OXS REPORT|November 26, 2019

SEC cancels banker confirmation in e-dividend registration
The Acting Director-General of the SEC, Mary Uduk, while addressing participants at the third capital market committee meeting, held in Lagos at the weekend, stated that investors will no longer complete the banker’s confirmation form registration in the market.

Cotton farmers increase production target to 300,000MT in 2020
Cotton farmers in Nigeria, under the auspices of National Cotton Association of Nigeria (NACOTAN), has said they had increased their initial production target for 2020 from 200,000 metric tonnes to 300,000 metric tons, as they target to bring about 300,000 farmers on board.

VAT to 7.5%: How Nigerians dey react to new Value Added Tax                                                  BBC Africa Business Reporter Kunle Falayi, break am down for us. First of all, make we remind ourselves say Nigeria get one of di lowest rates for VAT for di whole world. Kontries for Africa like Zambia dey collect 16 per cent, Kenya – 16 per cent, South Africa – 15 per cent, Ghana sef na 12.5 per cent.

Resort Savings gets fresh N4.3bn Capital
The Board and Management of Resort Savings and Loans Plc have approved the proposal of Camey and Rock Business Consulting Limited to acquire all the unissued 8,670,267,596 ordinary shares of the bank. With this move, Camey and Rock has emerged the majority shareholder of the bank with 43.35% interest.. Source – Punch

NSE delists Dangote Flour Mills
The Nigerian Stock Exchange has delisted Dangote Flour Mills Plc from its daily official list. Shareholders of Dangote Flour Mills had in October approved the sale of the company to Olam at a court ordered meeting in Lagos.
Source – Punch

How to leverage on biomass energy for Agric investment                                                            Biomass energy is electricity produced from biomass fuels. Biomass renewable energy plant converts abundant agricultural residue, such as maize cobs, rice husks, coffee husks, and cotton stalks; animal products and municipal solid waste into a clean fuel.
“Biomass-based power systems are unique among non-hydro renewable power sources because of their wide range of applicability to a diverse set of needs. Biomass systems can be used for village-power applications in the 10–250 kW scale, for larger scale municipal electricity and heating applications, for industrial application such as hog-fuel boilers and black-liquor recovery boilers, in agricultural applications such as electricity and steam generation in the sugar cane industry, and for utility-scale electricity generation in the 100 MW scale. Biomass-based systems are the only non-hydro renewable source of electricity that can be used for base-load electricity generation.

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