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Tag: Investors

  • Investors stagger as Nigerian stock market sheds N70 billion in sharp decline

    Investors stagger as Nigerian stock market sheds N70 billion in sharp decline

    Panic gripped the trading floor on Wednesday as a wave of sell-offs wiped a hefty N70 billion from the Nigerian stock market in a single session, leaving investors rattled.

    The All-Share Index of the Nigerian Exchange Ltd. (NGX) dropped by 111.37 points, representing a 0.10% decline. Market capitalisation fell to N68.895 trillion from Tuesday’s N68.965 trillion a stark reminder of the market’s inherent volatility.

    The downturn was largely driven by aggressive sell-offs in banking stocks and growing investor caution, which inflicted noticeable damage across portfolios.

    Despite the bearish sentiment, the market breadth was evenly split, with 29 stocks posting gains and 29 recording losses in a day of sharp price swings.

    Among the top gainers, RT Briscoe led the charge with a 10% jump to N2.09. Eunisell Interlinked Plc rose 9.75% to close at N12.95, Livestock Feeds climbed 9.61% to N8.90, and Meyer Plc advanced 8.89% to N9.80.

    On the flip side, Champion Breweries and Lasaco Insurance both slumped by 10%, ending at N7.20 and N2.52, respectively. McNicholas fell 9.45%, while Multiverse Mining declined 7.22% to N9.

    Despite the negative performance, trading activity remained strong. Over 664.16 million shares worth close to N13 billion exchanged hands across more than 19,000 deals.

    Japaul Gold led the activity chart with 90.02 million shares traded, valued at N186.47 million. Tantalizer followed with 82.75 million shares worth N231 million, while Fidelity Bank recorded significant turnover with 67.69 million shares exchanged at a total value of N1.26 billion.

  • Investors invited as Nigeria unveils $500 Million bond, subscription open until August 

    Investors invited as Nigeria unveils $500 Million bond, subscription open until August 

    The Federal Government of Nigeria has officially launched a $500 million dollar-denominated bond, available for subscription starting August 19, 2024.

    This follows the government’s earlier announcement of its intention to issue the bond as part of its financing initiatives. The bond carries an interest rate of 9.75 percent per annum and is set to mature in 2029.

    The subscription period for the bond will remain open until August 30, 2024, providing ample opportunity for investors to participate.

    The settlement date, when investors’ purchases will be confirmed and interest will begin to accrue, is scheduled for September 6, 2024.

    This bond represents a significant component of Nigeria’s financial strategy, offering investment opportunities to both domestic and international investors. Structured as a five-year investment, the bond will make coupon payments semi-annually.

    Investors can buy units starting at $1,000 each, with an initial minimum subscription of $10,000 (equivalent to 10 units). Subsequent investments can be made in multiples of $1,000. The bond will be redeemed through a bullet repayment at the end of the five-year term, ensuring that investors receive their principal in full upon maturity.

    This bond issuance is part of the government’s broader efforts to stimulate the Nigerian economy, as outlined by the Minister of Finance, Wale Edun. Patience Oniha, the Director General of the Debt Management Office (DMO), also noted that the settlement for this bond will occur 10 days after the auction date.

  • Trading continues on NGX amid strike, investors lose N102.55bn

    Trading continues on NGX amid strike, investors lose N102.55bn

    Opening the week, the equity market halted last session’s winning streak as investors lost N102.55 billion, following sell-offs in Tier-one banking stocks and cautious trading.

    Specifically, sell-offs in FBN Holdings, United Bank For Africa (UBA) and Access Corporation, Fidelity Bank, Transnational Corporation, Nigerian Breweries, WAPCO, ETranzact, among other declined stocks, drove the market’s weak performance.

    Consequently, the market capitalisation which opened at N56.172 trillion, lost N103 billion or 0.18 per cent to close at N56.069 trillion..

    The All-Share Index also shed 0.18 per cent or 112 points, to settle at 99,118.86, as against 99,300.38 recorded on Friday.

    As a result, the Year-To-Date (YTD) return fell to 32.56 per cent.

    However, while investors traded cautiously, the losses recorded on the Exchange was not related to the ongoing indefinite strike embarked upon by workers under the auspices of Nigeria Labour Congress (NLC) and the Trade Union Congress(TUC).

