Economy
Stakeholders Seek Standards for Financial Services in Africa
By Modupe Gbadeyanka
Stakeholders in the financial services industry in Nigeria have commenced participation in the development of African standards for financial services under the auspices of the African Organization for Standardization (ARSO).
Welcoming members of the National Mirror Committee of the ARSO Technical Harmonization Committee on Good Financial Grant Practice (GFGP) (ARSO THC 12-2) to a meeting at the Standards Organisation of Nigeria (SON) corporate headquarters in Abuja, the Director General, Mr Osita Aboloma, stated that the establishment of the THC 12-2 further emphasizes the importance of standards in every facet of human existence.
This, according to him, also re-emphasizes the relevance of SON’s mandate in establishing benchmarks in the form of standards for all aspects of the social and economic life of Nigerians.
Represented by the Head of International Standards, Mr Dauda Yakubu, the SON Chief Executive clarified that the financial services standards are being developed to support and manage the quality of services being offered in the financial services sector and ensure that they meet global best practices as well as the needs of the customers, continually.
The meeting, he said, was called to broaden the scope of participation of stakeholders in the sector as well as articulate Nigeria’s position towards deliberation on the harmonized draft of the GFGP standard towards the second meeting of the ARSO THC scheduled for Nairobi, Kenya. Members of the National Mirror committee were encouraged to join the Nigerian delegation to the ARSO meeting to advance the National position.
Mr Aboloma enumerated that more meetings and calls for comments will follow and urged the committee members to ensure active participation until the African standard on GFGP is concluded, published and adopted as Nigeria Industrial Standard.
In her address, the SON Acting Director, Standards Mrs Chinyere Egwuonwu, explained that National Mirror Committees are set up to replicate the activities of regional, continental or international standards development to ensure that stakeholders are carried along in the standards development process.
Mrs Egwuonwu reminded the committee members of the global principles of standardization as including; transparency, openness, impartiality, consensus, efficiency, relevance and consistency stressing that the GFGP standard will be voluntary and for certification of systems for optimal benefit.
Presenting an overview of the GFGP Standard, SON Head of Finance and Accounts, Mr David Okon enumerated the benefits as including to minimize the risk of corruption, bribery and fraud; increase grantors confidence in funding grantees; minimize the multifarious audits usually encountered by grantees from grant agencies; reduce administrative cost and time for both grantors and grantees; and increase the confidence of donor agencies to fund grantees directly.
Chairman of the National Mirror Committee is Dr Arome Salisu of African Youth Growth Foundation while participants at the meeting included representatives of the professional Associations, Nigerian Accounting Standards Board, Banking and Insurance Companies, Federal Inland Revenue Service, Offices of the Accountant General and Auditor General of the Federation, the Federal Ministries of Finance as well as Budget and Planning, the Food and Agricultural Organization (FAO) among others.
By Dipo Olowookere
Renewed buying interest raised the Nigerian Exchange (NGX) Limited by 0.33 per cent on Monday, with gains recorded in almost all the major sectors of the bourse at the close of transactions.
According to data harvested by Business Post, the insurance counter expanded by 0.62 per cent, the banking index grew by 0.59 per cent, the energy sector appreciated by 0.40 per cent, and the consumer goods space improved by 0.10 per cent, while the industrial goods segment closed flat.
When the closing gong was struck by 4 pm to signify the close of business on Customs Street, the All-Share Index (ASI) was up by 1,113.76 points to 243,707.07 points from 242,593.31 points, and the market capitalisation chalked up N714 billion to close at N156.308 trillion compared with the previous session’s N155.594 trillion.
Interest in Nigerian stocks yesterday resulted in a rise in the activity level, with the trading volume soaring by 17.86 per cent to 717.2 million units from 608.5 million units. The trading value advanced by 77.19 per cent to N56.7 billion from N32.0 billion, and the number of deals surged by 36.22 per cent to 73,321 deals from 53,826 deals.
FCMB was the busiest stock during the trading day, with a turnover of 152.3 million units worth N1.8 billion, Premier Paints exchanged 61.0 million units valued at N135.3 million, Dangote Cement traded 34.7 million units for N29.7 billion, The Initiates sold 32.8 million units worth N1.0 billion, and Jaiz Bank transacted 32.6 million units valued at N293.3 million.
Yesterday, the market breadth index was positive after the exchange closed with 37 price gainers and 28 price losers, representing strong investor sentiment.
International Energy Insurance gained 9.92 per cent to settle at N7.98, the Initiates added 9.91 per cent to its share price to quote at N32.15, ABC Transport garnered 9.68 per cent to trade at N6.80, Abbey Mortgage Bank grew by 9.63 per cent to close at N10.25, and Linkage Assurance soared by 9.36 per cent to N1.87.
On the flip side, Fidson Healthcare gave up 10.00 per cent to finish at N122.85, Academy Press crashed by 9.70 per cent to N7.45, RT Briscoe depreciated by 9.43 per cent to N13.45, SUNU Assurances tumbled by 9.37 per cent to N4.06, and Learn Africa decreased by 8.70 per cent to N10.50.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal 0.05 per cent drop on Monday, June 8, depleting the market capitalisation by N1.27 billion to N2.606 trillion from N2.607 trillion, and cutting the Unlisted Security Index (NSI) by 2.12 points to 4,356.20 points from the previous 4,358.32 points.
The contraction witnessed during the session was triggered by a price loser, which overpowered that gains recorded by two securities on the trading platform.
Data indicated that MRS Oil Plc lost N6 at the close of business to settle at N165.00 per share compared with last Friday’s price of N171.00 per share.
Conversely, Lighthouse Financial Services Plc added 9 Kobo to sell at N1.03 per unit versus 94 Kobo per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 8 Kobo to N78.48 per share from N78.40 per share.
The volume of securities traded by investors yesterday soared by 51.9 per cent to 213,188 units from 140,345 units, and the value of securities increased by 12.6 per cent to N20.2 million from N17.9 million, while the number of deals executed fell by 7.4 per cent to 25 deals from 27 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 64.8 million units exchanged for N4.4 billion.
GNI Plc also remained as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.
At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.
At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.
However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.
Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.
On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.
Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.
Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.
Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.
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