Strong buying interest in NAHCO, Trans-Nationwide Express, Ecobank Transnational, Access Corporation, Daar Communications, and 39 other equities drove the rally.

Market capitalisation rose from N136.435 trillion to N139.826 trillion, a gain of N3.391 trillion or 2.49 per cent.

The All-Share Index climbed 5,266.55 points, or 2.49 per cent, to close at 217,167.57.

Year-to-date return rose to 39.56 per cent, while market breadth stayed positive with 44 gainers against 27 losers.

NAHCO and Trans-Nationwide Express led gainers, rising 10 per cent each to N220 and N6.05, respectively.

Ecobank Transnational gained 9.97 per cent to N67.30, Access Corporation rose 9.93 per cent to N29.90, while Daar Communications advanced 9.64 per cent to N1.82.

A Lagos-based market analyst said sustained buying momentum reflected improved investor sentiment and anticipation of stronger corporate earnings across the banking and industrial sectors.

Mecure led losers, falling 9.96 per cent to N60.60, followed by Honeywell Flour, down 9.52 per cent to N19, and Abbey Mortgage Bank at N8.10.

E-Tranzact dropped 9.27 per cent to N18.60, while Caverton Offshore Support Group fell 9.02 per cent to N5.55.

Total traded volume surged 115.08 per cent to 1.26 billion shares worth N54.35 billion across 56,923 deals.

Sterling Bank led volume chart with 383.85 million shares, accounting for 30.51 per cent of total trades.

Aradel topped value chart at N9.75 billion, representing 17.94 per cent of the day’s turnover.

Source: NAN

READ ALSO:

Stocks extend rally, add N3.39trn in nine-day gain

UNILAG: Shell/NNPC, partners, deliver landmark Geosciences Centre of Excellence

INTIMATE AFFAIR: Japa, marriage, sex and money

RHA: Olisa Metuh, Banire, Rahman 13 others appointed directors

FirstBank partners Ekiti on launch of Innovation Enterprise Support Fund

Lagos: Police arrest 23 suspected cult members, recover firearms

Primaries: Accord fixes nomination fees, sets April 25 deadline

NDLEA: 11 drug kingpins bag 254 years in prison

Tinubu assents to 2026 Appropriation Bill, 2025 budget extension

Meeting with Tinubu: What Renewed Hope leaders and ambassadors say

Pat Utomi: Time to take a back seat, By Temitope Ajayi

Trump says Iran war should end ‘soon’, both sides may meet at weekend  

Hijab: JAMB warns ad-hoc staff against discrimination

The post Stocks extend rally, add N3.39trn in nine-day gain appeared first on Frontpageng.

This marked the third consecutive positive rally in the week.

The positive performance was driven by sustained investor’s interest in stocks like UACN, Morison, Ecobank Transnational Incorporated, WAPIC, AXA Mansard and 18 others.

Specifically, the market capitalisation, which opened at N92.628 trillion, added 97 billion or 0.10 per cent to close at N92.725 trillion.

The All-Share Index also gained 0.10 per cent or 152.28 points, to settle at 145,476.15, against 145,323.87 recorded on Wednesday.

As a result, the Year-To-Date return increased to 41.34 per cent.

In spite of the overall positive sentiment, market breadth closed negative, with 28 losers and 23 gainers.

Eunisell Interlinked and Ellah Lakes led the losers’ chart by 10 per cent each, settling at N72.90 and N13.14 per share respectively, while Transcorp Hotel lost by 9.95 per cent, finishing at N157.50 per share.

Omatek Ventures dropped by 9.23 per cent, finishing at N1.18 and Guinea Insurance dipped by 8.46 per cent, closing at N1.19 per share.

On the other hand, UACN led the gainers’ chart by 10 per cent, ending the session at N88, Morison followed by 9.94 per cent, settling at N3.54, while Ecobank Transnational Incorporated rose by 8.53 per cent, closing at N36.90 per share.

Also, WAPIC gained by 8.47 per cent, finishing at N2.56 while AXA Mansard grew by 7.75 per cent, closing at N13.90 per share

Analysis of the market activity showed decline in the market value and volume with slight growth in deals.

