Farmforte Agro-Allied Solutions Limited, the parent company of Agropartnerships Technology Ltd has reacted to its recently sealed office by the Security and Exchange Commission for reasons bothering on not being licensed and alleged illegal investment activities.
According to the company in a mail to investors and signed by management, it stated that the company is duly registered and has carried out all operations within the full provisions of the law.
In addition, it stated that the company is an Agriculture Value Chain Development company and has at no time positioned itself as an investment soliciting platform as implied in the recent statement.
The statement read in part, “Following a recent statement made by the Securities and Exchange Commission (SEC), in which it stated that our offices were sealed over claims that our companies Farmforte Agro Allied Solutions Limited and Agropartnerships Technology Ltd are operating illegally and unlicensed to carry out investment related operations. It is imperative from a point of absolute responsibility to provide adequate clarity on the issue.
“We acknowledge the role of the Security and Exchange Commission, as the Federal Government’s agency with the sole mandate to regulate and develop the Nigerian Capital Market.
We would also like to restate that Farmforte Agro Allied Solutions Limited as mentioned in the publication, is an Agriculture Value Chain Development company, focused on creating novel solutions to existing problems across Africa’s agriculture ecosystem, while transforming them to economic opportunities. The company is duly registered and has carried out all operations within the full provisions of the law. The company also has at no time positioned itself as an investment soliciting platform as implied in the recent statement.”
The platform also pointed out that it since began the process of ensuring that all of its actions were compliant with best global practices even before SEC’s regulatory directives in 2021, adding that this includes acquiring a fund and portfolio management license from a fund management company
“Our subsidiary, Agropartnerships Technology Ltd – a digital agritech platform has also operated to consistently ensure market access to smallholder farmers within our network. At the commencement of our operations, there was no regulatory framework guiding operations in the sector but having consulted with regulators in other climes, we ensured that all our actions were compliant with best global practices in anticipation of the SEC regulation and guidelines.
“We began the process in April 2020 to ensure full compliance in anticipation of SEC’s regulatory directives. This included acquiring a fund and portfolio management license from a fund management company and immediately started the license transfer process with the SEC.
“In light of these realities, rest assured that we are working with the SEC to address the underlying challenges in order to absolutely rectify the misunderstandings that ensued. To this end, we would like to implore all our esteemed stakeholders to remain calm as we are on top of the situation and taking necessary measures to resolve it,” it said.
Ecobank declares N182.92bn PAT in Q3 2023
Ecobank Transnational Incorporated, has recorded a profit of N182.92 billion in its third quarter 2023 results.
According to the results posted on the Nigerian Exchange Limited (NGX) website, the Bank announced a 59 percent gross earnings growth in Q3 2023 Results.
The Gross earnings also grew by 59 percent from N761.30 billion to N1.211 trillion.
According to the results, profit before tax stood at N262.17 billion.
Meanwhile in its second quarter results Pre-tax profit increased to N92.52 billion from N56.89 billion profit in Q2 2022.
The increase in second-quarter profits helped its half-year profit before tax to rise by 38 percent to N150.31 billion compared to N108.96 billion in the same period last year.
Market capitalisation gains N44.16bn as NGX ASI advances by 0.11%
Since the recent announcement of recapitalisation by the Central Bank of Nigeria Governor, the market had continued to see a rise in investment moves amongst banks thereby boosting the market capitalisation of the NGX.
As at yesterday’s trading, the NGX Market CAP recorded a gain of N44.16billion in Naira terms while the NGX All-Share Index (ASI) advanced by 0.11 percent.
Compared to the previous day’s gain of 0.34 percent, which closed at 71,284.56 basis points, the NGXASI now stands at 39.25 percent.
The total volume of stocks traded also advanced by 49.77 percent to close at N540.09 million, valued at N10.24 billion and traded in 6,516 deals. GTCO was the most traded stock by volume and value, with N67.23 million and N2.60 billion units traded.
At the close of trading, the market recorded 25 gainers, 31 losers, and 55 unchanged. NNFM topped the gainers list, while NSLTECH topped the list of losers.
Naira hits N831.47/$1 in official market
The Nigerian naira appreciated against the dollar on Wednesday, 29th November 2023, closing at N831.47/$1 at the official market.
The positive trajectory aligns with expectations among experts, who anticipated that the Central Bank of Nigeria’s (CBN) recent initiative to clear a portion of its FX backlog would boost confidence in the currency.
The domestic currency appreciated 6.06 percent to close at N831.47 to a dollar at the close of business on Wednesday, data from the NAFEM where forex is officially traded, showed.
This represents an N50.41 gain or a 6.06 percent increase in the local currency compared to the N841.14 it closed on Tuesday.
The intraday high recorded was N1159/$1, while the intraday low was N700/$1, representing a wide spread of N459/$1.
According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $140.35 million, representing a 18.88 percent growth compared to the previous day.
However, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.26 percent, quoted at N1160/$1, while peer-to-peer traders quoted around N1159.47/$1.
The Central Bank of Nigeria (CBN) has said it has made tranche payments to 31 banks to clear the backlog of foreign exchange forward obligations.
The apex bank also disclosed that it has set up foreign exchange frameworks to address the FX issues.
Governor of the CBN, Yemi Cardoso, disclosed this on Friday at the bankers’ dinner in Lagos.
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