BusinessDay 26 Feb 2018

Monday 26 February 2018
C002D5556 BUSINESS DAY
23
Live @ The Stock Exchange
Top Gainers/Losers as at Friday 23 February 2018 Market Statistics as at Friday 23 February 2018
GAINERS
Company Opening Closing Change
NB N122.9 N130 7.1
CAP N35 N38 3
INTBREW N55.95 N57 1.05
GUARANTY N48 N48.6 0.6
DANGSUGAR N21.35 N21.7 0.35
LOSERS
Company Opening Closing Change
CCNN N17.7 N16.85 -0.85
CAVERTON N2.52 N2.4 -0.12
CONTINSURE N1.58 N1.51 -0.07
UBA N13 N12.95 -0.05
TRANSCORP N2.15 N2.11 -0.04
ASI (Points) 42,570.89
DEALS (Numbers) 4,356.00
VOLUME (Numbers) 308,429,272.00
VALUE (N billion) 6.402
MARKET CAP (N Trn 15.277
Shareholders fault CBN on banks’ eligibility for dividend payments
Stories by
Iheanyi Nwachukwu
Shareholders in Nigeria’s
capital market
under the umbrella
of Pragmatic Shareholders
Association
of Nigeria (PSAN) faulted the
Central Bank of Nigeria (CBN)
recent directive to banks on
eligibility for dividend payments.
Early last week, stakeholders
and investors in the Nigerian
financial market woke to a
frenzy following the release of
a circular by the Central Bank
of Nigeria (CBN) titled “Re:
Internal Capital Generation
and Dividend Payout Ratio”.
CBN in the circular to
banks updated its policy on
internal capital generation
and retention policy for Nigerian
banks. In addition to
the existing guidelines, an
additional clause was set for
banks’ eligibility for dividend
payments.
Rising from an emergency
meeting last Friday at its Ogun
State headquarters, the shareholders
who discussed the
development among other
things issued a communiqué
saying that “the policy
directive of CBN which shortcircuits
domestic investors’
paltry returns on their investments
remains a major
setback and disincentive
towards sustainable internal
economic growth.”
Meanwhile, in the communiqué
signed by its
national coordinator, Bisi
Bakare, the shareholders
accused CBN of “playing
the class game in most of
their policies”, stressing that
“outright barring of challenged
banks from paying
dividends amounts to shifting
the blames to minority
shareholders”.
Not only that the shareholders
urged the National
Assembly to intervene and
protect the domestic investing
public by calling CBN
to order in what they called
“kill joy policy directive”, the
shareholders also threatened
to challenge the action of the
CBN in the nation’s courts “if
the apex bank refuse to rescind
the policy directive barring
challenged banks from paying
dividends”.
“The contentious banks’
bad loans are failure pointers
and collapsing state of the
national financial regulatory
institutions in the proactive
management of the economy”,
the shareholders said. They
also blamed the Securities and
Exchange Commission (SEC)
“for abandoning and reneging
in their corporate responsibilities
towards investors.”
“The current focus on
shareholders dividend toward
bridging bank bad loans will
not only impact negatively in
the nation’s capital market
but create an added impetus
for individuals and corporate
concerns to consciously default
in their loan obligations”,
the shareholders said .
Eagle Global Markets naira platform pushes competitors into catch-up mood
The revolution Nigerians
expected in
trading global markets
is finally in place
through the Naira Platform
provided by one of Africa’s
most innovative Financial
Technology (FINTECH) Companies,
Eagle Global Markets
(EGM).
EGM, which added the
Naira Cloudtrade Platform
to its existing US Dollar MT4
platform has succeeded in
enabling traders access to
over 1000 global markets financial
products using our
local currency.
As a leading pan African
brand, EGM provides opportunity
for its clients to access
global financial markets. The
Naira Platform of this multiasset
derivative firm is the
latest of its game changers
seen to force its competitors
into a catch-up mood.
“We have two platforms:
the Naira Cloudtrade and
then the US Dollar MT4 which
is the only one other players
in the industry offer to
their clients,” Gbite Oduneye,
Co-Founder, Eagle Global
Markets said while taking
some investment journalists
through the rudiments of
trading global markets.
Ranging from interna-
tional equities, commodities,
indices and currency
pairs, traders can through
EGM naira platform access
over 1000 financial products
across the world. This
includes derivatives of companies
such as Facebook,
Google and Snapchat; as
well as commodities such as
Crude Oil, Gold and Silver.
Global market watchers
had two weeks ago seen one
of largest drops in the history
of the Dow Jones as well as
a rise followed by a drop in
Gbite Oduneye, co-founder (L) and Temitayo Sanusi,
director, operations, all of Eagle Global Markets (EGM)
during the press briefing on trading global markets by EGM.
The Nigerian Stock
Exchange (NSE)
and The Convention
on Business
Integrity (CBi) held a certification
ceremony for 35
companies and 437 directors
that made it over the
70percent threshold for the
Corporate Governance Rating
System (CGRS) process.
