Economy
NGX Chief Seeks More Involvement of Women in Capital Market Ecosystem
By Dipo Olowookere
The chief executive of the Nigerian Exchange (NGX) Limited has stressed the need to broaden women’s involvement in the capital market.
Speaking on Tuesday at the closing gong ceremony to commemorate International Women’s Day 2026 in Lagos, he submitted that, “When more women participate in the market as investors and professionals, we deepen the market and strengthen the foundation for sustainable growth.”
The NGX Group Plc partnered with the Central Securities Clearing System (CSCS) Plc, and the Women in Management, Business and Public Service (WIMBIZ) to observe the global Ring the Bell for Gender Equality initiative in alignment with the UN Women theme Rights, Justice, Action – For All Women and Girls.
Also addressing participants at the event, the chief executive of NGX Group, Mr Temi Popoola, emphasised the critical role capital markets must play in shaping inclusive economic growth.
“Capital markets are powerful engines for economic transformation. When women participate fully as leaders, entrepreneurs, and investors, markets become stronger, deeper, and more resilient.
“At NGX Group, we remain committed to advancing policies, partnerships, and platforms that expand opportunities for women and accelerate inclusive prosperity,” he said.
On her part, the Minister of State for Foreign Affairs, Mrs Bianca Odumegwu-Ojukwu, commended NGX Group and its partners for advancing gender inclusion through the initiative.
“I congratulate NGX Group and its partners for sustaining this important global movement and for championing gender equality within our financial ecosystem. Together, let us continue to open the doors of opportunity, so the next generation of women can lead with confidence and help transform our world,” she said.
Also, the First Lady of Imo State, Mrs Chioma Uzodimma, called for collective action to expand opportunities for women and girls.
“As we sound the NGX Gong today, let it symbolise our shared pledge to protect every girl child, expand opportunities for every woman, and build an inclusive economy where every woman and girl can flourish,” she said.
The Regional Industry Manager for Financial Institutions at the International Finance Corporation (IFC) for Central Africa and Anglophone West Africa, Ms Claude Owona, underscored the role of capital markets in translating gender equality commitments into real economic outcomes.
“Ring the Bell for Gender Equality is both symbolic and practical, because capital markets do not just reflect economies, they shape them. When women have equitable access to finance, leadership opportunities, and safe, inclusive workplaces, companies perform better, and economies grow stronger.
“At IFC, we are proud to partner with NGX Group on market‑driven solutions that expand women’s participation as leaders, entrepreneurs, and employees, recognising that inclusive growth is not aspirational, it is investable, and it is essential for long‑term resilience and shared prosperity,” she said.
Media entrepreneur and founder of EbonyLife Media, Ms Mo Abudu, encouraged women to pursue their ambitions with clarity and confidence.
“For me, it comes down to four things: purpose, passion, progress, and power. Find your purpose, let passion fuel your journey, stay consistent even when challenges arise, and most importantly, stand firmly in your power. Do not shrink,” she said.
Award-winning actor and filmmaker, Ms Funke Akindele, urged women to pursue their ambitions with discipline and courage, saying, “To every woman out there, you can do it.
“But beyond the words, we must put in the hard work, build structure into our businesses, and do things the right way. It takes courage to take the first step even when you’re not ready, courage to stay consistent when no one is clapping, and courage to hold firmly to your vision.”
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.01 per cent on Tuesday, June 23, dragging the market capitalisation down by N25.91 billion to N2.544 trillion from Monday’s N2.570 trillion. Also, the NASD Security Index (NSI) decreased by 43.17 points to 4,239.34 points from 4,282.51 points.
The triplet price losers were Central Securities Clearing System (CSCS) Plc, which gave up N4.82 to trade at N75.00 per unit versus Monday’s closing price of N79.82 per unit. NASD Plc depreciated by N3.70 to close at N33.30 per share compared with the preceding day’s N37.00 per share, and Nitrox Industrial Gases Plc marginally lost 1 Kobo to sell at N21.41 per unit, in contrast to the previous session’s N21.42 per unit.
Tuesday’s trading data showed that the volume of securities traded by investors retreated by 35.9 per cent to 211,671 units from 330,034 units, and the value of securities fell by 82.9 per cent to N5.6 million from N32.7 million, while the number of deals doubled to 38 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.1 million units transacted for N4.7 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
By Adedapo Adesanya
A 0.11 per cent or N1.53 loss was recorded by the Nigerian Naira against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, June 22, closing at N1,370.64/$1 compared with the previous day’s value of N1,369.11/$1.
