Economy
ISB to Attract Influx of Foreign Investors to Capital Market—Ibrahim
By Aduragbemi Omiyale
When the Investments and Securities Bill is signed into law, it will attract an influx of foreign investors into the Nigerian capital market, the Chairman of the House Committee on Capital Markets and Institutions, Mr Babangida Ibrahim, has submitted.
The bill was recently passed by the House of Representatives, and commenting on this development in an interview; he further said the piece of the legislature could transform the ecosystem and boost investors’ confidence, among others.
He said the ISA Bill seeks to repeal the existing Investments and Securities Act 2007 and to establish a new market infrastructure and wide-ranging system of regulation of investments and securities businesses in Nigeria, especially in the areas of derivatives, systematic risk management, financial market infrastructure and Ponzi scheme and platforms.
Other areas the bill addresses are alternative trading systems, the inclusion of the National Pensions Commission as part of the board of the Securities and Exchange Commission, the deletion of the provisions on merger control in the current Act and the amendment of the criteria of borrowing by sub nationals and strengthening and enforcement powers of the Securities and Exchange Commission in line with the requirement of the International Organisation of Securities Commissions, IOSCO.
“We owe a duty to Nigerians and Nigeria to make sure that things work well. In the financial market, we have the money market and the capital market.
“With the challenges facing the money market, the only option left is the capital market. What we tried to do is to build investors’ confidence and ensure that investors are comfortable.
“At the same time, we realised that there are areas like derivatives, commodities exchanges, Ponzi schemes and the rest of them that are new developments in the capital market. We feel it’s very important for us to provide regulations for these new developments.
“We also emphasized borrowing by sub nationals, in the past, you hardly saw state governments and local governments coming into the capital market to borrow.
“We introduced a lot of new provisions and also made provisions relating to financial market infrastructures. Also, the board of the SEC was expanded to include the Pension Commission. The existing Act needed a total overhaul because of the passage of time and developments in the capital market,” he said.
The lawmaker said the Bill is also to determine the type of training required of an operator to perform professional functions in the capital market and also provide certification for persons deemed to have met the qualifications standards.
“The Act will achieve transformation of the market, from manual to automation, from manual to multiple securities exchanges, influx of foreign professionals into the country and also need to harmonise standards. The bill will also achieve expansion of products range in the market, equities, bonds, Sukuk, derivatives and advent of electronic share issuance,” he stated.
Mr Ibrahim noted that the lower chamber of the parliament was committed to ensuring that the Securities and Exchange Commission (SEC) delivers on its core mandate of due registration of the players in the capital market, market integrity to avoid systemic risk, guarantee inspection, investigation of breaches, due surveillance, market development and law enforcement and rules making.
“This committee is indeed proud of this bill as they seek to ensure a more robust, vibrant, prosperous and more developed capital market and also to ensure that the capital market is well institutionalised and accountable.
“We hope the resources of Nigerians in the capital market will remain safe, accountable and prosperous. A capital market is a veritable tool for wealth creation, and we will ensure this is true for Nigerians. If there was any time we need to rally for the economic good of Nigeria, it is now, and this is the time,” he disclosed.
On the issue of Ponzi schemes, Mr Ibrahim said the House has ensured that there is enough deterrent in the bill. This, he said, includes cash penalty, conviction, as well as a combination of both cash penalty and conviction.
“It depends on the nature and gravity of the offence, but we try as much as possible that its serves as a deterrence to anyone that wants to do any manipulation in the capital market. We have provided enough regulation in this bill that will take care of many of these issues.
“I want to see a vibrant capital market that is efficient and one that can boost investors’ confidence and where the processes are simple. One of the major challenges and complaints by investors is the issue of dividend claims.
“This act will ensure the streamlining of a database of investors and also look at the aspect of registrars. This Act has looked at the various issues and ensures it aligns with the global trend. We want a capital market where anyone can come in freely, invest and get the benefit of his investments. We have to put our hands on deck to ensure that the capital market functions efficiently; we need to ensure we boost investors’ confidence and ensure that we are as transparent as possible,” he added.
Also commenting on the passage of the Bill by the House, Executive Commissioner Legal and Enforcement of the SEC, Mr Reginald Karawusa, commended the National Assembly on its efforts at ensuring a vibrant capital market that would aid economic development.
Mr Karawusa stated that the Bill introduced the appropriate framework for the regulation of Commodities Exchanges and trading of Warehouse Receipts to strengthen the commodities market ecosystem with a view to diversifying the Nigerian economy away from a mono-product economy.
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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