Latest / Green Ticker Tales / Greentickertales June 14 Twitter Space

Transcript

Greentickertales June 14 Twitter Space · Green Ticker Tales

• 0:13
  good evening everyone uh welcome to this week's um critical spaces uh if we are just uh joining for the first time we typically do this every uh sunday evening discussing uh the last week's trading session on the ngx as well as this coming week's um trading session kickoff time proper is
• 0:43
  8 p.m nigerian time which is just about um five minutes away but it's customary to us most of the time on the green ticket team we like to kind of start things early just to make sure that all the housekeeping is good um if you are just joining out of maybe curiosity or just this is your first time uh please do well to follow this handle uh at some point during space we would put a pinch
• 1:13
  a suite containing all the handles. We'll first go around the team, we'll just share our thoughts, and at some point in time, we'll then open up the floor for questions. If you have any questions at any point in time, you can also do well to either switch out the handle or drop your questions at the bottom of this thread, and we'll try our best as possible.
• 1:44
  to take those questions. So I see Charles, my co-host here as well. So I guess this will have about four minutes to go. Do we start or do we wait till the top of the hour? Either way works fine. I believe we should have Stenco as well join. I don't see Shenwu yet. I don't see Nazar. I saw Nazar's Twitter.
• 2:14
  um if you're here raise up your hand so we can uh okay i've seen that done now so i'll make uh as well please do well to follow all the co-hosts um we're all part of the team so you want to follow everybody just to have an idea of what happens in the markets as well uh this space is recorded so
• 2:45
  if you have to drop off at any point in time uh you can um you can uh you can come back to listen to the space i would also try our best as possible uh if we round up the space early we'll try and get the space up on spotify so last week's face i believe spotify so you can just also follow the handles to to know what's happening uh across the field
• 3:16
  ticket space um since we already have an audience i guess we can keep up in any case uh it's just three minutes to kick off time so if we start i don't think people are going to lose um much um and i'm sure a lot of us will touch on the key points in our perspectives so i'll start with last week um last week the osha index fell by 1.69
• 3:47
  the osha index measures the average performance of stocks on the exchange uh it was a rather red week but uh i think it's important to say that this culture that people should not panic there's absolutely no need to panic um yes you might see the market fell by about 1.7 percent last week but it really doesn't matter because yesterday this market is up by over 50 percent
• 4:15
  So it's just a slight pullback. Some of the best performing stocks last week, you had the International Energy Insurance, you had Abibank, and you had Triple G. So I guess International Energy Insurance has been on a rally. It's normal to have companies in the markets share prices.
• 4:46
  potential rally because some people might decide hey you know what rather than buying public offer let me buy on the floor um and i think one of the pre-market videos we did in the last week or last two weeks we probably covered uh iex so you can go check it out for abby the reason for the rally is quite clear i think abby has gotten a approval from the cdn to to operate as a regional bank
• 5:17
  so uh we're seeing people buying to buy into that um so that's what's doing the rally in abbey bank on the flip side of things i mean some of the scots what performance sucks last week uh abc transport university press serving trust insurance uh some of them especially abc transport you can actually boost to profit taking
• 5:47
  um clearly the stocks have been on the run what we've witnessed in the last couple of weeks is we are seeing or we saw some form of rotation from the big cap stocks into the small cap stocks uh so it's only natural that when you have the market as they all fall you see some people pulling out money from those stocks into other stocks that uh
• 6:16
  they are interested in or some people might just want to hold some cash and see how the see how the the markets are of grace um but i don't know notable factor maybe another little decliner last week was the mtn nigeria the same thing in nigeria um trading below the 800 now mark is still below this one mcn nigeria is a stock test
• 6:45
  I think maybe as a team, we need to put MCN Nigeria into the No Discourse list. Because I suspect we've probably done MCN Nigeria as one of the few stocks that we've done maybe two, three videos on the Green Ticker YouTube channel, discourse dates. So I think we'll flog that. So don't be surprised if going forward, we decide not to discourse MCN Nigeria. Insurance stocks are also in that bucket as well.
• 7:16
  uh at some point in time i'm sure within the week would have uh videos going out on the insurance space we have promised to do so over the weekend but we have some some glitches in the videos and so we have to step it down but uh if you're not following this facebook you do have to follow it because you're going to get lots of coverage on the insurance space in the next um a couple of days so what are we watching this week
• 7:43
  Some of the names are recurring names that we continue to recall for the foreseeable future. We have not gotten any communication from FCMB Group. FCMB Group had guides to releasing the backlog of resources that they had at the end of May. We are seven days into the month of June. You are here to see those numbers. And more importantly, we are here to get any guidance.
• 8:18
  from the company as to when is the revised timeline, which in which they expect the results to be out. We get to get that from them. For Aradale, Aradale had given an updated guidance timeline in which they expect the results to be out on the 19th of June. That's about within the next two updates, I guess.
• 8:48
  When a company is using the term, or not before, you can expect a result at any point in time. You can even have the results drop on a Sunday evening. The NGX corporate schedule portal is one that operates 247, 365 days a year. Companies are free to send in notices at any point of time or day. So overall, we think it's going to be a fairly positive week compared to last week.
• 9:21
  We are still watching for the backlog of numbers. We expect that for some of the stocks that are coming sharp, it's a form of positioning by investors. I think with that, I'll hand over to Charles. Thank you very much, Onome. Naza, can you give us a summary of this week's market? Thank you. Hello, good evening, everyone. I'm sorry.
• 10:04
  Okay. Okay. Thank you. Thank you. Anyway, greetings and welcome to everyone on the space. First and foremost, let us all commiserate with ourselves with the happiness in the nation. I'm sure the heart of everyone here is bleeding for those kidnapped school kids.
• 10:36
  And we are hoping and praying that at the end of the day, there's a sensible resolution and let all those kids come back alive and well to their parents. And for those parents who have been kidnapped too, that they should come back well to their families. It's easy to blame.
• 11:07
  young people that they are lazy that they don't do anything but i just don't know what explanation you can give for young people who have gone to school i don't know where else they should be they've gone to a place of peace a place of learning a place of development a place of where the future leaders of this country will be produced and you know that's what has happened today so tomorrow
• 11:39
  If a kid says he's not going to school, you have to convince that kid because of what is happening here. So our heart goes out to all of us because we all feel the pain. It's not something you want to wish on anybody. I don't think anybody wants to experience that kind of a thing. And, you know, I just don't, sometimes I don't get it when people tell you they understand what they've not been through.
• 12:09
  Sometimes you need to go through certain things for you to understand. Don't tell people you understand. You don't understand anything. If that thing happens to you, then you can come out and say you understand. But until then, don't tell people you understand. So let's just keep praying for those kids. Let's just keep praying for Nigeria. And let's just keep doing the right thing. So a couple of things happened in the market this week.
• 12:40
  It started with the T plus one going into effect. The market has been undergoing a series of correction. Whether the correction is related to the implementation of the T plus one is left out to the jury. But what we've noticed generally in this market is we have a way of creating problems when there is none.
• 13:13
  And then we have a way of leaving problems unsolved when they are in fact major. We come here every day and all we do is try and see how we can get Nigeria back on its proper pedestal. Because as it is right now, we have taken the backward step in everything that we do. We've lost respect from the international community. Every day we hear about...
• 13:51
  and Nigerians have been molested in South Africa within our own African Union. We have used lines to divide ourselves, divide territories, to the point that if I want to move from Nigeria to Ghana, from Nigeria to any other African country, you have to pass through a lot of hoops just to get into the country. We shouldn't really be.
• 14:24
  The European countries, as developed as they are, found it necessary that they must form a union to make life easy for themselves. And everything was moving smoothly until Britain decided to shoot itself in the foot with this Brexit. And that's where a lot of their problems started today. And then they started transferring aggression to immigrants. And there was one stat I got last week about how...
• 15:02
  Nobody wants to go to the UK any longer. And the fee they were charging, they were charging about £1,400 for something. It's now £140 they are charging for that same process, just to get people into the country. It's the same pattern the South Africans are using on other African nationals who have come there, established businesses, and once you become successful, you are a drug dealer, you are taking their jobs.
• 15:35
  These are people who don't even have the prerequisite requirements to do these jobs. And then we are fighting ourselves, we are killing ourselves, when we should be one African union. And I'm going to come back to why I'm going through all this. Because there's a shift that's happening in the world right now. And Africans, or Africans, we have a way of being left behind. And the way they do it is create divisions amongst us.
• 16:09
  We fight ourselves and then we allow other people to come as peacemakers, get what they want, and we are left holding the bags. And I wonder how many more times the developed countries will be doing this to us. And, you know, it doesn't, it doesn't, we don't learn from it. It looks like we don't learn from history. So we create unnecessary hurdles for us to become one African country.
• 16:45
  Maybe South Africans need to be reminded of how much we put into the fight to get them liberated. Maybe South Africans need to be reminded of how we allowed their citizens to come to Nigeria for free education. Maybe South Africans need to be reminded of how much we put, how much money we contributed to make sure that they became a liberated country.
• 17:13
  But if the thank you is to pay us back the way they are doing it, I don't blame them. Seriously, I do not blame them because if we put our country in order, what will we be doing in South Africa? What will we be doing in Sudan? What will we be doing in Canada? What will we be doing in America? You go to these countries, go to the top establishments in these countries, you find Nigerians everywhere.
• 17:44
  So the question is, why is it that we cannot replicate it in Nigeria? You know, it's not every time you come and we talk about money. For you to make money, there has to be an enabling environment. Our economy was dead for more than 12 years. Nothing was happening. Buhari set us like 20 years back. They would say, I'm calling Buhari now because he's dead. But the truth is, he set us back. The market was dead. Nothing was happening.
• 18:25
  Companies were struggling. FX was a problem. Nothing was transparent. We had the most useless central bank governor Nigeria ever produced. Went to the point of wanting to contest elections, buying cars, buying campaign material, and it was allowed. Nothing happened. It was okay. It was fine. So all those retrogressive pathways that we chose is what has come back.
• 18:59
  And it's biting the whole country now. And Nigeria has lost respect everywhere they go. But same Nigerians are controlling some of the biggest tech organizations in the world. Go to NASA, you'll find Nigerians. Go to Johns Hopkins University of Surgery, you'll find Nigerians there. There's no endeavor, there's no field of work you'll go to in this world, top of the top, cream dialla cream, that you won't find Nigerians.
• 19:33
  But we cannot recreate those situations back home. Why is it so difficult? We have politicians, stealing politicians, who go abroad for medical treatments. You go to the NHS today, 30% of the doctors in NHS are Nigerians. You come to Canada, there's no quarrel in our local parlance. There's no quarrel you will enter in Canada that you don't find a Nigerian doctor.
• 20:08
  But our president and our politicians will still find a way to disgrace us when they go out for medical treatment. What is wrong in bringing the Nigerian to come and treat you back home? So these guys come here, go through all kinds of examinations, pass these exams, become respected people, and then they hear the president of their country is going abroad. So what credibility do you give to Nigerian doctors when you do that? Because sometimes I think...
• 20:40
  These people, they don't care at all. They don't care. And this is why we come here. When we come here, it's just another way of trying to fend for ourselves. Nobody cares about you. And you're coming here because you want to get information that would give you some kind of financial leverage so that you don't go and commit things that are not proper. And that's the respect we give to everybody who comes to this platform.
• 21:16
  every blessed week. That's the respect. These are people who are committed to doing the right thing. These are people who want to earn their money correctly. Because, like, if you tell me you're a civil servant and you have 10 cars, you're a thief. There's no two ways. Let's stop sugarcoating all this stuff. You are. Because where's the money coming from?
• 21:52
  And so it bears the question, why is it that we can never get simple things right? Why is it that we can never do the right thing? So we go to the market. The initiates management, they were here last week. And there were a lot of issues concerning their rights and public offer. As I'm speaking to you right now, I still haven't gotten my public offer shares. And so I started making inquiries.
• 22:27
  Because when the CEO came here, the CEO made inquiries about what was happening. And he was giving some kind of certain information, which he took as the truth. Why would you want to disbelieve your registrar? Why would you want to disbelieve CSCS and all that stuff? So I started making more inquiries. And, you know, these are my findings. So my right.
• 23:05
  my rights were credited to my account. But they said they could not credit my public offer because I called the registrar, the allotment officer, to find out. I said, my friend, I'm not sure you would like what I'm going to do to your organization if I find out that this is coming from you. Every day my phone is just going off.
• 23:39
  uh a chairman we've not seen our district what's going on uh garuban said we're going to see our stuff this week i've not seen anything what's going on this data and he went he went straight to my where my uh this thing was and told me verbatim what my rights were and what my public offer shares were so i told him i've got the public offer and he said
• 24:08
  The advice they got back from CSCS was they couldn't credit my public offer because my account is inactive. So I said, my friend, can you process that information you just gave to me? My right shares were credited to an inactive account, if I'm to believe what you are saying, because my right shares have been credited. Now, the reason they are giving...
• 24:39
  They're giving to you for not crediting my PO shares. My public offer share was because my account is inactive. I said, make sense of that. And they said, seriously, those are the issues they have been facing. That's what they got back from CSCS Nigeria. So it's very easy to sometimes want to blame these market operators when in the reasons of it, it could be the regulators that are creating the problems.
• 25:17
  And when the regulators are the ones creating the problems, the operators are so scared because they know if they come out and say clearly what's going on, they might get some backlash from it. And I'm not here to protect anybody. And if, again, for those of you who think our job is to demarcate Nigeria, let it be that way. You can continue to think that way. You can continue to think that way.
• 25:48
  It's like the same people who think the country is safe until your child is kidnapped, until your mother is kidnapped, until your sister is kidnapped, until your father is kidnapped. It's the same way. It's the same thinking. It's the same mentality. You credit my ride shares into an account and then you now say for the public offer share, my account is inactive. Like, how? Like, make it make sense. The same account. I remember when I was initially giving the feedback to...
• 26:33
  Mr. Osai that some people were telling me they got over-credited, he found it difficult to believe until those people started calling him to let him know. Because I told him, you see, like, if you find somebody coming to this group, these are not people who want to steal anybody's money. These are not people who want to take what is not theirs.
• 27:02
  And that's why when things are going wrong in the market or they feel they've been wronged, they voice it out because these are sincere people working very hard for their money and they want their money to work for them. So trying to steal from hardworking people is very painful. Until they started calling him to let him know it's true. A couple of people have called him to let them know, oh, we were over-accredited.
• 27:34
  which is kind of unprecedented. If it was one case, it's okay. Because the last time I spoke to him, he told me about 10 people have called. And I know how many DMs I've got in respect of people who will have accredited their shares. So whose fault is this? If I didn't speak to the broker, I would have been blaming the registrar. Because my broker has nothing to do with this. I know some people have gone...
• 28:04
  on their brokers, thinking it's the broker that is responsible for. I know there are some irresponsible brokers, but for this particular case, based on what I saw, based on the advice I saw, because in answer they placed my name, my shares on that ring. It's like a virtual account where they have to wait for you to do KYC or whatever before they are able to credit your shares. And so the question is,
• 28:36
  How can you credit shares in one hand and on the other hand say the same account that you have credited those shares to is inactive? What is going on in the NGX vis-a-vis CSCS? How many more times, how many more days are we going to be experiencing these glitches? We saw the Afrinvest case. Afrinvest actually invented a couple of...
• 29:11
  consigned stakeholders to explain to them what happened with the glitch. And they kind of exonerated themselves in the sense that for them, the glitch was coming from the NGX and not from them. If you notice the two spaces NGX held, they were just treating the matter very lightly like it was nothing. It was nothing. And if up to today,
• 29:50
  There has not been any punitive measures handed out to Afrinvest. It tells me that the fault was from NGS. They've not come out with a statement. And that's what I told Afrinvest. Afrinvest come out with a statement saying the glitch was not from your machine. The glitch was from NGS machine. Everybody's scared. Everybody's afraid. Nobody wants to bail the cat.
