Economy
NSE Standstill for Pa Akintola Williams, Beats Closing Gong
By Adedapo Adesanya
Pa Akintola Williams, the doyen of accounting in Nigeria, was honoured at the Nigerian Stock Exchange (NSE) with a closing bell ceremony on Monday, September 30, 2019.
Pa Williams, who clocked a milestone of 100 years old in August, was specially celebrated by the NSE for his contribution to the establishment of the organisation.
The centenarian is the only surviving signatory to the founding of the Nigerian Stock Exchange and was honoured with closing Monday’s trading activity at the exchange.
This coincided with 58th Annual General Meeting (AGM) of the NSE, where the CEO of the Exchange, Mr Oscar Onyema, expressed his gratitude for the presence of Pa Akintola Williams.
“Today is a big day for us at the exchange and it is a day we will cherish for a long time,” he remarked.
Speaking further, he said, “In a country where life expectancy hovers around 55 years, clocking the century mark is indeed a great landmark. For Pa Williams, an even greater achievement is the quality in his 100 years. He has lived a life worthy of emulation, resolutely serving our nation at home and abroad, promoting best practices, deterring limitations, and inspiring everyone in his circle to more responsibilities.
“This celebration presents another opportunity to reflect on his achievements and acknowledge the efforts that have brought him this far. It is my hope that we can continue to draw inspiration from his legacy to solve our pertinent socio-economic challenges”.
On his part, Otunba Abimbola Ogunbanjo said “Pa. Williams played a significant role in the incorporation of NSE. He served as a member of the committee set up by the Federal Government of Nigeria to carry out a feasibility study on the viability of establishing a stock exchange in Nigeria.
“Pa. Williams worked tirelessly and joined with several distinguished Nigerians to assess the promise and challenges associated with a new stock exchange in Nigeria. After six months of extensive research, the committee concluded that the establishment of a stock exchange in Nigeria was feasible, and timely.
“As a member of the National Council of the Exchange, he contributed in no small measure to the growth of its listing portfolio and established rules reducing barriers for companies to list on The Exchange.
“As the NSE continue to lead the advancement of the Nigerian capital market through inclusive products and services, we look back in gratitude to the contributions of visionary and patriotic icons like Pa. Williams.”
Pa Akintola, during his comment, congratulated all the members of the stock exchange for their contributions and called on the exchange to further continue its duties.
“I thank you all for assembling here today to celebrate my centenary. I am indeed happy and proud to see the progress our project of nearly sixty years ago has made, and I look forward to The Nigerian Stock Exchange’s future advancement with a great deal of anticipation and hope,” he said.
The event was also graced by Chris Ogunbanjo, the lawyer who incorporated the Stock Exchange; his son and President of the Exchange’s National Council, Otunba Abimbola Ogunbanjo; Ex-officio and Past President, Mr Aigboje Aig-Imoukhuede; Second Vice President, Mrs Catherine Nwakaego Echeozo; Members of the Council, Erelu Angela Adebayo and Mrs Fatimah Bintah Bello-Ismail, among others.
Pa Akintola Williams was born on August 9, 1919, in Lagos Nigeria. He was born in an affluent family with generations working with white settlers and the government. His grandfather was a prosperous merchant and his father, Thomas Ekundayo Williams was a clerk who worked for the colonial office before setting up his legal firm in Lagos.
By Aduragbemi Omiyale
The Debt Management Office (DMO) on Monday allotted bonds worth N929.3 billion to investors from the N1.7 trillion bids it received from subscribers.
The exercise, which took place on Monday, July 20, 2026, was oversubscribed by market participants, reflecting the confidence investors have in the government’s ability to redeem the debt instrument on maturity.
On offer for sale for the July auction was N1.2 trillion worth of the FGN bonds, but the DMO allotted below this, despite receiving bids above the offer.
The papers were offered in 10-year, 15-year, and 20-year tenors, at N400 billion each.