A total of 1.9 billion shares valued at N19.19 billion were traded across 23,369 transactions, compared to 2.3 billion shares worth N20.97 billion exchanged in 21,513 deals earlier on Wednesday.

For the second consecutive sessions, Etransact closed with the highest volume and value, with 1.58 billion shares traded, valued at N6.37 billion.

Source: NAN

READ ALSO: 

Lagos to procure 100 new CNG compactor trucks –LAWMA MD

How we plan to promote peace, harmony across borders –Tinubu

Tinubu swears in retired Gen Christopher Musa as Defence Minister

Appeal Court affirms judgment restraining VIO from stopping, impounding vehicles

Boiling Point: Discussants to plot how Nigerian varsities can regain lost glory

Military rescues 318 kidnap victims, eliminates scores of terrorists

Ambassador-nominees Tinubu seeks Senate’s confirmation

Lassa fever: Oxford begins first human trial of new vaccine

Ambassador-nominees Tinubu seeks Senate’s confirmation

BREAKING: Tinubu increases ambassador-nominees to 65, seeks Senate confirmation

The post Stock market maintains bullish rally with N97bn gain appeared first on Frontpageng.

The forum, themed “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialization and Economic Diversification,” will take place on November 27, 2024, at the Fraiser Suites Abuja.

Established in 2018, CAIBA marked a significant milestone in fostering financial cooperation between China and Africa, comprising 16 African banks, including FirstBank, and China Development Bank, CDB, as well as ABSA Bank, West African Development Bank, Central African States Development Bank, Eastern and Southern African Trade and Development Bank, Development Bank of South Africa, Ecobank, United Bank for Africa, RawBank with the aim to enhance partnerships in various spheres, such as infrastructure interconnection, international cooperation, and cultural exchange.

This initiative was driven by the need to address the funding gap in Africa for industrialization, infrastructure, and poverty alleviation.

The CAIBA Forum which will be co-hosted by China Development Bank offers a unique opportunity for knowledge sharing, networking and deal making, for the purpose of fostering a win-win cooperation and promote joint development among member-banks.

Formerly convened only in Beijing, the Forum will now provide a unique platform to spotlight Nigeria’s pivotal role in the growing China-Africa economic relationship as the host country.

Intrinsically woven into the fabric of the society and with its extensive network across Sub-Saharan Africa, UK, and China, FirstBank provides unparalleled access to markets, to facilitate trade and investment flows between China and Africa.

Additionally, FirstBank’s expertise in financial inclusion, trade finance, corporate and investment banking positions it as an ideal partner with China Development Bank with key strengths in inclusive and sustainable financial solutions in driving this important initiative to support Chinese and African businesses.

Speaking about the forum, the CEO of FirstBank Group, Mr. Olusegun Alebiosu, said, “We are honoured to host this pivotal event that fosters dialogue and collaboration between Chinese and African financial institutions. This forum reinforces our commitment to bridging the gap between Africa and China, catalyzing economic growth and development. The selection of FirstBank as the host is a testament to our rich legacy, deep expertise in African markets, and an impressive 130-year history of empowering businesses and communities to thrive. We are proud to support the continent’s economic transformation and growth and remain dedicated to exploring the partnership opportunities this forum will bring for the mutual benefit of China and Africa.”

Participants will have the chance to engage with government officials, business leaders, and financial experts from both regions.

Expected guest speakers include His Excellency, the Vice President of Federal Republic of Nigeria, the Governor of the Central Bank of Nigeria, Minister of Trade, Industry & Investment, MD of China Development Bank, Federal Capital Territory (FCT) Minister, Governors of Lagos, Kano and Anambra States; Ambassadors from countries of CAIBA members, President and Chairman of the Board of Directors of the African Export–Import Bank, Representatives from the China-Africa Development Fund, and many industry leaders, policymakers, and experts to explore opportunities for cooperation and mutual growth.