However, the domestic currency appreciated against the Pound Sterling in the official FX window during the session by N4.69 to trade at N1,810.75/£1 versus the previous day’s N1,815.44/£1, and gained N5.37 on the Euro to sell at N1,561.02/€1 versus Monday’s exchange rate of N1,566.39/€1.
At the black market segment, the Naira traded flat against the Dollar yesterday at N1,395/$1, and at the GTBank forex desk, it also closed flat at N1,380/$1.
Daily FX update from the Central Bank of Nigeria (CBN) indicated that forex liquidity improved, but dollar volume was surpassed by strong dollar outflows on Tuesday.
Interbank FX turnover among financial institutions and market makers experienced a significant surge, reaching $125.314 million across 106 deals at the official window, 92 per cent higher than the $65.206 million the previous day, highlighting robust market activity and growing investor confidence.
Also, Nigeria’s foreign reserves continue to grow, reaching $51.142 billion, up from $51.060 billion reported the previous day, according to the CBN’s latest update.
In the cryptocurrency market, digital currencies fell amid heavy selling in technology stocks, which kept pressure on risk assets worldwide. Also, the gauge of the Dollar climbed to a seven-month high as investors moved toward safer assets.
Leading the losers was Cardano (ADA), as it slid 2.1 per cent to $0.1511. Dogecoin (DOGE) lost 1.3 per cent to quote at $0.0789, Ethereum (ETH) shrank 0.9 per cent to $1,673.38, Ripple (XRP) declined by 0.7 per cent to $1.10, TRON (TRX) also fell by 0.7 per cent to $0.3285, Solana (SOL) dipped by 0.3 per cent to $69.83, Bitcoin (BTC) went down by 0.2 per cent to $62,756.99, and Binance Coin (BNB) tumbled by 0.01 per cent to $579.20, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Aduragbemi Omiyale
Dangote Petroleum Refinery and Petrochemicals has refuted allegations that its premium motor spirit (PMS), otherwise known as petrol, exported to other countries, is being re-imported into Nigeria.
It was claimed that the private crude oil refiner sells PMS to other African nations, especially Togo, at a lower price to the extent that when re-imported into the country, it is still cheaper than what Dangote Refinery sells to Nigerian marketers.
Reacting via a statement on Tuesday night, the management described the allegations as “baseless and unsubstantiated” because they are not “supported by verifiable trade data, commercial logic, or the operational realities of Dangote Refinery.”
The company noted that its core mandate is to strengthen domestic supply and remains a leading provider of petroleum products in Nigeria.
“Any practice that enables imports to compete directly with its own production clearly contradicts this objective,” it stated.
Dangote Refinery said “all sales contracts and tender agreements expressly prohibit the resale or re-importation of Dangote Refinery products into Nigeria,” emphasising that “the economics of the purported trade route are fundamentally flawed.”
The organisation stated that estimated logistics costs for transporting products from the refinery to Lomé and back into Nigeria range between $82–90 per metric ton. Such additional costs would significantly erode margins and render the transaction commercially unviable.
“Dangote Refinery does not provide export discounts sufficient to offset these costs or create arbitrage opportunities between export and domestic markets. Simply put, no rational producer would incur additional shipping, storage, financing, and handling costs only for products to re-enter and compete in its primary market,” it pointed out.
The management also highlighted that the refinery maintains stringent product traceability protocols, including detailed records of lifting points, nominated vessels, counterparties, and declared destinations. These measures ensure full visibility and accountability across the supply chain.
The statement insisted that any “claim suggesting that the refinery facilitates or tolerates re-importation is inconsistent with its contractual safeguards and established compliance standards.”
The refinery said it has consistently advocated for reducing Nigeria’s dependence on imported petroleum products, underscoring that encouraging or enabling re-importation would undermine local refining efforts, strain foreign exchange reserves, and weaken national industrial growth, positions that are contrary to its core objectives.
Dangote Refinery reiterated that there is no strategic, economic, or operational basis for the claim that it exports products for re-importation into Nigeria, stressing that the allegation is entirely unfounded and does not withstand scrutiny when measured against market logic, contractual frameworks, and industry practices.
The statement concluded that “Dangote Refinery remains focused on its mission to enhance energy security, support local refining, and contribute meaningfully to Africa’s industrial development.”
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