TheNewsGuru

Tag: Investors

  • Keystone Bank denies ownership links with Buhari, Atiku; reveals identities of investors

    Keystone Bank Limited on Tuesday reacted to allegations making the rounds that President Muhammadu Buhari and some close family relations has a stake in the bank.

    The bank insisted that either President Buhari nor former Vice President Atiku Abubakar have stakes in the bank.

    The bank, in a statement said: “The fact of the ownership of Keystone Bank by the Asset Management Corporation of Nigeria was never in doubt. On March 23, 2017, AMCON divested its ownership of Keystone Bank after successful bidding that followed due process.

    “We confirm that the Sigma Golf-Riverbank Consortium owns 100 per cent of Keystone Bank. From the records available to us which are verifiable at the Corporate Affairs Commission, the core investors (Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited) have no relationship with either President Muhammadu Buhari or Alhaji Abubakar Atiku, as may be widely speculated.”

    Recall that Atiku who is the presidential candidate of the Peoples Democratic Party, recently called on the appropriate authorities to urgently institute a probe to unravel those he said might be the hidden faces behind the new ownership structure of multibillion-naira telecoms giant, Etisalat (now 9mobile) Nigeria as well as Keystone Bank.

    In a statement issued in Abuja and signed by his Special Assistant on Public Communication, Phrank Shaibu, the former Vice-President said such a probe was necessary in view of the reports that members of Buhari’s family now owned substantial shares in Etisalat (9mobile) Nigeria which had an estimated $2bn (about N727bn at 360 per dollar) of its estimated $20bn global net worth.

    Atiku also expressed shock at reports from what he described as unimpeachable sources that the first family now played big in the nation’s financial sector after acquiring mouth-watering shares in Keystone Bank with total assets of $1.916bn (equivalent to N307.5bn) as well as purchasing about N3bn worth of shares in the new Pakistani Islamic Bank.

  • SEC Extends Deadline for Investors to Regularise Multiple Accounts

    SEC Extends Deadline for Investors to Regularise Multiple Accounts

    The deadline earlier set for investors and shareholders in the Nigerian capital market to regularise their multiple accounts has now been extended by one year.

    Acting Director General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, while briefing newsmen last Thursday on outcome of the last Capital Market Committee (CMC) meeting for this year in Lagos, said the forbearance window was no longer December 31, 2018, but December 31, 2019.

    “I am delighted to report that on the lingering issue of multiple subscriptions and forbearance for shareholders with multiple accounts, the CMC agreed that the forbearance window should be extended by another year from the December 31, 2018 deadline previously communicated.

    “We expect investors to take advantage of this opportunity to claim their unclaimed dividends and bonuses,” Ms Uduk informed capital market journalists.

    On the distribution of annual accounts to shareholders of publicly quoted firms electronically, the SEC boss said shareholders have largely accepted the new initiative and were willingly providing their email addresses.

    According to her, the committee agreed that further sensitisation would be carried out by stakeholders to enlighten shareholders on the benefits of the initiative.

    Speaking on the issues of identity theft in the capital market, Ms Uduk said SEC will work with other major stakeholders in setting up a committee that will look into and proffer solutions to problems around identity management in the Nigerian capital market.

     

  • Unity Bank to unveil new investors after failed Milost $1bn deal

    The board of Unity Bank Plc has confirmed that it is in discussions with prospective investors, who are interested in putting their money into the bank with a view to recapitalising it.

    According to the lender, which was recently suspended by the Nigerian Stock Exchange (NSE) for failing to release its financial results, details of the talks would be revealed to its shareholders as soon as the deal is finalised.

    In a statement to the NSE on Friday, the financial institution said, “We are pleased to inform our shareholders that discussions with our prospective investors are progressing according to plan and will be concluded shortly, following which necessary regulatory approvals would be sought and announcement made.”

    Unity Bank explained that the reason it did not release its financial scorecards on time was because of these talks with the new investors.

    “The delay in filing the financial statements was occasioned by certain corporate actions, including ongoing discussions with the bank’s prospective investors undertaken by the bank which necessitated extensive reviews by our primary regulator.

    “In furtherance of this, the bank consulted extensively with both the NSE and Central Bank of Nigeria (CBN) and obtained extension of up to October 31, 2018 to file the accounts for which it remains appreciative,” Unity Bank said.

