N1 capital markets
No1 capital markets (N1CM) is a global CFD & forex brokerage company based out of the traditional offshore jurisdiction vanuatu, and regulated by the vanuatu financial services commission (VFSC).
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No1 capital markets review and ratings
Company information
No1 capital markets is a forex broker located in the republic of vanuatu, regulated by the vanuatu financial services commission (VFSC).
Availability
No1 capital markets accepts clients from all over the world, excluding some jurisdictions where restrictions apply.
Distinctive features
- Simple registration and verification process.
- Tight spreads on major currency pairs.
- Cryptocurrency funding accepted.
- $30 no deposit bonus.
Trading instruments
Forex broker offers the following underlying assets for trading.
| 50+ currency pairs | based on major and minor world currencies. |
| 5 crypto pairs | based on bitcoin, bitcoin cash, ethereum, litecoin, ripple. |
| 9 indice cfds | based on baskets of different blue-chip stocks and US dollar index. |
| 4 metal cfds | based on gold, silver, platinum and palladium. |
| 3 energy cfds | based on crude oil (WTI, brent) and natural gas. |
Comprehensive review
No1 capital markets (N1CM) is a global CFD & forex brokerage company based out of the traditional offshore jurisdiction vanuatu, and regulated by the vanuatu financial services commission (VFSC).
Thanks to the relaxed financial regulations in countries like vanuatu, no1 capital markets is able to offer very high trading leverage to their clients. On the most liquid assets like the EUR/USD forex pair, leverage can go all the way up to 1:1,000 with this broker, which is far higher than brokers based in any “onshore” jurisdictions are allowed to offer.
Another benefit of using a broker based offshore is the relatively simple user registration and verification procedures that those brokers have. Given the fact that this broker also accepts deposits with cryptocurrency, it opens up the possibility to trade the traditional financial markets with a much higher degree of privacy than what is usually possible.
The assets that are available for trading from no1 capital markets includes a pretty good selection of both major, minor, and exotic forex pairs, a handful of popular cryptocurrencies, as well as cfds on stock indices and various commodities.
Unfortunately, however, no stocks of individual companies are available for trading from this broker.
All assets offered can be traded on the classic metatrader 4 (MT4) platform, which is the only trading platform this broker supports. Although some traders may find this to be quite a boring offering in terms of platforms, MT4 is still among the world’s most popular retail trading platforms. Additionally, the platform offers nearly endless opportunities for systematic traders or those who like to code their own trading algorithms.
When a trader decides to sign up with no1 capital markets, he or she will get the chance to choose between three different account types:
– cent account
– standard account
– ECN pro account
Among these, the ECN pro account offers the best conditions for large and professional traders. This account has variable ECN spreads, while still just charging a USD 5 commission per lot traded. Alternatively, the standard account should be the preferred option for most medium-size traders, while the cent account is most suitable for beginners.
All trading accounts offer adjustable leverage ranging from 1:25 to 1:1,000, and have incredibly low minimum deposit requirements.
When it comes to funding methods, no1 capital markets accepts a truly wide range of options. First and foremost are of course the usual methods like SWIFT bank wire transfers, major payment cards, as well as popular e-wallet platforms like skrill and neteller. In addition, however, this broker also accepts local bank transfers in china, indonesia, malaysia, thailand, and vietnam.
Last but not least, no1 capital markets also accepts a range of cryptocurrencies for deposits and withdrawals. At the time of this review, the accepted cryptocurrencies includes bitcoin (BTC), litecoin (LTC), ethereum (ETH), bitcoin cash (BCH), and dogecoin (DOGE).
In conclusion, we fully believe that no1 capital markets is a reliable forex & CFD broker that can be trusted. The broker appears perhaps particularly attractive for aggressive traders who want high leverage, given the 1:1,000 leverage that is available here. Unfortunately, however, no1 capital markets does not offer any stocks for trading, which makes this more suited as a broker for those who trade mainly forex and crypto.
Welcome to N+1 singer
A leading investment bank dedicated to advising and funding ambitious growth companies in the UK
The big book 2021: extended coverage and best ideas
This month we launch the big book 2021 - our extended coverage and best stock ideas for the year, including over 100 company notes. Last year our best ideas outperformed the benchmark by 30%, and have had an average outperformance of 10% since 2012.
Actual experience plc: capital raise of £10 million
N+1 singer are delighted to have acted as nominated adviser, sole broker and sole bookrunner to actual experience plc on their capital raise of approximately £4.97 million through a placing of 4,730,672 placing shares as well
DP poland plc: £29.5 million acquisition of dominium S.A.
N+1 singer are delighted to have advised DP poland plc on its c.£29.5 million acquisition of dominium S.A., a polish pizza restaurant group. Consideration for the acquisition was satisfied by the issue of 283,766,661 new shares
N+1 singer appointed as nominated adviser and sole broker to circassia group plc
N+1 singer is delighted to announce its appointment as nominated adviser and sole broker to circassia group plc with immediate effect. About circassia group plc circassia is a medical device company focused on respiratory diagnostics and
The big book 2021: extended coverage & best ideas
This week we launch “the big book 2021” – our extended coverage and best stock ideas for the year, including over 100 company notes. We are delighted to be publishing the big book 2021 with over
Transaction highlights
Actual experience plc
Date: january 2021
Sector: technology
Type: placing raising £10 million
Market cap: £58.14 million
DP poland plc
Date: january 2021
Sector: consumer goods
Type: acquisition of dominium S.A. For c.£29.5 million
Market cap: £58.16 million
Abingdon health plc
Date: december 2020
Sector: healthcare
Type: IPO raising £22 million
Market cap: £92 million
Communications about our events, transactions and industries.
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Capital markets
What are capital markets?
