NIMASA Is Best Federal MDA In Digital Transformation -Presidency

The Presidency has declared the Nigerian Maritime Administration and Safety Agency NIMASA as the best Federal Government Agency in Digital Transformation. The Director General of the Bureau of Public Service Reforms (BPSR), who conveyed the Presidential award to NIMASA Management, also said NIMASA DG, Dr Bashir Jamoh has been nominated for the distinguished GovTech Trailblazers award for providing exemplary leadership. The BPSR also announced the awards were as a result of a nationwide nomination and online voting process initiated by the Bureau, as well as a detailed analysis of performance of all government MDAs at the national level. The award presentation is scheduled to take place in the nation’s federal capital in October this year. Jamoh expressed pleasure and assured of the Agency’s commitment to full operational digitalization. “This award is a pleasant surprise. We weren’t expecting it. We were just doing our job. This award will spur us to accelerate our quest to fully digitalize all NIMASA operations.” Public sector reform consists of deliberate changes to the structures and processes of public sector organizations with the objective of getting them to run better.

Transcorp Hotels Secures NGX Free Float Compliance

 *Sustains impressive market performance Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group has achieved full compliance with the Nigerian Exchange’s (NGX) free float requirement for companies listed on its Main Board through free-float market capitalisation. This comes following months of sustained impressive market performance that saw the company’s market capitalisation rise to more than N470 billion. Transcorp Hotels Plc, a hospitality subsidiary of Transnational Corporation Plc (Transcorp), is one of Africa’s leading hospitality companies, committed to redefining hospitality standards Free float refers to the shares of a company that can be publicly traded and are not restricted.  According to the NGX, companies listed on its Main Board, where its top stocks are listed, are required to have 20 percent issued and fully paid share capital or have a N20 billion market capitalisation on its publicly traded shares.  Transcorp Hotels Plc had in June achieved compliance with the NGX’s requirement as it experienced significant growth in its market capitalisation due to its excellent financial performance and operational efficiency. However, the Exchange monitored the Company’s free float compliance status for a period of three (3) months starting from Friday, 30 June 2023 to Friday, 22 September 2023 in line with its practice of monitoring a company’s free float. “We further note that Transcorp’s free float currently stands at 12.78% with a value (market capitalization) of N58, 788,278,971.52 as at 21 September 2023,” a notice by the Exchange stated. Chairman, Transcorp Hotels Plc Emmanuel Nnorom expressed enthusiasm regarding the achievement, stating that “Maintaining compliance with NGX’s free float requirement is a testament to Transcorp Hotels Plc resilience and strategic positioning in the market. We are committed to upholding the highest standards of transparency and corporate governance, factors that underpin our success.” He also added that the impressive performance of the company over the years has built market confidence, seeing the share price grow by more than 500 percent over the past year. The Company had in the first half of 2023 grown profit by 49 percent year-on-year, reaching N3.53 billion compared to N2.37 billion in H1 2022. Revenue also soared to N18.98 billion from N14.99 billion recorded during the same period of the previous year, showcasing a remarkable growth of over 27 percent. The NGX has now removed the Compliance Status Indicator (CSI) of BLS (Below Listing Standard) beside Transcorp Hotels Plc name on its platform, reflecting the company’s unwavering dedication to post-listing obligations and its resolve to continually exceed industry benchmarks. The company remains steadfast in its pursuit of excellence, with a focus on delivering exceptional value to shareholders and other stakeholders alike. The company’s strong financial foundation and sustainable growth trajectory position it favourably in the competitive landscape of the hospitality sector.

NGX market cap gains N1.8trn in July

Transactions at Nigerian Exchange Limited (NGX) closed the month of July 2023 on a positive note as earnings and dividend declarations from quoted companies helped NGX’s market cap to gain N1.814 trillion. The gain was also supported by insider dealings among companies as directors and related parties consolidated their positions in a show by such investors of their belief in the inherent values of such companies, as well as sustained positive reactions to the ongoing reforms by President Bola Tinubu. Despite the profit taking, selloffs and FX pressures witnessed within the period, the benchmark NGX All-Share index which opened the trading month at 60,968.27 points, closed at 64,337.52 points, representing a 5.53 per cent growth while year-to-date (YTD) close at 25 per cent in the month under review.  Also, market capitalization- listed value of equities rose by N1.814 trillion from N33.197 trillion to N35.011 trillion. There were also better-than-expected corporate earnings, higher dividend payouts and relatively improved liquidity as fixed income yields were not stable in the face of soaring inflation which supported buying interests in the market and flow of funds into the equity space. It will be recalled that a total turnover of 2.854 billion shares worth N37.645 billion in 41,547 deals was traded by investors on the floor of the Exchange last week Friday. The high traded volume and mixed sentiment experienced during the month reflected the buying interests by majority shareholders and activities of institutional investors as they sought to hedge against inflation on a mixed outlook for fixed income rates and yields. This followed the fact that the second quarter (Q2) performance of some quoted companies beat the inflation rate, raising hopes of better earnings that will support price and payout at the end of the financial year. Given the outcome of the Monetary Policy Committee meeting in the month under review, the prevailing mixed economic data and as well more corporate earnings now looking up, analysts believe that positive earnings surprises and possible interim dividend declarations from companies would spur increased bargain-hunting activities on the bourse. They also added that profit-taking activities on stocks that have experienced substantial appreciation might be possible. Analysts at Cordros Research said, “In the medium term, we expect investors’ sentiments to be influenced by developments in the macroeconomic landscape and the movement of yields in the fixed-income market”.