    However, 24 hours after the NSE suspended trading on the shares of Unity Bank on its platform, the bank released the results.

    “This is to inform the NSE, our esteemed shareholders and other stakeholders that Unity Bank Plc has released its Audited Financial Statements for the year ended December 31, 2017 as well as the year 2018 Quarterly Audited Financial Statements up to September 30, 2018,” the bank said.

    Recall that earlier this year, Unity Bank was in the news concerning talks with a US-based private equity company, Milost Global, for a possible injection of $1 billion into the bank.

    However, things went bad and the deal did not materialise because Milost pulled out of the proposed transaction.

     

  • Nigeria is strongest, most profitable economy in Africa, Kachikwu tells investors

    Dr Emmanuel Kachikwu, Minister of State for Petroleum, has declared that Nigeria has the strongest economy in Africa and the most profitable investment destination in the world.
     
    Kachikwu said this in Atlanta at ‘The Nigerian Oil and Gas Core Strategic Investors’ Meeting’, aimed at presenting the investment opportunities in Nigeria’s oil and gas industry to the United States’ investors.
     
    The minister said Nigeria looked to the Diasporas of Africa to see where they could form permanent partnership that would invest in very critical areas in the country, where they could break even in three years.
     
    Kachikwu said: “Infrastructure is key, the oil sector alone has infrastructure deficit of over 30 billion dollars to get us to where we should be.
     
    “We need to be able to supply gas sufficiently to power the entire country, and if we succeed in doing that over the next 10 year-period, we would have a very booming economy.
     
    “Nigeria still has the strongest economy in Africa but we could double that, we could become quite frankly what America is to the entire American diasporas for Africa”.
     
    The minister welcomed the investors to come and invest in Nigeria, assuring that their investments were safe and protected.
     
    “So I invite you to a country that has its challenges but has huge opportunities probably the only country in the world where the average returns on investment is in excess of 25 per cent a year.
     
    “This is massive. So the returns are heavy, the resources are there and there is a huge opportunity to playing in the field.
     
    “It is now time quite frankly for a lot of us who sit here as investors, as players, to begin to look to the country of the future – Nigeria.”
     
    He said since 2016, Nigeria started major policies called the ‘7 Big Wins’ focusing on gas, infrastructure growth, and trying to refine the country’s petroleum products locally.
     
    The minister said Africa could not continue to be a continent dependent on aid, but that Africa had got to create trade, opportunities and mixes that would help the region stand on its feet.
     
    “So quite frankly, there’s an urgency of yesterday for Nigeria to move into the forefront of leadership both economically and politically in Africa and we need to begin to push that,” he said.
     
    Kachikwu said this was the first time Nigeria was creating the process of bringing the private sector to invest in refineries, adding that the sector had taken over and broadened.
     
    He assured the investors of continuity of policies, saying the policies were being institutionalised through legislation by the legislators and necessary implementing agencies to outlive the present administration.
     
    “I’ve sent out a very loud message out there that over the next four to five years, whether or not I’m there, the reality is that oil companies that fail to focus on local refineries, we are going after them.
     
    “And as you are here and producing the oil, the price is going to be the same so we are not saying people should discount.
     
    “But you must put that oil in there, create jobs, because any member of OPEC who in the next few years cannot refine most of its oil, is going to have massive problems.”
     
    Responding on behalf of the American investors, President of Hightowers Petroleum and Energy, Mr Stephen Hightower, lauded the minister for embarking on policies that made Nigeria’s oil and gas sector an investors’ choice.
     
    Mr Mohammed Suleiman-Onibo, Managing Partner of Petrobiba, on behalf of the organisers, said the United States of America was always interested in investing in Nigeria.
     
    He said the summit aimed to increase the awareness and promote investment going to Nigeria, adding the parameters and the requirements of such investments were very easy but sometimes not followed through.
     
    The Consul-General of Nigeria in Atlanta, Mr Kayode Laro, commended the minister for the courageous and far-reaching reforms he had carried out in the industry.
     
    Executive Directors of the ministry and heads of its subsidiaries also took turns to present investment opportunities and attractiveness in the Nigerian oil and gas sector to the American investors.

