FMDQ Approves Quotation of N10bn CardinalStone Partners C/Paper
Key members of the top echelon of the Management of ipNX, a licensee of the Nigerian Communications Commission (NCC), were at the Commission recently for a courtesy visit.
The delegation from ipNX, led by the Group Managing Director, Ejovi Aror, commended the Management of NCC for its superlative regulatory activities, describing the Commission’s actions as marked by efficiency and effectiveness.
Aror also hinted about the company’s plan to expand its operations in Nigeria, in a manner that will heighten the role of the telecom sector in the growth of the Nigerian economy.
The Group Managing Director of ipNX, also notified the Commission that the operation of the company has come to a critical juncture and ipNX is happy to migrate from the stage where it is now to a more strategic stage where it will play a greater role in the efforts to expand broadband infrastructures in Nigeria.
“Therefore, we are here to solicit your support for our plan to expand our businesses because we are at the threshold of closing a chapter and moving onto another, particularly in expanding broadband infrastructure which is critical to national development,” Aror stated.
Aror also informed the management of NCC about some of its Corporate Social Responsibility (CSR) programmes,adding that the most central and significant of them, services company that provides services encompassing financial advisory, asset management, securities trading, share registration, and consumer finance on a retail and institutional scale.
The proceeds from this CP, which is cosponsored by FBNQuest Merchant Bank Limited – lead sponsor; CardinalStone Partners Limited, EAC Advisory Limited, FCMB Capital Markets Limited and United Capital PLC – all Registration Member (Quotations) of the Exchange, will be utilised by the Issuer to support its short-term financing requirements.
The successive and successful admittance of the securities listed and quoted so far in the year 2022, following the due approvals obtained, attests to the efficient and uniquely tailored
The Ogun State Property and Investment Corporation (OPIC) has generated 42.6 per cent of its total revenue in various housing projects for the first quarter of 2022 budget.
The Committee on Trade, Industry and Investment of the Ogun State House of Assembly disclosed this while lauding the corporation of its milestones recorded in housing sector within three months
The committee, led by Hon. Kemi Oduwole, made the commendation on OPIC's management team during the ongoing 2022 budget performance appraisal at the Assembly Complex, Oke-Mosan, Abeokuta,
The lawmakers, who
declared
that is the free Internet access to schools in Lagos and Oyo States.
It emphasised ipNX’s readiness to extend such services to other parts of the country, particularly in schools, because of the importance of ICT to educational development.
Responding to the ipNX delegation, the Executive Vice Chairman of NCC, Prof Umar Danbatta, who was represented by the Commission’s Executive Commissioner, Stakeholder Management (ECSM), Adeleke Adewolu, thanked ipNX for the visit and for the testimony about how NCC’s regulatory activities have caused growth in leaps and bounds in the fortunes of the telecom ecosystem.
Adewolu declared that NCC is particularly gratified by the remarkable and quantifiable impact of Commission’s activities on the economy, including increase in the sectoral contribution to Gross Domestic Product (GDP). Adewolu promised that the encouraging words of ipNX's delegation will spur the Commission to put in more efforts towards achieving its mandate.
Putting in context the trajectory of landmarks in the telecom sector, Adeleke recalled the history of the evolution of the telecom industry in Nigeria, declaring that Decree 75 of 1992 which established the Commission, was a great feat. listing and quotation service offered by FMDQ Exchange – Nigeria’s largest securities exchange by market turnover (with an annual average of ₦166 trillion over the last eight years).
The quotation of this CP on the Exchange’s platform validates its conscious drive to support the goals of corporate businesses in meeting their capital raising needs and to deepen the Nigerian financial markets.
In maintaining its support for the development of the Nigerian debt capital markets (DCM), FMDQ Securities Exchange Limited uses its platform, to efficiently enhance the registration, listing, quotation and trading of debt securities in the Nigerian financial markets space. the corporation had recorded laudable achievements in the housing sector/ investment within 12 weeks by generating 42.6 per cent of its total revenue, expressed optimism that it would do more before the end of the fiscal year.
While presenting the budget performance, the Special Adviser/Managing Director, OPIC, Arch. Biodun Fari-Arole said that the corporation generated N687.78m within the period under review.
Fari-Arole added that the amount was generated through survey/building fees, development fees, administrative fees, change of ownership fees, earnings from sundry income and consultancy fees amongst others.