Chairman King

Nigerian Stock Exchange Business News

Nigerian Stocks May Rise 43% This Year, CSL Stockbrokers Says

Jan 12

Posted by Staff Writer in News | Post Comment

Nigeria’s benchmark stock index may rise 43% this year as bank shares gain, CSL Stockbrokers Ltd. said in today.

The brokerage is “overweight” Nigerian equities and high- yielding bank deposits while it is “underweight” on government bonds and Treasury bills, it said.

Nigeria’s economy may expand 6.5% this year and 7% in 2011, CSL forecast.

About CSL Stockbrokers
CSL Stockbrokers Limited was officially licensed on November 4, 1977 by the Nigerian Stock Exchange (NSE) to operate as a stockbrokerage business. CSLS is regarded as a pioneer in the stock broking industry in Nigerian and has a client base of over 300,000 investors spread among various tiers of government, corporate organizations, and individuals.

CSLS is the leading securities trading company in transaction amount and value for a significant proportion of all trades in the Nigerian stock market. The company is one of the most capitalized stockbroking firm in the country with a paid-up share capital of N75 million, which is well in excess of the SEC minimum capital requirements for broker/dealer firms. The company also has four offices in Lagos, Abuja, Port-Harcourt and Kano

Read more on the Nigerian Stock Exchange (NSE)

Source(s): Bloomberg News

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VIDEO: Health of the Nigerian Market + Stanbic IBTC to Set Up Two New Fixed Income Funds in Nigeria: CNBC Africa Interview with Shuaib Audu, Head, Investment Management, Stanbic IBTC

Dec 20

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The Nigerian Stock Exchange (NSE) has been underperforming despite the recent intervention by the Central Bank of Nigeria (CBN).

There are also plans by the CBN to set up an asset management company (AMC) to help with toxic loans with the banks. See recent interview with CBN Governor Lamido Sanusi regarding AMC.

Stanbic IBTC’s two new fixed income funds are the Stanbic IBTC Money Market Fund and the Stanbic IBTC Bond Fund.

Read more on Banking in Nigeria

Stanbic IBTC Asset Management

Source(s): CNBC Africa

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VIDEO: Overhauling Nigeria’s Financial Sector

Dec 4

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Source(s): CNBC Africa

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Central Bank of Nigeria (CBN) Asset Management Company (AMC): Next Big Player in Nigeria’s Banking Sector, Says Lamido Sanusi

Nov 30

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Lamido Sanusi, Governor of the Central Bank of Nigeria, has taken a tough line with the banks

Lamido Sanusi, Governor of the Central Bank of Nigeria, has taken a tough line with the banks

An Asset Management Company (AMC), to be floated soon by the Central Bank of Nigeria, is going to be the next big player in the regulation of the nation’s financial system.

The past five months since the appointment of Lamido Sanusi as CBN governor were dominated by the apex bank’s whirlwind intervention in nine banks, which saw the chief executive officers of those banks sacked and being prosecuted on sundry charges by the Economic and Financial Crimes Commission (EFCC).

The AMC is Sanusi’s next move as he presses forward after the action described as the “Sanusi Tsunami.”

In an interview with a group of Nigerian journalists at the 13th Standard Bank Africa Forum, which ended in Cape Town, South Africa, last month, Sanusi explained that the AMC initiative is being currently articulated in the apex bank, which will subsequently seek approval for it from the National Assembly.

He said the AMC will serve both the banks and the stock market.

Explaining exactly what the company would be doing, the governor said its focus would first be on the marginal loans given by those banks that were badly hit by the capital market crash, because those are easier to value. Read the rest of this entry »

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VIDEO: Eye on Lagos – Model City Finance

Nov 9

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Source(s): CNBC Africa

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Bloomberg is First to Provide Real-Time Nigerian Stock Exchange (NSE) Market Data

Nov 2

Posted by Staff Writer in News | 2 Comments

Bloomberg ProfessionalThe real-time market data feed from the Nigerian Stock Exchange (NSE) is now available to investors across the globe via the BLOOMBERG PROFESSIONAL® service.

With this development, Bloomberg users can access real-time trade reports, order book updates, and index pricing from the Nigerian Stock Exchange. Bloomberg is the first vendor to carry Nigerian Stock Exchange data in real-time. Read the rest of this entry »

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What’s Next for Nigeria’s Banks?

Oct 29

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The Central Bank of Nigeria has an important role to play in efficiently regulating Nigeria's banking sector.

