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SEC expresses its commitment to protecting investors against high charges

The Acting Director-General of SEC, Mary Uduk has said the Commission intends to protect investors from high charges in the capital market.

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Mary-Uduk

The Acting Director-General of the Securities and Exchange Commission (SEC), Mary Uduk has expressed the commitment of the Commission to protect investors from high charges in the capital market.

Making this disclosure in a statement, Uduk stated that the decision is a move to bring down the capital market charges in order to ensure that investors do not bear unnecessary costs on their transactions.

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Mary Uduk

[READ MORE: Investors Renew Demand for Long Tenured FGN Bonds]

The SEC Acting DG was also quoted to have said that SEC’s determination was to ensure that the investors in the Nigerian capital market were adequately protected in all transactions.

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According to Uduk, as far as the capital market is concerned, the responsibility of SEC is to ensure that investors are not shortchanged in any transactions in the market. She, therefore, urged investors to participate in the market to grow it.

Uduk’s statement read, “We are doing a lot to boost investors’ confidence in our market. But I want to say that both local and foreign investors are very good for the market. For instance, the foreign investors, because they trade their shares all the time, it leads to price discovery as against the local investors that just take a long-term view on their investments.”

Why this matters: It is important to understand that investors’ fears can be of two folds. Firstly, they could be afraid because they feel that capital market operators would mismanage their investments. Secondly, they might be looking at the volatility of the market that makes investors sceptical.

[READ MORE: 6 easy steps to securing a financially balanced future]

How SEC is approaching the folds: For the first scenario, SEC has put several initiatives in place to boost investors’ confidence. For the second scenario, SEC has since been encouraging investors to take ownership of their investments.

“We have the E-Dividend mandate system, the Direct Cash Settlement as well as multiple subscriptions in place. More so, we encourage investors to take ownership of their investments. They have to be able to monitor their investments, attend Annual General Meetings as well as read the annual reports sent out to them,” Uduk added.

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Patricia

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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Shoprite to leave Nigeria After 15 years

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Shoprite’s sales drop by 8.1% in Nigeria in H2 2019 over Xenophobic attacks

South African retailer, Shoprite International Limited says it will consider the potential sale of the majority stake of its Nigerian holdings, Retail Supermarkets Nigeria Limited.

This was disclosed in the company’s operational and voluntary trading update that was published this morning.

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Gold prices soars following resurging COVID-19 caseloads

Gold futures gained 0.46% to trade at $1983 at about 6.41 am GMT.

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Gold Up as U.S. hits Record Number of COVID-19 Cases, Gold stands firm above $1,800 over increasing virus fears and weaker dollar , Gold stands firm above $1,800 over increasing virus fears and weaker dollar

Gold started the first trading week on a bullish note at London’s trading session. This is coming on the heels of growing concerns about the ravaging Coronavirus pandemic, triggering gold traders to increase their bullish bet.

Gold futures gained 0.46% to trade at $1983 at about 6.41 am GMT

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Spot bullion surged 11% in July, the biggest monthly gain since 2012, as investors weighed a weaker dollar and record low U.S. real yields.

READ MORE: Exxon Mobil, Chevron record their worst losses in history

Why the sudden rush for gold?                                                     

The current global health crisis has prompted unprecedented amounts of stimulus being unleashed by the central banks in most emerged markets. There have also been other dovish monetary policies, including lower rates. All of these have combined to boost gold bulls in solidifying their bullish position on the short term.

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In addition, Stephen Innes, the Chief Global Market Strategist at AxiCorp in a note to Nairametrics buttressed the macros supporting the yellow metal’s bullish run he said

READ MORE: How the Coronavirus has impacted Forex trading

“Investors will continue to have a favorable view of gold partly on ongoing Covid-19 concerns.

“While gold demand shows few signs of retracing, the yellow metal could face fierce short-term resistance at $2000 given the growing view we could be at the end of the runway for the US yields to fall further. And the US Treasury is running out of the exorbitant privilege of the stronger dollar and safe haven flow.”

