Connect with us

capital market

NGX, CIS, stakeholders honour Subomi Balogun

Published

on

By Philemon Adedeji

Nigerian Exchange Limited (NGX), Chartered Institute of Stockbrokers (CIS) and other market stakeholders on Monday held a mock-trading session and Closing Gong Ceremony in honour of late Otunba Subomi Balogun, FCS, CON, the founder of FCMB Group.

Speaking during the ceremony, the Chief Executive Officer, NGX, Mr Temi Popoola, emphasised that the late Subomi Balogun was a blessing to the capital market.

“We are here to pay tribute to somebody that without him, we really cannot talk about our markets and I am sure that there are many careers here that he helped shaped and mine is a good example.

“We can’t express our gratitude to him enough for what he did to help our industry expand. It is difficult to locate another family in Nigeria like the Subomis that can represent on the Exchange as they doing now. We are very grateful and we assure them that they can count on our support going forward as the family continues to drive their strategic goals,” Popoola said.

In his remarks, the Chairman of NGX Group, Alhaji (Dr) Umaru Kwairanga, noted that Subomi had played a significant role in the development of investment banking in Nigeria and had laid the foundation for many of the nation’s first equity offerings while working at ICON Securities.

“He leaves a significant legacy and a number of monuments that would serve as evidence of his greatness well into the future.”

The Group Chief Executive Officer, NGX Group, Oscar N. Onyema, OON, said the market could take solace in the fact that Subomi led a great life and left a huge legacy that the capital market community will continue to talk about for years to come.

“Otunba ensured that he looked out for the best interests of the capital market, especially during his tenure on the Council of the Exchange years ago.”

On his part, the CIS President, Mr Oluwole Adeosun, said, “We are celebrating the life of a colossus, Otunba Subomi Balogun who was the pioneer first Vice President of our Institute. We commiserate with the family and will keep remembering his deeds in the capital market.”

Mr Bolaji Balogun, the Group CEO, Chapel Hill Denham during his remarks said, “That you still remember our father, who retired 20 years ago, speaks a lot about him and the caliber of outstanding people you are. He was very concerned about this market, the harmony of this nation, and the youth of Nigeria. I want to reassure each of you that the work we perform is essential to the growth of this nation.”

Commending the leadership of the Exchange and CIS, the Group Chief Executive, FCMB Group Plc, Mr Ladi Balogun, said this is an encouragement for the family to keep his legacy on.

“Whilst this has being a very emotional time for our family, the way our father has been honoured by the Exchange, CIS and the entire country is truly inspiring to us. It is motivating us to go further, do better and make sure that his legacy lives on. We will not be alone in doing that. We will make sure we uphold his value and seek ways together with the exchange to transform the market and the economy,” Balogun said.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

capital market

Seplat Energy recognised as Best in sustainability reporting at ICAN/NGX RegCo awards

Published

on

Seplat Energy Plc has emerged winner of the Best in Sustainability Reporting Award at the maiden Corporate Reporting Award, organised by the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Ltd (NGX RegCo).

The recognition was announced at the ICAN/NGX RegCo Awards ceremony held in Lagos. It was a platform to recognise the top 30 most capitalised companies listed on the Nigerian Exchange Ltd (NGX) for the 2022 financial reporting year.

The awards underscored ICAN and NGX RegCo’s shared commitment to fostering transparency, accountability, and international best practices within the private sector. The evaluation criteria included financial reporting, corporate governance, and sustainability reporting.

Speaking at the ceremony, the president of ICAN, Dr. Innocent Okwuosa, lauded NGX RegCo for ensuring better disclosures and reporting among listed companies.

Okwuosa noted that corporate reporting over time had evolved, as there was a shift from a primary focus on financial reporting to the increasing request to incorporate social and environmental disclosures. He stated that the latter had evolved and had been differently propagated, including but not limited to environmental, social, and governance (ESG) disclosures and late sustainability disclosures.

The ICAN boss explained that good corporate reporting must reflect the best elements of corporate governance, financial reporting, and sustainability reporting, adding that the maiden edition of the award is limited to 30 companies listed on the NGX for ease of administration but will be extended to all the listed companies in the future.

The CEO of NGX RegCo, Mr. Olufemi Shobanjo, in his address said that transparency is one of the key drivers of any economy. Shobanjo stated that transparency ensures full disclosure of information by entities and that such information is easily accessible to members of the public to make informed decisions.

The award was received by the CFO-Designate, Seplat Energy Plc, Mrs. Eleanor Adaralegbe, and the Director, External Affairs & Social Performance, Mrs. Chioma Afe.

