Economy
NSE X-Academy Extends Capacity Building Opportunities to CIBN
By Tenebe Anthonia
A well-functioning financial market is crucial for economic recovery, especially in light of the macroeconomic implications of COVID-19 in the years to come.
Players in the money and capital markets must, therefore, rethink product development and service delivery, to reflect the current economic climate and investors’ sentiment.
This was further emphasized at a recent workshop organised by the Chartered Institute of Bankers of Nigeria (CIBN) and X-Academy, a knowledge-platform of the Nigerian Stock Exchange (NSE).
The workshop themed Financial Investment Options in Nigeria: The Synergy Between Money & Capital Markets came on the heels of the announcement of the accreditation of X-Academy as an Educational Training Service Provider (ETSP) for the banking and finance industry by CIBN.
The certification empowers X-Academy to provide professional and other trainings to CIBN and practitioners in the banking industry as well as issue ethical and professional guidance to them.
During the accreditation ceremony, the President, CIBN, Mr Bayo Olugbemi, expressed delight in the accreditation of X-Academy and ETSPs.
“Today marks another significant milestone in our quest to strengthen the capabilities of the human capital in the banking and finance industry.
“I am, therefore, pleased to congratulate the ETSPs for their commitment, dedication and professionalism evidenced by the time, energy and resources deployed to attain their current standards.
“This accreditation affirms that these organisations have adopted and complied with the required standards, and we look forward to exploring other areas of collaboration in the near future.”
Speaking at the workshop, the Chief Executive Officer of the NSE, Mr Oscar Onyema, represented by his Senior Special Assistant and Head, Government Relations, NSE, Mr Akin-Olusoji Akinyele, stated, “Our collaboration with CIBN is significant in order for us to properly capture the importance of the synergy between money and capital markets.
“We are, therefore, excited about this strategic partnership as it will widen the already extensive reach of the X-Academy and enhance our efforts to equip individuals and organisations with relevant skills and knowledge to lead and transform their businesses for sustainable growth.”
On her part, the Head, X-Academy, NSE, Ms Ugochi Obi noted, “We are pleased to partner with the CIBN to deliver the first of many capacity building exercises that will address the needs of the financial services industry especially in light of evolving trends.
“At the X-Academy, we continue to build on our expansive curriculum, highly-trained and qualified facilitators, and well-equipped infrastructure – physical and digital – to deliver accessible, cost-effective and high-quality trainings within and beyond our ecosystem.
“The accreditation from CIBN is a huge step in the right direction for us and we reiterate our commitment to providing flexible, interactive and customized learning that meets the needs of our stakeholders.”
It would be recalled that in 2019, the exchange launched X-Academy e-learning, a platform that has provided users easy access to highly structured and comprehensible self-paced capital market and soft skills learning content, at their convenience.
Accessible via https://x-academy.nse.com.ng/ekp/home.html, the X-Academy e-learning provides a wide range of courses designed to bridge the knowledge gap in sustainable finance, investment, corporate governance, risk management, and compliance as well as management development topics. X-Academy has also seamlessly delivered a series of virtual trainings during the pandemic to ensure uninterrupted access to professional resources across several fields.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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