Catherine Nwosu, the managing director of Africa Prudential Plc, has stated that the Nigerian capital market is experiencing a significant transformation and is emerging as a vibrant hub for domestic and global companies seeking to raise capital.
Nwosu highlighted the evolving landscape of the Nigerian capital market, citing initiatives such as commodities exchanges, clearing and settlement of exchange-traded derivative instruments, and the National Association of Securities Dealers (NASD) as indicators of a new era in the market’s evolution.
She emphasized that these developments increase companies’ opportunities to access funding for growth and success.
Speaking at the company’s annual general meeting, which was conducted virtually, Nwosu noted Africa Prudential’s proactive approach to leveraging strategic partnerships and collaborations to expand its market reach and offerings.
She highlighted the company’s efforts to forge alliances with leading institutions and industry stakeholders to access new opportunities across diverse sectors.
The meeting, which adhered to Section 11 of the Business Facilitation Act, which allows public companies to hold AGMs electronically, saw shareholders approve the distribution of N900 million as cash dividends for the 2023 business year. This translates to a dividend per share of 45 kobo.
Meanwhile, there is relief for companies like Africa Prudential Plc as the Federal Inland Revenue Service (FIRS) has announced plans to streamline Nigeria’s tax system, aiming to reduce the number of taxes to a maximum of nine.
Zacch Adedeji, the chairman of FIRS, made this revelation during a visit to the Revenue House in Abuja by Adebayo Alli, the chief executive officer of Guinness Nigeria, and his management team.
Adedeji disclosed that the initiative aligns with President Tinubu’s directive for a single-digit tax regime, emphasising the government’s commitment to simplifying tax processes and stimulating economic growth.