    Reacting, a Stockbroker with Global View Capital Ltd., Mr Haruna Kebira, said that trading on the Exchange was not usually affected by such national industrial actions, except public holidays declared by the Federal Government.

    Kebira explained that this was because the Exchange Group did not belong to any workers’ union, hence labour union leaders usually did not interrupt trading on the floor of the Exchange during strikes.

    The stockbroker noted that the first week of a new month usually experienced a slowdown of activities that might lead to such losses experienced at the day’s trading.

    He stated that the bullish run that dominated the equity market last week was as a result of month-end effect activities.

    “The market is expected to pick up positively by mid-week.

    “The month of June is usually positive for the market, because investors who just received their dividends are investing back into the market, so the market will surely bounce back,”Kebira said.

    However, the market breadth closed positive with 23 gainers and 17 losers on the floor of the Exchange.

    On the gainers’ table, Cornerstone Insurance and Deap Capital Management and Trust Plc led by 10 per cent each to close at N2.09 and 44k per share respectively.

    Oando followed by 9.75 per cent to close at N12.95, Veritas Kapital Assurance rose by 8.47 per cent to close at 64k and RTBriscoe gained 8.33 per cent to close at 52k per share.

    On the other hand, ETranzact led the losers’ table with 9.82 per cent to close at N5.05 while Unity Bank trailed closely by 9.80 per cent to close at N1.38 per share.

    Jaiz Bank declined by 9.65 per cent to close at N2.06, McNichols Plc shed 9.09 per cent to close at N1.00 and Japaul Gold lost 4.78 per cent to close at N1.99 per share.

    Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 38.92 per cent.

    A total of 349.59 million shares valued at N5.24 billion were exchanged in 8,082 deals, compared to 434 million shares valued at N8.58 billion exchanged in 8,525 deals posted in the previous session.

    Veritas Kapital led the activity chart in volume with 57.95 million shares worth N35.94 million, while Guaranty Trust Holding Company (GTCO) followed by N47.63 million shares valued at N47.63 billion to lead in value.

    Access Corporation traded 46.32 million shares valued at N796.32 million, AIICO Insurance transacted 30.71 million shares worth N30.79 million and Regency Alliance Insurance sold 14.55 million shares worth N5.64 million.

  • Tottenham Hotspur in discussions with prospective investors

    Tottenham Hotspur in discussions with prospective investors

    Tottenham Hotspur are in discussions with prospective investors to capitalize on the club’s long-term potential, Chairman, Daniel Levy has said.

    The Premier League club’s total revenue for the financial year to June 30, 2023 exceeded half a billion pounds ($628 million) for the first time, with the figure of 549.6 million pounds a significant increase on 444 million pounds for the previous year.

    However, operating expenses including first-team costs have risen by 21 per cent to  487.9 million pounds, with a loss of 86.8 million pounds put down to “significant and continued investment in the playing squad” in the financial results published by the club on Wednesday.

    Levy announced in his statement accompanying the results that Spurs were looking for an injection of equity.

    He wrote: “To capitalise on our long-term potential, to continue to invest in the teams and undertake future capital projects, the club requires a significant increase in its equity base.

    “The board and its advisors, Rothschild & Co., are in discussions with prospective investors. Any recommended investment proposal would require the support of the club’s shareholders.”

    Revenue from match receipts, UEFA prize money, TV and media and commercial all increased on 2021-2022, as did the profit from operations which rose from 112.3 million pounds to 138.7 million pounds.

    The club report that their net debt as of June 2023 was 677.4 million pounds. Over 90 per cent of their borrowings of 851.2 million pounds are at fixed rates, with an average interest rate of 2.79 per cent.

    “We expect commercial revenues to rise from third-party events, although this will not compensate for the lack of European football this season,” Levy wrote.

    He also said: “Additionally, as reflected in these results, we expect the impact of rising costs, caused by geo-political events, to continue to impact all areas of our operations.

    “Our ethos is clear – to be far-sighted and run the club sustainably. This involves strict control of our cost base, increased commercial and sponsorship revenues and consistent European participation, all of which are key to our ability to continue to invest in the squad and win top honours.

    “Since opening the stadium in April 2019, we have invested over £600 million in our men’s and women’s first-team squads.”

