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Wednesday, September 22, 2021

Iheanyi Nwachukwu


NGX to host inaugural TechNovation Conference

Nigerian Exchange (NGX) Limited is set to host the inaugural edition of its TechNovation Conference on Thursday September 30, 2021. NGX TechNovation Conference is a flagship event that provides a platform for local and global technology leaders to syndicate conversations around technology, partnerships and innovation that can advance technology adoption in the Nigerian capital market. With the theme, “Technology, Platforms and Markets”, the event will be hosted by the Chief Executive Officer (CEO), Nigerian Exchange (NGX) Limited, Temi Popoola and will feature leading industry experts across the public and private sectors including the Director General, Securities and Exchange Commission (SEC), Lamido Yuguda; Segun Aina, President, Africa Fintech Network; and Olugbenga Agboola, Co-Founder and CEO, Flutterwave. Key topics to be addressed during the conference are: The Future is Digital – Digital Transformation, New Tech and Emerging Markets; The Path to Exponential Growth – New Technology, Platforms, Emerging Markets, Data & Regulation; and Beyond Tech – Partnerships, Business Models and Innovation. Interested participants can register online at www.ngxgroup.com/ngx-tech-con. Some of the other confirmed speakers at the event include; Iyin Aboyeji, Founder & General Partner, Future Africa; Bayo Adekanbi, Chief Transformation Officer, Data Science Nigeria; Dayo Obisan, Government Relations, SEC; Abasi Ene-Obong, CEO, 54Gene; Oremeyi Akah, Chief Customer Experience Officer, Interswitch; Ini Akpan, Country Manager, Opay; and Andreas Itern, Co-Founder & CEO, F10. The advancement and exponential growth of technology around the world has signaled a new wave of opportunities for forward thinking organisations. NGX remains committed to leveraging technology to provide a broad range of services including but not limited to smart capital formation. TechNovation will, therefore, serve as a platform that can create opportunities for smart business leaders looking to tap into the next level of growth and competitive advantage.

FMDQ Exchange admits Prima Corporation Series 1 CP on its Platform

Committed to delivering exceptional value to the Nigerian financial markets and its stakeholders, FMDQ Securities Exchange Limited demonstrated its steadfastness as it again achieved swift time-to-market, when the FMDQ Exchange Board Listings and Markets Committee approved the quotation of the Prima Corporation Limited N3.57 billion Series 1 Commercial Paper (CP) under its N30billion CP Programme on the Exchange’s platform. Prima Corporation Limited (“Prima” or the “Issuer”) is a leading manufacturer of preforms and caps in West Africa, supplying a host of international and local brands. The Group Executive Director, Prima Corporation Limited, Debasis Roy, commenting on the successful CP issuance stated, “Prima Corporation Limited is pleased on the quotation of the inaugural Series 1 CP Issuance under the N30 billion Programme. We are delighted at the opportunity to access an alternative source of funding to meet our short-term working capital needs”. Read Also: FMDQ Exchange admits Eunisell Limited’s N3.50bn Series 1 Commercial Paper Also, commenting on the quotation, the Head, Capital Markets, FBNQuest Merchant Bank Limited, Oluseun Olatidoye, said, “FBNQuest Merchant Bank Limited is delighted about the quotation of the Prima Corporation Limited inaugural Series 1 CP under the N30billion Programme. The funds raised will be utilised to meet the working capital needs of Prima Corporation Limited. FBNQuest Merchant Bank Limited is also pleased with its intermediation role in assisting businesses to access alternative sources of funding through the domestic debt markets”. Positioned to bring about revolutionary changes in the Nigerian debt markets, FMDQ Exchange, with the collective efforts of its varied stakeholders, shall continue to deliver value-adding services and initiatives, ranging from its highly efficient listings & quotations service to product & market innovations, amongst others. The quotation of the Prima Corporation Limited CP validates FMDQ Exchange’s conscious drive to support the goals of corporate businesses and to deepen the Nigerian financial markets by steadfastly availing its efficient platform for the registration, listing and quotation of debt securities.

