ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Sunday, March 7, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Market operators optimistic about new listings rules

Nigerian Stock Exchange

New Capital Base: capital market operators want deadline extended to December 2015

byPremium Times
November 6, 2014
2 min read
ADVERTISEMENT

The capital market operators in the Nigerian Stock Exchange, NSE on Thursday requested the Securities and Exchange Commission, SEC, to give them a one-year extension to its recapitalisation deadline.

The president, Association of Stockbroking Houses of Nigeria, ASHON, Emeka Madubuike, said the need for a review of the deadline from December 31, 2014 to December 31, 2015, was in the interest of the stock market.

Mr. Madubuike said the review of the deadline had become necessary in view of the ongoing uncertainties in the country’s economy, which had hampered market growth and development.

The ASHON president said that insistence on the December 31, 2014 deadline by SEC would increase the market uncertainties and make things more difficult for operators and the economy.

He said the brokers needed time to pursue the options of mergers and acquisitions if need be to meet the requirments for the recapitalisation policy.

The immediate past president of ASHON, Rasheed Yussuf, also supported the proposal for the extension of the deadline for the recapitalisation, saying that in view of the ongoing political uncertainties in the countty, the regulators should be worried by the persistent fall of equities on the stock market.

“SEC should extend the deadline to give room for 2015 elections to be over, and for the market to be a little stabilised,” Mr. Yussuf said. “When you create more uncertainties, you create bigger problems, and once the capital market is unsettled, the whole sector will be unsettled.”

The former ASHON chief said the Commission should not be talking of recapitalization, with the developments in the nation’s capital market.

SEC had recently announced the decision to raise the minimum capital requirements for capital market operators under a new minimum capital structure expected to come into effect by January 1, 2015.

RelatedNews

Nigerian Stocks retreat on profit-taking in Nestle, Zenith, WAPCO

Dangote Sugar full-year revenue jumps by N53bn as Lagos contributes half of total sales

MTNN to pay shareholders N120bn final dividend after record turnover

MTN Nigeria posts record turnover as pandemic drives data sales

The capital market regulator said under the new arrangement, the minimum capital base for brokers/dealers had been increased by 329 per cent from the existing N70 million to N300 million.

When the policy takes off as planned, a stock broking firm currently operating with capital base of N40 million would be required to have N200 million, representing an increase of 400 per cent. The minimum capital base for dealers would increase by 233 per cent from N30 million to N100 million.

Also, issuing houses, which facilitate new issues in the primary market, would now be required to have a minimum capital base of N200 million, as against the current capital base of N150 million.

Dangote adbanner 728x90_2 (1)

The capital requirement for underwriters would also double from N100 million to N200 million, while registrars would now have a minimum capital base of N150 million, as against the current requirement of N50 million.

While the minimum capital base for corporate investment adviser remained unchanged at N5 million, individual investment advisers would have to raise their capital bases by 400 per cent, from N500,000 to N2 million.

Also, dealing members of the exchange are contending with minimum operating standards recently introduced for all the three classes of dealing members, including brokers and dealers.

The new standards address the five broad areas of manpower and equipment, organisational structure and governance, effective processes, global competitiveness; and technology.

The new standards are also expected to take off on January 1, 2015, just as the new capital requirements by SEC. (NAN)

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...



JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

Panic offloading of equities triggers massive slide stock market capitalisation

Next Post

4,400 rats killed in Indian hospital

Premium Times

Premium Times

More News

Godwin Emefiele, Governor of Central Bank of Nigeria (CBN)

CBN says new scheme will ease diaspora remittances

March 7, 2021
Nigeria Stock Exchange trading floor

NSE Weekly: Stock market slips by N245bn as fixed-income yields lure investors away

March 6, 2021
Naira and Dollars

“Send a dollar, get five naira free”: CBN launches forex promo

March 6, 2021
ACompleted phase 1 housing units at Earthpoint and Modern Shelter estate

SPECIAL REPORT: Years after paying millions to developers, Abuja residents stranded without homes

March 6, 2021
SEC logo

Nigeria’s SEC receives $400,000 AfDB grant to strengthen securities market

March 6, 2021
Nigerian stocks

Nigerian equities extend slide on profit-taking in leading stocks

March 5, 2021
Next Post
LASSA FEVER: Rats used to illustrate the story.

4,400 rats killed in Indian hospital

World’s longest aircraft to fly Sino-U.S. routes in 2015

World's longest aircraft to fly Sino-U.S. routes in 2015

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


Access Bank Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,629,739 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.