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NSE Completes Demutualisation – SEC and CAC Approve

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The Nigerian Stock Exchange (NSE) has received final approvals of its demutualisation plan from the Securities and Exchange Commission (SEC) and Corporate Affairs Commission (CAC) respectively. With these approvals, The Exchange has now completed its demutualisation process.

Under the demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group Plc (‘NGX Group’) has been created. The Group will have three operating subsidiaries, namely: Nigerian Exchange Limited (NGX Limited), the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulation company; and NGX Real Estate Limited (NGX RELCO), the real estate company. All the entities have been duly registered at the CAC.

READ ALSO: NSE Migrates Four Companies From ASEM To Growth Board

Otunba Abimbola Ogunbanjo, NSE Council President, said;

“Successful demutualisation was one of my fundamental objectives when I assumed the Presidency of The Exchange. The SEC’s decision today to approve the NSE’s demutualisation plans brings this aspiration to a successful conclusion in a process that included the passage of the Demutualisation Act through the National Assembly. We are elated that this milestone has been achieved as we celebrate the 60th anniversary of the commencement of trading at the Exchange and now look forward to the future public listing of its shares on NGX Limited. On behalf of the NSE, I would like to warmly thank all those that have worked assiduously to achieve this watershed event on our journey to make the NSE a multifaceted exchange that extends across various markets and geographical regions.”

The approvals by the SEC and CAC signify that the NSE can now activate its Transition Plan to a new operational structure and holding company. The extensive Transition Plan, taking the Group and its subsidiaries through to full Operational Launch, covers legal and practical changes to enable the functioning of the new corporate structure, with no loss of service and a seamless transition for market participants. The Transition Plan will also see the inauguration of Boards for each of the new entities, staff reallocation to their respective functions within the operating subsidiaries, operationalisation of business plans and budgets, technology systems transfer, and the requisite arm’s length agreements between the entities. Upon Operational Launch, the Group’s new brands, including a new website, will be unveiled and the Group will be in position to execute on its strategic vision. Stakeholders, including our new valued shareholders will benefit from The Group’s enhanced Corporate Governance framework, access to capital to fund strategic developments and a more globally competitive Exchange.

The approvals also enable the shares of NGX Group Plc, which have been registered with the SEC, to be allotted to the membership pursuant to the Court approved Scheme of Arrangement. Ahead of its listing on NGX Limited, the shares of NGX Group Plc will be available for bilateral trades to be executed in line with extant rules and regulations of the Nigerian capital market. Otunba Ogunbanjo will serve as the inaugural Chairman of NGX Group Plc’s Board of Directors.

Oscar N. Onyema, the new Group CEO of NGX Group Plc, said;

“The Nigerian capital markets should play a role commensurate with Nigeria’s status as Africa’s largest economy. At the Nigerian Stock Exchange, we have a vision that the new group will become the premier exchange hub for Nigerian businesses and for the African economy. We are implementing a series of measures towards this goal, demutualisation being a critical milestone. The completion of demutualisation is a truly significant moment, and we welcome the new possibilities that have opened up for us today.”

Read Also: SEC To Suspend Admittance Of Persons Affected By CBN Circular

Demutualisation of the NSE is pivotal in that it creates new strategic opportunities that will enable the Group realise its vision of becoming Africa’s leading capital market infrastructure provider. The creation of a holding company and a new capital structure will also enable NGX Group Plc to form new dynamic relationships, drive strategic partnerships and gain capital-raising flexibility. It will be recalled that NSE members approved at its last AGM, the listing by introduction of NGX Group Plc on NGX Limited.

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UBA Upgrades Chatbot features, as Leo launches service on Google Business Chat, Instagram

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UBA LEO

Africa’s Global Bank, United Bank for Africa (UBA) Plc has announced the expansion of the services of Leo, its Artificial Intelligence chatbot to Google Business Chat and Instagram.

Leo – UBA’s AI-powered chatbot, which enables customers to make use of their social media accounts to carry out key banking transactions – was first introduced in January, 2018. It has since evolved to become a custom-fitted, personalised virtual banker to several UBA Customers across its 20 African countries. Before now, UBA’s Leo was servicing customers on Facebook Messenger, Whatsapp and Apple Chat.

The bank also announced an interesting upgrade to the existing features of Leo, where customers can now carry out their activities in a 3D animated format. Armed with this upgrade and with its recent expansion to Instagram and Google Business, customers will now be able to carry out more transactions from the comfort of their homes and can now perform more activities such as funds transfer, checking balances, buying airtime and data, and getting their bank statements with ease, from any of these social media platforms. 

UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who spoke about the upgraded features of Leo, explained that the bank was always on the lookout for innovative ways to develop strategies aimed at easing transactions for the bank’s numerous users, while ensuring utmost safety of their transactions.

