Preparations are ongoing towards the automation of all Initial Public Offerings (IPOs) and public offers in the Nigerian capital market.
The committee is expected to submit their report on the automation process ahead of the Capital Market Committee’s next meeting.
The automation is expected to avail operators in the capital market the opportunity to operate within the T+3 four-day trading cycle, which currently applies to operators in the secondary market.
When the automation process is completed, investors can easily and virtually subscribe to and pay for Initial Public Offerings and other public offers. Their orders will then be matched and alloted directly to the investors’ investment accounts at the Central Securities and Clearing System (CSCS).
Reports indicate a committee has been set up to this effect, consisting of the Nigeria Stock Exchange, Association of Issuing Houses of Nigeria, Securities and Exchange Commission, Nigerian Interbank Settlement System, among others.
Why this is important
Reacting to this development, the President of the Association of Stockbroking Houses of Nigeria (ASHON), Mr Patrick Ezeagu, stated that the automation of IPOs and other public offers will go a long way towards ensuring transparency and efficiency in the Nigerian capital market. Improved transparency and efficiency will, in turn, boost investors’ confidence.
More so, automating IPOs and other public offerings will also go a long way in reducing stress for investors; both in terms of time and cost. This is because going by this proposed new system, the time and costs investors would incur for the documentation and mailing of IPOs will reduce. This will, therefore, avail all concerned parties the opportunity to complete transactions in a matter of minutes; just as it is currently is the case in the secondary market.
This latest development is in line with a number of steps undertaken by regulators in the capital market towards modernizing it. Recall that the Securities and Exchange Commission had in 2015 launched the E-Dividend Mandate Management System, a platform intended to ensure that dividend payments are made directly to investors’ accounts.
Therefore, as some companies including MTN Nigeria prepare to float their Initial Public Offerings later this year, it is left to be seen whether the automation process would be ready for use.
Nigeria breaks transmission record again, hitting 5,801.60 MW
The TCN has broken its own transmission record three times in the space of a week.
The Transmission Company of Nigeria announced another record, as grid transmission hits a peak of 5801.60 MW.
This was disclosed by the Minister of Power, Engineer Sale Mamman in a statement on Tuesday evening.
“Back-to-Back Peak Transmission, Yesterday, 1st of March at 9:30 pm, we hit a new HIGH,” he said.
He added that 5801.60 MW transmitted at a frequency of 50.09 hz.
“Next Level heights for the Power Sector. Kudos to all at the TCN & MoP striving towards stable energy for Nigerians,” he added.
Back-to-Back Peak Transmission, Yesterday, 1st of March at 9:30pm, we hit a new HIGH!
5⃣,8⃣0⃣1⃣.6⃣0⃣Megawatts transmitted at a frequency of 5⃣0⃣.0⃣9⃣Hz💡⬆️ 🇳🇬
Next Level heights for the Power Sector. Kudos to all at the TCN & MoP striving towards stable energy for Nigerians.👏🏾
— Engr. Sale Mamman (@EngrSMamman) March 2, 2021
In case you missed it
- Nairametrics reported yesterday that the Transmission Company of Nigeria (TCN) announced that it hit another record milestone on transmission, as it recorded a national peak of 5,615.40MW.
- On March 1st that the TCN announced it has broken its transmission record once again, after hitting a record of 5,584.40 MW.
COVID-19 Update in Nigeria
On the 2nd of March 2021, 479 new confirmed cases and 8 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 156,496 confirmed cases.
On the 2nd of March 2021, 479 new confirmed cases and 8 deaths were recorded in Nigeria.
To date, 156,496 cases have been confirmed, 134,551 cases have been discharged and 1,923 deaths have been recorded in 36 states and the Federal Capital Territory.
A total of 1.54 million tests have been carried out as of March 2nd, 2021 compared to 1.49 million tests a day earlier.
COVID-19 Case Updates- 2nd March 2021,
- Total Number of Cases – 156,496
- Total Number Discharged – 135,136
- Total Deaths – 1,923
- Total Tests Carried out – 1,544,008
According to the NCDC, the 479 new cases are reported from 22 states- Lagos (153), Enugu (75), Rivers (50), FCT (40), Kaduna (18), Ebonyi (17), Plateau (17), Edo (17), Borno (16), Oyo (12) Kano (11), Abia (10), Cross River (10), Taraba (9), Nasarawa (7), Bauchi (4), Bayelsa (3), Delta (3), Ekiti (2), Niger (2), Ogun (2) and Akwa Ibom (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,001, followed by Abuja (19,274), Plateau (8,911), Kaduna (8,531), Oyo (6,746), Rivers (6,544), Edo (4,607), Ogun (4,398), Kano (3,764), Ondo (2,983), Kwara (2,931), Delta (2,576), Osun (2,433), Nasarawa (2,234), Enugu (2,078), Gombe (2,051), Katsina (2,030), Ebonyi (1,881), Anambra (1,726), and Abia (1,530).
Akwa Ibom has recorded 1,519 cases, Imo (1,497), Borno (1,292), Bauchi (1,232), Benue (1,188), Niger (917), Taraba (813), Ekiti (804), Bayelsa (772), Sokoto (769), Adamawa (762), Jigawa (496), Kebbi (377), Cross River (334), Yobe (268), Zamfara (219), while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.
Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.
On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.
On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.
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