• 30:26
  But we want the country to be good. So these are the issues. They are still unresolved. I don't know how long it's going to take them. I don't even know what to do. Because, like, how can you say my account is in a... The account that I used to, like, trade almost, like, at least once a week. I don't know what to do. I called my broker, and my broker was, like, shell-shocked. They didn't even have an answer for me. And I didn't... Like, what are they going to tell me?
• 31:06
  But it's easy to mouth off, to go off on your broker, scream, shout at them, when the real problem are these regulators who have a teacher-student relationship. Like regulators in Nigeria think, I want you to do this. If you don't do it, you are going to face the consequences. That's not how it works. Because if you don't have stockbrokers and registrars to regulate,
• 31:34
  then there'll be nobody to regulate. So you won't even have yourself there regulating anybody. Sometimes you come down, you seek the advice of everyone. Let them contribute. That's how you build. But not when you just go, oh, I went to Malaysia, this site works in Malaysia, and you come and just impose it. No, Nigeria is not Malaysia. That's not how life works. There are peculiarities. You must put those things into consideration.
• 32:13
  That's why sometimes people say, oh, I'm a technical analyst. The other one will say, I'm a fundamental analyst. And we will tell them, okay, in addition to your technical and fundamental analysis, you must put your street analysis into play. They all work together. Not just reading something from the book and you want to superimpose it on what's on the ground, when the conditions are different. And that's why people miss out on a lot of opportunities.
• 32:44
  Because you are waiting for everything to line up perfectly. Disclosure is a problem in Nigeria. 500,000 shares of Seplat were crossed. They won't even tell you the price. The buying house, Kodros. Selling house, Kodros. What information does that give to us? And then SEC. I was watching the interview from Agama Agama, the SEC DG. He was trying to make this T plus one issue.
• 33:21
  Like one big achievement. I'm asking, was anybody even complaining about T-Plus 2? Was anybody complaining? As a matter of fact, the complaints I heard from the T-Plus, this whole settling thing is, a lot of retail investors, they're not happy because some of them didn't want their monies to be settled into their bank account.
• 33:52
  They wanted a situation where they could pour the money back into their stockbroking account and deploy it to use immediately. And if ever that was a problem, if you want your money paid before that time, I think it's just a 15-year charge, and they will credit you the money, and when your shares settle, they take the money. So that wasn't really a problem that should be,
• 34:27
  That should be prioritized. That should be the number one thing that they should be trying to solve. But they were just, I think they were looking more for the headlines. Oh, Nigeria is the first country that has implemented T plus one. Like, we know there are a lot more problems. We just started trading longer hours. And the longer hours was to enable us, enable...
• 34:58
  countries that are in different time zones to at least have an hour or two of the market. But again, the Nigerian market is not dominated in dollars, so to speak. Because if it was dominated in dollars, it becomes easy for people to change their currency easily.
• 35:31
  exchange it into dollars and do their trade. But because it's not, you have to send in whatever currency you are sending in, change it and then give it time for it to settle before your client can say, okay, give instruction to the broker for your trade to be executed. We don't have that infrastructure yet.
• 35:59
  And the people are using crypto to compare. Crypto is a 24-7 thing. So there's constant flow of money. There's constant liquidity. So it's easier. And crypto is, you're either using a crypto asset or US dollars. So it makes it very, very easy. But if somebody is trading from, if we have like a Chinese investment firm,
• 36:32
  or American investment firm, or a British investment firm, you now have to send the pounds first, probably convert it to dollar, whatever, before you now convert it to naira and all that stuff. Makes life a little bit more difficult. And you know what that means. So that means if you actually want the T plus one thing to happen for an international investor, you must be...
• 37:02
  planning that trade maybe two days before you execute it. And you know what that means. When you tell your broker, okay, I need you to sell one million shares of Aradair for me, the broker leaks that information. And once that information is leaked, you know what happens to the price. Because you will need like one day to do that settlement before the money now comes in. Because you will need Naira to do the settlement. And again...
• 37:37
  For me, this wasn't really an issue. There are more pressing issues that we should be talking about. And why is this important? FTSE is coming into the country in September, which will be a test run for MSCI. And if these are problems, then it will become very, very difficult for us to get the Morgan Stanley Index. I've told people,
• 38:16
  Morgan Stanley is going to be the real beginning of wealth production. People think they've seen money. People think the market has run. I won't talk to... I'm tired of telling people that the market is not a straight line. It's not a marathon. The market has done, between January and May, the market has done 60% already. It's not gambling.
• 38:50
  it will not continue to go up but what what was really happening why you saw that mad run last year in the last two years is because for like like i said 12 years our our our economy was dead everything was stagnant and then this revamp came some good uh policies were put in place we were able to clear all our forest backlog
• 39:23
  Central Bank did a fantastic job together with the Ministry of Finance. And then some kind of confidence was beginning to come into the market. And even as we speak right now, the price to any ratios of our equities are still very low compared to what you have in an emerging market or a frontier market. People think they have...
• 40:00
  the equities have run no they haven't there's bound to be correction you know to form new support but for anybody who think we are in a bubble territory there's nothing i can say to you and like i said i i i am always forward looking when i put money into the market i'm looking at five six seven eight nine ten years from now all things being equal
• 40:45
  We have a stable government, no fighting, no unnecessary rancor, settle our political issues maturedly. Nigeria is cheap. Nigeria is very, very cheap. I keep giving people this example. If you are coming from outside the country, in that plane, there are probably more white people in that plane than black people, than Nigerians.
• 41:14
  And the question I keep asking, you think they are coming to look at your girls or your skyscrapers or your parties that they don't have in New York? The skyscrapers they don't have in New York. You think that's what they are coming to look for? These people come into the country, do their business, cut away the money, and we are there complaining because we don't know what's going on. Every day, I try to point people to direction of where I think.
• 41:46
  Setting policies by the government are going to create a lot of money for people. I come here every day. I talk about agriculture. I talk about blue and marine economy. And I talk about solid mineral resources. These things haven't crystallized out yet. However, I must tell you something. If you look at what is happening.
• 42:25
  The government is already benefiting from some of these ministries they've created. Unfortunately, we are in a country where we don't ask questions. Those ministries were not created for the fun of it. The Ministry of Solid Mineral Resources right now, for anyone that has been able to get a license to do any kind of mining, it's like getting an oil license in those days, in the 70s.
• 43:05
  That's exactly what is happening right now. And I'm going to be a little bit specific today. I'm going to be a little bit specific with one recommendation. You see all this fighting you see going on in the country? If you think it's strictly religion, they are misguided. People know. People. Even the government is aware.
• 43:49
  of what is going on in those places. A friend of mine told me the other day that he was traveling to Oshu and he saw kids digging, just digging the ground. Nobody is putting any kind of attention to the Ministry of Solid Mineral Resources. Not one person is asking questions. You'll be shocked the kind of minerals. If I told you we have gold in Cross River, will you believe it?
• 44:30
  Everybody is aware of gold in, is it Adamawa? Everybody is aware. To the point some people say the gold in Adamawa is more than the gold in Gold Coast. And you think the government is not aware? You've not heard of airplanes flying into mining regions, cutting out our gold and taking these things out to Dubai.
• 45:08
  There's a place where they sell Nigerian gold in Dubai. Are people not aware of this? You think the government is not aware? And where do these mineral resources become? Why is it very important? Even America. America is looking for any part of the world. They can lay their hands on rare earth metals right now. Because we are in an AI world. And sometimes you ask yourself,
• 45:48
  Is Nigeria ever going to benefit from this AI boom that the whole world is talking about? Talking about entropic. The valuation of the IPO is going for like $1.5 trillion. This is a billion, trillion dollars. And AI is basically chips. After all said and done, if you don't have chips to power your AI, you are just wasting time. If you don't have energy to power your chips, you are wasting time. So you ask yourself, how does Nigeria benefit from all this?
• 46:29
  I know how many times I've come here to tell you, when we listened to the UBA call, my only takeaway, because the result was a mess, so to speak, my only takeaway was they said they were going to go into Congo. They want to be doing mining. What does that tell you? No matter what you have for or against UBA, I think...
• 47:10
  They have one of the best teams when it comes to seeing the future, so to speak. Why are they going into mining? Why are all these killings happening in certain axes? You ask yourself those questions. And if UBA is going to go into mining, like they're not going to go into mining with UBA itself. But what they are telling you, their new line of investment is they are going to devote some attention to that. They'll probably be using UBA capital.
• 47:54
  to do those investments because they want to tap into the new world order. Because if you refuse to innovate, you will die. You have to start looking for sources to generate more revenue, more profit, more dividend for your shareholders. Congo is probably the world's richest mineral resources country in the world.
• 48:27
  Despite all the amount of plundering, despite everything that has happened to that country, it's still very, very rich in minerals. And in Nigeria, we just don't know how rich we are because we are so fixated on oil. When it comes to innovation, we are always behind. Not because we want to be, but because we are always looking for the easiest way to make money. If I can be...
• 49:04
  If I can be putting all my money in T-bills, federal government T-bills and treasury and commercial papers and all that, why should I need to borrow money that, you know, sometimes it could go wrong or it could go right? That's the typical Nigeria mindset. So if I can just get like, if an NPC can just allocate me 10,000 barrels daily from that 1.7 million, and I say that every day.
• 49:37
  And made for life. That's how Nigeria was run for a very long time. And that's how we run our business. People are always looking for easy businesses that they can go and copy. Copy and paste and make money and all that stuff. But doing the difficult things is a problem. And like I said, it's not because we can't do it. It's not because we don't have the capacity. It's not because we don't have the human resources. But because...
• 50:07
  Why do I need to stress myself when I can make all this money? And that's why when people get into that circle, they block the avenue for other people to get in there. And it costs you a lot. For you to get into that inner circle, it would cost you to stop being a human being. Because at that time, all you are thinking about is the money. So if they tell you, go and keep that person for you to continue to be in that circle, you do it.
• 50:51
  Looking at the NGX. I'm looking at the companies on the NGX. I'm looking at Lagos alone. There are companies, very good companies, better run companies in that Lagos alone than we have on the NGX. Why are they not there? Instead, all we are interested in is let Dango Day come afloat. I need my money. I don't care. That's the mentality. That's the same.
• 51:24
  Lazy attitude. Why would a company come and list on the NGX? Takes me back to the SEC's interview on AIT. The same SEC DG who said 60 million Nigerians are involved in gambling. We have less than 300,000 active CSCS account. And then he comes on the program and he's trying to make T plus one like a big deal.
• 52:06
  He's trying to say the country is moving in the right direction in terms of investing because investing is sophisticated, so he doesn't expect everyone to be there. I was expecting he would come and tell us how he's hoping to get 10% of the 16 million Nigerians who are involved in gambling. I was expecting him to come and tell us what he has put on the ground to make sure that he can get 10% of those people so that they start investing in the capital market.
• 52:42
  I just don't understand. Once they get into a position of authority, and that's why I always doubt my heart for this gentleman, Yemi Kale, former DG, Nigeria Bureau of Statistics. Despite everything they did to influence his reporting, his methodology of reporting and everything, the guy stood his ground and did what was expected of him.
• 53:22
  This is sick. I have challenged them. Because after the interview, I told him, we'll be here today. Send your people here to this space. You were saying you've been able to get a lot of companies who are into Ponzi scheme and all that. You've exposed them and all that. When you expose these companies, how well...
• 53:55
  how how widespread does this exposure go to like how many people really know about these things because i we have whatsapp group all over the place charging people money for all kinds of rubbish what are you doing about that our market is very stagnant there's so much inside us trading in our market i remember some years ago i used to have uh
• 54:34
  a friend an influential one of course that used to work with sick and all i did was focus on market infraction on the ngx and any time i i i i i i spotted anyone investigated it from my end and drew my conclusion i always reported to this gentleman i come to realize that when i call him on the phone
• 55:14
  He doesn't even get what I'm saying. So he will ask me to put it down in writing. I will put it down. And then he will go and submit this stuff to the DG that time. And the next day he will call me, oh, Charles, that thing you said is true. We've investigated. Don't worry. They are going to give you a call and they will apologize to you and say, my friend, I'm not doing this because I want an apology.
• 55:46
  A lot of shareholders have been ripped off by those actions. I'm doing this because I want those things to stop. I want those things to stop. And actually, God calls from some of these companies. Oh, don't worry. When you come to Nigeria, we'll host you. Like, I can't tell you. It's not today. This whole, maybe...
• 56:14
  We started doing Twitter space like maybe two years now, maybe a year and a half ago. But my advocacy for retail investors in this market started long ago. People who know me will tell you. People who know Bivinswan will tell you. From stock market Nigerian days. Because that time, once I sent anything to that gentleman, you had a problem, I sent it to him, the problem was solved.
• 56:49
  I'm surprised these days nobody is even scared of SEC any longer. Normally, if you put SEC on your letter, on your mail, on your complaints, SEC sent me letters to my location here. I couldn't believe it. Telling me they've done this, they've done this. Now, it doesn't happen any longer. The same SEC. Your last annual report was 2022. 2022.
• 57:23
  That was your last annual report. And you want to tell companies to make sure they publish their annual report regularly. When you cannot, when you don't have a blueprint of how you want to integrate more people into the market. 60 million Nigerians are involved in gambling. What are you doing to convert 10 million of that, or 6 million of that 60 million, maybe on a yearly basis?
• 58:06
  NGS did space for two weeks, they stopped it. You did space for two weeks, you could not even tell us what your roadmap is for Nigerian investors. You could not tell us how you intend to... Like I said, the Nairobi Stock Exchange chairman has a plan to get 9 million Kenyans into the market. Clear roadmap. Every Nigerian university should have an NGX office. Start from there.
• 58:46
  and then start an investment club for all the higher institutions and give them seed capital to start to invest. Let's start from there. I don't want people to be halfway through their working lives before they know they have to do investments. And the worst set of people are those workers in these big jobs, like the oil companies.
• 59:24
  They get carried away by the salaries they get. And they don't do any investment. And then what you see is two years after retirement, they are dead. Because they don't know. They pay them so much money. And then that is when they start thinking, what can I invest? And once more, we just tell them, this thing, they give them the money and the money is gone. The next thing you hear, you hear the person has died of heart attack. I can't tell you how many I know.
• 59:57
  If we start the culture of getting Nigerians to start investing early, it will go a long way. Make investment easy. Make it possible for people to open an account today and start trading the next day. These things are not too difficult. And I gave the example because when you face certain challenges, it makes you think and then you come up with a solution that beats every other solution that would have been.
• 1:00:29
  in that space because of the challenges, because of the peculiar challenges you faced trying to solve that problem. And I give examples of these fintech apps. It's easier for me to transfer money through my fintech app here to anybody in Nigeria than it is to transfer money from my Nigerian bank account to another bank account. This is...
• 1:01:00
  I'm 100% serious. It's easier for me to transfer money from my fintech app here to any account in Nigeria than it is for me to transfer money from my Nigerian bank to any other bank or persons in Nigeria. Because we knew what it was. In those days, Western Union, they would give you a code. You still have to call the person. This is your code, this, that, that. Now...
• 1:01:33
  Within seconds, as you are pressing send, you are getting, thank you, bros, that money don't land. Because we knew what it was. We knew the pain we had to go through to send our parents. And the Western Union is not one deal. You are probably looking at a week after that transfer. Now in seconds, we can do that. So why can't we implement the same tech on our NGX? Why all this?
• 1:02:12
  running around. Second, publish your annual report. We want to see something. You cannot be telling companies to publish their report when you have not published your own. Now come, publish your annual report before you tell insurance to publish their own. One final thing, something very interesting. I noticed one very interesting trend on the NGX this week. So, Assets Bank came out.
• 1:02:50
  with a list of unclaimed dividends. It was a 3,295-page document. But you know what the shocker is? How about Wigwe? Its first group MD slash CEO had his name on that list. How about Wigwe's name? May so rest in peace.
• 1:03:34
  was on that list. And it wasn't just him alone. And for those who think I'm just talking, that news release is on the NGX. Go to page 3252. You will find
• 1:04:15
  They all had their names in that unclaimed dividend list. So it begs the question, does dividend really mean anything to these big boys who run these banks? How come his name is on?
