Demutualization of the Nigerian Stock Exchange (NSE) has been one lingering issue of controversy among stakeholders in the Nigerian capital market. But gradually, the change is coming to reality. In this piece, OLUSHOLA BELLO reports that stakeholders want a transparent process that will boost the confidence in the market The bill to allow change of ownership of the Nigerian Stock Exchange (NSE) has passed second reading in the House of Representatives. But the main concern of most stakeholders in the capital market community is the need for transparent demutualization process as this is the way forward for the growth of Exchange. Demutualization is transforming a stock exchange from being a self-regulatory organisation, with no shareholders, to a public company that is shareowner-based and profit-seeking. It allows the shares of an exchange to be quoted on its floor. Some stock markets have had to demutualize, as well as build alliances or consolidate...
BY YUSUF BABALOLA Inadequate funding and infrastructure deficit have been albatross to the development of Maritime Academy of Nigeria, Oron, Akwa Ibom State, to a world-class maritime institution The Maritime Academy of Nigeria (MAN), Oron is the foremost nautical college in Nigeria believed to have been set up to train Nigerian youths to become shipboard officers, ratings and shore-based management personnel. But, the academy which had trained about 4,300 Nigerian Merchant Navy officers since inception out of  50,000 seafarers that are needed for the Nigerian shipping industry to realise its full potential is living in the shadow of itself due to lack of proper funding. The academy apart from fee it charges cadets, get funding from 5 per cent of the three per cent freight levy from the Nigerian Maritime Administration and Safety Agency (NIMASA) which industry stakeholders said are not enough to fund a nautical college. However, the absence of proper funding...
By Kayode Tokede, Lagos The Central Bank of Nigeria (CBN) has said Manufacturing Purchasing Managers’ Index (PMI) increased by 1.2 basis points to 54.1 index points in July from 52.9 index points recorded in June. According to CBN, the increase in Manufacturing PMI, indicates expansion in the manufacturing sector for the fourth consecutive month. The CBN’s PMI survey report released yesterday noted that production in real subsectors like textile, cement, chemical and pharmaceutical products among others of the nation’s economy   continued to report growth in production while production in petroleum and coal products; fabricated metal products; furniture and related products; nonmetallic mineral products and plastics and rubber products declined. The PMI survey report by CBN revealed that production level index for the manufacturing sector grew for the fifth consecutive month in July 2017 to 59.3 points in July from 58.2 points recorded in June. According to the report, “The production level index...
by KAYODE TOKEDE, Lagos Zenith Bank Plc, Ecobank Transactional Incorporated Plc, and Guaranty Trust Bank Plc (GTBank) lead 13 others to emerge as best performing stocks in the banking sector in July. As at the close of trading on Monday, July 31, the stock price of ETI added 18.1 per cent or N2.25 per share to close at N16.50 from opening figure of N13.97. Similarly, prices of Zenith Bank and GTBank shares appreciated by 17.8 per cent and 12.1 per cent in July respectively. Price appreciation in banks leveraged Nigerian Stock Exchange Banking Index growth of about per cent from 397 basis points to 445.33 basis points in July, an increase of 12.2 per cent or 48.33 basis points. It implies that the NSE banking Index has appreciated by 63.3 per cent and 171.01 basis points in seven months from 274.32 basis points it opened for trading in 2017. Data collected by LEADERSHIP...
by OLUSHOLA BELLO, Lagos Oando Plc said it has achieved a profit- after- tax of N4.6 billion in its half year result for the period ended June 30, 2017. The company in its result released on the Nigerian Stock Exchange (NSE), showed that the profit- after-tax went up by 117 per cent to N4.6 billion from a loss- after- tax of N26.9 billion in H1, 2016. Reviewing the company’s result further showed that turnover increased by 26 per cent to N267.1 billion from N212.3 billion, gross profit increased by 76 per cent to N33.4 billion from N19 billion and  net finance costs more than halved to N16.4 billion from N35.3 billion. The company in a release to media, yesterday, said that, “The first half of 2017 has witnessed the country’s production levels steadily recovering to normalcy. This has largely been as a result of the containment of the Niger Delta unrest, and the...
