NGX Mulls Ways to Create Access for Diaspora Investments

Image

By Aduragbemi Omiyale

A few months ago, some digital brokerage firms came up with ways to allow Nigerian investors to invest in foreign equities but the Securities and Exchange Commission (SEC) clamped down on them, stating that they had no authorisation to do that.

However, the Nigerian Exchange (NGX) Limited is working tirelessly to ensure domestic investors have access to diaspora investments and others.

According to the chief executive of the NGX, Mr Temi Popoola, this is one of the focus areas of the exchange to deepen the Nigerian capital market.

At NGX, our efforts are focused on four key areas: first, how can we further diversify products through the securitisation of fixed income instruments; second, how can we build a platform where we can trade infrastructure tax credits; third, how do we tap into new sources of capital to improve retail investment and participation; and finally, how can we create access for diaspora investments.

“We are confident that with the right regulatory support and engagements such as this, we begin to build and deploy solutions that address these and more,” Mr Popoola said at a strategic meeting with market stakeholders organised by the Debt Management Office (DMO) in Lagos last week.

He restated the commitment of the bourse to support the debt office to deepen the capital market, acknowledging the contributions of the agency to the growth of the capital market.

“The Nigerian capital market is certainly deeper as a result of the activities of the DMO evidenced by-products such as Sukuk Bonds, Eurobonds and Federal Government Bonds.

“It is evident to capital market enablers that we must adopt a collaborative approach to deepening our market for the benefit of all,” he said.

In her remarks, the Director-General of the DMO, Ms Patience Oniha, commended critical stakeholders for their role in helping the federal government build the Nigerian economy.

She acknowledged the critical importance of debt financing in Nigeria especially as it relates to financing infrastructure projects, stating that, “Given the significance of debt in any economy, capital market enablers are integral to the development of the Nigerian economy making it imperative that we have engagements such as this.”

“I thank you for all your commitment evidenced by your being here today and I believe that the DMO can continue to count on your support,” the debt office boss disclosed.

Share
Related Stories
Image
04-December-2023

FIRS Waives Penalties on Outstanding Tax Liabilities

By Modupe Gbadeyanka Taxpayers, including organisations and individuals, who are yet to pay their outstanding taxes, will not pay penalties and interests if they make the payments on or before December 31, 2023. This tax default forgiveness was given by the Federal Inland Revenue Service (FIRS), which explained that it created this window in “recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.” However, it stressed that if the full principal payment is not done before the deadline, defaulters would be forced to pay the outstanding tax liabilities. The Chairman of the FIRS, Mr

Image
05-December-2023

Aleph Unveils Aleph Express for Nigerian MSMEs

By Aduragbemi Omiyale An application and proprietary solution for micro, small and medium-sized enterprises (MSMEs) in Nigeria, known as Aleph Express, has been launched by Aleph Group. A statement from the firm explained that Aleph Express provides a platform for MSMEs to create and maintain a free e-commerce website, create a product catalogue, set local delivery options, manage, record and process orders while gaining meaningful insights to drive growth. The platform also provides one unified inbox that integrates WhatsApp, Messenger, and Instagram, to enable businesses to efficiently engage and sell – all in one place. In addition, Aleph Express provides

Image
05-December-2023

Unlisted Security Index Rises 0.18% to 862.40 points

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.18 per cent gain to open the week in positive territory on Monday, December 4, with the unlisted security index rising by 1.59 points to end the day at 862.40 points compared with last Friday’s closing value of 860.81 points. The improvement recorded by the bourse yesterday raised the value of the unlisted stock exchange by N2.5 billion to close at N1.169 trillion, in contrast to the preceding session’s N1.166 trillion. The gain posted by the bourse was driven by the N13.70 added to the share price of 11

More Stories
Image
10-August-2019

BetBonanza Unveils Amokachi as Brand Ambassador

By Adedapo Adesanya New sports betting firm, BetBonanza, on Thursday unveiled ex-Super Eagles striker and former Assistant Manager of the Nigeria National Football Team, Daniel Amokachi A.K.A “The Bull” as its brand Ambassador. Mr Amokachi was introduced at the official press conference to a group of newsmen, bloggers and influencers during the brand launch in Lagos. The new brand ambassador, a former Everton Football Club of England player, informed journalists at the event that, “I am glad to join a company that believes in getting better. This is because getting better at whatever one does is a continuous process. My

Image
07-January-2021

Access Bank, Cavmont Bank Merger to Conclude in Few Weeks

By Aduragbemi Omiyale The merger between the Zambian subsidiary of Access Bank Plc and Cavmont Bank Limited is expected to take place before the end of this month. The top financial institution in Nigeria confirmed this on Wednesday in a statement issued to the Nigerian Stock Exchange (NSE), where it trades its securities. Last year, Access Bank said it was in merger talks with Cavmont Bank, a lender located in Lusaka, the capital of Zambia, which provides an array of banking services including in the areas of community banking, retail banking, investment, and corporate banking. Access Bank has never hidden

