Economy
Buhari Applauds Stock Exchange for Stimulating Economic Growth
By Dipo Olowookere
The nation’s stock exchange, the Nigerian Exchange (NGX) Group Plc, has been applauded by President Muhammadu Buhari for providing a platform that stimulates economic growth.
The President gave this commendation on Tuesday when he was hosted virtually by the NGX at the unveiling of its campaign called The Stock Africa Is Made Of.
Business Post reports that the event featured several key speeches and goodwill messages from industry veterans across the public and private sectors including the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed; the Minister of Trade and Investment, Mr Adeniyi Adebayo; the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda; the Chairman of Dangote Group, Mr Aliko Dangote; and the Chairman of Zenith Bank Plc, Mr Jim Ovia.
Others were the President of Toronto Raptors, Mr Masai Ujiri; the Chairman of United Bank for Africa (UBA), Mr Tony Elumelu; the CEO of the London Stock Exchange, Mr David Swchimmer; the CEO of Luxembourg Stock Exchange, Ms Julie Becker; the Chairman of Global Reporting Initiative, Mr Eric Hespenheide; and the Deputy British High Commission Lagos, Mr Ben Llewellyn-Jones.
In his speech, President Buhari, prior to sounding the closing gong and bringing the day’s trading to a close, stated that, “It is my pleasure to join you all at this important event organised to amplify the positive narrative about Africa and its great potentials.
“Let me start by congratulating Nigerian Exchange Group Plc on its recently concluded demutualisation, which is the first in the country.
“I recall signing the Demutualisation Bill in August 2018, paving the way for the long-awaited demutualisation of the then Nigerian Stock Exchange.”
“It is also important for me to highlight that the history of NGX Group is tied to that of the nation itself founded 61 years ago at a pivotal time when Nigeria gained her independence.
“The exchange continues to play its part in nation building by stimulating economic growth and providing a platform for businesses and individual to save and raise capital through innovation, diversified products and services, enabling regulatory environment and much more.
“The occasion of the demutualisation of the Nigerian Stock Exchange is yet a proud moment for all of us, and indeed all Nigerians deserve congratulations for this feat as it is the beginning of a new era for the capital market,” Mr Buhari added.
In his remarks, the Chairman of NGX Group Plc, Mr Abimbola Ogunbanjo, said, “The exchange has come a long way, through different leadership regimes – civilian and military – that have overseen multiple booms and bust economic dispensations within the Nigerian economy, to emerge as a leading integrated market infrastructure in Africa and the engine of growth for Africa’s largest economy.
“Our story is one birthed from resilience, collaboration, determination and continued focus on our vision; a true Africa story. With demutualisation, NGX Group is well-positioned to enable strong economic growth and contribute its quota to the development of the Nigerian capital market and the African continent.”
On his part, the Group Managing Director/Chief Executive Officer, NGX Group Plc, Mr Oscar Onyema, noted that, “At Nigerian Exchange Group Plc, we have the vision to be the premier exchange hub for Nigerian businesses and for the wider African economy building on the strong reputation and corporate governance the NSE has established over the years.
“As we march bravely into the NGX era, we look forward to impacting creating partnerships that will unlock value for our stakeholders, whilst improving the state of the Nigerian economy. It is a period to reinforce on the global stage, our great African pedigree and the Stock Africa Is Made of.”
The unveiling event culminated in a closing gong ceremony where the CEO of the NGX Limited, Mr Temi Popoola, stated, “I am delighted to have hosted President Muhammadu Buhari.
“Today’s epochal closing gong ceremony could not have been possible without Mr President’s support. The NGX era is indeed very exciting for us and we will continue to champion the growth of the African capital market through trade and investments that will facilitate Africa’s economic recovery and reposition the continent for sustainable economic development.
“Partnerships are a critical element of our strategy and we will continue to engage our stakeholders whose support is essential to the achievement of our aspirations in this NGX era.”
In her closing remarks, the CEO of NGX Regulation Limited, Ms Tinuade Awe, stated, “My deepest gratitude goes to President Buhari for gracing us with his presence and honouring our invitation to close the market on the official launch day of the NGX era. This has truly been an inspiring event and we have our amazing line-up of speakers to thank for that.