• 1:04:48
  unclaimed dividend list there were churches some churches uh that had their names too on that list so a lot of this church they invested in access bank and they have unclaimed dividend i mean if it has come to that maybe we should actually be telling the owners of this church to tell their members to find a way
• 1:05:25
  to claim their dividend. But that was a real shocker because I really don't understand why the CEO of a bank will have unclaimed dividend. And it's not just him. That's his whole immediate family and extended family from father to all those people. Like, what is going on? We have close to like 300 and over 300 billion unclaimed dividend right now. And, you know, these are,
• 1:06:07
  The simple things that can be fixed. I don't know how many times I've gone through this, but powers that be, people who are benefiting from people not getting their dividends, will never allow that to happen. I was watching an interview with Atedo Petersai, and he made one very striking comment, that the way Nigeria is right now,
• 1:06:44
  They have made it very, very difficult for young people to become real people, so to speak. Like, it's difficult for young people to own good businesses like banks. Because he was comparing his age when he owned a bank. And you can put people like Tony Elumelu, Shergo Akbaje, just imagine when they started owning their banks.
• 1:07:23
  it's not happening again not in this age that that that time has passed it's going to be much more difficult for any young man who just think he can spring out from nowhere because even regulations will make it almost impossible for you and this on purpose they do those things on purpose to protect themselves we have some very obsolete laws that can
• 1:08:04
  That can be rewritten. But again, status quo, powers that be, will not allow that be because they are gaining so much from your unclaimed dividend. Is unclaimed dividend a problem? No. Unclaimed dividend is not really. The solution to it is easy. The solution to it is an everyday thing. The solution to it is our CSES Nigeria.
• 1:08:41
  who, again, they need to come out clean and tell us what the state of their infrastructure is. But every day, people make trade in this country. Every day, people are settled in this country. No matter where you make your trade, if you tell them, I want my trade to be settled at First Bank, Sterling Bank, UBA, Zenit, GTB.
• 1:09:12
  If we settle there, your money is there. Why can't you apply the same principle to unclaimed dividend? What is stopping you from going to the house to get legislation to amend the law that instead of going through the bureaucracy of dividend passing through registrars, you have all the information. Registrars should work with companies. You have...
• 1:09:44
  the information of every nigerian investor you credit people money to their bank accounts every day use the same principle sec stop wasting your money trying to pretend like you are doing something by publishing on claim dividend list cses nigeria has all that information and crediting people's money is what they do every day settling people's money is what they do
• 1:10:16
  Every day. They know when you qualify. They know when you don't. They have all the information. You don't need to set up anything more. The infrastructure is already in place. Real time. And again, I ask, who is the chairman of the Senate Committee on Capital Matters? Who is he? I keep asking. I don't know him.
• 1:10:50
  He's never issued a statement. How do you give such critical positions to people who don't have anything? They don't know anything about how the capital market works. These are the issues. These are the problems we are facing. And until simple problems like these are solved, we have a long way to go. We have a long way to go. Like we say,
• 1:11:32
  We are not interested in anybody coming to say, oh, we don't need your sponsorship. We don't want to be compromised. We don't want this fire we have to correct the market, to die down. NGS, if you like, you invite me. If you like, you don't invite me. I'm not even interested. Because if you invite me, the kind of questions I will ask you, you will regret even inviting me. Because I ask these questions every day.
• 1:12:08
  A company bought, a company that was formed less than a year ago, bought into your company. We asked question, who is this company? Because we have no information about him. We have no information about the company. We went to a CAC. We saw that it was registered in 2025. And they took a stake in the company. And you couldn't tell us anything about the company. It doesn't matter if it's blood money.
• 1:12:43
  I don't know if that's the message you want to send. And we should not ask. And anyways, you are wasting your time asking NGX any question. They don't bother. They don't bother. The same attitude. Who is this one? Who are these brokers? Who is this registrar? Just do what you are supposed to do. If not, we'll make life unbearable for you. That's the attitude we see coming from these regulators. And it shouldn't be like that. It should not. I will buy.
• 1:13:23
  100k of maybe regular insurance and 107,000 era it to move the price but I need billions to move our other I need billions to move the plot what are you thinking what what are you putting it what how are you going to solve this problem how do other exchanges do it why must it be 10% minus 10% why must they build that band
• 1:13:56
  Are you going to be static forever? We have a lot of stocks in that country that the real price we don't know because there's not enough demand and supply to create that proper price discovery. Then when we talk, they say we are over-criticizing. We are demarketing. No, we are not. If you don't fix this problem, Morgan Stanley will not come into your country. Just take it from me.
• 1:14:35
  And the more we continue to drum this into your ears, it might force you to start doing the property. It might force you to call a roundtable of people who are knowledgeable in the market. Sit down and let's think about how we can solve all these problems. What about insiders trading? What are you doing about insiders trading? The market is so rife. Before a result is released, the stock is just going up.
• 1:15:11
  Sometimes the result is there and they won't publish it. And then when people have bought, after one week, they release the result. Immediately they release. People are going to a friend or wanting to buy. You dump on them. And then people are consoling themselves. I've seen a lot of misconception. Oh, the market is dominated by local investors. Okay? Your local investors of the total money that...
• 1:15:46
  probably comes into the market every day. Let's say $30 million comes into the market. Your 87% local investors are contributing $10 million. Your 13% foreign investors are contributing the remaining $20 million. Who do you think moves the market? You think if they leave the market for just local alone, you think you will see prices you are seeing today? You might see stability, but those movements...
• 1:16:21
  You won't. Because like I said, any foreign investor is coming to the Nigerian market and seeing how cheap it is, we say, wow, I'm buying this. I'm buying this. There's no way. Your $10 million or your $20 million, which one will move the market more? And when you talk about international investors or foreign investors, you've got to remember,
• 1:16:56
  that the diaspora community contributes a lot to that foreign investors you are saying. They contribute a lot. So yes, you might have more local participation, but the money that really counts still comes from foreign investors. So don't get that twisted, because I've seen a lot of people trying to misinterpret that statistics. So my final appeal,
• 1:17:38
  It's for us to settle down, put our heads together, and make this market work. Let the market be a true reflection of hard-working, policy-driven, data-driven imputes from what the real Nigeria should be. It should provide a proper gauge, even though I know it's very difficult to discount the sociopolitical.
• 1:18:26
  geopolitical environment. But after all said and done, the market, once people want to look at the true Nigeria, let them be seeing it from our market. Ayid, Nazar, you can give us your market report now if you are ready. Yes, I am. Good evening, everyone listening. So, Uncle Charles has pretty much said everything.
• 1:19:05
  There is this culture we have in Nigeria of focusing on shiny things, things that are for photo ops, app loss and cutting ribbon, forgetting the very important one. I heard that there was a ceremony for the T plus one settlement, whereas CSCS and NDX are still trying to figure out so many trade settlements.
• 1:19:31
  So sometimes when we complain about the stairs, some people find it's being overflugged. But as a matter of fact, we have sometimes, most of the times we have these operators and brokers paying attention. So I do not think anything is overflugged here. If we're just going to come here and just hold our hands and focus on what happens in the markets.
• 1:19:56
  without talking about all these little details, all these little things that make up the market, then we are doing such a huge disservice to ourselves and to Nigeria as well. So to the markets, we had a very interesting one. Investors lost about five trillion there to this very interesting and healthy correction this week.
• 1:20:26
  Financial services led as usual, which over 68% of the total turnover, followed by the services industry and ICT. I'm not going to go into the numbers because of time. Before I got this report, so usually I go to the NDX website on weekends to get the report, but for some reasons.
• 1:20:55
  The report for this week is not up until now. Before now, they usually upload it before 7 p.m. on Fridays, and I'm not sure what is going on. And the weird thing is that I got the same report I've been searching for on NGX platform. I got it from another platform, a UK-based investment platform, which I find.
• 1:21:23
  Very, very, very interesting. It's not up on our site yet. It's up there somewhere else. So I'm not sure what is going on there. So in case you are going to the NGX website to look for the weekly report, it is not there. But if you want it, I can usually make it available. So for again, as International Energy Insurance talked, the chart with over 60% gain this week.
• 1:21:52
  We're seeing some familiar moves since the public offer was announced. The stock has gone over 120% since the public offer started. And we usually know what happens when the public offer is going on and stocks tend to move like this. So we'll see how that ends. And then, at the mortgage bank, they made some interesting moves that cost
• 1:22:22
  the spike, they recently got approved to operate as a regional commercial bank, means that they will do more extensive stocks like our other commercial banks. So that will be interesting to see how they go from here. And for our losers, ABC Transport led the losers. They lost their last week's gain. I think it's correction, yes.
• 1:22:50
  Yes. And then we also had the university press. We had Etana John Holtz and then First Code Co. also shedding some weight. So there wasn't really so much. There wasn't really so much things that happened this week as a result of the haircutting. So I'm really very excited to see what this new week brings.
• 1:23:20
  thank you thank you very much nazar for for that summary um so yeah uh the abbey bank one was uh a big one got a license for commercial banking uh upgrading his status uh from a mortgage bank into the regional commercial bank and uh has been responsible for the run in the last
• 1:23:57
  couple of days. The interesting thing is VFD, who is a major shareholder in the bank, has been coming out to take all the accolades while Abibank itself has not released a statement. So maybe we assume that Abibank is now VFD, so to speak. Anyways, I see a lot of our usual guests.
• 1:24:31
  on the show today, but I'm going to hand the mic over to Oloyode Abduhakim. Go ahead. Unmute your mic and go ahead with your comment or question. Oloyode, are you there? Okay. Naza, is there anything on the comment section? Let me see. Not seeing spectacular posts from people saying...
• 1:25:21
  talking about not getting their TIP public offer and rights issue up on CNL. I remember during the last phase, the MD mentioned having some issues trying to get this resolved over at CSS. I don't know what they are doing there. So, I mean, you can talk more. Maybe there is any other thing they can do to get this resolved.
• 1:25:54
  Okay, I'm seeing some more people. Come online, unmute your mic and go ahead. Come online, unmute your mic and go ahead. Okay, good evening. Can you hear me? Good evening. Loud and clear. Okay. Oh, sorry. So, I just have one question. So, I saw a message. I think you tweeted something about this pharmaceutical company, Transfitzen.
• 1:26:31
  they are adding about 600,000 more shares, right? Correct? Am I correct, sir? That's correct. Okay, so I'm meaning to ask, I actually have some, I think I saw that you'll be giving at least, I think one share as right issue for every four shares you have. So my question is, where do I buy it? Where do I exercise this right? Is it on the same and get them?
• 1:27:01
  Okay, demo line. Okay, that right issue is over. You probably didn't partake in it, so it's done with. That was from, I think it was from last year. Oh, okay, okay, okay, okay. Okay, so let's assume that it's on. How do I... I still need clarification on that. Okay, so Dangote Sugar is doing right issue right now. No, let's say...
• 1:27:30
  let's say there's a company giving out a right issue. That's what I'm telling you right now. Dangote Sugar is giving their right issue right now. Okay. On the basis of, for every three shares that you have, they are giving you the opportunity to buy two shares, to buy, for every three shares, they are giving you the opportunity to buy two at 69 per share. Right? So, if you have like 100,000,
• 1:28:03
  1,000 shares with Dangote Sugar, that means you are entitled to like 66,600 shares. Okay? Okay. Yeah. And you have to pay 69 for each share. Right? And then, when you pay that money, at the end of the right issue, the shares will be credited to your account. Oh, okay. That's how it works. Okay.
• 1:28:30
  So when you were asking how you can partake in the share, I just knew that you didn't take your shares during the 15, right? Yeah, I didn't even have it at that time. Okay, so you probably didn't qualify. There's a qualification date. It's not just... Yes, yes. So if you go and if you be following the timelines on Green Ticker or my timeline, we would have stated the qualification date and...
• 1:29:00
  even put the link where you can go about it. It's on the NGX. So if you go on the NGX website, you can actually partake in your ride from there right away. Okay, thank you very much. No problem. Profito Buma, welcome to the space. Yeah, Mr. Charles, good evening. Loud and clear. Thank you so much, the team.
• 1:29:30
  First of all, I joined the space last night. I just want to remind our people that they should be careful of scammers out there. There are thousands of them now. You know, we have some people already telling people to come and deposit for Dangote Divanari IPO. So there are cases like that too. Please, don't waste your money. Please, don't waste your money. And also, you know, I was...
• 1:29:59
  I was in some of the groups of all these karma people. They built their own trading infrastructure. And they are selling, they will tell you they are selling signals. I mean, they are a group of WhatsApp groups. So I see all the things they do. They are used to screenshot. They are even impersonating many people. Like a lot of people that you know in this space, a lot of reputable and respected people, they are using their profile, their pictures. Please be careful.
• 1:30:27
  and apart from that um i was listening to dr agama um and he said something that maybe they are going to release a report at the end of this year he said that during the interview that they are going to release a report because with the data we are working with in the market now that we the data is he said that the data the data has increased you know the number we have before it has increased you know when it was pricing the fintech that we have
• 1:30:56
  so probably by the end of this year SEC will release their reports so and also i was i was speaking with the ceo of party and security the model i invest um during this week and the question was asked that okay why is it that people are having issue receiving their dividends and she made mention of something that is one thing for a platform to try to
• 1:31:27
  improve their or upgrade their infrastructures and if the third party are not ready for the upgrade there's nothing they can do for example the registrar people she said that they used to send their workers to register every week they will send their workers to register to ground sort some kind of issue so it is a big issue for all these features because the people they are working with they are not ready for upgrade as you said in one of your posts that they have
• 1:31:58
  they are they are installing ferrari engine i don't know you put it into pgs you know so these people the the i don't know they and maybe they are working on it yeah but you know they are not ready to upgrade the infrastructure to something that can benefit the market i still tell you some people will register for brokerage account today three days four days they will not get their cscs number it is a big issue
• 1:32:26
  and when you ask the platform they will tell you that it is not in their hand a stock party issue so that is what i want to say thank you yeah thank you thank you very much as part of your claim dividend it should have nothing to do with any broker or registrar as it is right now okay the registrars their their primary function is to maintain a register
• 1:32:55
  of shareholders of a company, right? Which the CSCS also has. Because anytime you buy any share, it's settled and cleared at CSCS Nigeria. Okay? So, like I said, it's just a regulatory thing. People are benefiting from...
• 1:33:23
  from this archaic method of making registrars be the ones who credit people with their dividend. If CSCS Nigeria, who again are part of the capital market regulators slash operators, if they are really serious, which again will generate more money, if I was CSCS...
• 1:33:54
  MD right now. I'm going to the Senate to make an amendment to the law that I want to take over crediting of unclaimed dividend because I have all the information, I have the infrastructure, I don't need to build anything. All I will ask for is by my taking responsibility to do that, I want every...
• 1:34:25
  a shareholder in the nigerian stock exchange to sign up for cscs online account automatic so apart from the added value of seeing your shares online which is more accurate than what your broker is showing you your you are sure that immediately any company
• 1:34:59
  pays dividend is going straight into your bank account. You don't, like this is not, like this is the easiest of fixes. You don't need anything because this is what they are already doing. This is what they are already doing. They know when it's T plus two or T plus three. They know when the qualification date is for your shares to be.
• 1:35:29
  for you to get dividend they know so immediately it gets to that time the company declares the dividend all they need is okay yes yes credit all these people who have qualified for uba dividend and automatically that day it's like you are selling your shares that day and they are crediting you there is nothing there's no there's no problem watching an interview of somebody the other day
• 1:36:00
  who was saying that his prayer is for things not to work because that's when he makes more money. And that's Nigeria for you. There are people who are just deliberately bent on making sure this country does not move forward. We don't need anything. CSCS can do. Forget infrastructure. All those infrastructures they are talking about now, when it comes to unclaimed dividend,
• 1:36:32
  It's a very simple solution. CSCS Nigeria. I don't know whether I have to get a hammer and break people's head and put this inside before they can implement it. I mean, like, I'm sure there are brokers on this platform. If what I'm seeing...
