Economy
NSE, CBI Set up Steering Board of Corporate Governance Rating System
By Dipo Olowookere
The Convention on Business Integrity (CBi) and the Nigerian Stock Exchange (NSE) have inaugurate the Steering Board of the Corporate Governance Rating System (CGRS), which held its maiden meeting on December 12, 2017.
The Steering Board is the governing body of the CGRS, defining its scope, guiding its development and its ultimate authority. It is charged with the responsibility of reviewing and endorsing all acts performed by other bodies and sub-committees of the CGRS and approving the release of the results of the CGRS exercise.
The Board comprises six members, two representatives of CBi, a representative of the NSE, a representative of the media, a representative of rating agencies and a representative of the Securities and Exchange Commission (SEC).
At the inaugural meeting, the Steering Board began the review of the outcome of the roll out phase of the CGRS.
The results of the roll out phase will be announced in January 2018 and a certification ceremony will be held for all successful companies and eligible directors in February 2018.
The certification ceremony will showcase the successful companies and their directors that have distinguished themselves as entities and individuals with high standards of corporate governance. The companies and their directors will also be issued with certificates confirming their CGRS certifications.
According to Soji Apampa, Chief Executive Officer, CBi, “with the conclusion of this first cycle of the process, deep lessons are emerging regarding decision making of boards and the impact of such decisions on firm performance.
“There are correlations between quality of governance and various indices that investors would consider important.
“We look forward to celebrating the companies that have distinguished themselves and the beginning of a new cycle of the CGRS certification which will be announced in due course so that listed companies that did not participate in the current cycle as well as companies that did not complete the process would have the opportunity take part and be CGRS certified.”
Also commenting, Tinuade Awe, General Counsel and Head of Regulation, NSE said “we are excited to have gotten to this final stage of the first CGRS roll out process for all companies listed on the Main and Premium Boards of the NSE.
“The CGRS certification is a thing of immense pride for the successful companies and directors involved, especially given the stringent requirements of the certification process. The NSE remains resolute in its long term commitment to promoting corporate governance, including through the collaboration with CBi on the CGRS.”
The CBi and NSE said they will continue to keep the public apprised of developments at the Steering Board.
By Adedapo Adesanya
The Nigeria LNG (NLNG) Limited has highlighted its plans to enhance engagement and improve the operational efficiency of its domestic Liquefied Petroleum Gas (LPG) supply to the country through the digitalisation of some of its processes.
The company said in a statement that it plans a new platform designed to streamline regulatory processes, optimise risk management, and enhance the buyer experience.
The platform will feature IT-supported relationship management, automated issue resolution, centralised real-time payments, and improved case management systems, ensuring a seamless supply process despite market shifts and external pressures.
Speaking at the session, the Manager for Commercial Contract Management at NLNG, Ms Tolulope Longe, reiterated that the planned improvements would enable and consolidate NLNG’s resolve to delivering 100 per cent of its LPG supply to the Nigerian market.
She said a strategic roadmap was in play to ensure the achievement of NLNG’s longstanding goals of LPG being accessible and available in the country, aligning with its vision of being a globally competitive energy company, improving lives sustainably.
She also harped on the significance of these improvement initiatives and the Company’s push for LPG utilisation as a clean energy source alternative to kerosene and other fossil fuels.
Ms Longe noted that the company remained focused on growth and sustainability of the LPG market by continuously enhancing its supply processes in collaboration with offtakers. She stressed NLNG’s commitment to collaborating with stakeholders to maintain pricing stability and long-term market viability.
She also acknowledged industry concerns, adding that it is important to have operational efficiency in meeting market demands.
NLNG added that it aims to strengthen stakeholder engagement and improve market efficiency in the LPG sector through enhanced customer interactions, minimised schedule disruptions, timely confirmations and deliveries, and prioritisation of customers with demonstrable capacity.
NLNG noted that it remains committed to driving sustainability and delivering lasting value to Nigerians as it adapts to market realities.
By Dipo Olowookere
A total of 2.902 billion equities valued at N48.064 billion were transacted in 57,044 deals by investors at the Nigerian Exchange (NGX) Limited last, lower than the 3.281 billion equities worth N63.517 billion traded in 60,782 deals in the preceding week.
