SEC Moves to Ban Companies from Distributing Gifts at Meetings - THISDAYLIVE

The Nigerian Securities and Exchange Commission building is pictured in Abuja, Nigeria January 23, 2018. REUTERS/Afolabi SotundeThe Securities and Exchange Commission is making move to stop listed companies from distributing gift items at annual general meetings .

“Few of the companies are making reasonable profits and even fewer can afford to pay dividends. If the amount budgeted for gifts at AGMs/EGMs can be reserved for other relevant operational or administrative expenses, it would positively impact on their earnings per share,” it explained. In another proposed new rule, SEC is moving to reinstate the individual sub-broker function to the market.

The bank stated this in a report titled: Investment Opportunities in the Nigerian Financial Market,” obtained at the weekend. Shedding more light on the report, the Head of Research at FSDH Merchant Bank, Ayodele Akinwunmi, pointed out, t It also means that government at all levels would have limited access to raise tax revenue to embark on development purposes while corporates would have limited access to capital to expand their businesses, he said.

Usually the FGN pays interest twice in a year to the Bond holders throughout the life of the Bond and pays the principal at maturity. The tenor of the FGN Bond ranges from 3 – 30 years and the bond is issued monthly with a minimum investment sum of N50,001,000. The Bond can be used as a collateral to obtain loan from any financial institution in Nigeria and the income from it is free from tax.

Similarly, through the NTBs, the federal government borrows money from the public on a short-term basis .

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