Economy
SEC Developing Regulations for Credible, Stable Capital Market—Yuguda
By Dipo Olowookere
The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has said the agency has continued to develop regulations to make the Nigerian capital market more credible and stable.
According to him, a credible and stable capital market will propel the Nigerian economy from its developing status to an advanced category like the United States and others.
Speaking at the first Nigeria Employers Summit organised by the Nigeria Employers Consultative Association (NECA) in Abuja recently, the SEC DG said efforts are being made to ensure that the domestic capital market becomes one of the world’s deepest by 2025 through the 10-year Capital Market Master Plan.
He said this is why the commission has over the years continued to put in place clear and consistently applied regulatory frameworks to reduce regulatory and operational impediments and engender the smooth functioning of the market.
“As the apex regulator of the Nigerian capital market, the SEC has executed several initiatives to build a collaborative regulatory environment for enterprise competitiveness, job creation and national development.
“Through its 10-year Capital Market Master Plan (2015-2025), which serves as the primary roadmap for the development of the Nigerian capital market, the commission has mapped out strategies to build a capital market that is the largest on the continent of Africa and one of the world’s deepest by 2025.
“The master plan’s implementation has been admitted as the 246th programme and project in the recently approved National Development Plan 2021-2025 (NDP2515033),” he said.
“The commission continues to enhance its regulatory framework through the issuance of rules to keep pace with market trends.
“Recent ones include rules on investment-based crowdfunding, which created an enabling environment for capital raising by start-ups and on annual renewal of registration of capital market operators to ensure only fit and proper persons operate in the Nigerian capital market,” Mr Yuguda added.
The DG said the agency has continued to strive to fulfil its mandate of protecting investors and creating an enabling environment for market operations and has remained consistent in its mandate of ensuring that the market provides an important channel of financing for the real sector to drive economic growth; allocate risk appropriately; support financial stability and smoothen transmission of monetary policy.
He, however, noted that the capital market is making efforts to do more in the areas of provision of long-term funds to develop infrastructure for the country and support developmental projects, canvassing the need to further deepen the Nigerian capital market for it to contribute to the required long-term capital that Nigeria needs for business investment, infrastructure and other innovative financings.
“The gains of the capital market development will be macroeconomic development, lower transaction cost, greater liquidity, improved productivity and infrastructure development.
“The development of the capital market will facilitate a housing finance revolution. It will facilitate improved allocation of capital and provide small, medium and large companies access to the market to raise funds; facilitate foreign inflows of capital; raise productivity growth and lower unemployment. Capital market development is a spur for growth; improved living standards and efficiency. The impact of these efforts will be a superior economic performance of the Nigerian economy,” he added.
Mr Yuguda stated that since its formation in 1957, NECA has earned a reputation as a viable platform for interaction between private sector employers, government, labour and other relevant stakeholders.
“We at SEC identify with NECA’s commitment and drive towards promoting a favourable environment for businesses to thrive and contribute maximally to national development,” he stated.
According to him, the theme for this year’s summit, The Private Sector – An Engine for National Development, would not have come at a better time than now, when nations are working to manage their economies amidst the devastating effects of COVID-19 and unravelling global political developments.
“I must also mention that the topic, Building a Collaborative Regulatory Environment for Enterprise Competitiveness, Job Creation and National Development, is a tacit reminder that building a viable economic system requires cooperation and commitment of all relevant stakeholders operating in a robust regulatory environment,” Mr Yuguda said.
By Modupe Gbadeyanka
Customers of AXA Mansard in the Micro Small and Medium Scale Enterprise (MSME) sector of the economy will enjoy free exhibition stands at the Made by Nigerians Fair.
The fair is scheduled to take place on Saturday, December 7 and Sunday, December 8, 2024, at the Landmark Event Centre, Lagos.
To support small business owners, AXA Mansard is paying for stands for selected entrepreneurs to showcase their products at the fair, which attracts thousands of people.
According to the Head of Marketing at AXA Mansard Insurance Plc, Mr Olusesan Ogunyooye, this is another gesture by the company to show that MSMEs can benefit from having insurance.
He described MSMEs as the backbone of any economy, noting that they drive innovation, create jobs, and contribute significantly to national development.
“Our support for these businesses at the MBN Fair reflects the commitment to their growth and sustainability. We are passionate about helping them reach their full potential by connecting them with resources and opportunities that foster success.
