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...
...SAYS REVOCATION OF NOVOTEL C OF O IN ORDER BY ANAYO ONUKWUGHA, The Peoples Democratic Party (PDP) in Rivers State, has berated the immediate past commissioner for Information and Communication, Dr. Austin Tam-George over his comments on the recent revocation of the Certificate of Occupancy of Novotel, Port Harcourt by Governor Ezebunwo Nyesom Wike. Tam-George, who resigned his appointment about two months ago, described the revocation of the Certificate of Occupancy of the hotel as disappointing and saddening.   But, Chairman of PDP in the state, Chief Felix Obuah, in a statement issued in Port Harcourt yesterday, accused the former commissioner of blackmailing Wike because of his quest for wealth and position in the All Progressives Congress (APC).   Obuah said, "The PDP, referring to a statement credited to the immediate past Commissioner for Information and Communication, Mr. Austin Tam George, still on this matter, in which he (George) described the Governor’s action as ‘unjustifiable’ and ‘irresponsible’,...
By FESTUS OKOROMADU, Abuja The group managing director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has stated that the corporation’s 2015 audited financial account will be completed by the end of this month while that of its financial year ended December 31, 2016 will be published by the year end. This according to the GMD is part of the efforts of the current management of the corporation under him to ensure that transparency and accountability become a way of life for management and staff of the national oil company. Dr. Baru who revealed this while hosting team of top management and auditors from the Office of the Auditor General for the Federation, (OAGF) led by the Auditor General for the Federation, (AGF) Mr. Anthony Ayine, who paid him a business visit to the NNPC Towers Abuja, on Thursday stated that the era of unpublished or accumulated NNPC audit...
By HANNAH ONI, Lagos Beta Glass Plc, Nigeria’s top glass maker, made N1.913 billion foreign exchange gain in 2016 owing to its consistent export sales focus to Cameroon, Cape Verde, Gambia, Ghana, Guinea, Liberia and Sierra Leone. The 2016 financial statement of the company released at its recent Annual General Meeting (AGM) shows that its 2016 revenue rose 20 per cent to N19.09 billion while profit after tax (PAT) surged 91 per cent to N3.79 billion. Speaking at AGM held recently in Lagos, Chairman of Beta Glass Plc, Abimbola Ogunbanjo, said, the company was the top performing stock on the Nigerian Stock Exchange (NSE), having gained 39.12 per cent year-to-date, outperforming all others, including the NSE All Share Index. “I should perhaps point out that your company was the top performing stock on the NSE having gained 39.12 per cent year-to-date outperforming all others, including the NSE All Share Index,” Ogunbanjo, who is...
The executive order issued recently by the presidency to engender ease of doing business in the country seems to be the shot-in-the-arm the Federal Airports Authority of Nigeria, FAAN has been waiting for to up its game in Abuja and Lagos international airports BY ANTHONY AWUNOR Exercising presidential authority, Acting President YemiOsinbajo, signed three executive orders on May 18, 2017. The three executive orders signed by the acting president are: the promotion of transparency and efficiency in the business environment, set to facilitate ease of doing business in Nigeria; support for local content in public procurement by the government and timely submission of annual budgetary estimates by all statutory and non-statutory agencies. Airports businesses fall majorly on the aspect of promotion of transparency and efficiency in the business environment, aimed at facilitating ease of doing business in the country. The management of the Federal Airports Authority of Nigeria (FAAN), as the...
Ten ships laden with petrol and other cargoes are waiting to berth in Lagos ports, the Nigerian Ports Authority (NPA) said on Thursday. The NPA disclosed this in its daily, “Shipping Position”, made available to the News Agency of Nigeria (NAN) in Lagos. It said that four of the vessels were waiting to berth with petrol, one had bulk fertiliser, while another carried bulk corn. NPA indicated that 29 other ships laden with petroleum products, food items and other goods would arrive at Apapa and Tin-Can Island Ports between Aug. 3 and Aug. 28. “The expected ships are carrying buck wheat, containers,  general cargoes, aviation fuel, base oil, bulk fertiliser, bulk corn, bulk sugar, fresh fish, bulk maize and petrol, ” NPA said. It also said that 24 other ships were already discharging general cargoes, bulk salt, buck wheat, bulk fertiliser, bulk corn, bulk gas, crude palm oil, frozen fish, petrol and container. (NAN)
Kayode Tokede, Lagos IPI Solutions Nigeria Limited, has been nominated and conferred with the “ELITE MEMBER” of the World Confederation of Businesses (WORLDCOB) in USA. With this major recognition, IPI Solutions will leverage on all the privileges and obligations entitled to “Elite Members” WORLDCOB. The recognition was given during the 2017 WORLDCOB conference (THE BIZZ 2017) held in Texas, USA. This achievement is a confirmation of IPI Solutions’ drive for business excellence, Quality management, Innovation and Creativity. The formal presentation will hold on November 15, 2017 in Dubai, United Arab Emirates. Congratulating IPI Solution Ltd on the award, The Chief Executive Officer of WORLDCOB, Mr. Jesus Moran said, “It will be an honor for us to present you with this major business award, THE BIZZ 2017, recognizing your history and the achievements that have set you apart as a company. It is part of our mission as an organization to acknowledge good business practices and promote examples...
By ABAH ADAH, Abuja Electricity Distribution Company (AEDC) has inaugurated a six-man Investigative Team set up to unravel the circumstances surrounding the electrical accident which occurred on Saturday, July 29, 2017 in Angwan Biri, a neighbourhood of Minna, the Niger State capital with a mandate to establish the root cause of the incident. A press statement issued by the head, Public Relations & Media of the Company, Ahmed Shekarau said a preliminary report on the incident showed that the binding wire of an 11Kv line got loose due to a windy condition and came into contact with the 415V red phase cable, thus sending high voltage which was alleged to have led to the unfortunate death of two people, while four others sustained injuries. Inaugurating the panel in Abuja, the director, Risk and Compliance, Engr. Collins Chabuka also used the opportunity to dismiss insinuations that 49 houses were affected in the incident...
…Highlights strategic road-map to market evolution By CHIMA AKWAJA,   Nigeria’s telecommunications company, 9mobile has reassured its customers and key stakeholders that the exit of its foreign partners would not affect the quality of its network or its ability to deliver excellent products and services. Emerging Markets Telecommunication Services (EMTS), which formerly traded as Etisalat Nigeria, is now 9mobile following the unveiling of a new brand identity last month. The change of name and logo was as a result of the exit of its erstwhile partners, the Emirate Telecommunications Corporation and Mubadala Development Company, both of the United Arab Emirates. Chief Executive Officer, 9mobile, Boye Olusanya, reassured the over 20 million subscribers on the network, industry regulator, the Nigerian Communications Commission and other stakeholders of the company’s continued commitment to the delivery of innovative and qualitative services. He added that the ongoing brand migration signified strong business continuity with the company’s vision, values...
Kaduna Electric Apologises For 2 Days Blackout in Gusau