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NSE lifts suspension on African Alliance Insurance

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The Nigerian Stock Exchange (NSE), has lifted African Alliance Insurance’s suspension to trade its shares. The underwriting firm was suspended, following its failure to adhere to listing rules.

African Alliance Insurance was among the eight companies suspended from trading their shares at the NSE on July 5, 2018, for failing to comply with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the NSE, which required them to file their financial statements within a speculated timeframe.

Having now submitted its audited financial statements, the NSE has announced the lifting of the suspension on African Alliance Insurance, allowing the insurer to begin trading its securities at the local stock exchange.

According to a statement issued by the management of the NSE, the lifting of the embargo became effect from Tuesday, January 8, 2019.

“In view of the submission of the company’s accounts and pursuant to Rule 3.3 of the Default Filing Rules, dealing members are hereby notified that the suspension placed in the trading of the company’s shares was lifted on January 8, 2019,” the notice said.

Nairametrics had reported the suspended companies at the time. The suspended companies include -Cornerstone Insurance Plc, R. T. Briscoe Plc, Royal Exchange Plc, STACO Insurance Plc, Standard Alliance Insurance Plc, Universal Insurance Company Plc, and Veritas Kapital Assurance Plc.

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The significance of the suspension

Full suspension means there will be no trading in the company’s shares, and their share prices will be frozen.

Some of the suspended firms are perennial offenders. African Alliance Insurance has, however, been suspended several times in the last few years.

An X compliance report released in April 2018, revealed the company was fined N46.1 million in 2017. The company in July 2013 was among several firms fined by the NSE for late submission of their audited results.

Deal book 300 x 250

In July 2017, the company once more fell under the NSE hammer as it was suspended for non-submission of its audited results.

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About the firm

African Alliance Insurance is an investment banking group operating in Africa. The firm provides local and on-the-ground investment banking services across the African continent.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Meristem presents Outlook for 2021 titled ‘Bracing for a different future’

Meristem for the past 16 years has been consistent in value creation and innovation within the capital market space.

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Meristem Securities Limited, a leading capital market conglomerate has recently launched its economic outlook report for the year 2021. The outlook report titled ‘Bracing for a Different Future’ highlighted in depth a wide range of issues relevant to an evolving future. With a global economy that has been scarred by the impact of the COVID-19 pandemic, the domestic economy was not left out, as the Nigeria economy slipped back into a recession, amplifying the structural weakness of the domestic economy in the form of weakening exchange rates, rising inflation, among others.

In Meristem’s H2:2020 Outlook: “Unmasking Value in a Scourge”, Meristem had warned that the threat of a second wave of new infections was very much a possibility. As a result, the recovery of economic activities would remain fragile until a vaccine is developed. Hence, much would depend on strict compliance with social distancing and healthcare measures as economies gradually re-opened. The Deputy Managing Director of Meristem, Sulaiman Adedokun, stated that while the rising number of daily infections pose a threat to economic activities, we expect a rebound of the domestic economy”.

Launching the outlook “Bracing the future” during a webinar attended by institutional investors, corporate clients, retail investors amongst other industry professionals, Sulaiman also commented on the equities market highlighting that “The equities market recovered from deep selloffs to finish as the best performing equities market last year, citing unattractive yields in the fixed income market, excess liquidity and a resilient corporate performance in the middle of a pandemic as major factors which drove the market.” “We expect these factors to persist thereby sustaining the positive momentum of the market through the better part of the year; in the first half of the year, we expect the financial market to be dominated by attractive dividend yields and the low yield in the fixed income market,” Sulaiman added.

The face of work has changed and many corporate organizations and their employees are rapidly adopting cutting-edge technology to meet the future of work in a COVID-19 era. While fielding questions from journalists about how the organization has deployed its business continuity plan, Sulaiman expressed that “The pandemic has influenced changes amongst people globally and we have enabled this change in our organization by utilizing the power of technology, we have also adopted a work from home culture that enables team collaboration through technology, we intend to maintain this even beyond the pandemic.”

Meristem offers a wide a range of services that cater to all classes of investors regardless of the stage in their financial journey, services like stockbroking, wealth management and financial advisory help clients to access various opportunities within the capital market. Via Meritrade, an online stockbroking platform, investors can trade stocks from anywhere around the world as well as better manage their shares and enjoy access to the most exclusive market research.