Data revealed that financial stocks led the activity chart with 2.375 billion units sold for N21.335 billion in 27,053 deals, contributing 81.85 per cent and 44.39 per cent to the total trading volume and value, respectively.
Services stocks trailed with 177.345 million units worth N3.194 billion in 3,829 deals, and consumer goods shares exchanged 104.381 million units valued at N3.305 billion in 5,587 deals.
It was observed that Sovereign Trust Insurance, Jaiz Bank, and Fidelity Bank were the most active stocks in the five-day trading week with 1.497 billion units worth N5.065 billion in 3,662 deals, contributing 51.59 per cent and 10.54 per cent to the total trading volume and value, respectively.
Business Post reports that in the week, 32 shares appreciated versus 38 equities in the previous week, 48 stocks depreciated compared with 46 stocks of the preceding week, and 70 equities closed flat, in contrast to 66 equities a week earlier,
Neimeth gained 20.48 per cent to sell for N3.00, Linkage Assurance appreciated by 13.49 per cent to N1.43, Northern Nigeria Flour Mills expanded by 9.99 per cent to N79.80, Academy Press grew by 9.92 per cent to close at N2.88, and Mutual Benefits rose by 9.84 per cent to 67 Kobo.
However, eTranzact lost 26.15 per cent to end at N4.80, Livestock Feeds depreciated by 1755 per cent to N8.41, Red Star Express tumbled by 16.90 per cent to N4.82, Universal Insurance shed 13.33 per cent to 52 Kobo, and Caverton plunged by 13.00 per cent to N2.61.
When trading activities ended for the week last Friday, the All-Share Index (ASI) and the market capitalisation went down by 0.94 per cent and 0.80 per cent to 104,962.96 points and N65.820 trillion, respectively.
Also, all other indices finished lower except the consumer goods index, which gained 0.06 per cent while the AseM and sovereign bond indices closed flat.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to green territory on Friday, closing higher by 0.10 per cent after investor sentiment turned bullish.
Business Post reports that the market breadth index was positive yesterday after the bourse ended with 29 appreciating equities and 21 depreciating equities.
Linkage Assurance gained 10.00 per cent to trade at N1.43, Livestock Feeds appreciated by 9.93 per cent to N8.41, Mutual Benefits jumped by 9.84 per cent to 67 Kobo, UBA soared by 5.75 per cent to N36.80, and Oando grew by 5.59 per cent to N51.00.
Conversely, Red Star Express lost 9.91 per cent to finish at N4.82, Learn Africa depreciated by 9.85 per cent to N3.02, FTN Cocoa declined by 9.43 per cent to N4.80, Coronation Insurance slumped by 9.39 per cent to N2.22, and Ikeja Hotel slipped by 9.35 per cent to N9.70.
Customs Street grew yesterday as a result of buying interest in banking equities, which dominated the activity chart, according to data from the bourse.
Fidelity Bank transacted 62.3 million shares for N1.1 billion, Access Holdings traded 38.3 million equities worth N843.7 million, Tantalizers sold 32.0 million stocks valued at N99.2 million, Veritas Kapital exchanged 31.4 million shares worth N38.4 million, and Zenith Bank traded 22.7 million equities valued at N1.1 billion.
At the close of trades, a total of 397.2 million stocks worth N14.2 billion exchanged hands in 10,099 deals compared with the 310.5 million stocks valued at N6.3 billion traded in 10,182 deals a day earlier, indicating a decline in the number of deals by 0.82 per cent, and the growth in the trading volume and value by 27.92 per cent and 125.40 per cent, respectively.
The industrial goods and commodity sectors remained unchanged during the session, the insurance and consumer goods indices tumbled by 0.49 per cent and 0.02 per cent apiece, while the energy and banking counters went up by 0.50 per cent and 0.12 per cent, respectively.
The bargain-hunting activities of the market participants lifted the All-Share Index (ASI) on Friday by 104.19 points to 104,962.96 points from 104,858.77 points and the market capitalisation increased by N66 billion to N65.820 trillion from N65.754 trillion.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN