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SEC warns capital market operators against working with clients linked to proscribed terrorist groups

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1642608603 Lamido Yuguda

Nigeria’s security and Exchange Commission has notified Capital Market Operators (CMOs) not to work with clients related to proscribed terrorist groups in any part of Nigeria.

The SEC disclosed this in a circular after Nigeria’s Justice Ministry revealed a gazette declaring bandit groups operating in any parts of the country as Terrorists

They added that existing CMOs would be screened prior to executing any transaction from the date of the circular.

What the SEC is saying

The SEC warned that “Capital Market Operators (CMOs) are hereby notified that in line with the requirements of the Terrorism Prevention Act (No. 10,2011) and Terrorism (Prevention) Proscription Order Motion, 2021, the Federal Government of Nigeria has declared the activities of “YAN BINDIGA GROUP”, YAN TA’ADDA GROUP AND OTHER SIMILAR Groups in any part of Nigeria as Terrorism and Illegal.”

The SEC added that the FG has proscribed their existence and restrained any person or group of persons from participating in any manner whatsoever in any form in the activities of any of the groups.

They also stated that Capital Market Operators (CMOs) are required to screen and verify every client against the above-proscribed groups and any other proscribed terrorist group(s), citing the  United Nation Security Council Resolutions (UNSCRs) list, Office of Foreign Assets Control (OFAC) list, etc. prior to the on-boarding of a new client and when carrying out one-off transaction(s).

It also urged CMOs to file suspicious transaction reports (STRs) immediately to the Nigerian Financial Intelligence Unit.

What you should know

The FG released a gazette last week signed by the Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN officially declaring bandit groups operating in any parts of the country as Terrorists.

... SEC warns capital market operators against working with clients linked to proscribed terrorist groups Read More on ... Naijaonpoint.

Source: Naijaonpoint

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Jumia shares up 23% on back of possible Zinnox acquisition

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1652698806 747 Jumia logo

The share price of online e-commerce giant Jumia is up 14% in pre-market days after Naijaonpoint reported a possible acquisition bid by rival Zinnox Technologies, owners of Konga.

Shares of Jumia fell 11.32% on Wednesday to $4.78 as investors flee tech stocks amidst a market sell-off that has engulfed US Stocks. The share price is currently trading at $5.89 ahead of the market opening up from $4.78 when Naijaonpoint first reported a possible acquisition.

The share price is now up 23% since the reported possible acquisition plans.

Naijaonpoint had earlier reported that hat Chairman of the Zinox Group, and billionaire, Leo Stan Ekeh, has been scooping Jumia shares indirectly suggesting a possible acquisition could be in play if the opportunity arises.

Tech Stocks recorded a broad spectrum of losses last week as investors reacted to rising inflation and US FED action to hike interest rates. However, tech stocks seem to have rebounded on Thursday according to prices tracked via Seeking Alpha, a US-based Stock Market Website.

“According to Seeking Alpha, tech stocks like “Fiverr (FVRR +8.7%), Etsy (NASDAQ:ETSY +9.8%), Carvana (CVNA +22.1%), Shopify (NYSE:SHOP +6.4%), Coupang (CPNG +17.7%), Chewy (NYSE:CHWY +6.4%), and Wayfair (NYSE:W +5.0%), Jumia Technologies (JMIA +5.8%), and Blue Apron (APRN +5.9%), and more were some of the biggest gainers on the day” The move upward certainly breaks with the year-to-date trend for each, as each name save for Blue Apron (APRN) has been more than halved so far this year.”

Jumia is expected to declare its result on May 17th, 2022, and will host an investor presentation at 8:30 a.m. US Eastern Time on the same day.

... Jumia shares up 23% on back of possible Zinnox acquisition Read More on ... Naijaonpoint.

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Jumia shares up 23% on back of possible Zinnox acquisition

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on

Jumia logo

The share price of online e-commerce giant Jumia is up 14% in pre-market days after Naijaonpoint reported a possible acquisition bid by rival Zinnox Technologies, owners of Konga.

Shares of Jumia fell 11.32% on Wednesday to $4.78 as investors flee tech stocks amidst a market sell-off that has engulfed US Stocks. The share price is currently trading at $5.89 ahead of the market opening up from $4.78 when Naijaonpoint first reported a possible acquisition.

The share price is now up 23% since the reported possible acquisition plans.

Naijaonpoint had earlier reported that hat Chairman of the Zinox Group, and billionaire, Leo Stan Ekeh, has been scooping Jumia shares indirectly suggesting a possible acquisition could be in play if the opportunity arises.

Tech Stocks recorded a broad spectrum of losses last week as investors reacted to rising inflation and US FED action to hike interest rates. However, tech stocks seem to have rebounded on Thursday according to prices tracked via Seeking Alpha, a US-based Stock Market Website.

“According to Seeking Alpha, tech stocks like “Fiverr (FVRR +8.7%), Etsy (NASDAQ:ETSY +9.8%), Carvana (CVNA +22.1%), Shopify (NYSE:SHOP +6.4%), Coupang (CPNG +17.7%), Chewy (NYSE:CHWY +6.4%), and Wayfair (NYSE:W +5.0%), Jumia Technologies (JMIA +5.8%), and Blue Apron (APRN +5.9%), and more were some of the biggest gainers on the day” The move upward certainly breaks with the year-to-date trend for each, as each name save for Blue Apron (APRN) has been more than halved so far this year.”

Jumia is expected to declare its result on May 17th, 2022, and will host an investor presentation at 8:30 a.m. US Eastern Time on the same day.

... Jumia shares up 23% on back of possible Zinnox acquisition Read More on ... Naijaonpoint.

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Continue Reading