Nigeria

Exchange news

Nigeria’s Securities and Exchange Commission (SEC) to set up Investor Protection Fund

The Securities and Exchange Commission Nigeria is considering setting up an Investor Protection Trust Fund. This comes after news that no-one has claimed from a reported N500 million fund for investor protection at the Nigerian Stock Exchange.

Exchange news

Rencap appoints Yvonne Ike as new CEO West Africa

Leading emerging markets investment bank Renaissance Capital has appointed Yvonne Ike as its Chief Executive Officer, West Africa. She will be based in Lagos.

Exchange news

Nigeria’s Securities and Exchange Commission educates, partners Nollywood film

Nigerian regulator, the Securities & Exchange Commission, is travelling the country to build education and awareness. SEC Director General Arunma Oteh, SEC Commissioners and senior officials visited Port Harcourt, capital of Rivers State, for 4 days of meetings with stakeholder groups.

Exchange news

Nigerian Stock Exchange suspends 27 shares, including 3 banks

The Nigerian Stock Exchange has placed 24 companies on full suspension for failing to submit their financial statements for the year ended 31 December, 2010 and has also suspended 3 banks that are being rescued.

Funds

Helios closed giant $900 mn African private equity fund

Pan-African private equity firm Helios Investment Partners announced that it had raised $900 million for its second Africa-focused private equity fund, and the fund was over-subscribed. It is the largest Africa fund raised.

Nigeria

Rest in peace, Tayo Aderinokun

Commiserations on the passing of Tayo Aderinokun, CEO and MD of Nigeria’s Guaranty Trust Bank plc, who died from cancer in Paddington hospital, London on 14 June.

Exchange news

Wind of change blows world markets, African stock exchanges unruffled

I have the honour to be published on the opinions section of the Royal African Society website and the article can be seen along with their excellent blogs I also reprint the article, which is meant to spark debate, and I welcome your comments – is it time for change and what is the way forward?

Exchange news

Nigerian bank’s $0.5 bn high yield eurobond

Nigeria’s Guaranty Trust Bank is coming to the market with a $500 million Eurobond, which may roll out into a $2 billion offering. The bank is listed on the Nigerian and London Stock Exchanges.

Exchange news

Nigerian pensions reach $12.8 bn

The National Pension Commission of Nigeria regulates over N2 trillion ($12.8 billion) in assets under management. This has been accumulated from 4.7 million people who have opened Retirement Savings Accounts and other pensions since the Pension Reform Act 2004.

Funds

Kingdom Zephyr expands into Nigeria

Leading Africa private equity firm Kingdom Zephyr Africa Management Company announced the opening of its new office in Lagos, Nigeria. It has $615 million under management and operates out of Accra, Johannesburg, Lagos, London and New York.

Exchange news

Nigerian SE: CEO Onyema in full charge

The new Chief Executive Officer of the Nigerian Stock Exchange, Oscar Onyema, had taken up office on 4 April, but the SEC had asked for a one-month transitional period. Interim Administrator Emmanuel Ikhazoboh, appointed in August 2010 by the Securities and Exchange Commission (SEC), bowed out on 28 April.

Funds

Mobius blogs on why he likes Africa

From the blog of Mark Mobius of Templeton Investments: “While Africa does have challenges, I am encouraged by another side of Africa that is gradually emerging with the development of capital markets, consumerism and technology.”

Exchange news

JSE Africa Board launches advisory committee to boost appeal

The JSE securities exchange has appointed an advisory committee to boost its JSE Africa Board to achieve its mission and attracet dual listings to a world-class stock exchange platform and help attract capital.

Egypt

Giant growth foreseen for African stock exchanges over 10 years

African exchanges could grow dramatically in both market capitalization and turnover in the coming decade, following the explosive trends already charted by the Indian and Chinese markets. This was the view of Sunil Benimadhu, President of the African Stock Exchanges Association (ASEA), speaking at an African investment conference organized by stockbroker Securities Africa in London on 14 March.

Exchange news

Nigerian Stock Exchange asks stockbrokers to recapitalize

The Nigerian Stock Exchange is warning stockbrokers that they must meet capital adequacy requirements. Dealing members and stockbroking firms require a capital base of N1.5 billion (US$9.8 million), while issuing houses are required to have N5 bn.

Nigeria

Nigerian Stock Exchange Annual Review 2010

The Nigerian Stock Exchange reported on 19 January that a total volume of 93.3 billion shares valued at N797.6 billion (3.2% of gross domestic product) were traded in 2010, with volume down 9% and value up 16% compared to 2009 when 102.8 billion shares were traded, valued at N685.72 billion (2.9% of GDP).

Exchange news

New CEO named for Nigerian Stock Exchange

Nigerian media have reported that Oscar Onyeama has been approved by the Council of the Nigerian Stock Exchange to be Chief Executive Officer. Accenture Nigeria had guided the process to find a replacement for former Director General Dr Ndi Okereke-Onyiuke, who was dismissed on 4 Aug, 2010. His name has been given to the Securities and Exchange Commission which is conducting its own search.

Nigeria

Plans for Nigeria’s $500 mn Eurobond

Citigroup expects to see strong demand for Nigeria’s $500 million debut Eurobond despite volatility in global capital markets. It plans roadshow this week.

Capital raising

Templeton’s Mobius tells Reuters he picks Nigeria

Templeton fund manager Mark Mobius picks China and Nigeria as tips over the next 12 months, according to an interview with Reuters. Mobius oversees more than $40 billion as chairman of Franklin Templeton’s Emerging Markets Group.

Exchange news

New leaders for Nigerian SE to be announced soon

The recruitment of a Director-General and Executive Directors for the Nigerian Stock Exchange will be completed by first week of December, according to news reports of the AGM.