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NSE Organises Essay Competition on Financial Literacy & Tech

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By Dipo Olowookere

The Nigerian Stock Exchange (NSE), in line with its commitment to building a financially savvy generation, has announced the commencement of the 2018 edition of its NSE Essay Competition for students in Senior Secondary Schools in the country.

A statement issued by the NSE disclosed that the topic for this year’s edition is ‘Discuss how technology can promote financial literacy and encourage investment habit among youths.’

The statement explained that theme of this year’s edition aims to bring the subject of technology to the fore and get young people to start thinking early on about how it can be applied to real life business situations.

This year’s competition, which is supported by Jim Ovia Foundation, opened on Monday, July 16, 2018 and will close on Friday, October 05, 2018. To enter the 2018 NSE Essay Competition, participants are required to email their typewritten entries, which should not be more than 1,000 words to [email protected].

The competition rewards the Top 10 winners out of which the top three will be presented with equity investments, University scholarship funds and personal Laptops/tablets at the Awards ceremony which comes up in October 2018. The winners will also be honoured with a Closing Gong ceremony at the stock exchange.

Schools of the top three winners will also be recognised and presented with prizes such as trophies, desktop computers and printers. The additional seven essay writers will receive consolation prizes, certificate of achievement and recognition at the awards ceremony.

According to the Head of Corporate Communications at the NSE, Mr Olumide Orojimi, improving financial literacy is important to the future of Nigeria.

“Youths are an important stakeholder group as it relates to planning for a sustainable future as a nation and we must imbibe in them, good financial skills that will assure a secured and great future for them.

“The competition serves as an essential platform. As the premier multi-asset securities exchange, this is one of the ways we contribute to building a financial literate Nigeria that can access various financial inclusion offering available to them.”

Since it’s commencement in year 2000, The NSE Essay Competition has inspired over 30,000 young people in over 3,500 secondary schools across Nigeria to showcase what they have learnt about the financial and capital markets. It provides an important opportunity for youths to engage in issues of importance to The Nigerian economy.​

He noted that through this competition, the NSE has been able to promote financial literacy among young Nigerians, by encouraging them to learn how good financial decisions can better their lives now and in the future, and ultimately grow the economy.

“We continue to be inspired by both the increasing number of participation in this financial literacy activation and the boundless imagination that the topics spur amongst the vast majority of the students.

“This year’s theme could not have come at a better time as the world prepares for a fourth industrial revolution that will be primarily driven by technology. This year’s competition hopes to spark exceptional thinking as our youths prepare to embrace a sustainable financial future that is technology will play a major role,” he said.

Entries submitted for the competition are graded by a team of examiners identified in conjunction with the Chartered Institute of Stockbrokers at the first level. Successful writers will then proceed to the second stage by writing an in-person follow up essay on a related topic at any of the NSE branches closest to them. The final stage involved interviews at the NSE Headquarters in Lagos. This rigorous level of assessment is to ensure that only the best amongst equals emerge as winners.​

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Economy

Nigeria Makes Maiden AfCFTA Shipment to Kenya

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By Adedapo Adesanya

Nigeria’s maiden shipment under the African Continental Free Trade Area (AfCFTA) has successfully arrived at the Mombasa Port in Kenya.

According to the Nigeria AfCFTA Coordination Office in a statement, the development marks a historic moment for Africa’s trade landscape.

The Senior Trade Expert at the Nigeria AfCFTA Coordination Office, Mr Olusegun Olutayo, said in line with its mandate under the leadership of the National Coordinator, Mr Olusegun Awolowo, the office had coordinated the landmark event.

He said the achievement marked a significant milestone for Nigeria in realising the vision of increased intra-African trade and economic integration championed by the agreement in line with the decision of the AU Assembly at the 31st Ordinary Session of the Assembly.

“In times of escalating geopolitical tension and looming geo-economic fragmentation, AfCFTA presents a perfect opportunity for Africa to leverage trade as a strategic instrument for enhanced market access among state parties.

“This is a historic moment, a realisation of the vision of our continent’s founding fathers and mothers.”

He also said the first consignment which was a synthetic filaments product of Nigeria’s Lucky Fibres Limited (Lush), a subsidiary of the Tolaram Group, was exported under AfCFTA preferential terms.

Mr Olutayo lauded the bold economic reforms of President Bola Tinubu, emphasising their catalytic role in enabling the country’s active participation in AfCFTA, fostering continental economic integration and industrialisation goals.

He also commended the seamless cooperation and commitment from Kenyan authorities, which exemplifies the true spirit of AfCFTA.

