Cititrust Financial Services, an investment firm, has said it has perfected arrangements to list by introduction on the Nigerian Stock Exchange before the end of the second quarter.
It also said it would make quality and significant contribution towards the growth of the economy, especially in the Small and Medium Scale Enterprises sub-sector.
A statement titled ‘Cititrust Financial Services affirms its support to SMEs in Nigeria’ on Sunday said this was despite the challenging economic and regulatory landscape.
The Country Chief Executive Officer, Cititrust Financial Services, Mr Ikechukwu Peter, said that the company’s decision to list on the exchange was to make its shares available to more Nigerians and to raise capital.
According to him, SMEs accounted for the majority of businesses worldwide and were significant contributors to job creation and global economic development.
He stated, “Also, they represent about 90 per cent of businesses and more than 50 per cent of employment worldwide.
“It is equally on record that formal SMEs contribute up to 40 per cent of Gross Domestic Product in emerging economies.”
Following the belief that creating avenues for business improvement, profitability and sustainability was important to the growth and advancement of any nation, Cititrust Financial Services assured it would unlock several opportunities for SMEs to thrive, he stated.
On growing the business, he said the company would also grow its balance sheet size of N36bn by 50 per cent before the end of 2021.
“We are also looking at growing our lending powers; we have a risk asset portfolio of about N12bn. We are also looking at growing that by another 50 per cent incrementally by the end of this year,” he said.
He said that the company was also making plans to migrate Living Trust Mortgage Bank from a state licensed mortgage bank to a national mortgage bank.
Peter said, “We are coming up with a programme through our Cititrust Academy on April 15, where people can learn the basics of business and be able to impact their operational lives as they move on.”
VFD Group Plc Receives SEC Clearance for its Proposed N4.13Billion Right Issue
Lagos-based proprietary investment company, VFD Group, has received clearance from the Securities & Exchange Commission (SEC) for the proposed right issue of 7,452,054 Ordinary Shares of 50 Kobo each at
N556 per share based on 1 share for every 16 shares held.
The proposed right issue was approved by the Board of Directors at its Extraordinary General Meeting (EGM) which held on 23rd November 2020. The capital raise is part of the long-term strategic plan of VFD Group to harness the opportunities in selected companies that meet VFD Group’s Investment criteria.
The Group Managing Director/CEO, Nonso Okpala, has expressed his gratitude to the regulatory body, SEC, for the clearance, while hinting on the next phase of the business.
“Our expansion drive has been a long time coming and with this clearance, one of our immediate first steps is the enhancement of our systems, and the integration of all our subsidiary offerings under a very effective and technological platform. We are focused on expanding further within the local financial services industry as well as on the African continent,” he disclosed.
VFD Group is a proprietary investment company that focuses on building positive and socially conscious ecosystems by aggregating potentially viable business with the objective of creating innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur.
VFD Group Plc was founded on the values of integrity and good governance, and built on the strength of innovation and network, the goal of VFD Group is to establish a firm foothold in various ecosystems on the continent through their subsidiary companies. VFD Group operates through various portfolio to provide innovative financial services – alternative funding and investment channels – that are accessible to individuals and small businesses that provide the following services: Financial Advisory, Currency Exchange, Debt services, Private Funds Management, Asset Management, Real Estate, International Remittance/ Settlement.
Listed Companies Gained 0.16 Percent on Friday
Companies listed on the Nigerian Stock Exchange (NSE) gained 0.16 percent on Friday to push the All-Share Index from 38,571.89 basis points on Thursday to 38,808.01 index points on Friday.
The Exchange market capitalisation rose to N20.310 trillion with investors trading 262.510 million shares valued at N2.438 billion in 3,525 deals.
Fidelity Bank led the most traded stocks in terms of volume with 46,151,809.00 shares valued at N110,562,441.03.
This was followed by First Bank of Nigeria Holdings’ 33,985,247.00 shares worth N258,398,231.05. See the details below.
NGX Regulation Publishes 2021 Supervision Priorities for Trading License Holders
NGX Regulation Limited (NGX RegCo), the independent regulatory arm of Nigerian Exchange Group, has published its supervision priorities for 2021 on Wednesday, 14 April 2021.
To ensure a fair and orderly market, the supervision priorities provide guidance to Trading License Holders (TLHs) of the Exchange, the investing public, and other stakeholders and are underpinned by business practices considered to be of market wide interest. The 2021 Supervision Priorities can be accessed here.
According to the Chief Executive Officer, NGX RegCo, Ms. Tinuade Awe, “The priority document provides an insight into the performance of TLHs with regards to previous areas of regulatory concerns and observed emerging trends. Some of these include the increased dependence of TLHs on virtual communication and trading channels occasioned by the COVID-19 pandemic, as well as new market trends as it relates to new laws, regulation, and rules. Our supervisory programs have, therefore, been reevaluated to introduce various initiatives designed to deal with the present challenges, including issuing statements, developing dialogue platforms for regulatory updates and providing assistance through regulatory arrangements that seek to cushion the financial and operational effects of regulatory activity on the businesses of our stakeholders as appropriate”.
This year, NGX RegCo will focus primarily on nineteen (19) areas of regulatory concerns organised into four (4) broad categories:
- Market Integrity
- Emerging Trends
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