Economy
Securities Issuers Forum Will Enhance Nigeria’s Economic Growth—SEC
By Dipo Olowookere
The newly created Securities Issuers Forum (SIF) has the potential to enhance Nigeria’s economic growth, the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has said.
Mr Yuguda made this disclosure on Wednesday during the virtual inauguration of the platform formed in collaboration with the Nigeria Employers Consultative Association (NECA).
He explained that the forum can contribute to Nigeria’s economic development because it will allow issuers to engage the commission in order to encourage more listings, improve the contribution of issuers to the development of the capital market as key stakeholders, deepen and broaden the market.
According to him, he sees a situation where the platform will act as a bridge between the SEC and issuers of securities, noting that this has been tested in European and American markets.
The SEC chief said with SIF, the agency will be better positioned to engage issuers on capital raising opportunities to facilitate increased participation in the capital market, development of new products to meet funding needs and addressing issues relating to compliance with regulatory requirements.
“The idea of a forum for issuers of securities is not novel as such fora exist in other parts of the world to cater to the interests of issuers of securities in the capital market.
“In Europe, the European Issuers acts as the voice of issuers of securities representing over 8,000 companies and national associations of issuers of securities.
“In the United States of America and South Africa, the American Securities Association and the Debt Issuers Association respectively serve as the associations for issuers of securities,” he stated.
“In Nigeria, NECA, the umbrella body for over 3,000 members seeks to protect interests and rights of businesses and ultimately influence policymaking.
“By encouraging the establishment of the SIF in collaboration with NECA, the SEC hopes to bridge the gap that exists between the expectations of issuers and the requirements of the regulator,” Mr Yuguda added.
“While forums for issuers are not very common in the African region, they have proven to be veritable tools for capital market advancement in the UK, Europe and Asia. The inauguration of SIF today thus marks an important move by Nigeria to reap the benefits associated with its establishment,” the capital market expert disclosed.
The SEC boss stated that the objectives of issuers forums among others are to maintain regular contact with the regulator and policymakers: advise the regulator and policymakers on regulations affecting companies/issuers: conduct research, organize conferences, roundtable discussions and other events for the benefit of members and promote sound corporate governance and ethical conduct among members.
Other objectives of the forum he said, are to promote healthy competitiveness among members: maintain an enabling business environment by monitoring issues of direct relevance to members and protect the interest of members and present their views at various fora.
“The commission had encouraged the creation of associations and trade groups for other capital market stakeholders such as shareholders and capital market operators. Therefore, SIF is expected to function seamlessly and attract members in line with precedence already established.
“The presentations which will be made today will reiterate further the important role which SIF will play in the Nigerian capital market and the resultant responsibility placed on members to ensure that the forum lives up to its expectation,” he noted.
In his remarks, DG of NECA, Mr Timothy Olawale, expressed appreciation to the SEC on the initiative of inaugurating the forum, saying that the event is important to the business community especially coming during the current economic constraints being faced globally.
He said regulators are expected to be business facilitators and expressed excitement that the SEC was working hard at facilitating the ease of doing business as well as bridge the gaps and aid companies to meet expectations of compliance.
“This Forum is a good one by the SEC as it will help us to do what is needful and right and we are very excited about it. It is commendable and we recommend this form of partnership to others.
“The forum will serve as a medium of regular engagement between SEC and issuers of securities in order to address challenges, improve the business environment and enhance the contribution of the capital market to the growth of the Nigerian economy. We might not achieve all we set out to do at once, but gradually we will get there,” he stated.
By Adedapo Adesanya
The National Pension Commission (PenCom) has defended its decision to allow Pension Fund Administrators (PFAs) to invest in the parent companies of their custodians, insisting that adequate safeguards are in place to protect contributors’ funds.
The director-general of the pension regulator, Ms Omolola Oloworaran, speaking on Tuesday during the Meet the Press Briefing at the Presidential Villa, Abuja, said the commission’s decision to relax the investment restriction followed a comprehensive risk assessment that found minimal conflict of interest.
She explained that under PenCom’s investment regulations, PFAs are only permitted to invest pension assets in carefully selected instruments that meet stringent criteria, including profitability, strong credit ratings and proven track records.
