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COVID-19: SEC issues guidelines for AGMs, other measures

The Security and Exchange Commission (SEC) has issued additional guidance to the capital market operators as a result of social distancing directive

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Securities and exchange Commission (SEC): Wonder banks' operators lose assets worth N2.35 billion to. SEC DG, Mary Uduk, addresses impact of CBN’s policy on equities market,,COVID-19: SEC issues guidelines for AGMs, other measures, SEC reinstates DEAP Capital’s Board

Following its earlier circular on adjusted mode of operation, the Securities and Exchange Commission (SEC) has issued additional guidance to operators, quoted companies and stakeholders in the capital market.

The circular is in reaction to the outbreak of the coronavirus pandemic (COVID-19) globally, which has led to social distancing, lockdown, and travel restrictions.

These guidelines were disclosed in a circular issued by SEC to market operators, stakeholders and seen by Nairametrics.

Some of the additional measures by the apex capital market regulator include;

  • All public companies are required to continue to make material disclosures to investors on the impact of COVID-19 pandemic on their business operations.
    They should also disclose the trend and outlook for the company, and updates on the implementation of business continuity plans. Their disclosures should be published on their websites and other relevant media.

 (READ MORE: SEC discovers 12 ponzi scheme operators, warns investing public)

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  • All public companies who plan to conduct their Annual General Meetings (AGMs) are required to ensure that the conduct of the meetings complies with the provisions of the Companies and Allied Matters Act, the Investments and Securities Act, the SEC Rules and Regulations, relevant government and health circulars and guidelines issued in this regard.

Securities Exchange Commission,COVID-19: SEC issues guidelines for AGMs, other measures

  • Debt issuers are also expected to continue to engage Trustees and ensure that relevant disclosures are provided. Trustees are required to provide updates to the commission accordingly.
  • All CMOs are to continue with the monitoring of the real and potential risks that COVID-19 may have on their business operations and the discharge of services to investors and clients.
  • In compliance with the Federal Government’s directive on the restriction of movement in Lagos, Ogun, and Abuja, the commission has activated its business continuity process. Consequently, the staff of the commission is working remotely. All its electronic channels will remain open to provide the necessary support to capital market stakeholders.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Coronavirus

#EndSARS: FG expects increase in Covid-19 cases in the next 2 weeks

FG has warned that the ongoing #EndSARS protest may spark up a second wave of coronavirus.

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FG approves reopening of NYSC camps, extends tenure of PTF on COVID-19, FG commences process of resumption of international flight operations in weeks, COVID-19: Reactions trail FG travel ban on 13 countries

The Federal Government has warned that Nigerians should expect an increase in the number of coronavirus cases across the country in the next 2 weeks.

This is due to the total disregard of the preventive measures against the virus during the ongoing nationwide #EndSARS protest which has been witnessing huge gatherings.

This disclosure was made by the Chairman of the Presidential Task Force (PTF) on Covid-19, who is also the Secretary to the Government of the Federation (SGF), Boss Mustapha, at the national briefing of the task force in Abuja on Monday, October 20, 2020.

He said despite the appreciable success recorded so far in the fight against COVID-19, the ongoing protest may spark up a second wave of the virus.

Mustapha said, “I can say it authoritatively that with the ongoing protest across the country, in the next two weeks the cases of COVID-19 would have increased. Each and everyone that attended the protest and did not put up any form of protection is likely going to spread the virus. When people contract the virus during the protest gathering, they will go back home and spread it.

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“This is one of the reasons why we must be extremely careful when we congregate because when you gather together in such an atmosphere where people don’t wear face masks or maintain the social distance you are creating a potential opportunity for carriers to spread the virus.

“So far we have done pretty well as a country but this protest is like a setback and we must avoid a situation where we will have a resurgence. Countries that thought they have overcome are dealing with the second wave. We are extremely lucky as a nation and we should be careful of any situation that can warrant the second wave.”

He said any mass gathering that does not adhere to the non-pharmaceutical interventions that have been put in place, like wearing of face masks, social distancing, and keeping personal hygiene, becomes a super spreader event.

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What it means: With the expected spike in the number of Covid-19 cases due to these protests across the country, Nigeria runs the risk of having a second wave of the coronavirus outbreak which had before now been on a decline. This could lead to the resumption of lockdown measures by the government, in order to contain the spread of the pandemic.

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Coronavirus

COVID-19 Update in Nigeria

On the 19th of October 2020, 118 new confirmed cases were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 61,558 confirmed cases.

