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NSE promotes investment diversification, as it holds 4th Market Data Workshop 

The Nigerian Stock Exchange (NSE) has renewed its commitment to promote diversity in investment, manage risk and make information readily available to all investors in the stock market. 

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NSE promotes investment diversification, as it holds 4th Market Data Workshop 

The Nigerian Stock Exchange (NSE) has renewed its commitment to promote diversity in investment, manage risk and make information readily available to all investors in the stock market. 

The Chief Executive Officer, NSE, Mr. Oscar Onyema, explained that the retail investors still lack adequate knowledge of investment products and their benefits to them. 

Onyema, who spoke at the 4th NSE’s Market Data Workshop covered by Nairametrics in Lagos on Wednesday, said that the low retail investment appetite event was conceived to educate investors on diverse opportunities in the market. 

He said, “The challenge underscores the importance of creating product offerings that promote diversity in investment, manage risk and make the information readily available to consumers. Exchanges and Data vendors are already responding to this increasing demand using new tools for market data products. 

“The workshop shines the spotlight on the need for a more inclusive collaboration among Capital market players, to analyse the information in market data and to inform the debate on the challenges of extracting this information from raw data to deliver a data product that is easily consumed to make an informed investment decision. 

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[READ MORE: GNI lists shares on NASD after delisting voluntarily from NSE]

On the growth potential of market data usage, the NSE boss added that there had been a global increase in the general consumption and spending on Financial Market Data and Market data analytics, stretching beyond the market data typically provided by stock exchanges for equity trading.  

“Market commentators have estimated the value of total spending on all financial market data, analysis and news at about $28.5 billion; while the potential market size of financial information is valued at $50 billion, according to McKinsey estimates. 

“Despite the evolving needs of consumers demanding for financial information globally, Nigeria still has low inclination towards investments, according to a research by First Securities Discount House, which reported the savings ratio in Nigeria as one of the lowest among selected countries like China, India, Kenya, Malaysia, South Africa, United Kingdom, and United States of America. The ratio of mutual fund assets to Nigeria’s GDP is also very low at less than 1%, despite the growth of mutual funds in the country in recent times.” 

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Commending the Onyema-led NSE, Lecturer, Department of Mathematics, University of Lagos, Dr. Mary Akinyemi, explained that the market was long overdue for greater participation of more retail investors. 

“A lot of the investors find it difficult to interpret data and that hinders them from taking discerning investment decisions. The workshop underpins the need for the analysis of data to make it available in a format that is as disaggregated as possible in order to be easily consumed for investment purposes.

“The NSE is in a privileged position to benefit from its broad relationships with market participants to drive the delivery of our strategy. Our focus on innovative and disruptive solutions is built around our market data. We are innovating with “smart channels” that can deliver on-demand data to investors – including USSD, Mobile Apps, SMS and IVR. 

“As an organization known for best practices, we are also adding new practices to our culture. We are taking on bold new initiatives to change the Capital Market narrative in partnership with our peers within the wider financial industry, we can say with all certainty that the future is bright,” Onyema added.  

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[READ ALSO: NSE Prepares to Launch X-Mobile to Boost Investors participation]

Stanbic IBTC

 

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Corporate deals

DEAL: uLesson raises $7.5 million Series A round

uLesson has announced that it has closed a $7.5M Series A round.

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Sim Shagaya

uLesson, a Nigerian educational learning platform that leverages best in class teachers, media, and technology solutions to create high-quality, affordable and accessible education for African students, announced that it has closed a $7.5M Series A round.

This funding round was led by US-based Owl Ventures, which is focused on education as an investment. It was also backed by existing investors — Founder Collective and TLcom .

Founded by Sim Shagaya, uLesson curates personalised, curriculum-relevant content via mobile and PC devices for students in the K-7 to K-12 segment across the continent. Students can access the lessons via streaming and SD cards, where they can download and store the content, allowing them to study remotely, removing challenges around internet access limitations and costs.

According to Sim Shagaya,

  • The uLesson app has now been downloaded a million times with paying users from at least 7 countries (including countries we don’t formally serve). On average, learners spend around 77 minutes on the app daily — a figure that exceeds the engagement levels on most social networking apps.
  • “Our goal is that ten years from now, K-12 education on the continent will bear little semblance to what you see today. But it won’t just be different, it will be better on most dimensions and much more affordable.
  • “We also believe that the impact borne of the marriage of education and technology will be greater on the African continent than any other place in the world.”

This funding will be deployed to power uLesson’s expansion into Eastern & Southern Africa, as well as secure new talent and build its product development and production infrastructure.