  • Investors’ worth lifted by N85 billion on NGX

    Investors’ worth lifted by N85 billion on NGX

    Increased buying interest in the shares of some banks, especially Zenith Bank and Access Holdings lifted investors’ worth on the Nigerian Exchange Ltd. (NGX) by N85 billion.

    Specifically, the market capitalisation closed at N39.649 trillion as against N39.564 trillion recorded on Wednesday, representing 0.22 per cent increase.

    Also, the All-Share Index(ASI) increased by 156.04 points or 0.22 per cent to close at 72,455.83 from 72,299.79 recorded on Tuesday.

    Consequently, the Year-to-Date(YtD) rose to 41.37 per cent.

    The upturn was also driven by other banking stocks  such as First City Monumental Bank(FCMB) United Bank of Africa(UBA) and Fidelity Bank among others.

    Market breadth closed positive with 27 gainers outnumbering 26 laggards.

    The gainers’ table was led by Infinity in percentage terms of 9.83 per cent to close at N2.57 per share, while Johnholt followed with a gain of 9.73 per cent to close at N2.03.

    Ikeja Hotel grew by 9.20 per cent to close at N4.75 per share, while Daar Communications rose by 7.69 per cent to close at N0.42 and E-Tranzact increased by 7.69 per cent to close at N7 per share.

    On the loosers chart, RTBriscoe led in percentage terms by 9.84 per cent to close at 55k per share, while UPDCreit followed by 9.78 per cent to close at N4.15 per share.

    Mutual Benefits Assurance lost 9.43 per cent to close at 48k, Omatek shed 7.79 per cent to close at 71k, while Sovereign Trust Insurance declined by 7.69 per cent to close at 36k per share.

    Also, the total volume traded declined by 10 per cent to 446.58 million units valued at N7.266 billion and exchanged in 6, 845 deals.

    Transactions in the shares of Access Holdings topped the activity chart with 77.26 million shares valued at N1.76 billion.

    FCMB followed with 45.24 million shares worth N318.61 million, while Zenith Bank traded 37.29 million shares valued at N1.38 billion.

    UBA traded 29.3 million shares valued at N724.07 million, while Fidelity Bank  transacted 27.51 million shares worth N257.28 million.

  • Judiciary alone can build investor’s confidence in Nigeria – Tinubu

    Judiciary alone can build investor’s confidence in Nigeria – Tinubu

    President Bola Tinubu has said that the judiciary alone can build the confidence of both local and international investors to bring in investments into Nigeria.

    The president made the assertion on Monday in Abuja while declaring open the 2023 All Nigeria Judges Conference of the Superior Courts organised by the National Judicial Institute.

    The president who was represented by the Minister of Justice and Attorney-General of the Federation, Mr Lateef Fagbemi, SAN, said the economic transformation of Nigeria could not be left to only the executive arm of government.

    “Our economic transformation is not just in the hands of the executive alone, the judiciary has a significant role to play in this transformation journey.

    “It is the judiciary alone that can build the confidence of investors that commercial disputes can be resolved fairly and speedily in manner that preserves and improves their investment.

    “Such a realisation alone will significantly improve our position to be an investment destination,’’ the president said.

    While reiterating his commitment to ensuring absolute independence of the judiciary, the president also said that he had directed that the issue of the upward review of remuneration of judicial officers be revisited.

    “I have directed the Revenue Mobilsation, Allocation and Fiscal Commission to review its previous unacceptable recommendation of 114 per cent increase in the remuneration of judicial officers.

    “I have asked them to come up with a more realistic rate that will reflect the present economic realities and I am optimistic that the process will be concluded soon.’’

    President Tinubu also appealed that legal practitioners in private practice who had distinguished themselves should be considered for appointment to the appellate courts.

    “ I am of the strong view that in order to further strengthen our appellate courts, qualified, experienced and diligent private legal practitioners should be considered for appointment to both the Court of Appeal and the Supreme Court.

    “I believe that Nigeria will stand to benefit a lot from these appointments,’’ he said.

    Delivering a keynote address, the Chief Justice of Nigeria, (CJN) Justice Olukayode Ariwoola expressed hope that the long anticipated independence of the judiciary would be achieved during President Tinubu’s tenure.