  • Skye Bank: Lucky Depositors, Disgruntled Investors and Beguiled Public, By Henry Boyo

    Skye Bank: Lucky Depositors, Disgruntled Investors and Beguiled Public, By Henry Boyo

    By Henry Boyo

    The business license of erstwhile Skye Bank Plc was summarily revoked last month (September 2018) by Godwin Emefiele, the CBN Governor. The revocation came about two years after the financial Regulator sacked the Management in July 2016; the action followed the bank’s inability to meet the mandatory minimum key liquidity and capital adequacy ratios, which failure resulted in “the bank’s permanent presence at the CBN lending window.”

    Nonetheless, prior to this revocation, the New Management that CBN appointed in July 2016, had reportedly, successfully embarked on initiatives to restructure and reposition the bank, primarily, through cost management and optimization, as well as strategic divestments to improve the institution’s financial position. The containment measures effected, also included branch rationalization, and review of service contracts and cash management operations.

    Regrettably, despite the measures taken, the new Management Team appointed by CBN still failed to recapitalize the Bank, until the Apex Bank stepped up once again, in collaboration with the NDIC to literally buy out Skye Bank, with a fresh capital injection of N786bn, before handing over the bank to AMCON to manage with the new name of POLARIS bank. The ultimate goal, according to Emefiele, is that the Bank will be sold to new private sector buyers, after it has been successfully repackaged and returned to a profitable business, in the next three years under AMCON management.

    Notably, with this arrangement, depositors and customers of the defunct Skye Bank, can be assured that their deposits with the new Polaris Bank are safe, and also adequately insured under the NDIC Act. Furthermore, according to the NDIC, the adoption of the bridge Bank model to replace Skye Bank, is also expected to guarantee that most of the employees of that bank will not lose their jobs, as they will be able to continue their employment with POLARIS Bank Ltd, albeit, under fresh contracts of employment.

    The new arrangement, according to Governor Emefiele, therefore means, that the former shareholders of Skye Bank have lost their investments, while, AMCON will run the bank until they find new investors with adequate capital, to become the new owners of Polaris Bank. Invariably, following this development, the trading of erstwhile Skye Bank Plc shares, in the stock market, has therefore been suspended indefinitely, by the Securities and Exchange Commission.

    Expectedly, holders of Skye bank shares which still traded at about 70 kobo/share, before the revocation, are not particularly happy with this development, and they may consider joint counter action against Skye Bank’s license revocation.

    Nevertheless, some shareholders have wondered why CBN did not also sack the Board and Management that ran the erstwhile Skye Bank in the last two years before the license revocation, so that a new Board and Management would be reconstituted. Boniface Okezie, the National Co-ordinator of the Progressive Shareholders’ Association of Nigeria, therefore warned that “this action of interfering and taking over of banks by CBN will create distortions in the Capital market and banking sector and send wrong signal to investors.”

    Similarly, Gbadebo Olatokunbo of the ‘Noble Shareholders Association’ also noted that “CBN should hold the Directors of the bank responsible; they should not allow shareholders to suffer.” Furthermore, Patrick Ajudua, Chairman of the “New Dimension Shareholders Association” is also clearly unhappy and has questioned whether, according to Ajudua, “we (the ordinary shareholders) are the ones that granted the non-performing loans? Are we the cause of regulatory failures on the part of CBN, NDIC, NSE and SEC?”

    A Chartered Stockbroker, Sola Oni has also noted that, although it was within CBN’s powers to revoke a bank’s license, nonetheless, “the development according to him is a sad commentary and capable of further putting investor confidence in a quandary.”

    However, Tokunbo Abiru, the interim Managing Director of the defunct Skye Bank and now reinstate also the Group Managing Director/CEO of Polaris Bank, has pledged the commitment of the new Bank to deliver on its mandate to all stakeholders.

    Nonetheless, some critics may still not be comfortable with Tokunbo Abiru’s assurances. The question is, where was the regulator when Skye Bank appeared locked into permanent borrowing from CBN for several years? Besides, are there no benchmarks established to immediately trigger CBN’s control measures before the situation becomes totally irredeemable as was the case with Skye Bank? The travails of the now defunct Skye Bank, certainly may not inspire much confidence, that CBN is on top of its job as an astute financial regulator.

    It also curious that there has been no sanction on anyone in CBN management for the regulators’ apparent negligence in the Skye Bank debacle. Sadly, the investor seems to be the real fall guy or victim of CBN’s negligence.

