Economy
CardinalStone Emerges Stockbroking Firm of the Year at BAFI 2022
By Modupe Gbadeyanka
The quality services rendered by CardinalStone Partners Limited to investors in the stock market have been rewarded win an award at the just-concluded BusinessDay Banks and Other Financial Institutions (BAFI) awards in Lagos.
At the BAFI 2022, the compared emerged as the winner of the Stockbroking Firm of the Year, beating other brokerage organisations to clinch the coveted prize.
At the ceremony attended by several top shots in the financial and investment industries, CardinalStone, known as Nigeria’s leading investment and multi-asset management firm, was also announced as Equities Research Firm of the Year and Mid-Market Investment Bank of the Year.
The BAFI Awards, which was created to recognise and celebrate organizations and executives who have achieved excellence within the financial industry, was held at the Lagos Continental Hotel last weekend.
Reacting to the historic wins, the Group CEO of CardinalStone, Mr Michael Nzewi, said the recognition would further drive the organization to continue to deliver global standard services.
“This award is a win for CardinalStone as a group. It will further drive us to deliver world-class services while preparing us even more, to further provide innovative services to our new and existing clients”, said the elated Group CEO.
“The award also makes us realize that the sector is watching, and we must continue to put in our best in-service delivery while growing and improving in all facets of our organization,” he said.
Mr Nzewi expressed his gratitude to the entire staff of the organization for their dedication and innovative contribution to the growth of the company.
“We are humbled by these awards, and proud to know that we could not have achieved this feat without the support of our phenomenal employees and our loyal clients,” said Nzewi.
The Award is supported by the BusinessDay Research and Intelligence Unit (BRIU) and nominations for the award are the culmination of a rigorous review process.
CardinalStone is licensed by the Securities and Exchange Commission and offers a range of pooled investment products for both individual and institutional investors regardless of their income, risk appetite, and investment goal.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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