Economy
Capital Market Won’t Be Safe Haven for Money Laundering, Others—SEC DG
By Dipo Olowookere
The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has disclosed that efforts would be made to ensure that the Nigerian capital market would not be used by unscrupulous elements to finance terrorism, launder money and others.
In an interview over the weekend in Abuja, he said the apex regulatory agency for the country’s capital market would apply zero tolerance to money laundering, terrorism and proliferation financing violations.
“We must all ensure that we continue with the implementation of the revised Capital Market Master Plan (CMMP), alongside the implementation of other initiatives. Over the years, we have relied on the support of CAMMIC, Technical Committees and Working Groups in the implementation of the Master Plan.
“In line with the RCMMP, we will review and align the structure and scope of work of the various technical committees and working groups to ensure seamless implementation of the plan and continue to rely on the stakeholders,” he stated.
The SEC boss assured that in protecting investors and creating an enabling environment for fit-and-proper capital market operators to thrive, the commission will prioritize its planned increase of on-site inspections and improved collaboration with Trade Groups and other relevant stakeholders.
In the interview, he also expressed the firm belief that the Nigerian capital market, being an organized and specialized financial market that drives capital mobilization through domestic savings and foreign capital inflows, was well positioned for the realization of the objectives of the 2023 budget of fiscal consolidation and Transition.
Mr Yuguda disclosed that the Nigerian equities market ended 2022 on a positive note as the NGX All-Share Index (ASI), which started at 42,716.40 points, ended at 2022 at 51,251.06 points, indicating a 19.98 per cent growth.
As for the FMDQ Securities Exchange, despite the headwinds in the economy, it recorded a marginal increase in total market turnover to N199.88 trillion from N198.93 trillion in 2021.
He attributed the headwinds to high inflationary pressure, which forced the Central Bank of Nigeria (CBN) to push interest rates higher.
“Last year, the Nigerian economy faced several challenges, including worsening inflation, rising unemployment, huge fiscal deficit, insecurity, and floods.
“Additionally, oil theft and volatility in oil prices led to difficulties in foreign exchange management. In an attempt to tame inflation, the CBN raised the monetary policy rate four times during the year, increasing the cost of financing for businesses and dampening corporate activity and performance.
“Despite these challenges, the Nigerian economy grew by 3.52 per cent (year-on-year) in real terms, driven mainly by the services sector, which recorded a growth of 5.69 per cent and contributed 56.27 per cent to the aggregate GDP,” he stated.
Mr Yuguda disclosed that for the safety and security of the capital market and to address the deficiencies in Nigeria’s Mutual Evaluation Report (MER), the commission had issued new AML/CFT regulations and guidelines, which mandate CMOs to comply with stringent reporting obligations, such as application of RBS by reporting entities, screening of clients against United Nation’s Sanction List before onboarding, and continuous monitoring of clients among others.
He commended the capital market community for their unwavering commitment, which has played a crucial role in the commission’s efforts to build a robust capital market, adding that their contributions and support have been instrumental to driving progress in the capital market and the country.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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