Image
14-April-2023

Local Stock Market Indices Down by 0.02% on Persistent Sell Pressure

By Dipo Olowookere Investor sentiment was weak on the floor of the Nigerian Exchange (NGX) Limited on Thursday as traders struggled to regain their confidence in the bourse. This affected the local stock market indices, which were depressed by 0.02 per cent at the close of transactions due to sustained profit-taking, especially in large and mid-cap equities. The news of a billionaire businessman, Mr Femi Otedola, acquiring about a 5.5 per cent stake in Transcorp to become one of its largest shareholders could not lift the spirits yesterday. The development only triggered buying pressure on Transcorp stocks, which appreciated during

Image
30-June-2023

NDPC Declares CBN’s KYC Social Media Policy Illegal

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) has said the new directive by the Central Bank of Nigeria (CBN) to commercial banks that they should collect their customers’ social media handles is against the law. The National Commissioner of NDPC, Mr Vincent Olatunji, said this in a statement issued by Mr Itunu Dosekun, Head of Media, on Thursday in Abuja. The central bank, on June 26, directed banks to obtain the social media handles of customers as part of enhanced Customer Due Diligence (CDD) regulations. The move has drawn ire from Nigerians as well as Socio-Economic Rights and

Image
05-February-2018

DMO Opens February FGN Savings Bond Auction

By Dipo Olowookere The Debt Management Office (DMO) on Monday commenced the sale of the FGN Savings Bond subscription for the month of February for two-year and three-year to investors at 10.277 percent and 11.277 percent per annum respectively. The DMO is conducting the auctioning on behalf of the Federal Government of Nigeria. The savings bond gives Nigerians the opportunity to invest in the bond market for as low as N5000. Business Post reports that subscription for the bonds opens Monday, February 05, 2018 and ends on Friday, February 9, 2018. However, the coupon rates for the two papers are

Image
23-December-2022

Afriland Properties Lifts Unlisted Stock Market By 0.02%

By Adedapo Adesanya It was a good day on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Thursday as trading activities closed bullish by 0.02 per cent, thanks to Afriland Properties Plc. The gains by the property investment firm boosted the value of the unlisted stock market by N160 million at the close of business to N925.06 billion from N924.90 billion and raised the NASD Unlisted Securities Index (NSI) by 0.13 points to wrap the session at 704.00 points compared with 703.87 points in the previous session. Business Post reports that the stock price of Afriland improved by

Image
28-March-2017

SPAK National Science Competition Debuts in Nigeria

By Modupe Gbadeyanka The science and technology landscape in Nigeria is set to receive a boost with the debut of SPAK National Science Competition. SPAK National Science Competition is a unique initiative aimed at igniting interest and promoting the study of science in secondary schools in Nigeria. The SPAK National Science Competition is strictly for students currently in the second year of their Senior Secondary School (SSS2) students aged 14 to 17. Over 10,000 students from about 2,000 senior secondary schools across Nigeria have already registered for the opportunity of taking part in the show. The Spak National Science competition

Image
14-November-2017

5 Sure Ways To Transform Business Ideas Into Reality

By Adeniyi Ogunfowoke Many of us have awesome and novel business ideas that never see the light of day. The truth is anyone can come up with an idea for a business, but it takes a lot of work to implement a plan of action. So, if you have an idea that you want to put into action in the near future, Jumia Travel, the leading online travel agency, shares tips to ensure that it becomes reality. Research the market You don’t want to dive into any market until you have a clear idea of the competition, where you fit

Ad
Ad
Recent Stories
Image
05-December-2023

Apprehension as Prices of Medication Drugs in Nigeria Surge by Over 1,000%

 By Adedapo Adesanya A new report from SB Morgen Intelligence has shown that prices of drugs have skyrocketed by as much as 1,000 per cent in the last four years, raising worries about Nigerians being able to treat themselves using orthodox methods. In the report Paying the Price on Health, the firm analysed the impacts of the Nigerian economy and foreign exchange crisis on the prices of essential medicines in the country. It was found that between 2019 and 2023, there were massive surges across four broad categories of Antimalarial, Antibiotics, Painkillers and Common Cold medicines. The report indicates that antibiotics

Image
05-December-2023

Board Chooses Onaivi to Head mediaReach OMD Nigeria

By Modupe Gbadeyanka From January 1, 2024, Mr Stephen Onaivi will take charge of mediaReach OMD Nigeria as the new Managing Director following the approval of his appointment by the board of the organisation. He was chosen for the position after working as the MD of OMD Ghana, where he contributed to developing a multi-disciplinary, forward-looking media and advertising industry and serviced an array of national, multinational, and regional clients. In his new role, Mr Onaivi will drive the OMD brand across West and Central Africa to enhance client value and ensure the seamless integration of OMD values, technology, and

Image
05-December-2023

Tanzanian Sensation Abigail Chams Joins Spotify’s EQUAL Africa as December’s Artist Ambassador