• 1:37:00
  If they're brokers, they're registrars, they're CS, if what I'm saying is not making sense, please come up and say it. You are free. If you disagree with what Green Ticker says on the platform, you are free. Come up and say it. And that's how we are going to be able to develop a vibrant, strong market. What is happening is laws from 1960.
• 1:37:35
  It must go through the registry. And some people, it's their bread and butter. How can you have over $300 billion unclaimed dividend? If you fix 10% of that money in fixed income, do you know how much it will be generating for the powers that be, the people who are the clog in the wheel of progress to make sure that everybody does not get their dividend? So these are the issues. These are the problems. People create problems when they are not.
• 1:38:11
  Because they benefit from it. It's as simple as that. And thank you for your timely warning. We've told people here, the day you see any of us claiming money or asking you for money, run. We've been saying this over and over. Who has not been cloned? They've cloned Senko. They've cloned Narametrics. They've cloned...
• 1:38:43
  reputable people, just to be able to siphon money away from innocent shareholders, people who do not want to do any kind of research. If Femi Otodola can go on air and be telling you that he has asked Dangote to give him $100 million worth of shares in private placement, if he's not assured.
• 1:39:17
  Who are you to think you will get? Everybody is just marketing that IPO. People are coming from all over the world to come and see what they can get for themselves. And then one smarter leg, we just form a WhatsApp group to tell you, oh, we have already secured 100 billion worth of shares. Just contribute, and then we will allot you your portion based on...
• 1:39:50
  when the allocation is done if you fall for that i'm sorry and that's why we come here we try as much as possible to prevent stuff like that because even you even if those want to buy this dango tea sugar or dango tea sorry dango tea refinery you don't even have you seen the prospectus do you know what they are going to use the money for have you seen their financials just because his dango days take my money
• 1:40:24
  Does Dangote invest like that? The Dangote you are giving take my money. Go and ask him how he does his own investment. So please, thank you Profitable Man for bringing that out. Be very careful. Be very, very careful. I don't want to hear stories. You can't come here and be falling for scams. The whole essence of coming here is to get quality information and quality news that will help your investment.
• 1:40:57
  And if you are not sure, there's nothing. You can DM any of us and we'll tell you what we know. Don't go and fall for scams, please. Damilola, go ahead. Good evening, sir. Can you hear me, sir? Loud and clear. Once again, sir, I would like to thank you very much for everything that you have been doing.
• 1:41:39
  for with the small shareholders i would like to thank green sinkers i would like to thank konome and i would like to thank naza even though we are still not happy that she wore psg jesse on the day but we thank her for everything that she's doing for us um
• 1:42:08
  a profitable man has spoken to um an issue that i wanted to bring up which is the issue of this dangute refinery because i i saw a notice um from i think it was a piggy vest those that have the piggy vest up they they were talking about
• 1:42:35
  pledging money for dangote shares unfortunately i was going to i was going to twitter them but i've not had the time so i don't know if anybody knows what they are planning to do that's number one number two sir um i don't know if it is just me with mining that does not have the proper knowledge of the nigerian stock exchange
• 1:43:06
  But I noticed that International Energy's insurance, since their share price has, since they announced their public offer at 3 Naira 20 Kobo, their share price has been running to, I don't know, I don't know where it's going to. I know I tweeted about it. I believe that was on Friday. Me and Naza had a very,
• 1:43:36
  enlightening conversation but still i don't know and i don't i don't want to say anything where somebody will not come back come out and sue me for defamation but i'm not sure that i'm comfortable with the way that share price has been moving since the since they announced their public offer because it's now it's not even more than double what the public offer was
• 1:44:05
  So I don't know if more knowledgeable people can shed some light on what is going on. Lastly, before I go, I just want to encourage we small, small investors, please, if it is the registrar that is not doing their work the way they should do, or it is your stockbroker and you've communicated with them, you sent emails to them.
• 1:44:35
  They are not giving you a response. Please, don't worry about putting people in trouble or doing anything. Please write a petition to the Securities and Exchange Commission. Let them know that these people are not doing what they are supposed to do. I've had a few experiences. Some of them I've shared here. I still have one case that I'm still taking on. First thing tomorrow morning, they will hear from me again.
• 1:45:06
  But please, it is high time that we started taking these market operators to task. scc.gov.ng, I believe. I'll confirm the email address. If you want to tweet at them, also go ahead and tweet. I know you can always tag Naza. You can always tag Oga Charles.
• 1:45:37
  you can always start green secrets at least one or two people will help us escalate i'd like to wish everybody a profitable week ahead and once again thank you even though you are in your what do you call it you are in a better place than those of us in nigeria i can't hear every sunday that you are you are you are very very much
• 1:46:05
  you are very, very much pinned by what is going on in your homeland. And that is the mark of a patriotic Nigeria. It's unfortunate that the Nigerians abroad love Nigeria more than the Nigerians at home. But we will always continue to pray for a better country. Thank you very much. I yield. Thank you, Damilola.
• 1:46:35
  International energy insurance was not in your radar before and then it came into your radar when they announced their public offer and the price started going up. I would say look at other things. For companies who come into the market and all of a sudden, you know, the stock price starts to go up just like that.
• 1:47:02
  I don't really bother myself. You understand? If you belong to our community, we do a lot of scanning. We scan almost every insurance, almost every equity in the market. You know, it's an everyday thing. And we start giving signals way before, way before it even comes into the purview of a lot of people. You know, and that's why we win bigly. You understand?
• 1:47:32
  I was talking about critical minerals in my opening remark. And, you know, I've never really made it clear as to where I'm going to. I'm not going to Japan because they are into real mining. Okay? That's not where I'm going into.
• 1:48:06
  I've looked at multiverse and the thing I learned from multiverse is I was able to, in my digging into that equity, I was able to at least have a map of mineral resources in Nigeria. And then one of the most derided stock in the market, deep capital.
• 1:48:43
  Deep capital. Some people, I've seen some tweets. What's that one stock you will never buy? And some people say deep capital, God forbid, Tufiakwa stock and all that stuff. And then, you know, when I see stuff like that, my mind just goes to some of the stuff I've read about Warren Buffett. When I remember the number of dead companies Warren bought to...
• 1:49:14
  revamp them, transform them, and turn them into real money spinners. And again, I was looking at trends with AI, chips, rare earth metals. I was considering all those things. As per development of AI, robotics, and all that stuff, I still light years away because we don't even have energy to do any of those things.
• 1:49:50
  You can't be talking AI when you don't have 24 hours electricity. When I'm talking 24, you don't have five hours electricity. You can't be talking about developing AI. However, there's something that we have, the rare earth metals that can be used to build chips for this AI. So I made reference to UBA wanting to go into mining.
• 1:50:25
  And I said, if that ever happens, they are probably going to use United Capital, the investment banking arm. However, with Deep Capital, it's been all kinds of problems. They don't have a very good history. Negative retained earnings. So what happens? Deep Capital goes and they say, we are rebranding.
• 1:51:04
  It will no longer be deep capital. It will be critical mineral financing corporation. Guess what they did? They go and they get one of the best mineral financing capitalists in the world. Somebody who turned a 1.5 billion industry into a 2.5 trillion USD. He decides to say, you know what?
• 1:51:42
  I'm coming to Nigeria. Lamon Rotins. Go and Google him. I'm telling you this now, not because I want you to go and do anything, but I want you to go and do your research and see how I have gone about it. I'm not saying they are going to go into AI or anything, but they have the capabilities to generate rare earth metals, which you need for your...
• 1:52:18
  I have read so much about that gentleman, how he transformed the Saudi Arabia commodity market, and what visions he has for the new critical financing mineral corporation. In addition, we saw a situation where you go and look at their, when you looked at their report, they had negative retained earnings.
• 1:53:00
  of 1.9 billion. Yet, a company decided to invest 6 billion into that company. So, I was reading about the chairman of the group and he said, they are not going to be going into mining per se. They will be financing miners because mining is very expensive. You could spend all the money and get nothing.
• 1:53:45
  But financing those operations is not cheap either. So there's a price to pay. So you are not taking the risk directly. If the risk pays out, if the risk fails, the people will still have to pay for the financing you give to them. If it works out, you'll probably give them equity.
• 1:54:16
  And if you look at the African landscape, maybe apart from Ghana, where mining is a little bit developed, and that's mainly gold, there's so much more in Nigeria. And that's why I said, go and check the Ministry of Solid Mineral Resources and check what they have, what kind of minerals they have, what kind of licenses they are giving. I said something one time.
• 1:54:57
  America does not come into your country because they want peace. They want problems all the time, because that's how they make money. There has been a war going on in Ethiopia. All that while the Russia-Ukraine war was going, the Ethiopia war has been on. Have you heard anything about it? Nothing to gain. So when you see...
• 1:55:35
  America is beginning to have interest in your country. It's not your oil. The oil they have in America is way more than what we have. The other things they are looking at right now. But people miss the picture. People are fixated on balance sheet, income statement. There's more to it. You tap in early. You do your research, tap in early. Put some change there and forget it.
• 1:56:16
  You could actually be doing something fantastic for yourself if it pans out. And what we do in investing is calculated risk. I don't belong to this school of people who say, don't invest what you cannot afford to lose. No. It's like saying, don't fly in a plane if you're not ready to die in a crash. Or don't drive a car if you're not ready to die in an accident. It doesn't, no. We take calculated risk.
• 1:56:54
  When I see one of the foremost critical matter financing personnel coming to take a position in an obscure Nigeria, then you have to think. People make the most money from dead companies. Your ability to resuscitate dead companies. And what's actually happening? To the point that the company is actually pivoting, changing their name. And people don't get the picture.
• 1:57:42
  so like sometimes when i see people tweet right i just laugh this news this news is everywhere what i'm telling you now is not like because a lot of people think oh these guys we have we have uh inside we don't have any insider's information when i told you about we go on claim dividend just not i gave you the page that's what we do we comb everywhere trying to like and with the word
• 1:58:18
  With the AI world that you are in, you can gather information from all over. There is just the ability to piece this information together. So if your mind was not on international energy, there are a lot of fundraising going on right now. The fundraising must not fail. And again, that the price has gone way higher than the...
• 1:59:00
  A public offer price is not an issue. Fitzy did their right issue at 35 naira. Fitzy was trading at over 100 naira when the issue closed. So nothing to, it's not abnormal. However, Sovereign Trust is doing their rights right now. I think it's closing this week. Dangote Sugar's right is there. Chances are Dangote Sugar might even get to like 19, it got to 19 naira before.
• 1:59:38
  But if it's not something that has been on your radar, the only reason why it has come on your radar now is because the price is moving up. And look, look at things you know better. Because what do you think will happen once those shares are credited? What's the pedigree of international energy? It was taken over a couple of years ago by some new investors. Have you checked their results? Are they doing well? So we are not going to waste time on
• 2:00:17
  company because the price is going up and all that. Like we said, it's rotation into the insurance sector coming very soon. Last week, Sovereign announced that they've been able to pay the money required to be deposited. And that was responsible for the slight increase in price you saw on Friday. But for me,
• 2:00:51
  International energy insurance is not one of those insurance companies that will just come on top of your head. If you are talking about insurance companies in Nigeria, that's not to say transformation cannot take place there. That's not to say something good cannot come from them. There are too many bargains in the market right now to be talking about a stock that has done over 300%.
• 2:01:20
  And it's 300% over its public offer price, as it is. The underwriters and everybody involved in that share must make sure that the offer succeeds. And if it's them that is pushing it up, there's nothing you can do. You need less than a million to move the stock. So it's not really one big deal. So don't...
• 2:01:51
  focus on other companies that might give you long-term returns, not this short term we are seeing right now. I don't know much about them. And if it goes to 15 era, I'm not bothered. There are too many bargains in the market to be bothering myself about what is going on with international energy.
• 2:02:23
  But anyways, thank you very much. Ernest, unmute your mic and go ahead. Ernest, are you there? Yes, I'm here. Thank you so much, Mr. Charles and Brintika and everybody. Naza, I appreciate all of you for what you've been doing for a whole lot of us, especially the retail traders. I'm going to look at...
• 2:02:59
  Charles has said something about SEC. And personally, I've been looking at SEC. Sometimes I ask myself, is it that they don't do marketing? Because when you find yourself in a big multinational, you find out that no matter the mode of business, you see the big boys, they go out for marketing. But I'm just surprised.
• 2:03:26
  sec did they really do marketing because we have a whole lot of big companies who are still private and one thing that those who invest in ngs should know is that the more protect companies the more companies are listed the better for every one of us the less okay few years ago we find out that the number of companies continue to delist now if all the companies delist what happened to
• 2:03:58
  investors. So, I'm wondering, SEC, do they really go out for marketing, seeking for companies to come and list? We have a number of companies. Look at Nipco. It's an oil company. We have them in OTC. But what is preventing such a multi-billion Naira company from listing
• 2:04:29
  in ngs so i'm just wondering what is going on we think why are they not having this drive to grow the stock exchange in nigeria and again somebody spoke about um or claim dividends okay mr charles spoke about or claim dividends okay we should also be noted that once somebody failed to you know go to registrar's and make sure that he you know he collect his claim dividends
• 2:05:01
  After 10 years, the money goes to SEC. I made a phone to get some dividends for some of my friends and relatives. And once the ones have gone past 10 years, it is very difficult to get them. So that is one thing people should understand. I don't know why the government had to come up with that policy. My question is, because I believe that SEC will have either a representative...
• 2:05:31
  or have someone who listens to this space. Are they going on marketing, trying to convince big companies to lease in NGS so that we have more stock to trade on? Thank you for the space. I appreciate you. Thank you so much. Thank you. Thank you, Ernest. I think the best people to answer those questions are probably, we call them,
• 2:06:06
  self regulatory organizations in the capital market space which is ngx and sec even any nasd they are all included in that bracket um i really don't know uh you you would expect like exactly what i said we have more reputable companies not listed on the exchange
• 2:06:35
  I don't know when NGS is going to actually sit down, have a round table. Because I think the problem is they operate on too many archaic laws, too many old laws. And they just come, and instead of trying to innovate, they just want to maintain status quo.
• 2:07:05
  collect their money, serve their two terms, as the case may be. They don't want anything to disturb them. They don't want to do anything extraordinary. And they go. Because the silence we get from these organizations, you just wonder if they are not bothered by what is going on. And, you know, until they come out and...
• 2:07:36
  give us a blueprint on how they want to i mean like there are a lot of things you can nipco nipco used to be part of uh mobile uh i know mobile used to trade on the ngs they delisted and they went to to nasd as 11 plc and nipco there was some kind of arrangement and even that nasd there are some good companies there you wonder why cscs is still in
• 2:08:07
  NASD, even though they'd be planning to come to the NGX. And because of that, price discovery is kind of difficult for them. The cash engine of NGX is trading at 75 Naira. NGS is probably trading at twice that multiple.
• 2:08:34
  We really don't know. I think sometimes, I tell you, people benefit from all this arrangement. There are a lot of people who benefit from things like this. So they would rather things are kept the way they are than expose anything. They don't want anybody to come and start scrutinizing what they do and all that stuff. But let's just hope they are listening and they will come out with something concrete.
• 2:09:06
  Most of those questions are best left to them. It's only them who have the answers to it. It's just that with them, it's always very difficult to get anything out because a lot of things are involved. The person might be a good person. The person might be a dynamic person who wants to actually drive this company or organization forward. But there are a lot of things. You have to consider the political factor. You have to mind the things you say.
• 2:09:37
  Everything you say has to align with what the government is doing, even if it doesn't align with your vision. Because anything outside what the government is doing, you go and say anything outside this thing, that could be the end of your job. And everybody wants to protect their daily bread. So it's very, very difficult. These are organizations under normal circumstances.