Capital markets are venues where savings and investments are channeled between the suppliers who have capital and those who are in need of capital. The entities that have capital include retail and institutional investors while those who seek capital are businesses, governments, and people.
Capital markets are composed of primary and secondary markets. The most common capital markets are the stock market and the bond market.
Capital markets seek to improve transactional efficiencies. These markets bring those who hold capital and those seeking capital together and provide a place where entities can exchange securities.
Capital markets
Key takeaways
- Capital markets refer to the places where savings and investments are moved between suppliers of capital and those who are in need of capital.
- Capital markets consist of the primary market, where new securities are issued and sold, and the secondary market, where already-issued securities are traded between investors.
- The most common capital markets are the stock market and the bond market.
Understanding capital markets
The term capital market broadly defines the place where various entities trade different financial instruments. These venues may include the stock market, the bond market, and the currency and foreign exchange markets. Most markets are concentrated in major financial centers including new york, london, singapore, and hong kong.
Capital markets are composed of the suppliers and users of funds. Suppliers include households and the institutions serving them—pension funds, life insurance companies, charitable foundations, and non-financial companies—that generate cash beyond their needs for investment. Users of funds include home and motor vehicle purchasers, non-financial companies, and governments financing infrastructure investment and operating expenses.
Capital markets are used to sell financial products such as equities and debt securities. Equities are stocks, which are ownership shares in a company. Debt securities, such as bonds, are interest-bearing ious.
These markets are divided into two different categories: primary markets—where new equity stock and bond issues are sold to investors—and secondary markets, which trade existing securities. Capital markets are a crucial part of a functioning modern economy because they move money from the people who have it to those who need it for productive use.
Primary versus secondary capital markets
Capital markets are composed of primary and secondary markets. The majority of modern primary and secondary markets are computer-based electronic platforms.
Primary markets are open to specific investors who buy securities directly from the issuing company. These securities are considered primary offerings or initial public offerings (ipos). When a company goes public, it sells its stocks and bonds to large-scale and institutional investors such as hedge funds and mutual funds.
The secondary market, on the other hand, includes venues overseen by a regulatory body like the securities and exchange commission (SEC) where existing or already-issued securities are traded between investors. Issuing companies do not have a part in the secondary market. The new york stock exchange (NYSE) and nasdaq are examples of the secondary market.
The secondary market serves an important purpose in capital markets because it creates liquidity, giving investors the confidence to purchase securities.
Capital markets expanded
Capital markets can refer to markets in a broad sense for any financial asset.
Corporate finance
In this realm, the capital market is where investable capital for non-financial companies is available. Investable capital includes the external funds included in a weighted average cost of capital calculation—common and preferred equity, public bonds, and private debt—that are also used in a return on invested capital calculation. Capital markets in corporate finance may also refer to equity funding, excluding debt.
Financial services
Financial companies involved in private rather than public markets are part of the capital market. They include investment banks, private equity, and venture capital firms in contrast to broker-dealers and public exchanges.
Public markets
Operated by a regulated exchange, capital markets can refer to equity markets in contrast to debt, bond, fixed income, money, derivatives, and commodities markets. Mirroring the corporate finance context, capital markets can also mean equity as well as debt, bond, or fixed income markets.
Capital markets may also refer to investments that receive capital gains tax treatment. While short-term gains—assets held under a year—are taxed as income according to a tax bracket, there are different rates for long-term gains. these rates are often related to transactions arranged privately through investment banks or private funds such as private equity or venture capital.
N+1 capital’s maiden fund to invest $100 million in startups
The fund will make its first close of around $19 million by feb, post which it will start deploying the capital
N+1 capital, a new revenue-based debt fund started by investment professionals rahul chowdhury and ashish singla, aims to raise up to $100 million to invest in startups.
The figure includes a green-shoe option of $25 million, according to founders. The fund will make its first close of around $19 million by february, and will subsequently start deploying the capital.
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N+1 capital is registered as an alternative investment fund- category II (AIF-II) and has received approval from the securities and exchange board of india (sebi).
It will offer growth-stage capital to startups across sectors with ticket sizes of ₹ 1 crore to ₹ 15 crore. The debt fund is looking at firms which are at least a year old with net revenue of ₹ 50 lakh and average gross margins of over 30%.
“globally, the prevalent way of funding has always been equity, and venture debt started seeping into the indian market around 2014. But our fund structure is a part of a brand new asset class which grants quick access to capital to entrepreneurs without any personal collateral, equity and board seats, associated with it and also provides limited partners (LP) fixed returns," said chowdhury, managing partner, N+1 capital.
He said that unlike venture debt firms, N+1 isn’t dependent on future fund-raise of the startup, but will invest on the basis of its revenue outlook.
N+1 will provide startups access to capital, at a premium, without taking any equity share or collateral from the company. Further, it collects a percentage of the borrowing entity’s monthly revenues to pay the capital back, and gives steady returns to its limited partners on a quarterly basis.
The fund’s limited partners include family offices in the UK, the US, and india, as N+1 looks to provide at least 20% internal rate of return (IRR) to its backers.
“on the equity side, there can be a ‘herd-mentality’ to investing and through this new asset class, we would want to cover a large pool of entrepreneurs and widen the funnel helping companies with faster fund allocation," said N+1 managing partner singla.
The fund aims to provide capital to more than 100 entrepreneurs during its lifecycle, and has partnered with investment platform, letsventure as its venture partner.
2020: NSE overcomes covid-19 challenges with innovation, technology as listed securities hit N1.72trn
By peter egwuatu
The nigerian stock market in the year 2020 will certainly go down in the history books as one of the most challenging years of modern existence.
However, the nigerian stock exchange, NSE during the year under review overwhelmed the storm through innovation and technology as value of listed securities hit N1.72 trillion.
