Economy
SEC to Strengthen Fair Value Reporting, Investor Trust, Transparency
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) has expressed its commitment to strengthening fair value reporting, investor trust and transparency.
This assurance was given by the Director General of the agency, Mr Emomotimi Agama, in an interview over the weekend.
He stated that efforts were being made to boost investor confidence by strictly adhering to international best practices in financial reporting, noting that the transition to market valuation is crucial for ensuring that asset values accurately reflect real-time market conditions.
He outlined key modalities guiding Nigeria’s transition to the market-to-market (MTM) valuation of assets in the fixed income space of the capital market adding that the policy was a result of engagements with market participants.
“Timelines have been carefully considered, you know, especially with the concerns being raised by market participants. For us at the SEC, it is important that while we try to introduce new rules and regulations, we also listen to the market and say, okay, how do we meet, how do we meet at the junction where we can all agree to move forward,” he stated.
Mr Agama said the October 2, 2025, deadline for the submission of implementation plans would enable the commission to assess each institution’s preparedness and capacity, while the September 2027 deadline remains the target for full transition to IFRS 9.
“Requesting for implementation plans is not a bureaucratic exercise—it’s to gauge capacity, identify challenges, and meet operators at the point where we can all achieve compliance with one purpose and one goal,” the DG noted.
“Equity funds are already reported at fair value. The aspect of the Fund Management that was not aligned with international best practice was in the Fixed Income Funds space and that is what this policy alignment covers.
“Nigeria has come of age, and we must be seen to be doing things according to global standards. IFRS 9 requires market-to-market valuation of assets, and we cannot be left behind among the committee of nations,” the SEC chief added.
He disclosed that the reform would ensure that Nigerian assets are comparable globally, allowing investors to assess market performance more accurately, saying, “Our goal is to create a market that is internationally competitive,” he stated, adding, “Adopting IFRS 9 enables ease and compatibility among assets from different nations, clearly positioning Nigeria within the global market space.”
Responding to criticisms that the shift to market valuation could expose investors to short-term volatility, Mr Agama said the move is intended to strengthen, not destabilize, the market.
“Some have expressed concerns about volatility, but our intention is not to disadvantage Nigerian investors,” he clarified. “It is to expose them to global standards and transparency. Over time, as the market adjusts, these concerns will ease off and everyone will benefit from a more transparent and credible system.”
Beyond IFRS 9, the SEC is also leading Africa in adopting the International Sustainability Standards Board (ISSB) framework. Dr. Agama revealed that Nigeria was among the first countries to accept and begin implementing the ISSB standards, emphasizing their importance for climate and sustainability disclosures.
“We pride ourselves as performers—first among nations to accept and adopt the ISSB standards. But we are not oblivious of our contextual issues. We are taking a gradual approach so that our companies are not unduly burdened.”
He added that the Commission’s objective is to implement standards that attract rather than restrict capital.
“We will not implement standards that will shut companies out of capital. Instead, we are implementing those that will help bring in capital and promote sustainable growth,” he affirmed.
Looking ahead, he expressed optimism about the Nigerian capital market’s performance in the final quarter of the year, citing the government’s macroeconomic reforms and the enactment of key laws such as the NIIRA 2025 and ISA 2025 as catalysts for stability and investor confidence.
The SEC DG said, “Markets do not operate in a vacuum, they thrive on stability. With the micro- and macro-economic stability being championed by President Bola Ahmed Tinubu, the market is positioned for significant growth. The NIIRA 2025 is a game changer that provides the framework for sustainable expansion.”
He concluded that the SEC’s ongoing reforms, particularly the IFRS 9 transition and the adoption of sustainability standards, are part of a broader agenda to globalize Nigeria’s capital market, enhance transparency, and ensure wealth redistribution through a more resilient financial system.
“We are on a path of progress and growth. The President’s reform agenda is already taking shape, ensuring that Nigeria’s capital market becomes a global reference point for transparency, regulation, and investor confidence.”
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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