Omegascorpi [Beta] » Nigeria

SEC Plans & Targets For Nigerian Stock Exchange

tape — Sat, 07 Jan 2012 07:58:29 +0000

The ambition of the Nigeria Securities And Exchange Commission is clear and simple,to boost the value of the NSE to a trillion dollars by the end of 2016.

How do they achieve that ? Through a series of measures and rules:

-Listing of the NSE itself to help the value of the exchange

-Requiring all companies to disclose financial information on their website ( a good example is First Bank ).

-To encourage expansion of the fixed income market.Nigeria central Bank has already hiked the rates on fixed income securities and cut taxes.

-To push pension funds towards stock investments which are limited to a total of 12 billion dollars so far.

-To combat risk averse attitude among local retail investors by producing ,with Nollywood film directors ,TV shows that promote a certain business attitude.

-Introduction of a new code of corporate governance

New listing of companies could also bring in that new blood so much needed to move towards the goal.

The state oil company is expected to float its joint venture companies on the NSE,the same move is expected in the power industry where some 19 new electricitygeneration and distribution companies are expected to attempt to raise the 50 billion dollars investment capital required on the NSE.

Other companies wished to list on the NSE include, Shell,Exxon and MTN Nigeria.

Nigeria stock market quick profile

Capitalisation of about 40 billion dollars

217 companies listed on the NSE

Five million Nigerians out of a population of 165 million are shareholders

|Source rinted version of The Africa Report |

The Nation Safe for Investment, SEC, NSE Re-Assure Investors (briefingnotesnigeria.wordpress.com)
SEC axe Nationalized banks (briefingnotesnigeria.wordpress.com)

ACA-Africa Capital Alliance

tape — Wed, 23 Feb 2011 10:31:52 +0000

African Capital Alliance (ACA) is a leading private equity firm focused on Nigeria and West Africa.

ACA was founded in 1997 with a mission to build Africa’s premier private equity investment firm by mobilizing capital, technology and management resources from local and international sources to unlock Africa’s private sector potential.

Their investment strategy( click to read).

Their funds (click to read).

Their portfolio includes,Etranzact global ,Cornerstone Insurance ,G Telecom ,linkserve ( click to read more ).

Official Website

Real Focus Capital (omegascorpi.com)
Frontline Gold finds new deposits in West Africa; shares rise (reuters.com)

CBN Monetary Policy Committee Advises For Growth-Driven Policy

tape — Fri, 18 Sep 2009 14:56:46 +0000

Following their September meeting the Monetary Policy Committee from Central bank of Nigeria decided to:
a) keep the MPR unchanged at 6 per cent per annum;
b) maintain the interest rate corridor at +/- 2 per cent around the MPR; and
c) Approve in principle the establishment of an “Asset Purchase Facility Fund”.

Lagos Market Closing Analysis

tape — Wed, 16 Sep 2009 18:56:28 +0000

September 14th 2009

Firing Of The Heads Of Intercontinental, Oceanic, Finbank, Afribank, and Union Banks

tape — Sat, 22 Aug 2009 15:22:09 +0000

1. NSE suspended trading the five bank’s shares. The decision will be reviewed in 2 weeks.
2. According to Renaissance Capital, these banks were systematically important with more than 5% of assets and deposits in the Nigerian banking system.
3. Guardian reported on Monday that 8 foreign investors were ready to take control of the 5 banks.
4. The CBN’s audit of all banks should completed by mid-September. 5 other banks passed the audit, according to Renaissance Capital. They include First Bank of Nigeria Plc, the nation’s largest lender, Diamond Bank Plc, Guaranty Trust Bank Plc, Sterling Bank Plc and United Bank for Africa Plc.
5. 14 banks are yet to be audited.
6. According to Tunde Lemo, CBN’s deputy governor, the fired executives may face prosecution.
7. ThisDay newspaper reported that the CBN may end up injecting up to N1trillion into these banks.
8. Renaissance Capital upgraded its recommendation on Zenith Bank Plc to “buy” from “hold” and suspended ratings on three other lenders that failed a central bank audit. Ratings were suspended on Intercontinental Bank Plc, Union Bank of Nigeria Plc and Oceanic Bank Plc.
9. CBN said it will guarantee the foreign loans of the 5 banks. Officials from CBN will visit London soon to “explain its actions and dialogue with investors and foreign correspondent banks.
10. Zenith, along with First Bank, Access Bank Nigeria Plc, First City Monument Bank Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc are RenCap’s top picks because they “show up well” in terms of the central bank’s requirements of transparency and liquidity, Lagos-based RenCap analyst Kato Mukuru wrote in the note.

