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Stock Market: FG to Partner NSE, Others to Drive New Listings

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Motor Insurance
  • Stock Market: FG to Partner NSE, Others to Drive New Listings

The Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah, has said the Federal Government will work closely with the Nigerian Stock Exchange and key stakeholders in the capital market to create an enabling environment for companies, in a bid to encourage listings.

Enelamah noted that the country was in need of a robust partnership between the government and the private sector in order to realise the dreams of creating a robust economy that citizens aspire to see.

According to him, to do that, the government needs a partnership with the private sector.

Enelamah noted that the role of the private sector could not be overemphasised, saying, “Private sector and the businesses are the constant partners in relationships; governments come and go, but the businesses remain. We need to make sure that we will survive several administrations.

“The second part has to do with the role of the stock exchange; we clearly need to raise large amounts of capital to industrialise the country. In order to do it, the management of the NSE and other stockbrokers have invited us to work with them to raise the capital we need and we said that message will certainly be taken back to the administration; I believe in due course, we will do more with the stock exchange and the capital market.”

Enelamah added that the government, through the Presidential Enabling Business Environment Council, was working assiduously to improve the ease of doing business in the country and push the country up to the top 100 countries on the World Bank Ease of Doing Business Index in 2019.

According to him, a combination of all the strategies will improve the ease of doing business in the country.

Enelamah said, “The Nigerian Industrial Policies and Competitiveness Council, which is a partnership between the government and the private sector, is to deal with the critical infrastructure needs of the industrial sector.

“We also launched a ‘Project Made-In-Nigeria Meant for Export’ to provide industrial infrastructure in partnership with other financiers such as Africa Export-Import Bank, Bank of Industry, and Africa Development Bank, among others, to attract funding for industrialisation in Nigeria.

“Trade contributes about 20 per cent to Gross Domestic Product and service is about 50 per cent. But what is important is that we want to grow the part of the industry, which is manufacturing, currently at 10 per cent to 20 per cent, which will happen with all these initiatives.”

The Doyen of the Stock Exchange, Mr Yusuf Rasheed, urged the government to make better use of the stock exchange.

He said, “There is no economy without the capital market. I wonder why so much time is spent fighting at the National Assembly on how to finance the nation’s budget when the financing can be done at the capital market.

“We want the government to know that they can raise multiple amounts of the budget at the stock market and when they do that, we will begin to see the country move forward.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

Access Holdings Plc Plans $1.8 Billion Capital Raise

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Access bank

Access Holdings Plc, the parent company of Nigeria’s leading bank, Access Bank Plc, has unveiled ambitious plans for a $1.8 billion capital raise aimed at fueling its expansion efforts over the next four years.

The strategic move comes as Access sets its sights on becoming one of the largest lenders on the African continent.

During a conference call with investors in Lagos, executives outlined the company’s intention to raise $1.5 billion, or the naira equivalent, through the issuance of shares, bonds, or other financial instruments.

Also, Access aims to generate up to 365 billion naira ($257 million) by selling shares to existing investors.

Bolaji Agbede, acting group chief executive officer, clarified that the current fundraising initiative primarily involves a rights issue.

The capital infusion is earmarked to support Access’s ambitious growth plan, which commenced last year.

The bank intends to expand its footprint into new markets, including Morocco, Egypt, and the United States, as part of a broader strategy to double the share of assets outside its home market by 2027.

With operations spanning 22 countries, including the United Arab Emirates and the UK, Access Bank is positioning itself for significant international growth.

The recent appointment of Bolaji Agbede as acting group CEO follows the passing of co-founder and former CEO, Herbert Wigwe, adding a layer of significance to the bank’s future direction.

Access’s acquisition of National Bank of Kenya Ltd. underscores its commitment to expanding its presence in East Africa’s largest economy.

As Access Bank charts its course for expansion, the $1.8 billion capital raise signals its determination to seize opportunities in a rapidly evolving financial landscape, both domestically and across the African continent.

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Finance

OPEC+ Production Cuts and Geopolitical Tensions Propel Oil Price to Over $87

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Crude oil - Investors King

Oil price surged past the $87 price level on Thursday on the back of production cuts by OPEC+ nations and escalating geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, rose by $1.39 or 1.6% to $87.48 a barrel, its highest level since October 27.

OPEC+, the alliance of major oil-producing nations, has remained resolute in its commitment to curtail output, effectively tightening the supply of crude in the market.

Despite calls for increased production to alleviate soaring prices, the alliance has opted to maintain its course, further buoying the market sentiment.

Simultaneously, geopolitical tensions have added fuel to the fire. Attacks on Russia’s energy infrastructure, particularly by Ukraine, have sparked concerns over potential disruptions to the global oil supply chain.

Despite diplomatic efforts to deter such actions, the situation remains precarious, contributing to market anxieties.

Analysts suggest that these price surges may have long-term implications for global economies, particularly for oil-importing nations heavily reliant on stable energy prices.

Furthermore, the impact of rising oil prices on inflation and consumer spending patterns remains a point of contention among economists and policymakers.

As the world watches with bated breath, the trajectory of oil prices hinges on a delicate balance between geopolitical developments, OPEC+ policies, and the broader economic landscape.

For now, the $87 threshold serves as a stark reminder of the volatility and interconnectedness inherent in the global energy markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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