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By Dipo Olowookere
The Nigerian Exchange (NGX) Limited has welcomed a new member and is BUA Foods Plc, which listed its shares by introduction on Wednesday, January 5, 2022.
The company, which is owned by billionaire businessman, Mr Abdul Samad Rabiu, has a sister organisation also listed on the local stock exchange, BUA Cement Plc.
Business Post reports that the NGX admitted a total of 18 billion ordinary shares of BUA Foods on its trading platform at a unit price of N40 under the Consumer Goods sector of NGX, with the trading symbol, BUAFOODS.
“The NGX is pleased to announce the listing by introduction of BUA Foods Plc on the main board of the exchange on Wednesday, January 5, 2022.
“A total of 18 billion ordinary shares of BUA Foods were listed at N40.00 per share under the Consumer Goods sector of NGX, with the trading symbol, BUAFOODS,” a statement from the bourse stated.
It was learned that the listing of BUA Foods’ shares expanded the market capitalisation of the platform by N720.0 billion, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
“It is expected that this listing will also increase the visibility of the food manufacturing, processing, and distribution company, BUA Foods, to investors on the African continent and across the globe,” the statement added.
NGX facilitated over N7 trillion worth of capital raises across several asset classes for both public and private corporations in 2021. As a multi-asset exchange, NGX is strategically positioned to be the preferred listing and investment destination connecting Nigeria, Africa and the world.
Business Post reports that at the close of transactions today, BUA Foods stocks appreciated by 10.00 per cent or N4.00 to settle at N44.00 per unit.
Recall that last month, in order to maintain its market leadership in the agribusiness and food processing sector, BUA Group merged its various food businesses into BUA Foods.
According to Mr Rabiu, “The restructuring will enable us to be nimbler and more responsive to the food needs of the population as we continue to build a sustainable business.”
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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng
BUA Merges Sugar, Rice, Other Businesses to BUA Foods
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By Adedapo Adesanya
Pension Fund Administrators (PFAs) are expected to submit their 2022 media campaign plan to the National Pension Commission (PenCom) on or before January 31, 2022.
The media campaign plan will detail arrangements set for the creation of awareness on the Micro Pension Plan (MPP).
First launched in 2020, the contributors in the MPP are just over 70,000, a development that moved PenCom to mandate PFAs to develop and forward an annual media campaign plan to drive subscription.
PenCom in a Framework For Enlightenment And Public Awareness For The Micro Pension Plan, sent to all pension fund administrators in the month of August 2021, said this is in line with Section 2.2 of the Circular on Service Delivery by Pension Fund Administrators.
The regulator also stated that it shall be required to develop an annual media campaign Plan for MPP on or before 31 January of each year.
PenCom noted that sequel to the release of the guidelines for the Micro Pension Plan, it identified the need to intensify public enlightenment in a sustained manner, in order to raise the level of awareness and acceptability of the MPP as a critical success factor.
It maintained that the framework spelt out the modalities for the Commission and Pension Fund Administrators to ensure effective and sustained enlightenment and public awareness drive of the MPP.
PenCom submitted that Section 2(3) of the PRA 2014 stipulates that employees of organisations with less than three employees as well as self-employed persons, shall be entitled to participate under the Scheme in accordance with Guidelines issued by the Commission, adding that Section 23 (f) of the PRA 2014 mandates the Commission to “carry out public awareness, enlightenment and education on the establishment, operations and management of the Scheme”.
The pension sector regulators said Sections 5.3.1(c) and 5.4.1(i) of the Guidelines for Micro Pension Plan 2018 stipulate that the Commission shall “create awareness by carrying out public enlightenment and education on the establishment, operations and management of MPP” and PFAs shall “conduct regular public awareness, enlightenment and education on Micro Pension Plan”, respectively.
Section 6.3.1 of the Guidelines for the Operations of Pension Fund Administrators stipulates that a PFA must obtain prior written approval of the Commission before advertising, promoting or providing information on its products and services or about its operations.
The entire material for distribution, advertising, promotion or informing the public must be submitted to the Commission for this purpose, it posited.
PenCom stated that the framework aims to achieve the following: Set minimum standards for enlightenment and public awareness on MPP and ensure adherence to best practices in Public Relations.
Ensure that PFAs set up appropriate structures to effectively carry out enlightenment and public awareness for registered and prospective Micro Pension Contributors (MPC); protect registered and prospective MPC from false and misleading information; form the basis for monitoring and evaluating the enlightenment and public awareness efforts of the Commission and PFAs on the MPP and achieve the Pension Industry’s strategic vision on expanded coverage of the CPS.
It noted that the following rules shall apply to the Commission and PFAs. PFAs shall establish a desk and appoint an officer to oversee all enlightenment and public awareness activities on the MPP in line with Section 7.1.1(i) of the Guidelines for the Micro Pension Plan, issued by the Commission.
All messages on the MPP shall be communicated in clear, explicit and easy to understand terms; the content of MPP messages shall not be false or misleading; PFAs shall, in conducting enlightenment and public awareness campaigns, comply with the Code of Ethics and Best Practices for Licensed Pension Operators issued by the Commission with emphasis on Sections 3.3 and 3.4 of the document.
