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The NSE speaks on efforts aimed at enhancing global competitiveness

The Divisional Head of Trading Business at The Nigerian Stock Exchange (NSE), Mr. Jude Chiemeka, spoke about some strategic plans that have been put in place to enhance global competitiveness.




In a recent interview, the Divisional Head of Trading Business at The Nigerian Stock Exchange (NSE), Mr. Jude Chiemeka, spoke about some strategic plans that have been put in place to enhance global competitiveness. He also touched on a number of other issues. See excerpts below:

QUESTION: What are the key strategic initiatives you’re working on at the moment?

In redefining its strategic ambitions, the NSE selected three key focus areas to pursue to enhance our global competitiveness and appeal to stakeholders. They are based on enhancing customer satisfaction; boosting our retail segment penetration and; Enhancing our organizational agility.


As part of our tailored strategies for different customer segments, we have significantly increased our focus on growing retail participation as a key component in building a resilient market. At the crux of this, is the establishment of a Retail Investor Coverage Office, to help us more effectively support the Nigerian populace to create durable wealth. The office drives our efforts towards (i) simple, affordable and attractive investment products and services for retail investors; and (ii) innovative financial literacy and investor outreach programs that foster radical change.

The Exchange is working hard with other key stakeholders to roll out Exchange Traded Derivatives (ETDs), further expand the Exchange Traded Funds (ETFs) space which is needed to meet our objective of facilitating order flow across various asset classes and offer our ever-increasing community of domestic and global investors a greater array of products to diversify and manage risk.

The Exchange is also working hard to promote initiatives like margin lending and securities lending which are tested mechanisms for increasing market liquidity and improving market efficiency. Through our Government Relations and state-owned Enterprises Departments, we continue to engage the government on the privatization and listing of state-owned enterprises.

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We also maintain our role as an advocate for the adoption and implementation of market-friendly policies required for sustainable economic growth.

Question: How would the NSE assess the market so far in 2019?

Market sentiments this year have been shaped largely by the electioneering season. Average daily turnover stands at about N3.3 billion compared to N7.2 billion within the same period in 2018. Due to the election uncertainties, many foreign portfolio investors chose to remain on the sidelines. Retail participation has also been weak due to other macro-economic factors.

We are delighted to have finally completed the highly anticipated listing of MTN Nigeria, and Airtel Africa on the Exchange in addition to the earlier listing of SAHCOL. These listings are a promising development in the capital market and we encourage other issuers to explore the different opportunities in the capital markets for raising long term capital. As a listing platform of choice, these listings have added to our bouquet of diverse investment offerings to the public.

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In the Fixed Income market, we have also seen activity in the primary market, mostly driven by issuances by the Federal Government of Nigeria. Corporates have also raised and listed N23.5Bn ($63.74Mn) worth of green bonds on the Exchange, as green financing continues to garner more attention in Nigeria.

[READ: Ecobank raises $450 million through bond offering]

QUESTION: With elections now out of the way, what is the NSE’s outlook for the market?

First of all, we are pleased that the 2019 presidential and gubernatorial elections were successful as this was one of the key risk factors that were heavily priced into the market this year. We expect the foreign exchange rates to remain stable within the CBN’s discretionary limits especially with the reappointment of the CBN governor.


The economy continues to recover from the 2016 recession with the IMF revising its 2019 growth projections for Nigeria from 2.0% in its January World Economic Outlook to 2.1% in its April 2019 edition. In addition, oil prices have remained relatively high with at an average of $65 per barrel which is very good for government spending and budget implementation.

All these create a strong case for investing in the Nigerian Capital Market. A closer look at key market indicators shows that asset valuations are currently low and remain attractive while providing significant upward potential on investments. The equities market is trading at a P/E ratio of 7.3x compared to 13.5x in global emerging markets, 10.5x in frontier markets and 17.8x in the global market.

The average market Dividend Yield of 6.6% is double the dividend yield from emerging markets at 3.0% and 2.5% for the global market.

[READ: Why shareholders are upset over SEC’s “punishment” of Oando Plc]

QUESTION: What is being done to boost local market liquidity?

To enhance liquidity, The Exchange is reviewing the Market Making Programme to address challenges observed over the years with the programme. The key changes include migration to a risk-based capital adequacy regime and liberalization of the securities selection process as well as the removal of a fixed number of market makers per security.


