Proshare Logo
   Market Date: 23-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

House makes U-turn, endorses First Inland BankâÃÃ

Category: Capital Market

  Read (890)
House makes U-turn, endorses First Inland BankâÃÃ

January 18, 2008/Punch


The National Assembly on Wednesday made a U-turn on its earlier directive halting banks from raising more funds through initial public offering.


The Chairman, House Committee on Capital Markets, Hon. Ahmed Wadada, said in Abuja that financial institutions should only access funds through initial public offers.


Wadada, who had in recent past ordered banks to halt the rush for funds through the capital market, said that the House’s decision was only against banks seeking funds through repeated public offerings.


“What the House has done is to stop public offerings by the banks. However, those that are going to seek funds through initial public offering are not affected by this decision,†Wadada said during the investors’ forum organised by First Inland Bank.


An initial public offering is the first sale of stock by a private company to the public.


“Once a company is listed, subsequent stocks sold to the public are known as public offering.â€ÂÂÂÂÂ


The House decision to stop banks from raising funds from the capital market, last week sparked anger among bankers.


The Bankers’ Committee, on Friday last week said the National Assembly had no power to stop banks or other companies from raising money through the capital market.


“Any company or bank in the capital market could raise money, so long as the regulatory requirements that guided the rights of such institutions to do so were met,†the Managing Director, Spring Bank, Dr. Suleiman Ndanusa, told The Punch.


But Wadada said the House had the powers to oversee the activities in the capital market in the interest of the nation.


He endorsed the IPO of First Inland Bank, stressing that the offer was an opportunity for Nigerians to create wealth.


“I have gone through the prospectus and I am convinced that the bank is one that Nigerians can invest in,†he said.




He reiterated the House confidence in the Nigerian capital market, stressing that the First Inland Bank’s offer was without contentions.


Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Capital Market

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014