Friday, August 01, 2014 17.16 PM / SSS
The Nigerian capital market continues to build up momentum incrementally in several service quality areas, despite obvious limitations/challenges in achieving a wholesome change as desired.
In the month of January, we witnessed no IPO’s nor were any plans announced of such for the rest of the year and the absence of primary activity(ies) resonated loudly, acting as a reminder of the challenges that lay ahead. Whilst other markets have started picking up, ours is yet to build traction and the reasons for this are both convoluted and clear for discerning members of the investment community.
In this edition of The Nigerian Capital Market Service, we incorporate new market related information to ensure that this ‘compendium’ delivers a coverage that helps the tracking of innovation, development, confidence index and service levels in the market.
Some of the key inclusions include; updates on IPO’s, Hybrid Offer, Rights Issue, Memorandum Listing, Merger & Acquisition, Supplementary Listing and Change of Names that have taken place in the market so far in the year.
Also, The Nigerian Stock Exchange received The Securities & Exchange Commission’s (SEC) approval for rule changes. These are Amendments to Rules Governing Dealing Members; Trading Halts Due to Extraordinary Market Volatility; Rules Governing Compliance Officers’ Appointment & Responsibilities; Rules Relating to Board Meetings and AGMs; Rules Governing Transactions with Related Parties; and NSE’s Amendments to Listing Rules.
Also, NSE notifies of new draft rules and amendments with an invitation for comments as the draft rules are subject to SEC’s approval. These draft rules are; Draft Rules on Listing of Nigerian Depository Receipts; Draft Rules on Listing on the Premium Board of the Exchange; and Rules and Regulations Governing Dealing Members.
The Securities and Exchange Commission itself equally released new guidelines covering: Disclosure Requirements for Exploration and Production (E&P) Companies; Rules Relating to Complaints Management Framework of the Nigerian Capital Market; and Rule on Net Capital Requirement Calculation for Broker/Dealers.
The July 2014 SSS Quality Report provides a snapshot and aide memoire of these developments and key tracking milestones the investing public should be aware of.
Do feel free to share your opinions/observations and feedback with us vide firstname.lastname@example.org
One thing that should impress readers going forward is how these interventions of ours retain its focus on the investing public and the future market now upon us.
Other information in the report includes:
Innovations in the market,
New funds and investment products in the market
New Listings and De-Listings
Initial Public Offer
Merger & Acquisition
Change of Names
Capital Market Operators Capital Base Compliance
ASeM Market update
Market Compliance; and
Registrars’ website review