Tag Archives: nse

Akwa Ibom government rejects NSE, SON’s plan to investigate church building collapse

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The Akwa Ibom State government has rejected the plans by the Nigeria Society of Engineers, NSE, the Standard Organisation of Nigeria, SON, and any other interested organisation to investigate the collapse of a church building in the state.

The Nigeria police said 27 people lost their lives, while 37 were injured when an uncompleted structure housing the Reigners Bible Church, Uyo, collapsed on Saturday during a ceremony to enthrone the founder of the church, Akan Weeks, as a bishop.

The building collapsed shortly after the ceremony started around 10 a.m., with heavy iron beams falling on worshipers, including women and children.

The state governor, Udom Emmanuel, escaped unhurt, while the Secretary to the State Government, Etekamba Umoren, the Commissioner for Information, Charles Udoh, and the Chief Press Secretary to the governor, Ekerete Udoh, were said to have sustained some injuries.

The NSE and SON have reportedly made public their plans to investigate the tragic incident.

The NSE investigation committee, according to Channels Television, visited the site of the collapsed building.

The committee was led by Charles Ukoh, a former vice president of Council for the Regulation of Engineering in Nigeria, COREN.

Mr. Ukoh was quoted by Channels as saying that his committee would carry out proper investigation to unravel the circumstances that led to the incident.

“He (Mr. Ukoh) promised that the committee would present an unbiased report that can be confirmed anywhere in the world,” the TV station reported.

SON, through its Akwa Ibom State Coordinator, Dauda Mshelia, was reported to have also made a similar visit to the site, and took away samples of materials used for the construction for laboratory analysis to find out the cause of the collapse.

But the state government has come out to reject such plans by the NSE and SON.

“Government wishes to urge members of the public to discountenance any purported claims of enquiry or investigations into this tragedy by any organisation or entity,” the state government said in a press statement issued, Wednesday, by the spokesperson to the governor, Ekerete Udoh.

“The Panel set up by Government is made up of seasoned professionals in the engineering and building profession and the work of the panel will be independent, fair and thorough,”

The government barred unauthorized persons or groups from having further access to the site.

The panel of enquiry into the incident will commence work immediately, the government assured.

“We wish to restate for the avoidance of doubt that any persons found culpable would be made to face the full weight of the law irrespective of tribe, religion or status in the society,” the statement said.

“Government is set to streamline the processes involved in the monitoring and enforcement of relevant building regulations, especially with regard to public buildings to ensure that they meet professional standards.

“Henceforth only public buildings which have passed the necessary safety certifications would be allowed to host public events.

“Government is committed to doing all that is necessary to ensure that this unprecedented event never happens again.”

Chris Ekpenyong, an engineer and former deputy governor of Akwa Ibom State, was part of the NSE delegation which visited the site of the collapsed church building.

When reporters contacted Mr. Ekpenyong, he said the aim of their visit to the site wasn’t to investigate the incident, but to rather have first hand information before making plans to pay a condolence visit to the state governor.

“We couldn’t commiserate with the governor, without first going to the site to see what happened.

“We are not supposed to set up a panel, it is the government that should do that,” Mr. Ekpenyong said.

Dangote, 14 Others Gain N127bn On Stock

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Equity transactions on the floor of the Nigerian Stock Exchange (NSE), yesterday, favoured the Dangote Cement Plc and 14 other companies listed on the nation’s bourse with N127bn gain.

The recorded profit pushed up benchmark index by 1.33 per cent as the NSE All-Share Index (ASI) appreciated 370 basis points to close at 28,209.93 absolute points, and market capitalisation, also closing higher at N9.690 trn.

While the trading session favoured the 15 gaining stocks against 14 declining ones, 10 other stocks traded and closed the session on flat prices.

The Dangote Cement Plc gained N6.79 kobo to close at N183 per share, Total Plc followed by appreciating N6.50 kobo and closing at N269 per share and Conoil Plc occupied the third position on the chart by gaining N3.59 kobo to close at N38.69 kobo per share.

Other advancing stocks included Stanbic IBTC, Oando Plc,

On the losers’ list were UAC of Nigeria Plc, which shed 78 kobo to close at N21 per share, Unilever Plc, losing 51 kobo to close at N45 per share and WAPCO Plc that lost 11 kobo in share price to close at N56.15 kobo per share.

