The outgoing Acting Director-General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, Thursday, presented her scorecard, stating that under her leadership, the register of capital market operators was sanitized.
In a statement in Abuja, SEC stated that the cleaning up exercise of the records of registered market operators, embarked upon under the management of Uduk, led to the cancellation of registration of 84 inactive operators, as well as giving 94 others a pre-notice of cancellation of their registration.
The commission further noted that since steering the affairs of SEC as Acting Director-General, Uduk had introduced a number of strategic initiatives including: development of the Roadmap for a vibrant Commodities Trading Ecosystem, and ongoing implementation of same; collaboration with the Nigerian Educational Research and Development Council (NERDC) on the infusion of capital market studies into the curriculum of basic and senior secondary schools.
These were revealed in a document obtained in Abuja, detailing the various strides of SEC under Uduk.
The document added that SEC had similarly been engaged in the formulation of rules on Green Bonds to promote issuance of debt instruments for financing of projects with positive environmental impact.
It said, “Similarly, the SEC has revealed that with over 70 per cent of its ten-year plan (2015-2025) initiatives already started, the plan has the potential to facilitate the implementation of the nation’s economic agenda.”
The document explained that the SEC is guided by a ten-year (2015 to 2025) Capital Market Master Plan which is a collective vision for the capital market and the role it should play in positioning the capital market for an accelerated development of the national economy.
The Plan, according to the document, was built around the four strategic themes of driving and facilitating capital raising for sustainable national development and transformation of Nigeria’s priority economic sectors, thereby effectively contributing to the national economy and aligning market structure to requirements of the economy as well as increase scale, size and professionalism of all stakeholders.
The plan, the document noted, was also aimed at ensuring competitiveness by establishing practices to improve transparency, efficiency and liquidity and to attract sustainable interest in the capital market from domestic as well as foreign investors and participants as well as creating an enabling and facilitative oversight and regulatory framework supportive of the deepening and development of the Nigerian capital market.
According to the document, “Following rigorous verification by accounting firms, the Commission was able to release the list of compliant operators.
“It also began cleaning up the records of registered market operators, especially by giving 94 inactive CMOs pre-notice of cancellation of their registration while registration of 84 of them was cancelled.”
The document explained further that in order to achieve the Master Plan initiatives, certain laws needed to be reviewed, adding, “therefore, a conference was held in conjunction with the National Assembly to look at the legal challenges facing the Nigerian capital market.
“This culminated in the setting up of three (3) law review committees to review relevant laws such as the Investments and Securities Act (ISA), Companies and Allied Matters Act (CAMA), Trustee Investment Act, Warehouse Receipt Bill etc.
“The interim reports of the committees were exposed to the market for comments. The resulting documents formed the capital market consensus on the status of the review of the laws.”
Continuing, the document said, “In order to strengthen the collaboration and integration of Capital Markets across the region, SEC Nigeria along with SEC Ghana and Conseil Régional de L’Epargne Publique et des Marchés Financiers (CREPMF) continued to promote integration through the West African Securities Regulators Association (WASRA)”.
Customers to Access up N3m in New UBA Credit Card, Flexible Repayment Plans
United Bank for Africa (UBA) Plc, Pan African financial institution, has introduced the new UBA Naira Credit Card to its teeming customers in fulfilment of its promise to ease accessibility to funds and improve the overall standard of living.
With the new UBA Naira Credit Card, customers whose salary accounts have been domiciled with the bank for a minimum of three months and are employees of corporates under UBA’s approved counterparty list with minimum net monthly income of N250,000 are in for a stress-free business and personal lifestyle.
They will be qualified to access up to N3m credit, with extremely flexible repayment plans of as low as 10% of their monthly outstanding due.
Specifically, these customers aged between 18 and 57years who apply for the UBA credit card will also enjoy easy access to funds with a revolving line of credit and up to 45 days interest free credit, flexible repayment options; amazing discounts at select merchant locations including Restaurants, Boutiques, among other mouth-watering benefits.
The UBA credit card also allow ATM withdrawals in Nigeria or abroad wherever the Visa logo is displayed while allowing ease of payment of goods and services locally and Internationally on POS/WEB terminals where the Visa logo is displayed.
Sampson Aneke, group head, Digital Banking, UBA, said that as a bank that is interested in the welfare of Nigerians, UBA is always on the forefront of developing products and services aimed at creating wealth, easing living conditions and meeting the needs of its customers all over the world.
