Economy
NSE Hosts Real Estate Investment Trust Summit
By Modupe Gbadeyanka
On Tuesday, May 23, 2017, the Nigerian Stock Exchange (NSE) will host the maiden edition of its Real Estate Investment (REIT) Conference at the NSE Event Centre, Stock Exchange House in Lagos.
Executive Director, Capital Markets of the NSE, Mr Haruna Jalo-Waziri, noted that the REIT Conference is an important meeting of stakeholders to dimension the current state of the real estate sector and to be acquainted with relevant emerging trends, strategies and policies.
The conference themed ‘Real Estate Investment Trust in sub-Sahara Africa: The role of The Capital Market’ will bring together key decision-makers, policy-makers, government officials, private sector players, property developers, asset managers, dealing members, investors and thought leaders to share experiences and explore growth potentials and opportunities inherent in the REITs market in Nigeria and Sub–Sahara Africa.
According to Mr Jalo-Waziri, “One of our aims with the conference is to discuss topical and regulatory issues affecting the REITs within the capital markets and real estate ecosystem as well as proffer strategic solutions for follow up implementation by the NSE in its capital market advocacy role.
“The thought provoking agenda to be discussed at the conference will give participants greater insights and information to the latest industry and global best practices trends in Real Estate investment and its value chain.”
The conference will provide participants an opportunity to listen and engage key industry experts, key regulators, renowned international and local market operators and thought leaders in the real estate sector.
The format will consist of keynote addresses, panel discussions and select topical presentations by industry experts.
The guest speakers and panel discussants include Mr Mounir Haliru Gwarzo, Director General of SEC; Mr Babatunde Fowler, Executive Chairman, Federal Inland Revenue Service (FIRS); Professor Charles Inyangete, CEO, Nigerian Mortgage Refinancing Company; Ahmed Lawan Kuru, Managing Director, AMCON; and Haruna Jalo – Waziri, Executive Director, Capital Markets, NSE.
Others are Tinuade Awe, General Counsel & Head Regulation, NSE; Ehimeme Ohioma, Head Investment Supervision, PENCOM; Kenneth Masika Chief Executive Officer STANLIB Fahari I-REIT, Nairobi, Kenya; Olumayowa Ogunwemimo, Managing Director, FSDH Asset Management; Adeniyi Adeleye Head, Real Estate Finance (West Africa) for the Standard Bank; Taiwo Oyedele Partner, PwC West Africa Tax Leader; and Yinka Edu, Partner, Udo Udoma & Belo-Osagie.
Also expected are Tolu Sokenu, Investment Principal, Actis; Mr Hakeem Ogunniran, Managing Director/Chief Executive, UPDC PLC; Aishetu Dozie, Head Investment Banking Division, Rand Merchant Bank Nigeria; Mr Kola Ashiru-Balogun, Managing Director, MIXTA Nigeria; and Tola Akinhanmi, Real Estate Debt Structuring and Advisory Stanbic IBTC Capital.
In 2007, SEC issued the first set of guidelines for the registration and issuance of requirements for the operation of REITs in Nigeria as detailed in the Investment and Securities Act (ISA).
This has led to the listing of three REITs companies with a market capitalization of about 40 billion naira as May 10, 2017.
Currently one REITs offer is about to be concluded and should be listed on the NSE this year.
REITs are investment vehicles that can be traded on a stock exchange and are primarily involved in investing and owning income-generating real estate assets.
They allow both small and large investors to invest in portfolios of large-scale properties without actually having to go through the rigors of buying or financing property.
The 2017 REITs conference is sponsored by Stanbic IBTC Holdings Plc, FSDH Asset Management Limited, PricewaterhouseCoopers (PWC), United Property Development Company (UPDC) Plc, Rand Merchant Bank (RMB) Nigeria Limited, Udo Udoma & Belo-Osagie and Mixta Nigeria.
Interested participants can register online for this non-fee paying conference at http://www.nse.com.ng/NSE-REITs-Conference.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a mixed outcome on Wednesday, January 15 after it welcome a new entrant.
Paintcom Investment Nigeria Plc joined the OTC securities exchange yesterday with shares admitted at a unit price of N10.72 and a market capitalisation of N8.5 billion.
However, when trading activities closed for the session, the alternative stock exchange went down by 0.10 per cent, with the NASD Unlisted Security Index (NSI) depreciating by 3.03 points to 3,093.16 points from the 3,096.19 points recorded in the previous session.
But the value of the trading platform increased by 0.7 per cent or N7.54 billion to settle at N1.068 trillion compared with the preceding day’s N1.061 trillion.
The volume of securities traded in the session went down by 83.2 per cent to 666,494 units from the 3.97 million units recorded in the preceding session, while the value of shares traded during the session jumped by 98.2 per cent to N16.5 million from N8.3 million, with the number of deals going down by 20 per cent to 20 deals from 25 deals.