Afro-pop songstress Abigail Chams (real name Abigail Chamungwana) continues to collect accolades. Following her nomination in 2022 for the Emerging Artist award at the Tanzania Music Award, she closes 2023 as the Spotify EQUAL Africa ambassador for the month of December. The prodigiously talented Abigail, or Abby, as she is often referred to, is a multilingual singer who performs in Swahili, French and English. She is also a multi-instrumentalist who plays five musical instruments, the violin, piano, guitar, flute and drums. The Nani hitmaker was born into a family with a musical heritage where her grandfather directed an orchestra and

Image
05-December-2023

MultiChoice Talent Factory in West Africa: A Year of Empowering Creatives and Transforming the Industry

Since its launch in 2018,  MultiChoice Talent Factory (MTF), a dynamic corporate shared value (CSV) initiative, has been at the forefront of imparting the technical skills needed for high-quality film production in Africa. Yearly, the MTF West Africa Academy trains and graduates a new set of African storytellers, via a 12-month fully funded training programme that equips them to project the culture of African communities through their films and moves. Some of these young talents have gone on to produce movies and series, some of which aired on Africa Magic channels. Like in any industry, partnerships are the strategic anchor

Image
05-December-2023

Shippers’ Council Ready to Partner Lekki Deep Seaport

By Adedapo Adesanya The Nigerian Shippers’ Council (NSC) has expressed its readiness to partner with the Lekki Deep Seaport by promoting the seamless movement of cargo and the efficiency of the nation’s ports. The NSC Executive Secretary, Mr Pius Akutah, gave the assurance when the Managing Director, Lekki Port LFTZ Enterprise Limited (LPLEL) – promoters of Lekki Deep Seaport, Mr Du Ruogang, led the port’s management on a courtesy visit to the NSC in Lagos. Mr Akutah, who commended the Lekki Deep Seaport management for the visit, said the council would partner with the port in areas that would boost

Image
05-December-2023

Nigeria Puts Presidential Aircraft Falcon 900B For Sale

By Adedapo Adesanya Nigeria has put the presidential aircraft, Falcon 900B, up for sale with the Nigerian Air Force (NAF) asking interested persons to submit their bids for the purchase of the aircraft. It was not disclosed how much the craft would be sold, according to a tweet on the official Nigerian Air Force page on X, formerly known as Twitter, where it said the aircraft was put up for sale following the federal government’s approval. “The Federal Government of Nigeria has approved the sale of Falcon 900B aircraft owned by the Nigerian Air Force (NAF),” NAF said in a

Image
05-December-2023

Airtel Africa Launches Nxtra by Airtel, Appoints Yashnath Issur as CEO

By Aduragbemi Omiyale A new data centre business known as Nxtra by Airtel has been unveiled by Airtel Africa Plc, with Mr the former head of Global Data Centre Portfolio Management at Amazon Web Services, Mr Yashnath Issur, appointed to lead the new organisation. Mr Issur is armed with about 16 years of experience in the industry and has, over the past year, built a team of experts to execute the strategy. Business Post gathered that Nxtra was established to meet Africa’s growing needs for trusted and sustainable data centre capacity and to serve the fast-growing African digital economy. The

Image
05-December-2023

The Banker Magazine Names Stanbic IBTC ‘Bank of the Year in Nigeria’

By Aduragbemi Omiyale The Banker magazine, a publication of the Financial Times, has announced Stanbic IBTC Holdings Plc as the Bank of the Year in Nigeria. The Nigerian financial institution was honoured by the media platform as an awards cement held on Thursday, November 30, 2023, in London. The event, widely acknowledged as the Oscars of the Banking Industry, attracted several critical stakeholders in the global banking sector. It was explained that Stanbic IBTC Holdings was picked for the recognition because of its exceptional achievements in banking excellence, adept navigation of industry challenges, and commitment to providing innovative financial services

Image
05-December-2023

Aleph Unveils Aleph Express for Nigerian MSMEs

By Aduragbemi Omiyale An application and proprietary solution for micro, small and medium-sized enterprises (MSMEs) in Nigeria, known as Aleph Express, has been launched by Aleph Group. A statement from the firm explained that Aleph Express provides a platform for MSMEs to create and maintain a free e-commerce website, create a product catalogue, set local delivery options, manage, record and process orders while gaining meaningful insights to drive growth. The platform also provides one unified inbox that integrates WhatsApp, Messenger, and Instagram, to enable businesses to efficiently engage and sell – all in one place. In addition, Aleph Express provides

Image
05-December-2023

NLC to Negotiate Cost of Living Reflective Minimum Wage

By Adedapo Adesanya The Nigeria Labour Congress (NLC) has said it would ensure that the next national minimum wage to be negotiated in 2024 reflects the prevailing cost of living. The union also lamented that following the removal of fuel subsidy by the federal government, life has become extremely unbearable for workers. Addressing participants at the opening of the 19th edition of the NLC’s Harmattan School in Abuja, President of the NLC, Mr Joe Ajaero, said it had become necessary for governments at all levels to recognise that life and living conditions were exceedingly difficult, especially for working people in