer operations must locate high-quality collateral to meet initial and variation margin requirements for their OTC trades. Additionally, central banks have been absorbing collateral to provide needed bank funding. This growing demand has altered the balance of collateral in the system, diminishing availability of high-quality collateral and could impact pricing,” it stated in reference to collateral management risks.

    The report indicated that the OTC derivatives markets have undergone significant reform since the financial crisis including the mandatory clearing of derivative contracts through central counterparties (CCPs).

    It however noted that while CCPs are designed to reduce systemic risk in the derivatives market by reducing counterparty risk, shifting the risk from bilateral OTC contracts to a single point of infrastructure is a challenging balancing act.

    The report outlined concerns about the capital flows of emerging market, which have experienced significant capital inflows in the post-crisis era.

    According to the report, debt securities and non-bank lending have overtaken foreign direct investment and banking lending as the main source of these capital inflows. After the announcement of the tapering of the expansionary monetary policies of the US Federal Reserves, a sudden reversal in capital inflow occurred, highlighting the need for further structural reforms aimed at making securities markets more resilient.

    Chairman, board of IOSCO, Greg Medcraft, presented the Outlook in London. Accompanying him were IOSCO Secretary General, David Wright, Vice-Chair of the Growth and Emerging Markets Committee, Bert Chanetsa, the Chair of the Committee on Emerging Risks, Carlos Tavares, and the Chair of the IOSCO Africa/Middle-East Regional Committee, Nigeria’s Arunma Oteh.

    Medcraft said the report was a great example of IOSCO being proactive, forward looking and ahead of the curve in assisting securities regulators to achieve its objectives of protecting investors, ensuring markets are fair, efficient and transparent and reducing systemic risk.

    “I would urge all IOSCO members and policy makers globally to carefully reflect on the outlook’s observations and understand – and act on – the implications of the trends and risks it identifies for their markets,” Medcraft said.