- SEC Approves New Reporting Guidelines on NSE
The Nigerian Stock Exchange has said the Securities and Exchange Commission has approved its new sustainability disclosure guidelines.
The NSE, in a statement on Wednesday, said the guidelines were in fulfilment of its desire to champion sustainable capital market practices in Africa.
It added that the new guidelines were expected to further deepen the role played by market operators and regulators in leading sustainability policies and regulations.
The statement read in part, “The guidelines primarily provide the value proposition for sustainability in the Nigerian context. It also articulates a step-by-step approach to integrating sustainability into organisations, indicators that should be considered when providing annual disclosure to the Exchange and timelines for such disclosures.
“The guidelines will become effective on January 1, 2019, and will be mandatory for companies listed on the premium board of the Exchange.
“Accounts to December 31, 2019 must be reported on or before March 30, 2020; accounts to February 28, 2020 must be reported on or before May 30, 2020; accounts to May 31, 2020 must be reported on or before August 29, 2020, and accounts to June 30, 2020 must be reported on or before September 28, 2020.”
The Chief Executive Officer, NSE, Oscar Onyema, said, “We are supporting the global agenda of green and sustainable finance, which is so critical for Africa.
“As the first Exchange to list a sovereign green bond in Africa, our issuance of these guidelines is to further enable investors to ascertain their exposure to Environmental, Social and Governance risks, while providing our issuers with a platform to disclose them along common themes for comparability.”
He encouraged peer exchanges to continue to enhance information disclosure in their markets, saying it would help build trust.
The Head, Corporate Communications, NSE, Olumide Orojimi, noted that the guidelines set out recommendations for good practices in 13 thematic areas under four core principles in ESG reporting.
He said, “With the launch of these guidelines, investors can look forward to a consistent approach to ESG reporting from issuers listed on the NSE.”
The statement added that as a member of the United Nations Sustainable Stock Exchanges initiative and the World Federation of Exchange, the NSE was committed to providing listed companies with guidance on sustainability reporting.
It said steps had been taken to demonstrate its commitment through a number of pre-implementation activities.
DSS Arrests EFCC, Acting Chairman, Magu
DSS Arrested Magu, the Acting Chairman of EFCC
The Department of State Services (DSS) has arrested the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, on allegation bordering on financial misappropriation, abuse of power and embesslement.
The Acting Chairman was accused of siphoning part of the money recovered from looters, a Punch reported stated.
The report stated “It was learnt that the security details to Magu put up a stiff resistance during the arrest of their principal, as they objected to the DSS move.
But he is now undergoing interrogation at the DSS Headquarters In Aso Drive.
This is happening barely two weeks after the Attorney-General of the Federation, Abubakar Malami (SAN) reportedly complained to the President, Major General Muhammadu Buhari (retd.) about Magu’s conduct and advised that he should be relieved of his appointment.
The AGF was said to have accused Magu of insubordination and discrepancies in the figures of funds recovered by the EFCC.
Again CBN Debits Banks N118 Billion for Failing to Meet CRR Target
CBN Debits Deposit Money Banks N118bn for Not Meeting CRR Target
The Central Bank of Nigeria (CBN) on Friday debited the nation’s deposit money banks a total sum of N118 billion for failing to meet 27.5 percent Cash Reserve Ratio (CRR) target.
This is the fourth of such action, bringing the total amount debited so far this year to N2.2 trillion.
According to Tunde Abidoye, an analyst at Lagos-based FBN Quest, the move brings “further downward pressure on banks liquidity ratios and earnings.”
“Based on the total sum that each bank has been debited this year, and our NIM assumptions for each bank, we estimate an aggregate opportunity cost of funds of N86bn for our universe of banks coverage,” Abidoye stated in a note to clients.
The central bank continues to debit banks to force them to loan more into the real sector and also reduce their forex purchasing power to better manage the nation’s weak foreign reserves and curb capital outflow. A series of recent reports have pointed to a possible foreign exchange devaluation to ease pressure on the nation’s reserves.
The report shows that the Stanbic IBTC and Guaranty Trust Bank were debited N15 billion each.
Debt Market: Dangote Cement Raises N250 Billion in H1, 2020
Dangote Cement Raises N250 Billion From Debt Market in H1 2020
Dangote Cement raised a total sum of N250 billion from the nation’s debt market in the first half of the year, according to the FMDQ Securities Exchange Limited.
In the statement published on the FMDQ website, the N250 billion debt includes the N100 billion Series 1 Bond raised under Dangote Cement’s N300 billion Bond Programme and the N150 billion Commercial Paper (Series 13-16 Domestic CP Issuance Programme) offered earlier in the year and now listed and quoted on FMDQ Securities.
Mr Michel Puchercos, the Chief Executive Officer, Dangote Cement, was quoted as saying, “This landmark transaction is the largest-ever bond issuance by a corporate issuer in Nigeria.
“It allows us to further broaden our sources of funding by accessing long-term debt at competitive costs from the capital market and builds further on the success of our domestic commercial paper programme.
“The success of these transactions, in the current challenging environment, illustrates investors’ continuous confidence in Dangote Cement’s strategy, strong cash generation and solid credit profile.”
Mr Kobby Bentsi-Enchill, the Executive Director and Head of Debt Capital Markets, Stanbic IBTC Capital Limited, said, “Stanbic IBTC Capital Limited has a long history of partnering with Dangote Cement Plc, and are delighted to have advised on this landmark corporate bond issuance, which reflects the depth and diversity of the Nigerian debt capital markets.”
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