Economy
NASD Exchange Places ‘Red Flag’ on 13 Companies
By Adedapo Adesanya
A total of 13 companies have been flagged and placed under the red category by the NASD Over the Counter (OTC) Securities Exchange over their failure to comply with listing rules of the trading platform for unlisted securities in Nigeria.
In its weekly newsletter last Friday, NASD said based on the information it compiled as at Thursday, October 31, 2019, it found out that 13 companies on its platform fell short of the requirements and have been placed under the red category.
NASD said it carried out the categorisation following the mandate established by the Securities and Exchange Commission (SEC) to regularly conduct a categorization exercise on securities on its platform.
The NASD noted that all securities fell under certain categorization based off the capabilities of the companies to meet the set criteria and are scored into one of three categories such as the NASD Blue, NASD pink, and NASD Red.
As a result, these erring companies were placed under the red category following their failure to meet criteria that show a sound corporate governance and adherence to timely report of financial activities for transparency.
Business Post understands these 13 companies under the NASD Red are Costain West Africa Plc; Spring Mortgage Bank; Free Range Farms; Vital Products Plc; Geo-Fluids Plc; Riggs Venture West Africa; Famad Nigeria Plc; International Packaging Industries of Nigeria Plc.
Others include: Acorn Petroleum; Providus Bank Limited; Resourcery Plc; Swap Technologies; Golden Capital Plc; and Mass Telecom Innovation.
On the other hand, the NASD Blue reflect shares of companies with a history of sound financial performance that display a high level of corporate governance and only 8 companies met this.
These companies are also compliant with timely disclosure of their financial statements, same as establishing a regular communication with shareholders and meet minimum requirements of the Securities and Exchange Commission (SEC).
Those under this premium category are eight and they include FrieslandCampina WAMCO Nigeria Plc, UBN Property Company Plc, Niger Delta Exploration and Production (NDEP) Plc, NASD Plc, Central Securities Clearing Systems (CSCS) Plc, ARM Life Plc, AG Mortgage Bank Plc, and Afriland Properties.
For the third category, the NASD Pink, it denotes shares of companies that do not comply with the minimum disclosure and reporting requirements of SEC and NASD. They also include companies without current information available to the public.
The NASD disclosed that 14 securities fall under this category and they include: Cappa and D’Alberto, Fumman Agric Product Industries Plc, Food Concept Plc, Mixta Real Estate Plc, Lighthouse Financial Services Plc, Air Liquide Plc, Industrial & General Insurance Plc, NIPCO Plc, Trustbond Mortgage Bank Plc, Fan Milk Plc, CR Services Plc, Allianz Insurance Nigeria Plc, Nigeria Mortgage Refinance Company Plc, and Dufil Prima Foods Plc.
The exchange has reiterated that it would continue to encourage good governance and timely financial disclosure among securities listed on its market for the benefit of all stakeholders.
Economy
Afriland Properties, Geo-Fluids Shrink OTC Securities Exchange by 0.06%
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
Economy
Naira Weakens to N1,547/$1 at Official Market, N1,670/$1 at Black Market
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
Economy
Dangote Refinery Makes First PMS Exports to Cameroon
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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