In this report, MUYIWA OYINLOLA examines how the current effort to recall the senator representing Kogi West senatorial district, Dino Melaye, by his constituents, may have set the lawmakers and INEC on a war path. Perhaps the ongoing attempt to recall Senator Dino Melaye (Kogi West) is the most accelerated, the most celebrated, yet the most controversial of all past attempts to recall a lawmaker in recent history. From a feud between him and his state governor, Yahaya Bello, to series of allegations of either turning the hallowed chamber to a theatre of comedy or engaging in ‘unnecessary’ altercations with some of his colleagues, it was not so difficult for his constituents to gather the ‘required signatures’ to demand for his recall. Although a prolific lawmaker and one of the inner caucus members of Senate President Bukola Saraki in the Red chamber, the Independent National Electoral Commission (INEC), upon the receipt of...
By FESTUS OKOROMADU,   Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday said the federal government has suspended crude oil exploration in the Chad Basin until further notice. The announcement is coming on the heels of Tuesday’s attack of personnel of the Nigerian National Petroleum Corporation (NNPC), in Borno State by suspected members of the Boko Haram terrorist group. The Minister who disclosed this while addressing newsmen in Abuja yesterday stated that the Corporation would only resume production if it gets sufficient assurance and security clearance from the military authorities, guaranteeing the safety of its personnel and operations. Kachikwu was doubles as the Chairman of the NNPC Board, said, “Whether we will resume, obviously, will depend again on what security clearance is given. Certainly, we will not go back unless they give us clearance; just like we did not go in before they gave us clearance.  Provided they are sufficient...
 Abu Nmodu, Minna,  Central Bank of Nigeria (CBN) has rated the performance of Niger State high in the on-going  Anchor Borrower's Scheme of the apex bank. Even as 30, 000 farmers has benefited in the scheme so far. The bank attributed the success story of the scheme in the state to the commitment and political will accorded it by the governor, stressing that this commitment was responsible for the positive result being posted by the state in Rice production. A statement by the chief Press secretary to the Governor Jibrin Ndace   yesterday stated that the Controller of the Minna branch of the bank, Mr. Mashud Ibrahim Tulu gave this rating on Tuesday,  in a chat with newsmen after a  visit t Governor Abubakar Sani Bello in his office in Minna. Tulu said that over 30,000 farmers have so far benefited from the scheme. According to him, 12,000 farmers participated in the first planting season while additional...
The Minister of Information and Culture, Alhaji Lai Mohammed,  says the Federal Government will amend the Nigeria Broadcasting Commission (NBC) Code to compel brands to sponsor Nigeria Professional Football League (NPFL). The Minister made the assertion at the close of the “Two-Day Creative Industry Financing Conference’’, sponsored by the ministry in conjunction with “Think Tank Media and Advertising’’ which closed on Tuesday in Lagos. “We will amend the NBC code to ensure that our Premier League improves. “We will make sure that in the Code, if you spend one million dollars to support a foreign football club like Manchester United in Nigeria, you will not be allowed to air that programme unless you spend 30 per cent of that money to promote Nigeria’s league. “Some beverage companies in Nigeria support Manchester United (Man U), Arsenal and others and spend about six million dollars a year,’’ he said. “I then asked the question, how much...
BY Ruth Tene Natsa .....the federal government beats its chest over some milestones it recorded with the modified concessioning agreement with India-owned Global Infrastructure Nigeria Limited (GINL) on Itakpe Itakpe Iron Ore Company, storm still rages among industry watchers over the new deal ccording to the Nigeria Bureau of Statistics (NBS), Nigeria imports 20 million tons of steel and allied products per annum on the average. Based on the finding that dates back to 2011, Nigeria spends about N6 trillion on importations of steel products every year. In recent presentation by the technical assistant to the sole administrator, Ajaokuta Steel Company Limited(ASCL), Engr Suleiman Umar, “the country’s steel production, in spite of its huge capacity is placed at a negligible 100,000 mt per annum while Egypt and South Africa with similar technologies and smaller population figures are producing 5.5 and 6.4 million tons respectively.” Quoting World Steel (2015), Umar also said because...