In addition, the CAIBA Forum will feature a plenary session which include Dr. Abiodun Adedipe – Founder & Chief Consultant BAA Consult, David Ofosu-Dorte – Senior Partner, AB & David Africa, A Pan-African Law Firm, Ugo (UgoDre) Obi-Chukwu – Publisher Nairametrics, Wole Adeniyi- CEO, Stanbic IBTC, Bamidele Abu- CEO, ABSA Nigeria Capital Markets, Mrs Kouassigan Dovi Eliane Khady – Head Financial Institutions West African Development Bank (BOAD).

Other exciting line-ups include a trade exhibition, keynote speeches, and networking events that will explore the latest trends and opportunities in China-Africa cooperation.

The establishment of CAIBA is a positive development that has the potential to significantly impact the economic landscape, actively shaping economic future and fostering partnerships that drive sustainable growth and prosperity of both China and Africa.

The post FirstBank hosts inaugural China-Africa Interbank Association Forum in Abuja appeared first on Frontpageng.

Is ISO 20022 the reason banks are investing in technology upgrades?

We paid N25,000 as transfer charges for N15,000 to mobilise one of our partners in Ghana in 2004. The payment was urgent. If it did not happen then, we would lose the business. He said to wire the money through Ecobank. Then, Ecobank was the only bank in Nigeria with a presence in Ghana. Our partner would merely walk into any Ecobank branch in Ghana on the streets of Accra and cash the fund from a teller.

It was as if I had stretched a hand in Nigeria and placed the cash in his hand in Ghana. Quite interesting. However, the sacrifice was huge. Well, Ecobank held us in a stranglehold. We had no choice. We played along. The bank won. Our partner was happy. That was in the past.

On the one hand

It is easy and cheap to make such a transfer now. Many banks offer the same service. Besides, technology has simplified banking. But this has also attracted the attention of criminals who are searching for ways to bypass the laws and perpetuate their illegal activities. While cross-border payment is easy in 2024, criminals are taking advantage of this to destroy economies through money laundering.

If there were no banks, how would the drug dealers and money traffickers launder their funds? Funds would be ferried across land borders. Concealed in holdall bags in the trunks of SUVs. And dry-cleaned in the open market.

On the other hand

The existence of banks has made the trade easy for criminals. The banks have become dry cleaners for illicit funds. They launder illegitimate funds, making the funds disappear into the system. As such, the introduction of ISO 20022 Payment Standard, a common, global end-to-end standard, has come to prevent the illicit business of money laundering activity. Oh, is ISO 20022 the reason banks are investing heavily in technology upgrades?

READ ALSO: Kidnapping: Police neutralise 10, arrest nine suspects

In the long term

The Committee on Payments and Market Infrastructures (CPMI) adopted the standard to improve cross-border payments. The global adoption of the standard will end in 2025. At its March 2024 meeting, the Swift Board re-confirmed the community’s commitment to ending the coexistence period in November 2025. It emphasised that priority would go to payment instruction messages to ensure operational continuity and interoperability.

Banks around the world are migrating to ISO 20022 standard. Because corporate bodies are demanding richer, structured data to enhance their payments and reconciliation processes. Besides, the G20 is promoting the harmonised use of the standard for enhancing cross-border payments.

For instance, NIBSS has deployed the ISO 20022 payment standard. NIBSS employed a foreign company, Payment Components, to implement the global standard. Payment Components has worked with over 65 banks and financial institutions in 25 countries.

The Central Bank of Kenya (CBK) has transferred the Kenya Electronic Payment and Settlement System (KEPSS) to the ISO 20022 platform. Last month, Kenya’s banking industry regulator directed lenders, including microfinance institutions to start testing the upgraded system for messaging high-value financial transactions aimed at increasing the speed of transfers while heightening the checks against money laundering.

Kenya’s Real-Time Gross Settlement (RTGS) system is operated by CBK to process large-value and time-critical payments. It is the backbone of Kenya’s domestic and regional payment transactions.

The initiator of the standard, Swift, was founded in the 1970s, based on the ambitious and innovative vision of creating a global financial messaging service, and a common language for international financial messaging.

Swift and the Board have urged its members to reinforce their efforts to switch cross-border payment instructions to ISO 20022 in the next 18 months. It said it would continue to provide resources to support the community in achieving this important milestone.