• 2:10:05
  That should be separate. You know, they should have nothing to, the government should have no control on them. You know, they just do what is best for the market and the public. But it's not like that. It's not like that. And it's not just in Nigeria alone. We have seen, we just have a situation where throughout the world, the world right now is populated by a bunch of clueless, mad people ruling over countries.
• 2:10:35
  It's not just Nigeria. It's all over. Look at America. Look at the UK. You just wonder, how did these guys become head of these countries? That's just the situation we found ourselves. And I don't know if it's going to change again because there's a new world order. And that's why sometimes you try to do those things you can do for yourself.
• 2:11:03
  you try and do it if you are waiting for government to do certain things for you you are just wasting your time it's it's the kind of world we live in right now and uh the only thing we can do is try and bring it to their attention attention even if it means us saying it every day beginning to sound like let's continue to do it who knows one day we might just find one uh uh person who is ready to
• 2:11:32
  move an organization forward last week we got the news of the new appointment for fmdq in mr zeal you know that's a very capable person we wish him all the best and i just we just hope that they give him the room to work because like that's a proper a proper round hole or round peg in the round hole like
• 2:12:02
  If he's giving the corporation and he's giving everything to execute, he will turn FMDQ around. It's not like FMDQ was that bad before, but I think somehow towards the end of COCO, there were issues and then things were not quite as cozy as they used to be.
• 2:12:25
  But as far as ZIL replacing him, ZIL is very, very capable. Those are the kind of people you want to be heading organizations like that. You know, those are the people you need. You know, those are people who can, they drive reforms. As a person, as a worker, that's the kind of person you want to be heading such organizations.
• 2:12:57
  And I hope that he does extremely well at FMDQ. So, who knows? One day, with all this we are doing, we might just have a situation where we now begin to have all the right people at the right places. And all the things we want, we desire in the market, we align. And then, you know, Nigeria will be the shining light of the capital market in Africa and the world. You know?
• 2:13:27
  So thank you very much for coming on the space. Ben, unmute your mic. Ben, are you there? Yes, I'm there. Yes, I'm there. Good evening, Charles. Good evening, everybody. It's been an interesting one. I think I came up to comment about something you were talking about when you were talking about Don't Claim Dividend.
• 2:14:04
  i've had some experiences in that aspect you know so um i i think maybe i've spoken about this on this page before i observed some things i didn't like a lot of things you know um but one thing i'll say is that usually when um when when when your dividend is unclaimed before we signed the finance act i think that was in 2019 or 2020.
• 2:14:36
  before we sign the finance act when dividend becomes unclaimed it is usually held by the company that issued it you know so the primary financial responsibility is with that company the rule of the registrar specifically to keep records you know so all the information that connects the shareholder with dividend is kept at the registrar
• 2:15:05
  and it is updated as you know as things happen as transactions occur so the registrar is the record keeper the chief record keeper regarding this you know this matter the entire capital markets actually you know at least the public ones so when before the finance act it was the uh issuing company that was responsible financially
• 2:15:33
  But after the Finance Act, they formed what they call the Unclaimed Fund Trust Fund. So that Unclaimed Fund Trust Fund is where all the unclaimed dividend goes to as a pool. Now, who controls the Unclaimed Fund Trust Fund? The executive and modifier government, specifically a committee that is chaired by the Minister of Finance. Part of that committee is the Debt Management Office.
• 2:16:13
  you know but the the the head of the whole thing is the minister of finance so from so at the end with this phone now when you make your claim to the registrar the registrar does all the proper filing and you know it goes through um
• 2:16:35
  whatever other intermediaries it has to go through. The money is going to be paid by that fund, and that fund is controlled by the Ministry of Finance or the Minister of Finance. So what happens is, because it's liquidity, from time to time, liquidity is going to move. The government may, you know, turn it into some sort of security, some sort of debt security, because it's debt of the government, officially, as it immediately gets into that fund.
• 2:17:05
  it is debts it is that depths it is it is the government's debts so they can turn it into some sort of fixed income security you know some sort of bond they could essentially for lack of a better term they could loan it out you know when i was trying to process some dividend for a group of people which i we took me a while but i finally did i had some chatter that
• 2:17:34
  you know from some people that work for the registrars i didn't really take it serious but it was interesting i had some shutter that from time to time they hear that they had that you know um some some people loaned some people took some loans or the government gave us some loans from that claim trust fund you know so um sometimes it's hard or it takes a while when you make a claim for the money to come you know
• 2:18:03
  so now how long is a while you know depending on the scenario so i just wanted to make people understand that that's how it works now you know so the money is actually with the governments so i know how government things work i think i was reading an article somewhere a while ago that um was it last year about 100 billion was secretized from that unclean transfer 100 billion
• 2:18:36
  so because of because of the way it is now when you when you go and apply for unclean dividend you have to be ready to be patient it's not to me it's not it's not supposed to be so you know it's not supposed to be so but you have to be you know be patient and it may take a while for me it took um probably about four to six weeks but i've met some people who have
• 2:19:03
  said the experience was tougher the experience took more time you know and from what i've observed the larger the amounts probably for at least from the list of examples size is very small the larger the amounts the higher your chances of um waiting longer or waiting for longer you know so um that's just the things to consider um what else did i want to talk about um
• 2:19:31
  i know you guys don't don't you guys don't discuss a lot on um u.s equities or u.s stock exchanges you guys focused last year on there ngx i had a rumor i don't know how true this is i had a review that money points would ipo soon but not this year but soon so maybe like next year or by but also what i heard was that they they are not going to ipo in nigeria
• 2:20:01
  i don't know how true that is you know but um it's interesting to look at this they could i think their ceo they're one of their co-founders was on bloomberg recently you know so when a company starts um is a private company start doing some type of pr you know you know that um at least what he said on the interview was that they are considering everything that yeah definitely an ipo is part of what they're considering
• 2:20:32
  But at this stage where they are, they have everything on their table. They have a lot of options. So we've seen a trend in private markets where companies start from that VC level. They raise pre-seed, seed. They raise series A. They raise series B. They raise series C. Usually after series C, it is assumed at least that the company is big enough to start thinking about an IPO.
• 2:21:02
  but recently we've seen a lot of companies do series d series e series f series g and they just keep raising and entering the new capital privately and they never come public you know so there are companies that take that route you know some you know do something that is a little bit more like private equity you know but uh an ipu is definitely an option for money points and i think that they are seriously exploring it because
• 2:21:32
  i think a financial company like that that is that big i think an ipo will be a logical next step you know especially when you look at like the kind of business the company is doing uh you look at their position in the markets um i think out of 10 out of every 10 ps transactions in nigeria eight of them are money points right now
• 2:22:03
  you know eight of them are money points so that's that's a large market of it they essentially own the agency banking markets you know essentially that's their markets and they've been giving out a lot of loans to smes too you know and toasting did an interview recently uh he did an interview recently with farming stuff finals came here very interesting interview anybody that's like an entrepreneur you know young entrepreneur startup guy you need to watch the interview because you really explained a lot
• 2:22:33
  um in the interview he said that uh ah i've lost my train of thoughts i can't remember why i wanted to point out that he said in time you know but you guys watch the interview you said a lot of uh interesting things tonight so yeah um it's it's it's interesting to if they come to the market it would be good it would be a good one you know it would be a good one uh other than that i don't think i have anything to say that is not
• 2:23:04
  uh maybe spacex ipo uh anthropic you know i'm curious to see what those two ipos will do because uh spacex spacex is is coming to the market it takes on five billion and tropic is taking something similar to and around this time so google is raising 90 billion so it would be interesting to see what this this events you know what the ripple effects of this event really affects
• 2:23:34
  liquidity in other markets you know because sometimes when you have a large event like this if somebody tries to talk to me i think the line is breaking there's so much trying to talk to me anyway when you have a large equity event like this in a big market uh it usually has some effects you know on other markets especially other markets you know you may you may you may see some capital moving you know so aside from that
• 2:24:02
  you guys are doing a great space um we always come here to update ourselves and follow what's going on you know and it's always good to you know interact as people like like mine so let me know how the mic long i think i've opened enough thank you charles thank you thank you ben thank you uh in uh in respect to that uh assets bank on claim dividend was to have a thompson
• 2:24:35
  Oludare Sunday, who is the current MD of Nigerian Deposit Insurance Company. We have Chartered Institute of Taxation in Nigeria. We have Melambi Hall, flat, investor of Ibadan, investor of Just Academic Staff, investor of Agriculture, Abiyokuta Cooperative.
• 2:25:05
  Staff Cooperative, and then we also have Othman Danfurjo University, University of Jos, University of Medjugorje, University of Nigeria Nsukka, University of Lagos, University of Port Harcourt, as well as Faculty of Arts, University of Nigeria Nsukka, and the Polytechnic Ibadan. All these have unclaimed dividend with assets.
• 2:25:34
  And then there are various parishes of the Catholic, Anglican, Baptist, Presbyterian, Methodist, and Pentecostal churches, prominent among which is Redeemed Christian Church of God. And also there's also the Islamic organization like the Supreme Islamic Congress. So these are all institutions that are being...
• 2:26:03
  that have unclaimed dividends with Assets Bank. Like I said, it's over a 3,295-page document. It's on the NGX. I'm sure some of the dividends that some of these institutions are owing could do something for them. But it begs the question as to why we still have this problem lingering.
• 2:26:35
  And if I'm to go with what Ben just said, it's always the situation. A special fund was set up to keep unclaimed dividend for over 12 years, 10 or 12 years. And apparently some people have made up their own monies right now.
• 2:27:06
  Because where's the accountability? And I know when that whole thing was set up, there was a caveat that if at any point the owner of the dividend came up to claim that dividend, the money should be made available immediately. But again, that is somebody's piece of the cake.
• 2:27:36
  of the Nigerian state right now. So you can imagine the kind of fight you go through trying to get somebody to relinquish that. Where is the accountability? How much do we have in that fund right now? What are you doing with the fund? If you're investing, how much have you made investing from that fund? So these are the things. And when you start asking these kind of questions, you know it's kind of worms you are going to dig out.
• 2:28:07
  So these are the problems. Again, I don't see any need for that. Again, this is a bloody waste of people's time. Even Ola Vicente, the one-time central bank governor of Nigeria, his name is on that list. So where is the sensitization from? And SEC is wasting time. They're just wasting their time, you know? As much as I said...
• 2:28:37
  The registrar's job should be with the company. Keep a list of shareholders of the company. It should have nothing, absolutely nothing, to do with payment of dividend. The day you remove the payment of dividend from the hands of registrar and entrust it into the registrar of all registrars, which is CSCS,
• 2:29:05
  Unclaimed dividend will be a forgotten issue. It will never arise again. But again, this is Charles. Who listens to Charles? Who listens? Not people in government who are already laughing. What is this one talking about? Money that we have already marked. So these are the issues. And let's hope that at the end of the day, we are able to resolve this. It's so painful. I'm seeing investing institutions.
• 2:29:36
  I'm seeing tertiary institutions having unclaimed dividend in that list. So where is the education? I really don't know. I'm really confused. I don't know what to say any longer. Otto, unmute your mic and go ahead. Mr Charles, before he goes ahead, can you please... Okay, just one moment, Otto. Mr Charles, can you please...
• 2:30:06
  tell us how to access that a dividend documents published okay i'm going to drop it on the jungle thank you thank you all right thank you thank you mr charles nasa green stickers and everyone yeah i just want to make some comments on what some people raised earlier the first is about um i think it wasn't addressed the man that talked about gangote
• 2:30:39
  Gangote IPO on PiggyVest. Yes, PiggyVest has made that option. I think it's just like a waiting list. But PiggyVest went a step further to say you can actually fund your accounts, indicate how much you would like to invest in the IPO. In other words, you give them a standing order.
• 2:31:12
  such that when the IPO kicks off, your standing order is effected immediately. And there's also a one-week notice, like, okay, the IPO is coming up in one week. In case you want to cancel your standing order, you can go ahead and cancel it. So Piggyback is a legit platform. The option is a standing order option, which can be canceled at any time. I hope that...
• 2:31:42
  I think his name was Mr. Damilola also. And I also want to comment on the man that talked about SEC going for adverts. It's not actually the duty of SEC to go for adverts. People that should do that is the NGX group. And yes, they should sell the NGX to potential businesses. Like Mr. Ben just said, where will money points live?
• 2:32:12
  the ngx group to go and list outside why is op listing outside the country look at the customer base they have in nigeria so it is the duty of the ngs group to pitch the ngx to these companies i mean in u.s the sec don't do that it is the nyse and the nasdaq they go about saying a lot of stuff they go about pitching the telling them the advantages of listing
• 2:32:42
  So I just wanted to make the comments on those issues that were raised. And then to ask my own question. In future, do we think, as in given the fact that liquidity is an issue in the NGS group, do we think at any point in time the NGS can operate like it's been done in the crypto space? Will it be tokenized?
• 2:33:13
  such that, for example, in the crypto, you can just swap BNB to USDT or BNB to BTC. Do we see in the future where we can swap Gerugu to MTN? Will it help with the liquidity issues we have? I think those are my comments for the day. Thank you. Thank you very much, Otto, for highlighting certain things. As per tokenization of the NGX,
• 2:33:47
  We have a very, very long way to go. Very, very long way. I remember before Oscar left, when NGS demutualized, myself and Onome, we were on a call and we asked, do you have any plan to introduce crypto trading?
• 2:34:20
  on the ngx you know a lot of people are misinformed a lot of people have their own way of assimilating information immediately they do not understand anything they tell you is ponzi a lot of people think crypto is ponzi right uh yet most of the countries most of the top countries in the world today all have crypto funds set up we have crypto etf
• 2:34:50
  Bitcoin ETF, Ethereum ETF, all set up. But for the uninformed and for those who do not understand and do not want to take the time to learn, they just think crypto is ponzi, crypto is scam. Yes, it's an innocent investment. So it takes time for that stability to come. Yeah, you can now begin to vouch for it.
• 2:35:24
  It becomes difficult for people like that to accept anything. And that was what we got from the answer. Because first and foremost, they weren't doing enough research. They didn't know what to do. They didn't know what crypto was and all that. And then the good thing is this Cirque DG, you know, very open-minded guy. I think he bought the idea of...
• 2:35:54
  crypto investment and has been doing a couple of things to see how crypto can be better regulated. But where we missed it, where we missed it with crypto was when Nigeria had a problem with Binance. That would have been our opportunity to incorporate crypto and their platform into the NGX.
• 2:36:28
  Just facilitating those trades alone, the fees and commissions you get from it, I'm sure that it will be generating at least close to like 5% of our forex. Because once they now know that the Nigeria Stock Exchange is allowing crypto trading, Nigeria Stock Exchange is regulated, the whole of Nigeria, there are a lot more people trading crypto than.
• 2:36:58
  the stock market. The whole of Nigeria and neighboring African countries are able to trade crypto through Nigeria. Do you know how much fees it will be generating for the country? And because of the advanced platform that Binance had, that would have rubbed off on the platform we are using for NGX now. We have a platform in America, Robinhood, that trades both crypto.
• 2:37:31
  and stocks. So tokenization in a platform like that becomes, you can even do it on your own. So I want to buy, let's say, Nvidia right now. And I have, let's say, 10 BNB, 10 Binance.
• 2:38:03
  Switch it from Binance to USDT, switch USDT to dollars, transform my dollars to NVIDIA, and I'll do my trade seamlessly. You can imagine how advanced it would have been. All these Dangote coming to do IPO. Kenya is coming from Kenya to come and lobby. South Africa is coming from South Africa to come and lobby. The East Africans are coming from East Africans to come and lobby.
• 2:38:33
  At the end of the day, do you know how sweet it would have been if we had that kind of platform here? Because if you already have a Binance platform, automatically that makes you an international platform where everybody can trade. Integrate that into our NGX machine and integrate that into the Kenya machine, into the South African machine. And before you know, we are the hub.
• 2:39:06
  We are the central hub of Africa. Everybody is trading through NGS for that IPO or whatever the case might be. Do you know how much money that will generate for Nigeria? But you need people who have the vision. You need people who believe these things can work and trust Nigerians. When it comes to stuff like that, I have given examples of how Nigerians have perfected the art of fintech.
