Author Archives: Shalom

Flourmills To Commences N39.9bn Rights Issue

By Nse Anthony-Uko (Sundiata Finance) – Flour Mills of Nigeria (FMN) Plc at the weekend said it would be raising an additional capital of N39.9 billion through its existing shareholders. Following the receipt of shareholders’ approval in May 2015 to raise additional capital through rights issue, the company had received clearance of the issue documents from the Securities and Exchange ...

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Legacy Pension Restructures Amidst FCMB Takeover

By Nse Anthony-Uko (Sundiata Finance) – Following the recent acquisition of 60 per cent stake in Legacy Pension Managers by First City Monument Bank (FCMB) Group, bringing its interest in the company to 88 per cent, the Pension Fund Administration (PFA) is now restructuring its management to reflect the interest of the new investor. To this end, the management appointed ...

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Fitch Forecast Lower Profitability For Nigerian Banks This Year

By Nse Anthony-Uko (Sundiata Finance) — Fitch, a global credit rating agency, has predicted negative outlook for Nigerian banks this year over continued fragility in the operating environment, stating that they may find it more difficult to sustain profitability given the decline in net Treasury Bill (T-bill) issuance in first quarter of 2018 issuance programme. Coupon rates on T-Bill and ...

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FMDQ Achieves N130trn Turnover In 11 Months

10 dealing members account for N93.36trn By Nse Anthony-Uko (Sundiata Finance) — FMDQ OTC Securities Exchange recorded a turnover of N130.17 trillion in the first 11 months of 2017. With average exchange rate of N317.24 per dollar, the 11-month turnover stood at $410.32 billion. Average daily turnover stood at N565.96 billion or $1.78 billion during the 230-day trading session The ...

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Nigeria’s NSE Gains 41.3%, Emerges World’s 3rd Best In 2017

By Nse Anthony-Uko (Sundiata Finance) – The Nigerian Stock Exchange (NSE) has emerged as the world third best performing stock market for 2017 among major global stock exchanges. Its 41.30 per cent year to date return (YTD) as of Friday- last closing day of the year is behind Argentina’s Buenos Aires Stock Exchange Merval Index (+77.2% year-to date), and Turkey’s ...

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NSE Lists FGN $300m Diaspora Bond, $3bn Eurobonds On Platform

FG restates commitment to reduce cost of debt By Nse Anthony-Uko (Sundiata Post) – The Nigerian Stock Exchange (NSE) has admitted the FGN 30 year $1.5 billion Euro Bond, FGN 10 year $1.5 billion Euro Bond and FGN five year $300 million Diaspora Bond on its daily official list of the Exchange. Also, the Debt Management Office (DMO) stated that ...

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ISTF Earmarks 100m Euro Support for Cotton in Cameroun

YAOUNDE, (Sundiata Finance) — The International Islamic Trade Finance Corporation (ITFC) (, a member of the Islamic Development Bank (IDB) Group (, signed a EUR 100 million syndicated agreement with the Government of Cameroon and Sodecoton as the Executing Agency for the export of cotton and the import of agricultural inputs. The Agreement was signed by HE Louis Paul Motaze, ...

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Dangote Sells $350m Stake In Cement Firm To Foreign Investor

(Sundiata Finance) – Dangote Cement on Monday sold 550 million shares worth $350 million at N225.7 each to the African Fun of a foreign investment company, in a one-stock market deal. The deal was between seller Meristem Stockbrokers Ltd standing as an intermediary for Dangote and buyer CSL Stockbrokers Ltd who also stood as an intermediary for an African fund ...

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Equities Market Loses N170bn

By Nse Anthony-Uko (Sundiata Finance) — The Nigerian Stock Excgange (NSE)equities market, Monday lost N170 billion, beginning the week in the red. In summary, the All Share Index (ASI) shed 478.12 absolute points, representing a decline of 1.24 per cent to close at 37,957.96 points. However, the market capitalisation shed N170 billion to close at N13.508 trillion. The downturn was ...

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