Collectively, investors traded 231.5m shares valued at N2.488bn in 3,452 deals compared with a total of 328.2m shares worth N2.895bn that exchange hands in the previous session.

Environmental Society Calls For Return Of Health Inspectors

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The Nigerian Environmental Society (NES), Lagos Island chapter, on Friday called for the return of health inspectors (popular known as wole-wole) in the 1960s, to improve home sanitation.

 

Mr John Ekoko, Chairman of the society, made the call during interview with News Agency of Nigeria (NAN), at the commemoration of World Toilet Day 2015 with the theme: Sanitation and Nutrition, in Lagos.

 

According to him, the commemoration should draw attention of people to the need to imbibe proper sanitation when it comes to using the toilet.

“It is important for us because lack of cleanliness has been responsible for a lot of diseases.

“A lot of germ carrying diseases reside where human wastes are found and they go to contaminate human beings and cause different diseases.

“In Nigeria, the toiletry system is made up of flush toilet, pit latrine and open/defecation in the bush.

“The danger now is that many people are exposed to threat from faecal diseases.

“There are health inspectors, whose job is to inspect the hygienic condition of houses, especially the way people dispose their wastes.

“We need solid ‘wole-wole’, health inspectors like we used to have in the 1960s, to come back’’, he said.

Ekoko held that the World Toilet Day should also be used to draw the awareness of home owners to the need to construct modern toilets.

According to him, many water or liquid samples taken have shown a high degree of chloroform, which is mostly carried by germs found in faeces.

He said that faecal chloroform caused dysentery, diarrhoea and cholera, among others.

The chairman noted that the fact that cholera kept re-occurring meant that people still used chloroform faecal infected water.

He said government should try to enforce the use of modern sanitary toilet with proper flushing so that people can observe high level of hygiene.

He advised that the government should ensure that house owners dug septic tanks in such a way that the water did not seep.

He said if septic tank was not properly constructed, the water could join the underground water and pollute it.

Ekoko said there was need to enforce the law on open defecation as the faeces enter the surface water and form the faecal chloroform that pollutes the water.

He said many houses around the lagoon had their latrines emptying right into the lagoon. “This is unhygienic.’’

 

 

(NAN)

Sunday Odeleke: The New SEC And The Actions That Will Benefit The Market

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If you have been following the development between the Nigerian Capital Market Regulator, the Securities and Exchange Commission (SEC) and the BGL Group, one of the capital market operators in Nigeria, then you should be happy to see the regulator acting in a manner that can help market integrity and restore investor confidence.

Just like the American counterpart, also called the SEC, which has the mandate to protect investors, maintain fair, orderly and efficient market, and facilitate capital formation, the mission of the Nigerian SEC is to develop and regulate a capital market that is dynamic, fair, transparent and efficient, to contribute to the nation’s economic development. Therefore in the ongoing case of alleged gross market infraction by BGL Plc and its subsidiaries, the regulator must handle the case in manners that would benefit the overall interest of the Nigerian Capital market.  First, a quick review how the capital market regulations have evolved globally would broaden this view.

Globally, capital market regulations are set up to help operators from the problem of illusion of money.  The underlying mandate of all capital market and financial system regulators is to protect investors and depositors from practitioners’ errors, mismanagement, fraud and cheating during the custodianship of third parties assets in whatever forms permissible by law. The complexities of the financial market today however make infractions an unavoidable part of the capital and financial market activities. These complexities, represented by the fungibility of the financial system and significant correlation of assets classes and markets, have made regulators’ approach to dealing with infractions very delicate. A badly handled infraction in the United State of America, the United Kingdom, and even in fragile Europe can take the global financial system to its knee.

The US SEC regularly deals with operators and market participants’ infractions and since the global financial crisis of 2008, the regulator has been more pro-active in its oversight functions than before. In the UK, the Financial Conduct Authority (FCA) regulates the financial services industry with the primary aim to protect consumers, ensure the industry remains stable and promote healthy competition between financial services providers. Recently, the FCA dealt with a combination of banks foreign exchange market infractions and LIBOR fixing infractions without roiling the market.