“By the very nature of insurance, its benefits are in the future and they are uncertain. That has been a main source of discouragement, particularly to MSMEs. Businesses are geared to making money.
“So, when thinking about insurance, an average MSME would rather invest the money in the growth of his business first.
“The risks that businesses face are also real. There are various types of risks businesses have to contend with today; from burglary to fire, the health of employees, and so on.
“When these risks manifest, they can significantly impact a business negatively. We understand that to get MSMEs to protect themselves and the millions of jobs they create, we must help them strike a balance between growing their businesses and protecting them.
“So, we have come up with different Initiatives to help them grow their businesses. The opportunity to exhibit their products and services to thousands of visitors to the MBN Fair is another in the series of our initiatives.
“We are convinced that for insurance to grow, we need to help people and businesses see it as a strategic lever to grow their businesses, not a cost that takes away from them. If we get this right, it can’t have a massive impact on our economy because, when MSMEs thrive, the economy will prosper.
“We have experimented with this model, and we are particularly excited about the responses from our customers. It is a call for us to do more, and we are committed to Nigerian MSMEs,” Mr Ogunyooye stated.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.05 per cent gain on Friday, December 6 after the price of Afriland Properties Plc went up by 60 Kobo to settle for the day at N16.60 per share versus Thursday’s closing price of N16.00 per share.
Consequently, the market capitalisation of the bourse increased during the session by N520 billion to settle at N1.056 trillion, the same value it ended a day earlier, as the NASD Unlisted Security Index (NSI) went up by 1.5 points to wrap the session at 3,014.91 points compared with 3,013.41 points recorded in the previous session.
Business Post reports that yesterday, the price of Acorn Petroleum Plc depreciated at the close of business by 15 Kobo to trade at N1.54 per unit compared with the preceding day’s N1.69 per unit.
The volume of securities traded in the session by investors soared by 168.3 per cent on Friday to 199,577 units from 74,381 units, but the value of securities went down by 45.8 per cent to N1.4 million from the N2.7 million recorded a day earlier, and the number of deals grew by 20 per cent to six deals from the five deals executed in the preceding session.
Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 billion.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rebounded by 0.10 per cent on Friday as almost all the key sectors closed in green when trading activities ended for the week.
The banking index appreciated by 0.73 per cent, the insurance sector gained 0.55 per cent, the energy counter improved by 0.17 per cent, and the industrial goods space jumped by 0.04 per cent, while the consumer goods sector depreciated by 0.16 per cent.
At the close of business, the All-Share Index (ASI) moved up by 96.64 points to 98,210.75 points from 98,114.11 points and the market capitalisation gained N58 billion to quote at N59.534 trillion compared with Thursday’s closing value of N59.476 trillion.
The bourse finished with 27 price advancers and 21 price decliners, representing a positive market breadth index and bullish sentiment.
Golden Guinea Breweries jumped by 9.98 per cent to N5.40, Japaul improved by 9.30 per cent to N2.35, Sunu Assurances expanded by 9.07 per cent to N5.05, Sovereign Trust Insurance rose by 7.69 per cent to 84 Kobo, and Secure Electronic Technology grew by 7.69 per cent to 70 Kobo.
On the flip side, Eterna lost 4.62 per cent to N22.70, Sterling Holdings depreciated by 4.12 per cent to N4.65, Prestige Assurance fell by 3.85 per cent to 75 Kobo, Consolidated Hallmark shrank by 3.85 per cent to N2.50, and Champion Breweries slumped by 3.50 per cent to N3.86.
Yesterday, investors bought and sold 1.0 billion equities worth N17.5 billion in 7,220 deals, in contrast to the 723.0 million equities valued at N12.8 billion transacted in 8,495 deals a day earlier, indicating a decline in the number of deals by 15.01 per cent and a surge in the trading volume and value by 43.98 per cent and 36.72 per cent, respectively.
On top of the activity chart on Friday was Wema Bank with the sale of 472.5 million stocks valued at N4.1 billion, Fidelity Bank traded 251.5 million shares worth N4.0 billion, FCMB transacted 45.0 million equities for N404.9 million, UBA sold 42.3 million shares valued at N1.4 billion, and Japaul traded 20.7 million stocks worth N46.3 million.
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