NGX Changes Trading Symbol of The Initiates Plc
By Dipo Olowookere
The trading symbol of The Initiates Plc has been changed by the Nigerian Exchange (NGX), a notice has confirmed.
The symbol was modified to TIP from INITSPLC, the disclosure stated.
The firm is a professional waste management company based in Port Harcourt, Rivers State, delivering waste management, industrial cleaning and decontamination services to both private and public sectors.
“Trading license holders and the investing public are hereby notified that the change of trading symbol of The Initiates Plc from INITSPLC to TIP has been implemented by the NGX,” the statement disclosed.
Business Post reports that shares of The Initiates closed flat at the stock exchange on Monday at 47 kobo. The firm has shares outstanding of 889,981,552 units and a total market value of N418.3 million.
The Initiates boasts of an experienced management team led by Mr Ossai Reuben Mustapha, who is a Chartered Waste Manager and Environmentalist with over 20 years of professional experience.
He holds an MEng degree in Environmental Engineering. He is a professional member of the Chartered Institution of Waste Management (UK), and International Solid Waste Association (ISWA), Vienna.
The board is chaired by Mr Joe Ogbonna Anosikeh.
Nigeria Upgrades Tax-to-GDP Ratio to 10.86% From 6%
By Modupe Gbadeyanka
The National Bureau of Statistics (NBS) has disclosed that Nigeria’s tax to Gross Domestic Product (GDP) ratio has been upwardly reviewed to 10.86 per cent from the 6 per cent earlier reported to reflect better data sources and improved estimation using the Organisation for Economic Co-operation and Development (OECD) manual.
The OECD manual is an improvement over the System of National Accounts (SNA 2008) classification of taxes.
Although the System of National Accounts conceptual framework and its definitions of the various sectors of the economy are reflected in the OECD’s classification of taxes, the OECD classifications provide the maximum disaggregation of statistical data on what is generally regarded as taxes by tax administrations.
In a disclosure, the statistics office said the country’s total tax revenue compared with its GDP was at that level in 2021, higher than 8.40 per cent in 2020, which was impacted by the COVID-19 pandemic.
In the previous year, the ratio was 10.20 per cent, marginally lower than the 10.36 per cent recorded in 2018 but higher than the 9.02 per cent in 2017.
The NBS said the revised computation considered more comprehensive coverage of data at the federal, state, and local government levels and revenue items not previously included in the computations, particularly relevant revenue collected by other government agencies.
The review of the tax-to-GDP ratio was initiated by the Federal Inland Revenue Service, which collaborated with the Federal Ministry of Finance and the NBS for better measurement of the ratio.
The data used were sourced from the Office of the Accountant General of the Federation (OAGF), FIRS, NBS, the Nigeria Customs Service (NCS), the Joint Tax Board (JTB), and other relevant agencies of government that collect revenue.
VFD Group to Join Nigerian Exchange After Exit From NASD
By Adedapo Adesanya
VFD Group Plc has announced its intention to list its shares on the Nigerian Exchange Group (NGX) after leaving the NASD Over-the-Counter Securities Exchange, where it has been trading its stocks for the past three years.
This development, according to analysts, is a strategic move that would allow the company to gain access to public equity markets, increase its visibility, and strengthen its financial position.
VFD Group Plc is a leading proprietary investment company with a proven track record of generating attractive returns for its investors through a variety of investment strategies.
The company has a diverse portfolio of investments in various sectors, including banking, technology, media, energy, and real estate. The group has been listed on the NASD OTC Securities Exchange since 2020.
Speaking on this big step, Mr Nonso Okpala, Group Managing Director of VFD Group, stated, “We are excited to take this next step in the evolution of our company.”
“Listing on a major stock exchange will give us access to a larger pool of investors, enhance our profile, and provide superior returns to our investors,” he added.
With the intention of listing on the NGX, the company will delist from the NASD and is subject to regulatory approvals and market conditions.
VFD Group noted that it would provide additional updates as the listing process progresses.
At the close of business on Tuesday, the securities of the organisation closed on the NASD OTC exchange at N244.88 per unit, the same rate they finished in the preceding trading session.
Business Post reports that the NASD was created to provide an avenue for public companies to transition smoothly into the country’s main stock exchange.
However, it has witnessed the movement of firms from the NGX to the NASD, especially due to the very strict regulatory requirements by the former.
Friesland, NDEP Drag Down NASD OTC Bourse By 0.28%
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange registered a 0.28 per cent drop on Tuesday, June 6, as the duo of Niger Delta Exploration and Production (NDEP) Plc and FrieslandCampina WAMCO Nigeria Plc made losses.
FrieslandCampina Wamco Nigeria Plc lost N1.26 in value to trade at N69.74 per unit versus N71.00 per unit, as NDEP Plc depreciated by N1.06 to close at N245.15 per unit compared with the previous day’s N246.21 per unit.
The duo suppressed the 1 Kobo price appreciation reported by Acorn Petroleum Plc, closing at 16 Kobo per share compared with the preceding session’s 15 Kobo per share.
This development weakened the market capitalisation of the NASD OTC bourse by N2.78 billion to wrap the day at N1.005 trillion compared with Monday’s N1.008 trillion, as the NASD Unlisted Securities Index (NSI) moved down by 2.00 points to 726.86 points from 728.86 points.
At the market yesterday, the trading value slumped by 75.0 per cent as a total of N35.7 million stocks were transacted in comparison to Tuesday’s N142.9 million worth of securities.
At the close of business, the trading volume slid by 93.9 per cent to 1.4 million units from the previous day’s 22.7 million, as the number of deals carried out during the session decreased by 43.8 per cent to 27 deals from the 48 deals executed in the previous session.
Geo-Fluids Plc remained the most traded stock by volume on a year-to-date basis with a turnover of 832.1 million units valued at N1.3 billion, Industrial and General Insurance (IGI) Plc has transacted 628.3 units worth N49.5 million, while UBN Property Plc has traded 395.9 million units valued at N336.6 million.
On its part, VFD Group Plc remained the most traded stock by value on a year-to-date basis with 11.0 million units worth N2.5 billion, Geo-Fluids Plc has exchanged 832.1 million units worth N1.3 billion, and FrieslandCampina Wamco Nigeria Plc has sold 17.5 million units for N1.2 billion.
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