Neimeth, Chams, others drive Nigerian stock market to negative close

Nigeria’s equities market moved further into the negative territory by 0.11 percent on Tuesday as interest in stocks continues to decrease despite that the remaining Tier-1 half-year (H1) results have been released. Stocks that helped the southward movement on Tuesday include Neimeth International Pharmaceuticals, Chams Plc Japual Gold, Sovereign Trust Insurance and Wema Bank Plc. Neimeth International Pharmaceuticals led on the losers list after its share price moved down from N1.90 to N1.75, dipping by 15kobo or 7.89percent; while on the gainers table, MRS rallied most from N13.85 to N15.20, up by N1.35 or 9.75percent. Investors lost N17billion at the close of the bearish trading session on the Nigerian Bourse. The market’s year-to-date (YtD) return stood higher at -3.47percent. Read also: NGX Group’s full year operating surplus dips 18.5% to N1.84bn Furthermore, Chams Plc share price also decreased from 23kobo to 22kobo, losing 1kobo or 4.35percent of its day-open price; followed by Japaul Gold Plc which decreased from 49kobo to 47kobo, shedding 2kobo or 4.08percent. Likewise, Sovereign Trust Insurance share price decreased from 25kobo to 24kobo, losing 1kobo or 4percent, while Wema Bank lost 3kobo, from 79kobo to 76kobo, down by 3.80percent. The Nigerian Exchange Limited (NGX) All Share Index (ASI) and Market Capitalisation decreased further from preceding trading day’s highs of 38,906.42 points and N20.270trillion respectively to 38,873.85 points and N20.253trillion. In 3,809 deals, equity traders exchanged 184,442,908 shares valued at N2.343billion. UBA, GTCO, Zenith Bank, United Capital and Access Bank were most traded stocks Tuesday on the NGX Limited.

Association of Corporate Treasurers of Nigeria elects new president

The Association of Corporate Treasurers of Nigeria (ACTN) has elected a new president to steer the affairs of the Association for the next two years. The new President who is the third President of the esteemed association since inception is Mrs Victory Olumuyiwa, who is also the Head, Corporate Finance & Treasury of Lafarge Africa Plc. Olumuyiwa will be paddling the affairs of the ACTN together with other members of a sectoral representation-based Governing Council for the next two years. The outgoing President, Mr Zeal Akaraiwe in his remarks commended the work done on the documentation, formulation and execution of the association’s Charter and Constitution as a key success achieved within the last two years despite the COVID-19 challenges. He further expressed happiness on the quality and experience of the new president and emphasized the need for continuity in reaching out to other corporates and increasing the membership so that the Association could become an integral part of the treasury workplace, especially as related to efficiency in the interaction with financial institutions and making the treasury function more seamless. The Association of Corporate Treasurers of Nigeria (ACTN) was incorporated to foster the interests of Corporate Treasurers of the non-financial organizations by providing a platform for policy advocacy, discussions on issues of mutual interest, education and standard development of the corporate treasury function. The ACTN also facilitates the exchange of information beneficial to the management of corporate treasury operations and the professional development of its members. Read also: CBN faults call for Emefiele’s resignation It is expected that the new ACTN president together with other members of the Council will not only build on the achievements made so far but take the ACTN to the next level in the fulfilment of its laudable objectives of policy advocacy, standard development and education/enlightenment of members. The role of the treasury profession has evolved rapidly over the last ten years. In addition to the basics of banking relationships and cash management, treasury managers have to inform themselves about developments in electronic payment systems, e-commerce, risk management and relevant SWs for modelling and evaluating risks, credit management, accounting standards, tax optimizations and a variety of other issues. More than ever, treasury practitioners also have to participate with other managers to coordinate the flow of financial information throughout an organization –thus, the need for a platform to promote education and capacity building for the Treasury profession as well as to advocate at the highest levels to influence policy and regulation from the perspective of the Nigerian Corporates. In the current business landscape, the importance of treasury management really can’t be understated. With the ever-increasing pace of change in regulation, compliance and technology in the financial sector, the Corporate Treasury function is increasingly becoming a strategic business partner across all areas of the business, adding value to the operating divisions of the company – taking-on responsibility of strategic money management in order to meet the financial goals of the business. The ACTN is therefore needed to provide a meeting forum physical or virtual for all treasury, finance and risk management practitioners within the non-financial sector The membership of the association has grown with a combined corporate and individual membership of over ninety-seven (97) members. This number would increase as activities begin to normalize and as ACTN continues in carrying out its various activities. The ACTN has continued to partner with the Central bank of Nigeria who had endorsed it for the provision of the impulse of the real sector in measuring market sentiments. ACTN is also a partner to ACT, the United Kingdom, SWIFT and the International Group of Treasurers Associations (IGTA) for networking and share of knowledge and experience through transfer programs. With the emergence of the COVID-19 pandemic and its attendant unforeseen turn of events that initiated unprecedented trends in the Nigerian financial markets, and the world at large, with severe impacts on economic activities, the ACTN had, however, kept its members, potential members, and other stakeholders at the heart of its activities through various virtual programs around adjusting treasury business practices in the face of the challenges of the pandemic for Corporate Treasurers.

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