Nigeria’s third largest mobile telecom operator, Airtel Africa has announced plans to list its shares on the Nigerian Stock Exchange on Monday, July 8, 2019, after the exchange postponed the listing earlier scheduled for Friday.
The NSE said the secondary listing of Airtel Africa’s cross-border listing of 3.76 billion shares planned for Friday, had been postponed to ensure the telecoms company satisfy all the post NSE approval pre-requisites for listing on NSE.
The Nigerian Stock Exchange has announced the postponement of the earlier planned Cross-Border secondary listing of 3.758bn ordinary shares of Airtel Africa plc from the scheduled date of Friday, July 5, 2019.
According to a statement from NSE, the postponement was necessitated by the need to ensure that Airtel Africa meets all the post-NSE approval pre-requisites for listing on the local stock market.
“The Nigerian Stock Exchange announced that the planned Cross Border Secondary Listing of 3,758,151,504 ordinary shares of Airtel Africa Plc. (Company) has been postponed from the scheduled date of Friday, July 5, 2019.
“This postponement was necessitated by the need to ensure that the Company meets all the post NSE approval pre-requisites for listing on the NSE. However, the Facts Before the Listing event will hold as planned at 11.00 a.m. on Friday, July 5, 2019.”
The exchange did not specify a new listing date for Airtel but said the NSE will provide further communications on the issue when all the conditions for the listing in its market have been met.”
The telecommunications company planned to list at least 500 million shares on the Nigeria Stock Exchange with an initial offer of N363 per unit, becoming the second after MTN Nigeria listed 20 billion ordinary shares at N90 per unit
After shying away from Nigeria following the 2014 oil crash, investors started taking interest in the country again last year when the central bank introduced a special trading window for foreign portfolio investors.
The banking and pension sectors were the top-performing indexes of 2017, according to the Nigerian Stock Exchange in a year-end review posted on Twitter.
“The economy is not going to race away and have fantastic growth but the equity market is based on a lot of bad news and a lot of bad news is going away now,” said Paul Clark, a fund manager at Ashburton Investments.
“I think the risks have reduced significantly.”
Nigeria’s GDP is set to grow by 2.1 per cent in 2018, according to the International Monetary Fund.
On Tuesday, the latest data from the National Bureau of Statistics showed that annual inflation slowed for the 11th month in a row in December to 15.4 percent.
The central bank has said it wants to cut its benchmark rate from 14 per cent if inflation continues to fall.
The Nigerian Stock Exchange has suspended trading in seventeen companies for failing to file their various financial statements as at when due.
The suspended companies are African Alliance Insurance, Equity Assurance, Fortis Microfinance Bank, Guinea Insurance, Premier Paints, Resort Savings & Loans, Sovereign Trust Insurance and African Paints Nigeria.
Others are Aso Savings & Loans, Ekocorp, Evans Medical, Goldlink Insurance, Great Nigeria Insurance, Omatek Ventures Union Dicon Salt, Union Homes Savings & Loans And Universal Insurance Company.
The suspension took effect on Wednesday, July 5, 2017, and will continue until the companies submit the relevant accounts.
The legislative framework that will allow the Nigerian Stock Exchange transform from an organisation limited by guarantee into a new one limited by shares has passed a second reading at the House of Representatives.
Leading the debate at the Lower House, Honourable Tajudeen Yusuf explained that the transformation of the Stock Exchange into a public liability company will improve liquidity, promote competitiveness and engender good corporate governance.
The Speaker of the House, Yakubu Dogara, has, therefore, referred the Stock Exchange bill to the House Committee on capital markets and other institutions for further legislative action.
The NSE started its demutualisation journey in 2001 but has gained more traction in the past few years.
The Bureau of Public Enterprises (BPE) says privatised government entities are to be listed on the Nigerian Stock Exchange, although it has raised concerns on the stability and the prospects of realising good value for the firms via listing.
The BPE Director General, Mr Alex Okoh said this when he received members of the Nigerian Stock Exchange technical committee on new listings.
