News
Greenwich Trust Lists Greenwich Alpha ETF on NSE
The Nigerian Stock Exchange has announced the listing of the Greenwich Alpha ETF (“Greenwich Alpha”) by Greenwich Asset Management Limited, on its Daily Official List.
The Greenwich Alpha ETF units were listed at N100 each following an Initial Public Offer (IPO) on Monday, August 19, 2019.
Greenwich Alpha is an open-ended ETF that tracks the NSE 30 Index; an index which constitutes 30 of the most liquid and capitalized stocks trading on the Exchange. It is designed for investors to access the constituent companies of the NSE 30 index, thereby getting the performance of the index.
Speaking at the listing, Mr Dayo Obisan, Managing Director, Greenwich Asset Management Limited, said, “The Greenwich Alpha ETF Fund is designed for and offered to investors seeking exposure to the Nigerian equities market, particularly to the constituents of the NSE-30 index.
“It offers the full benefits of diversification through a single transaction thereby reducing associated transaction cost and helping investors spread their risk.
“We will continue to encourage retail and institutional investment in this Fund based on its potentials”.
On his part, Mr Jude Chiemeka, Head, Trading Business Division, NSE said, “We are delighted to welcome Greenwich Asset Management Limited to our growing list of ETF providers. Globally, ETFs continue to make an impact as effective tools for accessing the market, diversifying investments, and serving as an alternative investment solution for intermediaries to recommend to their clients.
“As the leading stock exchange for listing and trading ETFs in West Africa, we will continue to lead innovation in the market as well as support the issuance of products and investment vehicles that meet the objectives of investors.
“We operate an efficient, orderly and transparent market based on cutting edge technology, to support product development efforts for the benefit of all investors. We remain resolute in our commitment to partnering with all market stakeholders, to continue to build and develop the Nigerian capital market while offering a wide range of investment vehicles for all investors”.
News
EFCC Arrests Delta Accountant General Over ₦1.3 Trillion Fraud
Economic and Financial Crimes Commission (EFCC) has arrested Mrs Joy Enwa, the Accountant General of Delta State, in connection with the alleged misappropriation of N1.3 trillion linked to former Governor Ifeanyi Okowa.
The EFCC is investigating funds reportedly diverted from the 13 percent derivation allocation intended for oil-producing states. Alongside Mrs Enwa, the anti-graft agency has questioned other officials, including a former Director of Finance and Administration and a senior Government House staff member.
EFCC spokesperson Dele Oyewale confirmed the arrest, stating, “Mrs Enwa was detained for questioning over the ongoing investigation into the mismanagement of state funds under the former administration. Some other government officials have also been interrogated.”
Mrs Enwa, who was appointed Accountant General by Okowa in 2020, previously served as Deputy Accountant General under Governor Emmanuel Uduaghan.
She had earlier faced allegations of involvement in a N369 million fraud case in 2015, which implicated other state officials and bank representatives.
The ongoing investigation has also uncovered assets allegedly tied to the fraud, including shares in UTM Floating Liquefied Natural Gas Company and investments in the oil sector.
Former Governor Okowa was detained by the EFCC in November at the agency’s Port Harcourt office over accusations of diverting state funds for personal enrichment.
When approached for comments, Mrs Enwa declined to elaborate, saying, “I am not the right source to confirm this story. Please contact the EFCC for clarification.” The EFCC continues its probe into what could be one of the largest financial scandals in Delta State’s history.
News
NCDC Activates Emergency Response as Lassa Fever Kills 190
Nigeria has launched an emergency response centre after recording 190 deaths from Lassa fever, a viral hemorrhagic illness, according to Nigerian Center for Disease Control (NCDC).
The disease, mainly transmitted to humans via contact with food or household items contaminated with rodent urine or excrement, has infected 1,154 people in six Nigerian states.
Jide Idris, head, Nigerian Center for Disease Control, said the agency’s risk assessment has categorized it as high, prompting the activation of the emergency Operations Centre to manage the outbreak.
“While the disease occurs throughout the year, peak transmission typically happens between October and May, coinciding with the dry season when human exposure to rodents increases,” he said at a press briefing in Abuja.
The centre will ensure seamless coordination of the control and management of the outbreak.
Symptoms of the virus – which can also be passed between people through bodily fluids of those infected – include fever, headaches and, in the most severe cases, death.
The World Health Organization classifies Lassa fever as a priority disease due to its epidemic potential and lack of approved vaccines.
News
2025 Budget: FG Earmarks N1.5Bn for Airports’ Internet, Others
Federal government has proposed to spend N1.5bn for internet services for passengers at five international airports in the country.
The project, “Provision/Upgrade of WiFi Services for Passengers in Five International Airports and some Domestic Airports” was listed as a new project in the 2025 appropriation.
In some parts of the world, access to the internet via Wi-Fi at airports is regarded to be a basic human right.
Such amenities are lacking in Nigeria.
But the 2025 budget presented to the National Assembly last week by President Bola Tinubu saw the sum of N105.953,496,365 being allocated to the Ministry of Aviation.
Apart from internet access at the airports, some other capital allocations were reinstated for the Nigerian Airspace Management Agency (NAMA).
In previous budgets, three agencies of the ministry including the apex regulatory agency, the Nigeria Civil Aviation Authority (NCAA); the Federal Airports Authority of Nigeria (FAAN) and NAMA were exempted from the annual budgetary allocation.
In addition, the federal government deducts 50 per cent of the Internally Generated Revenue (IGR), which is against the standard and recommended practices of the International Civil Aviation Organisation (ICAO), which recommends that the funds generated by the agencies should be reinvested into improving infrastructure and boosting aviation safety.
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