Likewise in Nigeria, the SEC has contributed in significant ways to the market development through astute scrutiny of deals for compliance with envisaged security of investments and integrity of the market. On many occasions, the SEC has also moved quickly enough to deal with market infraction in the bid to mitigate large scale losses to investors. Over the years, the SEC has performed this role using the institutional process as empowered by the Investment and Securities Act (ISA) 2007, the SEC Board, the Administrative Proceedings Panel (APC) and the Investment and Securities Tribunal (IST) depending on the level of infractions. Significant improvement in capital market regulation through the SEC activities has resulted in timely return filing by quoted institutions, reduction in market infractions committed by operators and the resolution of operator-investor conflicts etc. And in all of the cases, investigations by the SEC and resolutions of the matters are usually conducted privately to prevent any backlash on the market.

However, in relation to BGL Plc and its subsidiaries, it is unclear what the SEC wishes to achieve by dealing with the matter in public and on the pages of newspapers. Since the SEC publicly announced the appointment of an Interim management Team (IMT) to take over the management of the company and its subsidiaries in April, the follow up publications on suspension of the companies and their sponsored individuals from capital market activities and the invitation to APC, it might appear as if the SEC is hell bent on liquidating the company and its subsidiaries to the detriment of the investors’ fund currently stuck in the company in particular and the market in general. For example, by suspending the Company and all its subsidiaries from operating and earning revenue, it makes it difficult to settle all outstanding obligations to clients and investors.  It also makes it difficult, if not impossible, for the company to attract additional capital to improve the solvency of the company and put it in a position to continue as a going concern.

The publicity given to this case, including the one by the IST, appears like a moral war against the company so that the public can expect its potential collapse and brace up for it. But like the experience of Lehman Brothers in the US where investors are more educated and follow up the developments, the Nigerian market will never be ready to take such development without a reverberation. It would spread like wild fire and catch other operators. They would experience a run on them; leading to depressed selling of assets and asset deflation. If not well managed, the same market that the SEC is trying to protect may crash, leaving nothing to protect. This is already happening!

Moreover, the moral warfare has its inverse side. The constant publication of the ongoing issues by the SEC is not good for the market, while the publications of clients’ confidential information in the bid to justify the Commission’s actions and perhaps to steer away sentiments from the company, will pitch the public against the SEC. It is an unnecessary propaganda that is unhealthy for the capital market. The market is currently in a bearish mood due to the combined effect of the lull in domestic economic activities, Greece uncertainties, China crisis and arguably the handling of the BGL and operators’ capitalisation issues; loosing over N600 billion in the last couple of months.

The strategic objective of the SEC should be to ensure market integrity and by extension protect investors, which is the ultimate ‘war’ in this case. The tactical actions to achieving these objectives include the mitigated resolution of BGL case which is one of the several ‘battles’ the SEC faces. And in achieving the overall objective of winning the war (ensuring market integrity), the SEC may need to loose some battles (by yielding grounds) for the greater good. The SEC might have already won the war by showing the market and the investors that it stands ready to investigate and punish any erring capital market operator whose actions and conducts put the market at risk. Every market operator now knows that the SEC is ready to go all out to enforce its rules and to carry out its oversight function without fear or favour. That is in itself is an outstanding achievement. Even the company itself would have learnt from its mistake and will be more than willing to do a better job going forward, provided such a chance is given, since “big brother SEC” is watching. However by insisting on putting an operator down, the SEC is trying to win the small battle at the expense of the bigger war and thereby snatching “defeat” at the jaw of “victory”.

The current issue reminds us of the Nigerian banking crisis of 2009/10 in which many Nigerian banks were alleged to be in grave solvency danger due to the financial and economic meltdown and the subsequent stock market crash in Nigeria. Although the Central Bank of Nigeria (CBN) was able to deal with the major institutions with grave conditions and their owners and management without putting depositors’ money at risk, it achieved this by temporarily bailing out the affected banks while adopting a private sector driven resolution strategy through the use of the Asset Management Corporation of Nigeria (AMCON) to manage the crisis. Despite the resolution, it took time for the market to recover as investors lost significant amount of equity in the banks. Some of the banks are still struggling to get back to optimal levels. The SEC does not appear to have the capacity to achieve same in relation to the issue with BGL and many others that may come after it. Hence, the potential systemic risks that the bankruptcy of a “big” market operator poses to the Nigerian Capital Market should prevent the SEC from taking the moral high ground it is currently taking. The manner in which the Commission is currently handling this matter may not be apt and presents great risk to the Nigerian capital market.

