By FESTUS OKOROMADU - The Securities and Exchange Commission (SEC) has accused the management of embattled Oando Plc outright disregard for laid down rules and regulations in its activities. The revelations are coming even as stakeholders await the outcome of the Forensic Audit of the company’s accounts. The allegations of the unwholesome practices perpetuated by the company are contained in a letter addressed to the group chief executive officer, Adewale Tinubu. The letter dated October 17, 2017, and titled, Re-Serious Concern To Corporate Governance Existence, Gross Abuse of Corporate Governance And Financial Mismanagement In Oando Plc” was signed by SEC’s Head, Legal Department, Mrs Braimoh Anastsia. SEC in the said letter alleged that Oando’s 2013 and 2014 Audited Financial statement contains misstatements arising from the OEPL transaction. “Following the structuring of the OEPL transaction in contravention of the ISA 2007, Oando Plc recorded a profit of about N6 Billion from the sale of OEPL that...

NSE Ends Q3 2017 With N765bn Gains

By OLUSHOLA BELLO, Lagos - Investments on the Nigerian Stock Exchange (NSE) has soared by N765 billion in the third quarter of the year ended September 29, 2017. Specifically, the NSE market capitalisation, which represents total value of shares on the Exchange, went up by N765 billion to N12.217 trillion at the close of trading on September 29, 2017, against N11.452 trillion at the end of June 30, 2017. Similarly, the NSE All Share Index, which measures the price movement of stocks traded on the Exchange, surged by 2,322.50 points or 7.01 per cent to 35,439.98 points at the close of business on September 29, 2017. Reviewing the sectoral indices for the period under review showed that all the indices closed positive except Oil and Gas, which declined by 13.10 per cent. NSE Consumer Good index led the gainers chart by 15.89 per cent, it was followed by the Banking index with a gain...
By OLUSHOLA BELLO, Lagos - The Nigerian equities market rebounded despite continued strong volatility, as the ASI closed higher to reverse previous week’s loss. Overall, the NSE All Share Index improved by 483.24 points or 1.38 per cent week-on-week to 35,488.81 points and the year-to-date return closed higher to 32.05 per cent. Likewise, market capitalisation gained N166 billion to close at N12.234 trillion. During the week, 128.5 million units of Guaranty Trust Bank were crossed between some offshore funds and local investors 107.5 million units were crossed at N39 and 21 million units were crossed at N38. Also, 57.2 million units of Access Bank were crossed at varying prices averaged at N9.78. Another notable development during the week was the opening for subscription of Union Bank of Nigeria Plc rights issue, wherein the bank intends to raise N49.7 billion with the issuance of 12.1 billion ordinary shares. Investors who had shares in...
BY FESTUS OKOROMADU, Abuja Nigeria yesterday got the approval of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non OPEC countries to extend its exemption crude production cut. The JMMC asserted that the country’s request to be allowed to stabilize its crude production level. It is believed that the position will enable the country to benefit from the rising stability in the price of the commodity in the global market in recent time. This more so as it is coming at a period when the price of crude oil is hovering around $57 per barrel. A statement issued by the ministry of Petroleum Resources in Abuja yesterday noted that at the end of the JMMC meeting in Vienna on Friday afternoon, the committee endorsed Nigeria’s position that the exemption granted it at the November 2016 Ministerial Conference and extended by the May Ministerial Conference should be sustained until it stabilizes its crude oil...
By OLUSHOLA BELLO, Lagos - The Nigerian equities market closed negative for the second consecutive week, as losses prevailed across most sectors. During the week, despite the impressive half year, results released by UBA and Access Bank, the All Share Index ended the week in the red, shed 274.10 points or 0.74 per cent to close at 36,646.46 points, reducing the year-to-date performance to 36.36 per cent. Similarly, market capitalisation fell by N95 billion to close at N12.631 trillion. The negative close last week was against the backdrop of sell-offs in large cap stocks including Dangote Cement, Wapco, Zenith Bank, Total and Unilever Nigeria. Performance across sectors was broadly bearish, with the Oil & Gas declined the most with a loss of 3.71 per cent on the back of sell-offs in Mobil, Conoil and Total. The Industrial Goods index followed with a decline of 3.31 per cent due to profit-taking in Dangote Cement...
Volume of shares traded on the Nigerian Stock Exchange (NSE) on Friday improved by 77.38 per cent as 422.45 million shares worth N3.25 billion were traded in 3,618 deals. The News Agency of Nigeria (NAN) reports that this was against 238.16 million shares valued at N5.49 billion traded in 4,162 deals on Thursday. Unity Kapital was the most active stock, accounting for 231.41 million shares worth N115.71 million. Access Bank had a turnover of 39.82 million shares valued at N403.34 million, while Fidelity Bank traded 17.15 million shares worth N22.35 million. Guaranty Trust Bank sold 11.94 million shares valued at N485.67 million, while Diamond Bank traded 9.55 million shares worth N11.52 million. The All-Share Index appreciation marginally by 70.60 points or 0.19 per cent to close at 36,646.46 against 36,575.86 achieved on Thursday. Similarly, the market capitalisation, which opened at N12.606 trillion, rose by N25 billion or 0.20 per cent to close at N12.631 trillion. International...
By Bukola Idowu, Lagos The Debt Management Office (DMO) has in the past five months raised N5.15 billion through federal government’s savings bond which it launched in March this year. This is even as it has set out to raise N135 billion through the FGN Bonds this month. In an offer circular issued yesterday, the DMO said the bond auction which will hold on August 23, 2017 will be reopening of the 14.50 per cent FGN July 2021, 16.2884 per cent March 2027 and 16.24399 per cent April 2037 bonds. It said it plans to raise N35 billion from the five year bond and N50 billion each from the 10 and 20 year bonds. Despite the rising yields on the FGN Savings Bond interest in the debt targeted at small scale retail, investors have been waning since its debut in March this year. From over N2 billion raised at its debut auction in March, the...
 by OLUSHOLA BELLO,   Activities on the equities market on the Nigerian Stock Exchange (NSE) for the seventh consecutive day, yesterday sustained bullish run with the All-Share Index (ASI) rising by 0.38 per cent to cross the 38,000 mark. In summary, the All Share Index gained 144.46 absolute points, representing a loss of 0.38 per cent to close at 38,144.02 points. Similarly, the market capitalisation increased by N50 billion,  to close at N13.147 trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle, Guinness, Presco, PZ Industries and Dangote Flour. Market breadth was negative, with 21 gainers versus 23 losers. Guinness recorded the highest price gain of 10.23 per cent, to close at N87.50 per share. Jaiz Bank followed with a gain of 10 per cent to close at 88 kobo, while Nahco gained 9.97 per cent,  to close at N3.75 per share. Dangote Flour appreciated ...