• 2:39:38
  with money transfers. No country does it better than Nigeria when it comes to money transfer. No country. So when Ben was talking about money point, the money point thing is, it's still, there are a lot of talks on the ground, you know. We are not going to do it in Nigeria. We will see. There's a lot of things going on on the ground. Even the government is involved in what is going on.
• 2:40:10
  So nothing is clear yet. It's going to happen. The IPO will happen. But I can tell you there's no way that IPO is happening and Nigeria is not in it. It's not going to be clear now. All the talks are taking place and all that stuff. And this is, when you say it's not fine, it's not the work of SEC. But like I told you, SEC is a self-regulatory organization. The NGS is a self-regulatory organization.
• 2:40:43
  And for them to really have the kind of effect you want, they should be sitting together with the people they are regulating and making these policies that will favor the companies they are regulating and the shareholders of these companies. When you now have that kind of agreement, where everybody...
• 2:41:13
  is a party to the policies that have been written, what happens is, because you've involved everybody, you have a more favorable situation where companies are more inclined to wanting to list. There's a reason why they don't come to the NGX. The NGX is governed by NGX and SEC. So SEC and NGX should actually sit down.
• 2:41:44
  I know you say it's not the work of SEC to promote, but SEC was promoting unclaimed dividend. Why should they be promoting unclaimed dividend? It's not really their job per se, but you cannot divorce SEC from the NGX. So I think the point the other gentleman was trying to make is the two bodies should come together and start tinkering on how to move this market forward. So tokenization is not that difficult.
• 2:42:18
  like i said it's not that difficult robin hood has tokenized everything as it is right now if ftx did not go underground they would have tokenized everything as it is right now because i just gave you a simple from my platform i can change binance to usdt or binance to usd usd to my dollar and use my dollar to do whatever i want to do until the full uh
• 2:42:49
  until tokenization takes off full-fledged. And those talks are underway for countries who want to develop their market. But with our market, apart from Quidas and one other exchange, we have a long way to go. Instead of working with Binance to see how we can develop our infrastructure, we are there punishing one gentleman for nothing.
• 2:43:21
  Because we don't have people who see beyond, what can you give me right now? And these are the issues. Sometimes you begin to ask yourself, are we smarter than these guys? But when your whole premise is, let me get it right now, then you don't see beyond your nose. That's the problem. So tokenization would have been such a big issue.
• 2:43:56
  If I would have been ahead of, we could be ahead of the world in a lot of things. But do you have the right people to drive these policies? And that's why I'm happy with that appointment I told you about. Yes, I know the FMDQ market, people may not know much about it. But I'm sure going forward, you will know. Because we've got one, one.
• 2:44:32
  very correct person running that organization. And Nigerians will be happy for it. Like, I'm telling you now, if you didn't know FMDQ before, let's see what your knowledge of FMDQ will be in like two years, three years. Because we have a proper, a proper person running that organization right now. So, I don't know. You need people who are...
• 2:45:05
  open to these kind of changes. And you don't have to be a wish kid. You don't have to be an expert for these things to work out. Right? You just have to know what's going on. This is why we are talking about tokenization. People still see crypto as a scam. How are you even going to convince those people first and foremost? Crypto is a scam and we are having all kinds of crypto ETFs. We are having all the... If you look at all the...
• 2:45:36
  All the richest nations in the world right now, they have their crypto fund. They have a percentage of their country's wealth that is dedicated to crypto. How much of our wealth is dedicated to crypto that you know? And you are talking about tokenization. My brother, if I were, okay, let's just hope, let's just hope that some reasonable people,
• 2:46:09
  who see beyond today in these organizations and they can start having these discussions. Until then, let's temper our expectation for tokenization. Thank you. Charles, let me chime in on this question because it's a very interesting one. Tokenization,
• 2:46:40
  The organization changes the ownership dynamics of the underlying assets. You know, it could be stocks, it could be bonds, it could be ETFs. The CEO of BlackRock, the largest asset manager in the world, Barry Fink, he has been seen a lot throughout this year. He has been seen a lot about tokenization. In fact, in every interview he does, he would always find
• 2:47:06
  a way to you know take at least one minute to explain how the organization is where we are moving to you know and it's the next step and like i was saying the organization changes the ownership dynamics of their secular so for instance now if you took a nice uh like a stock number one you can uh you can you can you can buy smaller amounts
• 2:47:35
  than you can buy right now. So you can buy a smaller amount of that stock. And because you can buy a smaller amount, it could help improve the liquidity of that particular stock. And then there are things like trading now. All these trading hours, we can see if we implement a tokenization, like someone mentioned Robinhood.
• 2:48:03
  Robinhood has implemented it partially and in those areas you will see that there's no trading hours they can trade anytime you can buy the icon ownership can change anytime you know there's no what we have now is okay we have trading hours this is time people are trading so buyers are buying sellers are selling ownership is changing hands so essentially for some for some people that may be listening that don't know much about organization obviously something you have to read about
• 2:48:30
  but basically it it changes the ownership dynamics so ownership can the way ownership changes of their the way the way ownership ownership of the assets changes hands you know it's it is it makes it more seamless it makes it faster it makes it easier uh it makes it it makes it democratizes it a little bit what they are essentially doing is that they are taking what they call the distributed ledger which is the infrastructure of um of um
• 2:48:59
  i'm not going to say cryptocurrency but infrastructure of the blockchain because the blockchain is is quite different from cryptocurrency blockchain powers cryptocurrency you know so and tokenization is not necessarily cryptocurrency we're just taking the assets which may be stocks bonds etfs whatever the case may be we're taking those assets and then we are we are turning them into tokens that will be on the distributed ledger so as ownership of those assets change
• 2:49:28
  they will be recorded on that distributed legend they will use that distributed infrastructure you know the global financial industry or the financial world globally uses a system called swift you know that's that's the system that we're using right now and it's kind of a cake it's kind of old it's not as modern as you would expect it to be it's called swift when you have time to read about this so the blockchain
• 2:49:54
  it is an updated version it's a technology powered updated version of of what swift is so when someone says that we are moving towards the we're moving towards organization we're moving towards blockchain it is very feasible and i think it's probably going to happen soon you know so gradually
• 2:50:14
  something like what they are doing in robin hood now robin hood is like a testing lab or like a what they call a beta when they release an app they do the beta first a small group of people can test this so they are testing it out with robin hood because this type of change is kind of it comes with its own peculiarity so you have to sort of you have to run a sample you have to test this at the smaller scale so that you observe the differences the challenges the pros and cons and then you make some tweaks before you now
• 2:50:43
  you know launches so it's definitely something that will happen and i think it's better for the system you know because the blockchain is it's more it's much more secure the blockchain is much more secure it's an infrastructure that is rooted in is rooted in cryptography and cryptography is a very um i have this i have professional education and service units and i'll tell you that cryptography is as technically as it gets when it comes to securing assets online
• 2:51:13
  you know so we're definitely heading there as in globally you know so looking at where nigeria is globally now what you now say is that or what i would say is that as as tokenization spreads globally give or take let's say it takes us 10 years to approve to to replace swift with a new blockchain powered you know um platform nigeria will now
• 2:51:43
  as Nigeria is following behind in a way. I don't like the market in Nigeria, but it will now take Nigeria more time to now catch up. They don't expect us to be part of the first set of people to embrace tokenization. Even the leaders that we have now, they want to play it safe. And I don't blame them for that. We'll have to wait to see other people implement it. And then when other people implement it and they see that it's working, then they will now follow up.
• 2:52:13
  So yeah, if the organization goes globally, I can assure you that after a while, Nigeria will have to catch up. Obviously, there will be resistance because we have some people in this country that don't like change. They feel like this is their view. And I've observed that this is their view. They feel like if you bring change, it may not favor them. So they're acting out of fear. And also, they don't want to learn. They don't want to go through that.
• 2:52:42
  that phase of learning something again learning how something was just like because i've already lent this old system let's just keep it this way and it's not good it's not good you know i don't want to i don't want to make it a racial thing but a lot of african people have that mentality and it's not good it's not good at all we should be ready as africans to embrace change if we observe that
• 2:53:04
  there's a better way of doing something we should always be open to it we should always be open if you don't have that mentality other people that have it they will develop and advance faster than you and they will have power over you that is just the reality you know so that's what i'll say about a very interesting question very interesting question and you have exciting times to look out for thank you thank you very much profitable man go ahead
• 2:53:32
  Thank you, Mr. Charles. Thank you, Ben. Thank you, Ben. You know, what brought me up here is the topic of tokenization. Yes, I've been working on tokenization for more than one year right now. I work with a blockchain company. So that is my specialty. And Mr. Charles, let me tell you something. We try to tokenize Nigerian stocks. I tell you, we tried our best to tokenize.
• 2:54:01
  nigerian stocks but just that this is not happening for now because of the regulatory issue compliances and i tell you if anybody wants to recognize nigerian stock you can't do without sec sec will be the forefront sec will be the one to lead the forefront of documentation of nigerian stocks so let me just break it down simple because this is what every day that this is what i'm thinking about tokenization
• 2:54:28
  because if you if you do your research for you when you see that the market in the us now um the tokenized we call it rwa reward assets something like that so it has i think it was 32 billion dollars 32 billion dollar that is the market cap of tokenized tokenized stock in us now and that is the future of finance i like the fact that ben talks more about it the ceo of blackrock said that is where finance is going and you know many people
• 2:54:56
  in this Africa you know chat says something that it's not that these people are wiser than us just that they have conducive and a supportive environment to execute their ideas many Nigerians many Africans have been working tirelessly to tokenize our assets even just our bond even mutual funds and one of the things about tokenization is that it is borderless
• 2:55:21
  people from other countries can buy into your market without setting up without any complication or complicated accounts they can buy you can send for example now if you want to send dango day or maybe mtn shares to your friend it's very difficult here now but with tokenization you just send it the way we send crypto that is how you will send organization but the thing is that um the thing is that it will happen
• 2:55:47
  they have already started the conversation even on ngs i mean someone working with ngs they have started the conversation around tokenization of assets but it is it will happen but not so soon but that is already happening in the u.s market and one thing is that uh very soon very soon because if you are if you are in the u.s now you can buy tokenized asset of nvidia you can set any time like you can send it to your friend the market is 24. they call it um what do you call it
• 2:56:16
  They call it 24-7, 365 days. That is tokenization for you. But it's already happening. And one thing we are doing where I work is that we are bringing it to Africa so that you can buy any US stocks and you eat the tokenized version of it. It's not the one that the markets will close. It's what you can sell anytime, any day. And one of the important of it is the fractional that Ben mentioned. There is no amount of money you cannot use to buy.
• 2:56:46
  um tokenization stocks took nice tokenized stocks so please we should be ready for it because it's it's coming soon it's coming soon maybe one of these days i will my company will reach out to maybe green ticket we will come as a company to you know to educate to talk more about because that is what we are working on we want to tokenize nigeria financial instruments so thank you mr just
• 2:57:11
  Thank you very much, Mr. Okaifu, before you go. Profito Bulma, one of our members here, one of the Green Ticker members, she is one of the policymakers for this tokenization thing. It's just, you know, like, and I'm very happy that you've gone that far.
• 2:57:38
  And, you know, a lot of people know about it. Anybody who follows Larry Fink, the CEO of BlackRock, one of the biggest investment companies in the world, you know, is pointing the whole world towards that direction. And, you know, tokenization, which has been branded like a real-world asset, where, you know, there are different sectors.
• 2:58:08
  uh in those assets and looking at uh what blockchain is doing right now um you can actually see everything you are doing on chain and you know it makes life very very easy uh it's like i said it's just unfortunate we missed the boat with uh what we did with binance because you can imagine if if we had some forward thinking people then why not that
• 2:58:39
  back and forth was going on between us finance and nigeria and then we cut a deal and tell this guy okay uh you guys we need to develop our platform so that you you can imagine where would have been these are the people who would have made it easier for us but uh i get your point uh like i said sec yeah you are very right sec is a major major stumbling block like a major stumbling block the fact that i told you that
• 2:59:06
  mr agama is open to the idea we tell you that there's been a lot of talks around that region yeah i don't know if she was here now it would have actually come up to like tell you more but let's just keep that in the wraps and uh let's uh keep our focus uh profitable man anytime you are ready to come and tell us more about
• 2:59:30
  what you are doing you let us know you know this is your platform you're always welcome here okay go ahead sir uh thank you very much um please before i ask my question let me let me quickly comment on this uh tokenization topic before the floor closes you see uh it's not that easy there are technicalities involved in this issue of tokenization and this is not the first time it started with
• 3:00:02
  tokenize real and tokenize real estate let's tokenize ownership to real estate so that people who don't have money to buy a house or only own a home can easily buy fragments of those properties and that idea floated for years and years because it sounds it sounds good on paper but when you get into the nitty-gritty it's very hard to implement then
• 3:00:31
  off the top of my head some of the issues i'm even seeing with tokenizing stocks is the issue of actual ownership because the way stable coins work is that stable coins have custodians people who back them one for one with cash or near cash assets and other people can actually trade them on chain but with stocks it's different if a company owns a stock and they are
• 3:01:03
  putting it down for you to come and trade on chain who owns it is it you that is trading but on that person own or is it the company that owns it already that is giving you that is backing what you are trading on chain because someone has to back it it has to be backed by a real life asset and that left asset has to be held by a custodian then another thing is the pricing nigerian stocks are priced in error and when you are on chain the
• 3:01:33
  currency for moving asset is usdt or usdc but it is some stable coin that is usd so how will you how will it happen will you find that you have stocks in dollar and between we time price uh we we can price exchange and there's also the issue of price discovery for example the way prices change in
• 3:02:05
  crypto is that somebody have to open a large limit order that you that is using market order to quickly that makes your market order execute in terms of tokenized stock you go there with the impression that you can buy all these stock as much as you want but then if the number of limit orders that are available on the on the sell side is not up to the amount you are putting forward what happens to that order will it get filled so these are a lot of questions that
• 3:02:36
  the people who are driving this innovation would think about and it's just interesting to wrap your head around it i don't i don't really know if it's going to be feasible anytime soon but shout out to everybody working on it so to my main question um it's not really directly about investing i i just i've been dipping my feet into finance economy and the way money works in general
• 3:03:07
  and the question that i that i keep thinking about is i really want to know why the interest rates in nigeria is so high okay i think i think i can take that i think i can take that but before i think that charles you you you mentioned something about buyouts you know i think in fact let me keep the binoculars when i finish taking these questions so i don't confuse people
• 3:03:41
  i have a lot it's not a lot but i have some few things to say to contradict your finance idea you know anyway um interest rates so interest rate is essentially everybody knows it's the rate that's which you the rate you pay when you borrow money you know you rate the rate the cost of debts you know or the cost of capital banks so um your interest rates is usually supposed to
• 3:04:12
  When you set it, when CBN sets the NPC, sorry, when CBN sets the NPR or the NPC sets the NPR, the NPC is the monetary policy committee. So that's the committee in the CBN that sets the prevailing interest rates in the country. So when they set that rate, that is the rate that banks will be enforced to borrow to businesses. You know, they have to borrow at that rate. You have to give to them at that rate or higher. It can't be lower.
