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NSE Slams N434m Fines on 36 Firms over Default

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Nigerian Stock Exchange (NSE) has fined about 36 quoted companies N434.1 million for failure to file their audited financial statements after the regulatory due date.

 

Checks by New Telegraph showed that some of the companies were sanctioned for their inability to meet the regulatory requirements such as full year ended December 31, 2017 and third quarter of 2018.

 

The companies include Abbey Mortgage Bank Plc., Academy Press Plc., International Breweries Plc., Mutual Benefit Assurance Plc. and NPF Microfinance Bank Plc. Others are AG Leventis Plc., PZ Cussons Nigeria Plc., Meyer Plc., Presco Plc. and Royal Exchange Plc., among others.

 

The Exchange, in its X-Compliance report, explained that the initiative was designed to maintain market integrity and protect the investors by providing compliance-related information on all listed companies.

 

The report thus stated: “Companies that are listed on the Exchange are required to adhere to high disclosure standards, which are prescribed in Appendix 111 of the Listing Rules.

 

“Financial information, which is periodic disclosure and on-going material events disclosure should be released to The Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market”.

 

The NSE in an effort to achieve a world class capital market, has reiterated its commitment to maintain zero tolerance posture on dealing member firms and quoted companies on violations of rules and regulations.

 

This on the back of the Exchange’s determination to shift gears to drive innovations centred on increasing global visibility for the Nigerian capital market in the current year.

 

 

 

Mr. Oscar Onyema, chief executive officer of the Nigerian Stock Exchange, said recently that the Exchange will sustain a zero-tolerance stance on dealing member firms and listed companies’ violations to help boost the confidence in the market.

 

Mr. Mike Eze, managing director, Crane Securities, reacting to the development, said the action of NSE will boost investors’ confidence in the market because it is sending a signal that the NSE’s management understands the need for investors to get companies’ financial reports as at when due.

 

Eze said sanctions of erring companies are ways, which the Exchange is using to tell the investing public that they really want to revive confidence in the market.

 

He added that investors need to take informed decisions before choosing, which stock to buy. And the quoted companies could only achieve this if there is adherence of good corporate governance.

 

Alhaji Gbadebo Olatokunbo, founding member of Nigeria Shareholders Solidarity Association (NSSA) and one of the leading shareholders’ activists,, said penalizing erring companies is a signal that it is no longer business as usual.

 

“The action is great and it shows that the NSE management is becoming alive to its responsibilities,” he said. “Besides, it is a signal to the companies in particular and the capital market in general that it is no longer business as usual. We must always abide by the rules.”

 

He noted that the sanction would make other companies sit up and post their results as at when due thereby providing investors, analyst and stockbrokers the platform to predict the real value of the companies.

 

 

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Financial

CBN Predicts 3 pct GDP Growth in 2019

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The Central Bank of Nigeria, CBN, expects the economy to pick up in 2019, forecasting a gross domestic product growth of 3 percent, up from 1.9 percent recorded last year, its governor Godwin Emefiele said.

Emefiele said the bank would maintain its tight monetary stance in 2019, and sees inflation at 11.31 percent in February and rising to 12 percent this year before moderating.

The governor, who is set to step down in June, told an economic conference in Lagos that the economy would see more growth as the recovery is becoming self-sustaining.

Economic growth has been recovering since the third quarter of 2016, when the recession bottomed out. Higher oil prices helped Nigeria exit that contraction. In 2018, the economy grew at its fastest pace since the recession.

Emefiele expects volatility in the crude oil market to put pressure on the currency but the central bank would maintain its stance on exchange rate over the next year.

He said more than $6 billion had flowed into the local bond market since last month’s presidential election as foreign investors piled into debt to lock in yields as high as 14 percent.

Bond investors had been worried elections would turn violent, not about who won. President Muhammadu Buhari has favoured a strong and stable currency, which bondholders hope will continue.

Buhari won a second term in charge of Africa’s biggest economy in February, defeating his pro-business rival Atiku Abubakar who had touted privatizations and float the currency as some of the ways to grow the economy.

 

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Andrew Dell, Ex-CEO of HSBC Africa Now Senior Advisor to Asoko Insight

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Asoko Insight, Africa’s leading corporate information platform, is delighted to announce the appointment of Andrew Dell as Senior Advisor.

 

As part of its 2019 plan to introduce leading-edge digital tools for global banks to identify and onboard African companies, Asoko Insight has brought on board Andrew Dell as Senior Advisor.

 

African banks and global investors endure significant challenges when it comes to the efficiency of industry sizing, lead generation, on-boarding, and KYC processes. In his role, Andrew will help expand Asoko’s Verify Africa platform among banks and private equity firms active across the continent, supporting their objectives to reduce due diligence costs and grow their pan-African footprint.

 

Rob Withagen, CEO, Asoko Insight said:  “Andrew’s experience and track record are second to none and we’re thrilled to have him on board. He brings a robust knowledge of the KYC and compliance issues that African banks face and which Asoko aims to overcome.”

 

Andrew Dell, Senior Advisor, Asoko Insight said, “Sourcing reliable information to identify, verify and onboard corporate clients across Africa is time-consuming and expensive. Asoko’s purpose-built solutions are addressing the challenge by providing enterprise-access to instant, accurate and up-to-date information on the continent’s leading growth markets, businesses and the people who run them.”

 

 

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Founder Open Vector to Address Nigerian Bankers on Open Banking Opportunities

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Carlos Figueredo, CEO and founder of Open Vector, a professional consultancy firm founded in 2017 with its forte in open banking, PSD2, GDPR and payments, he has consented to headline the Open Banking Masterclass, one of the key attractions of Lagos Fintech Week on April 23, 2019, in Lagos-Nigeria, West Africa.

According to the statement signed by the chairman organizing committee, Dr. Yele Okeremi, Lagos Fintech Week [LFW] is an invigorating week of distinct FinTech events that delivers exciting discussions, stimulating demos and insightful debates. “It is scheduled for April 23-26, 2019 at Oriental Hotel, Victoria Island, Lagos”, he said.

He explained that Open Banking is a trend that is poised to transform how banking is done over the next decade. While only a few countries have started or are in the process of starting. The traction is so strong and it is expected that this trend will become dominant in five years.

“Nigeria cannot afford to lag behind, as we have had various conversations whether we should have open banking, how we should do it, and what are the benefits. This is why we are bringing an expert of Carlos’ status who has wealth of experience and fundamentals of the needs for Open Banking to lead the Masterclass at Lagos Fintech Week in April”.

He pointed out that Figueredo is a recognised open banking SME with over 20 years’ experience in payments, SWIFT, SEPA and PSD2 and started open banking in 2016 as the Head of Data Standards for the UK Open Banking Implementation Entity (OBIE).

Dr. Okeremi said that Figueredo oversaw the ISO 20022 based standard development and the relevant technical elements needed to integrate it across the array of product-based API’s for OBIE, which was the first initiative globally in the banking sector, or any other sector, to have done so.

“In quarter three of 2018 Open Vector was granted by the British Embassy of Mexico City and the Prosperity Fund a component of phase 1 of the Fintech Law delivery. Carlos worked alongside the CNBV (National Banking and Securities Commission) to develop and implement the data standards, which will go live in April 2019.

 

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