DAILY TRUST
Thursday, January 26, 2012
19 )
Business Demutual isation: Comrnitteeto present report to SEC THE comm itlee set up four nlonths ago l y Nigeria Securities & Exchange C:Ommlssion 10 help adYkr dIe ornmiMion on the dcmuluoahsal on of tho! Nigt!f'Wt Slock b.:ha 1St' is wading on il:ll final draft to make lure that it present acdil ok report. Dc:mutUllliulion IS the prucess by which a c:ustOmft-owned mutual crganlUlion or Co-opefllLi~dwtt."I!S · ~
IOrm
Why economic growth is not generating employment - Sanusi ECONOMIC growth Is yrt to lnNlatc Into employment grneralion because the link betwtCll major growth dri~ like agriculture and manufacturing ~ wnk, the panor ofCentraiBanlt oCN"ageria.Sanusi l.amidoSanusi twsald. Sanusi said this Monday bt London as. guest Iectum- at the llf1Iluai Sir Patrick Gillam Lectun Series at the London School of EwoomICS and Politial Science.
l ie presented a paper titled. -rht:GIobaI CIi.sis and the N"tgerian Eoonomy: The Ccntnl Bank of Nip Raponscs~ acconIing 10 I statement issued by the central bank'upokesman, Mohammed fool Abdullahi The governor said the economy is stiU faced with 5OI11t: chalJe:naes despile the robust ec0nomic growth and these challenges have slowed down the IransmmlOn ofsuch growth Indices to higher employment opportunities. He: saId: !he link betll«l1 majorgrowth driv-
m, particularly ~ and manufaauring.
cnnlinue 10 be weakand the requimi C05tSd the apected infl'iL5lruClUrai oeeds of the economy an daunting and mnaincd a major challenge 10 finandaI seclor: "'The need lOr alow<05l long-tenn infrasttucrun finandng~res man than thcCBN alone can tackle. Major bottlenedts and supJXy-side COIl5lriIIinl5, indudmg enabling legal tnme:work. have slowed the responsivenc:u of some CBN
reform measura.~
toa~nt
stock COdlpany. 0Ud Eur. ullve OffICer of the NSE. Mt 0K2r On~ and ill member of cOtn miuee on Monmade affirmation during a world press confmonce to f"t'\'ieW thc Nigerian capital markd in 2011 and outlook-for yar 2012. Onyuria cud the committee is wor\ing on JilTerenl aspects of
wy
mi.
IheSukldlne!c which NigrrlUSEC needs; under whidl the NSE can emb.utt on it! dr:mutuallsation. '"1bc coa-miltec' is working on tlx difT~\I a5p«U of the
guiddine. to make sure lhallhey can pnxnl credible report to SEQ whdl it will come ouLtoon-
On)'mUI ~aid Last ~ S;!Oalor lido Udorm. Chairman 01 Nigeria SEC inaugurated. 21 member commltlee chaired by A;ucrlnme IghodaJo, a lepI pro<:tilioner to tu~lp advice on the dcm.Jtualisalion of the ClIch;mu Udomauijlhe:commiUete"'~
set up to ldv Cle the comml.5SlOn and not thai "fimplcmenlltion nle (omrniU«: ,,-as gi\-en thrtt monlh! upon whkhto$Ubmit lheir rrpt ,n 10 SEC, howel1!f, the work ba entered its fourth month. The 21 member commit1«: COrW5LS experu in aU the relevant dis..:ipUnes, including !.wyen. ao:ountant&. invatment banIt.:n. stodhmkfis, marUt open.tors. regublOfS and
,.f
""""'"'merence.
Thecomm l lt~huamongthdr a ~ofthe
lerms of
cunmtltJud _l~andownenhipof
the NSE: enmine regulatory. own· ushIP.1RaN1f.,'e ment, ~ gow:mance .nd finandal issues in demuruali.allon of excltanges. Othurefer enus are the review ofnrioU5 de:tnutuaUsaLion modelsand ope!" eote including;. n1uation modd !Drdemutualisation. recommmd l>C51 demutualisatioo modd b ~ Ni8Cfian market and recomrnnd rr.cticailimdine for the rompIetilJ'1 of the demuwalisalion of thr eD:hange.. Apan lrom these. the committe.! will ..Iso recommend .S kpS whkh an lK'ICO$a/')'and appropriate for tb,> dc!::nu luallsation of the NSE. cumfne potentia! conflict of lnlel'"C:Sl all.d measures to dtaI With thm1,ln ~ demutualisation of the cxcfw,ge and 10 eumme any other lS5l1C nKeSAt)' for the dentulualuatJ,JO.
Market capitalization gains N9bn TRADI NG activllies on the Nigenan Sioclui Exchange (NSf) yesterday closed on positive tre.nd as mark~1 capilaliu.tion gain N9 billion 10 close at N6.500 trillion while the key benchmark indices gain 26.89 bub points or 0. 13 per cent 10 close II 20,625..56. Consequently, three out oflhe five NSf s«loral indices dosed positive as NSE 30 index wbich basically measures the perfonnanl;e of blue chips rose by 0.22 per cenl to close at N923.)8
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polnls.. NSE r-ood & Revcnges index gain 0.04 per cent 10 dose all,67551 points and NSE BankIng Index also gain 0 .76 per cenl 10 close at 263.02 points.. NSE Insunnl;e Index went down by 1.30 pe:r cent to close al 124.35 point. while NSE Oil & Gas lost 0.13 per cent to close at N215.17 bub poinl5. During the: day a turnov~r of 120 million shun; worth Nl.OS3 billion In 3.323 deals was recorded )'dterday. in contrasllo • total 0(216 million shares valued at N2.081 billion exchanged
last Friday in 3,688 deals.. The Flnandal Services sector al;counted for 315 million sham valued at N 1.317 billion tl1lded in 1,756 deab. The Banking subscctor of the Finandal Servkes sector was the most al;tiveduring the: day (measured by turnover volume); with 206 mUlionshares worth N559 million exchanged by investon in 1.671 dcah. Volume In th~ Banking subsector was la rgely driven by al;tivity io the sham of Fidelity Bank Pic, Zenith Bank Pte, and First
Bank Pic.
The number of gainers al the close ortradlng session closed al 17 ali agaiMI 13 recorded in the previous session while declincn a1socloscd al 21 ali against 30 losers recorded In the previolQ Indingday. Howt:"\'er, Berger Paints Pic led on the gainen' table with a gain of NOAO kobo to close al N8.15 kobo pe:r shire while Guannty Trust Bank Pic followed with a gain of NO.33 kobo to close al N13.35 kobo per share and PZ Pic g;lined N0.24 kobo to dose at N29.64 kobo per share..
Agric sector receives boost in Ekiti with N 1b loan
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government and the bank to expedite dbu on how to fasl-tnd. agric devdoprocrlJn the $late. fk said: , wish to confirm to )"OU that the funds hlrYe tiern m:med Irxi they arrawaiting dlsbutsernent 10 the
bmtficiaries..1 hzw: a discussioo this momiDg db the Comntissioner b~ just to ttndersaft the oeed for us 10 ~ very quickly on
tbar and bow IOKCIderalragncdeY!!lopmdit in lhe fbU..lie said the bank bas put bt place n:5CIUfClPS that the state ~ rouId tap.into to develop the agric seaocandactJ.W1se Its vision.. """" ..;dtotho .... was"""""" a sign orpxI things o:me 10 the slate ewm IS he "'25 oommiurd to modernising the agrlc:XCUlI:.