He said, “At UBA, we recognise that access to credit is fundamental to the creation of wealth and value in the economy. Unfortunately, the country has been challenged in this regard with only about 2% of the population presently having access to bank loans.
“It is in addressing these developmental and household challenges that the bank has in recent times developed and introduced a number of unique lending products to the market, with the latest being the innovative UBA credit card.”
Aneke who spoke glowingly about all the benefits that the banks’ customers stand to enjoy from the credit card explained that the UBA Credit card is currently available as Visa Gold card with a card limit of between N75,000 to N1,000,000 and Visa Platinum card with a limit of between N1,000,001 to N3,000,000 and can be used locally and internationally at any ATM or POS outlet which has the Visa logo, WEB (online), and POS terminals.
“There is an interest free period of 45 days on POS/Web transactions provided 100% repayment is made on the repayment due date and customers are entitled to 30% (annualized) of their monthly salary as credit card limit subject to the existing Debt Service Ratio (DSR). The monthly repayment cycle will run from the 15th of every month to the 15th of the next month and the credit card statement showing transactions details within the period and the amount due for repayment will be sent to the cardholders’ registered email address,” Aneke said.
He explained that to get the card, customers can walk into any UBA branch or visit the bank’s website at www.ubagroup.com to download the credit card application form, fill it and submit to the Customer Service Officer at any UBA branch nationwide.
United Bank for Africa is a leading pan-African financial institution offering banking services to more than twenty million customers globally.
With footprint in 20 African countries and presence globally in the United Kingdom, the USA and France,
UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross border payments and remittances, trade finance and ancillary banking services.
Access Bank in Discussion For Acquisition Of Zambian Bank
Access Bank Plc has entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc on the acquisition of Cavmont Bank Limited.
In a regulatory filing at the Nigerian Stock Exchange (NSE), Access Bank said the discussions bothered on a potential transaction between Access Bank Zambia and Cavmont Bank Limited, a wholly owned subsidiary of Cavmont Capital.
“The potential transaction relates to the sale of 100 per cent of Cavmont Capital’s interest in Cavmont Bank to Access Bank Zambia. There can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement”.
According to Access Bank, the completion of a transaction would be subject to formal regulatory approvals.
“Access Bank will update the market as appropriate and in accordance with its’ disclosure obligations,” it said.
Accordingly, shareholders are advised to exercise caution when dealing in Access Banks securities until a full announcement is made.
Record US COVID-19 Cases Can’t Halt the Equity Rally
By Hussein Sayed, Chief Market Strategist at FXTM
Equity markets have pushed higher in Asia following an impressive last hour rally on Wall Street yesterday. The record daily increase in US COVID-19 infections and the sharp rise in deaths has proved no barrier to the bulls. Rises in Apple and Amazon stocks sent the Nasdaq Composite to a new record high of 10,492, while the S&P 500 and Dow Jones Industrial Average advanced 0.78% and 0.68% respectively.
The current environment has led to the closure of the $2.8 billion Lansdowne Partners’ flagship equity long/short hedge fund. The lack of short winning strategies may even force more hedge funds to follow Lansdowne’s footsteps. The stimulus-driven market has made life for long/short strategies extremely difficult as relying on traditional valuation metrics to find short opportunities have failed throughout the latest bull market, and even throughout much of the previous 12 years since the Great Financial Crisis.
Fundamentals and valuations appear to be of limited influence on investor’s decision making. The fear of missing out, or “FOMO”, monetary and fiscal policy actions, low yields, lower interest rates for longer, are some of the factors that have led to this structural change in markets. If the Fed can keep zombie companies alive by keeping the lending taps open, why wouldn’t investors profit from these actions? However, the Fed cannot keep running these measures forever, and for many corporates relying on debt to stay afloat, sooner or later they will fail if they can’t return to profitability.
As always there is the good and the bad news. Depending on where investors put more weight is what drives asset prices and that is what leads to extreme highs and lows. Looking at where US stocks stand at the moment, it seems lots of the good news is already priced in. So even if bulls decide to keep pushing higher, the upside is likely to be limited from current levels unless we learn that an effective vaccine will hit the markets before year end and will be available for most of the population. If investors truly believed that the economy was returning to pre-pandemic levels soon, Gold wouldn’t be standing today at 9-year high, so it’s evident that investors who are participating in this risk-on rally are also hedging their positions by adding safe havens for their safety net.
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