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The Nigerian Capital Market Witnessed the Emergence of Its First Central Counterparty

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The Nigerian Capital Market on Thursday, December 9, 2021, witnessed a monumental milestone as NG Clearing limited, the first Central Counterparty in West Africa, formally launched her operations.

The launch of NG Clearing as a CCP means that exchange-traded derivatives are now a possibility in the Nigerian Capital market.

As a Financial Market Infrastructure (FMI), NG Clearing facilitates the clearing and settlement of exchange-traded derivatives, management of counterparty risk, reduction of systemic risk, and promotion of the safety and integrity of Nigeria’s capital market.

This opens new and clear opportunities for investors, stakeholders, and other players in Nigeria’s capital market.

The event was hybrid, and it had a mix of high-profile physical and virtual participants. The Secretary-General to the Government of the Federation, Mr. Boss Mustapha was represented by Mr. Paul Kanu.

The Governor of Lagos State was also represented by Mrs. Alake Sanusi. The legislative arm of the Nigerian Government was represented by Honorable Babangida Ibrahim, The Chairman, House Committee on Capital Markets.

The Governor of Edo State, Mr. Godwin Obaseki, The Honourable Minister of Finance, Mrs. Zainab Ahmed, The Honorable Minister of Trade, Industry and Investment Otunba Adebayo Adeniyi, The Director-General of the SEC, Dr. Lamido Yuguda, The Deputy Governor, Financial Systems Stability Directorate, Mrs. Aisha Ahmad and Mr. Tony Elumelu CON, the Chairman of Heirs Holdings all participated virtually with speeches and special remarks.

In his opening speech, the Managing Director and Chief Executive Officer of NG Clearing Limited, Mr. Tapas Das expressed delight as he stressed the monumental significance of NG Clearing’s launch for the Nigerian Capital Market.

He linked the emergence of NG Clearing to the maturity of the Nigerian financial ecosystem stating that “With Nigeria’s capital market maturing into offering advanced capital market products such as futures derivatives, it is only ideal to establish a CCP, in line with global best practices.

“The emergence of NG Clearing is not only an indication of our collective growth as a market but also a marker of the forward-looking intent of the Nigerian capital market”.

He went on to describe the company’s vision as well as the depth of capacity in place to ensure NG Clearing delivers on its vision. He explained that “Our vision is to become Africa’s most trusted CCP.

“With this vision in mind, we have left no stone unturned in ensuring that we offer world-class infrastructure, transparent and resilient processes, with an experienced team of worthy professionals.”

Mr. Oscar N Onyema OON, the chairman of NG Clearing chronicled the origin of the NG Clearing dream in his address. He stated that “The NG Clearing dream was borne out of a firm commitment to position the Nigerian capital market as a stable and resilient market that offers local and foreign investors sound opportunities without compromising global standards.

On this premise, we took steps to identify the gaps that inhibit our market from attaining this positioning. One of the gaps we identified was the absence of the financial market infrastructure known as a CCP.” He also noted that having a CCP is key to the realization of the Nigerian Capital Market master plan.

The Minister of Finance, Dr. (Mrs.) Zainab Shamsuna Ahmed noted that NG Clearing’s emergence will contribute to the post-covid-19 recovery of the Nigerian Economy. She also mentioned that “a door of new possibilities has been opened for growth and development of the Nigerian economy”.

In a similar vein, the minister of Trade, Industry, and Investment, Otunba Adebayo Adeniyi opined that “NG Clearing emergence redefines Nigeria’s financial landscape, creating endless possibilities for products that can be developed and deployed”.

Dr. Lamido Yuguda, the Director-General of the Securities and Exchange Commission, asserted that the launch of NG Clearing as a CCP is historic for the Nigerian Capital Market.

In his words, “the services of NG Clearing will help in deepening the market while placing it on the right path to achieving the required sophistication, depth, and breadth in terms of products and service offerings.”

He went on to note that the SEC will continue to deliver on its mandate of ensuring the Nigerian capital market is safe, orderly, and built on integrity.