Additionally, incentives such as waivers on regulatory transaction fees are being considered to improve the commercial attractiveness to participants. Amendments to the Market Making rules have been exposed to market stakeholders for comments and a new Market Making Programme will be rolled out once the amended rules are approved.

QUESTION: What policies has the Exchange put in place to encourage participation from individuals?

We understand that education is key in getting the youth to invest in the Capital Market and closing the knowledge gap of investors particularly the youth. The exchange will continue to drive up the reach of its financial literacy programs. In 2018 alone over 50,000 young people reached through over 170 financial literacy programs.

Through X-Academy, the Exchange’s knowledge platform, we continue to provide education services to individuals on various aspects of the capital market. Leveraging technologies that young people are involved with, we have also increased our online engagements on various social media platforms. We have adopted artificial intelligence through the
launch of X-Bot, an AI chatbot that responds to investor enquiries through Facebook Messenger.

What is the NSE doing to improve the investment climate here, and how would you assess the attractiveness of Nigeria? While we are in a much-improved place from 2016, Nigeria is not where it needs to be in regard to its attractiveness to investors. The Exchange continues to play a strong role in advocating and collaborating with the government on improving the ease of doing business. We have engaged the government to help
work on the ease of doing business, including the ease of registering companies, raising capital, entry of goods and services, entry of people, and so on. We can do more in these areas and are working closely with the government to do more. In April this year, we were recognized for our contributions to the government’s initiative towards improving the ease of doing business at the Presidential Enabling Business Environment Council (PEBEC) Awards.

QUESTION: While the Exchange has various products such as equities, fixed income, and ETFs, it is primarily known for equities. Why do you think this is so and what is NSE doing to correct this?

For a long time, the Exchange focused mainly on the equities products as the debt market was relatively less developed and ETFs did not exist in Nigeria until 2011. As a sustainable Exchange championing Africa’s growth, we are committed to providing investors and businesses a reliable, efficient and an adaptable exchange hub in Africa, to save and to access capital. We have introduced new product offerings into our market over the last few years, in an effort to diversify investment opportunities for domestic/foreign

We are also working steadily to introduce Exchange Traded Derivatives ETDs. We also started a “more than equities” campaign to position the Exchange as a multi-asset securities exchange and create more awareness around the other products available on the Exchange. We continue to work hard to deepen these product lines and increase market activity.

[READ: Difference between an Emerging Market and a Frontier Market]


NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

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Corporate deals

Fairfax Africa Holdings enters purchase agreement with Helios Holdings Ltd 

Fairfax Africa Holdings Corp. agreed to merge with Helios Holdings Ltd.




Canada-based Fairfax Africa Holdings Corporation has reached an agreement to merge with Helios Holdings limited, the Africa-focused private equity firm which was co-founded by Tope Lawani and Babatunde Soyoye. The purpose of the merger is to create a truly pan-African investment firm.

A statement made available by Fairfax, as seen by Nairametrics, noted that when the deal is finalised, Fairfax Africa Holdings Corporation will be renamed Helios Fairfax Partners Corporation. The company will remain listed on the Toronto Stock Exchange and the Helios co-founders will be joint Chief Executives of the new company. 


The terms of the deal will also require Helios to exchange 45.6% of equity and voting interest in the new company. Helios will contribute its performance and management fees through its present and future holdings under the Helios funds, thereby making Helios Fairfax Partners Corporation one of the biggest Africa-focused asset management firms by complementing the experiences and funds of both companies under one umbrella. 

The new company will also have a larger capital base for diversified investment inflows to the continent through years of experience in third-party investment management operations and the support of longer-term institutional shareholders. 

The main objectives of this deal are summarised below:

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  • Helios Fairfax Partners Corporation to become the leading pan-Africa focused listed alternative asset manager with unique capabilities to invest across the continent
  • Creates a diversified investment platform combining best in class third-party investment management capabilities with the strength of long-term shareholders in a permanent capital vehicle
  • Provides an enlarged capital base, increasing capacity to invest as well as to launch additional and differentiated Africa focused asset management strategies and initiatives
  • Reinforces the parties’ shared long-term commitment to be a consistent and trusted provider of capital to growing African businesses across market cycles
  • Tope Lawani and Babatunde Soyoye, the co-founders and Managing Partners of Helios Investment Partners LLP, will become joint CEOs of the combined holding company, enabling the company to build on the track record they have established over the last 15 years

In his remarks, Tope Lawani disclosed that the deal will offer emerging market investors the opportunity to gain exposure to the continent through their portfolio.

