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NGX Group stays committed to highest level of corporate governance

NGX Group stays committed to highest level of corporate governance

Business, Capital Market, Corporate Stories
Nigerian Exchange Group Plc (NGX Group) said it remains committed to the highest level of corporate governance with the overriding interest of maximising value for its shareholders. NGX Group noted this in its September 20 response official to media reports following the release of the Company’s notice for its upcoming annual general meeting.In the response signed by Mojisola Adeola, company secretary, the NGX Group said: “While it is the Company’s practice to refrain from commenting on frivolous and malicious rumours, we believe it is in the interest of the investing public to correct the errors/misstatements in recent media reports following the release of the Company’s notice for its upcoming annual general meeting. Note that its Audited Financial Statements for the year ended 2021 wer...
NGX Group releases dividend policy

NGX Group releases dividend policy

Business, Capital Market, Corporate Stories, Uncategorized
Nigerian Exchange Group (NGX Group) Plc has stated that it will continue to ensure that its shareholders received mouthwatering returns on their investments even as it released its dividend policy.  The policy document which was approved by the board of directors of NGX Group Plc and published on the company’s website was formulated in accordance with the Laws of the Federal Republic of Nigeria, investment and tax legislations, Codes of Corporate Governance, as well as internationally recognized best practices and principles. Nigerian Exchange Group House “NGX Group, through its Dividend Policy, seeks to guarantee shareholder rights especially as it relates to return on investment. The policy is developed to address issues relating to the determination and payment of dividen...
Accelerex Establishes N20bn ($48mm) Bond Programme; Successfully Issues First Tranche of N2.3bn ($5.5mm)

Accelerex Establishes N20bn ($48mm) Bond Programme; Successfully Issues First Tranche of N2.3bn ($5.5mm)

Business, Capital Market, Corporate Stories
The issuance attracted participation from a broad array of institutional investors, including local pension funds, insurance companies and asset managers Accelerex Holdings (www.GlobalAccelerex.com), Mauritius (the “Company”) today announced that its Nigerian subsidiary, Global Accelerex Limited, has registered a N20bn bond program, and successfully issued a 5-year senior unsecured bond of N2.3bn via a special purpose vehicle (Accelerex Funding SPV PLC). FBN Quest Limited, Renaissance Securities Limited, Greenwich Merchant Bank Limited and Nova Bank Limited acted as Arrangers. The Bond is rated BBB+ (Stable Outlook) by Global Credit Ratings (GCR) and Bbb+ (Stable Outlook) by Agusto & Co. and is listed on the FMDQ Exchange. The issuance attracted participation from a broad ar...

FSDH Capital leads Shelter Afrique’s successful Debut N46 billion Bond Issuance

Business, Capital Market
FSDH Capital Limited, the investment banking and securities trading subsidiary of FSDH Group, has demonstrated its capital raising credentials by leading the successful financial close of the N46 billion (US$110.7 million) Series 1 Fixed Rate Senior Unsecured Bond Issuance in Nigeria's capital market under the N200 billion (US$481.3 million) bond issuance programme for Shelter Afrique. Shelter Afrique, the pan-African development finance institution exclusively dedicated to providing affordable and adequate housing finance across Africa was established by African governments to address the need for a sustainable housing delivery system and related infrastructure projects in Africa. Its shareholders include 44 African countries, the African Development Bank, the African R...
BUA Foods Plc Engages Stakeholders Through NGX Facts Behind the Listing

BUA Foods Plc Engages Stakeholders Through NGX Facts Behind the Listing

Agriculture, Business, Capital Market
Nigerian Exchange Limited (NGX or The Exchange) started the year off with the listing by introduction of BUA Foods Plc on the Main Board of The Exchange. In keeping with its practice of intimating stakeholders with details of notable transactions such as these, NGX hosted the Management of BUA Foods to a virtual Facts Behind the Listing and Closing Gong Ceremony on Tuesday, 18 January 2022.   Speaking at the event, Chief Executive Officer, NGX, Mr. Temi Popoola, commended BUA Foods Plc for taking the bold step to join its subsidiary company, BUA Cement, as a publicity listed company on The Exchange. He further stated, “The listing of BUA Foods Plc on The Exchange reaffirms the confidence that leading Nigerian corporates have in NGX as the partner of choice for raising capital and enabl...
Opportunities for Africa in electric vehicle market

