Economy
Four Stocks Trade Below 50 kobo Per Share After NSE New Rule
By Modupe Gbadeyanka
Hours after the new pricing methodology and par value rules of the Nigerian Stock Exchange (NSE) took effect on Monday, January 29, 2018, four stocks fell below the earlier 50 kobo per share threshold at the market.
The new rules, already approved by the Securities and Exchange Commission (SEC), made it possible for stocks to be traded below 50 kobo per share.
At the close of trading activities yesterday, four equities fell victim of the new rules, trading at 48 kobo per share.
These stocks were ABC Transport Plc, Lasaco Insurance Plc, Prestige Insurance Plc and Royal Exchange Plc.
Business Post gathered that with the new rules, the value of stocks, which before could not trade below 50 kobo per share because of the threshold, can now be determined by market conditions, especially demand and supply.
The par value of a share is the nominal or face value per unit as stated in a company’s corporate documents, i.e., the Memorandum of Association of the company.
According to the new rules, “Notwithstanding its par value, the price of every share listed on The Exchange shall be determined by the market, save that no share shall trade below a price floor of One Kobo per unit (N0.01).”
According to a statement issued by the NSE, “Investors are advised to contact their stockbrokers to ascertain whether any of their open orders, will be impacted by this amendment” the exchange advised.
“The Rules specify the revised price limit, price movements and tick sizes i.e. price floor, minimum pricing increments and minimum quantity to be traded that will change the published price.
“The Rules also classify equity securities into different price groups in order to achieve this, the revised Rules, the exchange states, will be implemented on The Exchange’s trading engine on the effective date.
“The amended stratification of price movements, price limits and tick sizes aims at improving liquidity, narrowing spreads, and ensuring that all price improving (up/down) transactions are material, making the market more efficient for all participants”, said Mr Abimbola Babalola, HoD Market Surveillance and Investigations Department.
“In order to achieve the aforementioned aims of improved liquidity, narrowed spreads, material price improvements, and market efficiency, the amendments to the Pricing Methodology Rule included the introduction of a new price group – Group C.
“It should be noted that the new Group C consists of equity securities that are priced below Five Naira (N5.00) per share, for at least four (4) of the last six (6) months, or new security listings that are priced below Five Naira (N5.00) per share at the time of listing on The Exchange.
“Group A required 10,000 units to move price by N10. For the price range trading period, equities in this group require N100.00 or above for 4 of the last 6 months, or new security listings priced at N100.00 or above at the time of listing.
“For group B requires minimum of 50,000 units to move price by N0.05 and for price range trading period, N5.00 or above but lower than N100,for 4 of the last 6 months, or new security listings priced at N5.00 or above but lower than N100 at the time of listing.
“While the group C, would require 100,000 units of shares to move price by N0.01, Equities in this category must have traded Lower than N5,for 4 of the last 6 months, or new security listings priced lower than N5 at the time of listing.
“Market participants are also informed that the new Par Value Rule specifies that the price of every share listed on The Exchange shall be determined by the market forces and equities may now trade below the erstwhile price floor of fifty Kobo (N0.50) per unit.
“Therefore, traders are required to ensure that as from the above stated effective date, all open and subsequent priced orders in equity securities comply with the amended requirements for each price Group of equities and in approved minimum increments accordingly.
“Investors are advised to contact their Stockbrokers to ascertain whether any of their open orders, will be impacted by this amendment.”
Checks by Business Post revealed that stocks trading at 50 kobo per share are mainly in the Insurance Sector.
More stocks are expected to trade below the 50 kobo per share threshold before the end of this week.
By Dipo Olowookere
A cryptocurrency investor and owner of Polyfarm, Mr Bamu Gift Wandji, is currently cooling off in the custody of the Economic and Financial Crimes Commission (EFCC).
He was handed over to the anti-money laundering agency by the Nigerian Security and Civil Defence Corps (NSCDC) on Friday, January 30, 2026, after his arrest on Monday, January 12, 2026.
A statement from the EFCC yesterday disclosed that the suspect was apprehended by the NSCDC in Gwagwalada, Abuja for running an investment scheme without the authorisation of the Securities and Exchange Commission (SEC), which is the apex capital market regulator in Nigeria.
It was claimed that Mr Wandji created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token that attracts high returns.
Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called “polyfarm coin” which he sold to the public.
In his bid to promote the scheme, the suspect posted about this on social media platforms, including WhatsApp, X (formally Twitter) and Telegram. He also conducted seminars in some major cities in Nigeria including Kaduna, Lagos, Port Harcourt and Abuja where he described the scheme as a life-changing programme.