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Corporate deals

CAP and Portland Paints obtain Federal High Court approval on proposed scheme merger

A Federal High Court approved the proposed scheme merger between Chemical Allied Products Plc and Portland Paints Plc.

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CAP Plc

The Judicial Divison of the Federal High Court has approved the proposed scheme merger between Chemical Allied Products Plc and Portland Paints Plc, and other matters connected therewith.

In line with this, the Federal High Court ordered that a meeting of the holders of the fully paid ordinary shares of Portland Paints and Products Nigeria be convened and held for the purpose of considering and approving a Scheme of Merger between the concerned entities.

Portland Paints disclosed this on the NSE before the open of trade today.

The statement said upon approval by the shareholders at the court-ordered meeting, which will be held at 12:00 pm on Thursday, 18 February 2021 at Radisson Blu Hotel, the subjoined resolutions of the Scheme Merger shall be effected.

Overview of the Scheme Merger and options offered to shareholders

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For the purpose of giving effect to the Merger as would be agreed between the Company and the Holders of the Fully Paid Ordinary Shares of Portland Paint Plc and Chemical and Allied Products PLC at the court-ordered meeting, shareholders of Portland Paint Plc at the close of business on the Terminal Date shall be offered the option:

  • To receive a Cash Consideration of N2.90 for each ordinary share of N0.50 held in Portland Paints as at close of business on the Terminal Date.
  • Or be allotted 1 ordinary share of N0.50 each in the share capital of CAP (credited as fully paid) in exchange for every 8 ordinary shares of N0.50 each held in Portland Paints.

Implied impact of the Scheme Merger between CAP and Portland Paints

Upon the Scheme becoming effective, the following modification shall be made:

  • All assets and liabilities of Portland Paints including but not limited to real property, intellectual property rights, permits, credits, allowances, equipment and machinery, plant, fixtures and fittings, motor vehicles and businesses, shall be transferred to CAP.
  • All employees and undertakings rights, powers and duties of a personal character, which could not generally be assigned or performed vicariously, of the Company shall be transferred to CAP.
  • All legal proceedings, claims and litigations pending or contemplated by or against the Company be continued by or against CAP.
  • The entire share capital of the Company shall be cancelled, and the Company shall be dissolved without being wound up.
  • All contracts of the Company shall continue to be in force and effect in accordance with their respective terms and conditions, and CAP shall assume all rights and obligations of the Company under all such contracts.
  • All monies standing to the credit of the Company at banks and with other debtors within and outside Nigeria be held to the credit of CAP.

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Energy

Price Watch: Consumers paid more for diesel and less for petrol in December

The December 2020 NBS report shows that consumers paid more for diesel and less for petrol than they did in November 2020.

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Updated: Petrol pump price increased to N151.56 per litre

The Price Watch report released by Nigeria Bureau of Statistics (NBS) for the month of December 2020 revealed that consumers paid more for Diesel (Automotive Gas Oil) and less for Petrol (Premium Motor Spirit), compared to that of November 2020.

The average price paid by consumers for diesel increased by 0.28%, from N223.74 in November 2020 to N224.37 in December 2020, while the average price paid by consumers for petrol decreased by 0.94% from N167.27 in November 2020 to N165.70 in December 2020.

Key highlights of the report

Diesel

  • Consumers in Taraba (N266.00), Adamawa (N262.50) and Zamfara (N257.50) paid the highest average price for Diesel.
  • While consumers in Kwara (N195.00), Gombe (N197.50) and Osun (N201.09) paid the lowest average price for Diesel.
  • Overall, consumers in North West (N240.57), North East (N238.88) and North Central (N226.37) paid the highest average price for Diesel, while consumers in South West (N209.27), South East (N209.35) and South South (N216.25) paid the lowest average price.

Petrol

  • Consumers in Abia (N176.19), Kwara (N172.43) and Kebbi (N169.92) paid the highest average price for petrol.
  • While consumers in Kaduna (N155.00), Katsina (N160.25) and Bauchi (N162.57) paid the lowest average price for petrol.
  • Overall, consumers in South East (N168.04), North Central (N166.94) and South South (N166.53) paid the highest average price for petrol, while consumers in North West (N163.79), North East (N164.47) and South West (N164.92) paid the lowest average price.

Since a lot of manufacturing companies rely heavily on diesel to power their machinery and equipment, the increase would have added to their cost of operations, culminating in consumers paying more for goods and services.

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Also, one would have expected that the reduced price of fuel in December 2020 would lead to lower transport fares for commuters during the festive season, but that was not the case.

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