Nicolas Stuckens, Head of ISO 20022 Adoption, and Data Quality at Swift explained that the standard helps the banks to reduce friction, enhance straight-through processing (STP), and better reconciliation.

The ISO20022 Standard will enhance interoperability between domestic and international payment systems, facilitating easier cross-border transactions, and increasing the ease of doing business globally.

In the short term

As a bank customer, what was your experience during this technology upgrade?

*Olaegbe (psalmsonolaegbe@gmail.com)

The post Cross-border payments, money laundering, and dry cleaners appeared first on Frontpageng.

The debt, according to the bank, is N8,701,770,328.83.

At the commencement of hearing on Monday, counsel to Ecobank, Mr. Dapo Akinosun, SAN, from the Law Firm of Simmons Cooper Partners told the trial judge, Justice Yellin Bogoro, that the matter was slated for hearing.

He further informed the court that the bank had 111 exhibits attached to the process, adding that he had discussed with the defence counsel, Mr. Oyetola Oshobi SAN, on the need to align all the exhibits in order to agree on which of them to be tendered together and those that would be objected to in order to save the time of the court.

The defence counsel, Oshobi, SAN, aligned himself with Akinosun’s submission.

Consequently, both counsel asked for a short adjournment to enable them reconcile the documents and Justice Bogoro adjourned the matter till March 17th and 30th for commencement of trial.

The crux of the matter was as a result of $15 million credit facility granted by Ecobank to Vigeo Nigeria Limited for the acquisition of a motor tug boat known as ‘Lady Margret’ now ‘Vigeo Olufunke’ from a company in Norway.

Ecobank claimed that by a duly executed offer of Multiple Credit Facilities dated April 10, 2007 the bank approved the grant of $15 million and $1,750,000.00  respectively in favour of Vigeo Nigeria Limited.

The bank stated that by another duly executed offer of Multiple Credit Facility dated April 10, 2007, the bank in three tranches granted to Vigeo the sum of N200 million, N750 million and N350 million respectively for the purpose of working capital and import duty payments with a tenor of 12 months (renewable annually) at the interest rate of 16 per cent per annum.

According to the bank, the first defendant, Vigeo secured facilities 1,2 & 3 with a lien on shares of blue chips companies estimated at N500 million to be whare-housed with the plaintiff, receipt of irrevocable domiciliation of contract proceeds from Oil majors in favour of the bank  and stocks of goods valued at N150 million.

The plaintiff added that in accordance with the security requirement under the credit facility, dated April 10, 2007 (Dollar Facility), the second defendant, Victor Osibodu executed a personal guarantee and a duly notarized statement of Net worth dated August 16, 2007, the statement of Net worth provides particulars of his personal assets worth N2,002,400,000.00 for the security of the loan sums in the event that he defaults in the repayment of the loan.

According to the plaintiff, in fulfilment of the personal guarantee by Osibodu, the Central Securities Clearing System, CSCS, by a letter of October 30, 2007 confirmed the placement of lien on 25,083,612 units of GTB shares belonging to Osibodu.

On July 9, 2008 the 2nd defendant resolved at its board meeting to request for an additional facility of US$ 2, 000,000.00 to finance the dry dock maintenance of the vessel.

Upon consideration of the 2nd Defendant’s request, the Plaintiff made an offer in principle indicating the terms and conditions of the said offer of $2,000,000.00.

The security of the $2,000, 000 loan includes amongst others an irrevocable domiciliation of Charter contract proceeds from Knock Allan Pte or their Norminee, the new chatterers of the vessel as well as domiciliation of Charter contract proceeds from SNEPCO.

The plaintiff added that despite 2nd defendant’s loan obligations, the board of his company at a meeting of May 3, 2009 requested for additional facility of $1million for the purpose of completing the life extension programme of the vessel MV Vigeo Olufunke.

Due to the inability of the defendants to meet their repayment obligations, the bank on several occasions restructured the facilities yet they could not meet up with the prepayment terms.

Consequently, by a letter dated June 27, 2014 the bank informed the defendants that it’s account had remained non-performing as Osibodu had failed to meet the agreed term.

