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NSE, J. Streicher Advisory Partner on Capacity Building for Market Makers

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The Nigerian Stock Exchange (NSE) in partnership with J. STREICHER Advisory LLC, one of the top NYSE Designated Market Maker organized training for NSE Market Makers and at The Stock Exchange Building in Lagos in the third week in January. 

The three-day training which was informed by the realization that the operations of any organization are better run where proper structures and processes are put in place, was aimed at enhancing the knowledge of the trading industry, orders and order properties, market structures, order driven markets, informed traders and market efficiency, order anticipators, bluffers and market manipulation, market making tools, risk management, best practices, technology amongst others. 

Mr. Dipo Omotoso, Head, Product Management of The Nigerian Stock Exchange, said that the training is to give NSE Market Makers an enhanced and broadened knowledge of market making with a glimpse of how it is done in other jurisdictions. 

“Global best practice has made it imperative for Capital Market Operators to be adequately informed and educated about the importance of market making to enable them institute high ethical values for the benefit of investors, their stakeholders and the communities in which they operate” explained Omotoso. 

It was revealed by Mr. Thomas Brown the CEO of J. Streicher & Co. that Market Makers in general add liquidity to the market depth and continuity of the bourse will improve with this training and will benefit listed companies and investors. 

Feedback from the participants was quite encouraging as some of those interviewed expressed their pleasure at the Nigerian bourse’s training initiative. “I think this training is a very good one, the skills they’re teaching us today and in the next few days is to ensure that brokers here can understand the importance of Market Making and how they can go about it” noted Chief Executive Officer, Partnership Investment Plc, Mr. Victor Ogiemwonyi.  

Mr. Biodun Adeniran, Head, Risk & Compliance of Vetiva Capital Management Limited, also gave his approval for the training by stating that he saw the training as an opportunity for our people to sharpen their skills, especially the capital market operators and those that are involved in market making operations. “This clearly helps in broadening the scope in terms of the market knowledge that happens in other parts of the world where the players are on top of the game.” Adeniran added. 

It can be recalled that The NSE introduced Market Making in April 2012 as one of the initiatives designed to facilitate market recovery. Since the introduction of market-making program, there has been a general restoration of investor’s confidence in the Nigerian Capital Market.

The Market has witnessed increase liquidity in market making stocks and also given rise to increased market participation rates by local investors. 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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