Early in the year, a global pandemic took the world by storm necessitating a significant change in life and work as we know it.
On 23 and 24 march 2020, the exchange took steps to preserve the health and safety of its stakeholders by activating its business continuity plan which saw the transition to working from home and remote trading in response to the spread of the coronavirus, COVID-19. Since then, the exchange has maintained seamless working and trading operations, experiencing zero down time.
Furthermore, NSE has displayed remarkable resilience, continuing to deliver on its mandate to provide a platform for issuers and investors to meet their financial objectives even in the toughest of times. Since march 2020, NSE has listed securities worth over $4.5 billion (N1.72 trillion) while it provides support for secondary market activities. Stakeholders have certainly reaped the benefits of the exchange’s efforts over the course of 2020, evidenced by increased activity in the market.
Market activities
Players in the nigerian equities market appear to be riding the waves of the market rally with market capitalisation currently at N19.2 trillion while year-to-date (YTD) return standing at 37.1% as at friday, 18 december 2020. At least twice in 2020, the NSE has been dubbed the best performing exchange in the world according to bloomberg. It would also be recalled that on thursday, 12 november 2020, the NSE all share index (ASI) posted its largest daily gain in more than five years. The ASI rose beyond the set threshold of 5%, triggering a 30-minute trading halt of all stocks for the first time since the circuit breaker was introduced in 2016.
What is also noteworthy is that as a multi-asset exchange hub, the exchange continues to recognise opportunities in the alternative investment asset space and is working assiduously with stakeholders to deepen market activity across these asset class. In the fixed income space, capitalization has risen to N17.7 trillion from N12.9 trillion as at the end of 2019 as a result of increased listing activity from the federal government and nigerian corporates.
The exchange traded fund (ETF) segment of the market continues to enjoy investors’ attention with the newgold ETF returning 78.36%, the vetiva S&P nigeria sovereign bond ETF returning 45.93%, the lotus halal equity ETF returning 43.99%, and the vetiva industrial ETF returning 55.79% as at wednesday, 2 december 2020. In september 2020, the exchange listed two new etfs from meristem wealth management limited – meristem growth (MERGROWTH) and meristem value (MERVAL) etfs which are expected to further attract market activity.
Digital resilience
Following the activation of its business continuity plan and transition to remote working and trading, the exchange remained resolute in its commitment to ensure zero disruptions to operations for any of its stakeholders. It leveraged its existing digital assets to ensure a continuous flow of information and activity in the market and continues to explore creative solutions to enhance stakeholders’ experience during this period. Consequently, all brokers have access to the requisite platforms to trade remotely and seamlessly including FIX protocol, X-NET and VPN.
Furthermore, NSE has continued to implement on its commitment improve market integrity, reduce market asymmetry and improve the flow of information into the market with the upgrade of several platforms. In 2020, the exchange released an upgrade to its data portal, X-data portal; issuers’ platform, X-issuer; and its whistleblowing portal, X-whistle.
The upgrade of the X-dataportal is in line with the desire of the NSE to continue to provide an exchange that is easily accessible leveraging digital technology. Speaking in an interview, the chief executive officer, NSE, mr. Oscar N. Onyema, OON stated, “the enhanced X-dataportal has been equipped with market-focused features that will complement the NSE website and other NSE portals in response to stakeholders’ increased demand for easy access to data. Given the importance of market data in investment decisions, we remain resolute in our commitment to provide capital market participants with more channels to access relevant market information required for making investment decisions.”
On the back of the critical role information plays in driving a vibrant capital market, the exchange introduced its revamped X-issuer to the market with new features that will enable easy, convenient and more reliable submission and dissemination of company information, corporate actions, directors’ and insiders’ share dealing information, financial statements, earnings forecasts, meeting notices, and much more. It is expected that the upgraded X-issuer will further enhance the experience of issuers and expedite the discharge of post-listings obligations in a cost-effective and efficient manner.
Of course, the importance of investor protection cannot be emphasized. Speaking on the introduction of the upgraded X-whistle, the executive director, regulation division, NSE, ms. Tinuade awe, stated, “the exchange is pleased to introduce the upgraded X-whistle to the market with robust features that will allow people with information about misconduct to come forward to report it and to provide all stakeholders with the means of expressing their concerns in a responsible and effective manner. In 2019 alone, the complaints, tips and referrals received have led to investors’ restitution in excess of N1.4 billion. The X-whistle will, therefore, further equip the exchange with the tools required to properly assess reports, carry out the necessary investigations and resolve issues efficiently.”
Stakeholder interventions
As an exchange, the NSE leveraged its thought leadership and goodwill to influence decisions aimed at ensuring continuity for the business community amidst the COVID-19 pandemic. Key stakeholders engaged include the securities and exchange commission (SEC), corporate affairs commission (CAC), ministry of finance and ministry of trade and investment.
READ ALSO: COVID-19: SEC begins review of 10-year capital market masterplan
These advocacy engagements yielded significant outcomes including extension of time for issuers to file audited financial statements for the year ended 31 december 2019 and extension of time for dealing member firms to submit their audited financial statements for the year ended december 2019 and quarterly reports for Q1:2020. NSE further engaged the institute of chartered accountants of nigeria (ICAN) on the exclusion of the ICAN stamp and seal in audited financial statements.
On its part, the exchange issued a guidance document on companies’ virtual board, committee, and management meetings to the market on 15 april 2020 as part of its ‘guidance and leadership thought’ series. The exchange noted the legal and regulatory uncertainties that nigerian businesses may face regarding convening virtual meetings, particularly in the wake of current economic and social constraints precipitated by COVID-19, which underscore the need for companies to adopt a more practical style of holding meetings. The objective of the document was simply to provide non-binding guidance to the market and other stakeholders on carrying out successful, productive, and rewarding virtual meetings. This was also done to ensure investors are not denied corporate actions due to them, in light of the pandemic.
