Economy
C&I Leasing Explains Delay in Completing Share Reconstruction
By Modupe Gbadeyanka
The board of C&I Leasing Plc has explained why it was yet to complete the reconstruction of its share capital, which started some weeks ago.
In December 2018, the company announced that it had received the received the approval of the Nigerian Stock Exchange (NSE) to reduce its share capital by 75 percent.
C&I Leasing had said it was cutting its share capital to about 404.3 million from 1.6 billion on a ratio of four to one.
The firm had explained that this was to allow the company have enough unissued shares to accommodate future plans to raise capital through the equity capital market.
“C&I Leasing is pleased to notify its esteemed shareholders,stakeholders, dealing members and the general public that the company has made an application to the Nigerian Stock Exchange and obtained a ‘No Objection’ to its proposal to reduce the company’s issued and paid-up share capital from N808,505,000 being 1,617,010,000 ordinary shares of 50 kobo each to N202,126,250 being 404,252,500 ordinary shares of 50 kobo each by consolidating every four ordinary shares currently held into one new share in the company,” the statement had said.
As a result of this, the NSE placed a suspension on trading of the shares of the company on Thursday, December 13, 2018 to allow for the consolidation exercise.
But since then, some shareholders were becoming worried that the share price of C&I Leasing on the local stock exchange was yet to reflect the new price.
Business Post reports that as at the close of business last Friday, the share price of C&I Leasing was still stagnant on the NSE at N1.78k per unit as a result of the suspension.
Shareholders of the firm are expecting the share price to go for N7.12k per share as soon as the suspension was lifted by the NSE.
In a statement issued by the company at the weekend, it was explained that the process was yet to be finalised, promising that it would be finalised in the coming days.
Giving reason for the delay, the company said it was “due to the delay in reconciliation of the shareholding.”
“We refer to our press release of December 10, 2018 on the application made to the Nigerian Stock Exchange (NSE) for the consolidation of every four ordinary shares currently held into one new share in the company and the placement of the shares of the company on suspension from Thursday, December 13, 2018 to Thursday, December 27, 2018 to allow for the consolidation exercise.
“Unfortunately, due to the delay in reconciliation of the shareholding, the exercise has not been completed. We are now close to completing the exercise and the suspension will be lifted in the coming days,” the statement said.
Recall that last week, it was reported that Abraaj Group was converting its $10 million loan stock to shares of C&I Leasing, which will make the company control about 70 percent state in the Nigerian firm. Chief Executive Officer of C&I Leasing, Mr Andrew Otike-Odibi, was also quoted to have said last week that the firm was planning a rights issue or an initial public offering that may dilute Abraaj’s stake to about 30 percent.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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