    “I am hopeful that this 2023 All Nigerian Judges’ Conference, which is the first since the commencement of this new administration will come with an improved disposition towards the welfare of the judiciary.

    “This is especially as it pertains to the protracted issue of its independence as well as a strong desire to foster healthy and productive relationships among all three arms.’’

    The CJN who doubles as the Chairman, Board of Governors, National Judicial Institute, charged the judges on the need to remain unwavering in their commitment to seeing that in all cases, justice should not only be done but seen to be done.

    “We must distance ourselves from all forms of indiscretions and ventures capable of bringing the judiciary to disrepute,’’ the CJN said.

    Also speaking at the event, the Minister of the Federal Capital Territory, (FCT) Mr Nyesom Wike said that the FCT was committed to providing an environment conducive to the judiciary in dispensing justice.

    According to him, I am pleased to report that efforts are underway to enhance the infrastructure of court facilities, improve the welfare of judicial officers and streamline administrative processes to reduce unnecessary delays.

    `The aim is to create an environment that enhances the delivery of justice without being encumbered.

    “The president has mandated that we should, with immediate effect, construct a brand new Court of Appeal Division of Abuja which must be completed in 15 months.

    “The president has also directed that we should construct houses for the FCT judges and magistrates in Abuja.

    “Also the President has directed that judges of the Federal High Court in Abuja must be given new quarters and also judges of the Court of Appeal Abuja Division.’’

    Earlier, in a goodwill message, the Administrator of the institute, retired Justice Salisu Abdullahi said that the conference was organized in line with the statutory mandate of the institute.

    “This is amongst other things, the provision of continuing judicial education for all categories of judicial officers and their support staff.

    “The All Nigerian Judges’ Conference of the Superior Courts is a tactical and all-important engagement which holds significant purposes for all and sundry.

    “It is first and foremost a reunion of sorts since it presents an opportunity to come together as a unified whole, accordingly, this convergence aids a three-pronged agenda which I like to call the three A’s- Acclaim, Appraise and Advance,’’ he said.

    The theme for the 2023 conference is: “Strengthening Judicial Commitments to the Rule of Law and Democracy’’.

    NAN

  • Delta rep. bolsters investor ties for youth empowerment

    Delta rep. bolsters investor ties for youth empowerment

    The Member of the House of Representatives representing Ndokwa/Ukwuani Federal Constituency Nnamdi Eziechi, has reiterated his commitment to fostering strong partnerships between investors and the Delta State government.

    During a visit to Asaba by investor teams, he assured them of the state government’s dedication to generating employment opportunities for the youth, adding that Delta State provides a peaceful and secure environment for businesses to prosper.

    Acknowledging the role of the private sector in achieving empowerment for the teaming youths of the state, Eziechi praised the visiting investor teams and pledged to facilitate the necessary processes for a successful partnership.

    He affirmed his ongoing support for initiatives that enhance the well-being of Delta’s youth.

    The Chairman of First Rhema Solutions Mark Obi, conveyed the team’s investment ideas and its potential to bolster job creation and revenue generation in the state.

    Obi urged the lawmaker to assist in facilitating the team’s meeting with Governor Sheriff Oborevwori to discuss the details.

     

  • “This is the best time to invest in Nigeria” – Elumelu tells Indian investors

    “This is the best time to invest in Nigeria” – Elumelu tells Indian investors

    Heirs Holdings Group Chairman, Tony O. Elumelu C.F.R., urged the Indian private sector to seize the opportunity to invest in Nigeria, during the Nigeria-India Presidential Roundtable and Conference on Wednesday, September 6th, 2023, in New Delhi, India, jointly organised by the High Commission of Nigeria to India, the Confederation of Indian Industry (CII) and the Nigeria-India Business Council (NIBC).

    Elumelu, who has built pan-African financial service businesses and now controls significant power and natural resources operations, all focused on value creation in Africa, was in Delhi for the G20 Summit, both as an invitee of the President of the Federal Republic of Nigeria, H.E. Bola Ahmed Tinubu, and as co-chair of the Business 20 (B20) Action Council focusing on African economic integration, the private sector counterpart to the G20.

    Investment pledges amounting to nearly $14 billion U.S. dollars were committed during the Nigeria-India Presidential Roundtable and Conference in New Delhi convened by H.E. President Bola Ahmed Tinubu.

