Economy
Isong Becomes New MOMAN Leader as Olawore Retires
By Dipo Olowookere
An expert in the oil and gas industry, Mr Clement Isong, has been appointed as the new Executive Secretary (ES) of the Major Oil Marketers Association of Nigeria (MOMAN).
Mr Isong had previously worked at Total Nigeria where he held various senior management positions across the company’s Africa operations from Nigeria to South Africa.
He replaces the pioneer Executive Secretary of the association, Mr Obafemi Thomas Olawore, who retired after 17 years in office.
Mr Isong said his predecessor served MOMAN with zeal, placing it as one of the major forces in the oil industry.
According to him, Mr Olawore’s strides and achievements over the years creates a strong launch-pad for the next phase of the history of MOMAN and challenges him as the incoming Executive Secretary to, not only preserve the organisation’s enviable legacy, but to also up the ante in the quest of creating the right policy and market environment for the downstream sector in Nigeria.
Mr Olawore mounted the saddle as the first Executive Secretary of MOMAN at a time of great uncertainty. He however, was able to advance objectives of the group while championing its position at major policy dialogue sessions.
Following the successful acquisition of Agip Nigeria Plc, where he had worked for about 22 years and retired, he was requested by the committee of CEOs under the chairmanship of Mr. J.A. Tinubu, the MD of Unipetrol to form an association (as against the then Marketers’ operations Committee) which was named Major Oil Marketers’ Association of Nigeria (MOMAN) in 2001.
He superintended over the affairs of MOMAN – an Industry group comprising all the major players in Nigeria’s Downstream Oil and Gas sector which included; 11 Plc (formerly Mobil), Total, Conoil, Forte Oil, OVH Energy (trading as Oando) and MRS.
The idea behind the formation of the group, at the time, was to serve as a rallying point for these organisations in their quest to interact with government and the larger industry on policy and distribution issues affecting the downstream.
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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