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NSE, Renaissance Capital partner on E & P training

Renaissance Capital, an emerging markets investment bank has partnered with The Nigerian Stock Exchange (NSE) for a one-day Institutional Investors’ Clinic in Lagos to update investors, regulators and operators in the oil and gas sector especially the Exploration and Production aspect.

The NSE has been working on several initiatives aimed at providing growth opportunities domestically and transforming Nigeria into one of the most vibrant capital markets in the world.

The Investors’ Clinic Series is one of the investor education initiatives designed by the NSE to address low investor confidence and provide valuable information for all investors in various sectors of the economy.

Experienced facilitators moderated discussions on key areas and each session was highly interactive with panel discussions for each session bringing together all the stake holders.

Renaissance Capital analysts discussed understanding and valuing E & P companies as well as equity issuance.

The clinic also presented case studies on dividend and capital appreciation. Cyril Odu, former Chairman, ExxonMobil Nigeria, and currently Principal at Africa Capital Alliance presented “Oil and Gas in Nigeria – The Investment Case”.

Dr. Jude Amaefule, Vice-Chairman/Chief Executive Officer Emerald Energy Resources Ltd, spoke on “Building an indigenous E & P company” which discussed growth of an E&P company from the drill bit versus acquisition of mature assets as is the current trend.

Oscar Onyema, Chief Executive Officer NSE, said “The NSE Investors’ Clinic Series is one of the investor education initiatives designed by the Exchange as part of its investor protection program to enhance confidence and create better informed investors.

The programme is meant to enhance investors’ understanding of the basics of investing around portfolio construction, asset allocation and risk diversification. A well informed investor is a better protected investor.

The other major aspect of our investor protection program is the Investor Protection Fund, whose Board of Trustees has been inaugurated and is working on the rules and guidelines for the Fund.”

FG releases N8bn to power companies

The Federal Government has released N8.27 billion for Distribution Companies, DISCOs, and Power Generating Companies, GENCOS.

A statement issued on Wednesday in Abuja by Mr Paul Nwabuikwu, spokesman for the Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, said the money was released, following approval by President GoodLuck Jonathan.

“N8.27 billion was specifically released to the Federal Ministry of Power for the DISCOs and GENCOs, following approval by President Goodluck Jonathan,” it said.

It said that the Ministry of Finance had paid N72.7 billion to the Federal Ministry of Power, so far this year, to cover various items in line with the implementation of the power road map.

The amount, it said, included theN45 billion paid to Power Holding Company of Nigeria (PHCN) workers, as part of the power privatization programme. It also includes monies released under the Multi Year Tariff Order, MYTO.

“Other beneficiaries include the Ministry of Power headquarters, PHCN, National Rural Electrification Agency, National Electricity Regulatory Commission, National Power Training Institute, National Electricity Liability Management Limited/GTE, NELMCO, and Bulk Trader,” it said

According to the statement, more than N59.08 billion was paid in the first quarter while N13. 73 billion was paid in the second quarter.


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