    The question however, must be from where does CBN earns the trillions of Naira that it pumps into the system to save ailing banks; after all, apart from trading in foreign exchange, like a bureau-de-change, there is little else the CBN does to build such reserves.

    The answer of course is that the almost N1trn injected into POLARIS Bank, was really not earned, but simply printed paper money, that is not backed by any real asset. Consequently, expectedly, the N1trn injection was clearly an expansion in money supply, which will invariably dilute the purchasing power of the Naira currency. What, regrettably, is not always clear to the public is that CBN’s N1trn injection will also be multiplied many times over as multiple credits, depending on the rate of CBN’s mandatory Cash Reserve Ratio (CRR), which is currently 22.5% (July 2018).

    Ultimately, credit and money supply would become rapidly expanded, without collateral productivity. The inevitable result, will be too much money chasing fewer and fewer goods/services. Regrettably, all Nigerians will become victims of an inflationary spiral directly sponsored by CBN, which, ironically, has the constitutional mandate for stable prices.

    Ultimately, in a seemingly altruistic step to reduce the threat of inflation, the CBN would offer Treasury bills for sale and pay between 11-17% interest to banks or anyone who buys CBN’s Treasury bills. Consequently, the new POLARIS bank can also make money by lending their ‘funds’ directly to the same CBN, which provided the cash injection for its survival in the first place! Some would say this is a classic case of robbing Peter to pay Paul!

    The really abominable part of this financial drama is that, despite the very high rates it pays, on Treasury bills, the funds borrowed by CBN will simply be sterilized in vaults and accounting records, so as to reduce the amount of liquidity and available credit, and thereby restrain spending and higher inflation rates. Who, dare I say is fooling who?

     

  • Science ministry doles out N43.5m to 121 inventors, investors

    The Federal Ministry of Science and Technology (FMST) has given N43.5 million to 121 inventors and investors that are winners of the Presidential Standing Committee on Invention and Innovation (PSCII).

    Dr Ogbonnaya Onu, the Minister of FMST, who gave the grants to the winners on Tuesday in Abuja, said the grant indicated recognition of creativity and hard work for the year 2017.

    Onu urged the winners to obtain patents for their prototypes as a means of protecting their intellectual property.

    “I am very happy that this year, I am witnessing what we have now made an annual ceremony of recognising creativity, inventiveness and innovation among Nigerians, particularly in the informal sector of our economy.

    “By transforming your idea into either a product or a service in the market place, it will become more self-reliant by reducing importation of goods and services from other countries.

    “It is important that your intellectual property is protected. If you have any problem in doing so, one of the agencies under the supervision of FMST, the National Office for Technology Acquisition and Promotion (NOTAP) can assist you,’’ he said.

    According to him, the Muhammadu Buhari’s administration is committed to fighting and reducing poverty in the country through National Social Investment Programme (NSIP).

    Onu said that the grant award ceremony was important in creating entrepreneurs that could in turn create jobs.

    In his opening remarks, the FMST Permanent Secretary, Mr Bitrus Nabasu said Science, Technology and Innovation (STI) played a big role in the informal sector by fostering research, development and innovation that led to new products and new markets.

    Nabasu said PSCII was created in the quest to encourage indigenous investors/innovators that had uncommon ingenuity that could have positive impact on the Nigerian economy.

    “The PSCII was inaugurated in 2005 by the then President of the Federal Republic of Nigeria to encourage invention and innovation in technology.

    “ Also, to examine any research claims, commercial level and suggested how funds be sourced to finance the various stages of development from inception to prototype and finally to commercialisation.

    According to him, 590 applications were received across the six geopolitical zones after advertisement for year 2017 award.

    He said members of PSCII did verification and the applications were screened by the Technical Sub-Committee (TSC) by utilising Operational Guidelines of the PSCII.

    “TSC thereafter selected 121 inventors/investors for the 2017 PSCII Grant award. The winners were grouped into three categories.
    “Category one has 24 numbers of awardees with an award grants of N500, 000 per awardee.

    “Category two has 54 awardees with an award grant ranging between 300,000 and 400,000 per awardee while category three has 43 awardees with an award grant of between N200,000 and N250,000 per awardee,“ he said.

