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Nigerians in London Partner Lagos Professionals to Boost Investment



Oscar Onyema
  • Nigerians in London Partner Lagos Professionals to Boost Investment

A new initiative aimed at strengthening trade ties between Nigerian professionals in London and their counterparts in the country for better investment opportunities unfolded with the launch of Lagos Chapter of ‘Nigerians In The Square Mile’ (NISM).

NISM was established in 2008 to provide a networking forum for Nigerian bankers, lawyers, accountants and similar profession in Canary Wharf, Mayfair and the city of London, who are keen on how to attract investment from the diaspora to boost the nation’s economy.

Increased collaboration between the Nigeria in diaspora and the Lagos based professionals would help explore the potentials of the Nigerian diaspora in London to key into the investment initiatives in Nigeria, as well as attract more capital into the country.

The Chairman, NISM, Paul Onifade, while speaking at the launch of the initiative at the Nigerian Stock Exchange (NSE) on Wednesday in Lagos yesterday, explained that NISM is a convergence of Nigerians in London, working together to create a framework that would align London and Lagos markets.

Such affiliation, according to him, would create more trade opportunities for Nigeria and help the country to remain a hub for investment in the global market.

“The platform is an organisation of Nigerians in London, who work in influential sectors with outstanding professionals, who have been around for a while in the City of London.

“We came together as a networking organisation so that we can come up with solutions rather than looking at the problems in our country. “The idea of coming to Lagos is so that we can get the best brains in Nigeria and in London, working together strategically to come up with policies, frameworks that would move the country forward.

“As for our members, we have got quite a lot that we can offer, many of them are at the top of their career, they have worked with one of the leading organisations, the UPS, JP Morgan, and they worked at senior levels; directors, partners in KPMG, PWH Coopers and all the top institutions and we came together with this people and try to find solutions to the problem facing the nation’s economy.”

The Chief Executive Officer of the NSE, Oscar Onyema, said that NISM has consistently been at the forefront of promoting investment opportunities and development of the Nigerian economy.

Onyema, who is a patron of NISM expressed optimism that the movement would connect global expertise and resources with local energy for the accelerated development of the Nigerian economy.

“One of the hallmarks of NISM, which has received global recognition is professional excellence. When I reflect on how far NISM has gone and how much the Association has grown since 2008, I am most impressed. These successes were achieved through the dedication and hard work of many people such as the founders, leaders and members of this great Association.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


FBNQuest Mutual Funds returns 104%



FBNQuest Asset Management, a subsidiary of FBN Holdings, has held yearly general meetings for five mutual funds managed by the firm.

The funds are the FBN Balanced Fund, FBN Smart Beta Equity Fund, FBN Eurobond Fund, FBN Bond Fund and the FBN Money Market Fund.

The Fund Manager continues to deliver commendable results, as demonstrated by strong performance across all its funds.

The FBN Bond Fund was the best performing of the mutual funds, returning 104.20 per cent over five-year while its US Dollar fund, the FBN Eurobond, returned 48.43 per cent in US dollars over the same period.

The Managing Director of FBNQuest Asset Management, Ike Onyia, said: “Our strong performance track record is premised on the research capabilities, insights and experience of our portfolio management and research teams. Our mutual funds serve as useful investment options useful in formulating unique and value-adding investment strategies for various client segments. This is because our range of mutual funds cut across various asset classes including equities, bonds and money markets.”

“Our funds remain easily accessible, as our goal is to continue to drive financial inclusion and democratise wealth creation, by supporting the financiainclusion and democratise wealth creation, by supporting the financial security aspiration of investors” he added.

Increasingly, financial markets are becoming complex to navigate and as a result, it will not be out of place for investors to actively seek the inclusion of mutual funds in their investment portfolio, which will serve as the structured gateway to such markets. Seeking the help of experienced financial planners to assist you in establishing your risk tolerance levels and advise on suitable options is highly recommended.

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SEC Warns Against Proliferation of Unregistered Investment Platforms



The Securities and Exchange Commission (SEC) has warned the investing public to be wary of the proliferation of unregistered online investment and trading platforms facilitating access to trading in securities listed in foreign markets.

SEC’s warning was conveyed via a circular issued in Abuja, Thursday to capital market operators.

It advised the investing public to seek clarification as may be required via its established channels of communication on investment products.

The circular read: “The attention of the SEC has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign companies listed on securities exchanges registered in other jurisdictions.

“These platforms also claim to be operating in partnership with capital market operators (CMOs) registered with the Commission.”

The Commission categorically stated that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public.

Accordingly, the SEC notified CMOs who work in concert with the referenced online platforms of the Commission’s position and advised them to desist henceforth.

Public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums.

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SoftBank Reaps $33 Billion Coupang Windfall



SoftBank Group Corp on Thursday racked up a roughly $33 billion gain on paper through the public market debut of South Korea’s largest e-commerce company, Coupang Inc, the latest sign of a dramatic turnaround for its $100 billion Vision Fund.

Shares of Coupang opened 81% above their offer price on Thursday, after the company raised $4.6 billion in the U.S. stock market’s biggest initial public offering this year.

SoftBank paid around $3 billion for a 37% stake in the company, according to sources familiar with earlier fund-raising, giving it a roughly $33 billion headline profit if prices hold.

Coupang’s hugely successful stock market launch is welcome news for SoftBank, which is grappling with the collapse of billions of dollars worth of funds linked to Britain’s Greensill Capital, a supply chain finance start-up.

Vision Fund is Greensill’s biggest backer.

The Japanese conglomerate last month reported third-quarter net profit ballooned more than 20 times thanks to a recovery at the Vision Fund, a huge venture capital operation famous for investing early in Uber and other tech industry startup successes.

Only a year ago, SoftBank had been smarting from the flopped IPO and collapse in value of office sharing firm WeWork, raising questions over whether Chief Executive Officer Masayoshi Son had lost his midas touch and threatening plans to establish a successor to Vision.

The COVID-19 pandemic has also forced Son to sell assets but a second deal reported by Reuters on Thursday bodes well for VF II, a second, smaller fund.

The $225 million late-stage funding round for healthcare startup Forward Health was its first major investment this year, following a pickup in activity and the group’s fortunes in the second half of 2020.

The Vision Fund also made $11 billion on a blockbuster market launch of DoorDash Inc in December, which valued the food delivery company at more than $70 billion.

It also made gains on home seller Opendoor Technologies Inc’s initial offering in December.

The fund still holds large stakes in China’s biggest ride-hailing firm Didi, as well as Uber’s Southeast Asian rival Grab.

SoftBank is also trying to ride the mania for special purpose acquisition companies, launching a handful of blank-check firms this year, although none of them have found investment targets yet.

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