Opportunities for Africa in electric vehicle market

Business, Capital Market, Innovation
From the Cape to Cairo, green tech startups are leading Africa’s charge towards electric mobility, a critical intervention in the fight against climate change driven by a global tide in the use of electric vehicles (EVs). However, the continent’s shift to electric mobility lags behind Europe, the US and China, the global frontrunners in electric mobility.  South Africa sold only 92 battery electric vehicles (BEVs) in 2020, down from 154 in 2019, representing 0.02% of domestic vehicle sales. Hybrid sales declined from 253 units in 2019 to 232 units in 2020.  Nonetheless, several countries are developing comprehensive policy frameworks to catalyse the transition and adoption of electric mobility.  Momentum is anticipated to escalate especially after the European Unio...
Zimbabwe Tycoon Used State Ties to Hide Assets, Report Says

Zimbabwe Tycoon Used State Ties to Hide Assets, Report Says

Capital Market, Economy
Zimbabwean tycoon Kudakwashe Tagwirei used connections with government leaders and central bank officials to gain access to hard currency and shield assets from the U.S. Treasury, according to a report by a private anti-corruption group. Tagwirei, who was sanctioned by the U.S. in 2020 for corruption, “appears to have the ability to contact senior civilian officials in Zimbabwe at short notice, particularly at the Reserve Bank of Zimbabwe,” said the report by The Sentry, the Washington, D.C.-based organization co-founded by the actor and director George Clooney. Such access “raises the possibility of state capture, when the public realm -- particularly regulatory, legal, and public policy decision-making -- has been influenced to benefit private interests,” it sai...
FBNH tasks investors on professional advice

FBNH tasks investors on professional advice

Business, Capital Market, Corporate Stories
FBN Holdings (FBNH) Plc has advised investors in the country’s capital market to seek financial advice from professionals when making investment decisions to maximise returns. The Chief Financial Officer of FBNH, Oyewale Ariyibi, said this at a knowledge-sharing session with journalists at the weekend. Ariyibi said financial advisers would help investors to identify the fundamental stocks to invest in to maximise returns on investment. “As an investor, investing in the financial market is not gamble or betting, you need a financial adviser for investment decision. “You should invest money you don’t need immediate use, invest for medium and long-term, also invest in stocks that have good fundamentals for capital gains,” Ariyibi said. Speaking on the theme: ‘Understanding Fin...
Tanzania: African Development Bank Group signs loan agreements for $140 million to increase power generation

Tanzania: African Development Bank Group signs loan agreements for $140 million to increase power generation

Agriculture, Capital Market, Finance
The funds will be used to construct the plant and an evacuation transmission line, as well as to add 4,250 rural electrification connections The African Development Bank Group (AfDB.org) and the Government of Tanzania have signed loan agreements totalling $140 million to finance the construction of the 50-megawatt Malagarasi hydropower plant in Western Tanzania. The agreements cover a $120 million sovereign loan from the Bank and $20 million from the Africa Growing Together Fund (AGTF), administered by the Bank. Emmanuel M. Tutuba, Permanent Secretary at the Tanzania Ministry of Finance and Planning, and Nnenna Nwabufo, Director General of the Bank Group’s East Africa Regional Development and Business Delivery Office, signed the agreements. The funds will be used to construct the...
African crypto exchange, Quidax raises 7,772 BNB on worst day of crypto

African crypto exchange, Quidax raises 7,772 BNB on worst day of crypto

Capital Market, Economy, Finance
On what could be tagged as the worst day of crypto this year, African-founded exchange, Quidax, raised over 7,772 BNB from the public sale of its token, QDX. The crypto market suffered its first major dip in 2021 on Thursday May 19, 2021 with Bitcoin dropping as low as $30,000 from highs of $64,000. In spite of this, the public sale of QDX sold out in less than 48 hours. Recently, Quidax announced that it had processed over $3 billion in transaction volume since its launch in 2018 with over 400,000 customers across 72 countries. In the announcement, Quidax also shared a shift from its African-focused strategy to becoming the global home of BEP20 tokens. Next Steps for QuidaxOn Friday, the exchange revealed that $QDX will be listed on its platform and DeFi platform, JulSwap...

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