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Stanbic IBTC Bank Offers 10,000 Units For Sale

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Stanbic IBTC Bank Plc, a  member of the Standard Bank Group is offering for sale 10,000,000 units of N1 each at N100 per unit of the Stanbic IBTC Bond fund (“SIBOND”)

The SIMM and SIBOND Funds which opened on Monday November 16, 2009 are part of Stanbic IBTC Group efforts towards helping investors build a portfolio of financial instrument  and securities to hedge against the current economic showdown.

The offer for the SIMM will be opened for 5 days and close on Friday November 20, 2009 whilst the SIBOND will close on Wednesday December 23, 2009.

The funds, to be managed by Stanbic IBTC Asset Management Limited, were unveiled stakeholders including the Securities & Exchange Commission, PHB     capital & Trust Limited (trustee to the funds), First Registrars Nigeria Limited (registrars to the offer) and Stanbic IBTC Bank Plc (issuing house and receiving bank).

Chris Newson, CEO, Stanbic IBTC Bank Plc, said investors will benefit from the growth of these funds because the funds will be invested in instruments that will  ensure return on corporate and investment banking garnered over many years, in addition to standard Bank’s rich heritage in investment banking, will help in guiding investment decisions thereby ensuring that subscribers derive value from them”, he added.

The fund he added, also enables individual and corporate investors invest in a diversified portfolio of fixed income securities, with the overall aim being to achieve competitive returns on the assets while safeguarding capital, by investing in a diversified portfolio  of high quality bonds of government supranational and corporate issuers, including federal government bonds, state government bonds, corporate bonds, Eurobonds and other high yielding fixed income securities.

On the other hand , the SIMM would invest in wide range of very liquid short- term money market instruments such as guaranteed commercial papers, banks’ acceptance term deposits and certificates of deposit, among others, with financial institutions rate and above in Nigeria.

Prior to the introduction of the two new funds, Stabic IBTC Asset Management Limited already had under its management three mutual funds. They are the Stanbic IBTC Nigerian Equity fund which is currently Nigeria’s largest mutual fund; the Stanbic IBTC Ethical Fund, Nigeria’s first socially responsible quoted mutual fund, which allows subscribers to make profitable long-term investments without compromising their religious beliefs or principles and the Stanbic IBTC Guaranteed Investment Fund, a mutual that guarantees principal investments after holding the instrument for a minimum of three months.

The Stanbic IBTC Group has managed funds on behalf of pension schemes, retirement benefit plans and high net worth individuals  closed to 2 decades.

Stanbic IBTC Bank Plc is full service universal bank with a clear focus on three main business pillars corporate and investment banking, personal and business banking and wealth management which leverage on its industry expertise and international presence in 18 African countries (including Nigeria) and 21 countries outside Africa including Europe, Asia, Middle East, USA and Latin America.

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NSE Begins Week On Negative Note, Loses N19.49bn

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The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian  Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.

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… Introduces TIES To Boost  Business Loan

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The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.

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CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions

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The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.

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