Economy
NIVA Rewards CSCS for Commitment to Market Efficiency
By Aduragbemi Omiyale
The Central Securities Clearing System (CSCS) Plc has been celebrated for its commitment to market efficiency and growth at the BusinessDay Nigerian Investor Value Awards (NIVA) held last weekend in Lagos.
The firm was named as the winner of the Market Choice award for its outstanding counterparty trust assurance, broad asset class coverage and enhanced collaboration with market participants.
But the CEO of the organisation, Mr Haruna Jalo-Waziri, while receiving the award, said the award was a call for continuous improvement and a boost to CSCS’ tenacious commitment to delivering on market-efficiency initiatives.
“As we relish this recognition of CSCS as the Market Choice, we reiterate our kaizen philosophy of continuous improvement and restate our enthusiasm in furthering our partnerships with esteemed participants and broader stakeholders in our quest for mutual prosperity and in our drive towards enhancing market efficiency and growth,” he said.
Mr Jalo-Waziri used the occasion to remind his colleagues “that the reward of good work is more work. I know the stakes are higher as we have set new benchmarks, albeit I am more than ever optimistic in our capacity to do more and work with our participants in delivering better experience and value to investors in the Nigerian capital market.”
The CEO dedicated the “award to our esteemed participants, whose loyalty, support and constructive feedbacks continue to enhance our operations and broader service to the Nigerian capital market.”
He also thanked “the Securities and Exchange Commission (SEC) as well as the board of directors of CSCS for their diligent oversight and for ensuring sound governance which I believe is essential to every corporate’s sustainability and long-term value creation.”
The NIVA, previously known as the Top CEOs and Next Bulls Awards, has been jointly organised by BusinessDay and the Nigerian Exchange Limited (NGX) since 2015.
It was conceived as a platform to celebrate the CEOs of listed companies that have delivered superior value to investors through operating efficiencies, organizational values, and market engagement activities.
The event was further expanded to include the CEOs of carefully vetted non-listed companies that could fill a pipeline of initial public offering candidates, particularly companies in which active and informed investors have expressed a strong demand to own their shares if their shareholders decide to take them public.
Over the past three years, the ordinary shares of CSCS, though not yet listed on the floor of the NGX, actively trades on the Nigerian Autonomous Securities Dealers Over-the-Counter (NASD-OTC) Exchange and has emerged as the most liquid and attractive stock on the NASD-OTC.
Last Friday, for instance, CSCS gained 65 kobo or 4.1 per cent to close at N16.65 per unit, consolidating its year-to-date gain to 10.6 per cent, compared to the current bearish performance of equities.
More so, the shares of CSCS have rallied 93 per cent over the past three years, in addition to the company growing its dividend payment by 36 per cent over the same period.
Remarkably, a total of 1.64 billion units of CSCS’ shares, valued at N27.06 billion (based on the current valuation of N16.50 per share) and representing 38.8 per cent or one-third of the total shares outstanding of the company has been traded over the past three years.
The liquidity of the shares is notwithstanding the fact that the top-5 largest shareholders closely hold about two-thirds of the company’s shares.
The liquidity of the shares of CSCS on the NASD-OTC platform reinforces the strong appetite and demand of retail and institutional shareholders to own CSCS’ shares.
In addition to the steady bull-run on the share price, CSCS’ steady dividend payment has been a major attraction to investors, who seek a stable return on investments.
By Aduragbemi Omiyale
The deadline for the recapitalisation of the Nigerian pension industry has been extended by six months to June 2027 from December 2026.
This extension was approved by the National Pension Commission (PenCom), the agency, which regulates the sector in the country.
Addressing newsmen on Thursday in Lagos, the Director-General of PenCom, Ms Omolola Oloworaran, explained that the shift in deadline was to give operators more time to boost the capital base, dismissing speculations that the exercise had been suspended.
“The recapitalisation has not been suspended. We have communicated the requirements to the Pension Fund Administrators (PFAs), and we expect every operator to be compliant by June 2027. Anyone who is not compliant by then will lose their licence,” Ms Oloworaran told journalists.