Rather the commission should midwife the process for any market operator that may have liquidity issues to get out of these problems to be able to deliver on its core mandate of investors’ protection and upholding market integrity. In the end, when all ends well, the SEC, like in every other clime, can then turn around and punish all individuals that were culpable at putting investors’ money at risks in the company within the ambience of the Investment and Securities Act (ISA) 2007. The planned administrative proceedings can then take place where punishments including suspensions and fines can be meted out to culprits.

Sunday Odeleke

@OdelekeSA (please, follow on Twitter)

sunddel@yahoo.com

Houston, TX USA.

 Views expressed are solely that of author and does not represent views of www.omojuwa.com nor its associates

Joshua Jesse Kelvin: The NFF Meeting With The NSE- Beyond The Horizon.

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It is no longer news that sports and sporting activities have left the realm of merely creating entertainment alone as it used to be in the past it has now become a major player in the economy.Moreso analysis and researches by most sports experts have come to a conclusion that there is a need for sports particularly football to combine sporting performance with financial performance.

Nigerian football has been overshadowed by a number of challenges ranging from government intervention in running of football (which is contrary to Article 17 of the FIFA regulation) to administrative and funding problems. Whatever prompted the visit of Amaju Pinnick led NFF to No. 2-4 Customs streets Lagos the Headquarters of the Nigerian stock exchange (NSE) one can’t tell. Whether it was to perform the increasing popular of function of ringing the closing bell at the floor of the NSE which is more like a tradition these days or actually to cement a relationship between the two institutions as they claimed only God can tell.

However the visit and the purported aspirations of pinnick  in which he expressed his hope that one day a clubs of the  NPFL would be quoted on the stock exchange was the pedestal of this piece.
We take a look of how investment in sports(football) could impacts on country’s economy.

  * Source of Revenue

The Barclay’s football as it is now called has the highest revenue of any football league in the world, with a total club revenue of 2.479billion in 2009/2010. It has also amassed a lot income from sell of television rights. For instance it was reported that television rights alone for 2010 – 2013 was purchased for 1.782 billion. In 2002 the premier league was awarded the Queens award for Enterprise in international trade category by Her Majesty Queen Elizabeth ll. Where it was recognized for its astounding contribution to international trade.

* Creates Value for the Media and Broadcasting industry

Aside from the benefits of revenue generation, it also creates value for broadcasting and media outfits. Perhaps  we’ve had of heard of Sky sports, ESPN , BBC etc. This media outfits have achieved tremendous success and international reputation from their collaboration with the BPL.

*Serves as a source of income and job creation

The Bpl  has continue to serve as a means of livelyhood to many both British and non British. It has also jobs to many as well.

  *Infrastructural development
Their has  been a lot of infrastructural developments witnessed in Britain as a result of the Bpl. It ranges from Erecting of stadiums to building good roads , hospitals, hotels and whaterview.

*Destination for Sports tourist
Many soccer fans are in the habit of travelling to watch their club play live and this will boost the tourism sector.

*Development of the Capital Market
Bpl clubs like Manchester and Arsenal are quoted on the stock exchange. What this implies is that they could decide to raise capital freely through the buying and selling of shares.

  *Source of Revenue to the Government
The Bpl also serves as a room for generation of revenue to the government through tax.

*Boost for the transport industry
We all know Heathrow and Gatwick Airports as one of the biggest in the world. Perhaps this wouldn’t have been possible without the Bpl.
By Joshua Jesse Kelvin a graduate of University of Maiduguri and a free lance writer.

Twitter handle @RealDrjj

Views expressed are solely that of author and does not represent views of www.omojuwa.com nor its associates

Photos From Dangote Cement Commissioning in Ethiopia

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Africa’s richest man Aliko Dangote yesterday June 4th took a lot of Nigerian businessman and captains of industries to Addis Ababa, Ethiopia for the commissioning of his Dangote Cement Plant. CBN governor, NSE CEO, former Cross River State governor, Donald Duke, billionaire business men Femi Otedola, Jim Ovia and MDs of Access Bank, Zenith Bank and First Bank and the Prime Minister of Ethiopia were all at the event. See the photos below…

Cecil Hammond with CBN governor
Dangote and his guests
Former MD of Access Bank Aig with other guests admiring the plant
MDs of First Bank and Access Bank
Cecil Hammond with ex-governors Donald Duke and Niyi Adebayo
Dangote with NSE CEO
Aliko Dangote giving a speech
Prime Minister of Ethiopia giving a speech

Stockbroker Sues Bishop Oyedepo, Nigeria Stock Exchange For Breach Of Contract

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A stock brokerage firm, Valueline Securities and Investment Limited, has instituted a legal action against the founder of the Living Faith Church, popularly known as Winners’ Chapel, Bishop David Oyedepo, over alleged breach of agreement on a N9bn worth of investment.