For the decade-old note, investors staked N444.47 billion, but the debt office sold N245.73 billion at an 18.34 per cent coupon rate. For the one and a half-decade-old paper, bids valued at N518.00 billion were received by the DMO, with a non-competitive bid of N50.00 billion, with N302.13 billion allotted to investors at 18.40 per cent, and for the two-decade paper, the DMO got competitive bids of N665.19 billion and N381.46 billion was sold to bondholders at 18.35 per cent.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, disclosed that Nigeria’s external reserves had risen to $52.5 billion, enough to finance about nine months of imports.
He disclosed this on Tuesday at the end of the 306th meeting of the Monetary Policy Committee (MPC) held in Abuja, where the Monetary Policy Committee (MPC) retained the benchmark interest rate at 26.50 per cent as well as the standing facilities corridor at +50/-450 basis points around the MPR.
Similarly, the Cash Reserve Requirement (CRR) was maintained at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account (TSA) public sector deposits.
Speaking on FX developments, the central banker said at the $52 billion level, the country’s external reserves were significantly above the internationally recommended threshold of three months of import cover.
On the Naira exchange rate, Mr Cardoso said the foreign exchange market had deepened and was now operating on a transparent willing-buyer, willing-seller basis.
He said the apex bank remained committed to maintaining a liquid and functional foreign exchange market, adding that daily market turnover sometimes exceeded $1 billion.
According to him, the long-term stability of the naira would depend on key economic fundamentals, including increased oil exports, foreign direct investment, and improved domestic productivity to reduce dependence on imports.
He also added that the MPC welcomed the federal government’s renewed commitment to stronger policy coordination, particularly collaboration between fiscal and monetary authorities, which he said had helped reduce the impact of the Middle East crisis on the Nigerian economy.
Mr Cardoso said members of the committee also commended efforts to improve crude oil production and urged relevant agencies to intensify reforms in other sectors, including solid minerals, to boost government revenue.
On the regulatory forbearance granted to banks during the COVID-19 period, he reiterated that this had been discontinued because it had served its purpose.
According to him, the policy had “outlived its time” and was no longer necessary in assessing the health of the banking sector.
“Forbearance, we felt, had outlived its time. Many of you will recall this is something that came as a result of COVID. And now we are in 2026; we did not see the reason why that should continue to form part of the analysis of the banking system,” he said.
Mr Cardoso explained that banks had begun recalibrating their portfolios following the end of the policy, leading to a temporary reduction in outstanding risk assets.
He, however, assured that the development was part of a transition towards a stronger and more sustainable credit environment.
“It reflects a transition to a more sustainable and better quality credit environment, which is what we all want. We don’t want unanticipated shocks that come in a boom-and-bust fashion,” he said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its recent positive run by 1.17 per cent on Tuesday, July 21, triggered by appreciation seen in four bellwethers.
Leading the pack was FrieslandCampina Wamco Nigeria Plc, which added N12.00 to its value to close at N153.15 per share compared with the previous day’s N141.15 per share. NASD Plc appreciated by N1.90 to N36.00 per unit from N34.10 per unit, Food Concepts Plc improved by 23 Kobo to N2.48 per share from N2.25 per share, and Afriland Properties Plc grew by a marginal 1 Kobo to N15.01 per unit from N15.00 per unit.
As a result, the market capitalisation of the bourse increased by N30.40 billion to N2.637 trillion from Monday’s N2.606 trillion, and the NASD Security Index (NSI) gained 50.70 points to finish at 4,393.97 points, in contrast to the 4,343.27 points it ended a day earlier.
The unlisted securities exchange recorded a price loser yesterday, and it was Geo-Fluids Plc, which shed 1 Kobo to settle at N2.30 per share versus N2.31 per share.
During the trading day, the volume of securities traded by market participants on Tuesday dropped 99.4 per cent to 322,147 units from the previous day’s 52.6 million units, the value of securities dipped by 89.8 per cent to N19.4 million from the preceding session’s N191.2 million, and the number of deals contracted by 3.6 per cent to 27 deals from 28 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 75.4 million units exchanged for N5.3 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
