HENATES

Stock broking in Nigeria will change significantly from tomorrow, December 1, 2015 as 31 new rules and regulations take effect. These new rules and regulations are principally aimed at improving on the dealing practices of stockbrokers and how they also relate to their investing clients. The new regulations were announced in a released signed by Tinuade Awe esq, the  Exchange's Head of Regulation and general counsel. In a nutshell, from tomorrow stockbroking will be more of stock brewing with brewing in this instance meaning state of preparing. gathering or forming for a desired end. In the first place. Stockbrokers will now maintain minimum net liquidity capital of 10% of shareholders fund with commuting guidelines determined by the Nigerian Stock Exchange (NSE). Once the parameters for computation are established by the NSE the onus lies on stockbrokers to include updated positions on each regulatory report issued and shall notify the NSE within 24hrs of net liquidity cap...

From tomorrow, December 1, you can no more walk into a Nigerian stockbroker's office with only your money or cheque book to open an account through which the broker can buy stocks and shares for you. According to an official notice signed by Tinuade T Awe esq. General Counsel and Head Regulation division of the Nigerian stock exchange (NSE) stockbrokers are now duty bound to take the finger prints and other biometrics before opening accounts for clients. This is contained in the 6th out of the 31 new regulations which take effect from December 1, 2015. Before even taking the biometrics. you must identify yourself with two of the following: International passport, National ID, Drivers license, Utility bill, Voters card, employees photo ID issued by an employer with tax identification number. The two documents should verify your full names, photo. current address and signature. However, how the rule change will apply to existing investment account owners is not clear. If it m...

The Nigerian Stock Exchange (NSE) has introduced new rules and regulations that will take effect from Tuesday December 1, 2015. The change involves a total of 31 articles either amending old provisions or introducing new ones. In all of the 31 rules and regulations. 17 were brand new articles that did not exist before while about 14 were amendments to existing rules. In a nutshell, the 31 rules and regulations are intended to engender more corporate dealing responsibility on the part of dealing members of the exchange and authorised clerks who deal on the floor on in their name and on behalf of the investing public. They try to address various present day issues like money laundering; and other equally relevant rules aimed at preserving the goodwill of the market; protecting investors from unprofessional conducts and establishing quite clearly proprietary and authority of the Exchange and the apex government overseer. the Securities and Exchange Commission (SEC). The 31 new r...

NEW CEO FOR FORTIS MICROFINANCE BANK. Mr Kunle Oketikun has resigned as the managing director CEO of Micro finance Bank PLC . He has been replaced in acting capacity by Mr Ugochukwu M Ezeh until a substantive chief executive is appointed. Mr Ezeh was Executive director, Business Development before his new appointment while Mr Oketikun remains on the board of directors as a non-executive director. NEW CHAIRMAN FOR COMPUTER WAREHOUSE GROUP. A new chairman has been appointed for Computer Warehouse Group PLC to replace Chief Willie Belonwu. He is Mr Abiodun Bamidele Fawunmi a technology expert with 35 years experience. Fawunmi has post graduate degrees in engineering, computer and business administration obtained from various African and European universities plus short term training in finance, Management and development economics. He has worked with various organisations including Shell, Unilever, Price Waterhouse. Coca cola and the United Nations. Currently, he is the ...

Tantlizers PLC revalued its assets in the nine months to September and ended up saving shareholders fund from being reduced by continued, even if lower, loss. According to the figures released by the company recently, revaluation of assets resulted in a surplus of N763.8m which was more than enough to save shareholders fund from dropping. Tantalizers had reported a loss of N462.4m within the period, far lower than the N771.6m recorded in full year 2014. On its own and given accumulated revenue losses from the past, this would have depressed shareholders fund from the N1787.8m it closed 2014 year. Instead. Tantalizers shareholders fund increased to N2089.4m by September. Unfortunately, that may not be the closing figure come 2015 financial year since the company looks set to record more losses. For one, its liquidity base remains very shaky as working capital deficit widened  to N1835.3m from N1753.1m and it depended more on overdraft and less on long term loans being repaid g...

All factors but one were against UACN Property Development Company PLC within the period to September 2015. That is according to the figures released recently. From the figures, the only item that did not help depress UPDC's profitability was direct cost which closed 50.8% down at N3269.8m from N6645.8m The good news was that this was ahead of 47.7% decrease in main line revenue from N8233.4m to N4306.8m which was itself depressing. However, more pressure was applied by drops in the expenses far below revenue decrease. Selling and distribution costs declined by 39.7% to N100.5m from N166.7m while administration expenses closed at N788.9m only 18.4% down on N966.8m previously. The back breaker, of course, was the investment loss of N2555.5m reported as against nothing like that previously. Thus, in spite of 23.5% increase in income from other sources to N297.6m, additional pressure came from 7.39% widening of the net finance deficit to N1513.8m from N1409.6m hitherto and 2...

Three girls from different secondary schools across the country have emerged winners of this year's edition of the Nigerian Stock Exchange essay competition. No boys. According to the Nigerian Stock Exchange, there were 4000 entries this year and ladies won all three prizes available. The first prize winner was Miss Chiamaka Loretta Nwajiaka from Sacred Heart College, Apapa Lagos. She went home with N500,000 scholarship for university education; N250,000 for equity investment and a laptop. The closing gong ceremony was also held in her honour. The first runners up was Miss Vivian Aneke of Government Day Secondary School, Gwagwalada while the second runners up was Miss Kindness Jehu of All Saints College, Gombe. In his address at the award ceremony, the Chief Executive of the Exchange, Mr Oscar Onyema recalled that the annual competition was started in 2000 to champion financial literacy amongst secondary schools. Since then, he said, the annual essay competition " ...