#EndSARS Plunges The Nigerian Stock Exchange by N113bn
The Nigerian Stock Exchange erased N113 billion in market value as the uncertainty surrounding #EndSARS agitation and government clampdown that reportedly claimed the lives of peaceful protesters at the Lekki Toll Gate weighed on investors sentiment.
Investors traded 326.58 million shares in 4,367 transactions during the trading hours of the day.
The Exchange closed in the red as 34 stocks led by Royal Exchange closed the trading session in the red.
The All-Share Index depreciated by 216.333 basis points or 0.75 percent from 28,665.82 bps recorded on Tuesday to settle at 28,449.49 bps on Wednesday while the market capitalisation of listed stocks dipped by N113 billion to N14.87 trillion, down from N14.98 trillion it closed on Tuesday.
Economic uncertainty ahead of likely third-quarter recession continued to hurt the Nigerian Stock Exchange, especially with the ongoing social unrest that has grounded business activities in the commercial capital of the nation, Lagos State.
The executive governor of the state, Babajide Sanwo-Olu, had imposed a 24-hour curfew on all parts of the state to curb the activities of criminals using peaceful protest to loot and destroy properties in the state.
However, the increase in unrest is expected to negatively impact on the nation’s foreign direct investment and COVID-19 recovery.
Further breakdown of Wednesday’s trading activities revealed that Wapic Insurance Plc led the gainers’ chart with a gain of 10 percent to settle at 44 kobo a unit share while Portland Paints Plc recorded 2.50 per cent gain to close at N2.05 as share.
UAC Property Plc came third with 1.23 percent to close at 82 kobo per share.
On the other hand, Royal Exchange Plc led losers’ table with 8 percent decline to close the day at 23 kobo as share while Neimeth Pharmaceuticals Plc followed with 757 percent to settle at N1.71 per share.
Union Dicon Plc came third at 7.41 per cent to close at 25 kobo per share.
Okey Nwuke, Access Bank Non-Executive Director, Purchases 1.3 Million Shares in the Bank
Dr. Okey Nwuke, a non-executive director in Access Bank, has purchased 1.3 million shares of Access Bank, according to the latest disclosure filing from the bank.
Nwuke bought 1.3 million shares at N7.45 a unit on May 5, 2021 at the Nigerian Stock Exchange (NSE).
Dr. Nwuke has over 28 years’ experience in finance and corporate governance working with top corporates and leading commercial banks in Nigeria. He is a Fellow of both the Institute of Chartered Accountants of Nigeria and Chartered Institute of Taxation of Nigeria, an honorary member of Chartered Institute of Bankers of Nigeria and a member of Business Recovery and Insolvency Practitioners.
He has garnered considerable expertise in credit analysis and bank financial management through professional training as a Chartered Accountant, from relevant training programmes as well as on the job training. He was an Executive Director in Access Bank from 2004 to 2013 and served as the Chairman of the Board of Directors of the Bank’s subsidiaries in Rwanda and Burundi. Dr. Nwuke was a pioneer Non-Executive Director of Stanbic IBTC Pension Managers Limited representing Access Bank.
Dr. Nwuke’s key competencies include finance, strategy development and execution, organizational restructuring and transformation, leadership and change management. He joined the Board of Coscharis Group in August 2014 and is currently responsible for the strategic drive to position it for sustainability. He currently chairs the Shareholders’ Audit Committee of NASCON Plc and sits on the Boards of Access Pension Fund Custodian Limited, First Ally Asset Management Limited, Claritus Limited and Simply Gifts and Interiors Limited.
He holds a B.Sc. Degree in Accountancy from University of Nigeria, Nsukka and an MBA (Distinction) in International Banking and Finance from the Birmingham Business School, United Kingdom. Dr. Nwuke holds a Doctorate Degree in Business Administration (DBA) from Walden University, Minnesota, USA with a research focus on leadership transition challenges in family businesses. He has been exposed to several leadership and professional development programmes at renowned institutions including Harvard Business School, Boston (AMP 175), Wharton Business School, Pennsylvania (both in U.S.A), INSEAD and IMD.
He joined the Board in November 2019 and currently chairs the Board Credit and Finance Committee. He is also the Vice-Chairman of the Board Technical Committee on Retail Expansion.
