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Inventory market extends loss, index drops additional by 0.53%

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FG lists N4.214bn April financial savings bonds on NGX


2 days ago


Might perchance perchance perchance moreover 16, 2024

The Federal Authorities has listed its April 2024 Savings Bonds value N4.214 billion on the Nigerian Alternate Restricted platform.

This modified into once disclosed on the market bulletin signed by Godstime Iwenekhai, Head, Issuers Rules Department of NGX.

Per the bulletin, “Procuring and selling License Holders are hereby notified that the April 2024 Dispute of the Federal Authorities of Nigeria (FGN) Savings Bonds modified into once listed on Nigerian Alternate Restricted (NGX) on Might perchance perchance perchance moreover 13, 2024.”

Well-known aspects of the Bonds consist of FGS April 2026, 1.228 million objects valued at N1.228 billion at a coupon price of 17.046 p.c, whereas FGS April 2027, 2.986 million objects amounted to N2.986 billion at a coupon price of 18.046 p.c.

The bonds are backed by the plump faith and credit rating of the Federal Authorities of Nigeria and charged upon the smartly-liked-or-garden resources of Nigeria, per the debt office.

FGN Savings Bond is issued monthly in tenors of two and three years with quarterly fee of coupons (passion) at a price predetermined and printed by the DMO every month.

The retail financial savings bond product modified into once launched by the Debt Administration Situation of business (DMO) on behalf of the Federal Authorities in 2017 to democratise its actions in the bond market by making it with out disaster accessible to Nigerians to fracture sure actual pattern of the domestic market and bridge infrastructure deficit which has been a constraint to economic development.

capital market

LCFE inducts 23 commodities brokers


2 days ago


Might perchance perchance perchance moreover 16, 2024

As section of its capability building functions, Lagos Commodities and Futures Alternate (LCFE), has onboarded and inducted one more 23 Commodities Brokers, the fourth version in the sequence, to expand the amount of pros to be aware of assorted asset classes in the Nigerian commodities ecosystem.

On the listing of these inducted final week had been the Managing Director, Dynamic Portfolio Restricted, Mr Remi Lasaki and quite a lot of Chief Govt Officers of stockbroking companies in Nigeria.

In his welcome contend with, LCFE’s Managing Director and Chief Govt Officer, Mr Akin Akeredolu-Ale, entreated the inductees be half of fingers with The Alternate to assemble a virile commodities market that shall be beneficial to all.

“LCFE is working laborious to assemble a market that will back the full Capital Market and its brokers. Every dealer can make a selection a commodity and dedicate their point of interest on it, thereby bettering your company’s wealth, your particular person skill living and contributing to the growth of the Nigerian Financial system.

“Collectively, let us defend end this likelihood to assemble a shiny and dynamic marketplace that unlocks recent possibilities for investors, enhances economic prosperity, and positions Nigeria as a pacesetter in commodities buying and selling.

“The Alternate is actively enticing with the Securities and Alternate Commission to fracture status of extra merchandise esteem Lithium, diamond and Oil and Gas commodities. Staunch the day prior to this, we signed an MOU with a World Certification Agent Bureau Veritas to certify lithium and various Valid Mineral commodities to be traded on LCFE. Moreover, we enjoy made significant strides in the Cashew ecosystem, signing an MOU with the Cashew Association of Nigeria (CAN), aggregators, and a first-rate cashew processor.

“Eko Gold moreover represents a pioneering investment exchange within our commodities ecosystem, leveraging steadiness and transparency to diversify alternate recommendations, appeal to capital, and produce price across the associated price chain. LCFE is totally dedicated to supporting its development and offering brokers with the tools and steering important for effective promotion of the asset classes,” acknowledged Akeredolu-Ale.

Corroborating him, the Chairman, Securities Dealing Homes of Nigeria (ASHON), Mr Sam Onukwue, eminent  LCFE modified into once established for complete transformation of commodities exchanges in Nigeria and boost the country’s Putrid Domestic Product (GDP).

“The underpinning force for setting up the exchange modified into once the deserve to transform and reposition the commodities market and harness alternatives in the commodities ecosystem. This force will give a boost to and crate price for all stakeholders in the ecosystem,” he acknowledged.

The newly elected President of Chartered Institute of Stockbrokers (CIS), Mr Oluropo Dada, congratulated the inductees and instructed them to uphold the ethical fashioned of the occupation and characteristic with abilities and integrity.

Akeredolu-Ale moreover congratulated the recent board and management of Securities and Alternate Commission (SEC), below the recent Director Now not recent, Dr Emomotimi Agada.

In July final year, the Pan African Alternate inducted 33 commodities brokers, including the first female office holder at Chartered Institute of Stockbrokers (CIS), Mrs Fiona Ahimie.

capital market

Tinubu asks Senate to substantiate four board members of SEC


2 days ago


Might perchance perchance perchance moreover 16, 2024

President Bola Tinubu has requested the Senate to conceal and guarantee four members appointed as board members of the Securities and Alternate Commission (SEC), the apex regulator of Nigeria’s Capital Market.

The President’s query modified into once contained in a letter read by the Senate President, Godswill Akpabio all around the plenary on Wednesday.

The appointed members of the SEC are Emomotimi Agama, Frana Chukwuogor, Bola Ajomale and Samiya Hassan-Usman.

Whereas Agama modified into once appointed as Director-Now not recent, Mr Chukwuogor will assist as Govt Commissioner (Upright and Enforcement) of the Security and Alternate Commission.  Ajomale modified into once appointed as Govt Commissioner (Operations) whereas  Hassan-Usman modified into once appointed as Govt Commissioner (Corporate Products and services).

In April, President Tinubu popular the appointment of seven members as members of the SEC pending their confirmations by the Senate. Nevertheless, most effective four names had been transmitted to the Senate for confirmation and Tinubu didn’t give causes for now no longer including the names of the quite various three mavens.

Within the letter, the President outlined that the appointment complied with the provisions of fragment (1) of the Funding and Security Act of 2007.

“Affirmation of appointment of the Director-Now not recent and Commissioners of the Securities and Alternate Commission.

“By the provision of sections 3 and 5 (1) of theInvestment and Securities Act 2007. I’m pleased to illustrate for confirmation by the Senate the below-listed four nominees as Director-Now not recent and Commissioners of Securities and Alternate Commission,” he acknowledged.

The president entreated the lawmakers to expedite the screening and confirmation process.

The Senate President thereafter referred the query to the Senate Committee on Capital Markets to document reduction to the Senate within two weeks.

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