Economy
Tinubu Signs Investments and Securities Act 2025 into Law
By Aduragbemi Omiyale
President Bola Tinubu has signed the Investments and Securities Act (ISA) 2025 into law, repealing the Investments and Securities Act No. 29 of 2007
The enactment of the ISA 2025 reaffirms the authority of the Securities and Exchange Commission (SEC) as the apex regulatory authority of the Nigerian capital market. The new Act also introduces transformative provisions to further align Nigeria’s market operations with international best practices.
It strengthens the legal framework of the Nigerian capital market, enhances investor protection, and introduces critical reforms to promote market integrity, transparency, and sustainable growth.
The Director-General of the SEC, Mr Emomotimi Agama, lauded the President’s assent as a transformative step for the capital market.
“The ISA 2025 reflects our commitment to building a dynamic, inclusive, and resilient capital market. By addressing regulatory gaps and introducing forward-looking provisions, the new Act empowers the SEC to foster innovation, protect investors more efficiently and reposition Nigeria as a competitive destination for local and foreign investments.
“We commend all stakeholders within and outside the capital market community for their unwavering solidarity towards the achievement of this historic milestone and solicit their continued collaboration in respect of the effective implementation of the ISA 2025 for the benefit of our economy,” he stated.
Business Post reports that the Act enhances the regulatory powers of the SEC in a manner comparable with benchmark global securities regulators. These enhanced powers and functions ensure full conformity with the requirements of IOSCO’s Enhanced Multilateral Memorandum of Understanding (EMMoU), enabling the SEC retain its Signatory A status and enhancing the overall attractiveness of the Nigerian capital market.
Other notable provisions of the ISA 2025 include:
Classification of Exchanges and inclusion of provisions on Financial Market Infrastructures– The Act classifies Securities Exchanges into Composite and Non-composite Exchanges. A Composite Exchange is one in which all categories of securities and products can be listed and traded, while a Non-composite Exchange focuses on a singular type of security or product. There are also new provisions on Financial Market Infrastructures such as Central Counter Parties, Clearing Houses and Trade Depositories.
Expansion of the definition and Understanding of Securities – The Act explicitly recognises virtual/digital assets and investment contracts as securities and brings Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs) and Digital Asset Exchanges under the SEC’s regulatory purview.
Comprehensive Insolvency Provisions for Financial Market Infrastructures – The Act introduces provisions that exempt transactions facilitated through or otherwise involving Financial Market Infrastructures from the application of general insolvency laws.
Management of Systemic Risk – The Act introduces provisions for the monitoring, management and mitigation of systemic risk in the Nigerian capital market.
Expansion of the Category of Issuers to the Public– The Act expands the categories of issuers, as a key step towards the introduction of a wide range of innovative products and offerings as well as the facilitation of “commercial and investment business activities”, subject to the approval of the Commission and other controls stipulated in the Act.
Legal Framework for Commodities Exchanges – The Act contains a new Part which provides for the regulation of Commodities Exchanges and Warehouse Receipts. These provisions are essential to allow for the development of the entire gamut of the Commodities ecosystem.
Issuance of Securities by Sub-Nationals and their Agencies– Salient provisions of the Act address existing restrictions in respect of raising of funds from the capital market by Sub-Nationals to allow for greater flexibility in this regard.
Transparency in Securities Transactions – The Act introduces the mandatory use of Legal Entity Identifiers (LEIs) by participants in capital market transactions. This stipulation is designed to improve transparency in the conduct of securities transactions.
Enforcement Against Illegal Investment Schemes – The Act expressly prohibits Ponzi Schemes and other unlawful investment schemes while prescribing stringent jail terms and other sanctions for the promoters of such schemes.
Strengthening the Investments and Securities Tribunal– The Act amends some key provisions in the repealed ISA 2007 pertaining to the Composition of the Tribunal, constitution of the Tribunal, qualification and appointment of the Chief Registrar as well as the jurisdiction of the Tribunal to enhance the ability of the Tribunal to optimally discharge its mandate.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Wednesday, April 16, as the market capitalisation remained unchanged at N1.915 trillion as well as the NASD Unlisted Security Index (NSI) at 3,271.02 points.