She added that, “From a regulatory standpoint, our major challenge is ensuring compliance. We are working with ICPC, labour and the TUC to ensure employers remit pension contributions for their employees.”
The DG noted that engagements with industry operators indicated broad acceptance of the policy, with many PFAs already taking steps to raise additional capital or explore mergers and acquisitions.
“You may see some mergers and acquisitions in the industry, but what is clear is that the recapitalisation exercise is on track and the industry agrees with us,” she stated.
PenCom wants the PFAs to increase their capital base and has created three categories, with the first consists operators with Assets Under Management of N500 billion and above. They are expected to have a minimum capital of N20 billion and one per cent of AUM above N500 billion.
The second category has PFAs with AUM below N500 billion, which must have at least N20 billion as capital base.
The last segment comprises special-purpose PFAs such as NPF Pensions Limited, whose minimum capital was pegged at N30 billion, and the Nigerian University Pension Management Company Limited, whose minimum capital was fixed at N20 billion.
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Thursday, December 18.
According to data, Central Securities Clearing System (CSCS) Plc led the losers’ group after it slipped by N2.87 to N36.78 per share from N39.65 per share, Golden Capital Plc depreciated by 77 Kobo to end at N6.98 per unit versus the previous day’s N7.77 per unit, and FrieslandCampina Wamco Nigeria Plc dropped 19 Kobo to sell at N60.00 per share versus Wednesday’s closing price of N60.19 per share.
At the close of business, the market capitalisation lost N16.81 billion to finish at N2.147 billion compared with the preceding session’s N2.164 trillion, and the NASD Unlisted Security Index (NSI) declined by 24.76 points to 3,589.88 points from 3,614.64 points.
Yesterday, the volume of securities bought and sold increased by 49.3 per cent to 30.5 million units from 20.4 million units, the value of securities surged by 211.8 per cent to N225.1 million from N72.2 million, and the number of deals jumped by 33.3 per cent to 28 deals from 21 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value with a year-to-date sale of 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
Similarly, InfraCredit Plc ended as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units exchanged for N524.9 million.
By Dipo Olowookere
The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited has again crossed the 150,000-point threshold on Thursday as the demand of for local intensifies.
The market was up by 0.35 per cent during the session, with the NGX index inching higher by 520.23 points to 150,363.05 points from the previous day’s 149,842.82 points and the market capitalisation climbed by N332 billion to N95.857 trillion from N95.525 trillion.
During the session, the consumer goods index grew by 1.23 per cent, the banking counter expanded by 0.56 per cent, and the energy sector appreciated by 0.05 per cent.
However, the insurance industry went down by 0.23 per cent, while the commodity and the industrial goods sectors closed flat.
Nestle Nigeria gained 10.00 per cent to trade at N1,958.00, Guinness Nigeria improved by 9.98 per cent to N289.70, Aluminium Extrusion Industries rose by 9.76 per cent to N11.25, DAAR Communications soared by 9.20 per cent to 95 Kobo, and Mecure Industries surged by 9.13 per cent to N55.00.
On the flip side, Stanbic IBTC lost 9.33 per cent to settle at N95.20, Lasaco Assurance went down by 9.09 per cent to N2.50, Africa Prudential slipped by 8.82 per cent, Austin Laz depreciated by 8.82 per cent to N12.40, and Sterling Holdings crashed by 6.12 per cent to N6.90.
There were 35 price gainers and 26 price losers yesterday, implying a positive market breadth index and bullish investor sentiment.
During the session, a total of 839.8 million equities valued at N32.8 billion exchanged hands in 23,211 deals compared with the 5.9 billion equities worth N216.2 billion traded in 25,205 deals a day earlier, indicating a decline in the trading volume, value, and number of deals by 85.77 per cent, 84.83 per cent, and 7.91 per cent apiece.
The day’s busiest stock was First Holdco with a turnover of 385.6 million units sold for N15.6 billion, FCMB traded 76.0 million units worth N805.3 million, Lasaco Assurance exchanged 43.6 million units valued at N111.8 million, Access Holdings transacted 29.6 million units worth N616.8 million, and Chams sold 24.8 million units valued at N75.4 million.
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