DMO offers N150 billion worth of FGN Bond for subscription in January 2021
CAC says defaulting lawyers to face 2 years imprisonment for filing false documents
Flour Mills Nigeria gain N28 billion on NSE in 10 trading days
Access Bank shares gain N44.4 billion in first 10 days of trading
MTN, NB keep Nigerian stocks up, investors gain N112 billion
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦470/$1
Prices of local rice, onions, tomatoes, others crash as foreign rice continues to ease off
Ethereum held on Crypto exchanges might run out of supply in 2 days
U.S Central Bank leader says no rush into crypto dollar
Spotlight Stories
Update: Gas tanker explodes in Lagos
A gas tanker explosion has occurred in the Ifako-Ijaye area of Lagos State.
A gas tanker explosion has occurred at the Ifako-Ijaye area of Lagos on Thursday, September 24, 2020, with at least 50 people sustaining burn injuries.
According to a monitored media report, the Director-General of the Lagos State Emergency Management Agency (LASEMA), Dr Olufemi Damilola Oke-Osanyintolu, while confirming the incident said efforts are being made to put out the resulting fire from the explosion
READ: One killed, as vehicles collide with moving train in Lagos
He said, “The Agency has activated its response plan to the fire incident at Cele Bus Stop, Ifako-Ijaye LGA and will provide further updates, Lagosians are kindly urged to exercise calm.’’
According to a statement from LASEMA, an unidentified truck conveying gasoline had a lone accident and exploded.
It said that the impact of the explosion led to a fire outbreak on adjoining buildings with several vehicles burnt. It also pointed out that several persons were injured and have been taken to the nearest hospital for treatment.
READ: UPDATED: Fire outbreak at World Trade Centre, Abuja
While speaking to Channels Television at the site of the explosion, the LASEMA’s Director of Operations, Engr Olatunde Akinsanya disclosed that about 16 people have been confirmed to be critically injured and taken to the Iju Water Works clinic.
Akinsanya confirmed that the gas tanker explosion took place at about 3:30 pm and had several buildings and cars destroyed by its impact.
READ: UPDATE: Office of Nigeria’s Accountant General is reportedly engulfed in flames
It was alleged that the tanker was supposed to offload its content at a gas station, but the station’s owner reportedly refused to allow him because a seal had been broken, indicating that the content had been tampered with.
Enraged by the refusal of the station manager to offload the content in his tanker, the driver moved out of the premises.
A few meters away from the gas station, the front tire of the tanker burst and the gearbox struck the ground causing a spark which led to an explosion when it came in contact with gas that was leaking from the tanker. The vehicle then ended in a ditch, where a second explosion erupted.
READ: Lagos seals off 42 more buildings in Lekki over building collapse
It was also disclosed that the second explosion sent the tanker flying and destroying buildings on its path, including a church.
The Agency has activated its response plan to the fire incident at Cele Bus Stop, Ifako-Ijaiye LGA and will provide further updates. Lagosians are urged to kindly exercise calm.
Dr Olufemi Damilola Oke-Osanyintolu
DG/CEO LASEMA— LRU #Call112 (@lasemasocial) September 24, 2020
Debt Securities
DMO offers N150 billion worth of FGN Bond for subscription in January 2021
The DMO has offered for subscription, FGN Bonds valued at N150 billion for January 2021.
Business
CAC says defaulting lawyers to face 2 years imprisonment for filing false documents
The CAC has stated that accredited lawyers found culpable for filing false documents will be liable to 2 years imprisonment.
The Corporate Affairs Commission (CAC) has announced that any accredited lawyer found culpable for filing a false document in the course of company registration will be liable to 2 years imprisonment.
The new directive follows the relaxation of the strict requirements of the past where its officers need to compare signatures and looked at other documents to validate new filling.
According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Registrar-General of the Commission, Alhaji Garba Abubakar, at a forum with the Commerce and Industry Correspondents Association of Nigeria (CICAN) on Friday in Abuja.
What the Registrar General of CAC is saying
Abubakar in his statement said that once a document is submitted by accredited lawyers or certified secretaries (customers) on behalf of a company, the commission presumes that those documents are regular and the person that submitted has the authority to act in that capacity.
He said,
- “If anybody makes any mistake or false declaration or submit any information that is false, that person will be liable to two years imprisonment upon conviction. We advise our customers to ensure they have proper authority to make filings on behalf of companies that engage them. If there is any wrong information or any misstatement in the document submitted, they will be held responsible.’’
Abubakar also pointed out that, as part of new regulations to support the new Companies and Allied Matters Act 2020, (CAMA), the new system has placed a lot of responsibilities on the persons submitting documents on behalf of the companies.
What you should know
- In a bid to improve on the ease of doing business, attract investment and ensure economic growth, President Muhammadu Buhari signed into law the CAMA 2020 in August 2020, to replace the CAMA 1990.
- It should be noted that the new CAMA 2020 is not an amendment of the old act but rather a re-enactment.
- The Minister for Industry, Trade and Investment, Adeniyi Adebayo, approved a draft regulation to support the implementation of the new CAMA in December 2020.
- Also, CAC had given registered companies until April 1 to revalidate their various information and accounts or face sanctions.
Spotlight Stories
MTN, NB keep Nigerian stocks up, investors gain N112 billion
UACN (+10.00%) led the gainer’s chart today, while ARDOVA (9.84%) was the top loser.
Nigerian bourse extended its positive rally at Friday’s trading session, appreciating further by N112 billion, amid increased buying interest. Specifically, the market capitalization inched higher by 0.52% to close at N21.530 trillion from N21.418 trillion on Thursday.
In the same vein, the All-Share Index garnered 0.52% to close at 41,176.14 compared with 40,963.14 on Thursday.
Consequently, the market breadth remained positive with 42 gainers relative to 12 losers. UACN (+10.00%) led the gainer’s chart today, while ARDOVA (9.84%) was the top loser.
- Also, the total volume of shares transacted improved with an exchange of 666.60 million shares worth N6.39 billion in 6,980 deals.
- JAPAULGOLD was the most traded shares by volume with 115.8million units, while GUARANTY and ACCESS topped by value at N1.27b and N461 respectively.
Top Gainers
- UACN up 10.00% to close at N8.25
- FLOURMILL up 9.33% to close at N32.8
- NB up 3.36% to close at N60
- PRESCO up 2.78% to close at N74
- MTNN up 1.19% to close at N170
Top Losers
- ARDOVA down 9.84% to close at N19.7
- MAYBAKER down 5.71% to close at N3.63
- STERLNBANK down 1.96% to close at N2
- ZENITHBANK down 0.38% to close at N26.3
- UNILEVER down 0.37% to close at N13.45
Outlook
Nigerian Stocks ended the trading session on an impressive note.
- The uptrend was driven by price appreciation in large capitalized stocks among which are; UACN, Flourmill, MTN Nigeria Communications, NB and PRESCO.
- Nairametrics, however, envisages cautious buying as the COVID-19 crisis seems to be getting out of hand in Nigeria’s key international markets that include Western Europe and the United States.