In 2021, Seplat Energy unveiled a new corporate strategy based upon two ambitions, to Build a sustainable business and Deliver energy transition. Clearly each of these has sustainability at its heart, and each is made up of three pillars in which Seplat Energy defines its business strategy in terms of specific initiatives that promote sustainability across our business activities. “Now, for Seplat Energy, sustainability is embedded at all levels and across all operations”, Adaralegbe said whilst commending ICAN and NGX RegCo for the recognition and sustained display of professionalism.

Continue Reading

capital market

Trading ends negatively with N17bn loss on Friday

Published

on

Analysis by Nigerian NewsDirect of last week’s Friday trading has shown that the Nigerian stock market lost N17 billion at the close of trading on Friday.

This is as the All-Share Index (ASI) declined to 98,125.73 from 98,233.76 at the close of the previous trading day.

The loss was largely attributed to a value dip in Transcorp Hotel, NEM Insurance, and UPDC stocks.

The three companies shed 9.72 percent, 9.63 percent, and 9.57 percent each to close at N92.00, N8.45, and N4.25 from the initial N101.90, N9.35 and N4.70 per share respectively.

On the positive, PZ, Julius Berger, and Sterling Bank led other gainers with 9.92 percent, 9.53 percent, and 6.67 percent growth in share price to close at N21.60, N79.30, and N4.48 from the previous N19.65, N72.40, and N4.20 per share.

In terms of value, Airtel Africa recorded the highest value for the day trading stocks worth N4.25 billion in 39 deals followed by SEPLAT which traded equities worth N2.3 billion in 113 deals.

Meanwhile, the Nigerian Exchange Limited (NGX) has admitted additional 402,082,657 ordinary shares of 50 Kobo each per share of Cadbury Nigeria Plc on its platform.

This was contained in the NGX’s weekly report seen by Nigerian NewsDirect.

According to the report, the additional shares listed on NGX arose from Cadbury’s conversion of N7,036,446,501.26 intercompany loan to equity.

The statement read, “Trading Licence Holders are hereby notified that additional 402,082,657 ordinary shares of 50 Kobo each per share of Cadbury Nigeria Plc (Cadbury or the Company) were on Thursday, 16 May 2024, listed on the Daily Official List of Nigerian Exchange Limited (NGX).”

The additional shares listed on NGX arose from Cadbury’s Conversion of N7,036,446,501.26 Intercompany Loan to Equity.

With this listing of the additional 402,082,657 ordinary shares, the total issued and fully paid-up shares of Cadbury has now increased from 1,878,201,962 to 2,280,284,619 ordinary shares of 50 Kobo each.”

Continue Reading

capital market

ICAN, NGX honour Dangote Cement for excellence in corporate reporting

Published

on

Dangote Cement has been honoured with the top prize at the inaugural Corporate Reporting Award, jointly organized by the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited.

The leading cement manufacturer received the Platinum award for excelling across all three reporting categories, showcasing exemplary reporting practices that comprehensively address all relevant aspects of corporate reporting. According to the organisers, the scoring criteria involved a combination of average scoring and assessments from individual judges.

In addition to the Platinum award, Dangote Cement also clinched the Best in Class Award for Excellence in Corporate Governance, surpassing other nominees such as Access Holdings, Airtel Africa, ETI, MTN Nigeria, SEPLAT Energy, and Stanbic IBTC Holdings Plc. Airtel Africa and Seplat Energy were recognized for Financial Reporting and Sustainability Reporting, earning Gold and Silver awards respectively in the overall category.

Edward Imoedemhe, the Company Secretary/General Counsel of Dangote Cement Plc, expressed gratitude for the recognition, emphasizing the company’s dedication to corporate reporting standards. He said that the awards will serve as motivation to continually elevate performance in this area.

“We are grateful to the organisers for this honour which is a testament to our commitment to corporate reporting and best practice. We will continue to raise the bar,” he assured.

Olufemi Shobanjo, CEO of NGX Regulation Limited, highlighted the significance of the award in promoting transparency and accountability among listed companies, anticipating a positive ripple effect on both listed and private companies in Nigeria.

ICAN’s 59th President, Innocent Okwuosa, underscored the importance of corporate reporting excellence in attracting capital flows to the market. He emphasized the role of transparency in fostering investor confidence and reiterated ICAN’s commitment to promoting accountability and transparency in the private sector.

“It is generally agreed that capitals will flow to markets that foster greater transparency and this effort is aimed at this. It also re-enforces the public interest mandate of ICAN in extending accountability and transparency to the private sector,” he said.

The maiden Corporate Reporting Award recognized the top 30 most capitalized companies listed on the Nigerian Exchange Limited for the 2022 financial reporting year.

Continue Reading

Trending