On the 19th of October 2020, 118 new confirmed cases were recorded in Nigeria, having carried out a total daily test of 11,794 samples across the country.

To date, 61,558 cases have been confirmed, 56,697 cases have been discharged and 1125 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 590,635 tests have been carried out as of October 19th, 2020 compared to 578,841 tests a day earlier.

COVID-19 Case Updates- 19th October 2020,

  • Total Number of Cases – 61,558
  • Total Number Discharged – 56,697
  • Total Deaths – 1,1125
  • Total Tests Carried out – 590,635

According to the NCDC, The 118 new cases are reported from 10 states – Lagos (51), Rivers (26), Imo (12), Osun (8), Plateau (6), FCT (5), Kaduna (4), Ogun (3), Edo (2), Niger (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,696, followed by Abuja (5,923), Plateau (3,587), Oyo (3,415), Rivers (2,735), Edo (2,645), Kaduna (2,532), Ogun (1,983), Delta (1,812), Kano (1,741), Ondo (1,657), Enugu (1,313),  Kwara (1,050), Ebonyi (1,049), Osun (916), Katsina (904), Abia (898), Gombe (883).  Borno (745), and Bauchi (710).

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Imo State has recorded 610 cases, Benue (484), Nasarawa (478), Bayelsa (403),  Ekiti (329), Jigawa (325), Akwa Ibom (295), Anambra (275), Niger (274), Adamawa (248), Sokoto (162), Taraba (117), Kebbi (93), Cross River (87), Zamfara and Yobe (79), while Kogi state has recorded 5 cases only.

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

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.

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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.

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

 

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Energy

Nigerian firm set to raise $1.2 billion to purchase electricity meters

MAPCo plans to raise N480 billion to purchase electricity meters and to help the DISCOs plug revenue gaps in their operations.

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The Nigerian Electricity Regulatory Commission (NERC), National electricity grid collapses again, as NUEE suspends strike action , FG to increase electricity tariffs in order to improve power supply, Power: Liquidity crisis-same old story in 2020?, GenCos urges NBET to pay up N1 trillion debt, Electricity Tariff: FG, electricity stakeholders to work on equitable rate , Power: NERC applies "brakes" on hike in tariffs, NERC to sanction 7 DisCos over uncapped estimated billing

A Nigerian firm, Meter Assets Finance and Management Company (MAPCo), has concluded plans to raise N480 billion ($1.2 billion) over the next 3 years, to purchase electricity meters and help the electricity distribution companies (DISCOs) plug revenue gaps in their operations.

This is also in line with the Federal Government’s initiative to ensure that all electricity consumers are metered, which will put an end to estimated billing by the DISCOs.

According to a report from PricewaterhouseCoopers, less than one-tenth of Nigeria’s 41 million households have their electricity consumption metered, and half of those are faulty. As a result, distribution companies have to estimate bills, resulting in constant conflict with the consumers that delay payments.

The Chief Executive Officer of New Hampshire Capital, Onion Omonforma, said the Meter Assets Finance and Management Co. hopes to end the practice of estimated billings by raising funds to purchase and supply meters to consumers.

New Hampshire Capital, FBNQuest and Kairos Investments Africa are helping to package and structure the venture, known as MAPCo, for investors to either buy equity or inject debt into the company.

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What they are saying

Omonformaa said, “The electricity distribution firms will then have the money to go back and buy more meters and the cycle continues, paving the way to close the metering gap. MAPCo will collect the cost of the meters from consumers at a premium over the next 10 years. The meters will be handed over to the power-distribution companies once paid off.’’

While disclosing that MAPCo plans to issue a N100 billion bond in the next year, Omonforma also pointed out that roadshows have been planned for the U.S. and Europe, and will include local institutional investors.

He said, “We envisage that a lot of people who are looking for a long-term instrument will key into it,”

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It can be recalled that apart from repealing the estimated billing methodology in determining tariffs for electricity consumers; the Federal Government had insisted that all consumers must be metered, as part of the condition for a tariff increase.

Also, as part of the agreement reached with the organized labor in respect of the tariff increase; the Federal Government disclosed that the National Mass Metering Programme will be accelerated, with the distribution of 6 million meters to Nigerians for free.

What this means

A huge number of electricity consumers across the 36 states and the FCT are still unmetered by their respective DISCOs. This initiative by MAPCo will help bridge the existing gap, with more electricity consumers acquiring a prepaid meter and doing away with the controversial estimated billing.

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