Masks for all nigerians
The NSE’s efforts in 2020 also included the fight against COVID-19 in nigeria with a total of N100 million. Out of this sum, the exchange redeemed its pledge of N60 million to the capital market support committee for COVID-19 (CMSCC) with the donation of ambulance and twenty-seven million, five hundred thousand naira cash. The CMSCC is a securities and exchange commission (SEC) led committee set up to galvanize the capital market ecosystem to play an active role in curbing the spread of COVID-19 in nigeria.
The balance N40 million was devoted to the “masks for all nigerians” campaign with the aim to galvanize responsible corporate citizens and individuals to donate face masks to nigerians, especially low-income households. The NSE kicked off the campaign with an anchor donation of 110,000 face masks distributed in areas where it has operations and areas that are greatly affected by COVID-19.
Also part of the masks for all nigerians campaign was an employee giveback programme tagged 500 shades of kindness which led to the donation of over 3,000 face masks to schools, transport workers and communities around NSE. In addition, the exchange received support from 13 companies bringing the total number of masks donated under this campaign to 609,490 masks.
Stakeholder engagement
The exchange has also successfully transitioned many of its physical engagements to digital events. This include its flagship closing gong ceremony which first went digital via instagram live on thursday, 16 april 2020 with the managing director, sterling bank plc, abubakar suleiman as the special guest. Since then, the exchange has commemorated new listings, outgoing and incoming members of management teams, international celebrations, and more with its virtual closing gong ceremony.
Another notable virtual engagement at the NSE in 2020 was the special webinar hosted on wednesday, 10 june 2020 to highlight the impact of COVID-19 on the global capital market and the resilience of securities exchanges in supporting economies. The webinar themed, “capital markets in a pandemic”, featured a panel session headlined by the chief executive officer (CEO) of NSE, oscar N. Onyema, OON; CEO, luxembourg stock exchange (luxse), robert scharfe; CEO, london stock exchange (LSE), nikhil rathi; and CEO, world federation of exchanges (WFE), nandini sukumar, and moderated by notable correspondent of cable network news (CNN), eleni giokos.
Public and private sector industry leaders also leveraged the platform of the exchange to highlight the significant benefits of privatisation of state-owned enterprises and the impact on economic growth and development. This webinar was hosted by the NSE in collaboration with the nigeria governors’ forum (NGF) and the nigerian investment promotion commission (NIPC) on tuesday, 17 november 2020 was themed, “privatisation in nigeria and the outlook for subnational economic development.”
In line with its commitment to continuously enhance the knowledge of capital market players across available asset classes, the exchange also hosted a series of trainings, workshops and capacity building webinars. These covered fixed income, derivatives, etfs, stock trading and a lot more also leveraging its learning platform, X-academy.
Looking ahead
While the pandemic has incredibly altered how a lot of organisations work, the exchange has continued to make progress on many of its strategic plans. For instance, investors in the global capital markets can expect the launch of west africa’s first exchange traded derivatives (etds) on the NSE in the near term following the registration of NG clearing by the securities and exchange commission (SEC) as a premier central counterparty clearing house (CCP). The approval-in-principle will allow the exchange to launch etds supported by NG clearing in the risk management process.
To further stimulate market activity, the exchange migrated four companies – chellarams plc, living trust mortgage plc, mcnichols plc, and the initiates plc – from the alternative securities market (asem) to the growth board and launched the associated growth board index on monday, 30 november 2020. It would be recalled that the NSE growth board was launched on 29 january 2020 to encourage start ups, small and medium enterprises and the companies in the fintech industry with high growth potential to seize the opportunity of raising long-term capital and promote liquidity in the trading of their shares.
Furthermore, the planned demutualisation of the exchange is now in its final stages of completion. The exchange has demonstrated its commitment to seeing to the completion of the demutualisation in its efforts to develop a more agile exchange that is better able to support the economic growth of nigeria. Post-demutualisation, the expectation is that the NSE will be better equipped to diversify our operations and evolve into a more competitive, robust and liberalised stock market.
Lagos to spend 60% of N1.16 trillion budget on capital projects
60% of lagos state’s 2021 budget will go into capital projects, says the state’s commissioner for budget and economic planning.
Lagos state announced that it will increase infrastructure spending in 2021 to 60% of its budget, in a bid to repair damages inflicted by hoodlums in october following the endsars protests.
What you should know
- Nairametrics reported last month that the lagos state house of assembly approved the sum of N1.163 trillion, as the total budgetary allocation for 2021.
- This month, the lagos state government projected a monthly target of N60.318 billion internally generated revenue (IGR) for the 2021 fiscal year.
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Economy & politics
Nigeria, now 2nd most corrupt country in west africa – transparency international
Nigeria is now the second most corrupt country in W/africa with guinea-bissau the only country more corrupt than nigeria in the region.
The corruption perception index (CPI) 2020 report published by transparency international indicates that nigeria occupies the 149 th position out of the 180 countries surveyed as well scored 25 out of 100 points.
With the current ranking, nigeria is now the second most corrupt country in west africa with guinea-bissau the only country more corrupt than nigeria in the sub-region.
It can be recalled that in the 2019 report, nigeria was ranked 146th out of the 180 countries surveyed, scoring 26 points out of 100 points.
What you should know
- The corruption perception index (CPI) is an annual survey report published by berlin-based transparency international since 1995 which ranks countries by their perceived levels of public sector corruption, as determined by expert assessments and opinion surveys.
- The CPI scales zero (0) to 100, zero means “highly corrupt,” while 100 stands for “very clean”.
- Nigeria’s ranking on the corruption perception index has continued to drop in the last four years.
- With the current ranking, nigeria is two steps worse off than she was in 2018 when she scored 27 points to place 144th out of 180 countries.
