Economy
Zedcrest to Hold Maiden ‘Zimvest Economy Conversations’ Series
Come Saturday, June 20, 2020, digital private wealth and investment management firm, Zedcrest Investment Managers (Zimvest), will hold its maiden thought-leadership series named Zimvest Economy Conversations.
The programme was designed to improve investment management competencies on the part of both investors and financial services providers.
The inaugural edition organised in partnership with online market news, data and research firm, Proshare Nigeria Limited, is targeted at investors, businesses, bankers, asset managers, corporate executives, HNIs and all investment enthusiasts.
Zimvest Economy Conversations, which will hold virtually, is themed The Economic Landscape and Investor Preferences in Post-pandemic Africa.
It seeks to explore the changing dynamics of the fiduciary relationship between the Investor and the financial institution.
Today’s Investors want to take a more active approach to money management, evidenced by the massive shift to self-investing in Fixed-Income instruments and Alternative assets.
A statement from the organisers said the first session which will take place from 11am to 1pm is headlined by Mr Bola Onadele Koko, CEO of FMDQ as the keynote speaker.
Confirmed panellists are Ini Ebong, Group Executive, Treasury & Financial Institutions at First Bank; Esiri Agbeyi, Partner and Head, Private Wealth Services at PWC; Adetoun Dosunmu, Treasurer at FBN Merchant Bank; Onome Komolafe, Divisional Head, CSCS & EX-COO at Coronation Merchant Bank; Chiefo Ejiofobiri, National Head, Product Sales at Fidelity Bank; & Abiola Adekoya, Wealth Expert and Ex-CEO at RMB Securities. The event will be moderated by Wole Famurewa, Anchor at CNBC Africa.
Zimvest, the newly launched investment management subsidiary of Zedcrest, plans to be at the nexus of a continuing conversation series around Investment management and economic policy landscapes.
Speaking on Zimvest’s launch and the Zimvest Economy Conversations series, the Group Managing Director of Zedcrest, Mr Adedayo Saheed Amzat, said, “This episode will also look at the immediate economic environment and suggest practical actions that businesses and investors can take as the economy resumes from the lockdowns effected in the wake of the COVID-19 health crises, and the attendant economic woes the virus leaves in its wake.
“It is hoped that businesses/investors will get more clarity as to the required next steps to steer their businesses and investments back to growth.”
“We are in a strong position to lead this dialogue as we have a strong reputation as financial market experts with recognition coming from the likes of the FMDQ and BusinessDay.
“Our Global markets subsidiary, Zedcap Partners, won the ‘best brokerage service provider’ award at the 2019 FMDQ Gold awards.
“The Group also won the ‘Most Diversified Financial services Group’ award at the 2019 BusinessDay awards. We have helped banks, pension funds, insurance firms and foreign investors get access to the best investment products for the past seven years and we are now devoting the same expertise to the Individual and Corporate clients,” he added.
On the process of participation, Gbenga Adigun, Business Head at Zimvest urged all interested participants to register via the event link on any of Zimvest’s social media platforms (@zimvest).
“This is an event anyone interested in the changing economic landscape and evolution of the post-pandemic investor would not want to miss,” he said.
“We are also using this medium to immensely thank our keynote speaker, moderator and the panellists for making out time to be part of this event. We are excited at the depth of knowledge and experience they will bring to bear on the conversations,” he added.
Zimvest, a subsidiary of the foremost financial solutions powerhouse, Zedcrest, is licensed by the Securities & Exchange Commission (SEC) as a Fund & Portfolio Manager. The company’s products are designed to offer inflation and currency protection, risk management and sustainable growth.
Other members of the Zedcrest Group include the leading consumer finance brand – Zedvance Finance, the leading Interdealer-Brokerage firm – Zedcap Partners and proprietary investment firm – Zedcrest Capital.
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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