Economy

NSE Closes Trading Floors Wednesday, Goes Fully Digital

Published

6 years ago

24/03/2020

By Dipo Olowookere

The management of the Nigerian Stock Exchange (NSE) has disclosed that effective Tuesday, March 24, 2020, it would activate a 30-day remote working plan for its employees excluding essential staff.

In a statement signed on Monday by the chief executive of the exchange, Mr Oscar Onyema, it was stated that from “Wednesday, March 25 , 2020 all our trading floors will be temporarily closed.”

In view of this, stockbrokers have been advised to “continue to trade remotely via our electronic platforms such as FIX protocol and XNET, and reach out to their Compliance Officer if any support is required,” while those without remote access would still receive manual support from the exchange during this period.

The NSE explained that it took this decision to shut down its trading floors due to the coronavirus (COVID-19) outbreak, which has forced notable exchanges across the globe to take a similar action.

Business Post reports that on Monday, the New York Stock Exchange (NYSE) commenced an all-electronic trading due to the coronavirus pandemic.

Since the announcement of the index case in Nigeria on February 25, 2020, a total of 40 cases have been confirmed in the country with two discharged cases and one death.

Schools have been closed by government, while large gatherings have been reduced to 20 people in Lagos and social distancing advised.

Pursuant to the activation of business continuity plans, the NSE has continued to operate its normal trading days and hours, providing an efficient market that allows investors access to liquidity even in the most trying of times.

But in view of the present realities, the management has decided to activate a 30-day remote working plan for its employees excluding essential staff.

The NSE, which said it regrets any inconvenience this may cause in the discharge of investors’ business activities, noted that remote trading will continue and NSE staff will be available through all its digital platforms to provide support, saying the decision was in the “best interest of all stakeholders at this time.”

“In line with our robust business continuity management framework, we would like to reassure you that we have put in place measures to ensure our operations and trading activities continue seamlessly throughout this period.

“As an exchange, we will ensure that all relevant information continues to flow into the market to ensure the pricing of risk assets remains transparent and reliable across asset classes to allow investors to value their portfolios and make informed investment decisions under these volatile conditions,” Mr Onyema said in the statement.

He stated that, “Issuers who have any business to conduct with the exchange can reach out to their Relationship Manager for guidance. You should continue to submit all regulatory filings via Issuers’ Portal (X-Issuer).”

“As the exchange embraces social distancing as prescribed by Nigeria Centre for Disease Control (NCDC), we have further engaged with the federal government on issues of Annual General Meetings, maturing financial instruments, financial reporting, to mention a few and appropriate updates will be provided in due course.

“Furthermore, all physical meetings within and outside our office premises have been suspended until further notice. We have instructed our employees to leverage technological tools to conduct meetings virtually. We assure you that our virtual lines of communication will remain open to engage with you and attend to your needs.

“Please contact us via e-mail, mobile phone or other digital channels if you have any questions, comments, complaints or observations in this regard.

“We understand that these are trying times, but we are committed to ensuring we do not experience any disruptions to our operations. As we navigate this new reality, we encourage you to follow our various communication channels as we continue to share relevant updates,” he said.

Economy

Crypto Investor Bamu Gift Wandji of Polyfarm in EFCC Custody

Published

5 hours ago

31/01/2026

Dipo Olowookere

By Dipo Olowookere

A cryptocurrency investor and owner of Polyfarm, Mr Bamu Gift Wandji, is currently cooling off in the custody of the Economic and Financial Crimes Commission (EFCC).

He was handed over to the anti-money laundering agency by the Nigerian Security and Civil Defence Corps (NSCDC) on Friday, January 30, 2026, after his arrest on Monday, January 12, 2026.

A statement from the EFCC yesterday disclosed that the suspect was apprehended by the NSCDC in Gwagwalada, Abuja for running an investment scheme without the authorisation of the Securities and Exchange Commission (SEC), which is the apex capital market regulator in Nigeria.

It was claimed that Mr Wandji created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token that attracts high returns.

Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called “polyfarm coin” which he sold to the public.

In his bid to promote the scheme, the suspect posted about this on social media platforms, including WhatsApp, X (formally Twitter) and Telegram. He also conducted seminars in some major cities in Nigeria including Kaduna, Lagos, Port Harcourt and Abuja where he described the scheme as a life-changing programme.

Further investigation revealed that in October, 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by Lazarus group, a cyber attacking group linked to North Korea.

Further investigations showed that Polyfarm is not registered and not licensed with SEC to carry out crypto transactions in Nigeria. Also, no investment happened with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the name of profit.

