Economy
Adetunmbi Launches Book on Financial Intermediation and Practice
By Modupe Gbadeyanka
A guidebook for financial market operators and practitioners titled Financial Intermediation: Operations and Practice has been launched by Mr Seye Adetunmbi.
The unveiling of the piece was done virtually, with some heavyweights in the nation’s capital market in attendance, including Mr Atedo Peterside, Mr Dele Fajemirokun of AIICO Plc, Mr Ibikunle Amosun, Mr Lamido Yuguda, the Director-General of the Securities and Exchange Commission(SEC); Mr Oscar Onyema, the CEO of the Nigerian Stock Exchange (NSE); Ms Arunmah Oteh, former CEO of NSE; Mr Bola Ajomale, the MD of NASD Plc; amongst several others.
Mr Adetunmbi, while speaking at the launch of the book, which had its foreword written by Mr Peterside, thanked the guests for honouring him with their presence.
He said he was inspired to write the book because of his first experience in the capital market in 1990 when as a greenhorn, his first assignment was the private placement of the divesture of the controlling holdings of Ondo-State Government in Araromi/Aiyesan Oil Palm Plc.
According to him, “the financial intermediary service firm I worked for had not handled such a capital market issue before. In fact, there were very few investment banking mandates that had been consummated in the Nigerian capital market in the late 1980s and early 1990s.”
He admitted that the private placement brief “challenged me” to develop a passion for investment banking and lasting career in the capital market.
According to him, “There and then, I found the need for a standard pragmatic manual for capital market operators and corporate finance operatives.”
“Naturally by instinct, I started taking notes on financial market operations and practice within and outside Nigeria which culminated into this textbook,” he added.
The capital market expert noted that the initial manuscript was first concluded as far back as 1992, which he updated for this edition.
“I received inquiries from people who read my research work on Real Estate Investment Trust, Debt Securitization and Asset-Backed Securities which also prompted me to see this book through,” he said.
Mr Adetunmbi stressed that Nigeria is the case study in the book because activities in the money and capital market between 1980 and 2020 had been quite remarkable and should be documented, such that, it will serve as a guide for other emerging markets, government technocrats, intending practitioners, existing financial market operators and individuals, who are the main targets of the book and who wish to know how the financial market operates and works.
“I have read a number of publications on financial intermediation and its practice in developing economies which I found very informative on the activities in the sector.
“However, I deem it necessary to put a textbook together which will not only review the activities of the Nigerian financial market to date but serve as a practical guidebook for intending operators and participants who have been eager to be involved but have been constrained by lack of information and the technical knowhow.
“The book should also clear misconceptions on the operational procedure in the financial market, particularly the mix-up of the identities and the respective functions of the various registered financial market operators and players,” he said.
Mr Adetunmbi noted that the 20 chapters of the book should be able to inform the financial engineers, formal sector players and practitioners, proprietors, entrepreneurs, investors and company executives on the opportunities that abound for them in the financial market as well as the challenges too, and how to benefit from this sector in a developing economic environment.
By Modupe Gbadeyanka
The federal government, the 36 states of the federation and the 774 local government areas have received N1.727 trillion from the Federal Accounts Allocation Committee (FAAC) for December 2024.
The funds were disbursed to the three tiers of government from the revenue generated by the nation in November 2024.
At the December meeting of FAAC held in Abuja, it was stated that the amount distributed comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.
According to a statement signed on Friday by the Director of Press and Public Relations for FAAC, Mr Bawa Mokwa, the money generated last month was about N3.143 trillion, with N103.307 billion used for cost of collection and N1.312 trillion for transfers, interventions and refunds.
It was disclosed that gross statutory revenue of N1.827 trillion was received compared with the N1.336 trillion recorded a month earlier.
The statement said gross revenue of N628.972 billion was available from VAT versus N668.291 billion in the preceding month.
The organisation stated that last month, oil and gas royalty and CET levies recorded significant increases, while excise duty, VAT, import duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and EMTL decreased considerably.
As for the sharing, FAAC disclosed that from the N1.727 trillion, the central government got N581.856 billion, the states received N549.792 billion, the councils took N402.553 billion, while the benefiting states got N193.291 billion as 13 per cent derivation revenue.
From the N585.700 billion VAT earnings, the national government got N87.855 billion, the states received N292.850 billion and the local councils were given N204.995 billion.
Also, from the N455.354 billion distributable statutory revenue, the federal government was given N175.690 billion, the states got N89.113 billion, the local governments had N68.702 billion, and the benefiting states received N121.849 billion as 13 per cent derivation revenue.
In addition, from the N15.046 billion EMTL revenue, FAAC shared N2.257 billion to the federal government, disbursed N7.523 billion to the states and transferred N5.266 billion to the local councils.
Further, from the N671.392 billion Exchange Difference earnings, it gave central government N316.054 billion, the states N160.306 billion, the local government areas N123.590 billion, and the oil-producing states N71.442 billion as 13 per cent derivation revenue.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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