• 3:04:42
  so they are free to give higher than so if the rates i think the rate right now about 26 27. the rate is 26 27. uh when you get your bank to get the loan you're probably going to be getting that loan at 34 33 you know percent because banks add a few points on it you know so when the cbn wants to say that the first thing that they look at is inflation that's the first thing they look at because
• 3:05:10
  In debt financing, when you're giving out debt, you know, it means you have capital. When you have capital and you want to loan out that capital, you have to loan that capital at the rates that would be higher than inflation because you have to, if you're in finance, at least you know, you've heard of what they call the time value of money. Generally, generally, very rarely does this law not apply, but generally money loses value over time or cash loses value over time. So when you have capital,
• 3:05:40
  and you want to deploy it in form of a loan so you have to charge an interest rate that is higher than the prevailing rate of inflation you know so if the rate of inflation so the fed the fed or the cbn in these kids will now look at what's nigeria's inflation rates you know so if nigeria's inflation rate is at the um let's see let's say it's 15 the interest rate is supposed to be
• 3:06:11
  at a 4% band above or below the inflation rates. They rarely go below. They usually stay above to be safe. Only in rare cases where you see them go below. So if the inflation rate is 15%, the Fed is going to set interest rates at 4% on that. So that's probably 19% or 20%. That's where the Fed will set it. Because this way, when the Fed does this,
• 3:06:42
  it stops inflation from increasing because when when you observe when you want to reduce your inflation you have to contract the supply of money but you have to slow down the supply of money because inflation is is essentially a lot of things about inflation but essentially inflation is a ratio of money supply versus supply of goods and services so in a third world country like nigeria supply of goods and services and services that are produced in nigeria
• 3:07:11
  is usually increasing at a very slow rate or a lot of times it's not even increasing sometimes it's decreasing you know so meanwhile you have that increasing you have that really increasing is decreasing most of the time meanwhile the supply of money is always increasing because for some reason or the other people need are going to need money so to curtail inflation from just spiraling
• 3:07:40
  you have to reduce money supply. So that money supply is not increasing at the rate that is far beyond the rate at which the supply of goods and services are increasing. So when the Fed wants to set the interest rate, the first, in fact, the most important thing they consider is inflation. So if you want interest rates to be high, if you want interest rates to be low, inflation has to come down. Now, currently in Nigeria, we are experiencing a unique situation where
• 3:08:08
  Our inflation rates had moved from, it was about 30%, 29, 30% a year ago. Let's say 16 months ago. I'll try to be more specific. It was about 30%. So we did what they call a rebasing, where they changed the base year and changed some...
• 3:08:35
  some aspects of the cpi basket the cpi basket and the base here you know affect the computation of inflation you know so when they rebased when you rebased the cpi the inflation dropped by i think about nine or ten points on on the 900 basis points but if i put it that way not to be too complicated so instead of the fed the cbn in this case so now
• 3:09:05
  drop uh interest rates by that amount you know maybe by nine points or by eight points by seven points he decided to be very patient with it because I don't want to say it's an official dropping inflation but we did we did it it was a recomputation you change the the dynamics of your computation the way you comp the way you compute it you know so it's not as good as it is it is it is good but it's not as good as inflation just dropping
• 3:09:37
  And it's not good to just drop interest rates rapidly like that. So they are still kind of holding it. You know, we have inflation right now in Nigeria is around 15, somewhere between 15 and 16 percent or 16 point something. I can't remember right now, but it's at that range, you know, and it's been stable at least in the last three to four months, you know. So normally you would expect that because inflation is at that level, based on everything I've just said.
• 3:10:05
  Our interest rate is supposed to come down to 20%, 18%, 21%, 22%, but it's still high, it's still above 25%. That's because the CBN, like I said, is being cautious. They reduced it twice. If you look at the last three MPCs, they reduced it twice. The last one they decided to hold, and that's largely because of the war.
• 3:10:35
  That's largely because of the war. And also because it's an election year. Those are the two things that would make this year, if you look at this year now, I don't think we're going to see large cuts because the war is still lingering. When the war happened, the first thing that went up was PMS, the price of PMS. And if you compute inflation in Nigeria, the price of PMS plays a major role in the figure you are going to get.
• 3:11:03
  because the when the price of pms goes up the price of almost every other thing goes up you know so when the war happened and energy costs went up the price of pms went up and there's no way you expect the cbn to call trade because you know that inflation is going to gradually go up at least from the last npc it didn't really go up that much you know so when you now look at election spending so consider election spending consider the fact that the war is kind of still lingering
• 3:11:36
  forecasts most forecasts i've read for this year is really not going to change that much you know you might see a quarter two maybe a 50 basis points courts and at best maybe you may see 100 basis points called i don't think i don't think so but let's see maybe down down the line later in the year you may see 100 basis points you know but so essentially that is it you know your interest rate is the main thing thank you
• 3:12:04
  um um i asked that question because i'm going somewhere so if i'm to summarize inflation i'm interested is so high because of inflation exactly thank you so the question now is why is inflation so high well that's like i explained when i was speaking inflation is essentially the ratio of money supply to the ratio of supply of goods and services so especially specifically goods and services are producing the country
• 3:12:40
  So what we have in Nigeria is that over the years, our money supply has been increasing very large, very rapidly, sorry. Our money supply has been increasing rapidly. The last administration, because of how they campaigned, what they campaigned on, when APC came in, they campaigned on very, very, very populist things. So because of what they campaigned on, they could not remove for subsidy and they could not remove FX subsidy. These two subsidies were...
• 3:13:10
  key subsidies that should have been gone under Jonathan's time. All the international economic bodies have been recommending this because Nigeria did not just have enough money to pay for all the subsidies. It was a very cosmetic way of solving Nigeria's problems. And it was costing us a lot. At the height of it, the FX subsidy was costing the CBN $15 billion a year, averaging almost $1 billion a month.
• 3:13:39
  The PMS subsidy was about five or six billion a year. Plus, if you look at the corruption in it, it was just an inefficiency. It's something that had to go. But when MPC first came in, because they just came in and they've been on opposition shouting since, they could not do it because it's not going to look well on their government. So when it came to the government raising money from...
• 3:14:06
  you know large international financial organizations the largest of all of them all the guys that from the west that give you money even even even the arab guys too they could not raise money from these people so the only option they had was chinese and the the amount that chinese can give you it can never be compared to what the west can give you chinese will give some money but it's not going to be as big you know and the rate is even going to be higher so what they did if you notice uh various governments a lot of the infrastructure developments they did
• 3:14:35
  there were chinese loans you know chinese project financial deals all the railways the railways and some of the roads they did because they didn't have any option to go to the west because when they go to the west west tell them that they are not serious with the economy because they refuse to remove the subsidy so assessing finance raising finance at the government externally was very tough so what did they do they printed money so they printed about 27 trillion because they they were lacking finance external finance you know when you try
• 3:15:06
  to you know how many bonds can you when the deficit is that big how many bonds can you issue you know so they printed money when they printed money they grossly increased the supply of money in nigeria it was too bad and when you increase the supply of money and you are not at a similar rate increasing the supply of goods and services that is local production industrial production in your country inflation is going to skyrocket it's going to balloon
• 3:15:37
  So when they came in, I think our inflation was about 12, 13%. When they left, that is where his government left, inflation was approaching 30%. So that's to tell you the level of fiscal irresponsibility. The level of fiscal irresponsibility, that's the best way I can describe it. The level of fiscal irresponsibility that occurred during that time. Why? Because of politics, largely. Because if they didn't campaign on all these things,
• 3:16:06
  Why is the price of oil in the general government too high? They didn't campaign on all these things. They would have had the political leverage to do it. But because they campaigned on all these largely populist narratives, which is the only thing you can do in Nigeria. Nigeria is so funny. So because of politics, they could not make the reforms that they needed to make at that point in time. And it put them in a war situation. They had to print money and our inflation went up.
• 3:16:36
  and what the people what did the people now do people now complained so in an attempt to pacify the people you ended up punishing them more you see it's very it's very funny so at the end of the day at the end of the day tribunal inherited this case you know so he has to now start solving it at least we have tried we have brought it down to 15 now you know so going forward going forward let's see how it goes you know i'm very optimistic about nigeria
• 3:17:06
  at least foreign investors are coming back mr if i may ask where are you going with all these questions in relation to the nigerian market thank you so my thinking has always been the reason why we have this the reason why we are at this price level is because of our exchange rates due to the devaluation and because of subsidy remover
• 3:17:38
  because as Mr. Ben alluded to earlier, subsidy remover increased the price of oil and that feeds into inflation. Same goes for exchange rate because Nigeria is largely import dependent. So if I'm correct, if my thinking is in the right direction, if the level of inflation is coming from high exchange rates and high cost of petrol.
• 3:18:08
  And that's the reason why you are increasing interest rates. And you are waiting for inflation to fall. That inflation can never fall. Because the reason why it was, was because you removed what was keeping it low before. Not exactly. Nigeria's inflation is not caused by a high exchange rate. I don't think I said that. I don't think I said that.
• 3:18:37
  you see let me just clarify we need to understand something about our exchange rates when it was low it was not actually low the government was paying money to ensure that it is low it was not a under a free floats exchange rates it was not the true market value of our currency when it was low you understand so
• 3:19:00
  when they tell when a lot of people say they devalue their currency that's not the best technical thing to use the best technical term to use is that they showed us the true value the market value of nigeria's currency the devaluation came when they printed too much money that's when they that's what the evaluation is about you know so but but they stopped paying the 15 billion i told you that they were paying to ensure that the the the denarius the exchange rate is low
• 3:19:28
  They stopped paying their money because they didn't have the money again. Essentially, that's the simplest way to explain it. Sounds good. Aysen, I see you want to chime in. Just chime in and let's see what you have to say. We don't want to turn this into an economic class because we are losing some people here. So, Aysen, go ahead. Thank you very much. This is Aysen's elder sister. Good evening, good morning, good afternoon.
• 3:19:56
  Talking about the exchange rate, yes, the subsidy is number one problem we have. But are we talking about the gas? Yes, we've talked about fuel, but look at what the gas is doing. It is even getting to 2005 per kg. Are we talking about that? Yes, the exchange rate and every other thing is there. But what do we do about the gas?
• 3:20:25
  that is increasing by day thank you thank you very much uh there's been some uh interesting back and forth uh here uh just that uh we would like to keep focus on uh what the topic is uh which is uh the nigerian uh stock exchange you know um we could uh hold uh alternative spaces and i know these economic factors all contribute to
• 3:20:57
  what plays out in the market. But as much as possible, this is one day of the week we devote to the market solely. And in making your points, you can point to economic indicators that are leading to it, but let's just keep the focus. If we go into the...
• 3:21:25
  discussion of the economics of inflation uh charles charles yes can i comment on that binance topic that is that balance coming and stuff okay quick quickly because somebody so the thing about binance i understand that there was an opportunity to partner with them there but the thing about binance is that binance was enabling speculation in nigerian markets religion will not be trashed you know that is just that is just each house
• 3:21:53
  it was all these speculators that were speculating against the naira you know one of the biggest duty of of the fed or the cbn is to is to control expectations so that's you know the way the market works if something is good but for some reason people in the market think that that thing is bad the market will price it as bad that's how the market works stock market this my fx markets community markets that thing is actually good but i don't know what happened
• 3:22:22
  The world just went out in the market that that thing is bad. The market will price it as bad. So that was what the Naira was going through. The Naira was going through that phase where everybody was betting against the Naira. The Naira is going to go up. So the speculation was too much. And the biggest digital platform that powered that speculation was Binance.
• 3:22:44
  Now, I'm not going to get into all the acquisitions that Binance was financing terrorism and all that. I'm not going to get into all that. But at least looking at it from a market perspective, to stabilize the negative pressure on our FX markets, we needed that speculation that was coming from Binance to reduce so that people would stop going there to bet against the Naira. It's funny because a lot of Nigerians that have money, either you have money, small money, maybe you have 10 million, 5 million, you go to Binance and bet against the Naira and make money.
• 3:23:14
  But you're making the Nigerian that does not have money, the average Nigerian that's on the road that does not have money to buy dollar. You're making it poor. You made money. You made your small 5 million, your 5, 10 million. You made money. But you have devalued the Naira by continuously betting on it, betting against it. You have now made the average Nigerian poor. But you made money. So Nigerians were destroying their own currency, making their fellow Nigerians poor. So finance had to go. Finance had to go. That's just the truth, Charles. Finance just had to go.
• 3:23:43
  access to all that speculation reduce okay so again uh we are not going to go into this rabbit hole because first and foremost uh um at the end of the day attributing what was happening to to the naira to binance shows how ineffective our policies were and again uh what
• 3:24:14
  what needed to happen was proper regulation and that's why um sometimes you catch criminals instead of killing them you don't do it you try and understand why they do what they do and from that you could actually uh create something but again i don't want to go into this finance thing because again it's uh different what would you have done
• 3:24:40
  to stop the speculation. What would I have done first and foremost? To reduce the speculation. What I would have done was to see how they are operating and see evidences that they were actually responsible for making our currency fluctuate up and down. Because I don't know how Binance will influence the speculation of currency. You know, Charles, it wasn't just Binance.
• 3:25:23
  thank you very much because i'm beginning to get irritated with what ben is saying he's just like into the whole community about this by nice issue that's not true and even saying to inflation is 15 that's not true
• 3:25:36
  Anyway, let's focus on our stock. Please, Charles, I have a question. Is there any way that maybe if you guys can bring out a space or a day to teach the community how we do valuation of stocks so that we can also be doing our own research on how to find undervalued stocks and good companies to invest in?
• 3:26:04
  rather than waiting for some recommendations from the community heads. Thank you. Thank you very much. And that's a very beautiful question. And New Nigeria, you are an OG of this space. I would have expected that by now you should know where the answer to that question lies. We have a Green Ticker Space YouTube channel. We are the basics.
• 3:26:34
  of value investing is taught. We have loads and loads of video of how to analyze a company. So again, it's not just the academic aspect of analyzing a company. So once you are up to scratch with how to analyze a company, the next thing you are looking for
• 3:27:04
  is news about the company how much news do you have about this company and like uh like i always say here a lot of people think we come here with uh inside us information but the information we have everybody is privy to that information it's just a matter of how much you have devoted yourself into uh reading that information analyzing the information and you know
• 3:27:33
  seeing what the effect that information will have on the market sometimes uh i think one of the biggest advantage we have in the communities we see way beyond uh what other people are seeing you know uh they are setting they are setting companies that we have valued long long time ago like all this period market has corrected market has not corrected for some of us has
• 3:28:03
  they would have no business with whether the market is correcting or not because if you spotted something long ago and maybe this company you are talking about has done like maybe 500 percent for you and the thing goes down like 200 percent it's not even that's not even your problem you understand again the community is very good at
• 3:28:28
  teaching you if you actually want to take profit, if you get that 500% and you don't want to lose it, we always try and point it out to people. It's like people who are going to buy international energy tomorrow. I'm sorry, because they will dump on you tomorrow. They're definitely going to dump on you. We have indicators that point these things out to us, which we show in the market. So coming to this space to discuss valuation and all that stuff.
• 3:28:59
  As Senko does that every Sunday on the Telegram group, and Omer does that every now and then on the YouTube channel, coming here to discuss violation, we bore a lot of people. You see how economics was boring this whole place right now? Because when we come here, it's quick action. What's going on? It's like the last seven days in maybe two or three or four or five hours we are going to spend here. So we are focusing on...
• 3:29:28
  issues that are affecting the market right away, which some economic factors that we are discussing now may have contributed to. So we are already doing that. And I don't think, except of course, it's a special request. We can decide to do a YouTube live on that. We can decide to do a Facebook live on that. But on a Sunday like this, in a space like this, it might, like I said, it might be a little boring.
• 3:29:58
  a lot of people might not follow so the easiest way to do this is go search those videos out that's why we've always said follow the handle follow youtube and all we demand from people is just like write your comment what do you want to see what do you want to hear uh what don't you understand and then that will help us produce a better video to suit your question and stuff like that
• 3:30:26
  we are not asking you to give us one time and you know a lot of people think oh when you subscribe to them they will make money the essence of us doing this is not to make money the essence of look what the most satisfying the most gratifying thing we have with we we have about these rupees when i get that dm thank you you made me so much money on this talk you made me so much money that's the one that
• 3:30:55
  that I'm happy with. That's the most satisfying thing to me when I receive mail from people. So as per your question, we have done, we've done all that. It's just for you to go to the Green Ticker YouTube channel and look for the specific video that you are looking for. Go to Senko's Telegram. He does a Telegram.