Mrs. Aisha Ahmad, the CBN Deputy Governor, Financial Systems Stability Directorate, gave special remarks. She extensively detailed the important roles of NG Clearing in driving stability in the ecosystem. She also stressed the need to adopt sustainable approaches that contribute to the combating of climate change.

The governor of Lagos State, H.E Babajide Sanwo-Olu as well as the Governor of Edo State, H.E Godwin Obaseki profusely congratulated the Board and Management of NG clearing on the laudable feat of establishing the first CCP in West Africa.

At the event, there was a virtual in-depth panel session on how NG Clearing as a CCP will contribute to the resilience of Nigeria’s Financial System. The session had Teo Floor, CEO of CCP12 (the Global Association of Central Counterparties), Alicia Greenwood, CEO of JSE Clear (South Africa), Narendra Ahlawat, CEO of Multi Commodity Exchange Clearing Corporation (MCXCCL, India), Uche Orji, CEO of the Nigeria Sovereign Investment Authority (NSIA), and Ayodeji Balogun, CEO of AFEX Commodities.

Having been incorporated in 2016 and having also gotten the Securities and Exchange Commission’s nod to begin operations in June 2021, the launch of NG clearing culminates a long journey towards the creation of a world-class- post-trade services provider with a focus on advanced capital market offerings.

The event was streamed live on zoom and YouTube, you can watch the replay with this link https://bit.ly/NG-ClearingLaunchReplay


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E-Financial

Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs

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The sixteenth season of DiamondXtra, a savings and reward account where customers of Access Bank are rewarded with several prizes, have been unveiled in Lagos.

Access Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs

 L – R : Doris Okpara, Product Manager, DiamondXtra; Ngozi Igboanugo, Regional sales Manager Festac 1&2 & mainland Access Bank; Bolarinwa Animashaun, Regional Sales Director Lagos 2 Access Bank ; Emeka Ezikeugo, Diamondxtra N200,000 Onsite winner; and Adaeze Ume, Head Consumer liabilities, Access Bank during the launch of Diamondxtra Season 16 held at Alaba International Market Lagos yesterday.

The Season 16th of the special interest yielding hybrid account which allows deposit of both cash and third-party cheques has been upgraded as customers will win prizes to the value of N200 million and three SUVs, amongs other mouthwatering prizes.

Speaking at the unveiling in Alaba International Market, Lagos, Mr Bolarinwa Animashaun, regional sales director, Lagos, said the new season will bring more goodies to the customers as the bank has taken their interest at heart.

“In the last fifteen years, we have been able to ensure customer loyalty, reward committed customers over time and show that we are a bank that is ready to empower people and partner with people.

“If I take it into specific figures, we have rewarded 26,696 customers and we’ve given a total sum of N6.5 billion over the period.

This Season16is interesting, because, we have seen a lot of opportunities to expand into digital opportunities and this time around, we will be rewarding 15,786 customers, and 10,000 of them will be digitally rewarded.

“This is almost half of what we have done over the last 15 years. So that is what is making it special. We have takenit into the possibilities of how technology can expand our business and reward customers”.

The draws for the new season are going to be the same like the previous ones as it will be held in different regions.

“So, we start from the monthly draws, quarterly draws and the annual draws. What makes it extremely interesting this year is that we will be rewarding with up to N200 million in prizes and we have added some very interesting gifts. We will be given out three SUVs as part of the N200 million price for this year”, Animashaun added.

At the unveiling, Access Bank conducted onsite draws where 48 customers who have DiamondXtra accounts and were present at the unveiling won cash prizes ranging from N20,000 to N200,000.

Breakdown shows 40 customers won N20,000 each, five customers won N50,000, two customers won N100,000, while one customer went home with N200,000.

Among winners of the N20,000 prize was Mr Victor Edobor, who said he opened the DiamondXtra accounts 24-hours before the draws.

