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NGX Hints at Revolutionalising Market with ETF Listings

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NGX: Transactions maintain bearish trend with 0.0% loss

 

The Nigerian capital market is poised for major activities with up to four Exchange Traded Fund (ETF) listings in the pipeline.

 

Chief Executive Officer, Nigerian Exchange Limited (NGX), Temi Popoola made the disclosure on Wednesday in Lagos at the ETF conference themed “ETFs in the Nigerian Capital Market: Opportunities and Challenges.”

 

According to him, the NGX is leading the ETFs market in West Africa with a market capitalisation of N8.87bn ($19.25m). The CEO pointed out that the market was still in its nascent state, compared to the South African ETF market with a $7.11bn capitalization.

 

He said, “There has been a dearth of new ETFs listings on the NGX in recent years, however, there are bright spots on the horizon with four new ETFs listings in the pipeline.

 

“It is incumbent to state that current macro-economic challenges resulting in the exit of Foreign Investors, impacted the ETFs space which resulted in a sharp dip in the ETFs market Cap from 2020 highs of N24.5bn. We are hopeful that the policy tilt of the new administration would impact positively on our market.”

 

In the same vein, Executive Commissioner, Operations, Securities and Exchanges Commission (SEC), Dayo Obisan, touched on the challenges in the market but expressed confidence in the ability of experts to proffer solutions.

 

He urged all stakeholders including the Fund Managers Association, NGX, and other institutional investors to extend the message of ETFs in order to deepen the market and make the asset class more vibrant, thereby driving growth in the capital market.

 

On his part, Executive Director, Central Securities and Clearing System (CSCS) Plc, Adeyinka Shonekan, spoke on the clearing house’s developmental efforts in the ETFs market.

 

He maintained that the CSCS was using technology to improve the onboarding of retail investors into ETFs.

 

“CSCS has been driving the initiative to reduce the settlement cycle from T+3 to T+2 or T+1 and we have been engaging stakeholders to make sure we make this a reality,” he added.

 

Similarly, Manager, Business Development and Exchange Traded Products, Johannesburg Stock Exchange, (JSE), Adele Hattingh, gave an overview of the South African ETFs market including why investors should consider investing in the asset class.

 

During the panel session, capital market experts further addressed the opportunities and challenges of the market, with liquidity as a central topic of discussion.

 

Prominent among those who featured were President, FMAN, Aigbovbiose Aig-Imoukuede, and CEO, Stanbic IBTC Asset Managers, Oladele Sotubo.

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JUST IN: Kanu Blasts FG, Calls Lawyer Terrorist In Open Court

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Embattled leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, appeared to have lost his cool at the Federal High Court in Abuja, which led to verbal attacks on the government’s legal team.

This followed the court turning down his bail application on Monday, despite its coming with several options for the court to look into.

A visibly angry Kanu, who had been in detention on allegations of treasonable felony, for about three years, called the prosecution counsel, Gboyega Awomolo, a terrorist and dishonest man.

The court had turned town Kanu’s plea for bail or transfer him from the custody of the Department of State Services (DSS) to the correctional service.

Another option that Kanu placed before the court was to place him under house arrest.

The presiding judge, Binta Nyako, turned down Kanu’s bail application in its entirety.

In the opinion of the Justice Nyako, the only option available to Kanu was to take the matter before the appellate court.

However, Justice Nyako ordered the DSS to consistently grant Kanu access to his legal team. She ruled that this should not exceed five people on every visiting day.

She ordered that Kanu must be given “a clean place” to consult with his lawyers at the DSS detention facility, adding that the IPOB leader must be granted access to a doctor of his choice.

Justice Nyako also cautioned that any attempt by Kanu’s legal team to file similar applications before the court would be regarded as a gross abuse of the judicial process.

In Kanu’s reaction to the ruling, he accused the Nigerian Government of violating the constitution and other international treaties following his forceful rendition to Nigeria.

In his words, “My lord, you said in your earlier ruling that you will not grant me bail until you make a determination about the reason for my disappearance. But you have not done so.

“At this stage, I am of the opinion that you can’t try me without first looking into that.”

On what sounded like an attempt to explain his ‘disappearance’, Kanu pointed out that “The criminals came to my house to kill me!

“I don’t understand why my trial must be conducted contrary to the provisions of the Constitution of the Federal Republic of Nigeria. This is the law of Nigeria as of today.

“This court is in violation of the laws of Nigeria. Section 2(3)(f) of the Terrorism (Prevention and Prohibition) Act, 2022, is very clear.”

It was at this point that Awomolo interjected, urging Kanu’s legal team to call him to order.

This led to the unthinkable as Kanu turned to Awomolo and tore him to shreds with his tongue.