• 3:31:25
  lecture, like every Sunday before the space. And I will leave Naza to speak to that. Naza, please go ahead. Or is she sleeping already? Right here, right here. Okay. Yeah, so we have the Green Secrets Inc. will come in. We'll have a Telegram group. We'll also have the WhatsApp group. The WhatsApp group is full. And then on the Telegram, every Sunday,
• 3:31:59
  Senko usually takes us on some of these things that people usually talk about here. For instance, this Sunday, we talked about the potential debt crisis Nigeria might be facing and how to position ourselves. Last week's Sunday, we talked about similar... Senko has been doing this for over, I think, since 2023. So for over two years.
• 3:32:27
  So if you want, I'm going to drop the telegram link in the comment section. All you have to do is to go ahead and join. Apart from the Sunday sessions, there are also daily updates about the market. But on Sunday, usually between 12 to 1, we have this two to three hours session. So if you're looking for some of these things, you can always join us.
• 3:32:55
  All your questions and concerns will always be addressed. So I will drop the link. Thank you. I hope that answers your question. Yes. Thank you very much, Charles. However, what I'm actually looking for, for example, now, you know, if I want to buy, let's say that I'm interested in buying a Fidelity bank. Right. And then currently.
• 3:33:26
  as that i think fidelity is around 21 or 22 naira and then one thing if i want to know if that price is a fair value or fair price for fidelity you know um hi new nigeria hold on sorry to cut in right um so we i think literally almost four or five times a week um aside the weekend content
• 3:33:54
  There's a pre-market video that goes out. And during the pre-market video, we tend to do a bit of fundamental analysis of some of these stocks. So I think you just, I'd say, follow the YouTube channel. Most of this has been addressed there. So I don't think you're following the channel because if you are, we'll probably discuss Fidelity in the last two weeks. We've done that. There's literally almost every day two, three stocks we're discussing. Sometimes sectors,
• 3:34:24
  uh on weekdays so um follow the youtube channel you see that area okay thank you i will follow the youtube channel thank you very much uh to him i'll meet your mic and go ahead okay thank you very much mr charles and every other speaker i've really this is my first time here actually and um actually my question is um i'm new here so i don't really know in the sense that i'm joining lids
• 3:34:59
  I had some funds that I already committed some into Nigeria stocks, some Nigeria stocks. And I know I've made some mistakes whereby I invested all and some. And I've been making research about these stocks in the sense that I got some information that some Irish ETFs, they benefit better than US ETFs and the likes.
• 3:35:29
  so and currently now for the nigerian stocks um i invested in some of my funds in in zk's fcm coco and the likes so i really don't know what i should do now now that i'm just joining because it was when i um saw a crypto senko's posts sometime just recently and i started following you guys i joined the telegram then
• 3:35:58
  so i don't know how i can and the way forward now what we what will you advise especially on the zikis i have some funds on my zk's and um ftm coco and the likes i didn't really make research on those stocks until i join you guys now so i don't know what will you advise do you advise i i sell them off and start start following you guys or what do you think i can do whether you thank you whether you sell off or you don't sell off you have if
• 3:36:28
  if you think you are gaining something from the group you should follow us right secondly i don't know how much you bought your zikis but uh uh if i was in zikis if i if i if i'm in profit in zikis right now i don't know what i'm still doing there uh for now uh because uh it's obvious that the price has run way above the value of the stock
• 3:36:57
  i know they are planning to come to the market so i don't know at what price you bought but uh again these are very difficult questions for us because when you are buying we don't know and then i don't you shouldn't have any problem selling zk because okay okay i bought it um 35 around 35 and currently it's i think it's 32. if i'll be selling it i'll be making a loss so i don't know the advice the way forward
• 3:37:27
  finally now you can maybe i should just sell and well you can you can you can sell now and buy something that is undervalued the fact that there's no there's no rule that say you can't sell at a loss okay there are a lot of there are a couple of stocks in the market right now that uh because of this correction uh beginning to enter bargain zone so sometimes you take your loss
• 3:37:52
  It's one of those lessons you learn, you know, when you start investing. Because I'm sure you bought those stocks because they were going up. Just like somebody will go and buy international energy tomorrow. You bought it because they were going up. You didn't do any research. There was no fundamental research. You didn't ask anybody any question. And now you are in a situation where you are not making money. And, you know, the stock market is a marathon.
• 3:38:21
  That you bought does not mean you make money immediately. Sometimes you buy and it goes down and eventually it will go up. And again, I'm not saying Zikis or FTN Koko is a bad stock. But the thing is, looking at the valuation of Zikis right now and how it has run in the market, I would take my money right now, keep whatever is left on it.
• 3:38:46
  And then look for something that is in bargain territory. And your loss you would have made in Zikis, you can make it all from whatever you are going to enter. Sometimes if you don't know what to do, just keep your money, hold your money. I mean, like if you told me now I have money, what can you advise me to buy? Even though I won't tell you in public what I would advise you to buy, you are in an advantage position that way.
• 3:39:14
  But now that you are at loss, you are still contemplating what to do. And again, like I said, in my own estimation, Zikis is overvalued as it is right now. Will it be overvalued in five years, ten years? Why did you buy the Zikis? Was it for short term? Was it for long term? I don't know. So these are all the factors we put into consideration when we advise people. But again, there are better stocks out there.
• 3:39:43
  I wouldn't touch the Zikis as it is right now. Okay? So I will sell, hold the money, and then look for bargain stocks to go into. If you say you are following the Telegram group, if you are following the YouTube channel, every morning we tell you peak of the day. There's peak of the day for the stock that we think has entered bargain territory. Nigeria market is so easy right now. There are some...
• 3:40:13
  stocks we see in the market that have corrected over 50 percent any stock that has corrected over 50 percent and you are looking for quick gains you definitely make money on it again i'm not asking you to go and buy a big bank i'll be mortgage bank because it's been running because apparently what i get from you you are buying stocks that are running you don't buy stocks when they are running we have been talking about insurance long ago all all our
• 3:40:39
  All our community members have taken position in insurance. So when people come now, it's going to go into insurance. My community members, they'll just be laughing at you. Because this is what we have been talking about for like six months. Not like two weeks, not like three weeks, not like one month. We'll be talking about it. So anytime there's a dip on those insurance stocks, we buy more. Because we know what is coming. So that's how to invest. It's not gambling.
• 3:41:08
  That's why this T plus one, T plus two thing is rubbish to me because it will encourage gambling tendencies. Somebody will just think his stock is going to go up and we just go and put money and then it goes down. If it's T plus two, you know, okay, it's not coming the next day. But maybe you've put your mind, oh, don't worry. Just give me this money. I'll give you double the next day. You know, it wasn't really a problem, really. It wasn't a problem. So you can still...
• 3:41:37
  you can still take your loss and then put the money in a more viable position. Naza, I see you are raising your hands. Go ahead. Yes, I just wanted to, maybe the guys are speaking too much grammar, but I just wanted to emphasize a little bit on the, just a bit on the YouTube channel. You know, sometimes, especially new investors like us, we want someone to come and tell us on the YouTube, this is Boa Cement.
• 3:42:08
  you can buy at 350 and then when it gets to 650 someone will come out and tell you to sell at 650. it doesn't really work like that if you want to make money in this market you have to you need to spend so much time learning and that is what um onome has made very much easier for us now every day from monday to friday onome does videos the first one pre-market videos goes up by 6 a.m
• 3:42:37
  on Spotify, on YouTube, sometimes on Pigeon. And then around 1 p.m., the permitted video content, like Charles said, pick of the day, we go over a particular stock. He gives us the fundamental and technical analysis, whether the stock is in an overbought region or what exactly is going on. Sometimes we also look at some companies.
• 3:43:04
  numbers and he makes it make sense and then by the middle of the day he tells us he comes up with how the market has been faring what's doing what and then by the end of the day he comes up with the summary to tell you everything that has happened i don't think anyone else does it better than than on the net so if you are a beginner all you have to do is just follow this page diligently once i woke up one of the things i do is
• 3:43:32
  i know that by the time i wake up he's already put it up there so i just go here and then go through and then middle of the day i go back there end of the day i don't have to be running around twitter or repressing my app to see what is going on so please if you are looking for where to get informed on what is happening on the market every blessed day please subscribe to that youtube channel the kind of information you're seeing there you will not um see anywhere else again
• 3:44:00
  The link should be in the comment section. Okay. Thank you. Is this still there? I hope that answers your questions. Yes. Thank you very much. I know you are waiting for me to say go and buy this or that. Just join the Telegram group. Join the Telegram group. I'm actually on the Telegram group. Okay.
• 3:44:28
  you know sometimes too if you don't if you're not if you are not quite clear about what to do just hold your money sometimes you know do a little bit more learning you know there will always be opportunities in this market uh if if if you listen to if you go and play this space back again you know and you try and figure out what certain people are saying you will see that they are actually talking about certain opportunities that
• 3:44:56
  will not come out directly to say this or that or this or that. But the opportunities are there. You understand? The opportunities are there. And, you know, again, I hope that Zekis gets to your buy price tomorrow, you know. If not, again, there are some bargains in the market. There are some bargains. Some stocks have been correcting since the beginning of...
• 3:45:26
  the week and again we are looking at a situation where there's a little bit of uncertainty in the market and the market does not like uncertainty that's why you see things going down this t plus one has created some kind of uncertainty that certain institutional investors are waiting to see how it pans out it's not like money is leaving the market money is just there on the sidelines so there might be some opportunities that you might not see again after this
• 3:45:55
  window you know things might like those ones that are really in bargain zone if you know how to do violation they are setting they are setting stocks now that are really in bargain zone and you know you could start taking position little by little you know i don't know how much you've put in the market but you know if it's not if it's not a lot yeah you use that to learn and we call it school fees use it to pay school fees so that next time you will know
• 3:46:24
  uh when and how to enter a market and again you know sometimes too in situations like this some people will tell you buy fundamentally sound stocks because that way whether it goes up or down you know it's just a matter of time once the market recovers they're only the only defense to recover and then there's the the nigeria uh uh podcast uh run by moody and his friend those those those they do a lot of they do a lot of
• 3:46:53
  teaching moody does a lot of teaching in his videos you know so if you're not following the nigeria investment tni podcast yeah try and follow that handle and then go through his timelines and you will see a lot of valuable information for those people want if you really want to learn go and watch these videos and you'll be seeing a lot of valuable things that they won't teach you
• 3:47:18
  Ordinarily, what we try and do here on this space is, okay, after you now know those information, with the news that is coming out, we now use the news to like fit out certain things and we tell you this is an opportunity. We can come here and bash a stock, okay, that their result was not good, they didn't do certain things well. And by this, by after like a month or two, you find that the stock is now in bargain territory.
• 3:47:46
  You know, after clarity, after getting more information about that particular stock on why they behave the way they behave, why did they not do well, you now find that the stock is in bargain territory. That does not stop. If a company comes out and the results are not good, we will criticize it. But that does not mean it's a bad stock. It doesn't mean it's a bad stock. The thing is, if we criticize and they repeat the same kind of...
• 3:48:14
  result for another two three quarters then we cannot tell people you know what this is the time to start looking at other options because if this is a consistent thing then there's something wrong so maybe there's need for personal changes and stuff like that and once those changes come and you see transformation taking place then by all means you can go back to the company there's no good or bad company forever
• 3:48:42
  it's just a matter of time at the end of the day you want to make money in the market and once you are making money what's your business just make money as much as you can tell you when to do it yeah you said something about the that it see the t plus one is driving uncertainty i don't really understand you need to speak more than that yeah because uh
• 3:49:05
  The volume of trade throughout this week has reduced. And based on what we are seeing in the market, based on the institutional investors, what we have seen basically is they've been doing a lot of selling down. That's why you are seeing some very fundamentally strong equities dipping. Because, again, it requires a lot of...
• 3:49:37
  Are you sure that selling down is primarily because of the T plus one? Have you looked around the market to see if some other things are happening around the market or internationally that may be causing that sell-off or that sell-down? Well, the fact that the volume of trade has gone down by like 40% shows that. And then we are looking at where the money is being packed. The money hasn't really left the market. It's just packed.
• 3:50:04
  So there are certain things we see. That means it's in anticipation now. They're anticipating something. If it's just pattern. They're anticipating something. They're waiting for more clarity. As a matter of fact, we've spoken to a couple of them. It's causing confusion right now. Oh, wow. Yeah. They are not quite clear. Because for them, you know, like having to settle these trades, right? For them now,
• 3:50:34
  uh it's it's saying t plus one t plus one is not enough for them to execute trades really so because you what that means is if you are sending the money in you you have to have the naira equivalent for you to do that trade so they still need more time they need that t plus two was perfect it was working they didn't have any problem with that you know
• 3:51:03
  Let me not say anything. Go on, go on. So with this T plus one, you are just... You are rushing them too much. Too much. And then, you know, you extend the time so that at least America can have like two hours of our market and all that. And then you bring another thing that they are not quite clear. If they had the money in Naira, it's a different thing.
• 3:51:31
  If our market was denominated in dollars, there wouldn't be anything. So if the forex was readily available, it wouldn't be a problem. But if they have to send this money, do all those conversions before you now tell your broker to execute, it's a problem. And then once you tell your broker to execute the trade, that stock is crashing in price. I understand you now. Yeah, because once the broker will spread the news,
• 3:52:01
  And the broker will tell you at this price, you cannot get it, especially when the money is not there. So that T plus two was perfect. Nobody was complaining about it. It wasn't a problem. We like to fix problems with this. I was surprised, honestly. I think it took them, how long did it take them to move from three to two? I think it took them like two years to move from T plus three to two. Then from moving from T plus two to two plus one, like some months, right? Was it up to a year? It wasn't up to a year. Wow. It wasn't even a problem.
• 3:52:33
  I was surprised. I felt like this is too quick in a way, you know, but it's a good news generally. It's a headline. It has become headline. They are more interested in the headlines rather than the impact. You know how it goes now. You know how it goes. So right now, right now, investors are just, okay, let's see how this works out. And what that means now is if you actually want to do, if you want T Plus One to work for you as an international investor, you have to,
• 3:53:03
  you have to program this trade two days before that time. And believe you me, once you tell your broker I want to sell 1 million shares of Aradale, you are tanking that stock. Because your broker will tell you that before you spread the word. Apart from that, I will tell you the way it is right now, this kind of urgency, if you really want to execute this thing, this is how it will be. Now this price you would want. Nigerian brokers really do that. Wow.
• 3:53:39
  I'm just happy I don't deal with brokers. Let's just talk another thing. Sometimes you just wonder why we just complicate things. There are more pressing issues that we should be trying to solve in the market rather than all these things that... I feel like the SEC...
• 3:54:07
  and ngx they really maybe they and for some reason they felt like they need to announce you know have a big ceremony i don't know what what pressure you know but it's a good year generally charles at least we can agree that it's a good step it's a step in the right direction you know now implementing it now as you have explained implementing it is causing some issues but i think after a while the everybody in the markets will adjust
• 3:54:34
  And that's why that's the uncertainty. And, you know, that's where uncertainty sometimes creates opportunities. And it's up to designing investors to take advantage of that. To take advantage, exactly. Yes. Yeah. And then also we are getting to that point of investing in the market where one has to be very, very cautious. Elections are...
• 3:55:06
  coming and everybody is just watching the space. How is this going? And that's why you don't want too many uncertainties affecting the market. Just leave the election uncertainty. Now you put your T plus one, tomorrow you go and say another thing that will just shake the market. They don't like that.
• 3:55:28
  ftse is coming in september let ftse call me first and you know let them be the one complaining that okay this two plus two is a problem you know not because again everybody is saying oh local investors contribute more
• 3:55:46
  there's more local participation in the market. But I broke it down. 87%, you are contributing 2 billion. The 13% international, they are contributing 5 billion. Which one do you think will move the market the most? So let FTSE come in, continue to do the right things, continue to work on reforms, continue to make sure you don't have glitches in your system, continue to make sure that trades are executed.
• 3:56:14
  kill insider's information, pay dividend when due and without any stress. Work on those simple, simple things first. Me, I don't even, this pay me by stock and credit.