Nigeria Stock Exchange suspends 11 companies due to reoccurring​ violations

The NSE requires all listed companies to report their earnings on time and follow regulations in other to protect investors money. These companies violated the exchange policies, as a result, their shares have been suspended from trading.

The list of eleven which included seven insurance companies and four others appear to have been found wanting in certain respects and The Exchange moved to wield the big stick.

The companies are Conoil Plc, Guinea Insurance Plc, Lasaco Assurance Plc, Niger Insurance Plc, Goldlink Insurance Plc, FTN Cocoa Processors Plc, Universal Insurance Plc, R.T. Briscoe (Nigeria) Plc, Royal Exchange Plc, and Resort Savings & Loans Plc.

According to Mr Godstime Iwenekhai, NSE Head, Listings Regulation Department, “

“If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) Send to the Issuer a “Second Filing Deficiency Notification” within two business days after the end of the Cure Period.

“The exchange will after the Cure suspend trading in the Issuer’s securities, and notify the Securities and Exchange Commission and the market within 24 hours of the suspension.

“In accordance with the rules set forth above, the suspension of the above-listed companies will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange”.

Femi Otedola sold controlling shares in Forte Oil to focus on power generating plant.

The chairman of Forte Oil, Femi Otedola a farewell message to his successor. “A few years ago, my team and I embarked on an arduous task of transforming a moribund petroleum marketing business, African Petroleum Plc (formerly British Petroleum) into Forte Oil Plc; a leading integrated solutions provider with solid footprints in downstream petroleum marketing, Upstream Services and Power Generation and one in which we built intrinsic value to the benefits of our shareholders. In line with my principle of business focus, we have divested from our marketing and upstream businesses and shall from now on focus and consolidate on the gains of our power generation business, Geregu Power Plc. We wish our successors the very best and urge them to build on our legacies which have been established since 1964 🙏🏿 …F.Ote💲”, he said.

The plan to sell his control shares of Forte oil began in December 2018. He sold his stake to focus on the recently acquired Amperion power distribution company.

Amperion Power plant was acquired for $132 million dollars. It has 414 megawatt power plant and Femi Otedola want to be a leader in the power industry.

According to Forbes “Publicly traded Forte Oil made the announcement on Monday in a press release signed by the company’s General Counsel, Akinleye Olagbende.

“Forte Oil Plc hereby notifies the Nigerian Stock Exchange, Securities and Exchange Commission, shareholders and the investing community that its majority shareholder, Mr Femi Otedola, has reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest of his full 75 per cent direct and indirect shareholding in the company’s downstream business,”.

Airtel Africa looking to raise ​$750 m via IPO through London Stock Exchange

Airtel Africa telecommunication company is planning to go public and the company will list on the London Stock Exchange.

“The offer is targeted to raise $750 million (plus primary greenshoe option of up to 15 percent) and will be used to reduce net debt,” Bharti Airtel said in a regulatory filing.

It added that Airtel Africa intends to proceed with an initial public offering for admission and listing of its shares on the main market of the London Stock Exchange (premium segment).

Additionally, Airtel Africa is also considering listing its shares on the Nigerian Stock Exchange.

MTN Nigerian Stock Exchange stock IPO update

MTN Nigeria Communications Plc: Listing by Introduction of the Entire Issued 20,354,513,050 Ordinary Shares of 2 Kobo Each at N90 per Share on the Premium Board of The Nigerian Stock Exchange

The entire issued 20,354,513,050 ordinary shares of MTN Nigeria Communications Plc (MTN Nigeria or the Company) was listed by Introduction on the Premium Board of The Nigerian Stock Exchange (The Exchange) on, Thursday, 16 May 2019.

The listing is following The Exchange’s approval of the application to list the Company’s entire issued 20,354,513,050 ordinary shares of N0.02 each at N90 per share. The trading symbol of MTN Nigeria is MTNN.

A look at Lyft after first post IPO result

Lyft is an America based ride-sharing company. They recently went public early this year and they are struggling to maintain a balanced share price. The stock started out at $ 88 dollars range after IPO but since sold off to $ 56 as of today May 7, 2019. The company started at 25 billion valuations but it’s now at 16 billion.

It’s first earning report post IPO was impressive but losses continue to grow. They did well, stock compensations cost the big loss and that usually happen in the first year of the business. This car sharing company has a better business model than Netflix and they will be able to cut cost very soon. They doubled last year revenue and made 776 million this year. If they can increase this by 50 percent for next quarter and make 1 Billion by Next year I think that fantastic. Netflix didn’t do this good when it started out and Netflix is now worth 153 billion. Lyft is still a baby at 16 + billion. They just have to not do anything careless to be great.

And Uber won’t be a fair comparison for Lyft either. Uber is doing a lot of things. Uber Eat, uber freight, Uber finance. Uber Eat is the best of their businesses. Maybe they will find a way to Spinoff Uber Eat to unlock values.

