Economy
Ade Bajomo, Jalo-Waziri Resign as NSE Directors
By Dipo Olowookere
Executive Director, Market Operations and Technology at the Nigerian Stock Exchange (NSE), Mr Ade Bajomo; as well as his counterpart in charge of Capital Markets at the NSE, Mr Haruna Jalo-Waziri, have resigned from the stock market regulator.
Mr Jalo-Waziri resigned from the NSE effective October 31, 2017 to assume his new role as the Chief Executive Officer of CSCS Plc.
On the part of Mr Bajomo, he is leaving the NSE from December 31, 2017 to pursue other challenges.
During his time at the NSE, Mr Jalo-Waziri made significant contributions to NSE’s revenue growth and had responsibility for several key projects and initiatives.
Some of his signature assignments were launch of the premium board, Federal Government Savings bond, Eurobond, Sovereign Green bond development, Exchange traded funds, and incorporation of NG Clear Limited.
He was also the sponsor for the Derivatives Project, which is set to launch imminently. For the wider capital market, he chairs the CAMMIC sub-committee on attraction of new listings.
For Mr Bajomo, he was behind the digital revolution of trading at the Exchange with the launch of XGEN, XNET, introduction of trading app called Trade Smart, organization of the first NSE Market Data Workshop, and phenomenal growth of the market data business to name a few.
For the wider capital market, he served on the board of NASD Plc and chaired the Infrastructure and Technology sub-committee of the Nigerian Capital Market Committee.
Chief executive of the NSE, Mr Oscar Onyema, while commenting on the development, thanked both men for their immense contributions to the stock market.
“We thank Ade and Haruna for their immense contributions to the transformation of The Exchange and the Nigerian capital markets over the past few years.
“They led various significant projects and initiatives to improve efficiency and drive sustainable growth of the market. We wish them success in their personal and professional future. We shall miss them,” he said.
On the part of President of the National Council of the NSE, Mr Abimbola Ogunbanjo, he commended both gentlemen for “their meritorious stewardship characterized by their innovative ideas and most importantly, fully executing on the NSE’s strategic growth plans.”
“Ade and Haruna are consummate and dedicated professionals and I am confident that they will both excel in their future endeavours and on behalf of the National Council I wish to thank them for their dedication and accomplishments during their term in office,” he added.
Mr Jalo-Waziri, while commenting on his resignation, stated that, “I consider myself privileged to have served The Nigerian Stock Exchange as the Executive Director in charge of Capital Markets for over five years.
“I am honoured to have worked with the CEO, Oscar Onyema, management and staff of the Exchange and a vast majority of exemplary people within the capital market ecosystem over the years.
“As I move to the next phase of my career, I look forward to continue contributing to the development of the capital market through my stewardship at CSCS”.
On his part, Mr Bajomo said, “It has been my personal privilege and professional honour to have worked and served the Nigerian Stock Exchange in the capacity of Executive Director, Market Operations and Technology.
“In my over six years with the Exchange, I have worked with a highly talented pool of individuals within the exchange and the wider capital market that supported our work and delivery of market wide initiatives and I will sorely miss them all.
“I am also honoured to have worked with the previous and current council presidents and members. I am confident that the market will continue its growth trajectory and sustain market leadership”.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rallied by 0.28 per cent on Wednesday despite weak investor sentiment, as the bourse ended with 18 price gainers and 38 price losers, implying a negative market breadth index.
The growth recorded yesterday by Customs Street was influenced by the 2.11 per cent rise posted by the energy index, and the 1.79 per cent jump achieved by the banking sector.
The other sectors experienced profit-taking, with the consumer goods losing 1.07 per cent, the insurance counter down by 0.36 per cent, and the industrial goods space down by 0.19 per cent.
Universal Insurance chalked up 10.00 per cent to sell for N1.21, Omatek improved by 9.78 per cent to N2.47, VFD Group expanded by 9.71 per cent to N11.30, CWG appreciated by 9.64 per cent to N21.05, and Livestock Feeds gained 9.56 per cent to close at N7.45.
On the flip side, UPDC REIT lost 10.00 per cent to settle at N6.75, Fortis Global Insurance shed 9.92 per cent to quote at N1.18, Deap Capital depreciated by 9.85 per cent to N5.40, Chams went down by 9.47 per cent to N3.06, and Japaul declined by 8.82 per cent to N3.10.
Yesterday, the All-Share Index (ASI) went up by 562.43 points to 202,585.53 points from 202,023.10 points, and the market capitalisation advanced by N389 billion to N130.404 trillion from N130.015 trillion.
During the session, 1.0 billion stocks worth N40.6 billion exchanged hands in 52,723 deals compared with the 1.1 billion stocks valued at N40.3 billion executed in 78,006 deals a day earlier, indicating an uptick in the trading value by 0.74 per cent, and a shortfall in the trading volume and number of deals by 9.09 per cent and 32.41 per cent apiece.
The activity chart was led by Access Holdings, which sold 233.0 million units valued at N6.1 billion, Fidelity Bank exchanged 113.1 million units worth N2.2 billion, Wema Bank recorded a turnover of 103.3 million units valued at N2.7 billion, Zenith Bank transacted 60.6 million units for N6.5 billion, and Chams traded 47.5 million units worth N154.6 million.
By Adedapo Adesanya
Crude oil plummeted on Wednesday on hopes of the reopening of the Strait of Hormuz after US President Donald Trump agreed to a two-week ceasefire with Iran.
Brent crude futures moderated to $94.75 a barrel, while the US West Texas Intermediate (WTI) crude eased to $94.41 a barrel.
President Trump said on Wednesday that the US will work closely with Iran and will be talking about tariff and sanctions relief with Iran.
However, analysts cautioned that the ceasefire is a temporary two-week reprieve rather than a permanent resolution, and the global energy system remains fragile due to structural damage to regional infrastructure.
Reuters reported that Iran could open the strait in a limited and controlled way on Thursday or Friday ahead of a meeting between U.S. and Iranian officials in Pakistan.
Agence France-Presse (AFP) reported that two ships appeared to have transited the Strait of Hormuz since the US-Iran ceasefire deal. A Greek-owned bulk carrier and a Liberia-flagged vessel both transited the waterway early on Wednesday.
Meanwhile, Israel carried out its heaviest strikes on Lebanon since the conflict with Hezbollah broke out last month, even as the Iran-aligned group paused attacks on northern Israel and Israeli troops in Lebanon under the ceasefire.
Also, Saudi Arabia’s East-West Pipeline, a critical artery bypassing the Strait of Hormuz, was reportedly hit in an Iranian drone attack. Prior to the attack, the pipeline was pumping at its emergency capacity of 7 million barrels per day to bypass the shuttered strait.
The strikes occurred just hours after a US-Iran ceasefire announcement, which has so far failed to halt regional hostilities. Other facilities in the kingdom were also targeted in the wave of strikes, which the Islamic Revolutionary Guard Corps (IRGC) claimed included oil facilities owned by American companies in Yanbu.
US crude stocks rose by 3.1 million barrels to 464.7 million barrels during the week ended April 3, the Energy Information Administration (EIA) said.
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
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