Further investigation revealed that in October, 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by Lazarus group, a cyber attacking group linked to North Korea.
Further investigations showed that Polyfarm is not registered and not licensed with SEC to carry out crypto transactions in Nigeria. Also, no investment happened with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the name of profit.
Investigation also revealed that native coin, polyfarm coin was never listed on coin market cap and that the suspect sold worthless coins to the general public.
Contrary to the claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors’ funds and utilized the same for his personal gains.
The EFCC, in the statement, disclosed that Mr Wandji would be charged to court upon conclusion of investigations.
By Dipo Olowookere
Profit-takers pounced on the Nigerian Exchange (NGX) Limited on Friday, weakening it by 0.09 per cent at the close of transactions.
Investors toned down on their hunger for Nigerian stocks during the last trading session of the week, with selling pressure mainly on the banking space, which shed 0.78 per cent.
The bourse crumbled despite the other sectors closing green, with the consumer goods up by 0.10 per cent, and the energy index up by 0.02 per cent, while the industrial index closed flat.
Livestock Feeds depreciated by 10.00 per cent to sell for N6.30, Learn Africa declined by 10.00 per cent to N8.10, Living Trust Mortgage Bank also slipped by 10.00 per cent to N4.05, Deap Capital gave up 9.97 per cent to trade at N9.39, and Industrial and Medical Gases lost 9.61 per cent to finish at N31.50.
On the flip side, Zichis appreciated by 9.97 per cent to N4.19, Abbey Mortgage Bank gained 9.94 per cent to quote at N9.40, RT Briscoe jumped by 9.93 per cent to N7.86, Haldane McCall grew by 9.90 per cent to N4.33, and Omatek increased by 9.87 per cent to N3.00.
Business Post reports that the market breadth index was positive despite the poor outcome, recording 33 price gainers and 31 price losers, representing strong investor sentiment.
The All-Share Index was down by 156.91 points during the session to 165,370.40 points from the 165,527.31 points achieved a day earlier, and the market capitalisation depleted by N184 billion to N106.153 trillion from N105.969 trillion.
Trading data showed that 687.4 million equities valued at N15.0 billion exchanged hands in 41,553 deals yesterday compared with the 691.4 million equities worth N15.4 billion traded in 38,665 deals on Thursday, implying a jump in the number of deals by 7.47 per cent, and a slip in the trading volume and value by 2.60 per cent, respectively.
The busiest stock on Friday was Veritas Kapital with 80.5 million units worth N197.0 million, Secure Electronic Technology transacted 79.3 million units valued at N87.5 million, Deap capital transacted 33.3 million units for N340.5 million, Access Holdings sold 31.0 million units valued at N703.0 million, and Zenith Bank exchanged 30.6 million units worth N2.2 billion.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.20 per cent on Friday, January 30, supported by the gains achieved by two securities on the platform.
During the session, Okitipupa Plc went up by N15.70 to finish at N234.60 per share versus the previous day’s N218.90 per share and Paintcomm Investment Plc expanded by 5 Kobo to close at N11.05 per unit compared with the previous day’s N11.00 per unit.
It was observed that yesterday, there were three price losers led by Geo-Fluids Plc, which dropped 60 Kobo to sell at N5.75 per share versus N6.35 per share, Afriland Properties Plc declined by 35 Kobo to close at N13.65 per unit compared with Thursday’s closing price of N14.00 per unit, and Industrial and General Insurance (IGI) Plc depreciated by 3 Kobo to 66 Kobo per share from 69 Kobo per share.
At the close of business, the NASD Unlisted Security Index (NSI) rose by 7.34 points to 3,630.11 points from 3,622.77 points and the market capitalisation grew by N4.39 billion to N2.171 trillion from N2.167 trillion.
A total of 287,618 units of securities exchanged hands on Friday compared with the previous day’s 1.9 million units of securities, indicating a decline in the volume of trades by 85.6 per cent.
The value of transactions, according to data, was down by 77.2 per cent to N3.1 million from N13.4 million, but the number of deals increased by 31.3 per cent to 21 deals from 16 deals.
Central Securities Clearing System (CSCS) Plc remained the most traded stock by value (year-to-date) with 15.4 million units exchanged for N623.0 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.6 million units traded for N108.5 million, and Geo-Fluids Plc with 9.1 million units valued at N61.1 million.
CSCS Plc also ended the session as the most active stock by volume (year-to-date) with 15.4 million units sold for N623.0 million, followed by Mass Telecom Innovation Plc with 10.1 million units worth N4.1 million, and Geo-Fluids Plc with 9.1 million units valued at N61.1 million.
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