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NGX Group Nets N1.84b as Employees Get Incentives

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Nigerian Exchange Group- Investors King

Nigerian Exchange Group (NGX Group) Plc recorded a net surplus after tax of N1.84 billion in 2020 as shareholders approved incentive and reward plans for employees of the company.

At the 60th annual general meeting (AGM) of the NGX Group yesterday in Abuja, the first AGM after the demutualisation of the defunct Nigerian Stock Exchange (NSE) to NGX Group, shareholders voted in support of major resolutions.

Shareholders approved proposals to introduce equity-based incentives to employees’ remuneration, including an Employee Share Ownership Plan and a Long-Term Incentive Plan, aligning the interests of internal stakeholders with those of shareholders in long term value creation.

The audited report and accounts of NGX Group for the year ended December 31, 2020 showed gross income of N6.02 billion and surplus after tax of N1.84 billion. Net asset grew by 10 per cent to N31.28 billion.

Group Chairman, Nigerian Exchange Group (NGX Group) Plc, Otunba Abimbola Ogunbanjo said the NGX Group has remained resilient as it continues to demonstrate consistent growth after over six decades.

“Despite the global pandemic and other economic shocks, it is indeed noteworthy that we have already begun to actualise the benefits of demutualisation including the alignment of stakeholders’ interests in the value created by the new group under a revised corporate governance framework,” Ogunbanjo said.

He said the approval of the new equity-based incentive schemes for employees were in line with the authority granted to directors by then members of NSE at an extraordinary general meeting conducted in March 2020 and in line with global best practices allowing the group to attract and retain the best talent.

“Today, I am more confident than ever that the group is well-positioned to deliver value to shareholders as we move into a new growth phase,” Ogunbanjo said.

Group Managing Director, Nigerian Exchange Group (NGX Group) Plc, Mr. Oscar Onyema said the 2020 results reflected the challenging macroeconomic and market conditions as well as operational resilience of the group.

According to him, in the context of COVID-19 pandemic, the group maintained tight cost controls, which reduced expenses by 13 per cent despite investments in technology that allowed it to operate remotely with zero downtime.

He added that NGX Group and its wholly owned subsidiaries – Nigerian Exchange Limited, NGX Regulation, and NGX Real Estate – continue to advance the realisation of its vision to be Africa’s leading integrated capital market infrastructure provider.

“As the group progresses its plans to list on Nigerian Exchange, we look forward to welcoming a broader group of investors to share in our journey,” Onyema said.

In addition to the re-election of the Non-Executive Directors who were retiring by rotation and the election of the members of the Audit Committee, shareholders also approved the proposed remuneration for the Board and non-executive members of the erstwhile National Council of the NSE.

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

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Capital Market

DLM Capital Group Redeems its ₦1.24bn Series 1, ₦1.01bn Series 2 and ₦1.27bn Series 3 Commercial Paper Issues

Prominent financial institution, DLM Capital Group, has announced the maturity and successful redemption of its ₦1.24bn Series 1, ₦1.01bn Series 2 and ₦1.27bn Series 3 Commercial Paper Issues under its ₦20 Billion Commercial Paper Issuance Programme.

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DLM Capital Group

Prominent financial institution, DLM Capital Group, has announced the maturity and successful redemption of its ₦1.24bn Series 1, ₦1.01bn Series 2 and ₦1.27bn Series 3 Commercial Paper Issues under its ₦20 Billion Commercial Paper Issuance Programme.

The ₦1.24bn Series 1, ₦1.01bn Series 2 and ₦1.27bn Series 3 Commercial Papers which were all issued via and quoted on the FMDQ Securities Exchange; matured on the 31st May 2022, 29th August, 2022, and 12th August 2022 respectively. In line with best practice, the FMDQ has been informed of these redemptions.

With a successful outing, the three Series garnered investments from a variety of investors ranging from Pension Fund Administrators, Asset Managers, Insurance companies and Banks.

Commenting on the successful redemption, the GCEO of DLM Capital Group, Mr. Sonnie B. Ayere, said, “We are pleased to have fully repaid all the investors in the Series 1, Series 2 and Series 3 CP issuances. We thank all our investors for their participation and reiterate our commitment to being a counterparty that can be relied on for the long term; we have been around for 13 years, and we will continue to contribute our quota to Nigeria’s development”.

He further added that “these redemptions reflect DLM’s capacity to meet its financial obligations as at when due and we intend to remain an active issuer in the commercial paper market.”

The Group comprises of the following businesses: retail banking via our digital channel SoFRI, consumer & business lending, asset management, investment banking, trustees, securities trading and foreign exchange.

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Facebook, Apple, Others Lose Big in Market Value

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Stock - Investors King

The global financial market rout has plunged the value of the world’s largest technology companies by over $1 trillion in the last three trading days. This was after the Federal Reserve raised interest rates by 0.25% last week, below the 0.75% projected by experts.

The Federal Reserve had attributed its decision to a series of global uncertainties due to the Russia-Ukraine war and extended COVID-19 restrictions in China, the world’s second-largest economy. These were a few of the uncertainties predicted by a global investment bank, Deutsche Bank to plunge the U.S and the rest of the world into a recession by 2023.

Concerns over projected recession have led to a broad-based selloff in risk assets across the world.

“When risk assets fall and fall fast enough, there’s no question they’re going to hurt growth,” said LaVorgna, who was chief economist for the National Economic Council under former President Donald Trump. “If anything, the relationship is even better when asset prices decline than when they go up.”

Apple Inc, the world’s most capitalised company shed $200 billion in the last three trading days.

While Microsoft lost $189 billion in market value. Tesla, Amazon, Alphabet, Nvidia and Meta (Facebook) lost $199 billion, $173 billion, $123 billion, $85 and $70 billion, respectively.

In only three trading sessions the “Stocks at large have sold off since the Federal Reserve raised its benchmark interest rate on Wednesday, but technology has endured more pain than other sectors of the economy.”

 

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Capital Market

MTN Nigeria to Raise N150 Billion via Commercial Paper

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MTN Nigeria - Investors King

MTN Nigeria Communications Plc on Monday announced plans to raise N150 billion via Commercial Paper (CP) to diversify the company’s financing options.

The leading telecommunications company declared in a statement signed by Uto Ukpanah, Company Secretary for MTN Nigeria and obtained by Investors King.

Commercial paper is an unsecured, short-term debt issued by a company to finance short-term liabilities like payroll, accounts payable, inventories, etc. Maturities of most Commercial Paper range from a few weeks to months.

According to MTN Nigeria, the N150 billion would be raised in two tranches, Series 1 & 2 commercial paper.

Explaining the reasons for the new fundraising, the telecom company said it is part of its strategy to diversify financing options. The proposed funding rasing would be deployed towards working capital and general corporate purposes.

The new fundraising would be in addition to the N200 billion commercial paper issued in 4 series in 2021.

The statement reads “MTN Nigeria Communications Plc (MTN Nigeria or the Company) hereby notifies the Nigerian Exchange Limited and the investing public of its N150 billion Commercial Paper Programme. To this end, the Company proposes the issuance of Series 1 & 2 Commercial Paper (the “Issuance”) of up to N150 billion.

“MTN Nigeria had initiated and successfully concluded 4 series of issuances under its previous N200 billion Commercial paper shelf program.

“Further details on the issuance (as well as subsequent issuances) will be communicated to the market as the transaction(s) occur.”

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