Abuja - 16 public offers of 39 billion units, worth N980 billion was approved in 2007 by the Nigerian Security and Exchange Commission (SEC) according to its Director General, Malam Musa Al-Faki.

Making this known in a memo to employees of the commission in his new year message, Malam Al-Faki said the capital market recorded a robust performance. The DG said 11 other offers totaling 801 billion units of shares valued at N239 billion were rights issues in the primary market. Al-Faki said 51 applications were approved last year as against 49 in 2006.

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Vanguard (Lagos) - Subscribers to the last public offer (IPO/Stocks) by Oceanic International Bank PLC, will soon be smilling to the bank, following an impressive 170% increase in the bank’s financial base, largely attributed to the N222.48 billion fund raised in contrast to N37.67 billion available during the 2006 financial year.

According to the Chief Executive Officer (CEO), Dr. Cecilia Ibru, the bank has therefore proposed a dividend of N1.02 as against 75k promised based on its 2007 Public Offer Prospectus, as a show of appreciation to investors.

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WSJ (London) - The Wall Street Journal and Dow Jones company, has rated Nigeria and Kenya’s stocks as two of the best market investment ahead of the US and most european and asian stocks, this year (2007).

According to a Wall Street Journal article, written by Henry Sanderson, a Dow Jones company correspondent, “the adoption of sounder macroeconomic policies in Africa increased consumer spending, and Chinese demand for the continent’s commodities have fueled solid growth, spurring expansion in telecommunications, retail banking and other service sectors.”

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First Bank (Nig) PLC, will begin releasing share certificates to subscribers to its hybrid offer that closed last June. According to a Punch report, the first batch of share certificates should be ready as early as Wednesday, Nov. 28, 2007.

Investors are encouraged to contact their agents to receive the share certificates.

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Zenith Bank Plc, will begin offering shares to prospective investors on December 6, 2007. The bank is offering for subscription 1,763,000,000 ordinary shares of 50 kobo each at N38.90 and a rights issue of 1,654,557,911 units at N36.90 per share.

At present, the bank was trading before its shares were technically suspended in preparation for the public offering on Wednesday, November 14, 2007, at N46.09 meaning that investors are buying at a discount of about N10 per share.

Zenith Bank is the first Nigerian Bank to cross the Trillion Naira mark in total assets, and the bank recently released its strong first quarter (September 2007) result showing a gross earning of N28.86 billion.

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