Industrial and General Insurance (IGI) Plc gained 3 Kobo to close at 30 Kobo per share versus 27 Kobo per share, Mixta Real Estate Plc increased by 23 Kobo to N2.58 per unit from N2.35 per unit, and Central Securities Clearing System (CSCS) Plc added N1.15 to settle at N23.20 per share, in contrast to Tuesday’s closing price of N22.15 per share.
Further, Afriland Properties Plc grew by 75 Kobo to N16.25 per unit from N15.50 per unit and Geo-Fluids Plc expanded by 13 Kobo to N4.79 per share from N4.66 per share.
On the flip side, 11 Plc fell by N27.74 to close at N253.10 per unit compared with the previous session’s N280.84 per unit and FrieslandCampina Wamco Nigeria Plc lost 55 Kobo to finish at N38.95 per share versus N39.50 per share.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 3.4 million units worth N134.9 million, followed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and Afriland Properties Plc with 690,825 sold for N11.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 23.5 million units sold for N5.3 million, trailed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and FrieslandCampina Wamco Nigeria Plc with 3.4 million units worth N134.9 million.
By Adedapo Adesanya
The Naira depreciated on the American currency in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, January 15 by 0.09 per cent or N1.45 to close at N1,551.10/$1 compared with the preceding day’s N1,549.65/$1.
It was the fourth straight session the local currency was losing value on the greenback in the official forex market as the deadline to end the access of Bureaux De Change (BDCs) to the official trading platform nears.
Also, Nigeria’s inflation neared a 29-year high as it rose for the fourth straight month to 34.80 per cent in December 2024 spurred by high festive activities.
On the British currency, which is the Pound Sterling, the domestic currency depreciated by N24.79 to wrap the session at N1,904.43/£1 versus the previous day’s N1,879.64/£1 and against the Euro, it weakened by N14.74 to sell for N1,600.79 per Euro versus N1,586.05/€1.
At the parallel market, the Nigerian Naira traded flat against the US Dollar yesterday at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, most of the tokens gained as the anticipation of Mr Donald Trump’s inauguration as US president is building bullish sentiment for the market, which was also encouraged by a highly anticipated CPI inflation data report in the US.
Litecoin (LTC) grew by 17.7 per cent to quote at $119.82, Ripple (XRP) expanded by 9.0 per cent to a six-year high of $3.10, Solana (SOL) appreciated by 7.2 per cent to trade at $202.81, Dogecoin (DOGE) rose by 5.3 per cent to finish at $0.3789, Ethereum (ETH) increased its value by 4.7 per cent to end at $3,376.28, and Cardano jumped by 3.3 per cent to settle at $1.06, Bitcoin (BTC) gained 2.8 per cent to close at $99,707.22, and Binance Coin (BNB) improved by 1.6 per cent to trade at $710.31, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
The oil market rose more than 2 per cent on Wednesday, supported by a large draw in US crude stockpiles and potential supply disruptions caused by new US sanctions on Russia.
Brent crude futures appreciated by $2.11 or 2.64 per cent to $82.03 a barrel and the US West Texas Intermediate (WTI) crude grew by $2.54 or 3.28 per cent to close at $80.04 a barrel.
The US Energy Information Administration (EIA) reported an inventory dip of 2 million barrels for the second week of the year.
The change estimated by the EIA compared with a modest draw of around 1 million barrels for the previous week, which also saw sizable fuel inventories build that dragged oil prices lower.
For the week to January 10, the EIA estimated an inventory build of 5.9 million in gasoline, with production averaging 9.3 million barrels daily. This compared with a build of as much as 6.3 million barrels for the previous week when production averaged 8.9 million barrels daily. That build was the second sizable weekly one after 2024 ended with a build of 7.7 million barrels in gasoline inventories.
The latest round of US sanctions on Russian oil could disrupt Russian oil supply and distribution significantly, the International Energy Agency (IEA) said in its monthly oil market report.
The Paris-based agency said that the sanctions on Iran and Russia cover entities that handled more than a third of Russian and Iranian crude exports in 2024, adding that the market will be in surplus this year as supply growth led by countries outside the Organisation of the Petroleum Exporting Countries and its allies, OPEC+ exceeds subdued expansion in world demand.
This aligns with an earlier projection by the EIA which assumes that OPEC+ would roll back its production cuts and that non-OPEC production would continue leaping forward.
Limiting the gains was fresh developments in the Middle East as Israel and Hamas agreed to a deal to halt fighting in Gaza and exchange Israeli hostages for Palestinian prisoners.
OPEC in its monthly oil report on Wednesday forecast stronger demand growth than the IEA of 1.45 million barrels per day this year and, in its first look at 2026, predicted a similar expansion of 1.43 million barrels per day next year.
OPEC expects global oil demand to rise by 1.43 million barrels per day in 2026, maintaining a similar growth rate to 2025.
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