Stanbic IBTC Stockbrokers, a subsidiary of Stanbic IBTC Holdings PLC, recently hosted a virtual session to enlighten Nigerians on the potentials of investing in the stock market.
The virtual event themed: “You Don’t Know About Stocks? Come On Now,” featured stockbroking experts: Afolabi Gbenro, Head, Sales Trading and Benjamin Jesumuyiwa, Head, Mandate and Settlements, both of Stanbic IBTC Stockbrokers with Tosin Olaseinde, founder of Money Africa, Jennifer Awirigwe, Certified Financial Educator and Solafunmi Oyeneye of Wealth Motley, a Personal Finance Educator as panelists.
The goal of the session was to acquaint individuals new to the stock market with basic stockbroking terms, useful tips for stock trading and how to use the Stanbic IBTC stockbroking app.
Afolabi stated the importance of diversifying investments in stocks. He listed factors that affect the prices of stocks which include supply, demand, news, and investor sentiments. The benefits of investing include dividend yield, capital appreciation, equity share holder privileges and utilising investments as collateral. He stressed the importance of research and advised Nigerians to conduct their own research and evaluate companies before investing.
On considerations before entering the stock market, he said, “You would need capital, investment objective, and risk profile assessment to determine the kind of investment you should venture into. You would also need to stay abreast of market updates.”
Benjamin Jesumuyiwa, Head, Mandate and Settlements, Stanbic IBTC Stockbrokers, urged Nigerians to invest in stocks to reap long term rewards. He said: “The stock market makes it easy to buy shares of companies and they can be purchased through a broker or via online platforms. Stanbic IBTC Stockbrokers offers a discounted rate of 0.7% on brokerage fees. Once you have set up an account, stocks can be purchased in minutes.”
Benjamin talked about the ease of using the Stanbic IBTC web and mobile applications platforms, stating that the platforms have been designed to allow customers sign up themselves, with direct access to the market.
Tosin Olaseinde commended Stanbic IBTC for making stock trading accessible and affordable for Nigerians, as individuals can open a stockbroking account with zero naira. She advised beginners to invest while gaining knowledge about the stock market and recommended Exchange Traded Funds (ETFs) as an entry point especially for people who have an aversion to high-risk investments. She said: “As a beginner, the best place to start is the Exchange Traded Funds (ETFs). It is a mixture of different equities in one stock. It offers you the opportunity to participate in a couple of stocks without buying everything individually.”
Solafunmi Oyeneye mentioned liquidity and dividends over a long period of time as advantages of trading stocks, encouraging beginners to access the Stanbic IBTC stockbroking app through their smartphones for convenience and less paperwork.
Jennifer opined that the stock market is a good place to invest because it is highly regulated, and the risks can be easily assessed. She also recommended the Stanbic IBTC Stockbroking app for trading stocks for ease of use and speed.
The stockbroking investment series by Stanbic IBTC further reaffirms the commitment of the financial institution to equip individuals with essential information required to make informed investment decisions.
The Administrator of the Estate of late business mogul, Chief Sonny Odogwu, (and other companies associated to the late Mogul) have asked the Federal High court, Lagos, to decline jurisdiction on a suit filed by Access Bank Plc, seeking to take over the late businessman’s Project Finance property over alleged unpaid debt.
The Administrator made the application in a preliminary objection filed by his Counsel Anthony Idigbe SAN before the court presided over by Justice Daniel Osiagor, in response to the suit filed against them by the bank.
The Administrator, Kenneth (Kenny) Odogwu, alongside late Odogwu’s companies, Robert Dyson & Diket Limited and SIO Properties Limited, and The Registrar of Title, Federal Land Registry are the respondents/applicants in the suit filed against them by the bank and Siete Trading Limited.
Access Bank have dragged the respondents before the court in a suit filed by its counsel Mr. Kemi Balogun SAN and marked FHC/L/CS/1955/2021, for an alleged N50 billion debt.
The respondents/applicants in a motion on notice filed before the court are asking for an order dismissing Access Bank’s case or in the alternative striking out the suit for want of Jurisdiction.
The respondents/applicants said their objection to the suit was due to abuse of court process and that the plaintiffs lacks the locus standi to institute the Instant suit.
They also stated that the plaintiffs’ suit did not disclose any reasonable cause of action against them and that the court had become functus officio in respect of the Judgement delivered in Suit No FHC/L/CS/156/2017 and lacks the jurisdiction to entertain the instant suit seeking to set aside the judgement of a Court of coordinate jurisdiction.
The respondents/applicants also stated that the entire plaintiffs’ suit is frivolous, vexatious, malicious, tantamount to abuse of the Judicial process, as it is an attempt to use the Court to perfect fraud. Adding that no leave of Court was obtained before the fling of the suit seeking to set aside a consent judgement.
They also stated that the action was commenced through a wrong procedure, as the subject matter of the suit is land, which is outside jurisdiction of the Federal High Court. And that there was no proper service of the originating processes on them.
Meanwhile, Justice Osiagor has fixed February 4, 2022, for hearing of all applications and the substantive suit.