Investigation also revealed that native coin, polyfarm coin was never listed on coin market cap and that the suspect sold worthless coins to the general public.

Contrary to the claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors’ funds and utilized the same for his personal gains.

The EFCC, in the statement, disclosed that Mr Wandji would be charged to court upon conclusion of investigations.

Economy

Nigerian Stocks Shed 0.09% on Mild Profit-Taking

Published

5 hours ago

31/01/2026

Dipo Olowookere

By Dipo Olowookere

Profit-takers pounced on the Nigerian Exchange (NGX) Limited on Friday, weakening it by 0.09 per cent at the close of transactions.

Investors toned down on their hunger for Nigerian stocks during the last trading session of the week, with selling pressure mainly on the banking space, which shed 0.78 per cent.

The bourse crumbled despite the other sectors closing green, with the consumer goods up by 0.10 per cent, and the energy index up by 0.02 per cent, while the industrial index closed flat.

Livestock Feeds depreciated by 10.00 per cent to sell for N6.30, Learn Africa declined by 10.00 per cent to N8.10, Living Trust Mortgage Bank also slipped by 10.00 per cent to N4.05, Deap Capital gave up 9.97 per cent to trade at N9.39, and Industrial and Medical Gases lost 9.61 per cent to finish at N31.50.

On the flip side, Zichis appreciated by 9.97 per cent to N4.19, Abbey Mortgage Bank gained 9.94 per cent to quote at N9.40, RT Briscoe jumped by 9.93 per cent to N7.86, Haldane McCall grew by 9.90 per cent to N4.33, and Omatek increased by 9.87 per cent to N3.00.

Business Post reports that the market breadth index was positive despite the poor outcome, recording 33 price gainers and 31 price losers, representing strong investor sentiment.

The All-Share Index was down by 156.91 points during the session to 165,370.40 points from the 165,527.31 points achieved a day earlier, and the market capitalisation depleted by N184 billion to N106.153 trillion from N105.969 trillion.

Trading data showed that 687.4 million equities valued at N15.0 billion exchanged hands in 41,553 deals yesterday compared with the 691.4 million equities worth N15.4 billion traded in 38,665 deals on Thursday, implying a jump in the number of deals by 7.47 per cent, and a slip in the trading volume and value by 2.60 per cent, respectively.

The busiest stock on Friday was Veritas Kapital with 80.5 million units worth N197.0 million, Secure Electronic Technology transacted 79.3 million units valued at N87.5 million, Deap capital transacted 33.3 million units for N340.5 million, Access Holdings sold 31.0 million units valued at N703.0 million, and Zenith Bank exchanged 30.6 million units worth N2.2 billion.

Economy

NASD Exchange Rises 0.20%

Published

9 hours ago

31/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.20 per cent on Friday, January 30, supported by the gains achieved by two securities on the platform.

During the session, Okitipupa Plc went up by N15.70 to finish at N234.60 per share versus the previous day’s N218.90 per share and Paintcomm Investment Plc expanded by 5 Kobo to close at N11.05 per unit compared with the previous day’s N11.00 per unit.

It was observed that yesterday, there were three price losers led by Geo-Fluids Plc, which dropped 60 Kobo to sell at N5.75 per share versus N6.35 per share, Afriland Properties Plc declined by 35 Kobo to close at N13.65 per unit compared with Thursday’s closing price of N14.00 per unit, and Industrial and General Insurance (IGI) Plc depreciated by 3 Kobo to 66 Kobo per share from 69 Kobo per share.

At the close of business, the NASD Unlisted Security Index (NSI) rose by 7.34 points to 3,630.11 points from 3,622.77 points and the market capitalisation grew by N4.39 billion to N2.171 trillion from N2.167 trillion.

A total of 287,618 units of securities exchanged hands on Friday compared with the previous day’s 1.9 million units of securities, indicating a decline in the volume of trades by 85.6 per cent.

The value of transactions, according to data, was down by 77.2 per cent to N3.1 million from N13.4 million, but the number of deals increased by 31.3 per cent to 21 deals from 16 deals.

Central Securities Clearing System (CSCS) Plc remained the most traded stock by value (year-to-date) with 15.4 million units exchanged for N623.0 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.6 million units traded for N108.5 million, and Geo-Fluids Plc with 9.1 million units valued at N61.1 million.

CSCS Plc also ended the session as the most active stock by volume (year-to-date) with 15.4 million units sold for N623.0 million, followed by Mass Telecom Innovation Plc with 10.1 million units worth N4.1 million, and Geo-Fluids Plc with 9.1 million units valued at N61.1 million.