Economy
Demutualisation: Nigerian Exchange Group Plc to Register 2.5 Billion Shares
By Adedapo Adesanya
There was excitement on Tuesday in Lagos when 257 members unanimously voted for the demutualisation of the Nigeria Stock Exchange (NSE) at the Court Ordered Meeting (COM).
This also gave the exchange the authority to register a total share capital of N1.250 billion, comprising 2,500 billion ordinary shares of 50 kobo each with the Corporate Affairs Commission (CAC).
The 257 members who voted for the demutualisation constituted 251 members by proxy and six by self, and this means that the 60-year old bourse will be converted to a public limited liability company, the 57th exchange in the world to follow the path.
To be re-registered as the Nigerian Exchange Group Plc, there will be a transfer of its securities exchange license and other assets required to carry out the securities function to Nigerian Exchange Limited.
This means there will also be an establishment of a separate subsidiary company to be charged with the regulatory functions of the exchange post-demutualisation to be called NGX Regulation Limited.
It was disclosed that there will be allotment of 1,964,115,918 ordinary shares to Dealing Members and Ordinary Members on the basis of a ratio of 78:22, respectively.
The provision of Claims Review Shares totalling 40,083,999 ordinary shares, representing 2 percent of the Issued Shares of Nigerian Exchange Group will be set aside for allotment to parties who are adjudged as being entitled to shares in the demutualised exchange
The demutualisation, upon completion, will see the transfer of the assets of NSE Consult Limited, NSE Nominees Limited and Coral Properties Limited, the subsidiaries of the NSE to the Nigerian Exchange Group Plc.
After the end of the court ordered meeting, an Extraordinary General Meeting was held to set up a 12-man board of directors ffor the Nigerian Exchange Group Plc.
Those nominated and appointed were Mr Abimbola Ogunbanjo, Chairman and Non-Executive Director; Mr Oscar Onyema, Chief Executive Officer (CEO) and Managing Director; Mr Umaru Kwairanga, Member and Non-Executive Director; Mrs Fatimah Bintah Bello-Ismail, Member and Non-Executive Director; Mr Oluwole Adeosun, Member and Non-Executive Director; Mr Chidi Agbapu, Member and Non-Executive Director; Mr Patrick Ajayi, Member and Non-Executive Director; and Mr Okechukwu Crescent Itanyi, Member and Independent Non-Executive Director.
Others included Mrs Nimi Akinkugbe, Member and Independent Non-Executive Director; Mr Enase Okonedo, Member and Independent Non-Executive Director; Mr Ikpobe Apollos Oghooritsewarami, Member and Independent Non-Executive Director; and Mrs Ojinika Nkechinyelu Olaghere, Member and Independent Non-Executive Director.
According to the CEO, Mr Oscar Onyema, “Today’s meetings move the demutualization process significantly forward and the positive outcomes affirm the great interest from members to support the pivotal restructuring of the exchange to become globally competitive.”
“In furtherance of our plans, we will move to file the necessary resolutions from the court ordered meeting and all other required documents at the Corporate Affairs Commission (CAC) and Securities and Exchange Commission (SEC), obtain the Court Order sanctioning of the Scheme, complete all necessary registrations and seek the final approval from the SEC to ultimately demutualise,” he added.
On his part, the President of the National Council and now inaugural Chairman post-demutualisation, Mr Abimbola Ogunbanjo, who presides over meetings expressed his pleasure at the outcome.
“I feel elated that 19 years after initiating the process to demutualize and on the 60th anniversary of the Exchange, we are close to achieving the goal.
“The successful demutualization of the Exchange was one of my main objectives when I assumed the Presidency of the Exchange and I am particularly happy it has been achieved during the life time of one of its founding fathers, Pa Akintola Williams.
“In telling the story of how we have achieved this milestone, we recognize the efforts of several actors involved in this project – including the management and staff of The Exchange, our members, professional advisers, the Federal Government of Nigeria, the SEC, and other capital market stakeholders, without whom it could not have become a reality.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited kicked off the week on a positive note after it closed higher by 0.58 per cent on Monday amid sustained buying pressure.
The stock market was bullish as a result of bargain-hunting activities across the key sectors of the bourse, with the energy index growing by 1.49 per cent.
Further, the insurance space expanded by 0.88 per cent, the banking counter improved by 0.86 per cent, the industrial goods sector gained 0.81 per cent, the commodity segment soared by 0.79 per cent, and the consumer goods landscape advanced by 0.57 per cent.
Consequently, the All-Share Index (ASI) went up by 946.61 points to 163,244.69 points from 162,298.08 points and the market capitalisation surged by N745 billion to N104.521 trillion from N103.776 trillion.
The market breadth index of Customs Street was positive yesterday with 49 price gainers and 20 price losers, representing a strong investor sentiment.
The quintet of eTranzact, UPDC, McNichols, Red Star Express and RT Briscoe led the gainers’ chart during the session after chalking up 10.00 per cent each to sell for N16.50, N5.50, N6.05, N11.55, and N3.96, respectively.