MTN Network will list on the Nigeria Stock Exchange on Thursday

MTN is one of the largest telecommunication company in Nigeria. The South African Network company also have locations in other countries and Nigeria is MTN’s biggest market.

Nigerian unit of MTN network released a statement that it would prefer to list on the Nigerian Stock Exchange on Thursday, a spokesman for the South African firm said on Tuesday. 

“We are aiming to list but we can’t give you a hard date,” he said, adding that Thursday was the company’s preferred date, although Wednesday and Friday this week and Wednesday and Thursday next week are also options. (Reporting by Paul Carsten and Chijioke Ohuocha; Editing by Alexander Smith)

What you need to know about MTN listing on the Nigerian stock exchange
  • The number of shares allocated
  • Estimated share price

The SEC Head, Corporate Communications, Mrs Efe Ebelo, confirmed this to the News Agency of Nigeria (NAN) in Lagos.

Ebelo said the commission has approved the company’s application to be listed on the nation’s bourse by way of introduction.

She said that the company has successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the commission.

MTN Nigeria had on May 6 filed an application with SEC and the exchange for listing by introduction.

SEC recently said that it received an application from MTN requesting registration of their existing securities.

“They have applied for listing by introduction which will enable the company to be listed and allow shareholders sell their shares on the floor of the exchange,” Ebelo said.

The SEC Acting Executive Commissioner, Corporate Services, Mr Henry Rowlands, told NAN that the commission was committed to working with MTN Nigeria.

Breaking news: ASL Nigeria Plc delists from the Nigeria stock exchange

The Nigeria Stock Exchange announced that the Newrest ASL Nigeria Plc – Voluntary Delisting of the Entire Issued Share Capital of the Company from the Daily Official List of The Nigerian Stock Exchange

see the official letter from the spokesperson of the Nigeria Stock Exchange below.

Further to our market bulletin of 27 February 2019 with reference number: NSE/RD/LRD/MB17/19/02/27 notifying Dealing Members of The Nigerian Stock Exchange’s (The Exchange) approval of the application for voluntary delisting of the entire share capital of Newrest ASL Nigeria Plc (Newrest ASL or the Company), and subsequent suspension of trading in the shares of the Company, please be informed that the entire issued share capital of Newrest ASL were delisted from the Daily Official List of The Exchange, today, Monday, 13 May 2019.

This is for your information and records update, please.

Godstime Iwenekhai

Head, Listings Regulation Department

What you need to know about Newrest ASL Nigeria PLC.

The company provides catering and hospitality services to international airlines and airports in Nigeria, Kigali, and Rwanda. It operates through Lagos Inflight Catering; Abuja Operations; Airport Operations Lagos; Kigali Inflight Catering; and Oil and Gas and Other Catering segments.

The company’s services include in-flight catering, warehousing, client and specialized catering, frozen ready meals, and oil and gas catering. It operates and manages airline lounges on behalf of clients for first and business class passengers, which include operations, maintenance, Internet access, shower facilities, and bar and food services; provides trolley services.

Source : Bloomberg news.

The company’s earnings report for the quarter ending on Marck 31, 2019 came in strong. Newrest ASL generated a record sale of N 1,282,450 compared to N 1,162.150 from the previous year. The operation income came in at N 61,784 million compared to N 53.634 million a year ago. The company reported N 313.265 million in Net income ( N 0.49 per share).

The statement read in part, “Dealing members are hereby notified that further to the Exchange’s approval of the application for voluntary delisting of the company, the shares of Newrest ASL were today, Wednesday, February 27, 2019, placed on full suspension.

“This suspension is required to prevent further trading in the shares of Newrest ASL, and in order for the company to comply with the post-approval requirements, which will precede the final delisting of the company from the daily official list of the Exchange.”

The NSE said the company’s application to delist was as a result of its inability to meet up with the 20 per cent free float requirement of the Exchange.

It said, “In line with the provisions of Rule 1.10 of the Rules for Delisting of Equity Securities from the Daily Official List of the Exchange, which states that ‘the issuer shall set aside funds sufficient to purchase the interest of all shareholders who expressed their dissent to the resolution to delist the issuer.

“Such funds shall be domiciled with a registrar or a custodian that is duly registered by and in good standing with the Securities and Exchange Commission.”

Nigerian stocks market was down due to the trade war between China and the USA

Nigeria stock exchange daily report.

Look at the reds; the United States of America and China are engaged in a trade war and it’s affecting the rest of the world. All Nigerian companies that receives shipments from China will be affected.

United States imposed 200 billion tariff on China, and China responded with a 60 Billion Dollars tariff on the United States of America. Here is how it’s impacting Nigeria stock exchange, below are the top 5 money loser for the day.

Mobil oil lost 4.62 percent

Stanbic bank lost 4.24 percent

Guinness Lost 2.91 percent

Guaranty (GTB) lost 3.13 percent

PZ lost 5.56 percent.