Economy

NSE Mandates Companies to Submit Expected Financial Filing Dates, AGMs, Dividends

Published

6 years ago

14/05/2019

By Dipo Olowookere

The Nigerian Stock Exchange (NSE), in a bid to bring sanity into the stock market and make shareholders get better value, has come up with new rules that will mandate companies trading their shares on its platform provide some vital information for the investing public beforehand.

The new regulation titled ‘Rules on Release Calendar for Regulatory Announcements and Filings of Listed Companies’ was approved by the Securities and Exchange Commission (SEC) on Monday, May 6, 2019.

Under the new rule, quoted firms would be required to provide information on their expected and actual filing dates of specific financials, corporate actions like interim/final dividend and board meetings.

According to the NSE, these details must be submitted “by the third (3rd) quarter of its current financial year, but not later than the last day of its current financial year” and these items must be posted on the websites of the companies.

The stock market regulator said, “Changes to any dates already disclosed by an Issuer, shall be promptly communicated to The Exchange via the Issuers’ portal at least five (5) business days prior to the date of the relevant event.

“Where the Issuer does not disclose the date changes within the time specified above, or is unable to do so within the specified time, the Issuer shall release a notice to the market, prior to the earlier disclosed date of an event, stating the reasons for such changes and the new proposed date for the event.

“A company newly listed on The Exchange shall submit information on the items in Rule 2, for the current year to The Exchange, and release it to the market, at least three (3) business days prior to the date on which its securities are set to begin trading on The Exchange.”

It further said, “Where an Issuer fails to file information on the items in Rule 2 after the due date, the exchange shall on its own volition, within five (5) business days after the due date, populate the Release Calendar with relevant information on the defaulting Issuer, on the basis of: (a) the regulatory deadline by which each Issuer’s obligations in respect of each specific filing became due, and (b) for announcements of dividends, and dates of Board and Annual General meetings, the earliest date on which an Issuer took such corporate action in previous years, and the Issuer shall be bound to fulfil its regulatory obligations by the above dates.

“Where an Issuer defaults in filing any expected returns by the above dates, the applicable penalties for failure to comply and submit such returns shall begin to run from those dates.”

Economy

Shippers Council Reiterates Promise to Boosting Trade

Published

2 hours ago

24/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The Nigerian Shippers Council (NSC) has reiterated its commitment to prioritising shipping activities and promoting importers and exporters in the country.

The Executive Secretary of the Council, Mr Pius Akutah, in a statement on Wednesday, said this after a familiarisation visit to the North East Zonal Directorate in Bauchi State.

The visit marked a strategic step in assessing the activities of the council in the region and reinforcing its role in trade facilitation and port economic regulation.

“The purpose of the visit was to promote regional integration in shipping activities and support exportation.

“This aligns with the current administration’s goal of enhancing the nation’s resources through the blue economy.

“We have had interactive meeting with stakeholders aimed at advancing shipping activities in the region and the role of shippers’ association in representing the interests of importers and exporters.

“The NSC is committed to improving ease of doing business,” he said.

On the Inland Dry Ports project in Bauchi, an initiative by the state government, Mr Akutah said it was laudable as it would attract both import and export activities to the area.

Economy

UBN Property Sinks OTC Bourse by 0.48% at Midweek

Published

6 hours ago

24/04/2025

Adedapo Adesanya

By Adedapo Adesanya

UBN Property Plc further sank the NASD Over-the-Counter (OTC) Securities Exchange in the red territory by 0.48 per cent on Wednesday, April 23.

The property investment company lost 7 Kobo of its share value to settle at N2.10 per unit compared with the preceding day’s price of N2.17 per unit.

As a result, the market capitalisation of the bourse went down by N9.19 billion to N1.908 trillion from N1.917 trillion and the NASD Unlisted Security Index (NSI) slumped by 105.70 points to 3,259.08 points from the previous session’s 3,274.78 points.

There was a 500.5 per cent rise in the volume of securities transacted in the midweek session to 1.05 million units from the 174,634 units traded in the previous trading day.

However, the value of transactions decreased by 9.1 per cent to N2.6 million from N2.86 million and the number of deals dropped by 31.3 per cent to 11 deals from 16 deals.

At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, trailed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.

Okitipupa Plc remained the most traded stock by value on a year-to-date basis with 153.6 million valued at N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with the sale of 14.8 million units for N572.0 million, and Impresit Bakolori Plc with a turnover of 533.9 million units worth N520.9 million.

Economy

FG to Sell N1.2trn Bonds in Q2 2025

Published

6 hours ago

24/04/2025

Aduragbemi Omiyale

By Aduragbemi Omiyale

Between April and June 2025, the federal government intends to sell bonds between N900 billion and N1.2 trillion to investors.

This information was revealed by the Debt Management Office (DMO) in its Bond Issuance Calendar for Q2 2025

The sales will take place once in a month, precisely on April 28, May 26, and June 23, according to the data released by the DMO.

It was stated that the debt office will offer the debt instrument in two maturities, with N300 billion and N400 billion offered for sale at each auction.

In April and May, the DMO will reopen the 19.30 per cent FGN APR 2029 and 19.89 per cent FGN MAY 2033 bonds, and in June, it will introduce the FGN JAN 2030 and FGN JAN 2032 and five and seven-year, respectively.

In April, the APR 2029 bond will have a remaining tenor of four years, while the MAY 2033 bond will have six years and one month left.

By May, those terms shorten to three years and eleven months, and six years, respectively. Both bonds retain their original coupon rates of 19.30 per cent and 19.89 per cent.

The DMO has also released details for its April auction. The Federal Government plans to raise N350bn through the reopening of the APR 2029 and MAY 2033 bonds.

According to the circular, N200bn will be offered in the APR 2029 and N150bn in the MAY 2033. The auction will be held on Monday, April 28, with settlement on Wednesday, April 30.