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Aradel Holdings to List Shares on NGX October 14

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Aradel

By Dipo Olowookere

The shares of Aradel Holdings Plc will be listed on the floor of the Nigerian Exchange (NGX) Limited on Monday, October 14, 2024, Business Post reports.

Before this happens, the energy firm will leave the NASD over-the-counter (OTC) Securities Exchange, where its stocks are currently being traded by investors.

A notice obtained by this newspaper disclosed that the organisation is coming to the country’s flagship bourse with a total of 4,344,844,360 units.

After the listing, the executives of the company will meet capital market stakeholders for a Facts Behind the Listing presentation.

This platform allows the decision makers of Aradel Holdings to speak about its financial performance and what to expect from the organisation, especially as their shares hit the main board of the exchange.

Before the presentation, the player in the nation’s oil and gas sector will be honoured with a Closing Gong Ceremony. The team will have the privilege to close trading activities for the day at 2:30 pm.

Aradel Holdings is one of the bellwethers of the unlisted securities market, helping the NASD Exchange hit the N3 trillion and N4 trillion threshold recently.

Its exit from the platform will greatly be felt as it would shrink the market size by over N2 trillion.

At the close of business on Thursday, October 10, 2024, the market capitalization of the alternative stock exchange was N3.824 trillion.

Recall that recently, trading in the equities of Aradel Holdings was suspended on NASD as a result of its share split and redomination.

Ahead of the listing on the NGX, the nominal value of the shares of Aradel Holdings was changed to 50 Kobo per unit from N10 per unit.

From September 20, 2024, to September 30, 2024, shareholders of the company could not trade their shares at the market because of the exercise.

The initial 217,242,218 ordinary shares of N10 each were changed to 4,344,844,360 ordinary shares of 50 Kobo each, with the price going from N9,399.00 per unit at N10 each to N469.95 per unit at 50 Kobo each.

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  1. Pingback: NASD OTC Rises 6.9% as Investors Splash N14.1bn on Stocks | Business Post Nigeria

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Economy

MTN Offers N50bn Commercial Paper to Investors

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MTN Subscribers

By Aduragbemi Omiyale

Commercial paper worth N50 billion has been offered to investors by a leading telecommunications firm in the country, MTN Nigeria Communications Plc.

The offer is only open for subscription for a day, according to details of the exercise obtained by Business Post.

Subscription for the commercial paper opened on Monday, December 23, 2024, and closed today, Tuesday, December 24, 2024.

MTN Nigeria said it went for the N50 billion commercial paper sale to raise funds for its short-term working capital requirements.

It offered the paper in two series of 15 and 16, the former taking a 180-day tenor and the latter a 270-day tenor.

MTN Nigeria sold the six-month paper at a discount rate of 24.2162 per cent and the nine-month paper at 23.8780 per cent.

The exercise is under MTN Nigeria’s N250 billion commercial paper programme. According to the Nigerian Communications Commission (NCC), MTN Nigeria boasts 80,376,120 subscribers across the country and controls a market share of 51.09 per cent as of October 2024.

The telco was the first to launch a 5G network in Nigeria, providing coverage in key cities in the six geopolitical regions with population coverage of 12.7 per cent.

MTN Nigeria has approximately 45.3 million active data users and 2.8 million active mobile money wallets, driving digital and financial inclusion in a young and fast-growing population.

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Economy

I Stand by My Economic Reforms—Tinubu

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tinubu democracy day speech

By Adedapo Adesanya

President Bola Tinubu has again said he has no regrets about removing the petrol subsidy in May 2023 and introducing other reforms in the country.

“I don’t have any regrets whatsoever about removing the petrol subsidy. We are spending our future, we were deceiving ourselves, that reform was necessary,” the President told selected reporters during a pre-recorded media chat on Monday night at his Bourdillon residence in Ikoyi, Lagos State.

President Tinubu said that the removal of the petrol subsidy last year increased competition within the sector and that the pump price of petrol gradually crashed.

“The market is being saturated. No monopoly, no oligopoly, a free market economy flowing,” he said.

President Tinubu, who took office in May 2023, has always hammered on the need for the reforms, despite calls from several quarters to alleviate increased hardship brought on by his policies.

Business Post reports that he defended the policies recently at the 2025 Budget presentation as he has done on a number of occasions, including at a conference in Riyadh, Saudi Arabia earlier this year.

He also said he does not believe in price control and he won’t go that path.

“I don’t believe in price control, we will work hard to supply the market,” he said.

He also said it was about time to bring the governance down, adding that, “we will try.”

The President said the country will be looking at agriculture, export incentives, harnessing the marine ecosystem; bringing affordable transportation.

“We will bring it down gradually,” he added.

He continued, “The key is to produce more for local consumption and exports while reducing imports. We’re supporting farmers with low-interest loans and improving security to encourage agricultural activities.

“Mechanised farming is being prioritised, with thousands of tractors set to arrive in the country. In addition, we’re incentivising local drug manufacturing and harnessing our marine ecosystem for economic growth.

“By addressing these sectors, we aim to bring down costs and stimulate the economy,” he noted.

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Economy

Unlisted Securities Market Loses 1.10% to Christmas Profit-Taking

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Unlisted Securities Market

By Adedapo Adesanya

There was a 1.10 per cent depreciation at the NASD Over-the-Counter (OTC) Securities Exchange on Monday, December 23 as investors booked profit ahead of the Christmas break.

This was largely influenced by the decline suffered by three securities on the trading platform, with FrieslandCampina Wamco Nigeria Plc losing N3.84 to sell for N40.00 per share compared to the previous session’s N43.84 per share.

Further, Central Securities Clearing System (CSCS) lost N1.50 to close at N22.00 per unit versus the preceding trading day’s N23.50 per unit, and First Trust Microfinance Bank moderated by 2 Kobo to 34 Kobo per share from 36 Kobo per share.

Conversely, Okitipupa Plc appreciated by N3.27 to end at N35.99 per unit compared with last Friday’s closing price of N32.72 per unit, Geo-Fluids Plc improved its value by 32 Kobo to sell at N4.20 per share versus the previous session’s N3.88 per share, and UBN Property Plc recorded an 11 Kobo appreciation to trade at N2.00 per unit, in contrast to the preceding trading day’s value of N1.89 per unit.

When the bourse ended for the session, the market capitalisation lost N12 billion to settle at N1.031 trillion compared with last Friday’s N1.043 trillion and the NASD Unlisted Security Index (NSI) gave up 33.49 points to end the day at 3,009.78 points as against 3,043.27 points it recorded at the previous session.

Yesterday, the volume of securities traded at the bourse significantly rose by 628.8 per cent to 8.6 million units from the 1.2 million units of the previous session, but the value of securities transacted by the market participants went down by 22.5 per cent to N39.6 million from N51.2 million, as the number of deals increased by 158.3 per cent to 31 deals from the 12 deals recorded in the preceding trading day.

At the close of business, Geo-Fluids Plc was the most traded equity by volume on a year-to-date basis with 1.7 billion units worth N4.0 billion, trailed by Okitipupa Plc with 752.4 million units valued at N7.8 billion, and Afriland Properties Plc with 297.7 million units sold for N5.3 million.

The most traded equity by value on a year-to-date basis was still Aradel Holdings Plc with 108.7 million units valued at N89.2 billion, followed by Okitipupa Plc with 752.4 million units sold for N7.8 billion, and Afriland Properties Plc with 297.7 million units worth N5.3 billion.

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