    During a keynote address, Elumelu invited Indian private sector leaders to join him and other global investors in accessing the rapidly evolving Nigerian economy, home to 20% of Africans and one of the largest consumer populations globally:

    “This is the time to invest in Nigeria. I speak as a private sector investor in Nigeria, the companies in our Group’s investment portfolio demonstrate the opportunity. I believe you also can take advantage of our track record and success.”

    At the Presidential roundtable, hosted by H.E. President Bola Ahmed Tinubu Indian investors pledged investments of nearly $14 billion to Nigeria, following the Nigerian president’s commitment to create the enabling environment for foreign investments to thrive.

    “Nigeria is a huge market; over 200 million people with the largest economy on the continent.

    Most importantly, the population is not just over 200 million people; the demography of the population is exciting. We have a cohort of young people who are there to consume, and we also have people who are intelligent, energetic, hardworking, who provide the human capital that investors need to drive their businesses”

    Tony Elumelu, was recently named co-chair of the Business 20 (B20) Action Council focusing on African economic integration, alongside Sunil Mittal, Founder of Bharti Enterprises (Owners of Airtel). Established in 2010 within the G20, the B20 comprises corporate business enterprises and organisations and serves as the official platform for dialogue between the G20 and the global business community.

  • G20: Tinubu begins meeting with Indian investor

    G20: Tinubu begins meeting with Indian investor

    President Bola Tinubu has started a meeting with an investor in India as part of his official visit to the country ahead of the G20 Summit on Saturday and Sunday.

    A statement by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, on Tuesday in Abuja, said the president entered the meeting immediately on arrival after a 15-hour-long intercontinental journey.

    The president met with Mr Prakash Hinduja, Chairman and CEO of the Hinduja Group of Companies, a conglomerate with a total asset portfolio exceeding 100 billion U.S. Dollars.

    The president received the industrialist within 90 minutes of the his arrival in India.

    Accompanied by Nigeria’s Ministers of Finance, Foreign Affairs,  Industry, Trade and Investment,  Tinubu said he was in India with a focus to better Nigeria’s economic fortunes.

    He said that Nigeria intends to attract investments with lucrative opportunities, jobs for its citizens and new revenue opportunities for the federal and sub-national governments.

    “We are here for business. I am here to personally assure our friends and investors that there is no bottleneck that I will not break. Nigeria will become one of the most conducive places on earth to make good profits and create lasting jobs.

    ‘’With my support, there is nothing standing in your way of enjoying the unrivaled opportunities presented by our massive market and the ingenious, and hardworking nature of the Nigerian people. We are open for business,” the president said.

    The Hinduja Group chairman told the president that he was a living witness to his landmark effort as Governor of Lagos in turning a coastal erosion and water encroachment crisis into a massive free trade zone where industry now thrives.

    This, he said, was partially responsible for his excitement to partner with Nigeria’s new president to create a win-win prosperity for Nigeria’s talented population.

    “We believe in you as a leader who has done this before. You know what the challenges are. You know how to fix them.

    ”We are going to make investments into the billions of dollars under your leadership, because we see you are already addressing the systemic problems. I am ready now to sign an MoU and to begin execution.

    ”You tell me who to liaise with, and we will get to work immediately, particularly with respect to bus and automobile manufacturing in Nigeria, amongst other areas.

    ”I have had paperwork stalled in Nigerian bureaucracy for over one year, especially in FCT.

    ”But I knew that you would be purpose driven in this endeavour and God will help you to turn Nigeria’s rich promise into rich reality for all of its citizens,” Hinduja said.

    The president directed thus: “Ministers of Trade and Finance, the two of you will follow this up immediately, and you will draw up the terms to the satisfaction of both parties.

    ”If there are any issues at all that require my intervention, they must be brought to my attention immediately.”

    After the president assigned the task of concluding the agreement to the two ministers in collaboration with Hinduja Group Executives, who were present in the room.

    The president concluded that his task of making Nigeria great could only be achieved through teamwork and not in isolation.

    He added that when his investors are happy, Nigerians would rejoice by partaking in an inclusive economy where hard work is rewarded and excellence becomes the reputation of the nation.