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The Nigerian Capital Market Comes of Age with the Emergence of Its First Central Counterparty (CCP)

On Thursday, December 9, 2021, The Nigerian Capital Market witnessed a monumental milestone as NG Clearing Limited, the first Central Counterparty in West Africa, formally launched her operations.

The launch of NG Clearing as a CCP means that exchange-traded derivatives are now a possibility in the Nigerian Capital market. As a Financial Market Infrastructure (FMI), NG Clearing facilitates the clearing and settlement of exchange-traded derivatives, management of counterparty risk, reduction of systemic risk, and promotion of the safety and integrity of Nigeria’s capital market. This opens new and clear opportunities for investors, stakeholders, and other players in Nigeria’s capital market. Read more

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NGX RegCo Restates Commitment to Promoting Fair, Transparent Market

NGX Regulation (NGX RegCo) Limited today restated its commitment to promoting a fair, transparent, and orderly Nigerian capital market at the the 2021 Issuers’ Engagement Forum with the theme: ‘Corporate Disclosures – Beyond Numbers’. Read more

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SEC says identity management will resolve unclaimed dividends

The Securities and Exchange Commission (SEC) has disclosed that the Commission is engaging relevant stakeholders in a bid to resolve issues of identity management which will assist in solving the rising unclaimed dividends in the capital market as well as other issues.

The Director-General of the SEC, Lamido Yuguda, pointed out that part of the problems of unclaimed dividends has to do with identity management, saying the Commission is currently engaging the registrars’ stakeholders and increasing investors’ education to stem the trend.

Identity theft is a fraudulent practice of using another person’s name and personal information to obtain shares, credit, loans among others.

Yuguda stated this during a presentation of the 2022 budget of the Commission before the House of Representatives Committee on Capital Markets and Institutions in Abuja, Tuesday.

According to Yuguda, the Commission has set up an identity management committee to harmonise various databases of investors and facilitate data accuracy in the market.

He said the committee comprises the SEC, the registrars, the stockbrokers, the issuing houses, the CSCS, and NSE, in addition to the e-dividend management committee.

Yuguda said the committee’s assignment would address the challenges of identity management and help tackle some of the issues of unclaimed dividends, direct cash settlement and multiple subscriptions.

“We have engaged with the industry to see where the issues are. We have understood the problem better and we are working in collaboration with them to ensure that by the end of the first half of 2022 we will be able to report back to this committee some of the milestones achieved in solving some of these issues and we believe it will have a massive impact”.

The SEC boss disclosed that the Commission is also working to combat challenges confronting the Commission on Information Technology.

He said, “We need to transform our IT infrastructure as we superintendent over a market that is vast and technology driven. The Steering committee has started work and we are already looking at the proposals”.

Yuguda said the SEC has been collaborating with the Standards Organisation of Nigeria to develop standards for commodities and the Commission has already held two workshops in Lagos and Kano, expressing the hope that it will make the nation’s agricultural commodities acceptable the world over as well as create wealth for the country.

The DG also disclosed that the Commission recently approved the first electronic offer in the capital market for MTN.

According to him, “Before now, we had rules on electronic offers which we developed but they are only being used now with the MTN offer. These are some of the achievements the Commission has been able to record recently”.

On funding, the SEC boss stated that the Commission does not rely on the Federal Government for funding as it is self-funding adding that the downturn in the capital market due to the ongoing pandemic has adversely affected the revenue of the Commission.

He said “The budget of 2021 has been a huge departure from the past as we have worked on new sources of income and reduced our expenditures. With these efforts, we know that we will have a Commission that everyone will be proud of”.

The DG commended the Chairman and the Committee members for their unwavering support to the Commission and the capital market.

In his remarks, Chairman of the Committee, Hon. Babangida Ibrahim commended the Commission on its efforts so far and assured that the committee would continue to provide support where necessary to ensure that the nation has a vibrant capital market.

“It is our responsibility to oversight the SEC and that is why we invited them here today to brief us on the performance of their 2021 budget, including the success and challenges they have faced in the year under review. We will continue to engage with the Commission to attain the progress we desire for our capital market”

Souce: https://businessday.ng/markets/article/sec-says-identity-management-will-resolve-unclaimed-dividends-other-issues/

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MTN Share Offer

The public offer to retail investors for the sale of up to 575 million shares held in MTN Nigeria by MTN Group will be priced at N169.00 per share (the Offer). The Offer opens on Wednesday, 1 December 2021 and closes on Tuesday, 14 December 2021. The Offer is in line with MTN Group’s commitment to reduce its shareholding in MTN Nigeria from 78.8% to 65% over time. The objective of the Offer is to provide as many Nigerian retail investors as possible with an opportunity to own shares in MTN Nigeria. The minimum subscription is for 20 shares and lots of 20 shares thereafter. The Offer includes an incentive in the form of 1 free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor. The incentive is open to retail investors who buy and hold the shares allotted to them for at least 12 months, post the allotment date.

MTN Share Offer Form http://

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MTN Offer

MTN Share Offer

The public offer to retail investors for the sale of up to 575 million shares held in MTN Nigeria by MTN Group will be priced at N169.00 per share (the Offer). The Offer opens on Wednesday, 1 December 2021 and closes on Tuesday, 14 December 2021.
The Offer is in line with MTN Group’s commitment to reduce its shareholding in MTN Nigeria from 78.8% to 65% over time. The objective of the Offer is to provide as many Nigerian retail investors as possible with an opportunity to own shares in MTN Nigeria.
The minimum subscription is for 20 shares and lots of 20 shares thereafter. The Offer includes an incentive in the form of 1 free share for every 20 shares purchased, subject to a maximum of 250 free shares per investor.
The incentive is open to retail investors who buy and hold the shares allotted to them for at least 12 months, post the allotment date.