All advertisements on MPP shall be in line with provisions of Section 6.0 of the Guidelines for Operations of Pension Fund Administrators, issued by the Commission and shall not violate any extant law and/or Guidelines issued by the National Broadcasting Corporation (NBC) or any other licensed body for the regulation of advertisement in Nigeria.
The Commission and PFAs shall use the most appropriate communication channels for the audience and the Commission and PFAs shall conduct impact surveys on their enlightenment and public awareness campaigns.
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By Aduragbemi Omiyale
Knowledge, they say, is power and with the changing world, it is very important to always update what someone knows so as to be well-informed, especially in the investment world.
This was the main reason Stanbic IBTC Stockbrokers, a subsidiary of Stanbic IBTC Holdings Plc, recently hosted a virtual session to enlighten Nigerians on the potentials of investing in the stock market.
The Stanbic IBTC webinar themed You Don’t Know About Stocks? Come On Now featured stockbroking experts like Afolabi Gbenro, Head, Sales Trading and Benjamin Jesumuyiwa, Head, Mandate and Settlements, both of Stanbic IBTC Stockbrokers with Tosin Olaseinde, founder of Money Africa, Jennifer Awirigwe, Certified Financial Educator and Solafunmi Oyeneye of Wealth Motley, a Personal Finance Educator as panellists.
The goal of the session was to acquaint individuals new to the stock market with basic stockbroking terms, useful stock trading tips and how to use the Stanbic IBTC stockbroking app.
Afolabi stated the importance of diversifying investments in stocks and listed factors that affect the prices of stocks as supply, demand, news, and investor sentiments.
He stated that the benefits of investing include dividend yield, capital appreciation, equity shareholder privileges and utilising investments as collateral, stressing the importance of research and advising Nigerians to conduct their own research and evaluate companies before investing.
On considerations before entering the stock market, he said, “You would need capital, investment objective, and risk profile assessment to determine the kind of investment you should venture into. You would also need to stay abreast of market updates.”
Benjamin Jesumuyiwa, Head, Mandate and Settlements, Stanbic IBTC Stockbrokers, urged Nigerians to invest in stocks to reap long term rewards.
He said: “The stock market makes it easy to buy shares of companies and they can be purchased through a broker or via online platforms. Stanbic IBTC Stockbrokers offers a discounted rate of 0.7 per cent on brokerage fees. Once you have set up an account, stocks can be purchased in minutes.”
Benjamin talked about the ease of using the Stanbic IBTC web and mobile applications platforms, stating that the platforms have been designed to allow customers to sign up themselves, with direct access to the market.
Tosin Olaseinde commended Stanbic IBTC for making stock trading accessible and affordable for Nigerians, as individuals can open a stockbroking account with zero naira.
She advised beginners to invest while gaining knowledge about the stock market and recommended Exchange Traded Funds (ETFs) as an entry point especially for people who have an aversion to high-risk investments.
She said: “As a beginner, the best place to start is the Exchange Traded Funds (ETFs). It is a mixture of different equities in one stock. It offers you the opportunity to participate in a couple of stocks without buying everything individually.”
Solafunmi Oyeneye mentioned liquidity and dividends over a long period of time as advantages of trading stocks, encouraging beginners to access the Stanbic IBTC stockbroking app through their smartphones for convenience and less paperwork.
Jennifer opined that the stock market is a good place to invest because it is highly regulated, and the risks can be easily assessed. She also recommended the Stanbic IBTC Stockbroking app for trading stocks for ease of use and speed.
The stockbroking investment series by Stanbic IBTC further reaffirms the commitment of the financial institution to equip individuals with the essential information required to make informed investment decisions.
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By Adedapo Adesanya
The federal government intends to generate N10.7 trillion as revenue in the 2022 fiscal year, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has disclosed.
Speaking during the public presentation and breakdown of the 2022 Appropriation Bill in Abuja, the Minister said this revenue target would be 32.1 per cent higher than the N8.1 trillion projected in 2021.
Debt servicing, according to the bill, is expected to gulp N3.6 trillion.
She further explained that the 2022 budget has a deficit of N6.3 trillion and will be financed from domestic, foreign, multi-lateral loans and proceed from privatisation.
A total of N2.5 trillion is expected from domestic sources and N2.5 trillion from foreign sources, with N1.1 trillion from bilateral loans and N90 billion from privatisation proceeds.
President Muhammadu Buhari had signed the 2022 Appropriation Bill of N17.126 trillion into law on Friday, December 31.
He highlighted some of the worrisome changes to the budget to include an increase in projected federal government independent revenue by N400 billion, reduction in the provision for Sinking Fund to Retire Maturing Bonds by N22 billion, and reduction of the provisions for the Non-Regular Allowances of the Nigerian Police Force and the Nigerian Navy by N15 billion and N5 billion respectively; all without any explanation.
He also expressed his reservations on the inclusion of new provisions totalling N36.59 billion for National Assembly’s projects in the Service Wide Vote, which he said negated the principles of separation of powers and financial autonomy of the legislative arm of government.
The President was also concerned about the changes to the original executive proposal in the form of new insertions, outright removals, reductions and/or increases in the amounts allocated to projects, as well as reduction of the provisions made for as many as 10,733 projects and the introduction of 6,576 new projects into the budget.
According to him, most of the projects inserted relate to matters that are basically the responsibilities of state and local governments and do not appear to have been properly conceptualised, designed, and cost.
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