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Wema Bank share price gains 187% in March 2022

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Wema Bank Plc share price gained a total of 187.36% month-on-month, starting at N0.96 to close the month at N2.76 per share.

This comes after trading in the bank’s shares was suspended by the Nigerian Exchange Limited as a result of a share reconstruction exercise by the board of the bank.

The bank’s shares stopped trading on Tuesday, March 8, 2022, and were last traded at N0.92 per share before the suspension by the NGX.

The share reconstruction program, pushed for by the bank’s board of directors, entailed the reduction of the issued and fully-paid shares of Wema Bank so as to allow for the raising of additional capital for the organization through available means approved by shareholders.

  • The board of directors moved for the reduction of the issued and fully-paid shares of Wema Bank to allow for the raising of additional capital for the organisation through available means approved by shareholders.
  • Accordingly, Wema Bank shares were merged in a ratio of 3:1, that is, every three of its shares were merged into one and this reduced the issued and fully-paid shares from 38,574,466,082 units to 12,858,155,360 units at the end of the exercise.
  • Following the completion of the exercise, the board of directors have been authorised to raise capital of up to NGN40,000,000,000 by way of a rights issue to the existing shareholders of the Bank by issuing two new shares for every three shares held in the reconstructed capital of the Bank, subject to obtaining relevant regulatory approvals.

This was contained in a disclosure filed with the exchange on January 4, 2022.

What you should know

  • Wema Bank Plc has released its Audited 2021 financial results for the period ended 31 December 2021, reporting a profit of N8.93 billion, representing a 95% growth year on year. Interest Income of N74.80 billion was reported in the full-year period compared to N64.55 billion in the same period of 2020.
  • Earnings per share was recorded as N0.23 kobo against N0.12 kobo recorded in the corresponding period of 2020.
  • Year-to-date, the company’s shares have appreciated by 283.33% from N0.72 at the beginning of the year to N2.76 as at the time of writing this report.

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Indian Regulator SEBI Proposes Banning Public Figures From Endorsing Crypto Products

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The Securities and Exchange Board of India (SEBI) has reportedly proposed banning public figures, including celebrities and sportsmen, from advertising and endorsing crypto products. The regulator also proposed that public figures be held liable for any law violations when promoting crypto products.

The Securities and Exchange Board of India (SEBI), the country’s securities and commodity market regulator, has proposed prohibiting public figures, including celebrities and sportsmen, from endorsing crypto products, Businessline reported last week. In addition, the regulator proposed requiring advertisers to disclose possible law violations.

SEBI recently shared its view on the subject with India’s Parliamentary Standing Committee on Finance when it was questioned about various crypto issues, sources told the publication. The regulator subsequently submitted a detailed written response to the committee.

The Indian Ministry of Finance also asked SEBI to give its view on the crypto advertising guidelines published in February by the Advertising Standards Council of India (ASCI).

SEBI reportedly wrote:

Furthermore, the securities regulator proposed that public figures be held liable for endorsing crypto products, which could violate certain laws, including the Consumer Protection Act.

In addition, SEBI suggested adding the following statement to the ASCI disclaimer: “Dealings in crypto products may lead to prosecution for possible violation of Indian laws such as FEMA, BUDS Act, PMLA, etc.”

ASCI’s crypto guidelines, which went into effect on April 1, state: “Since this is a risky category, celebrities or prominent personalities who appear in such advertisements must take special care to ensure that they have done their due diligence about the statements and claims made in the advertisement, so as not to mislead consumers.”

Meanwhile, the Indian government is working on the country’s crypto policy. Finance ministry officials have met with the International Monetary Fund (IMF) and the World Bank to discuss crypto regulation. India’s finance minister recently said that the decision on crypto regulation will not be rushed. Crypto income is currently taxed at 30% in India.

What do you think about SEBI’s view on prohibiting public figures from endorsing crypto products? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Sanwo-Olu Promises Justice for Sound Engineer David Imoh

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By Modupe Gbadeyanka Governor Babajide Sanwo-Olu of Lagos State has promised to ensure that the late Sound Engineer killed by a mob in the Lekki area of the state last week gets justice. The Governor gave this assurance through the Commissioner for Information and Strategy, Mr Gbenga Omotoso, in a statement issued on Monday night. […]

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