Shareholders Task Investors On Market Trend
The Proactive Shareholders Association of Nigeria has urged investors and financial analysts to always study the trend in the nation’s stock market before making investment decisions, saying that the market still has great fundamentals and opportunities.
Gbade Adegumo, vice chairman board of trustees of the association said this recently at the association annual investors’ seminar tagged, ‘Investors Summit 2009’, at Ibadan. He said investors should be proactive and must always monitor every development in the market.
According to him, investors should be able to do simple analysis of shares and know when to invest and the type of shares to buy. The market is still very sound and within the next few months or years the stock market would pick up.
He cautioned that the capital market is a long term market, “do not get deceived when people or stock brokers asked you to buy a particular share and that in the next few months you would make a huge profit. Investing today is for a benefit tomorrow and when you make the right investment you would not regret it,” he added.
Speaking further, he reminded investors that their principal investment ability is registered in them and not the director or stock broker appointed forum or manage their shares, he said investors should have the ability to select various options from their simple analysis particularly in this period of meltdown.
Aderinde Taiwo, national coordinator of the association also noted that the seminar was organised to rekindle the interest of investors and further senistise them on several opportunities in the Nigerian stock market.
According to him, “We had to do a lot of sensitisation programmes for our members so as to keep them constantly informed about the development in the capital market, we realized that our shareholders deserved to be constantly informed with market situations and that is why we organised this kind of forum where professionals and stakeholders from different background could help address various issues on our economy,”.
He said that “most investors in Nigeria do not have the best of information that would enable them know and interpret the best options of business they should invest in” many do not have the technically and analytical will to understand when to buy shares. They do not know how they can play in the market and that is the essence of this seminar to help furnish investors with information on market trend.
Nornah Awoh, capital market analyst while speaking with media representatives disclosed that, government can also do more by making sure that the economy is on the run. According to him, “if for instance, capital projects are running contractors would work, people would be employed at the site and the money that is coming from such projects would also contribute immensely to the nation’s economy”.
Infrastructure Deficit, Insecurity, Limit Maritime Contribution To GDP – Expert
A Maritime stake holder, and Chairman of Sifax Group, Taiwo Afolabi, has attributed maritime industry’s minimal contribution to Nigeria’s Gross Domestic Product (GDP) to infrastructure deficit, insecurity on the nation’s waterways, low level of technology adoption, and deployment in the sector.
Afolabi made this known at the 5th Taiwo Afolabi Annual Maritime (TAAM) conference organised by the Maritime Forum of the faculty of law, University of Lagos.
Afolabi noted that other hindrances are foreign exchange bottleneck and inconsistent policies.
“These have limited the ability of the sector to contribute significantly to the country’s Gross Domestic Product GDP.
“If well harnessed, the maritime industry has the potential to become a major revenue earner for the country, particularly with the declining oil revenue.
“The lessons of the last few years as a nation should not be lost on us. The non-oil sector is increasingly becoming the mainstay of the country’s economy. We have funded our national budget in the last few years majorly without proceeds from oil but from other sectors.
“The days of our over reliance on oil is behind us now and it’s about time we focused on transitioning from an oil-dependent economy to non-oil reliance.
“The maritime sector, I can say without any fear of contradiction, will play a crucial role in this economic transitioning if more attention is committed to the industry.
“Judging by the potentials of the industry, we are of the opinion and belief that Nigeria’s maritime industry can rank among the best in the world.
“It will only take careful planning, progressive policies, generous funding, enabling environment, friendly economic policies, manpower development and massive infrastructural development”, he noted.
Loans Repayment Default: DMO Exonerates Nigeria
The Debt Management Office (DMO) has refuted the claim by the Socio-Economic Rights and Accountability Project (SERAP) that Nigeria has defaulted in repaying its Chinese loans.
SERAP had in an earlier statement hailed the judgement that ordered the present regime led by President Muhammadu Buhari to account for how it spent $460 million obtained from China to fund the Abuja Closed-Circuit Television project which later was not implemented.
The NGO also quoted a report in its statement saying “Nigeria has failed to repay loans for which penalties stand at N41.31bn”.
But DMO in its refuttal said the statement is ‘false’ as Nigeria has not defaulted in its loan repayment.
It said, “Nigeria is fully committed to housing its debt obligations and has not defaulted on any of its debt service obligations”, DMO said on Monday.
SERAP had sued the Federal Government following a 2019 disclosure by the Minister of Finance, Zainab Ahmed that “Nigeria was servicing the loan”, adding that she had “no explanations on the status of the project”.
She reportedly said, “We are servicing the loan. I have no information on the status of the CCTV project”.
Giving his judgement, Justice Nwite agreed with SERAP that “there is a reasonable cause of action against the government. Accounting for the spending of the $460 million Chinese loan is in the interest of the public. It will be inimical for the court to refuse SERAP’s application for judicial review of the government’s action”.
The presiding justice also said the Minister of Finance is in charge of the finance of the country and “cannot by any stretch of imagination be oblivious of the amount of money paid to the contractors for the Abuja CCTV contract and the money meant for the construction of the headquarters of the Code of Conduct Bureau (CCB)”, SERAP said.
CBN Names Four Firms To Print Cheques
Nigeria’s apex banking institution, Central Bank of Nigeria (CBN), has named four local firms for the printing of cheques, excluding the Nigeria Security Printing and Minting Company (NPSMC) PLC.
The list of the approved firms for the printing of cheques was contained in a circular issued by CBN.
The circular, which was signed by the Director of Banking Services, Sam Okojere, said the approved firms include Superflux International Limited, Tripple Gee and Company, Yaliam Press Limited, and Marvelous Mike Press.
“The re-accreditation of Cheques Printers and Cheque Personalisers is in line with the relevant qualification criteria”, CBN stated.
The circular also revealed that seven banks were approved as personalisers of cheques: they are Zenith Bank Plc, Ecobank Plc, First Bank Ltd, Stanbic IBTC Bank Plc, Keystone Bank Ltd, Providus Bank Ltd and Wema Bank Plc.
It further disclosed that all accredited printers and personalisers had been duly notified and certificates issued.
The Nigeria Security Printing and Minting Company Plc is the sole printer of N200, N500, and N1000 new notes.
Nigeria Security Printing and Minting Company Plc and Euphoria Group Limited were accredited and approved on Thursday, 04 December 2014, in a letter REF: BPS/DIR/GEN/CIR/02/033.
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