However, Champion Breweries topped the losers’ table after it shed 8.51 per cent to quote at N15.05, Eunisell shrank by 8.01 per cent to N156.20, Ikeja Hotel crumbled by 8.00 per cent to N36.80, Guinea Insurance depreciated by 7.30 per cent to N1.27, and Omatek moderated by 3.13 per cent to N1.24.
The activity chart had Sovereign Trust Insurance on top after a turnover of 307.5 million shares valued at N1.0 billion, Fidelity Bank followed with 158.4 million equities sold for N3.1 billion, Linkage Assurance traded 118.7 million stocks worth N213.9 million, Mutual Benefits exchanged 31.5 million shares for N130.4 million, and Lasaco Assurance transacted 31.0 million stocks valued at N79.6 million.
At the close of trades, a total of 1.2 billion equities worth N19.2 billion exchanged hands in 59,359 deals versus the 624.1 million equities valued at N18.5 billion traded in 43,816 deals last Friday, showing a spike in the trading volume, value and number of deals by 92.28 per cent, 3.78 per cent, and 35.47 per cent apiece.
By Adedapo Adesanya
Oil prices rose on Monday amid worries that Iran’s exports could decline as the sanctioned member of the Organisation of the Petroleum Exporting Countries (OPEC) cracked down on anti-government demonstrations.
Brent futures increased by 53 cents or 0.8 per cent to $63.87 a barrel and the US West Texas Intermediate (WTI) futures expanded by 38 cents or 0.6 per cent to $59.50 per barrel.
Iran said it was communicating with the US government as President Donald Trump weighed responses to a deadly crackdown on nationwide protests, among the stiffest challenges to clerical rule since the 1979 Islamic Revolution.
On Sunday, the US president said officials may meet Iranian officials. He also threatened possible military action over lethal violence against protesters.
Iran has the world’s fourth-largest proven oil reserves, with around 9 per cent of the global total, coming only behind Venezuela, Saudi Arabia, and Canada. It also has the second-largest proven natural gas reserves, with 17 per cent of the global share, and is the third-largest crude producer and fourth-largest exporter within OPEC.
In recent months, Iran has produced record levels of oil, even in the face of US sanctions on its energy exports and the bombings conducted by Israel on its capital.
Despite the ongoing sanctions, Iran has gradually built up its output once again, from around 2.9 million barrels per day in 2019 to between 3.2 and 4 million barrels per day in 2024, depending on estimates.
Capping gains were expectations that supplies could rise from Venezuela, another sanctioned member of OPEC as it is expected to resume oil exports soon following the ouster of President Nicolas Maduro.
President Trump said last week the government in the South American country was set to hand over as much as 50 million barrels of sanctioned oil to the US.
Reuters reported that oil companies have been racing to find tankers and prepare operations to ship the crude safely.
Investors are also watching the risk of disruptions in supply in two other OPEC allies – Russia and Azerbaijan – as Ukraine’s attacks have targeted Russian energy facilities while the country faces prospects of tougher US sanctions. In Azerbaijan oil exports dropped to 23.1 million tonnes in 2025 from 24.4 million tonnes in 2024.
Market players are also looking at developments with US interest rates and the Federal Reserve after the Trump administration opened a criminal investigation into the head of the US central bank, Mr Jerome Powell.
The Federal Reserve chair called the move a “pretext” to influence interest rates, a point that the US president has always hammered upon.
Lower interest rates could boost economic growth and oil demand by reducing borrowing costs, but could hinder the central bank’s efforts to control inflation.
By Aduragbemi Omiyale
The N21.5 billion rights issue of Eterna Plc has commenced, with shareholders encouraged to participate in the exercise through the NGX Invest platform.
The rights issue began today, Monday, January 12, 2026, and is expected to close on Wednesday, February 18, 2026, a notice signed by the company secretary, Mr David Edet, disclosed.
Proceeds from the exercise will be deployed to support several strategic initiatives, including the expansion of Eterna’s retail network, upgrading of its lubricant blending plant, enhancement of LPG retail assets, acquisition of commercial delivery assets, expansion of aviation fuelling operations, and investments in ESG-related projects aligned with the company’s sustainability objectives.
Business Post reports that a total of 978,108,485 ordinary shares of 50 Kobo each are available for grabs at the price of N22.00 each.
The stocks are being offered to existing shareholders on the basis of three new ordinary shares for every four ordinary shares held as of November 27, 2025.
Apart from buying equities of the rights issue via the NGX Invest platform, shareholders can also purchase by completing the paper participation form.
However, completed participation forms, together with payment or evidence of payment for the full amount payable, must be submitted no later than Wednesday, February 18, 2026, to any of the issuing houses or receiving agents listed in the rights circular.
The rights issue provides existing shareholders with the opportunity to increase their equity holdings in the organisation, thereby reinforcing their participation in and support for Eterna’s long-term growth strategy.
The firm disclosed in the disclosure filed to the Nigerian Exchange (NGX) Limited that the rights issue received the approval of the Securities and Exchange Commission (SEC).
It advised shareholders “to contact their stockbrokers and/or financial advisors for further information regarding the offer.”
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