- Only 12 countries are perceived to be more corrupt than nigeria in the whole of africa. The countries are the democratic republic of congo, libya, equatorial guinea, sudan, somalia, zimbabwe, chad, eritrea, burundi, congo, guinea bissau, and south sudan.
- Somalia and south sudan remain the most corrupt nations on earth, according to the CPI 2020 ranking.
- Denmark, new zealand, finland, singapore, germany, sweden switzerland, norway, the netherlands and luxembourg are the least corrupt countries in the world.
Business
Significant progress made in china-africa ties within cooperation framework – AUC chairperson
AUC chairperson has disclosed that significant, sustained progress is being made in china-africa ties within cooperation framework.
The african union commission (AUC) chairperson, moussa faki mahamat, has said that “significant and sustained” progress has been made in china-africa ties.
Mahamat asserted this in an analysis of his first-term as the AU commission chairmanship.
He reiterated the AU commission’s strong commitment to upholding multilateralism and supporting international partners in halting the trend of unilateralism.
He argued that “international cooperation and solidarity are irreplaceable.”
Mahamat, in his analysis, reiterated that global challenges, national egoism, the decline of multilateralism, the ongoing COVID-19 pandemic, and dwindling resources “have hampered our forward march” during the past four years.
The AU commissioner for social affairs amira elfadil recently also hailed china as a strategic partner of africa.
What they are saying
- Mahamat submitted that: “with china, significant and sustained progress has been made within the framework of the forum on china-africa cooperation (FOCAC).
- “africa stands with those who fight unilateralism and strongly advocate for a multilateralism of respect, equality and mutual benefit.”
- Amira elfadilnoted that: “we are looking for those who are serious about the future of this continent, and when we say strategic partners and mention strategic partnerships, china comes first and we appreciate this partnership very much.”
What you should know
- The african union (AU) is a continental body consisting of the 55 member states that make up the countries of the african continent. It was officially launched in 2002 as a successor to the organisation of african unity (OAU, 1963-1999).
- The african union commission acts as the executive/administrative branch or secretariat of the AU and consists of a number of commissioners dealing with different areas of policy.
Economy & politics
House of reps speaker assures that the PIB will be passed in april 2021
Femi gbajabiamila has revealed that the lower legislative chamber intends to pass the PIB in april 2021.
The speaker of the house of representatives, femi gbajabiamila, has revealed that the lower legislative chamber intends to pass the petroleum industry bill (PIB) in april 2021.
The assurance by the speaker follows so many years of delay in the passage of the bill, which is expected to encourage investment into the oil industry, due to political disagreements and objections from international oil companies.
This disclosure was made by gbajabiamila, while speaking at the 2-day public hearing organized by the house adhoc committee on PIB on wednesday, january 27, 2021.
The speaker pointed out that although the timeframe for the passage of the bill is short, he assured that it will receive the thoroughness it deserves and as well, made a commitment on behalf of the house to pass the legislation in april.
What the speaker house of representatives is saying
Gbajabiamila, in his statement, said, ‘’I thank the chairman and the committee for the dedication and efforts thus far. I have confidence that they will deliver on this critical national assignment within the time we have set. I look forward to presiding over the consideration of the committee’s report.’’
“we intend to pass this bill by april. That is the commitment we have made. Some may call it a tall order, but we will do it and we will do it with every sense of responsibility without compromising the thoroughness of the work that will be done.’’
‘’A lot of work has gone into the preparation of this bill but it’s not straight-jacketed, the idea of the public hearing is to have interests that may have not been accommodated prior to the introduction to the bill to lend their voices,’’ he added.
While speaking at the occasion, the chairman of the adnoc committee on PIB, who is also the chief whip of the house of representatives, mohammed tahir monguno, said that as we gather here today, we may differ in opinions and background but the truth is the passage of this bill is long overdue.
N+1 capital’s maiden fund to invest $100 million in startups
The fund will make its first close of around $19 million by feb, post which it will start deploying the capital
N+1 capital, a new revenue-based debt fund started by investment professionals rahul chowdhury and ashish singla, aims to raise up to $100 million to invest in startups.
The figure includes a green-shoe option of $25 million, according to founders. The fund will make its first close of around $19 million by february, and will subsequently start deploying the capital.
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N+1 capital is registered as an alternative investment fund- category II (AIF-II) and has received approval from the securities and exchange board of india (sebi).
It will offer growth-stage capital to startups across sectors with ticket sizes of ₹ 1 crore to ₹ 15 crore. The debt fund is looking at firms which are at least a year old with net revenue of ₹ 50 lakh and average gross margins of over 30%.
“globally, the prevalent way of funding has always been equity, and venture debt started seeping into the indian market around 2014. But our fund structure is a part of a brand new asset class which grants quick access to capital to entrepreneurs without any personal collateral, equity and board seats, associated with it and also provides limited partners (LP) fixed returns," said chowdhury, managing partner, N+1 capital.
He said that unlike venture debt firms, N+1 isn’t dependent on future fund-raise of the startup, but will invest on the basis of its revenue outlook.
N+1 will provide startups access to capital, at a premium, without taking any equity share or collateral from the company. Further, it collects a percentage of the borrowing entity’s monthly revenues to pay the capital back, and gives steady returns to its limited partners on a quarterly basis.
The fund’s limited partners include family offices in the UK, the US, and india, as N+1 looks to provide at least 20% internal rate of return (IRR) to its backers.
“on the equity side, there can be a ‘herd-mentality’ to investing and through this new asset class, we would want to cover a large pool of entrepreneurs and widen the funnel helping companies with faster fund allocation," said N+1 managing partner singla.
The fund aims to provide capital to more than 100 entrepreneurs during its lifecycle, and has partnered with investment platform, letsventure as its venture partner.
2020: NSE overcomes covid-19 challenges with innovation, technology as listed securities hit N1.72trn
By peter egwuatu
The nigerian stock market in the year 2020 will certainly go down in the history books as one of the most challenging years of modern existence.
However, the nigerian stock exchange, NSE during the year under review overwhelmed the storm through innovation and technology as value of listed securities hit N1.72 trillion.
Early in the year, a global pandemic took the world by storm necessitating a significant change in life and work as we know it.
On 23 and 24 march 2020, the exchange took steps to preserve the health and safety of its stakeholders by activating its business continuity plan which saw the transition to working from home and remote trading in response to the spread of the coronavirus, COVID-19. Since then, the exchange has maintained seamless working and trading operations, experiencing zero down time.
Furthermore, NSE has displayed remarkable resilience, continuing to deliver on its mandate to provide a platform for issuers and investors to meet their financial objectives even in the toughest of times. Since march 2020, NSE has listed securities worth over $4.5 billion (N1.72 trillion) while it provides support for secondary market activities. Stakeholders have certainly reaped the benefits of the exchange’s efforts over the course of 2020, evidenced by increased activity in the market.
Market activities
Players in the nigerian equities market appear to be riding the waves of the market rally with market capitalisation currently at N19.2 trillion while year-to-date (YTD) return standing at 37.1% as at friday, 18 december 2020. At least twice in 2020, the NSE has been dubbed the best performing exchange in the world according to bloomberg. It would also be recalled that on thursday, 12 november 2020, the NSE all share index (ASI) posted its largest daily gain in more than five years. The ASI rose beyond the set threshold of 5%, triggering a 30-minute trading halt of all stocks for the first time since the circuit breaker was introduced in 2016.
What is also noteworthy is that as a multi-asset exchange hub, the exchange continues to recognise opportunities in the alternative investment asset space and is working assiduously with stakeholders to deepen market activity across these asset class. In the fixed income space, capitalization has risen to N17.7 trillion from N12.9 trillion as at the end of 2019 as a result of increased listing activity from the federal government and nigerian corporates.
The exchange traded fund (ETF) segment of the market continues to enjoy investors’ attention with the newgold ETF returning 78.36%, the vetiva S&P nigeria sovereign bond ETF returning 45.93%, the lotus halal equity ETF returning 43.99%, and the vetiva industrial ETF returning 55.79% as at wednesday, 2 december 2020. In september 2020, the exchange listed two new etfs from meristem wealth management limited – meristem growth (MERGROWTH) and meristem value (MERVAL) etfs which are expected to further attract market activity.
Digital resilience
Following the activation of its business continuity plan and transition to remote working and trading, the exchange remained resolute in its commitment to ensure zero disruptions to operations for any of its stakeholders. It leveraged its existing digital assets to ensure a continuous flow of information and activity in the market and continues to explore creative solutions to enhance stakeholders’ experience during this period. Consequently, all brokers have access to the requisite platforms to trade remotely and seamlessly including FIX protocol, X-NET and VPN.
Furthermore, NSE has continued to implement on its commitment improve market integrity, reduce market asymmetry and improve the flow of information into the market with the upgrade of several platforms. In 2020, the exchange released an upgrade to its data portal, X-data portal; issuers’ platform, X-issuer; and its whistleblowing portal, X-whistle.
The upgrade of the X-dataportal is in line with the desire of the NSE to continue to provide an exchange that is easily accessible leveraging digital technology. Speaking in an interview, the chief executive officer, NSE, mr. Oscar N. Onyema, OON stated, “the enhanced X-dataportal has been equipped with market-focused features that will complement the NSE website and other NSE portals in response to stakeholders’ increased demand for easy access to data. Given the importance of market data in investment decisions, we remain resolute in our commitment to provide capital market participants with more channels to access relevant market information required for making investment decisions.”
On the back of the critical role information plays in driving a vibrant capital market, the exchange introduced its revamped X-issuer to the market with new features that will enable easy, convenient and more reliable submission and dissemination of company information, corporate actions, directors’ and insiders’ share dealing information, financial statements, earnings forecasts, meeting notices, and much more. It is expected that the upgraded X-issuer will further enhance the experience of issuers and expedite the discharge of post-listings obligations in a cost-effective and efficient manner.
Of course, the importance of investor protection cannot be emphasized. Speaking on the introduction of the upgraded X-whistle, the executive director, regulation division, NSE, ms. Tinuade awe, stated, “the exchange is pleased to introduce the upgraded X-whistle to the market with robust features that will allow people with information about misconduct to come forward to report it and to provide all stakeholders with the means of expressing their concerns in a responsible and effective manner. In 2019 alone, the complaints, tips and referrals received have led to investors’ restitution in excess of N1.4 billion. The X-whistle will, therefore, further equip the exchange with the tools required to properly assess reports, carry out the necessary investigations and resolve issues efficiently.”
Stakeholder interventions
As an exchange, the NSE leveraged its thought leadership and goodwill to influence decisions aimed at ensuring continuity for the business community amidst the COVID-19 pandemic. Key stakeholders engaged include the securities and exchange commission (SEC), corporate affairs commission (CAC), ministry of finance and ministry of trade and investment.
READ ALSO: COVID-19: SEC begins review of 10-year capital market masterplan
These advocacy engagements yielded significant outcomes including extension of time for issuers to file audited financial statements for the year ended 31 december 2019 and extension of time for dealing member firms to submit their audited financial statements for the year ended december 2019 and quarterly reports for Q1:2020. NSE further engaged the institute of chartered accountants of nigeria (ICAN) on the exclusion of the ICAN stamp and seal in audited financial statements.
On its part, the exchange issued a guidance document on companies’ virtual board, committee, and management meetings to the market on 15 april 2020 as part of its ‘guidance and leadership thought’ series. The exchange noted the legal and regulatory uncertainties that nigerian businesses may face regarding convening virtual meetings, particularly in the wake of current economic and social constraints precipitated by COVID-19, which underscore the need for companies to adopt a more practical style of holding meetings. The objective of the document was simply to provide non-binding guidance to the market and other stakeholders on carrying out successful, productive, and rewarding virtual meetings. This was also done to ensure investors are not denied corporate actions due to them, in light of the pandemic.
Masks for all nigerians
The NSE’s efforts in 2020 also included the fight against COVID-19 in nigeria with a total of N100 million. Out of this sum, the exchange redeemed its pledge of N60 million to the capital market support committee for COVID-19 (CMSCC) with the donation of ambulance and twenty-seven million, five hundred thousand naira cash. The CMSCC is a securities and exchange commission (SEC) led committee set up to galvanize the capital market ecosystem to play an active role in curbing the spread of COVID-19 in nigeria.
The balance N40 million was devoted to the “masks for all nigerians” campaign with the aim to galvanize responsible corporate citizens and individuals to donate face masks to nigerians, especially low-income households. The NSE kicked off the campaign with an anchor donation of 110,000 face masks distributed in areas where it has operations and areas that are greatly affected by COVID-19.
Also part of the masks for all nigerians campaign was an employee giveback programme tagged 500 shades of kindness which led to the donation of over 3,000 face masks to schools, transport workers and communities around NSE. In addition, the exchange received support from 13 companies bringing the total number of masks donated under this campaign to 609,490 masks.
Stakeholder engagement
The exchange has also successfully transitioned many of its physical engagements to digital events. This include its flagship closing gong ceremony which first went digital via instagram live on thursday, 16 april 2020 with the managing director, sterling bank plc, abubakar suleiman as the special guest. Since then, the exchange has commemorated new listings, outgoing and incoming members of management teams, international celebrations, and more with its virtual closing gong ceremony.
Another notable virtual engagement at the NSE in 2020 was the special webinar hosted on wednesday, 10 june 2020 to highlight the impact of COVID-19 on the global capital market and the resilience of securities exchanges in supporting economies. The webinar themed, “capital markets in a pandemic”, featured a panel session headlined by the chief executive officer (CEO) of NSE, oscar N. Onyema, OON; CEO, luxembourg stock exchange (luxse), robert scharfe; CEO, london stock exchange (LSE), nikhil rathi; and CEO, world federation of exchanges (WFE), nandini sukumar, and moderated by notable correspondent of cable network news (CNN), eleni giokos.
Public and private sector industry leaders also leveraged the platform of the exchange to highlight the significant benefits of privatisation of state-owned enterprises and the impact on economic growth and development. This webinar was hosted by the NSE in collaboration with the nigeria governors’ forum (NGF) and the nigerian investment promotion commission (NIPC) on tuesday, 17 november 2020 was themed, “privatisation in nigeria and the outlook for subnational economic development.”
In line with its commitment to continuously enhance the knowledge of capital market players across available asset classes, the exchange also hosted a series of trainings, workshops and capacity building webinars. These covered fixed income, derivatives, etfs, stock trading and a lot more also leveraging its learning platform, X-academy.
Looking ahead
While the pandemic has incredibly altered how a lot of organisations work, the exchange has continued to make progress on many of its strategic plans. For instance, investors in the global capital markets can expect the launch of west africa’s first exchange traded derivatives (etds) on the NSE in the near term following the registration of NG clearing by the securities and exchange commission (SEC) as a premier central counterparty clearing house (CCP). The approval-in-principle will allow the exchange to launch etds supported by NG clearing in the risk management process.
To further stimulate market activity, the exchange migrated four companies – chellarams plc, living trust mortgage plc, mcnichols plc, and the initiates plc – from the alternative securities market (asem) to the growth board and launched the associated growth board index on monday, 30 november 2020. It would be recalled that the NSE growth board was launched on 29 january 2020 to encourage start ups, small and medium enterprises and the companies in the fintech industry with high growth potential to seize the opportunity of raising long-term capital and promote liquidity in the trading of their shares.
Furthermore, the planned demutualisation of the exchange is now in its final stages of completion. The exchange has demonstrated its commitment to seeing to the completion of the demutualisation in its efforts to develop a more agile exchange that is better able to support the economic growth of nigeria. Post-demutualisation, the expectation is that the NSE will be better equipped to diversify our operations and evolve into a more competitive, robust and liberalised stock market.
Experts ask FG to fund n5trn budget deficit through capital market
With about n5trillion deficit in the 2021 nation’s budget to be financed by foreign loans, economic experts have called on the federal government to explore the booming capital market to fund the budget.
The national assembly had earlier passed the N13.5trillion 2021 national budget into law, with about n5trillion still expected to close the budget funding deficit.
With the nation’s capital market outperforming its peers across the world by pulling n8trillion investments in 2020, the experts are now charging the government to consider raising the budget funding deficit through the nation’s flourishing capital market.
The managing director of sofunix communications and investment limited, mr sola oni said demand for equities have strongly enhanced market upswing as yields on other asset classes, especially fixed income securities are low, hence, the need for the government to patronise the market.
He said, “the central bank of nigeria’s policies that encourage credit to the real sector in an environment of low interest rate are expected to be sustained. We expect the federal government to utilize the market to finance the N5 trillion budget deficit for 2021 through the market.
“states governments can also take advantage of the capital market to mobilize funds for development projects. This will have multiplier effects on transactions on the exchange.”
Expressing his optimism of a better investment returns in the capital market, he said, “if the introduction of vaccines to combat COVID-19 is pursued vigorously, it will enhance operations of quoted companies, boost return on investment (ROI) and attract more investors into the market.
