…As equities shake off losses
By Chinenye Anuforo
The Securities and Exchange Commission (SEC) has banned and blacklisted Taofik Lawal and Mrs. Iyabode Lawal, Directors of WT Securities Limited, from operating in the Nigerian Capital market for life over illegal sale of clients’ stocks.
According to SEC, the decision was taken following investigations of complaints against WT Securities Ltd and its directors who were found culpable of mismanaging the stocks of Mrs. Opral Mason Benson, and the unauthorised sale of the Nigerian Breweries Plc shares belonging to Ngozi Onyekwere Nwachukwu.
SEC said the sanction was in exercise of its powers under Section 13 of the ISA, 2007.
“The actions of WT Securities Ltd and the aforementioned Directors are in violation of Section 110 of the ISA 2007 and Rule 65 (1) of the Commission’s Consolidated Rules and Regulations 2013,” SEC said.
“Consequently, in accordance with Section 13 (bb) of the ISA 2007, Mr. Taofik Lawal and Mrs. Iyabode Lawal, have been banned and blacklisted from operating in the Nigerian Capital market for life.”
SEC further advised the investing public to desist from dealing with the named persons in any capital market related capacity.
Meanwhile, the negative trend in the equities market was reversed yesterday as the All Share Index (ASI) marginally gained 4 basis points to close at 28,247.56 points.
Consequently, market capitalisation advanced by N3.9 billion to settle at N9.7 trillion.
Yesterday’s performance was driven by gains in Oando, Seplat, Unilever and Nestle.
After the day’s trading, market activity improved as volume and value traded rose 7.1 per cent and 26.2 per to settle at 170.4 million units and N1.8 billion respectively.
Royal Exchange offsets N3bn net claims for 2015
By Chinwendu Obienyi
Royal Exchange Plc has paid over N3 billion net claims for the 2015 financial year despite the hostile operating environment experienced by the insurance sub-sector and the financial services industry.
Disclosing the news at the Group’s 47th Annual General Meeting in Lagos recently, The Chairman, Royal Exchange Plc, Mr Kenneth Odogwu, said that despite the harsh economic situation, Royal Exchange group kept a tight rein on its businesses in 2015, stating that the group generated N10.79 billion as written premium compared with N9.43 billion recorded in the preceding year.
“During the period under review, Royal Exchange Plc generated a gross written premium of N10.79 billion while that of the preceding year was N9.43 billion, an increase of 14 per cent and the net claims expenses for the year amounted to N3.04 billion in comparison with N2.43 billion reported in 2014, signaling an increase of 25 per cent”, He stated
He further stated that the firm was expecting healthy growth in its micro-insurance products and services and that the group is doing all it can to attain market leadership as a potential game changer.
“It is expected that the Federal Government will become more rigorous towards revenue diversification in a bid to deepen her tentacles in the manufacturing and agriculture sectors as new frontier markets, Royal Exchange stays abreast with many of the initiatives mentioned above in our quest to grow market share and attain market leadership not only as a major industry player but as a potential game changer,” Odogwu said.