At the trading session, there was no price gainer or decliner.
The bourse’s data showed a decrease of 95.0 per cent in the volume of securities transacted to 36,757 units from the 736,215 units recorded in the previous trading day, the value of transactions slid by 83.6 per cent to N1.99 million from N12.1 million transacted on Tuesday, and the number of deals fell by 19.2 per cent to 21 deals from the 26 deals recorded a day earlier.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, trailed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.
Also, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units valued at N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with the sale of 14.7 million units worth N568.1 million, and Impresit Bakolori Plc with a turnover of 533.9 million units sold for N520.9 million.
By Adedapo Adesanya
The Naira witnessed a N1.76 or 0.11 per cent depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, April 16.
During the trading session, the local currency was exchanged with the greenback at N1,603.16/$1, in contrast to the N1,601.40/$1 it was traded a day earlier, according to data from the Central Bank of Nigeria (CBN).
Also, the Nigerian currency weakened against the British Pound Sterling in the official market yesterday by N6.71 to quote at N2,121.97/£1 compared with the previous day’s value of N2,115.26/£1 and tumbled against the Euro by N9.28 to sell for N1,818.17/€1 versus Tuesday’s exchange rate of N1,808.89/€1.
In the parallel market, the Naira lost N5 against the Dollar to finish at N1,620/$1 compared with the preceding day’s N1,615/$1.
The pressure on the domestic currency came as the central bank sold over $30.00 million at rates between N1,590.00/$ and N1,601.50/$ this week to authorised forex dealers.
At the cryptocurrency market, things turned bullish as the US Federal Reserve Chairman, Mr Jerome Powell, dashed hopes for early rate cuts, citing the need to assess the impact of US tariffs on the global economy.
The Federal Reserve chair also mentioned that the US central bank needed more time to see the effects of tariffs play out in the global economy. The same is likely to be true of the economic effects, which will include higher inflation and slower growth.
Market analysts noted that the remarks disappointed rate cuts optimist by stressing focus on protecting against tariff-driven price hikes from driving a long-term rise in inflation expectations.
Solana (SOL) jumped by 7.2 per cent to trade at $134.28, Cardano (ADA) added 2.8 per cent to close at $0.6209, Dogecoin (DOGE) appreciated by 2.5 per cent to $0.1570, Ethereum (ETH) rose by 2.1 per cent to $1,602.70, Ripple (XRP) gained 1.9 per cent to close at $2.09, Bitcoin (BTC) increased by 1.5 per cent to $84,749.46, and Binance Coin (BNB) went up by 0.7 per cent to $583.08.
But Litecoin (LTC) declined by 0.7 per cent to finish at $75.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Aduragbemi Omiyale
The further reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, from N865 to N835, effective from Wednesday, April 16, 2025, by Dangote Petroleum Refinery has been applauded by Nigerians.
The price slash was the second by the company in a week and it was in reaction to the decline in the price of crude oil in the global market due to the trade war between the United States and China.
In a statement yesterday by the Group Chief Branding and Communications Officer of Dangote Group, Mr Anthony Chiejina, it was stated that key partners, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde and Techno Oil, will sell petrol to customers at N890 per litre, down from N920 in Lagos, while in the other South-West states, the price will be N900 per litre versus the previous N930.
In addition, Nigerians living in the North-West and North-Central will get the high-quality Dangote petrol at N910 per litre compared with the former price of N940, and those in the South-East, South-South, and North-East will buy at N920 per litre, down from N950 per litre.
Dangote expressed hopes that this latest reduction in PMS prices would generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season.
It stated that the slash in price reaffirmed its “commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation. In addition, we are working collaboratively with our partners to ensure equitable reflection of this price reduction.”
Dangote Petroleum Refinery has consistently worked to reduce the prices of petrol and other refined petroleum products, ensuring the continued benefit of Nigerian consumers.
For example, in February, the refinery reduced prices twice by N125. In addition, products such as diesel and Liquefied Petroleum Gas (LPG) have also experienced significant price reductions due to the refinery’s sustained efforts.
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