NGX Tutors Retiring Military Officers on Personal Finance, Investing

Image

By Aduragbemi Omiyale

Some retiring Nigerian military personnel have been educated on how they can unlock opportunities in the capital market after active service to the nation.

At a seminar held on Thursday, December 7, 2023, at the Nigeria Armed Forces Resettlement Centre in Lagos, the participants were informed of the benefits of diversifying their investments for more earnings. They were also exposed to ways to invest and assess the market with technology, including via the recently launched NGX USSD Code.

The Divisional Head of Business Support Services and General Counsel of the Nigerian Exchange (NGX) Limited, Ms Irene Robinson-Ayanwale, while speaking at the event, noted that the bourse launched its X-Lit initiative to bring the market closer to retail investors of which retiring military officers formed part of.

“That is why we themed this campaign Closer to You as we want to further deepen the pool of retail investors in our market. We will be rolling this out across the country and reaching out to more demographics including youths, market women and others,” she said at the programme themed Soldering Wealth: X-Lit’s Exclusive Insights for the Nigerian Military.

Also, the Head of Capital Markets Business at Africa Prudential Plc, Ms Bukola James-Cole, while addressing newsmen on the sidelines of the event, said her organisation partnered with the NGX to organise the event in the realisation of the importance of democratising investing and enhancing financial literacy.

On his part, the Retail Banking at Zenith Bank Plc, Mr Chinonso Umeh, expressed enthusiasm about collaborating closely with NGX, commending the exchange for its achievements and reiterating Zenith Bank’s commitment to working together to promote financial literacy among retail investors.

Business Post reports that the participating soldiers commended the organisers for the session, stating its timeliness as they were nearing retirement.

Some of the participants won gifts in the form of shares in listed companies for answering questions after the presentations.

The event was put together by the NGX in line with its commitment to further deepen financial literacy and increase the participation of retail investors in the capital market.

Share
Related Stories
Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

Image
01-March-2024

Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,

More Stories
Image
21-April-2017

EFCC Alerts Investors on Latest Capital Market Scams

By Dipo Olowookere The Economic and Financial Crimes Commission (EFCC) has raised an alarm over the “recent trends in capital market related fraud.” The anti-graft agency disclosed that until recently, capital market scams usually involved transfer of shares from one stock broking house to another one of the syndicate fraudster’s choice where the shares are fraudulently sold without the knowledge of the real owner. “It also involved stealing of share certificates, stealing of dividend warrants and clearing them through a fraudulent bank account opened in the name of the original owner. “The fraudsters usually target accounts which have been dormant

Image
09-December-2023

Crude Prices Up 2% on US Demand Growth Expectations

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

Image
27-June-2019

Airtel Gets N50bn Loan Ahead of July 4 Listing

A number of Nigerian banks have offered credit facility worth N50 billion to Airtel Nigeria, a telecom company, which plans to list its shares on both the London Stock Exchange (LSE) and the Nigerian Stock Exchange (NSE) on July 4, 2019. In its offer prospectus, the firm said the loan agreement was signed on June 17, 2019, stating that the banks would allow it to make a repayment in five years, with two-year moratorium. “Airtel Nigeria entered into a bank facility agreement for an amount of N50 billion, which is available for a period of 180 days from the acceptance

Image
12-October-2020

Alternative Fuel: FG Mulls Selling CNG at N97 Per Litre

By Adedapo Adesanya The federal government has projected that the Compressed Natural Gas (CNG) will cost N97 per litre as it has promised to provide an alternative for the Premium Motor Spirit (PMS) otherwise known as petrol to all Nigerians. This followed the inspection of the Autogas Dispensing Station and conversion exercise by the Minister of State for Petroleum, Mr Timipre Sylva in Abuja, where it was projected that the alternative energy will be priced at the stipulated amount. He was accompanied by the Executive Secretary of the Nigerian Content and Monitoring Development Board (NCDMB), Mr Simbi Kesiye Wabote, to

Image
31-May-2017

CBN Pumps $482.6m into Forex Market

By Modupe Gbadeyanka As part of its efforts at boosting Dollar liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has injected another $482.6 million into the market. The apex bank released the money on Tuesday and shared it among four major forex segments it created; retail Secondary Market Intervention Sales (SMIS), wholesale SMIS, invisibles, and the Small and Medium Enterprises (SMEs). Acting Director in charge of Corporate Communications at the CBN, Mr Isaac Okorafor, explained that the release of the latest intervention was in line with the bank’s determination to ease off pressure on the local

Image
29-June-2017

FG Declares Thursdays Tax Awareness Day

By Modupe Gbadeyanka Every Thursday has been set aside by the Federal Government to create awareness for tax across the country. Acting President, Mr Yemi Osinbajo, while launching the Voluntary Assets and Income Declaration Scheme (VAIDS) in Abuja on Thursday, June 29, 2017, said Thursdays would now be known in Nigeria as ‘Tax Thursday’. “I declare that paying taxes is our duty to our nation, and I declare the Voluntary Assets and Income Declaration Scheme open,” Mr Osinbajo declared. He said the new scheme called VAIDS would “be supported by an Executive Order” signed today and will “last from July

Image
12-January-2023

FG Recovers £6.3m, €5.4m, $390m, N1.8bn Looted Assets

By Adedapo Adesanya The federal government, under the Muhammadu Buhari administration, said that it recovered £6.3 million, €5.4 million, and $390 million of its assets stowed by corrupt government officials in foreign nests. The Attorney General of the Federation (AGF) and Minister of Justice, Mr Abubakar Malami, made this known on Thursday during a ministerial scorecard of the justice sector from 2015 till date in Abuja. The Minister also said the government realised a sum of N1.8 billion locally from the sale of forfeited assets in the last seven years of this regime. He said part of the recovered amount

Image
01-February-2024

Business Conditions in Nigeria Strengthen as PMI Rises to 54.5

By Aduragbemi Omiyale The health of the private sector in Nigeria recorded a solid improvement in January 2024 despite rising inflation and foreign exchange (FX) supply constraints, the Purchasing Managers’ Index (PMI) of Stanbic IBTC has revealed. In the period under review, business conditions further strengthened for the second month running after reaching 54.5 points from the 52.7 points recorded in the preceding month. The recovery in the Nigerian private sector was consolidated amid a sharp expansion in output and new orders. Purchasing activity also increased markedly, but difficulties paying staff meant that the rate of job creation eased, contributing

Ad
Ad
Recent Stories
Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods