Economy
NSE, Others Celebrate Aigboje Aig-Imoukhuede
By Aduragbemi Omiyale
The former Group Managing Director of Access Bank Plc, Mr Aigboje Aig-Imoukhuede, could not hide his excitement when he was celebrated at the Nigerian Stock Exchange (NSE) on Wednesday, March 31, 2021.
The respected banker was hosted to a digital closing gong ceremony today in celebration of his years of meritorious service and contributions to the growth of the exchange.
He retired as the ex-officio of the National Council of the NSE. He was the president of the council between 2014 and 2017 when he exited the position. However, he remained in the council as an ex-officio.
“It is my deep pleasure to celebrate Mr Aig-Imoukhuede today for his exemplary stewardship as first vice president, president and ex-officio of the national council for over seven years.
“The transformational groundwork he laid made it easier to succeed him as Council President and avidly pursue the vision to build a world-class exchange.
“Furthermore, I would like to thank him for his wise and valuable counsel to the NSE over the years which were instrumental in the attainment of demutualisation and will continue to guide the entire group in this new era.
“I speak on behalf of the management and staff of the NGX Group Plc and its subsidiaries in commending him for his exceptional service and wishing him well in his future endeavours,” the chairman of the Nigerian Exchange Group (NGX Group) Plc, Mr Abimbola Ogunbanjo, stated.
On his part, the Group CEO of the NGX Group, Mr Oscar Onyema, thanked Mr Aig-Imoukhuede for the hands-on experience and business expertise with which he has contributed to the growth of the NSE over the years.
“During his time as president of the national council, he provided unique insights that saw to the development of the exchange despite the harsh economic and policy environments that often characterised his tenure.
“As ex-officio, Mr Aig-Imoukhuede continued to provide invaluable support to the exchange. We are honoured to celebrate his achievements and are excited that he did indeed enter the ‘promised land’ with us as he said he would when he retired as president of the national council in 2017,” he said.
The stockbroking community, speaking through their representative, Mr Rasheed Yusuf, applauded the founder of Coronation Merchant Bank for his contribution to the capital market and wished him success in his future endeavours.
In his remarks, Mr Aig-Imoukhuede said, “It has been a wonderful journey over the past seven years as first vice-president, president and ex-officio of the national council of the NSE.
“Serving in this prestigious role will always be a highlight in my career and I feel greatly privileged to have worked with amazing colleagues at the national council, the executive committee and staff of the exchange.
“I must also thank the dealing member community, issuers, the investing public, regulatory bodies and all other stakeholders who contributed in one way or the other to our progress over the years, particularly our aspiration to demutualise.
“I also thank my wife (Mrs Ofovwe Aig-Imoukhuede) for her support, especially during the demutualisation process. She was with me even when my spirit was down. I also thank God for his mercies over me.
“Let me assure you that the boards and management of the NGX Group and its subsidiaries remain committed to the course of action and will leave no stone unturned in ensuring that we achieve even more notable feats in this new era.”
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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