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Afriland Kicks NASD OTC Exchange into Bears Territory

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Afriland Properties

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange failed to register a third consecutive bullish closure as it was pulled into the negative territory following a marginal 0.01 per cent drop on Thursday, March 31.

The defeat came on the back of a loss recorded by Afriland Plc as the equities of the company went down by 4 kobo or 3.7 per cent to close at N1.09 per unit compared with N1.13 per unit it closed at the previous session.

As a result of this, the NASD unlisted securities index (NSI) moved down by 0.04 points to 733.30 points from 733.44 points, while the market capitalisation of the NASD OTC exchange slipped by N50 million to wrap the day at N952.62 billion in contrast to N952.67 billion it finished on Wednesday.

It was observed that the trading volume of the unlisted securities market slumped yesterday by 82.1 per cent as a total of 84,117 units of shares exchanged hands compared with 470,058 units transacted at the previous session.

In the same vein, the trading value slid by 99.5 per cent to N108,055.2 from the previous day’s value of N21.1 million as the number of deals went down by 60 per cent due to the four deals carried out on Thursday compared to the 10 deals executed at the midweek session.

At the close of business, the most traded stock by volume on a year-to-date basis was AG Mortgage Plc with a turnover of 2.3 billion units valued at N1.2 billion, followed by Central Securities Clearing System (CSCS) Plc with 658.9 million of units worth N13.8 billion, and NASD Plc with a turnover of 41.9 million units valued at N447.4 million.

But the most traded stock by value on a year-to-date basis was CSCS Plc as it has sold 658.9 million units valued at N13.8 billion, AG Mortgage Plc was in second place with the sale of 2.3 billion units worth N1.2 billion, while NASD Plc was in third place with the sale of 42.0 million units valued at N447.4 million.

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Major Japanese Bank Sumitomo Mitsui Trust to Launch Cryptocurrency Custody Business

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Sumitomo Mitsui Trust, one of the major banking institutions in Japan, will reportedly enter the cryptocurrency custody business. The company is entering a partnership with Bitbank, a Tokyo-based cryptocurrency exchange, to launch a new company that will focus on offering institutional-grade custody for digital assets and NFTs.

Sumitomo Mitsui Trust Bank, a major financial institution in Japan, has decided to enter the cryptocurrency custody business. The company announced that it will launch a digital assets custody company in partnership with Bitbank, a Tokyo-based cryptocurrency exchange. The company, which will be named Japan Digital Asset Trust — and owned 15% by Sumitomo Mitsui Trust and 85% by Bitbank — will focus on providing custody of crypto and NFTs to institutional customers.

According to local media, the objective behind the move is to capture the local institutional market that still sees the issue of custody as a deterrent to investing in these new products. Sumitomo Mitsui Trust believes that investors will be more comfortable holding digital assets if the custody is provided by recognized institutions in the financial world instead of crypto exchanges, which often don’t face the same scrutiny from the established regulatory bodies.

The capital of the company is reportedly 300 million yen ($2.3 million) at its start, with the two companies expecting other investors to dive into this proposal to reach 10 billion yen ($78 million).

The new company aims to start its operation this year, as others competitors are also rushing to bring these services to the Japanese market. Nomura and Crypto Garage are also launching a joint venture to offer similar services to their customers.

However, the Japan Digital Asset Trust will also be offering a different product. According to reports, the new company has plans to issue a yen-pegged stablecoin, supported by regulations allowing banks to launch this kind of product. There have been no further details on this from any of the players in the partnership.

While the company is entering the crypto sector during a downturn in the market, with bitcoin and other cryptocurrencies losing a large part of their value, the rise of the metaverse and blockchain gaming could power the interest in cryptocurrency during this period. Japan Digital Asset Trust is said to expect demand for stablecoins, which usually don’t suffer the same volatility problems that other cryptocurrencies do, to increase as metaverse worlds rise to prominence.

What do you think about the new custody company that will be launched by Sumitomo Mitsui Trust? Tell us in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Governor Wike sacks Chief of Staff, entire cabinet members

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Nyesom Wike

The Rivers State Governor, Nyesom Wike, has sacked the entire cabinet members with the dissolution of the state executive council.

The governor is also reported to have sacked his Chief of Staff, Emeka Woke, and his Senior Special Assistant on Protocol.

The sack and dissolution was contained in a statement signed by the Special Assistant to the Rivers State Governor on Media, Kelvin Ebiri, on Tuesday morning in Port Harcourt, Rivers State.

Although no reason was given for the sacking of the two senior government officials and the dissolution of the state executive council, the governor thanked the cabinet members for their services and contributions to the state and wished them well in their future endeavours.

What the media aide to the Rivers State Governor is saying

The statement partly reads, ‘’Rivers State Governor, Nyesom Ezenwo Wike, has dissolved the State Executive Council with effect from Tuesday, May 24, 2022.

  • “The Chief of Staff to the governor and Senior Special Assistant (Protocol), have also been relieved of their office.
  • “His Excellency, Governor Nyesom Ezenwo Wike, commends the members the Rivers State Executive Council for their service and contribution to the development of the State.
  • “He has also wished them the best in all their future endeavours.”

The statement further said Governor Wike, instructed all the former members of the State Executive Council to hand over to the most senior officers in their respective ministries.

Recall that Governor Wike is one of the frontrunners in the presidential race under the platform of the Peoples’ Democratic Party (PDP) in the 2023 general election.

... Governor Wike sacks Chief of Staff, entire cabinet members Read More on ... Naijaonpoint.

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