Tag: SEC
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Merger: We are yet to receive official notification from Access, Diamond Banks – SEC
The Securities and Exchange Commission (SEC) on Monday said it was yet to receive official notification of the proposed merger between Access Bank Plc and Diamond Bank Plc. The apex capital market regulator, insisted that only the formal application will form the basis of regulatory approval. “The SEC received on Monday, Dec 17 2018, notice…
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Nigeria’s infrastructure deficit to hit $878 by 2040 – SEC
The Securities and Exchange Commission (SEC) on Sunday said that the country’s infrastructure deficit would hit 878 billion dollars by 2040 and called for active utilisation of green bond for infrastructural gap. Ms Mary Uduk, SEC Acting Director-General, said this at the 2018 annual workshop organised by the Capital Market Correspondents Association of Nigeria (CAMCAN)…
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SEC launches green bond rules
The Securities and Exchange Commission (SEC) officially launched the Green Bonds issuance rules at a ceremony on Monday. Speaking at the launch of the rules, Ms. Mary Uduk, Ag. Director-General, SEC stated that, “As Nigeria strives to harness the resources of non-oil sectors to anchor the transition to a more resilient economy, there is the…
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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…
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SEC invalidates NEM Insurance’s 48th AGM
Nigeria’s Security Exchange Commission Tuesday invalidated the 48th annual general meeting of NEM Insurance held in June and all the resolutions reached at the meeting. The insurance was also mandated to reconvene the AGM, with proper notice given to shareholders and in line with extant laws. Nigerian Stock Exchange had fined the insurance company the…
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SEC approves take over of 10m shares of Ensure Insurance
A wholly owned subsidiary of Allianz SE, Societe Fonciere Europeenne B.V., has been given the approval to fully acquire 10 million ordinary shares of Ensure Insurance Plc. This approval was given by the Securities and Exchange Commission (SEC) and the acquisition is through a mandatory take-over. It gathered that the takeover was priced at 72…
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SEC issues December deadline for registration of unlisted securities
The Securities and Exchange Commission (SEC) on Friday issued Dec. 31 deadline to public companies to register all their securities with the commission to boost the NASD Over-The-Counter (OTC) market. NASD PLC is the promoter of the OTC trading platform that eases secondary market trading of all unlisted securities in the country. Ms Mary Uduk,…
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SEC proposes N1b capital for nominee companies
The Securities and Exchange Commission (SEC) has proposed new rules to serve as guide to nominees companies operating in the country. In the document posted on its website on August 3, 2018 titled ‘Exposure of Sundry Amendments to the Rules and Regulations of the Commission,’ SEC is proposing a minimum of N1 billion capital for…
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SEC files preliminary objection against suspended DG’s suit
The National Industrial Court, Abuja, on Thursday adjourned until Oct. 24 hearing of the preliminary objection filed by Securities and Exchange Commission (SEC), in the suit instituted against it by its suspended Director-General, Mounir Gwarzo. Justice Sanusi Kado, adjourned the suit after listening to submissions of counsel and ordered that hearing notice be served on…
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SEC confirms talks with MTN Group on $500m public offer
The Securities and Exchange Commission (SEC) on Wednesday confirmed that MTN Group had finally commenced discussions with the commission on its proposed 500 million dollars Initial Public Offering (IPO). A senior management staff of SEC who pleaded anonymity said that MTN had commenced discussion with the commission on the IPO. The source said that although…