The Central Bank of Nigeria has an important role to play in efficiently regulating Nigeria's banking sector.

Since the audit results of the remaining 14 Nigerian banks was announced earlier in the month, there has been much speculation about foreign take-overs of the troubled institutions, as well as mergers within the sector. Going forward, the Central Bank of Nigeria (CBN) will also have to actively manage the financial health of the banks and make sure they don’t find themselves in such a situation again.

After the audit findings on the first 10 of Nigeria’s 24 banks were revealed in the middle of August, the market has been holding its breath for the results of the 14 remaining banks.

On 2 October, the Central Bank of Nigeria (CBN) announced that four more banks – Bank PHB, Equitorial Trust Bank (ETB), Spring Bank, and Wema Bank – were undercapitalized, in a poor liquidity position, and in what the CBN called a “grave situation”. A fifth bank – Unity Bank – was adjudged to have insufficient capital but a healthy liquidity position.

The CBN said it will inject N200 billion (US$1.3 billion) into the four distressed banks to stabilize them. This is in addition to the N420 billion ($2.8 billion) released to the five banks – Oceanic Bank, Intercontinental Bank, AfriBank, Finbank and Union Bank – found to be in trouble after the first round of audits. The managing directors and executive directors of Spring Bank, Equitorial Trust Bank (ETB), and Bank PHB have also been removed. Read the rest of this entry »

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Nigeria’s Former Vice President, Atiku Abubakar, on Central Bank of Nigeria’s Debtor List

Oct 15

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Atiku Abubakar is on the list with 600 other wealthy Nigerians

Atiku Abubakar is on the list with 600 other wealthy Nigerians

Nigeria’s former vice-president and opposition leader Atiku Abubakar is included in a list of major bank debtors released by the Central Bank of Nigeria (CBN).

This list says Atiku Abubakar owes N111 million ($730,000; £450,000) and names 600 others who owe a total of $2.5 billion.

The non-repaying of these debts is a major factor in the recent government takeover of several banks.

The scale of the debt has created a scandal in Nigeria. The latest move by the Central Bank of Nigeria (CBN) marks the end of its forensic audit of Nigeria’s 24 financial institutions.

The scandal emerged in August as the government stepped in to take control of five banks – sacking their management teams.

Four chief executives were arrested – they are now being prosecuted on multiple fraud charges.

A fifth chief executive, Erastus Akingbola, former CEO of Intercontinental Bank, is on the run – he is thought to be in the UK.

The list of debtors to Bank PHB, Equitorial Trust Bank, Spring Bank, Wema Bank, and Unity Bank was made available on Wednesday evening.

Other powerful people on the list include: Read the rest of this entry »

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Oando Venture to Develop Gas Facilities in Ghana

Oct 9

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OandoOando Plc, Nigeria’s biggest independent energy company, Saipem SpA and Modec-Itochu of Japan will develop gas facilities in Ghana in a project estimated at $1 billion.

Oando is the lead developer in the group of companies, which are in a joint venture with Ghana National Petroleum Corporation (GNPC), the state-owned oil company. Read the rest of this entry »

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Central Bank of Nigeria (CBN) Audit Will Affect Two Banks

Oct 2

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Central Bank of NigeriaTwo Nigerian banks listed on the Nigerian Stock Exchange (NSE) will be affected by the Central Bank of Nigeria’s latest audit of lenders, said Ndi Okereke-Onyiuke, the Director-General of the Nigerian Stock Exchange.

Okereke-Onyiuke, who addressed brokers on the floor of the Nigerian Stock Exchange in Lagos, the commercial capital, did not name the banks. The audit report by the Abuja-based central bank will be announced later today or tomorrow, she said, without specifying how the lenders would be affected.

“Only two of our quoted banks will be involved, but there will not be too much controversy,” she said.

On Aug. 14, the Central Bank of Nigeria (CBN) fired the chief executive officers of Afribank Plc, Intercontinental Bank Plc, Oceanic Bank Plc, Finbank Plc and Union Bank Plc and injected NGN420 billion (USD2.8 billion) into the banks to keep them afloat after an audit of 10 lenders showed the five banks faced collapse because of mounting bad debts.

ThisDay, a Lagos-based newspaper, reported today that the Central Bank of Nigeria may dismiss the CEOs of at least two more banks amid a liquidity crisis in the banking industry. The heads of Bank PHB Plc and Spring Bank Plc may be sacked, the newspaper said, without saying where it got the information. Read the rest of this entry »

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