He acknowledged the pivotal leadership role of the AfCFTA Secretariat in fostering the success and emphasised the collaborative efforts of the Kenya AfCFTA Implementation Committee and the Kenya Revenue Authority (Customs).

According to him, the shipment, exported under AfCFTA preferential trade terms, underscores partnership, shared vision, the agreement’s potential to transform Africa’s economic landscape and pave the way for a new era of trade-driven prosperity.

The AfCFTA seeks to create a single market across Africa by reducing barriers to trade, investment, and labour.

The agreement’s goal is to increase socioeconomic development, reduce poverty, and make Africa more competitive globally.

On March 21, 2018, the AfCFTA agreement was adopted and opened for signature in Kigali, Rwanda. The agreement entered into force on May 30, 2019 and officially commenced on January 2021

Former President Muhammadu Buhari established the National Action Committee on AfCFTA (NAC) in December 2019.

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Economy

Capital Market Operators Get January 31 Deadline for Licence Renewal

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By Adedapo Adesanya

The Nigerian Securities and Exchange Commission (SEC) has fixed January 31 as deadline for all Capital Market Operators (CMOs) to renew their operating licence.

In a circular to the operators on Sunday, the apex regulatory agency in the country’s capital market said the annual registration renewal would last between January 1 and 31, 2025.

SEC said the annual registration renewal enforcement for CMOs was aimed at ensuring that only “fit and proper” persons operate in the capital market, warning that CMOs without valid registration will be penalised and may be excluded from capital market activities.

”This is to inform all CMOs and the general public that the annual renewal of registration of CMOs for the year 2025 will commence from January 01.

“All CMOs applying for renewal are required to include their 2025 annual subscription receipt from their respective trade groups as part of their application.

“In line with the commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for 2025 on or before January 31 via registration renewal portal at www.eportal.sec.gov.ng,” it said.

The commission added that CMOs desiring to make enquiries or get support to complete the process should contact [email protected].

The regulator said it had in 2021 re-introduced periodic registration renewal by CMOs to create a reliable active operators’ data bank in the country’s capital market.

It said the renewal arrangement aimed at updating operators information on capital market for official use by local and foreign investors, other regulatory agencies and the public.

The agency added that the renewals would drastically reduce incidences of unethical practices by CMOs which may affect investors’ confidence and impact the capital market negatively, noting that the exercise will strengthen supervision and monitoring of CMOs by the commission.

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Economy

Seven Equities Boost NASD OTC Securities Exchange by 1.24%

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NASD securities exchange

By Adedapo Adesanya

The third trading week of 2025 ended on a positive note at the NASD Over-the-Counter (OTC) Securities Exchange, with seven equities on the platform inspiring a 1.24 per cent growth.

Consequently, the market capitalisation of the bourse increased by N21.56 billion during the five-day trading week to N1.075 trillion from the N1.053 trillion quoted in the preceding week (Week 2) as the NASD Unlisted Security Index (NSI) expanded by 37.98 points to 3,111.91 points from the 3,073.93 points it ended in the preceding week.

In the period under review, the volume of transactions went down by 42.1 per cent to 9.45 million units from the 16.30 million units in the previous week, as the value of trades declined by 53.1 per cent to N48.4 million from the N104.11 million, with these transactions completed in 122 deals involving 15 different stocks.

Industrial and General Insurance (IGI) Plc gained 50 per cent in the week to close at 36 Kobo per share versus 34 Kobo per share, Mixta Real Estate Plc increased by 20 per cent to end at N2.58 per unit compared with the previous week’s N2.15 per unit, and Okitipupa Plc rose by 10 per cent to N39.59 per share from N35.99 per share.

Further, UBN Property Plc grew by 10 per cent to N2.20 per unit from N2.02 per unit, Newrest Asl Plc jumped by 9.9 per cent to N31.38 per share from N28.53 per share, FrieslandCampina Wamco Plc surged by 3.7 per cent to N39.65 per unit from N38.22 per unit, and 11 Plc advanced by 0.3 per cent to N256.00 per share from N255.31 per share.

FrieslandCampina Wamco Plc topped the activity chart last week by value with with N0.030 billion, 11 Plc recorded N0.009 billion, Central Security Clearing System (CSCS) Plc raked in N0.004 billion, IGI Plc followed with N0.002 billion, and Geo-Fluids Plc recorded N0.002 billion.

However, IGI Plc was the most traded instrument by volume with 7.5 million units, FrieslandCampina Wamco Plc transacted 0.77 million units, UBN Property Plc recorded 0.38 million, Geo-Fluids Plc traded 0.37 million units, and CSCS Plc posted 0.16 million units.

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