According to her, the commission regularly reviews its investment regulations, conducts routine examinations and spot checks on PFAs to ensure strict compliance with established risk management guidelines.
“PFAs cannot just go into the stock market and buy any kind of stock. There are strict guidelines. Companies must demonstrate profitability, have a proven track record and satisfy other criteria before pension funds can invest,” she said.
Ms Oloworaran noted that each PFA also operates under the oversight of a board, an investment committee and a risk management committee, providing additional layers of governance to safeguard contributors’ funds.
She said PenCom recently issued a circular allowing PFAs to invest in the parent companies of their custodians after determining that the potential conflict of interest was negligible.
The PenCom boss explained that the parent companies involved are largely Tier-1 banks, including First Bank, United Bank for Africa (UBA) and Zenith Bank, which she described as A-rated institutions with strong financial foundations.
She said the policy was intended to widen investment opportunities for pension funds without compromising safety.
Using Stanbic IBTC as an example, Ms Oloworaran explained that if its custodian is Zenith Bank, the previous restriction prevented the pension administrator from investing in Zenith Bank shares despite the bank’s strong performance.
“We reviewed the risks and any potential conflict of interest and found the risks to be very low. That is why we opened that investment window,” she said.
By Aduragbemi Omiyale
Analysts at Meristem Research have predicted that the inflation rate for June 2026 in Nigeria should marginally rise to 15.95 per cent on a year-on-year basis from the 15.93 per cent reported in May 2026.
The National Bureau of Statistics (NBS) is expected to release inflation numbers for last month later today, Wednesday, July 15, 2026.
In its report sighted by Business Post, Meristem Research said it expects inflationary pressures to re-emerge across key economies in the near term, as the re-escalation of the US-Iran conflict has reignited upward pressure on global oil prices.
It disclosed that this marks a sharp reversal from most of June, when the ceasefire between the two countries helped drive oil prices lower, raising expectations of some relief on the inflation front.
With conflicts now flaring up again, oil prices are likely to increase again, and the anticipated easing in energy-driven inflation may not materialise as broadly as earlier envisaged.
“Nonetheless, some relief is likely from the food segment, where robust supply conditions across major producing regions and softening demand should continue to ease food price pressures,” it stated.
The team also explained that it projected a 15.95 per cent inflation rate because of the lingering effects of persistent food price pressures.
“However, we expect core inflation to moderate as the sharp reversal in energy prices begins to filter through to transportation, distribution, and other energy-related costs, easing underlying price pressures.
“On a month-on-month basis, the combined effect of lower petrol prices, a relatively stable Naira, and the gradual pass-through of reduced energy costs across the supply chain should exert further downward pressure on inflation.
“Based on our assessment, food inflation is expected to remain the key swing factor, as seasonal pre-harvest supply constraints are likely to offset some of the gains from lower logistics costs,” it said.
By Adedapo Adesanya
The duo of Central Securities Clearing System (CSCS) Plc and Afriland Properties Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.61 per cent on Tuesday, July 14.
CSCS Plc saw its stock value drop N9.08 to close at N82.40 per share compared with the preceding session’s N91.48 per share, and Afriland Properties Plc slid by 17 Kobo to sell at N15.00 per unit versus N15.70 per unit.
The losses recorded by the two securities pulled back the market capitalisation by N41.64 billion to N2.546 trillion from N2.587 trillion, and cracked the NASD Security Index (NSI) by 69.36 points to 4,242.31 points from 4,311.67 points.
It was observed that the exchange witnessed two price advancers during the session, led by FrieslandCampina Wamco Nigeria Plc, which gained N1.37 to end at N151.37 per share compared with the previous day’s N150.00 per share, and Food Concepts Plc chalked up 5 Kobo to settle at N2.50 per unit versus N2.45 per unit.
The volume of securities traded by market participants surged by 50.7 per cent to 13.7 million units from the previous 9.1 million units, while the value of securities went down by 79.7 per cent to N65.2 million from N320.4 million, and the number of deals crashed by 3.6 per cent to 27 deals from the previous session’s 28 deals.
At the close of transactions, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc, which exchanged 2.3 billion units valued at N6.5 billion, and CSCS Plc with 73.9 million units transacted for N5.2 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
