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.
Telcoms giant MTN has said its listing on the Nigerian Stock Exchange is the subject of an enquiry by the Economic and Financial Crimes Commission.
MTN, which was listed on the Exchange last week, however, said it had not been accused of any wrongdoing by the EFCC.
According to a statement by the Company Secretary, MTN, Uto Ukpanah, which was posted on the NSE’s website, the telecoms giant received a letter from MTN on Thursday requesting information and documentation related to the listing of its shares.
Stressing that it has not been accused of wrongdoing, the company said, “We wish to reiterate that we received all regulatory approvals required to list our shares on the Nigerian Stock Exchange, as publicly confirmed by the Nigerians Stock Exchange and the Securities and Exchange Commission (SEC).
“As a law-abiding and responsible corporate citizen, we are co-operating fully with the authorities. We are committed to good governance and to abiding by the extant laws of the Federal Republic of Nigeria.”
According to Acting Director General of SEC, Ms. Mary Uduk, “MTN sought to come to the market by way of an introduction and they wrote to the SEC last week requesting for approval to register its existing shares. That approval has now been granted”.
The statement informed that SEC had received an application from MTN requesting registration of their existing securities.
Nigeria’s stock market closed the third week of December up by 0.22 percent on Friday, after starting off with profit taking in two sessions and recovery in three sessions.
Four key sectors of the NSE also closed positive, while selloffs pulled the consumer goods sector back by 1.37 percent.
Compared with last week, the market recorded a higher total volume turnover Of 2.24 billion shares, traded for 139.78 billion naira in 18,466 transactions.
Stocks in the financial services, industrial goods and the conglomerates’ industry had the most volume while the shares of Transcorp, Dangote cement and AIICO group were the most actively traded equities for the week.
The stock market is closed for Christmas and Boxing Day and will resume trading on December the 27th.
The Borno State government has said that it is focused and committed to turning around the education sector as robust policies and programme aimed at resuscitating and revamping the industry.
Governor Kashim Shettima stated this while commissioning Maisandari Academic Model Nursery and Primary School constructed by the Nigerian Stock Exchange with the support of Bridge International Academy Commissioning the school.
The Governor said the government is reconstructing schools destroyed by insurgents and rebuilding a new Mega school in Maiduguri to accommodate displaced school children.
The model nursery and primary school cited at the middle of the host community which will go a long way in complementing the government’s effort in providing basic education structures and facilitate where necessary.
The Chief Executive officer Of the Nigerian Stock Exchange, Oscar Onyema said as a part of their social responsibility the NSE strategy of transforming lives and communities is anchored on four pillars of community workplace market and the environment.
Dr Onyema said the number of children out of school especially in the North East according to UNESCO and other parts are very alarming, hence the decision to contribute their quota towards addressing the problem adding that the project consists of two blocks of classrooms to accommodate about 330 pupils, staff room, security office among others.
The NSE President Abimbola Ogunbayo said construction of the school is just the beginning as more of such support will come in the future.
Nigeria’s Debt Management Office (DMO) will on June 13 commence a ten-day roadshow in the United States, UK and Switzerland, for the country’s first diaspora bond of 300 million dollars.
The debt office has filed a registration statement for the bonds with the U.S. Securities and Exchange Commission.
The DMO said an application would be made for the bonds to be admitted to the official list of the UK Listing Authority and the London Stock Exchange to ensure that the bonds were admitted to trading on the London Stock Exchange’s regulated market.
The debt office, however, expects pricing for the bonds to occur following the investor meetings and subject to market conditions.
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 stock market rebounded this week with the all share index reaching a 10-month high, following improved stability and liquidity in the currency space and stability in the macro environment, as the MPC, left key parameters unchanged.
The key index added 3.38 percent to close at 29,064.52, boosted by Friday’s gain of 2.10 percent.
The banking index recorded the largest gain, owing to demand for the shares of Gtbank, Zenith Bank And Stanbic IBTC.
Market breadth remained positive, with 41 gainers topped by UAC-Property with 25.88 percent versus 25 losers led by Cadbury with 11.55 percent.
Total volume traded declined by 17.35 percent to 1.88 billion shares, with Diamond Bank, Access, and Zenith Bank accounting for 42.60 percent of the market volume.
The value of trades also reduced by 18.92 percent to N20.05 billion.
The Ekiti State Governor, Ayodele Fayose, has accused the Federal Government of using the anti-corruption war as a tool to cripple the opposition political parties.
Governor Fayose was reacting to the cash discovery at an apartment in Osborne towers in Ikoyi, Lagos state, by the Economic and Financial Crimes, Commission (EFCC).
The governor questioned the recovery, while urging the government to declare the owner of the money.
“If the President is not aware, the EFCC is not aware, the NSE is not aware, then there is more to it. I want to enjoin Nigerians to let us continue to ask questions; this drama is becoming one too many.
“Again up till today, the EFCC is yet to tell Nigerian the identity of the owner of the shop, and Nigerians are asking whether or not the LEGICO shopping Plaza, Ahmadu Bello Way Victoria Island Lagos, is not owned by anyone and the owner of the Plaza won’t be able to identify his or her tenants. We would keep our fingers crossed because we cannot be fooled forever,” the governor said.
The special committee set up by the Nigerian Society of Engineers (NSE) has begun investigation into the collapse of Reigners Bible Church building.
The incident was said to have led to the death of scores of worshippers during the bishopric ordination of the founder of the church last week in Akwa Ibom State, southeast Nigeria.
The investigation committee, led by a professor of structural engineering, Charles Uko, was at the scene of the incident to take measurements of materials used in the construction of the collapsed church building.
Professor Uko, who is a former Vice President of Council for the Regulation of Engineering in Nigeria (COREN), said his committee would carry out proper investigation to unravel the circumstances that led to the tragic incident.
He promised that the committee would present an unbiased report that can be confirmed anywhere in the world.
The academic also assured the public, especially families of the victims that the prevention, investigation and failure analysis committee under his leadership would be thorough in its assignment.
Similarly, a delegation from the Standard Organisation of Nigeria (SON) visited the site of the collapsed church building.
The team, led by the Akwa Ibom State Coordinator of SON, Mr Dauda Mshelia, also took samples of materials used in the construction of the collapsed building for laboratory analysis to ascertain the cause of the collapse.
Mr Mshelia assured the public that the team would be objective in its findings.