READ MORE: Naira: Analysts expect rate to hover around N440

Gold has moved through its all-time highs as the story continues to be the Federal Reserve’s money-printing coupled with the potential USD1 trillion fiscal stimulus packages for pandemic relief. Real rates continue to trend lower, and the dollar continues to weaken. Therefore, the environment should remain supportive of gold.

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Data war: MTN takes over, gains 1.7 million subscribers, as Glo outshines Airtel in June

MTN gained 1.74 million data subscribers in June against the 882,458 it recorded in May 2020.

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Data War: MTN edges our Airtel for first time in 5 months as 493,556 subscribers dump Glo, 9mobile , MTN is winning the data war, as 1.88 million subscribers dump Glo, 9mobile, Data War: MTN gains 8.18 million subscribers in 2019, as Airtel edges Glo, 9mobile

Although competition in the Nigerian telecommunication space has always been stiff, latest data seen by Nairametrics indicated that the competition is getting stiffer.

Telecommunications operators, especially in the data section, are giving each other a hot chase. Gone are the days when the biggest telecommunication firm automatically retains the top position. Recently, companies that were once described as fringe players are catching up really fast in terms of attracting new subscribers every month.

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For instance, in May 2020, Glo took other operators by surprise, dwarfing them to lead the chart as the telco with the highest number of subscribers in a month when it gained 8.302 million data subscribers. The indigenous telco grew from 28.934 million in December 2019 to 37.236 million by the end of May 2020, while MTN gained 4.75 million data subscribers. Airtel, which used to be the second-highest in subscriber growth after MTN, recorded 2.795 million. Unfortunately, 9mobile lost 812,827 subscribers within the same period.

READ MORE: Airtel loses over 100,000 subscribers in one month, as Glo chases MTN’s market share

MTN regains top position

According to data released by the Nigerian Communication Commission for the period ending June 2020, Nigeria’s largest mobile telecommunication company, MTN, gained 1.74 million data subscribers against the 882,458 it recorded in May 2020.

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Also, at the end of June 2020, the total number of data subscribers on MTN data network rose to 60.60 million from the 58.86 million it recorded in May. This means the telco added 1.74 million data subscribers.

READ MORE: Non-Performing loans hit 4-year low as Banks recover N496 billion

Glo attracted more subscribers, outshining Airtel (subscribers base) for the first time in years

Despite a challenging year for Globacom in terms of its data subscriber base, the telco took industry watchers by surprise, as its subscriber base chased, met and overtook Airtel’s In June 2020.

For the first time in years, the once second largest telco (subscribers base) lost its position to the indigenous company as the latter increased its base from 34.24 million in May to 37.97 by the end of June 2020. The Indian-owned telco only managed to increase its base from 37.32 million to 37.57 million within the same period.

On the other hand, 9mobile ended the month without attracting any data subscriber. According to the NCC data, 9mobile continues its steady decline, as a total of 16,000 subscribers dumped the network for others when it fell from 7.26 million subscribers to 7.10 million within the same period.

 [READ MORE: MTN wins data war, as 1.88 million subscribers dump Glo, 9mobile)

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In terms of market share, Glo is now trailing behind MTN, as the latter expanded its overall market share in June.

At the end of June 2020, MTN’s total data market share rose further to 60.60 million subscribers. On the other hand, Glo had 37.97 million, followed by Airtel’s 37.57 million and 9mobile’s 7.10 million.

Internet remains slow in Nigeria despite the advent of 4G network

The advent of 4G/LTE in the global telecom industry was accompanied by the expectation of fast internet speed. The 4G is the fourth generation of wireless mobile telecommunications technology, succeeding 3G. Potential and current applications include amended mobile web access, IP telephony, gaming services, high-definition mobile TV, video conferencing, and 3D television.

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READ MORE: Exxon Mobil, Chevron record their worst losses in history

While GSM companies continue to jostle for market share, it has often come at the expense of poor service and lack of accountability. Quite frankly, as an average internet user in Nigeria, one is usually left at the mercy of poor mobile internet services which frustrate one to seek limited alternatives.

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Nigeria’s internet download speed remains among the slowest in the world, and while the telcos continue to rake in heavy gains from data sales, consumers continue to groan for lack of fast and affordable internet services.

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