“This man is a terrorist for conducting a trial in violation of an international treaty that Nigeria entered into. Once a treaty is entered into and signed, it becomes a law.” Kanu told the court.

On the entire court process, Kanu expressed the opinion that no court Nigeria was competent to try him.

A visibly angry Kanu, who brandished books including what many believed included the Nigerian constitution and other treaties said, “They are all terrorists! No court can try me in Nigeria. Anything done in violation of any treaty entered into by Nigeria is an act of terrorism.”

Turning to the prosecution counsel again, Kanu, said, “This man here is a terrorist as at today. He is a dishonest man! You are a terrorist! Who the hell are you? Follow what the law says.

“I have been in detention for over three years. You are the Chairman of the Body of Benchers and you are violating the laws of this country.”

A visibly shocked Awomolo, a Senior Advocate of Nigeria (SAN), said that he was not angry about Kanu’s outburst.

“I am not a terrorist and I am not provoked by the action of the defendant. It is understandable. He is only being emotional,” he said.

The matter was adjourned to June 19 and 20 for continuation.

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UK Intensifies War Against Air Peace

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It appears that Air Peace’s foray into profitable global routes would continue to attract warfare from numerous sources.

Recall that in what seemed like price war, many international airlines tweaked their flight rates to Nigeria southward, following the entry of Air Peace into the global arena, particularly the United Kingdom and the United States routes.

Now, barely three months after Air Peace commenced the Lagos-London route, the United Kingdom Civil Aviation Authority (UKCAA) has formally reported the airline to the Nigerian Civil Aviation Authority (NCAA) for violation of some aviation safety regulations.

It was gathered that two mandatory occurrence reports on Air Peace had been sent to the UKCAA, which in turn forwarded the complaints to the NCAA.

The UKCAA’s covering letter conveying the complaint to the NCAA was entitled, ‘United Kingdom SAFA Ramp Inspection Report with reference number: CAA-UK, -2024-0217’ and ‘NATS Management System Safety Report.’

In a swift reaction, the NCAA has formally demanded explanations and clarifications from Air Peace over the complaints.

The letter, dated May 14, 2024, with reference number: NCAA/DOLTS/APL/Vol.11/03624 was titled, “United Kingdom SAFA Ramp Inspection Report.

General Manager of Operations, NCAA, Capt. O.O. Lawani, signed the letter to Air Peace.

According to the letter, the NCAA averred that the UKCAA had called its attention to the no operational approval of Electronic Flight Bag functions affecting the safe operation of the aircraft, while adding that the captain of the flight admitted that an Electronic Flight Bag was being used for navigational purposes.

The NCAA also pointed out that UKCAA stated in its letter that there was “no mounting device for the use of EFB, no charging points or battery for backup.”

Biztellers reports that Air Peace recently commenced operation to London Gatwick from the Murtala Muhammed International Airport, Lagos under the Bilateral Air Services Agreement, which Nigeria has with the UK.

Air Peace is yet to make its position on the matter public.

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Nigeria’s Adekeye Emerges Chairperson, APPO Training Directors

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Nigeria’s Folashade Adekeye has emerged as the Chairperson, Forum of the Directors of Oil & Gas Training & Vocational Education Institutes of the African Petroleum Producers Organization (APPO).

Biztellers reports that Adekeye, the Director, NNPC Academy, took over from Abdelkader Guenone, the Managing Director of the Algerian Petroleum Institute (API), during the second meeting of the Forum, in Abuja, at the weekend.

At the moment, Adekeye heads the NNPC’s oil and gas training arm, brings into the role over 30 years of experience, and is expected to work with her colleagues from APPO Member Countries in order to foster more collaboration towards addressing the challenges of competences, skill gaps, infrastructure, and poor funding in the organization’s training institutions.

Earlier in his keynote address at the opening ceremony of the meeting, the Group Chief Executive Officer of NNPC Ltd., Mele Kyari, represented by Inuwa Danladi, Executive Vice President (Business Services), emphasized the importance of a standardized educational and training approach to meet the changing demands of the oil and gas industry.

Also in his keynote address, APPO’s Secretary General, Dr. Omar Farouk Ibrahim, charged the Member Countries to work towards further enhancing collaborative efforts to establish Oil & Gas Centres of Excellence across the African continent.

Dr. Ibrahim, also from Nigeria, said having good knowledge of the Forum’s challenges would enable APPO Member Countries to make recommendations and provide solutions in areas such as Oil & Gas project funding, technology adoption, and the formation of Africa Energy Bank.

He concluded that such collaboration by all member countries will guarantee Africa’s energy accessibility, affordability and sustainability, which overall, will strengthen her economies and bring prosperity to its citizens.

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