He said, “At UBA, we have been working with technology giants that have the global capacity to ensure not only seamless but also effortless banking for millions of our customers across Africa. We at UBA, have collaborated with the very best to actualise this unbeatable innovation that is capable of revolutionising the way banking is done in Africa.”

He disclosed that Leo’s activities has aptly spread across Africa, changing the face of e-banking in other key African locations including Cameroon, Zambia, Cote D’Ivoire, Senegal, Congo DRC, Tanzania, Kenya, Uganda, Sierra Leone, Gabon, Chad, Congo Brazzaville, Benin, Mozambique, Zambia, Guinea, Burkina Faso, Mali.

Uzoka emphasised that the uniqueness of Leo lies in the convenience. “Customers can initiate transactions without leaving their favoured phone applications. By bringing Leo to the comfort zone of its customers, UBA’s chat banking became a pioneer innovation and has since enjoyed leadership status in the chat banking space,” he explained.

Since inception, Leo has been effortlessly enhancing the digital customer experience in banking and also achieving a range of other benefits like 24/7 availability as the chatbot Leo stays available round the clock to assist customers and handle the common financial queries asked by the customers.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

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Dangote Cement best Performing Stock – Nigerian Exchange

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Dangote Cement

Africa’s largest Cement manufacturer, Dangote Cement Plc Dangote Cement Plc has emerged the Best Performing Stock of the Year 2021 by the Nigeria Exchange Group (NGX).

Dangote Cement pride as the most capitalized company on the Nigeria Stock Exchange was named the best stock ahead of BUA Cement Plc and CAP Plc, during the 2022 Nigerian Investor Value Award (NIVA) organized by the Businessday in collaboration with the Nigeria Exchange Group

The coveted award meant for two classes of companies namely, the listed companies segment and the Next Bull segment with Dangote cement leading the pack in the Listed Companies best performing stock, in the Industrial goods category having been adjudged to have recorded stellar performance in creating value on the Nigeria Stock Exchange on the basis of criteria such as share price, dividend payments, sustainability, brand value, market leadership and business strategy against its peers during the period under review.

In his address on the occasion, the Chief Executive Officer, Nigeria Exchange Limited, Mr. Temi Popoola, who was represented by the Divisional Head, Capital Market, Mr. Jude Emeka said the award by the Businessday Media Limited underlined Nigeria Exchange Group’s goal of promoting actionable and effective multi-stakeholder dialogue on issues central to a well-functioning finicial system.

While acknowledging that the winner organizations are worthy and truly deserving the honour, he clarified that the winners were selected from among companies that are active and the investors have expressed strong demand to own their shares.   

“As a responsible entity, known for aligning with best global practices, we recognize the importance of corporate governance and effective board leadership in driving sustainability on the business front. That is why we choose to not only recognize listed companies who are blazing the trail in investors relations but those also contributing to building a sustainable socio-economic standard in governance, regulation and compliance.

The Nigeria Exchange boss said the leveraging of investments in business innovation and its diversified range of products and services coupled with robust engagement, we re well on our way to achieving our aspiration to be Africa’s preferred exchange hub especially given the number of advances that have been implemented recently including the launch of the NGX Exchange Traded Derivates Market which saw the listing of two Equity Index Futures Contracts, NGX30 Index Futures and the NGX Pension Index Futures. 

He assured that the NGX remained resolute in its commitment to the provision of a scalable and enterprising platform for issuers and investors to meet their financial objectives irrespective of the prevailing conditions.

Mr. Popoola said “we will continue to consolidate on the advances by focusing on key initiatives aimed at creating growing the capital market for the benefit of all key stakeholders.

In his address of welcome, the Publisher, Businessday, Mr Frank Aigbogun said the NIVA formerly known as the Top 25 CEOs Award recognizes leaders of private and public companies who have created sustainable alpha-generating value for their shareholders through strategic priorities, operation efficiency, organizational values and marketing engagement activities.

He explained that Covid-19 was what most companies, including Nigerian businesses never envisaged but the reality today is that Russian-Ukraine crisis has again emphasized the urgent need for backward integration and value addition to the nation’s primary produce. Aigbogun expressed happiness that the Nigeria capital market has remained strong in the mix of the global realignment that is going on consequent upon the Ukrainian crisis.

Mr. Obu Oliver, the Group Financial Controller, Dangote Cement Plc. who received the award thanked the organizers for the award and assured that the companies would not rest on its oars in sustaining the strategies that make the stock the best performing.

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Dollar To Naira Exchange Rate Today (Mon. May 16, 2022)

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Dollar To Naira Exchange Rate Today (Mon. May 16, 2022)

Dollar to naira, on Monday, May 16, 2022, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose against the United States dollar, as foreign exchange (forex) trading closed at N414.74 per $1 on Friday, May 13.

How much is dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira was bought for N570 and sold for N586 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

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