The firm along with its Managing Director, Samuel Enyinnaya, are seeking an order of the court compelling Oyedepo and others to pay them the sum of N1.86bn jointly and severally as professional fees and damages.

Besides Oyedepo, the other defendants in the suit filed before a Federal High Court in Lagos are Oyedepo’s wife, Abiola; his children and blood relatives, Priscillia, Jesutobi, Makinde and Isaac.

Others are the World Mission Agency Inc, which is the overall ruling organ of the Winners’ Chapel; Covenant University, Ota, Ogun State; and the Nigerian Stock Exchange.

The plaintiffs, in their statement of claim, averred that Oyedepo and the other defendants entered an Investment Portfolio Management Agreement with them and appointed them as the portfolio managers to oversee and to ensure the profitability of the said investment worth about N9bn in the Nigerian Stock Exchange.

According to the plaintiffs, it was agreed that 2.25 per cent of the net asset value of the portfolio and an annual incentive fee of 10 per cent of the returns on the investment would be paid to the plaintiffs.

The plaintiffs said that in order to enhance profitability of the investment, they went ahead to obtain some margin loans from some Nigerian banks, which turned out to be a great boost to the investment.

They however said trouble started “when the first defendant wanted to buy his first private jet and the World Mission Agency Inc ordered the sale of majority of the securities in the investment portfolio, and that despite the professional advice to the contrary, the plaintiffs were made to sell the securities to raise the N3bn needed for the jet, a development which brought about huge losses to the investment.”

According to the plaintiffs, following the said sale of securities coupled with the global economic meltdown which caused stock market across the globe to crash at the time, the investment recorded losses.

But the plaintiffs said, “In a bid to avoid their financial obligations to the plaintiffs, Oyedepo and his organisations wrote a petition to the Economic and Financial Crimes Commission alleging fraud and embezzlement against the plaintiffs.”

Read More: saharareporters.com

Arunma Oteh Leaves as Head of SEC After Five Years at Helm

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Arunma Oteh left her position as head of the Nigerian Securities and Exchange Commission after five years leading market regulation in Africa’s biggest economy.

She left office on Jan. 7 and an acting director general will be appointed, Yakubu Olaleye, a spokesman for the Abuja-based agency, said by phone.

Under Oteh, the capital market“witnessed significant product innovation, improved listing rules, landmark bond-market reforms, the introduction of exchange-traded funds and widening of participation in the markets,” the SEC said in a statement on its website.

Oteh became head of the regulator in January 2010 as the market recovered from a 2009 financial crisis triggered by loans given to stock speculators and fuel importers in Africa’s biggest oil producer. The value of the bourse’s main index reached a peak of more than 13 trillion naira ($72 billion) last year before tumbling to 9.45 billion naira on Jan. 9. Nigerian stocks slid the most in the world last week as crude prices tumbled below $50 a barrel.

Oteh didn’t answer calls made to her mobile phone or return e-mailed requests for comment.

In June 2012, she was sent on “compulsory leave” while the SEC investigated allegations of mismanagement following an audit of spending on the market’s 50th anniversary. She was recalled by President Goodluck Jonathan a month later after external audit didn’t find illegal activities committed by her.

Oteh had created enemies by firing Ndi Okereke-Onyiuke as head of Nigerian Stock Exchange, saying the action was needed to curb “poor corporate governance,” manipulation of the market and financial waste. She cited cases in which hundreds of Rolex watches were bought as gifts and 1.7 billion naira was shared among employees of the bourse.

In October 2013, Oteh said the stock exchange needs oil and gas, power and telecommunications companies to list to meet its goal of reaching a market value of $1 trillion by 2016. South Africa’s FTSE/JSE Africa All Share Index market value of 9.57 trillion rand ($832 billion)