By Dipo Olowookere

The Economic and Financial Crimes Commission (EFCC) has frowned on the use of foreign currencies for financial transactions in Nigeria, saying this could disrupt the nation’s stability.

The acting Zonal Director of the agency in Ilorin, Mrs Victoria Ugo-Ali, informed the Central Bank of Nigeria (CBN) that the EFCC chairman, Mr Ola Olukoyede, is determined to curb the increasing preference for foreign currencies in domestic transactions, describing the practice “as a serious threat to the stability of the nation’s financial system.”

Speaking during a courtesy visit to the Branch Controller of the Ilorin Branch of the central bank, Mr Monga Muhammed, on Tuesday, Mrs Ugo-Ali noted that “many economic and financial crimes are perpetrated through financial institutions,” stressing the importance of timely intelligence and reports on suspicious transactions.

She called on the apex bank to continue providing the commission with relevant financial intelligence that would aid investigations and help curb money laundering and other financial crimes.

She also reiterated that the growing preference for foreign currencies in local transactions undermines the value of the naira and weakens public confidence in the national currency.

In his response, Mr Muhammed commended the Zonal Director and the management team of the EFCC for the visit, promising to sustain and deepen the already cordial relationship between the two organisations.

He described the engagement as the first of its kind and expressed optimism that it would further strengthen the cooperation between both institutions.

“At our end here, we will continue to partner with you because we carry out complementary functions. While your duty is to tackle economic and financial crimes, our responsibility, primarily as the apex bank, is to stabilise the economy and regulate financial institutions. We will not fail in that regard,” he said.

The CBN Branch Controller further disclosed that the apex bank had put several measures in place to address naira abuse and the dollarisation of the economy.

According to him, the CBN has the capacity to track currency in circulation and would not hesitate to apply appropriate sanctions against individuals or organisations found trading illegally in the nation’s currency.

By Adedapo Adesanya

SUNU Assurances Nigeria Plc has taken steps to raise N9.3 billion through a rights issue by offering 2,075,285,714 ordinary shares of 50 Kobo each at the price of N4.50.

The new shares would be allotted to shareholders in the ratio of five new ordinary shares for every 14 ordinary shares held as of February 12, 2026.

Proceeds from the exercise would be used by the company to meet the new minimum capital requirements of the National Insurance Commission (NAICOM).

The non-life insurer is preparing to raise fresh equity capital from the capital market to meet the N15 billion minimum capital requirement introduced under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, with a July 2026 compliance deadline.

According to the company’s chairman, Mr Kyari Abba Bukar, the capital plan is a proactive move to strengthen solvency, expand underwriting capacity and maintain competitive positioning in a tightening regulatory environment.

“This is a growth initiative. We are positioning early to meet the new benchmark and enhance our capacity to underwrite larger and more complex risks,” he said.

On his part, the chief executive, Mr Samuel Ogbodu, underscored the company’s dividend track record, noting that SUNU has paid dividends consistently over the past three to four years.

“We have maintained steady growth in premium income, profitability and governance standards over the last decade. Our shareholders have been rewarded, and we project continuity in value delivery,” Mr Ogbodu said.

The SUNU Group, as the majority shareholder with approximately 83 per cent equity interest, has decided to reduce its stake to comply with the free float requirements of the Nigerian Exchange (NGX) Limited. The exchange’s rule book said listed firms must float 20 per cent for the general investing public.

This strategic review of the company’s ownership structure aligns with the group’s long-term growth objectives and its commitment to supporting market development.

He said that while the parent company possesses the financial capacity to fully recapitalise the business, the board has determined that existing shareholders and new Nigerian investors shall be afforded the opportunity to participate in the next phase of the company’s growth.

This decision underscores SUNU’s commitment to broadening Nigerian participation in the ownership structure of the Company, Mr Ogbodu added.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange further lost 0.28 per cent on Wednesday, March 11, cutting down the market capitalisation by N7.21 billion to N2.533 trillion from the preceding session’s N2.540 trillion.

In the same vein, the NASD Unlisted Security Index (NSI) was down during the session by 12.06 points to finish at 4,233.91 points compared with the 4,245.97 points it ended on Tuesday.

The midweek session experienced a decline in the volume of securities by 91.3 per cent to 1.3 million units from 14.9 million units, as the value of securities decreased by 75.9 per cent to N31.9 million from the N132.7 million recorded on Tuesday, and the number of deals fell 37.9 per cent to 36 deals from the preceding session’s 58 deals.

The session ended with Central Securities Clearing System (CSCS) Plc as the most traded stock by value on a year-to-date basis with 38.1 million units valued at N2.4 billion. Okitipupa Plc followed with 6.3 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc recorded the sale of 5.8 million units worth N529.9 million.

Resourcery Plc remained as the most traded stock by volume on a year-to-date basis with 1.05 billion units sold for N408.7 million, trailed by Geo-Fluids Plc with 130.6 million units exchanged for N503.8 million, and CSCS Plc with 38.1 million units worth N2.4 billion.

The alternative stock market closed the day with three price decliners and three price gainers led by  IPWA Plc, which added 41 Kobo to sell at N4.56 per unit versus the previous day’s N4.15 per unit, MRS Oil Plc appreciated by 10 Kobo to N210.10 per share from N210.00 per share, and  Lighthouse Financial Services Plc increased its value by 5 Kobo to 55 Kobo per unit from 50 Kobo per unit.

Conversely, FrieslandCampina Wamco Nigeria Plc lost N3.92 to quote at N132.78 per share versus N136.70 per share, UBN Property Plc dropped 20 Kobo to settle at N2.38 per unit from N2.18 per unit, and First Trust Mortgage Bank Plc declined by 1 Kobo to N1.90 per share from N1.91 per share.