The African Development Bank Group today signed a $400,000 grant agreement with the Securities and Exchange Commission of Nigeria to strengthen securities market regulation and broaden market instruments.

The funds will go towards strengthening the risk-based supervision framework, regulation of derivatives and green bonds, and build capacity for green finance. The grant will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the Bank.

“This collaboration further underscores our mutual goal to grow our markets and create viable avenues for sustainable economic development for Nigeria and the region,” said Lamido Yuguda, Director General of the Securities and Exchange Commission at the virtual signing ceremony.

The grant is aligned with the priorities of the Bank’s Country Strategy for Nigeria, which envisages measures to stimulate capital market development to unlock financial resources for productive sector investments, infrastructure development and private sector growth.

Lamin Barrow, Senior Director of the Bank’s Nigeria Country Department, noted the urgency of the implementation of the project.

“At a time when countries are striving to build back better from the ravages of the COVID-19 pandemic, improvement of the enabling regulatory and supervision framework will boost domestic resource mobilisation efforts and leverage private sector contributions to achieve a greener, more environmentally sustainable and inclusive post-pandemic recovery,” Barrow said.

Oscar Onyema, Chief Executive Officer of the Nigerian Stock Exchange, thanked the African Development Bank Group and the Securities and Exchange Commission “for this historic event and partnership, to build in-house capacity at SEC, the Nigerian Stock Exchange, issuers and investors in the sustainable finance space, which will help to meet climate finance commitments in Nigeria.”

The project will support the implementation of the SEC’s Nigeria Capital Market Master Plan 2015-2025 and its vision to position Nigeria’s capital market as a competitive and attractive destination for portfolio investments.

Ardova Plc Posts N2.06 Billion Profit After Tax in 2020

Ardova Plc, an indigenous energy group headquartered in Lagos, has declared N2.063 billion for the year ended December 31, 2020.

In the audited financial statements released on Thursday through the Nigerian Stock Exchange (NSE), the amount was 47.3 percent below the N3.915 billion posted in the same period of 2019.

The revenue of the energy company grew from N179.550 billion in 2019 to N181.664 billion in 2020. While the cost of sales inched slightly higher from N165.269 billion achieved in 2019 to N169.558 billion in 2020.

Gross profit stood at N12.107 billion, up from N11.282 billion recorded in 2019.

Profit before income tax moderated from N4.654 billion in 2019 to N3.199 billion in 2020.

Ardova posted N2.063 billion profit after tax in the period under review, down from N3.915 billion attained in 2019.

The company’s total assets stood at N62.443 billion as of December 31, 2020, up from N47.019 billion in 2019.

Nestle S.A Invests Another N2.99 Billion in Nestle Nigeria

A Swiss multinational food and drink processing conglomerate corporation headquartered in Vevey, Vaud, Switzerland, Nestle S.A has invested another N2.922 billion in Nestle Nigeria, according to the latest disclosure statement filed with the Nigerian Stock Exchange.

Nestle S.A, the majority shareholder in Nestle Nigeria, has been increasing its stake in Nestle Nigeria in the last two years.

On March 02, Nestle S.A purchased 1,980,370 shares at N1,348.94 a unit while on March 03, another 186,277 shares were acquired at N1,349.74 per share.

Bringing the total shares purchased to 2,166,647 at an average price of N1,349 per share. Meaning, Nestle S.A invested another N2.922 billion in Nestle Nigeria. See the details below.