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Publication of bank debtors: Pointer to future reforms in industry

In order to strengthen the soundness of the banking industry, the Bankers Committee at its last meeting agreed to publish in newspapers names of its chronic debtors. The Committe also agreed to deny such debtors access to foreign exchange. Shareholders in this interview commended this decision saying the incoming government should do a lot in the area of banking reform.

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Top 10 performing stocks

On the top 10 performing stocks last week were the shares of Fidelity bank plc, National Aviation handling Company, NAHCo Plc, Zenith International Bank Plc, Oando plc, Guaranty Trust Bank Plc and United Bank for Africa, UBA Plc. The rest were International Breweries Plc, UACN Property Development Co. Plc, Glaxosmithkline Consumer Nig. Plc and National Salt Company, NASCON Plc.

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Suspension of audit c’ttee rule: “Shareholders not carried along”

THE Securities and Exchange Commission, SEC approved the suspension of Rule 42 (5)(e) of the Consolidated Rules and Regulations of the Commission for 90 days, effective February 25, 2015. The suspended rule provides: “Membership of an Audit Committee shall be for a term of three (3) years, subject to good performance; Provided, that such Member shall not be eligible for re-election until the expiration of three (3) years after his previous term”. In this interview with Alhaji Gbadebo Olatokunbo, shareholder activist, he said the regulators should listen more to the shareholders.

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Top 10 performing stocks

On the top performing stocks last week were the shares of May & Baker Nigeria Plc, UBA Capital Plc, Cadbury Nigeria Plc, NPF Microfinance Bank Plc, Fidelity Bank Plc and Cutix Plc. Others were International Energy Insurance Company, IEI Plc, FCMB Group Plc, Transnational Incorporation of Nigeria (Transcorp) Plc and Caverton Offshore Support Group Plc.

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How about non-financial investment?

In the last edition, we published some of the responses of readers to the series on “You Can Invest”. Among other things, these responses reflect that Nigerians are interested in investment, and they are willing to learn, or acquire the necessary knowledge. Some of the responses were from young people, below 25 years, which is good for the future of the country.

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