The companies were
awarded the CGRS certification
while the directors
were awarded certificates
for success in the Fiduciary
Awareness Certification
Test (FACT), which is a key
component of the CGRS.
Yemi Osinbajo, Vice
President, Federal Republic
of Nigeria who was represented
by Chiedu Osakwe,
an ambassador who is also
the Nigeria Chief Trade Negotiator/Director
General
Office of Trade Negotiation
delivered the closing remarks.
The event saw the successful
companies and
directors presented with
certificates confirming their
CGRS certifications.
Speaking at the event,
Soji Apampa, Co-Founder
oil prices.
“In times gone by, this will
constitute engaging conversation
but now one could
generate an income from taking
advantage of these moves
from the comfort of your mobile
phone with Naira. EGM
makes the investing World a
much smaller place by breaking
down barriers, making it
possible for Nigerians to trade
1000s of financial products
with Naira”, he said.
As one of Africa’s most
innovative financial technology
companies, providing
opportunities for
its clients to make money
from trading 1000s of financial
products with
Naira, no doubt EGM has
now become preferred
global local broker.
Oduneye said, “We have
experienced account managers
who guide our clients.
We are one of the most innovative
financial technology
(Fintech) companies in
Africa. We offer tight spreads,
Mobile apps: Android and
Apple; and Fast Trade Execution.
Our clients are at the
heart of our business and we
provide the best client management
in the industry”.
“In less than two years
we have grown our clientelle
base considerably from a
mere 500 to 5000 and still
counting. This is driven by
our commitment to professionally
advise and educate
of our clients. Education is
at the heart of our business,
we offer free seminars in
our Ikoyi office as well as
our EGM Academy in Ikeja.
We are looking to open in
Ibadan in the next quarter
of this year,” Oduneye said.
“We enable clients diversify
their portfolios by taking
advantage of opportunities
NSE, CBI recognise 437 individuals, 35 companies for
passing corporate governance rating assessment
and Chief Executive Officer,
CBi said “this is a triumph
for collective action in the
fight against corruption and
unethical practices. I congratulate
the companies and
directors being honoured
and I urge them not to relent
in their efforts to sustain the
high level of corporate governance
that has brought
them thus far”.
He noted that the celebration
was not a destination
but a continuous process
that should be consistently
maintained and further improved
upon. “I encourage
other listed companies still
on this evolutionary process
to keep at it and conclude
the process during this new
review period which is now
open,” he added.
Another highlight of the
event was the launch of the
Corporate Governance Index
of the NSE. The Index will
track the performance of the
35 CGRS rated companies
using their market capitalization,
free float and corporate
that exist in Global Markets.
We enable Nigerians earn
extra income and provide
jobs for our Introductory
brokers. We offer the highest
level of compliance with our
Financial Conduct Authority
(FCA) regulated Technology
partners. We hold all clients
funds in segregated accounts”,
he further said.
“Our plan is to revolutionize
the sector so that
global market traders get
value in what they are doing.
Now they have seen that it
is possible to invest or trade
any of the tradable 1000
financial instruments across
the world with our local
currency,” Oduneye noted.
Eagle Global Markets not
only makes trading global
markets more accessible but
also address issues such as a
local currency risk and having
to contract with foreign
entities. EGM sets out to
ensure that online trading
becomes Nigerian run for
the Nigerian people. EGM
educates and nurtures its
clients into confident selfdirected
traders who want
the freedom the company’s
multi asset, multi device
trading platform delivers.
Also speaking at the event,
Temitayo Sanusi, Director
governance rating scores.
The Index will be reviewed
on a bi-annual basis
at which point other companies
that have become
CGRS rated in the interim
may be added to the Index
or companies that have had
their ratings suspended or
withdrawn may be removed.
The Index is expected to be
an important tool for investors
keen on investing in well
governed companies as well
as corporates eager to distinguish
themselves on the
ground of governance.
Speaking on the newly
introduced Index, Oscar
N. Onyema, CEO, Nigerian
Stock Exchange said, “The
launch of the CG Index is
an important milestone to
strengthening listed companies
by tracking their
corporate governance practices.
This index will increase
transparency in our market
and provide investors additional
data points upon
which to make sound decisions.”
Operations, at EGM said,
“We are constantly working
towards the highest level of
compliance possible, ensuring
proper due diligence is
always carried out and Know
Your Customers (KYCs) is
adhered to”.
Barbara Awodu Aleshe,
Sales Manager, EGM said,
“We guide our clients through
the market by providing the
highest level of customer care
and back office support.”
Education is very important
in trading global markets.
The emotions, sensations or
psychology of trading are very
important and go a long way
in determining success.
In trading global markets,
trading psychology and training
are what most brokers do
not impact on their clients.
“We have one of the best
education facilities in the
country. Education is at the
heart of what we do, we offer
free courses at our office in
Ikoyi and Trading academy
in Ikeja to all levels of traders.
From clients that have
never traded before to expert
traders.
We equipped them so
they can earn from global
markets whilst they sleep”,
said Yetunde Shogo, another
sales manager at EGM.