However, after several meetings between the plaintiff and the defendants over the indebtedness, Ecobank by a letter dated September 2, 2014 informed Vigeo that it current indebtedness stood at N798,202,164.28; $13,547,854.4 as at June 25, 2013 and additional $4,263.24.

Consequently, Ecobank  is asking for court declaration that the defendants are indebted to it in the sum of $16,886,665.04 and N862, 061, 492.63 being the sum outstanding as at 1st of December 2016 with interest accruing at the agreed interest rate.

The bank is also asking for an order awarding post-judgement on the sum, at the rate of 20 per cent per annum until the final liquidation of the debt.

The plaintiff is also asking the court for an order of forfeiture of Vigeo house, 6 Osborne Road, Ikoyi Lagos valued at N800 million as at August 2007, an order of forfeiture of 16A Milverton Road, Ikoyi worth N700 million.

“An order granting the Plaintiff ownership, control, disposition and/or lien rights (until and to the extent and purpose of full realization of the sums) in the event that the properties identified are still insufficient to liquidate the 1st and 2nd Defendants’ debt.

1.”All shares held in any companies by the 1st and 2nd Defendants within the Federal Republic of Nigeria

2. “Cash at hand or cash held in any Bank and/or financial institutions in Nigeria standing to the credit of the first and second defendants among others and general and exceptional damages in the sum of N100 million.”

However, Vigeo in its statement of defence stated that Ecobank Transnational Incorporated did not acquire defunct Oceanic Bank International Plc at all, contesting that any purported acquisition is void, illegal and unenforceable in law.

It stated that there was no merger of defunct Oceanic Bank with the plaintiff and no valid or legal merger adding that the purported merger was illegal and void in law and did not comply with all requisite statutory requirements and due process of law.

The defendants also stated that Ecobank was not the successor-in-title or successor-in-interest of defunct Oceanic Bank and the rights, assets and liabilities of Oceanic Bank are not vested in Ecobank.

The post Ecobank drags Vigeo, Osibodu to court over alleged N8.7bn debt appeared first on Frontpageng.

The partnership will undertake a campaign which will tap into JA’s vast online community, comprising over one million young social media followers spread across Africa.

It will educate and mobilise over 600,000+ young people with financial literacy knowledge, as part of Ecobank’s Junior Savers initiative which in part seeks to grow financial inclusion for young Africans using Ecobank’s mobile/digital resources.

The purpose of the online campaign is to empower potential and existing Junior Savers account holders with the requisite financial literacy knowledge to understand and begin to build a culture of savings as part of their personal financial habits.

The campaign targets youth groups, online influencers and communities with knowledge of some basic financial concepts.

“The Ecobank Group is committed to building financial literacy and money management skills amongst the youth as they transition into Africa’s productive workforce,” said Nana Araba Abban, Group Consumer Banking Head at Ecobank Transnational Incorporated.

“Our collaboration with JA Africa will enable us positively impact young citizens who are our investment in the future of the continent.”

The value for customers will be expanded to include financial literacy concepts: earning, budgeting, spending and banking.

The campaign will involve participants advancing progressively through the four concepts.

JA Africa will launch the campaign to reach different youth groups in Ghana, Kenya, Nigeria, Cote d’Ivoire and Senegal through all its media outlets over a period of three years.

Speaking about the programme, JA Africa’s CEO, Elizabeth Elango Bintliff, said, “This partnership with the Ecobank Group reinforces both JA Africa’s and the banking group’s commitment to financial literacy and inclusion for all Africans, especially the youth.

“We believe in educating a new generation of leaders with the knowledge they need to navigate their economic futures while giving them the tools to succeed.”

Africa’s youth today are growing up in a new financial world where technology plays a big role in their lives.

This partnership will go a long way to reach and influence behaviour of millions of unbanked young people on the African continent by giving them the requisite financial literacy skills to become financially informed adults in the future.

According to the World Bank 2018 report, young Africans are less likely to have a bank account than adults on the continent.

At the same time, they are more likely to have a mobile phone, engage with friends and be aware of digital channels.

Current technology channels, especially social and digital media, provide the avenue to reach and engage young people at scale.

The campaign therefore seeks to leverage technology to achieve its goals.

