Economy
Emefiele Says Banks Will Accept Old Naira Notes After Deadline
By Dipo Olowookere
The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has confirmed that Nigerians who could not deposit their old Naira notes before the deadline would not lose their funds.
Speaking on Tuesday when he appeared before an ad-hoc committee of the House of Representatives chaired by Mr Alhassan Ado Doguwa, he said banks will continue to accept the old N200, N500, and N1,000 notes after February 10, 2023.
Nigerians were earlier given till Tuesday, January 31, 2023, to swap their old currency notes for the newly redesigned banknotes.
But after much pressure, the CBN obtained approval from President Muhammadu Buhari to shift the deadline forward by 10 days.
Last week, the Speaker of the House of Representatives, Mr Femi Gbajabiamila, threatened to sign a warrant of arrest on Mr Emefiele over his refusal to appear before the lower chamber of the parliament to explain the policy to lawmakers.
On Monday night, while speaking on a television programme monitored by Business Post, Mr Doguwa said the House would expect the CBN chief to appear today or risk being arrested by the police.
This morning, he was at the National Assembly to face the lawmakers, and during his speech, he said banks would continue to accept the old notes after the deadline in line with section 20, subsection 3 of the CBN Act, which says even after the old currency has lost its legal tender status, the bank is mandated to collect those monies.
“In agreement with the House of Representatives resolution and subject to section 20, subsection 3, which says even after the old currency has lost its legal tender status, that we are mandated to collect those monies. I stand with the House of Representatives on this.
“What does that mean? It means if you have monies you are unable to deposit to your bank after the expiration, we certainly will give you the opportunity to bring them back into the CBN, we redeem it and pay it into your bank account, or we exchange it. In that case, you do not lose your money.
“I want to appeal to you, this is not an easy exercise, but we are happy that in 19 years, we are able to carry out this important part of our mandate. We are grateful that we are doing it. We want the support of all Nigerians,” Mr Emefiele said.
Economy
46 Stocks Gain Weight, 53 Equities Lose on NGX in One Week
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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