NSE awaits SEC’s approval on rules for operating Investor Protection Fund

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, at the NSE’s 2013 market review and outlook for 2014 said the Investor Protection Fund (IPF) would start as soon as the Securities and Exchange Commission (SEC) approves the rules.

Onyema said that the IPF, established to give investors a statutory backed avenue for reducing losses they suffer as a result of bankruptcy, insolvency, negligence or wrongdoing by dealing members, would strengthen the confidence of domestic investors and sustain the attraction of foreign investors in the Nigerian capital market.

He also revealed that quoted companies and brokers were sanctioned N61.21 million and N43.5 million in 2013 for various market violations, noting that the NSE would continue with its zero tolerance to irregularities.

Onyema said that the market capitalisation of listed equities grew by N4.25 trillion in 2013 to N13.23 trillion, against the N8.98 trillion posted in 2012 while the value of traded equities appreciated by 58.66 per cent to N1.04 trillion in 2013.

Meanwhile, the NSE within the period under review recorded two listings and 19 new bond listings.

The Vanguard-NSE awaits SEC’s approval on rules for operating Investor Protection Fund

 

FG to float Fannie Mae-Style Mortgage Company

The Federal Government intends to develop the Nigeria Mortgage Refinance Company along the lines of the United State’s Fannie Mae that will help broaden access to home loans in Nigeria.

The company will sell bonds in the capital markets and provide long-term financing to lenders that will help them extend more home loans, according to Mercury, a PR company acting for the FG. The Mortgage Company will also have an oversight function to standardise mortgage lending practices in Nigeria.

The company will extend maturities to Nigerian home-buyers for as much as 20 years, encouraging the building of 75,000 new homes a year and creating at least 300,000 jobs.

Nigeria has been seeking to expand financing to help address a housing deficit in the country.

The Federal Mortgage Bank of Nigeria said last month that it is in talks with two Chinese lenders for credit of as much as $6 billion. In November, the FG accepted a $300 million loan from the World Bank’s housing unit.

The Tribune-FG to float Fannie Mae-Style Mortgage Company

 

 

 

 

 

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FG plans to fight against illicit financial outflows, tax evasion

Punch reports that the Federal Government has disclosed plans to intensify the fight against illicit financial outflows, capital flight and tax evasion in Nigeria. The Supervising Minister of National Planning, Amb Bashir Yuguda, disclosed this today in Abuja while delivering a speech at the 12th Plenary of the Leading Group on Innovative Financing for Development.

According to Yuguda, this fight is imperative now that the world seems to be paying more attention to the menace by setting up a High Level Panel on Illicit Financial Flows from Africa, under the chairmanship of former President of South Africa, Thabo Mbeki.

He enjoined the Group to collaborate with the Panel and other relevant organizations in addressing the menace because of its damaging impact on development in Africa  as statistics show that Illicit financial flows from Africa is estimated to amount to  $50 billion annually, twice the amount of Official Development Assistance extended to the continent in one year.

Punch -FG plans fight against illicit financial outflows, tax evasion