The post Ecobank, JA Africa partner to promote youth’s financial literacy skills appeared first on Frontpageng.

The second virtual workshop facilitated by McKinsey on June 11, 2020 provided an opportunity to reaffirm the importance of sustaining market access and strengthening capabilities for MSMEs.

During the session, high level representatives from the African Union Commission, regional development banks, development financial institutions, international organisations and commercial banks from the continent, agreed to put in place the AUDA-NEPAD “100,000 MSMEs by 2021” programme.

MSMEs is said to require collective resources to secure and create new jobs on the African continent.

As such, the AUDA-NEPAD MSME programme will have five pillars: (1) AUDA MSME Academy, (2) MSME Financing Support Programme, (3) MSME Marketplace, (4) MSME Micro-health insurance Scheme and (5) MSME digital platform.

The five pillars are designed to ensure that MSMEs across the continent are supported to become more resilient, improve their market access and take advantage of technology to tap into the African market of 1.3 billion consumers and leverage the Africa Continental Free Trade Agreement.

AUDA-NEPAD Chief Executive Officer, Dr. Ibrahim Assane Mayaki, commended the contribution of all the Financial Institutions, Development Partners and other Stakeholders who participated in designing the “100,000 MSMEs by 2021” programme.

He emphasized the need for all actors to work together and support the private sector in Africa, in order to protect employment and to create the 440 million jobs the continent will need by 2030.

Ade Ayeyemi, Ecobank Group CEO reiterated Ecobank’s commitment to the initiative and specifically confirmed its support in building the digital platform, developing content for the MSME Academy and participating in lending to African MSMEs.

Governments have committed to support MSMEs at the national level.

The AUDA-NEPAD programme will pool African resources, capabilities, financing, market access and technology, to help achieve a continental response to MSMEs.

The post AUDA-NEPAD, Ecobank committing resources to MSMEs in Africa appeared first on Frontpageng.

An agreement has been signed to that effect.

“Many innocent lives continue to be lost in Africa simply as a result of insufficient investment in disaster preparedness. Many of the natural hazards that take place do not need to become major disasters when a population is prepared and able to respond adequately. We need to address the underlying causes of this vulnerability, including lack of funding to equip communities with required systems and skills,” said Dr Fatoumata Nafo-Traoré, IFRC’s Regional Director for Africa.

The growing gap between funds needed by humanitarian groups and funds available to them is a major cause of communities’ vulnerability to disasters.

It is on this account that Ecobank is partnering with National Red Cross and Red Crescent Societies in Africa to secure resources for their local first aid volunteers.

“Ecobank will leverage its innovative technology to fundraise across Africa in an effort to mobilise capital to help narrow the funding gap. Through our Ecobank Mobile App, we will be able to support the Red Cross and Red Crescent’s domestic fundraising efforts,” said Sam Adjei, Regional Executive, Central, Eastern and Southern Africa (CESA) and Ecobank Kenya’s Managing Director.

A first project is already being rolled out in Ghana where Ecobank is launching a digital public fundraising campaign.

A unique QR code (a type of bar code used to access information through your mobile phone) has been created and displayed in branches, making donating easy and immediate.

“Transforming Africa is the principle on which Ecobank has built its business,” added Sam Adjei.

“Today, we are present in 33 countries across the continent. That scale is what creates impact and determines how well we take our continent to the next level in a sustainable way.”

Training will be another key pillar of the partnership, as IFRC will work with the Ecobank Academy, a pan-African corporate university based in Lomé, Togo.

IFRC’s staff members will participate in a number of customised programmes to enhance their management skills.

As part of the agreement Ecobank employees will also be given the opportunity to attend First Aid training sessions, enabling them to save lives during every day emergencies and disasters.

Ecobank Tanzania will be the first Ecobank affiliate to roll out a first aid training course for its staff.

“Supporting Africa’s most vulnerable by investing in local humanitarian organisations is not only cost-effective but it also ensures long-term and sustainable results. Local humanitarian actors make a difference every day in their own communities. They respond to crises quickly, providing assistance that is culturally appropriate,” said Dr Nafo-Traoré.

The post Ecobank, IFRC collaborate to empower communities appeared first on Frontpageng.