Economy
Continental Reinsurance Holds Fresh Court-Ordered Meeting October 29
By Dipo Olowookere
The board of Continental Reinsurance Plc has received an approval to hold another court-ordered meeting on Tuesday, October 29, 2019 at Victoria Plaza Hotel, Victoria Island, Lagos.
The meeting is to enable shareholders of the company make a decision concerning the proposed acquisition of minority shareholders’ stake in the firm by Continental Reinsurance African Investments Limited at the rate of N2.50 per share.
A disclosure from the company on Friday said approval for the meeting was obtained on Thursday from a Federal High Court sitting in Lagos.
At the meeting, shareholders would be required to approve that “the amended scheme of arrangement dated September 26,2019, which revises the terms of the scheme of arrangement dated November 23, 2018 be and is hereby approved (as amended) and that the directors be and are hereby authorised to consent to any modification of the amended scheme of arrangement that the Federal High Court shall deem fit to impose and approve.
“For the purpose of giving effect to the amended scheme subject to such modification, additions and conditions agreed between the company and holders of its ordinary shares and/or approved or imposed by the court.
“i the scheme shares (as defined in the amended scheme document) be exchanged for CRe African Investments Ltd shares as indicated in the amended scheme document.
“ii Holders of the scheme shares who do not wish to exchange their shares be paid the cash consideration (as defined in the amended scheme document) by CRe African Investments Ltd.
“iii forthwith and contingent upon the action referred to in clause 2(i) above taking effect, the directors of CRe Nigeria be authorised to appoint Pace Registrar Limited as the nominee.
“iv Pace Registrar Limited shall aggregate and represent the beneficial interest in CRe African Investments Ltd of the holders of scheme shares who opt for the share consideration through the nominee arrangement or who are unable to satisfy and complete the customer/client due diligence requirements of the Mauritius Financial Services Commission within three months of the effective date.
“v Pace Registrars Limited shall be the shareholder of record in CRe African Investments Ltd in relation to the holders of scheme shares who are unable to satisfy the KYC requirements of the jurisdiction of CRe Investment, the Republic of Mauritius, within three months of effective date and opt to receive the share consideration.
“That as consideration for the exchange of the scheme shares, each holders of the scheme shares shall receive either one CRe African Investments Ltd shares for every 144 CRe Nigeria shares held as at the effective date and allotted directly or indirectly, through the nominee arrangement or N2.50 for each CRe Nigeria share held.
“That the board of directors of CRe Nigeria be and is hereby authorised to take all necessary steps as the board deems fit and to consent to any modification of the amended scheme of arrangement that the court shall deem fit to impose or approve.”
Business Post recalls that in December 2018, the firm held a similar meeting in Lagos to approve this same transaction, but the Securities and Exchange Commission (SEC) cancelled it after finding fault in the conduct of the meeting and ordered another one.
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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