“I must also thank our regulators, the entire capital market ecosystem and the management and staff of NGX Group for the hard work and diligence that has set us firmly on the path of success.
“It has been an exciting journey to date, and I am confident that we will all work well together to achieve even greater heights in the NGX era.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.
The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.
Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.
During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
By Adedapo Adesanya
Fresh foreign exchange (forex) demand pressure saw the Naira depreciate against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 22, by N5.46 or 0.4 per cent to trade at N1,353.91/$1 compared with the preceding day’s value of N1,348.45/$1.
It was the same outcome for the local currency in the official market after it depreciated against the Pound Sterling by N4.13 to close at N1,825.88/£1, in contrast to the preceding session’s N1,821.75/£1, and against the Euro, it dropped 72 Kobo to finish at N1,582.72/€1 versus N1,582.00/€1.
But the Nigerian Naira appreciated against the US Dollar at the GTBank FX desk by N2 during the session to quote at N1,361/$1 compared with Wednesday’s closing price of N1,361/$1, and at the parallel market, it closed flat at N1,375/$1.
FX Pressure came as data showed that NFEM interbank turnover was N28.117 million, lower than the N66.084 million recorded the previous day.
Concerns over liquidity pressures, policy transparency, and confidence in Nigeria’s FX market continue to grip the market while the country’s foreign reserve declines further, even as the Central Bank of Nigeria (CBN) recently said that the recent decline in Nigeria’s external reserves should not be a cause for concern.
Global developments also played a significant role, as rising geopolitical tensions boosted demand for the US Dollar, further weakening emerging market currencies, including the Naira.
As for the cryptocurrency market, there was a mixed outcome as traders reacted to rising geopolitical tensions from the Iran war and fresh inflation data from Japan.
Japanese inflation ticked higher in March, stoking expectations that the Bank of Japan may soon signal rate hikes, which could strengthen the yen and unsettle global risk assets.
The Iran conflict has disrupted oil flows through the Strait of Hormuz, raising energy costs and inflation risks worldwide and potentially complicating efforts by the Federal Reserve to cut interest rates.
Ethereum (ETH) declined by 1.8 per cent to $2,316.53, Bitcoin (BTC) lost 0.6 per cent to sell at $77,935.53, Solana (SOL) fell by 0.5 per cent to $85.67, and Binance Coin (BNB) dropped 0.4 per cent to sell for $634.85.
However, Dogecoin (DOGE) appreciated by 1.4 per cent to $0.0976, Ripple (XRP) grew by 0.7 per cent to $1.43, Cardano (ADA) expanded by 0.6 per cent to $0.2493, and TRON (TRX) improved by 0.2 per cent to $0.3279, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Aduragbemi Omiyale
The resilience shown by Nigerian Breweries Plc in the 2025 fiscal year, despite a volatile macroeconomic environment, which consumed several businesses, has not got without notice.
Shareholders of the brewery giant applauded the board and management for the strong recovery and improved profitability recorded in the year.
At the company’s 80th Annual General Meeting (AGM) on Wednesday, April 22, 2026, in Lagos, they attributed these achievements to disciplined cost management and a significant reduction in finance expenses.
“We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years are commendable,” a member of the Noble Shareholders Association, Mr Owolabi Opeyemi, said at the gathering.
Also, the immediate past Secretary of the Independent Shareholders Association of Nigeria (ISAN), Mr Eke Emmanuel, noted that the company’s resilience reflects strong leadership and a sound strategic direction.
“It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.
Addressing investors at the AGM, the board chairman, Mrs Juliet Anammah, expressed confidence that the company is firmly on a recovery path following the net losses recorded in the past two years due to macroeconomic pressures and fiscal reforms.
She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates growth ambitions.
“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” the former chief executive of Jumia Nigeria said.
Ms Anammah also addressed the company’s dividend position, noting that the decision not to declare a dividend reflects the need to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses.
“We recognise the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding. While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” she added.
She further noted that the board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year.
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