The NSE new listings committee was in Abuja to seek collaboration with the BPE to increase the number of listings on the stock exchange via privatisation.
Mr Okoh told the committee that the BPE’s reform structure and privatisation process envisages the listing of privatised enterprises as their final outcome.
Nigeria’s leading broadcaster, Channels Television, on Wednesday, closed trading at the Nigerian Stock Exchange.
This was part of a week-long line up of events to celebrate the station’s 21st anniversary.
Channels Television began the daily reportage of the domestic stock market and the entire financial markets in April 1996, just about a year after it started operations.
Over the past two decades, the broadcaster has been an integral part of Nigeria’s market evolution, and development, covering the automation of the stock market, the banking sector, and the ongoing transformation of the entire financial system.
The closing gong was sounded by the Chairman of the Channels Media Group, Mr John Momoh, at 2:30 pm.
Mr John Momoh in his address of welcome, said, “today is a great day for us. It is a very significant day in the sense that it is serving as a pivot for the celebration of our 21st anniversary”.
According to him, “it is the first time on this stage, not the first time on the floor, I have been here 20 years ago, in 1996.
“It is more like déjà vu for me.”
He went on to assure the Nigerian Stock Exchange of continued partnership in order to realise the kind of economy that the nation envisions.
CEO Nigerian Stock Exchange, Oscar Onyema, also congratulated the management and staff of Channels Television for its efforts over the years and for emerging as the best Television Station for the year, for over 10 years.
The Federal Government is determined to encourage more companies to list on the Nigerian Stock Exchange (NSE).
This is coming from the Vice President, Yemi Osinbajo during his visit to the Nigerian Stock Exchange, on Friday.
On the plan to tackle the economic challenges, the Vice President said that there is need to partner with the broker-dealer community.
“As you know, several major companies have already indicated that they want to be listed on the stock exchange.
“I think for privatized companies, because they are privatised, the decision is not necessarily the decision of government, it has to be the decision of the new owners,” the Vice President told newsmen.
Meanwhile, despite the Vice President’s visit to the Nigerian stock market, the key index ended the week in the red amidst tight system liquidity as bearish sentiment dominated activities.
The all share index tumbled by 3% to finish at 26,170.88 with a market capitalization of 9 trillion naira.
Investors exchanged 2.84 billion shares, valued at 7.42 billion naira in 16,065 deals.
The financial services industry led the activity chart with 2.63 billion shares, contributing 92.48 percent to the total equity turnover volume.
36 equities depreciated in price and top on that list was CCNN with 14.34%.
Air service led 17 other price gainers for the week.
Standard Alliance Insurance, Chams and GTBank accounted for 81.16% or volume traded during the week.
Economic experts are meeting at the National Institute for Policy and Strategic Studies, Kuru in Jos, north central Nigeria to discuss and proffer solutions to the economic recession with a view on the immediate, short and long time recipes.
The three-day think-tank conference is looking at recession to recovery and growth with discussions on policy options for the Nigerian economy with experts from the organised business and the academia as discussants.
Eminent economists, policy analysts, corporate leaders in the banking and financial sector, the academia, civil society as well as captains of industry and parliamentarians are brainstorming on the theme: ‘From Recession to Recovery and Growth: Policy Options for The Nigerian Economy’.
Setting the tone for discussants at the conference, Chairman, Senate Committee On Governmental Affairs and chairman of the occasion, Senator Tijani Kaura, challenged the gathering to come out with practicable solutions that will take the country out of the economic woods and proffer policies that will make the economy to be buoyant again.
A former deputy governor of the Central Bank, Dr Obadiah Mailafia; the Head of Economics Department at the University of Nigeria, Nsukka, Prof. Stella Madueme and the Executive Director of Capital Markets in the Nigerian Stock Exchange, Haruna Jalo-Waziri also gave recommendations on what should be done in revamping the economy.
The experts appealed to the federal government to harmonise and coordinate various agencies and suggestions being proffered in addressing the economic recession in the country including the outcome of the conference that is ongoing.