    The Senate Committee Chairman on Science and Technology, Prof. Robert Boroffice, commended the effort of FMST to drive Nigeria’s economy through the development of STI.

    He said that government would continue to render support to encourage indigenous innovators in the nation.

    “The Federal Government is set to further strengthen policy on utilisation of available local raw materials for speedy economic growth and infrastructure development,’’ he said.

    PSCII was set up by President Olusegun Obasanjo and inaugurated by the Minister of Science and Technology in October, 2005.

     

  • Ambode visits Japan, woos investors on transportation, urban development

    Governor Akinwunmi Ambode of Lagos State is holding talks with the Japan-African Union Parliamentary Friendship Committee in Tokyo on how to improve transportation in the state.

    Ambode, in a statement signed by his Chief Press Secretary, Mr Habib Aruna, said the meeting which was to woo Japanese investors, was being attended by two members of Japan House of Representatives.

    The governor gave their names as Ichiro Aisawa and Asahiko Mihara.

    He said his presence in Japan was pursuant to his determination to achieve infrastructure renewal for the state.

    “As a government, the renewal of infrastructure of Lagos State is of paramount interest to us.

    “We cannot afford to miss the train of regeneration going around the world. We must continue to seek comprehensive and holistic solution to the various challenges confronting us.

    “Lagos and Tokyo share many similarities including huge populations which require a comprehensive transportation and urban management strategy to deal with.

    “Japan is also a city Lagos should aspire to be, in terms of vertical development, land space optimisation, and efficiency,’’ Ambode said.

    The meeting is being attended by the Japanese Ambassador to Nigeria, Mr Sadanobu Kusaoke and the Nigerian Ambassador to Japan, Malam Mohammed Yisa.

    During the week, the Governor also visited the headquarters of Yurikamome Incorporated, a light rail transportation facility, which connects the downtown Tokyo with Tokyo Waterfront City.

    The light rail is patronised by all those who live, work and visit the facility since it opened in Nov. 1995. It operates in just 14.5km and has 16 stations.

    The light rail carries more than 45 million people yearly. It was further gathered that the Tokyo Metropolitan Government built the infrastructure, while Yurikamome Incorporated provided other necessary equipment.

  • Investors, stakeholders gather in Nigeria for 2018 Standard Bank Investors’ Conference

    Amid huge expectations, the 9th edition of the Standard Bank West Africa Investors’ Conference is set to hold in Abuja and Lagos, bringing together foreign and local institutional investors, fund managers, regulators and policymakers, bankers, businessmen and captains of industry, among others to engage and explore growth potential and opportunities in Nigeria.

    The four-day event, themed “The Pathway towards inclusive economic recovery”, will run from February 27 – March 2, 2018, with Stanbic IBTC and Standard Bank officials leading a delegation of investors on a visit to the Minister of Power, Works & Housing, Mr. Babatunde Fashola; Minister of State for Petroleum Resources, Dr. Ibe Kachikwu; Governor, Central Bank of Nigeria, Mr. Godwin Emefiele; and the World Bank. Similar visits were made to the Vice-President, Prof Yemi Osinbajo SAN, the Central Bank of Nigeria, Debt Management Office, and other key stakeholders and policymakers in Abuja, during last year’s edition. This year’s edition will be capped with a factory visit to the newly commissioned $17million Kelloggs Tolaram plant, to showcase one of the most recent private sector led capital investments in the Nigerian economy.

    Chief Executive, Stanbic IBTC Holdings PLC, Yinka Sanni, said underlining the conference is the organization’s conviction about Nigeria’s growth potential, which it would be steadfast in deploying its international connections to ensure an increased inflow of foreign capital into Nigeria. This, he stated, requires putting before the global audience crucial information about the economy to aid their investment decisions.

    Agriculture, mining, infrastructure, oil & gas and power re some of the key sectors of interest at the event, which is expected to attract institutional investors from across the globe who will meet with most of the top rated corporate companies in West Africa, Sanni said.

    “Besides the direct impact which these exchanges will make on the Nigerian economy, the conference will provide both local and international investors with opportunities to meet with some of the companies they have investments in, or in which they hope to make investments. It will also serve as a bridge to connect these investors to opportunities inherent in Nigeria, which has been opened up for private sector participation,” Sanni said, and further stated, “Stanbic IBTC is particularly pleased to note that there have been movements in key sectors of the economy in terms of investment activities.”

