Economy
SEC Okays NSE’s Sustainability Disclosure Guidelines, Take Effect 2019
By Modupe Gbadeyanka
The Securities and Exchange Commission (SEC) has approved the Sustainability Disclosure Guidelines of the Nigerian Stock Exchange (NSE).
The sustainability guidelines are in fulfilment of the local exchange’s desire to champion sustainable capital market practices in Africa.
The Nigerian bourse said it recognises that the promotion of Environmental, Social and Governance (ESG) principles can facilitate more meaningful engagement between investors and listed companies on ESG risks and opportunities. This, in turn, is expected to further deepen the role played by market operators and regulators in leading sustainability policies and regulations.
The guidelines primarily provide the value proposition for sustainability in the Nigerian context and also articulate a step by step approach to integrating sustainability into organisations, indicators that should be considered when providing annual disclosure to the NSE and timelines for such disclosures.
Whilst developing the guidelines, the NSE noted that issuers may be at varying levels of understanding sustainability disclosure requirements and capacity to comply with the requirements, encouraging all issuers to adopt the practice of sustainability reporting.
The NSE said the guidelines are available in electronic form on its website, www.nse.com.ng and will be distributed to issuers listed on all its boards, adding that the guidelines will become effective on January 1, 2019.
They will be mandatory for companies listed on the Premium Board of the exchange, noting that companies having their year ending December 31, 2019 will have on or before March 30, 2020 to file their accounts.
Also, companies having their year ending February 28, 2020 will have on or before May 30, 2020 to file their accounts, while companies having their year ending May 31, 2020 will have on or before August 29, 2020 to file their accounts, and those ending their year on June 20, 2020, will have till on or before September 28, 2020 to file their accounts.
Whilst describing the objectives of the Sustainability Disclosure Guidelines, Chief Executive Officer of NSE, Mr Oscar Onyema, explained that, “We are supporting the global agenda of green and sustainable finance, which is so critical for Africa.
“As the first exchange to list a sovereign green bond in Africa, our issuance of these guidelines is to further enable investors to ascertain their exposure to ESG risks whilst providing our issuers with a platform to disclose them along common themes for comparability. We encourage peer exchanges on the continent to continue to enhance information disclosure in their markets as this will help build trust.”
On his part, Head of Corporate Communications at the NSE, Mr Olumide Orojimi, was of the view that, “With continued global participation in our market, a shared framework of ESG principles with multi-stakeholder approach and metrics is imperative.
“The guidelines set out recommendations for good practice in thirteen thematic areas under four core principles in ESG reporting. With the launch of these guidelines, investors can look forward to a consistent approach to ESG reporting from issuers listed on the NSE.”
As a member of the United Nations Sustainable Stock Exchanges (SSE) initiative, and the World Federation of Exchanges (WFE), NSE said it was committed to providing its listed companies with guidance on sustainability reporting and has taken steps to demonstrate its commitment through a number of pre-implementation activities.
The first major step was the hosting of the inaugural Nigerian Capital Market Sustainability Conference (NCMSC) in November 2015, which served as a stakeholder engagement session to discuss the business value of sustainable investment, enhancing corporate transparency and ultimately performance on Environmental, Social and Governance (ESG) issues.
Outcomes from the conference and results from relevant assessments aided in the production of the draft Sustainability Disclosure Guidelines (SDG), the stock exchange said.
Also, the NSE held a Sustainability Reporting Seminar on June 8, 2016, to intimate stakeholders with the guidelines, the reporting format and template, and the real value proposition of reporting. The draft guidelines were subsequently taken through The Exchange’s rule-making process, exposed for stakeholders’ comments, and submitted to SEC for approval.
By Adedapo Adesanya
MTN Group, Africa’s largest mobile network operator, has entered advanced discussions to buy approximately 75 per cent of shares in IHS Holding Limited (IHS Towers) that it does not already own.
The move would give the South African telco full control of IHS, which is the leading independent tower operator in several of its key markets, providing colocation services and supporting the expansion of mobile networks in regions with growing demand for digital connectivity.
In a cautionary announcement to investors on Thursday, MTN confirmed it is considering a transaction to acquire the remaining stake in the New York Stock Exchange-listed IHS, following recent market speculation.
The potential offer price would be “at a level near the last trading price” of IHS shares on the NYSE as of February 4, 2025, a period when the stock has seen a sharp rise in recent months, reflecting renewed investor confidence in the sector.
No binding agreement has been reached, and MTN emphasised there is no certainty that the deal will proceed.
However, if completed, the transaction could materially impact MTN’s share price, prompting the company to advise shareholders to exercise caution in trading until further updates.
MTN already holds a significant stake in IHS and maintains a deep operational partnership across multiple African markets.
