Economy

Zedcrest Unveils ZIMVEST to Grow Investors’ Wealth

Published

6 years ago

20/02/2020

New-age financial solutions powerhouse, Zedcrest Capital Limited today (20:02:2020), announced the launch of a wholly owned subsidiary and new Investment/Asset Management firm aimed at digitally democratizing investment in Africa.

The new company, Zedcrest Investment Managers (ZIMVEST) will introduce digital private wealth and investment management, help clients grow wealth by beating inflation and currency risks through multicurrency investments, through best in class paperless processes

According to the founder and Group CEO of the Zedcrest Group, Mr Saheed Adedayo Amzat, “ZIMVEST’s differentiating factor will come from the renowned expertise of the Zedcrest group in the global financial markets.

“This is evidenced by the leadership position of its global markets business, Zedcap Partners, which bagged the 2019 best brokerage service award of FMDQ OTC. The group also has a wide distribution experience garnered from setting up another subsidiary, Zedvance, a top-three consumer lender in Nigeria.”

Chairman of Zedcrest Group and former managing partner of Ernst & Young, Adebisi Sanda, said, “The launch of the Asset Management business ties in nicely with our plan to dominate every important vertical of Financial services: our four pillars of global markets, investment management, lending and payments.

“Despite some growth in the last decade, capital formation in Nigeria is still relatively low compared to our frontier/emerging market peers.

“The total AUM of the contributory pension scheme, at 10 trillion is just under 10 percent of GDP compared to South Africa at 63 percent of GDP. The non-pension AUM at about 1.2 trillion is very low and represents a clear growth opportunity, one which we are going after.”

Mr Gbenga Adigun, the newly hired head of Asset Management, who left his posh job at one of the country’s top three asset management firms, believes ZIMVEST would leverage on the group’s remarkable capacities and capabilities to launch the firm into the top five players in 5 years.

“I am delighted at the focus and vision I met on ground at Zedcrest Group and excited at the unique opportunity we have to create tremendous impact. In the coming months, we will be unveiling new well-thought-through products to meet the investment needs of the public.

“We would have propositions for the salaried employees, entrepreneurs, HNIs, corporates, governments and family offices,” Mr Adigun said.

He also showered glowing praises on the management of the Securities and Exchange Commission (SEC) for the support in granting the operational license in record time.

With the current thrust of the Central Bank of Nigeria (CBN) to drive inclusive growth in the economy, returns have fallen tremendously as fund managers have been locked out of the juicy Open Market Operations (OMO) market in favour of foreign investors who bring the much needed foreign currency inflows.

Most fund managers are expected to have negative real returns in 2020, a situation Zedcrest attributes to the unusual dependence on risk-free government securities investments.

A recent guideline from the CBN elongates the available CBN futures yield curve to 5 years from 12 months. The management of Zimvest believes this is to encourage foreign direct investment in critical sectors of the real economy and would significantly give Nigeria a growth lifeline.

“The Nigerian rising narrative is about to be rekindled and we believe this is the best time for us to be setting up. We have a clear opportunity to bring alternative investments products to the market, and reduce the focus on government securities.

“We would be creating products for underlying investments in infrastructure and the agricultural value chain,” noted Stella Duru, another Zedcrest Director.

Economy

NASD Market Falls 1.18% to Extend Losing Streak

Published

20 hours ago

14/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.

The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.

When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.

Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.

Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.

Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.

Economy

Naira Trades N1,366/$1 at Official Market, N1,400/$1 at Black Market

Published

21 hours ago

14/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira continued to claw back some gains against the Dollar in the different segments of the foreign exchange (FX) market, as its value was strengthened on Friday.

In the black market, it gained N10 against the United States Dollar yesterday to close at N1,400/$1 compared with the preceding day’s rate of N1,410/$1, and at the GTBank forex counter, it chalked up N6 to close at N1,385/$1, in contrast to the N1,391/$1 it was traded a day earlier.

Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), it appreciated against the greenback during the session by N5.28 or 0.38 per cent to quote at N1,366.23/$1 versus Thursday’s closing price of N1,371.51/$1.

It also improved its value against the Pound Sterling in the official market on Friday by N21.81 to settle at N1,812.99/£1 compared with the previous day’s N1,834.80/£1, and gained N13.86 against the Euro to sell at N1,568.03/€1 versus N1,581.89/€1.

Pressure eased further on the FX market as the Central Bank of Nigeria (CBN) continued interventionist operations this week, selling Dollars to banks to boost liquidity after a $500 million boost last week.

This was complemented by inflows from foreign investors, exporters and non-bank corporates, among others, while Nigeria’s gross external reserves remained above $50 billion, the highest since 2009.

The Governor of the apex bank, Mr Yemi Cardoso, also eased fears of a Naira devaluation, saying the country’s financial system has been strengthened by reforms.

Regardless, external pressure looms as the US Dollar strengthened globally due to its war with Iran, now ongoing for three weeks.

Meanwhile, the cryptocurrency market was largely down as traders and investors continue to align with current realities.

The market is adapting to the conflict in real time. Early in the war, every headline produced an outsized reaction because nobody could price the tail risk. Now, traders have a framework where strikes happen, oil spikes and bitcoin dips only to recover again.

Cardano (ADA) depreciated by 3.8 per cent to $0.2623, Dogecoin (DOGE) lost 1.7 per cent to finish at $0.0948, Ripple (XRP) slumped 1.5 per cent to $1.39, Solana (SOL) dropped 1.4 per cent to sell for $87.33, Binance Coin (BNB) went down by 1.3 per cent to $653.58, Bitcoin (BTC) declined by 1.1 per cent to $70,670.63, and Ethereum (ETH) decreased by 0.9 per cent to $2,078.78.

However, TRON (TRX) appreciated by 1.7 per cent to $0.2941, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

Economy

Oil Stays Above $100 as Strait of Hormuz Traffic Stalls

Published

21 hours ago

14/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The price of the major crude oil grade, Brent crude oil, closed above $100 on Friday for the second consecutive session, as the Iran war heads toward its third week, with oil tanker traffic through the Strait of Hormuz still effectively at a standstill.

It gained 2.67 per cent or $2.68 during the trading day to close at $103.14 per barrel, while the US West Texas Intermediate (WTI) crude oil grade appreciated by 3.11 per cent or $2.98 to settle at $98.71 per barrel.

Brent futures were up about 10 per cent for the week following the 27 per cent rise seen last week, which marked the biggest weekly gain in oil prices since the COVID-19 pandemic in 2020. WTI futures, which saw their best week since 1983 last week, ended the week more than 8 per cent higher.

US President Donald Trump said American forces launched a major bombing raid on Iran’s strategic Kharg Island, targeting military facilities on the key Persian Gulf outpost while warning Iran that its vital oil infrastructure could be destroyed if shipping in the Strait of Hormuz is disrupted.

The terminal accounts for roughly 90 per cent of Iranian crude shipments, loading millions of barrels per day onto tankers bound largely for Asian markets.

The US and Israel’s strikes in the conflict have largely targeted Iranian military and nuclear infrastructure. Oil facilities elsewhere in Iran have been hit, but Kharg’s massive storage tanks, jetties, and pipelines had remained untouched until the latest strike.

Iran’s new supreme leader, Mojtaba Khamenei, vowed to keep fighting in a message delivered via state television.

There have been a number of attacks on foreign ships in or near the Strait, feeding into concerns that a prolonged war could translate to a global economic shock.

Prices are rising despite the US and its allies rolling out some measures to keep a lid on energy costs.

The International Energy Agency (IEA) has agreed to release 400 million stockpiled barrels, the largest such action in history.

The US has issued a 30-day waiver for India to purchase sanctioned oil from Russia. President Donald Trump is considering loosening rules under the Jones Act that require American ships to transport goods between domestic ports, including oil and gas, in an effort to lower costs.

Traders are continuing to monitor developments in the Middle East.