    Stanbic IBTC Holdings PLC is a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group, to which Stanbic IBTC Holdings belongs, is the largest African Bank by assets and market capitalization. It is rooted in Africa with strategic representation in 20 countries on the African continent, including South Africa. Standard Bank has been in operation for over 154 years and is focused on building first-class, on-the-ground financial services institution in chosen countries in Africa and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.

  • Peace in Delta state, tonic for investors, says Gov. Okowa

    Delta State Governor Ifeanyi Okowa has described the peace existing in different parts of the state as a tonic for investors.

    The Governor was speaking today at the 10th coronation anniversary ceremony of HRM Dr. Emmanuel Sideso, Abe I, the Ovie of Uvwie Kingdom, Uvwie local government area of Delta State when he made the comment.

    According to the Governor, “when the different kingdoms and local government areas are peaceful, I will have less need to hold security council meetings, and I can tell you that with the peace that exists in all parts of Delta State, investors from different parts of the world are doing business in our state.”

    “Your Royal Majesty, I am happy with what you are doing for peace to be sustained in Uvwie, this area is very attractive to investors, what we need is sustained peaceful, the area is developed in terms of infrastructure and natural resources,” he said.

    The Governor continued, “we support investors to enable them carry on with their businesses because, there are multiplier benefits of having investors in different parts of the state.”

    He congratulated the Ovie for his numerous achievements within his 10 year reign, observing that the floating of scholarship for his subjects will ensure more enlightened individuals who will contribute meaningfully to the growth of the society.

    The Governor at the well-attended ceremony personalities which included Speaker, Delta State House of Assembly Rt Hon Sheriff Oborevwori, former Governor James Ibori, former Deputy Governor, Prof. Amos Utuama, traditional rulers, commissioned the ultra-modern palace of the Ovie.

    The Minister of State, Petroleum Resources, Dr. Ibe Kachikwu on behalf of President Mohammadu Buhari, congratulated the Ovie and wished him happy more years on the throne.

    Earlier, the Ovie thanked Governor Okowa for the numerous development projects his administration has executed in his kingdom, especially in the area of construction of Roads and the completion of the Palace.

    https://www.facebook.com/ossaiking/videos/1664441060313260/

     

  • Investors trade 5b shares worth N46bn in five days

    Investors trade 5b shares worth N46bn in five days

    A total turnover of 5.011 billion shares worth N45.816 billion in 44,569 deals were traded this week by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 5.021 billion shares valued at N68.974 billion that exchanged hands last week in 41,542 deals.

    The Financial Services Industry (measured by volume) led the activity chart with 3.672 billion shares valued at N29.946 billion traded in 28,608 deals; thus contributing 73.29 percent and 65.36 percent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 864.180 million shares worth N2.440 billion in 2,561 deals.

    The third place was occupied by Consumer Goods Industry with a turnover of 210.994 million shares worth N7.731 billion in 7,336 deals.

    Trading in the Top Three Equities namely –Transnational Corporation of Nigeria Plc, Diamond Bank Plc and FCMB Group Plc (measured by volume) accounted for 1.751 billion shares worth N5.023 billion in 6,131 deals, contributing 34.93 percent and 10.96 percent to the total equity turnover volume and value respectively.

    In the week, the NSE All-Share Index and market capitalization appreciated by 5.11 percent to close at 45,092.83 and N16.154 trillion respectively.

    Similarly, all other indices finished higher during the week with the exception of the NSE Consumer Goods Index that depreciated by 1.31 percent while the NSE ASeM Index closed flat.

    During the week, 40 equities appreciated in price, lower than 66 of the previous week, while 32 equities depreciated in price, higher than seven equities of the previous week, while 100 equities remained unchanged higher than 99 equities recorded in the preceding week.

    Also traded during the week were a total of 1.947 million units of Exchange Traded Products (ETPs) valued at N105.567 million executed in 15 deals, compared with a total of 777,535 units valued at N7.689 million that was transacted last week in 15 deals.

    In addition, a total of 4,437 units of Federal Government Bonds valued at N4.260 million were traded this week in 9 deals, compared with a total of 6,301 units valued at N6.298 million transacted last week in 12 deals.