Source

UBA Receives B+ Grade (omegascorpi.com)

Oceanic Bank International

tape — Sat, 22 Aug 2009 11:37:56 +0000

Oceanic Bank International Plc, is a nineteen year old commercial bank with business offices located in several parts of Nigeria.
The bank units have been structured as follows:

Corporate Banking Group (CBG)
Treasury and Financial Institutions Group (TFIG)
Retail Banking Group (RBG)
Public Sector Group (PSG)

Oceanic Bank who is listed on the Nigerian Stock Exchange has a presence in the following markets:

Gambia

Ghana

Cameroon

Nigeria

Sao Tome

Their list of services and products include the following:Tax Collection,Project Finance,LPO Financing,Safe box service,Remmitance service,Land Acquisition Plan, Consumer Loan,E-ticketing Solution,M-Banking,Corporate Banking.See more here.

Acces Bank Cote d’Ivoire (omegascorpi.com)
Nigeria sacks heads of five banks (news.bbc.co.uk)

Central Bank of Nigeria (CBN) Strikes Hard

tape — Thu, 20 Aug 2009 11:09:13 +0000

: Image by Africaincorp via Flickr

The chief executive officers of Intercontinental Bank Plc, Mr. Erastus Akingbola; Sebastine Adigwe of AfriBank Plc; Okey Nwosu of Finbank Plc; Mrs Cecilia Ibru of Oceanic Bank Plc and Barth Ebong of Union Bank Plc were asked to step down from their respective position and are being replaced by John Aboh for Oceanic Bank Plc, Mahmud Alabi (Intercontinental Bank), Nebolisa Arah (Afribank), Suzanne Iroche (Finbank) while Funke Osibodu takes over at Union Bank Plc.

The CBN through stated that :

“The five banks were either perennial net takers of funds in the inter-bank market or enjoyed liquidity support from the CBN for long periods of time, a clear evidence of illiquidity. In other words, these banks were unable to meet their maturing obligations as they fall due without resorting to the CBN or the inter-bank market.”

Source

Acces Bank Cote d’Ivoire

tape — Mon, 27 Jul 2009 16:22:18 +0000

Access Bank Cote d’Ivoire ,a new entrant in the Ivorian financial service industry, is a member of the Access Bank Group.The Nigerian bank recently commenced operations in Cote d’Ivoirefollowing their acquisition of 88% equity in Omnifinance SA some three month ago.

The Bank proclaims to have a global outlook and focuseson corporate banking with strong support for commercial banking, retail banking and high networth individuals. Access Bank Plc has over 120 branches and business offices located in all major commercial centres and cities across Nigeria, Democratic Republic of Congo, Rwanda, Sierra Leone, The Gambia, Zambia, Cote d’Ivoire and the United Kingdom.

The board of directors consists of :Mr. Amematepko,Amadou Ly,Benjamin Oviosu,Mr. Kouao,and Mrs. Ojini Olaghere.

The management team is made of:Amadou LY ,Benjamin OVIOSU,Alain KETE ,Ben AKPALOO,Franck IMBOUA,Atinuke ETUNDAYO,Ismael TOURE,and Nome Karine LOHOUES.

Nigerian Stock Exchanges recommandation

tape — Fri, 12 Sep 2008 11:29:35 +0000

Banks: Access Bank, Diamond Bank, First Bank, Oceanic Bank, Skye Bank, UBA
Breweries: Guiness, Nigerian Breweries
Building Materials: Wapco
Food/Beverages: Dangote Sugar, Flour Meals of Nigeria
Healthcare:Glaxo Smithkline
Insurance: AIICO, Gold Link Insurance, Lasaco Insurance, Law Union and Rock, Mutual Benefits, Prestige, WAPIC
Mortgage:Union Homes Savings and Loans
Petroleum: African Petroleum, Oando, Total
Real Estate: UACN Property Development

Via NaijaLowa

Nigeria top 10 stocks

tape — Mon, 18 Aug 2008 10:21:47 +0000

According to forum members @ Nigeria Stock Exchange.com