Over the past decade, MTN has sold thousands of passive network sites to IHS through sale-and-leaseback deals, including a major transaction in South Africa in 2022 involving over 5,700 towers.
These arrangements allowed MTN to free up capital from infrastructure while securing long-term tower access via master lease agreements.
A full buyout would represent a dramatic strategic pivot for MTN, effectively bringing tower infrastructure back in-house after years of outsourcing to specialised operators like IHS.
MTN has previously voiced concerns about corporate governance at IHS, adding context to its cautious approach in the announcement.
If the deal falls through, MTN said it would continue exploring options to unlock value from its IHS investment, consistent with its disciplined capital allocation strategy.
The potential acquisition underscores the evolving dynamics in Africa’s telecom infrastructure sector, where operators weigh the benefits of owning versus leasing critical assets amid rising data demands and economic pressures.
By Adedapo Adesanya
For the third consecutive trading session, the NASD Over-the-Counter (OTC) Securities Exchange ended in the green territory, rising further by 0.77 per cent on Thursday, February 5.
Two price gainers helped the bourse to rally during the session, with the market capitalisation up by N16.87 billion to N2.197 trillion from N2.180 trillion and the NASD Unlisted Security Index (NSI) up by 3.18 points to 3,672 points from the 3,644.48 points in the midweek session.
The advancers’ group was led by Central Securities Clearing System (CSCS), which added N3.70 to sell at N48.67 per share versus the previous day’s N44.97 per share, and Afriland Properties Plc expanded by N1.01 to N15.01 per unit from N14.01 per unit.
It was observed that the alternative stock exchange recorded two price losers led by Geo-Fluids Plc, which further lost 51 Kobo to sell at N4.75 per share versus Wednesday’s closing price of N5.26 per share, and Industrial and General Insurance (IGI) declined by 6 Kobo to 59 Kobo per unit from 65 Kobo per unit.
During the session, the volume of securities transacted by investors slid by 51.9 per cent to 1.2 million units from 2.5 million units, the value of securities went down by 32.0 per cent to N12.0 million from N17.7 million, and the number of deals increased by 27.8 per cent to 23 deals from 18 deals.
At the close of trades, CSCS Plc was the most traded stock by value on a year-to-date basis with 16.2 million units exchanged for N659.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units traded for N117.8 million, and Geo-Fluids Plc with 12.3 million units valued at N79.1 million.
CSCS Plc remained the most active stock by volume on a year-to-date basis with 16.2 million units sold for N659.9 million, trailed by Mass Telecom Innovation Plc with 13.6 million units valued at N5.5 million, and Geo-Fluids Plc with 12.3 million units worth N79.1 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited recorded another milestone after it further closed higher by 1.18 per cent on Thursday amid renewed confidence in the market.
The All-Share Index (ASI) crossed the 170,000-point threshold during the session as it added 1,975.18 points to the preceding day’s 168,030.18 points to settle at 170,005.36 points.
Also yesterday, the market capitalisation of Customs Street was up by 1,268 trillion to N109.129 trillion from the N107.861 it ended a day earlier.
The growth recorded during the session was powered 55 equities, which outweighed the losses recorded by 19 other equities.
Guinea Insurance expanded by 10.00 per cent to N1.43, Seplat Energy grew by 10.00 per cent to N7,370.00, RT Briscoe increased by 9.95 per cent to N11.49, Neimeth chalked up 9.90 per cent to close at N11.10, and Zichis rose by 9.89 per cent to N6.11.
At the other side, Deap Capital lost 9.62 per cent to trade at N6.20, Universal Insurance slipped by 9.43 per cent to N1.44, Haldane McCall declined by 9.09 per cent to N4.00, Red Star Express went down by 9.04 per cent to N15.60, and UPDC depreciated by 7.02 per cent to N5.30.
Business Post reports that the energy index was up by 4.68 per cent, the industrial goods improved by 0.79 per cent, the banking space grew by 0.64 per cent, and the consumer goods sector soared by 0.11 per cent, while the insurance counter lost 0.31 per cent.
Yesterday, market participants traded 713.0 million stocks valued at N22.3 billion in 46,104 deals versus the 694.8 million stocks worth N20.6 billion transacted in 42,095 deals on Wednesday, showing a spike in the trading volume, value, and number of deals by 2.62 per cent, 8.25 per cent, and 9.52 per cent, respectively.
Access Holdings sold 106.6 million shares valued at N2.5 billion, Chams transacted 44.5 million equities worth N201.3 million, Champion Breweries traded 44.5 million stocks for N774.3 million, Universal Insurance exchanged 34.8 million shares worth N53.6 million, and Deap Capital sold 22.7 million equities valued at N141.9 million.
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