Nigerian Stock Exchange Takes Public Offerings Online With X-PO Platform
The Nigerian Stock Exchange (NSE) has launched a new online platform for subscription of public offerings (POs) after a ‘No Objection’ letter was received from the Securities and Exchange Commission (SEC).
The new platform called X-PO is the first end-to-end online public offerings platform in Africa and designed to improve the experiences of stakeholders in the public offerings value chain by providing a more smarter and effective way of managing public offers in the Nigerian capital market.
According to the Exchange, the X-PO is a self-service portal that allows investors to conveniently subscribe and make payments for public offers through mobile (USSD) and the web. This new platform reduces the usual hassle attached to physical completion and submission of public offerings applications forms and going to the bank for payment.
Commenting on the X-PO platform Mr. Oscar N. Onyema, OON, the Chief Executive Officer, NSE, said, “The launch of the X-PO platform reinforces The Exchange’s commitment to revolutionise stakeholders’ experience in the Nigerian capital market leveraging technology. The X-PO has been designed to enhance the efficiency of PO subscription process and operational workflow to support Issuers in raising capital and enhance the reach of POs while promoting financial inclusion and retail investors’ participation in the market. Furthermore, X-PO will accelerate the reconciliation and allotment process for POs, as well as reduce the incidence of unclaimed dividends, thereby boosting investor confidence in the capital market.”
The Nigerian Stock Exchange will continue to innovate and adopt new technologies that will not only help businesses improve operational efficiency but also enhance corporate governance.
“The launch of the X-PO is particularly timely given the new normal occasioned by the COVID-19 pandemic. The platform’s sustainable approach affirms NSE’s commitment to deploying environmentally friendly business practices and promoting paperless public offer subscriptions. We have also taken into consideration the vital need for privacy and data protection, deploying the highest levels of security to ensure that stakeholders can enjoy a safe and secure digital public offering experience,” Mr. Onyema further stated.
He added that investors, registrars, issuing houses, brokers, banks, and regulators within the Nigerian capital market space can expect to enjoy a wide range of benefits from the new X-PO platform.
Cadbury Nigeria Profit Plunges by 84 Percent in 2020
Cadbury Nigeria Plc profit after tax plunged by 84 percent in the 2020 financial year to N172.665 million, down from N1.071 billion in 2019, according to the unaudited financial statements of the company.
The company revenue declined by 10 percent from N39.327 billion filed in 2019 to N35.407 billion in 2020.
Cost of sales improved by 4 percent from N31 billion in 2019 to N29.640 billion in 2020.
Cadbury’s results from operating activities declined by 91 percent from N1.354 billion in 2019 to N119.223 million in 2020.
Cadbury Nigeria Key Financial Highlights for 2020
- Profit before tax decreased by 84 percent from N1.539 billion achieved in 2019 to N246.665 million 2020.
- Profit for the year also contracted by 84 percent from N1.071 billion in 2019 to N172.665 million.
- Share capital remained unchanged at N939.101 million.
- Total equity declined by 5 percent to N12.877 billion in 2020 from N13.566 billion in 2019 year-on-year.
- Basic earnings per share also plunged by 84 percent from 57.01 to 9.19 per share.
DF Holdings Limited Buys 27.2 Million AIICO Shares Valued at N29.9 Million
DF Holdings Limited, a majority shareholder in AIICO Insurance Plc, purchased 27,174,309 shares of AIICO at N1.10 per share.
The company disclosed in a statement signed by Donald Kanu, Company Secretary, AIICO Insurance Plc.
DF Holdings Limited purchased the shares on December 9th, 2020 at the Nigerian Stock Exchange (NSE) trading floor.
The shares valued at N29.892 million. See the details below.
Emmanuel Nnorom and Family Members Aggressively Mop Up United Capital Shares
Top executives and relatives of United Capital Plc are scooping up the company’s shares aggressively, according to the last eight filings with the Nigerian Stock Exchange (NSE).
Peter Ashade/Artol Investment Company Limited, a related company, bought 1,054,295 units at N 5.29 per share on January 19, 2021. While Shedrack Onakpoma, the Group Chief Finance Officer, added 230,000 units to his existing stake at N 5.35 per share on the same day.
On January 22, 2021, Peter Oladele Ashade/ Artol Investment Company Limited, concluded another purchase of 1,330,613 units at N5.40 per share.
Florence Ihuoma Nnorom, the spouse of the director, Emmanuel Nnorom, bought 250,000 units at N4.52 per share on December 23, 2020.
Also, Miracle Chukwuemeka Nnorom, the son of Director, Emmanuel Nnorom, acquired 32,000 units at N5.42 per share on January 25, 2021.
Emmanuel Nnorom/Vine Foods Limited 2, director and a related company, purchased 1,000,000 units at N5.39 per share on January 25, 2021.
On January 26, 2021, Emmanuel Nnorom/Vine Foods Limited 2 added 500,000 at N5.53 per share to existing stake in the company. On the same day, Adeyemi Damilare Okunubi, operations officer, mopped 70 units at N5.45 per share.
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