ASEA signs deal to boost trading among African securities exchanges

AFRICA – Cross-border trading from one African securities exchange to another has come a step closer after the African Securities Exchanges Association (ASEA) signed a contract to procure an order-routing system. Seven of Africa’s leading securities Exchanges are working together in the African Exchanges Linkage Project (AELP) to boost pan-African investment flows and bring more liquidity to African markets. The contract is for the design and rollout of the AELP Link technology platform for routing orders and trade confirmations between stockbrokers on the seven Exchanges participating in the pilot phase…

Read More

Guaranty Trust Bank eyes Kenyan financial institution

KENYA –  Nigerian multinational financial institution GTBank, has revealed  plans to buy a rival bank in Kenya, adding to the growing list of Nigerian lenders closing acquisitions locally to grow market share. The London and Nigeria Stock Exchanges listed bank said it wants to tap into East Africa’s biggest economy. “I think the place we would still like to do business or do an acquisition is Kenya,” GTB’s managing director, Segun Agbaje told reporters during an investor call, responding to a question about whether there was a plan by the…

Read More

Access Bank completes acquisition of Cavmont Bank Zambia

ZAMBIA – The management of Access Bank Plc has announced that its Zambian subsidiary has completed the acquisition of Cavmont Bank Limited. The bank said the acquisition followed the fulfilment of key conditions, including regulatory approvals. Access bank made this known in a disclosure notice sent to the Nigerian Stock Exchange (NSE). In July 2020, Access Bank in Nigeria announced plans by its Zambian subsidiary to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital. The bank said at the time that it had “entered into exclusive discussions” with Cavmont…

Read More

Nigeria Stock Exchange suspends firms for failing to file corporate accounts

NIGERIA – The Nigerian Stock Exchange (NSE) which is the authority responsible for regulating capital markets in Nigeria, has suspended six quoted firms for their inability to file corporate accounts as required. The suspended companies include FTN Cocoa Processors Plc, Medview Airline Plc, Niger Insurance Plc, R.T. Briscoe (Nigeria) Plc, Union Dicon Salt Plc, and Capital Oil Plc. In a statement, the NSE revealed that it had suspended trading on the shares of the companies with effect from September 2020. Regulatory rules at the Nigerian bourse require all quoted companies…

Read More

Maize Farmers Association of Nigeria secure US$41.2m financing from CBN

NIGERIA – The Maize Farmers Association of Nigeria (MFAN) has disclosed that it has secured N16billion (US$41.2m) funding from the Central Bank of Nigeria for the 2020/2021 planting season. This comes after the ban on importation of maize by the apex ban to boost local production, stimulate a rapid economic recovery, safeguard rural livelihoods, and increase jobs which were lost as a result of the ongoing COVID-19 pandemic. CBN in a recent memo had directed all authorized dealers to discontinue processing of the Form M requesting for the importation of Corn…

Read More

Access Bank to increase Zambia market share through planned acquisition of Caymont Capital

NIGERIA- Access Bank’s market share in Zambia is poised to increase if the advanced talks between the Bank’s Zambian subsidiary and Caymont Capital Holdings yield the expected outcome. The progress report on the possible acquisition of Caymont Capital by Access Bank Zambia, a wholly owned subsidiary of the Nigerian based multinational, Access Bank Plc was made public by the Nigerian Stock Exchange (NSE) in a corporate disclosure. The corporate disclosure to the Nigerian Stock Exchange (NSE) was duly signed by the Access Bank’s Company Secretary, Mr. Sunday Ekwochi. The disclosure…

Read More

Nigerian bourse launches new index for SMEs to enable high growth companies access long term capital

NIGERIA – The Nigerian Stock Exchange has launched a new index called the ‘Growth Board’ for the Small and Medium Enterprises. According to NSE’s Chief Executive Officer, Mr Oscar Onyema, the growth board aimed to encourage companies with high growth potential to seize the opportunity of raising long-term capital and promoting liquidity in the trading of their shares. Onyema stated that the board also presented an avenue for companies in their growth phase to leverage the NSE’s platform and varied products and services to achieve their long-term business objectives.  “From…

Read More

Leventis to acquire full ownership of Nigerian unit, plans to delist from NSE

NIGERIA – AG. Leventis (Nigeria) Plc has notified the Nigerian Stock Exchange of the its plans to delist itself from the stock market. In a letter to the NSE, the company revealed that Boval S.A, acting on behalf of itself, Leventis Holding S.A., and Leventis Overseas Limited, has approached the board of directors of the company with intention to acquire the shares held by other shareholders of the company. The company further revealed that it gave the shareholders an offer price of 53 kobo per share which according to the…

Read More

Nigerian Stock Exchange launches investment app to enhance investor participation

NIGERIA – The Nigerian Stock Exchange (NSE) is set to launch an investment application called ‘X-Mobile’. The NSE, in a press statement, described the app as a dynamic and user-friendly mobile application, which is designed to enhance investors’ participation in the Nigerian capital market. It said the mobile application, which was currently in a beta state, would be launched at the 2019 NSE Market Data Workshop in Lagos. According to NSE, the application is designed to provide market participants, especially retail investors with a convenient, faster and real-time access to…

Read More

Airtel Africa targets US$750m fundraising in London IPO

AFRICA – Airtel Africa Ltd, a subsidiary of Indian telecoms group Bharti Airtel Ltd, plans to raise gross proceeds of US$750 million through its listing on the main market of the London Stock Exchange. The telecommunication firm said it would freely float at least 25 per cent of its shares as it looks to pay down its debt while up to a further 15 per cent will be made available under an overallotment option. The continent’s second-largest mobile operator said the exact number of shares to be sold and the…

Read More