MTN Nigeria Completes Issuance of N110 Billion Series I Fixed Rate Bonds
MTN Nigeria Communications Plc (MTN Nigeria) has completed the issuance of N110,001,000,000 Series I 7-Year 13.0 percent Fixed Rate Bonds due 2028 (Series I Bond) under the N200,000,000,000 Bond Issuance Programme.
MTN Nigeria had initially indicated the intention to raise N100 billion in Series I of the registered Shelf Programme.
The Series I Bond is the largest corporate bond issuance in the debt capital markets thus far in 2021 and MTN Nigeria’s debut in the domestic bond market, the Company having established a strong presence in Commercial Paper issuances.
The Book Build process in respect of the transaction launched on 9 April 2021 and was completed on 16 April 2021. The transaction was well received with active participation from a wide range of high value and quality investors including pension funds, fund managers, banks, insurance companies, trustees, corporates, and high net worth individuals. The total value of orders received during the Book Build was N132,151,000,000, representing a 1.32 times oversubscription of the intended N100,000,000,000 issuance. The issue was launched at a clearing coupon of 13.0 percent with N110,001,000,000 in qualified bids.
The Series I Bond Issuance further reinforces MTN Nigeria’s strategy of diversifying its funding sources and reflects its market leadership and strong credit quality, as well as the resilience of the domestic debt capital market. The net proceeds will partly be used to refinance existing debt and support the rollout of critical network infrastructure.
Commenting on the bond issuance, Karl Toriola, Chief Executive Officer of MTN Nigeria, said “We are very proud of this landmark transaction, which is the first-ever telco bond issued in Nigeria and the largest corporate bond issuance this year. The domestic debt capital market has given us the opportunity to further diversify our funding sources and extend the maturity of our debt portfolio and profile to match investment in infrastructure. The strong support for this transaction, given the challenging environment, is a reflection of the depth of the market, and investor confidence in MTN Nigeria’s long-term strategy, our management team, and the overall telecoms industry”.
Chapel Hill Denham Advisory Limited acted as the Lead Issuing House while Stanbic IBTC Capital, DLM Advisory, FCMB Capital Markets, FBNQuest Merchant Bank, Rand Merchant Bank, and Vetiva Capital Management acted as Join Issuing Houses.
Seplat Announces Currency Exchange Rates for Proposed Final Dividend for 2020
Seplat Petroleum Development Company Plc, a leading Nigerian independent oil and gas company listed on both the Nigerian Exchange Limited and London Stock Exchange, today confirms that the following currency exchange rates will be applicable in the determination of the proposed final dividend for 2020 to any shareholder that qualifies for and has elected to receive the dividend payment in Naira or GBP:
1 USD = 410.24 Naira
1 USD = 0.7197 GBP
The exchange rate for the Naira or Pound Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 30th April 2021.
The closing date for Dividend currency election to the Company’s Registrars is 18th May 2021. In the absence of a qualifying Dividend currency election by shareholders to the appropriate Registrar, dividends will be paid in their default currency. Shareholders should refer to the Company’s announcement on 1st March 2021 for definition of default currencies and dividend currency election forms can be found on the company website at https://seplatpetroleum.com/investors/dividend.
Ripple Sees Another Victory As Court Orders SEC to Give Ripple Internal Documents on XRP, Bitcoin, Ether
Ahead of Elon Musk SNL Skit Dogecoin Sets Another All-Time High Within 3 Days
WHO Approves COVID-19 Vaccine Made by Sinopharm in China
News3 weeks ago
COVID-19: Nirsal Microfinance Bank (NMFB) Loan – Covid19.nmfb.com.ng
Education4 weeks ago
2021 WASSCE To Hold August/ September
Fintech4 weeks ago
Trove, Bamboo Assure Nigerian Investors Assets Are Safe Following SEC Warning
Government4 weeks ago
COVAX Delivered 38m Vaccine Doses To Over 100 Countries, Says WHO
Cryptocurrency4 weeks ago
Cryptocurrency Traders Can Now Trade Stocks on Binance
E-commerce4 weeks ago
China Fines Alibaba Record $2.8 Billion After Monopoly Probe
Social Media4 weeks ago
Lack of Basic Amenities, Unclear Growth Policy Force Twitter to Ghana, Builds Headquarters in Ghana
Cryptocurrency4 weeks ago
Rap Icon Nas Could Net $100M When Coinbase Lists on Nasdaq