“We take a long-term view on our investments, and many have proved resilient even in this pandemic with a number of our investments in sectors such as telecommunications, payments, and food,” Lawani said. 

He added that the transaction will offer Helios access to permanent capital from equity markets that can be used to accelerate its product and growth strategy.

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Helios, which was founded in 2004, has raised third party private capital for the past 15 years investing in Africa companies including First City Monument Bank (exiting in 2013), Interswitch, Vivo Energy and Helios Towers Plc. 

Fairfax was founded by Canadian Billionaire Prem Watsa and will own 45.6% of the Helios Fairfax Partners Corporation. Before the merger, Helios was raising $1.25 billion for its Africa focused fund and had landed a commitment of $100 million from the U.K’s CDC Group. 

You may read the full statement by Fairfax by clicking here.

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COVID-19 Update in Nigeria

On the 10th of July 2020, 575 new confirmed cases and 20 deaths were recorded in Nigeria.



The spread of novel Corona Virus Disease (COVID-19) in Nigeria continue to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 31,323 confirmed cases.

On the 10th of July 2020, 575 new confirmed cases and 20 deaths were recorded in Nigeria, having carried out a total daily test of 3,725 samples across the country.


To date, 31,323 cases have been confirmed, 12,795 cases have been discharged and 709 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 175,656 tests have been carried out as of July 10th, 2020 compared to 171,931 tests a day earlier.

COVID-19 Case Updates- 10th July 2020,

  • Total Number of Cases – 31,323
  • Total Number Discharged – 12,795
  • Total Deaths – 709
  • Total Tests Carried out – 175,656

According to the NCDC, the 575 new cases are reported from 18 states- Lagos (224), Oyo (85), FCT (68), Rivers (49), Kaduna (39), Edo (31), Enugu (30), Delta (11), Niger (10), Katsina (9), Ebonyi (5), Gombe (3), Jigawa (3), Plateau (2), Nassarawa (2), Borno (2), Kano (1), Abia (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 12,051, followed by Abuja (2,433), Oyo (1,689), Edo (1,593), Delta (1,348), Rivers (1,343), Kano (1,303), Ogun (1,063),  Kaduna (946), Katsina (655), Ondo (606), Borno (586), Gombe (527), Bauchi (519), Ebonyi (508), Plateau (499), Enugu (469), Abia (402),  Imo (359), Jigawa (321).

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Kwara state has recorded 311 cases, Bayelsa (299), Nasarawa (238), Osun (212), Sokoto (153), Niger (135), Akwa Ibom (134), Benue (121), Adamawa (100), Anambra (93), Kebbi (86), Zamfara (76), Yobe (62), Ekiti (46), Taraba (27), while Kogi and Cross River state have recorded 5 cases each.


READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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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.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
July 10, 2020313235757092012795178197
July 9, 202030748499689512546175137
July 8, 2020302494606841512373171927
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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Economy & Politics

Nigeria only hit 56% of its target revenue in first five of months of 2020 

Nigeria’s earnings in the period were N1.48 trillion which is 56% off its main target.



Nigeria only hit 56% of its target revenue in first five of months of 2020 , Zainab Ahmed, Pres. Buhari to review Finance Bill, tax reform yearly to finance budget 

Nigeria’s Minister of Finance, Zainab Ahmed revealed that Nigeria was only able to meet 56% of its target revenue from January to May as the global oil price crash affected government revenue due to the COVID-19 pandemic. 

Nigeria’s earningin the period were N1.48 trillion which is 56% off its main target, crude oil revenues accounted for half of Nigeria’s revenues, while non-oil revenues made up the rest in the first 5 months of the year. 


On Friday, President Muhammadu Buhari signed the new 2020 revised budget of N10.8 trillion with the crude oil benchmark reduced from $57 per barrels in the earlier budget to $25 in the new budget.

The Minister said the budget had to be revised because of the effects of the COVID-19 pandemic on Nigeria’s economy. She added that Nigeria’s crude oil production would be an average of 1.86 million barrels per day next year and rise to 2.09 million the following year. 

Explore Economic Research Data From Nairametrics on Nairalytics

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 “Although Nigeria’s total production capacity is 2.5 million barrels per day, current crude production is about 1.4 million barrels per day — in compliance with the Organization of the Petroleum Exporting Countries’ production quota – and an additional 300,000 barrels per day of condensates, totaling about 1.7 million barrels per day,” she said. 

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