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Meristem for the past 16 years has been consistent in value creation and innovation within the capital market space. In 2018, the Nigerian Stock Exchange awarded Meristem as the Best Digital Broker of the Year. In the same year, Meristem also became the first Nigerian asset management firm to attain compliance with the Global Investment Performance Standards (GIPS) by the CFA Institute. Still, in 2018, Meristem received two nominations from Business Day, for the best Money market Fund and Equity Fund.

The firm has remained a leading player in Nigeria’s competitive investment market with a solid reputation as a highly professional and client-centric firm, helping to take their clients farther.

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FG’s plans on economic growth depend entirely on business climate – Osinbajo

Osinbajo has stated that every plan of the government relating to economic growth depends greatly on the business climate in Nigeria.

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The Vice President of Nigeria, Yemi Osinbajo, has told heads of agencies that every plan of the government relating to economic growth, and improving job creation & opportunities, depends on the climate of doing business in Nigeria.

This was revealed by the media aide to the Vice President, Laolu Akande, in a social media statement on Wednesday, after the VP spoke at a PEBEC meeting where a survey presentation exposed pitfalls in some regulatory agencies which affected a conducive business environment in the country.

The Vice President said the business climate “determines whether they will invest their resources, expand their businesses, and it just determines practically everything.”

Osinbajo directed that all heads of MDAs of Nigerian regulatory bodies be presented with the outcome of the survey to get their feedback and seriously deal with the situation promptly because there must be accountability.

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What you should know: Nairametrics reported last week that Prof. Osinbajo, during an MSME stakeholders’ meeting, disclosed that the Federal Government, in partnership with the private sector, would continue to provide interventions to boost the growth of small businesses across the country.

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Malabu Oil Scandal: Prosecutors demand JPMorgan documents

U.S bank, JPMorgan has been ordered by a court to present documents of a transaction regarding the $1.3 billion Malabu oil field sale.

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Oil, DPR, FG announces commencement of bids for marginal oilfields despite court injunction

Prosecutors at the Milan Court holding a trial for the $1.3 billion Malabu oil field sale have demanded that U.S bank JPMorgan present documents of a transaction as part of the corruption case regarding the sale of the oilfield.

This was revealed in a report by Reuters, as the court case over the sale of the oil field continues. Prosecutors claim that nearly $1.1 billion was stolen by Nigerian politicians and middlemen, with former oil minister, Dan Etete, keeping half.

Prosecutors demanded that the Milan court accept emails sent by UK authorities, coming from a separate case launched by the Nigerian government against the bank for its role in the controversial deal.

The emails include a transaction between Nigerian Attorney General Mohammed Adoke Bello and JPMorgan using the address of a company owned by another Nigerian named Aliyu Abubakar. Prosecutors allege that he paid $500 million in cash as part of a bribe.

Both men have also been charged for corruption relating to the deal, with both pleading not guilty.

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The second email includes two JPMorgan executives expressing views on whether to transfer $1.1 billion to accounts related to Nigerian banks. The Milan prosecutors said the emails were valid, stating that a Swiss and Lebanese bank had also expressed doubts over the transaction.

The Milan court said it would make a decision over the emails on the 3rd of February. The verdict of the court case is expected to be announced in March 2020.

What you should know 

  • Nairametrics reported that Dan Etete, former Nigerian Minister of Petroleum, said that the $1.3 billion sales of Malabu oil field to Shell and Eni in 2021 was legally perfect, with zero traces of corruption in the deal.
  • Royal Dutch Shell announced that it would write down its investment in the controversial Malabu OPL 245 offshore field in Nigeria.
  • Malcolm Brinded, an ex-Upstream Chief of Shell Petroleum, told international prosecutors that the sum of $1.3 billion paid by Shell and Eni in 2011 to acquire OPL 245 offshore field was lawful, and he had no reason to think it was illegal.
  • A lawsuit filed by the Nigerian government against US bank JPMorgan Chase, claiming over $1.7 billion for its role in a disputed 2011 Malabu oil deal, will proceed to trial. The six-week trial in London is expected to commence on the first available date after November 1 2021, meaning that proceedings may not begin until 2022.

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