One of the two winners of the N100,000 prize, Mrs. Maureen Nneka Oforka, said she was surprised to have won at the well-attended event as that was her first time winning any prize.

She said, “I have never won any prize in my life. This is my first. I came here reluctantly and thank God, I am here and I am a winner of N100,000 which has already been paid into my account.

The grand prize winner of N200,000, Mr. Emeka Ezikeugo, a trader in Alaba, said. “I will forever be grateful to Access Bank for the prize as I was not expecting it. I thank the bank for showing leadership among its peers”.

To be part of the winning train and qualify for the DiamondXtra season 16 which is open to both new and existing customers, new customers are required to open a DiamondXtra savings account with just N5,000 by dialling *901*5# or walking into one of our branches to open the account.

However, the more multiples of N5,000 both new and old customers save, the higher their chances of winning at the monthly, quarterly and annual draws.

DiamondXtra is an interest yielding hybrid account which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The DiamondXtra reward scheme has given away over N6.5 billion in cash and household items to over 15,000 loyal customers over the last 15years.  Please click HERE to learn more.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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Lafarge Africa Launches Girls-in-Tech Programme to Empower Women Innovators

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Recognising the underrepresentation of women in the technology sector, Lafarge Africa Plc, has launched the Girls in Tech Program, a pioneering initiative aimed at empowering young women in technology.

Meticulously crafted to bridge the gender gap in tech and empower 10 young females between the ages of 18-25 years from Lafarge Africa Host communities in Cross River State, the program is poised to make a significant impact in the region.

The Girls in Tech Program seeks to harness the unique talents of these young women and introduce them to the dynamic world of technology. By providing them with essential skills and opportunities, the initiative aspires to equip them to become self-reliant as well as problem solvers in society.

In collaboration with Aptech and Arena Multimedia,globally recognized leaders in technology incubation and opportunity, as well as The Bridge Leadership Foundation, the boot camp promises to be a transformative experience for the participating girls, who are eager to make their mark in the tech industry.

Speaking during the onboarding to flag-off in Calabar recently, the Plant Manager, Lafarge Africa Plc, Sotirios Valsamakis, who was represented by the Human Resources Business Partner, Lafarge Africa Plc; Barong Ita, revealed that the program was in line with the company’s commitment to diversity and inclusion.

She also added that the initiative is designed to ignite a spark of inspiration, hope, and possibilities in the heart of the selected girls across the host communities.

“As an organization, people are an integral part of our sustainability drive, and we are invested in building lasting progress by empowering members of our host communities. We also recognize the need for greater and greener diversity and inclusivity within the tech sector.”

Today’s event is not just about launching a program. It is about igniting a spark of inspiration, hope, and possibilities in the hearts of these young women. It is about challenging stereotypes.”

Also speaking at the event, the Cross Rivers State Commissioner for Science, Innovation & Technology, Justin Beshel represented by Edwin Adie, Technical Senior Advisor, Cross Rivers State Ministry of Science & Technology commended Lafarge Africa for the initiative adding that it is in line with the State government’s plan towards science, technology and innovation development.


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Hydrogen, CCHub Partner to Encourage Fintech Startup Success

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As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading Fintech startup, Hydrogen Payment Services Limited (‘Hydrogen’), has teamed up with Co-creation Hub (‘CcHub’) to host an insightful event themed, ‘Adapting Fintech Business Models to Economic Climes’.

The event, set to take place on Thursday, April 18, 2024, from 12:00 WAT at the CcHub office in Sabo, Lagos, will delve deep into the intricacies of Nigeria’s economic challenges and how these influence the fintech ecosystem.

Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.

This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the Fintech space amidst economic uncertainties.

By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.

Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB: “Our alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in Nigeria’s fintech sector.

“By leveraging Hydrogen’s technological expertise alongside CcHUB’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.”

The event will feature a distinguished panel of industry experts and thought leaders, including, Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen, and Miracle Ezechi, Digital Marketing Manager, Hydrogen.

The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in Nigeria’s Fintech landscape amidst economic challenges.


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