“however, it is hoped that security issues would be addressed to reduce country risk while another wave of COVID-19 pandemic shall not scuttle all projections.”
Projecting a positive outlook for the market in 2021, financial economist and professor of capital market at the nasarawa state university keffi, professor uche uwaleke, noted that the outlook for the nigerian capital market’s in the post COVID-19 era is positive.
He stated: “the market has performed well despite the COVID-19 pandemic. However, the second wave of COVID -19 in developed countries like the UK and US is likely to have an impact on capital importation especially foreign portfolio investments.
“furthermore, there is likely going to be a possible collapse in international crude oil price, depletion of external reserves and exchange rate pressure if the pandemic is not contained effectively.
“we have had good news that there is a vaccine and so what the government needs to do is to pursue aggressive export base diversification to reduce vulnerabilities to external shocks and boost external reserves, tackle insecurity and continuously improve ease of doing business, address infrastructure gaps through PPP, issue more of infrastructure bonds such as sukuk and green bonds which are tied to self-liquidating projects and deploy policies favourable to stock market growth and which support economic recovery”.
On his part, chief executive officer, emerging africa capital, oluwatoyin sanni, believes that the outlook for capital markets globally is positive and will be driven by the gradual return to businesses.
She said, “we know that there is a second wave but we also know that there is a vaccine on its way to us and psychologically that will be an encouragement to investors. Furthermore, the implementation of the african continental free trade area agreement (afcfta) across africa will see opportunities for some of our larger companies to make a foray into the african markets.
“we know that there will still be renewed lockdowns in the UK and new strings are coming up but I think the worst is over and 2021 will not be anywhere near 2020. I say this because the economy has learnt how to deal with the virus and recognized that total shutdown of activities is not the best way to go, especially for developing economies like ours and so as long as the responses are pragmatic, the outlook for the capital market will more likely be favourable.”
For his part, a stockbroker, charles fakrougha, said companies will remain resilient and there will be improvement in the performance of the nigerian capital market.
He, however, noted that government has to play its own role in creating an enabling environment to see the much-needed recovery in Q1, 2021.
“we do not have to be too optimistic but optimistic with a focus as there would be challenges but I believe that we will see some form of improvement,” he added.
LEADERSHIP weekend recalls that investors’ investment on the nigerian stock market grew by N8.099 trillion in the year 2020, making the nigerian stock exchange (NSE) the best performing market in the world exchanges.
NSE surprised many in the face of global economic meltdown induced by COVID-19 pandemic to rank the best in the world’s stock markets.
A bloomberg report said nigerian stocks are headed for their highest annual gain in seven years riding on low yields in fixed-income markets.
Nigeria’s equities benchmark index recorded its highest return, rising 45.7% this year, according to the report. The report said it’s the most among 93 equity indexes tracked by bloomberg, and makes the NSE the best performing stock market year-to-date.
The unprecedented performance was attributed to investor’s appetite for riskier assets, which have remained strong due to persistent low yield on fixed-income instruments, bloomberg said, citing chapel hill denham’s note to clients last tuesday. It added that it has been buoyed by traders positioning for dangote’s share buyback programme.
Denham said the equities will continue to outperform bonds in 2021 given the current overstretched fixed-income valuations.
The report said the market reached its highest level since june 2018.
Moreover, the NSE all share index, which tracks the general market movement of all listed equities gained 50.03 per cent to close the year at 40,270.72 basis points from 26,842.07 points at which it opened trading for 2020. Similarly, market capitalisation, the total market value of listed companies’ outstanding shares rose by N8.099 trillion, closing higher at N21.057 trillion, compared to the opening value of N12.958 trillion for the year, 2020.
Growth in the equities market has been driven by domestic retail and institutional investors targeting nigerian companies with strong fundamentals, expecting that they will weather the storm of the COVID-19 pandemic and be able to distribute dividends to shareholders.
The total value of transactions executed by domestic investors on the nigerian stock exchange (NSE) stood at N1.24 trillion in the first 11 months of 2020. It is also evident that the equities market continues to respond positively to macroeconomic policy changes such as the cut in monetary policy rate (MPR) by 100 basis points from 12.5 per cent to 11.5 per cent by the central bank of nigeria (CBN) in september 2020 and a low yield environment.
The exchange has remained resilient even in the face of the COVID-19 pandemic. It would be recalled that on november 12, 2020, the NSE all share index (ASI) posted its largest daily gain in more than five years. The ASI rose beyond the set threshold of five per cent, triggering a 30-minute trading halt of all stocks for the first time since the circuit breaker was introduced in 2016.
Speaking on market performance for 2020, analysts at cordros securities limited had stated: “the gains this year were led by what we tagged the ‘best COVID-19 defensives’, the telco stocks. Local investors piled into MTN nigeria communication (MTNN), whose earnings were resilient and provided a significant price upside. In comparison, foreign investors flocked to the dual-listed airtel africa as an alternative means to repatriate funds.
“industrial goods stocks, mainly the big three cement firms, dangote cement, BUA cement and lafarge africa also lent a hand. Investors increasingly opted for these ‘cyclical’ companies, whose earnings growth are tied to the economic performance and those whose earnings performed better than initially expected as the government eased lockdown measures.
“investors also looked to the banking stocks, particularly guaranty trust bank and zenith bank, as they offered best-in-class dividend yields and recorded better than expected earnings despite the effects of the pandemic.
“oil & gas stocks declined on average, driven by sector heavyweight SEPLAT petroleum development company (SEPLAT), whose earnings suffered from the oil price crash. However, reforms in the downstream subsector offered a boost to oil marketers’ stocks, like mobil nigeria and total nigeria both surged in the year as the removal of the PMS retail price cap allowed the companies to enjoy margin expansions.”
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