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Debt Securities

SEC issues pre-notice on cancellation of certificates of 157 inactive CMOs

The SEC has issued pre-notice on the cancellation of certificates of registration of inactive capital market operators.

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SEC extends deadline for filing quarterly financial statement due on October 30, 2020

Securities Exchange Commission (SEC) has issued pre-notice on the cancellation/withdrawal of certificates of registration of inactive capital market operators.

This information is contained in a circular which was issued by the SEC on 10th November 2020.

READ: CAC to implement new technology for business registration, customers to print certificates

The SEC stated in the circular that the listed one hundred and fifty-seven (157) Capital Market Operators (CMOs) were registered by the Securities and Exchange Commission for various functions in the Nigerian capital market.

READ: Commercial Paper value appreciates by N243 billion YOY, hits N539.8 billion in H1, 2020

However, the CMOs have consistently failed to render their statutory returns to the Commission, had their capital eroded, while others were affected by policy changes.

READ: SEC extends deadline for filing quarterly financial statement due on October 30, 2020

As a result of this, the Commission hereby requests the affected CMOs to make presentations to the Commission, on or before 13th November 2020, giving reasons why their registration should not be cancelled.

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READ: Analysis: CBN bans maize importers from accessing FX

SEC emphasized that the Hard copies of the presentations should be forwarded to the Commission’s head office while soft copies should be sent to the following email addresses:

READ: Telegram agrees to settle with SEC over $1.7 billion ‘unlawful’ digital coins 

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Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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Debt Securities

Fidelity Bank lists N41.2 billion Series 1 bond on NSE

Fidelity Bank announced the listing of its N41.21 billion, 8.5% fixed rate unsecured subordinated bond on the NSE.

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Nneka Onyeali-Ikpe assumes role as Fidelity Bank CEO

Fidelity Bank has announced the listing of its N41.21 billion, 8.5% fixed rate unsecured subordinated bond on the Nigerian Stock Exchange (NSE). This was contained in a disclosure signed by the bank’s secretary, Ezinwa Unuigboje, and published on the NSE.

According to the disclosure, the bank announces to the general public that its N41.21 billion 10 years 8.5% subordinated unsecured fixed-rate series 1 bonds, which was issued on 7th January 2021, and is due by 2031 has been listed on the daily official list of NGX.

Recall that Nairametrics had reported that FMDQ Securities Exchange Limited announced the successful listing of the Series 1 bond earlier in March 2021, under its N100 billion debt issuance.

  • Fidelity Bank had revealed in 2020, plans to issue up to N50 billion in local bonds by Q4 2020 in order to refinance existing debts.
  • The disclosure was made by the Chief Operations and Information Officer, Gbolahan Joshua, during an analyst call in September 2020 as reported by Nairametrics.
  • He stated that the new issue will be made to redeem the existing N30 billion bond which was issued at 16.48% rate.

What you should know

  • The allotment of the bonds will be effected by way of e-allotment to successful allottees.
  • The disclosure published earlier in February stated that the Registrars, First Registrars, and Investor Services Limited will credit the respective Central Securities Clearing System (CSCS) accounts of successful allottees with the allotted bonds.
  • As part of its N100 billion bond issuance programme, Fidelity Bank Plc had earlier issued a N30 billion Fixed Rate Subordinated Unsecured Bond on the FMDQ Exchange platform in 2015. The bond had a face value of N1000, tenor of 7 years, and a coupon rate of 16.48%.

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Debt Securities

DMO to auction N150 billion bonds for April on behalf of FG

It also states that the interest is payable semi-annually with the redemption expected to be in bullet payment on the maturity date.

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The Debt Management Office (DMO) has announced the offer of N150 billion bonds for subscription by auction in the month of April on behalf of the Federal Government.

A breakdown of the bonds shows that a 10-year reopening bond is to be offered at the rate of 16.2884% with a maturity date in March 2027; a 15- year reopening bond will be offered at 12.5% with a maturity date in March 2035; and the third and longest bond which is a 25-year reopening bond will be offered at 9.8% and mature in July 2045.

This disclosure is contained in a circular issued by the DMO on April 14, 2021, and can be seen on its website.

The circular states that the bonds which would be auctioned on April 21, 2021, have a settlement date of April 23, 2021, adding that the unit of sale is N1,000 per unit subject to a minimum subscription of N50,000 and in multiples of N1,000 thereafter.

It also states that the interest is payable semi-annually with the redemption expected to be in bullet payment on the maturity date.

READ: OPEC, NSE, MTN, other developments and how they affect your pocket

In case you missed it

  • The DMO had earlier disclosed that the Federal Government’s bonds for March worth N150bn which were auctioned were oversubscribed by N183.48bn.
  • The total subscription received from investors for the bonds was N333.48bn comprising N65.25bn for 16.2884% FGN March 2027 bonds; N110.19bn for 12.5% FGN March 2035 bonds; and N158.04bn for 9.8% FGN July 2045 bonds.
  • The auction result added that out of 82, 125 and 215 total bids for the tenures, 48, 88 and 176 were successful.
  • It stated that a total of N262.1bn was allotted, comprising of N44.01bn, N86.29bn and N131.80bn respectively.

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