Economy
Market Loses N82bn as Investors Selloff Tier-1 Banking Stocks for Profit

By Dipo Olowookere
The bears extended their stay at the Nigerian Exchange (NGX) Limited on Tuesday after profit-taking by investors further weakened the platform by 0.27 per cent.
The banking space was the most hit yesterday as it depreciated by 1.34 per cent at the close of transactions due to selling pressure on GTCO, Zenith Bank, UBA, Ecobank and others.
Also, the industrial goods sector went down by 0.04 per cent during the session, offsetting the gains posted by the trio of insurance, energy and consumer goods counters. They respectively appreciated on Tuesday by 0.89 per cent, 0.25 per cent, and 0.12 per cent.
When the closing gong was struck at 2:30 pm yesterday, the All-Share Index (ASI) was down by 148.95 points to 54,035.39 points from 54,184.34 points and the market capitalisation was down by N82 billion to N29.436 trillion from N29.518 trillion.
A total of 296.7 million stocks worth N3.1 billion exchanged hands in 4,590 deals during the trading day, in contrast to the 292.6 million stocks worth N2.4 billion transacted in 4,408 deals in the preceding day. This showed that the trading volume, value and the number of deals increased by 1.40 per cent, 29.17 per cent, and 4.13 per cent apiece.
Transactions in Fidelity Bank equities topped the activity chart by volume with 46.6 million units, followed by Oando with 33.4 million units. Transcorp traded 30.7 million units, Axa Mansard exchanged 30.1 million units, while UBA sold 21.4 million units.
Investor sentiment remained very weak on Tuesday after the market breadth ended bearish with 21 price losers and 14 price gainers.
Multiverse topped the losers’ log after it declined by 9.88 per cent to N2.92, Eterna lost 8.94 per cent to settle at N5.60, ABC Transport fell by 8.82 per cent to 31 Kobo, NGX Group depreciated by 5.45 per cent to N26.00, and AIICO Insurance depleted by 5.00 per cent to 57 Kobo.
On the flip side, SCOA Nigeria had a positive price change of 10.00 per cent to finish at 99 Kobo, as NAHCO gained 9.55 per cent to quote at N9.75. Linkage Assurance grew by 9.09 per cent to 48 Kobo, Sunu Assurances improved by 8.51 per cent to 51 Kobo, and Coronation Insurance jumped by 8.11 per cent to 40 Kobo.
Economy
Kwairanga Sees Dangote Refinery, NNPC Listing on NGX Soon

By Adedapo Adesanya
The Chairman of the Nigerian Exchange (NGX) Group Plc, Mr Umaru Kwairanga, has expressed optimism about the listing of the $20 billion Dangote Refinery and the Nigerian National Petroleum Company (NNPC) Limited on the bourse before the end of 2025.
He gave this assurance during the 64th Annual General Meeting (AGM) of the exchange in Lagos a few days ago.
Mr Kwairanga, projected a confident vision of strategic repositioning and market expansion of the exchange with plans to list heavyweights like Dangote Refinery and NNPC before the end of this year.
He revealed the NGX Group’s active pursuit of large-ticket listings to transform the bourse’s stature, citing strategic engagements with both the Dangote Group and the state oil company.
Business Post reports that Mr Kwairanga has always been an advocate of listing these two companies on the bourse and has always spoken highly and confidently in close and public circles.
Recently, the NNPC announced that it had begun plans for its Initial Public Offering (IPO) after years of delay.
“Even if it’s 20 per cent or 30 per cent, let a part of NNPC be listed. This is the platform of transparency and innovation. It is time to democratise wealth and allow the Nigerian public to benefit from our national assets,” the NGX chairman said.
He underscored the Group’s commitment to deepening market offering and credibility, boosting investor confidence, and aligning with President Bola Tinubu’s $1 trillion economy target.
“We will not shy away from taking the right decisions,” Mr Kwairanga stated resolutely, adding that, “Where organisations no longer deliver value, we will act decisively—even if that means delisting. We must protect our integrity as Africa’s premier stock exchange.”
Mr Kwairanga emphasized the Exchange’s alignment with the current administration’s economic reforms.
“No other institution has keyed into Tinubu’s economic agenda like NGX has. Our ambition is to double the gains from the ongoing banking recapitalisation and deliver on major listings that will redefine the capital market.”
“We have the capacity. We have the people. We have your support. By year-end, you will witness a transformation led by landmark listings and strategic reforms. NGX is not just keeping pace—we are setting the pace,” he added.
NGX Group had announced a record 157.3 per cent year-on-year growth in profit before tax (PBT), reaching N13.6 billion for the financial year ended December 31, 2024.
According to its audited financial statement, gross earnings soared by 103.2per cent to N24.0 billion, powered by a diversified surge in revenue channels: transaction fees climbed 64 per cent, listing fees skyrocketed by 397.1 per cent, and market data revenue doubled by 100.5 per cent.
Other standout contributors include a 105 per cent rise in technology-related income and a 174.8 per cent increase in other fees, affirming NGX Group’s strategic pivot toward innovation, digitalisation, and sustainable value creation.
Economy
Poverty, Food Insecurity Remain High in Nigeria Despite Reforms—IMF

By Dipo Olowookere
The International Monetary Fund (IMF) has said despite the economic reforms of the administration of President Bola Tinubu, poverty and food insecurity remain high in Nigeria.
The global lender said this after the conclusion of its 2025 Article IV Consultations with Nigeria from April 2 to 15 in Lagos and Abuja.
Officials of the IMF led by the mission chief for Nigeria, Mr Axel Schimmelpfennig, held talks with senior government officials, including the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Minister of Agriculture and Food Security, Mr Abubakar Kyari; and the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso.
Others were senior government and central bank officials, the Ministry of the Environment, the private sector, academia, labour unions, and civil society.
In a statement made available to Business Post by the IMF, the federal government was praised for its reforms as well as the central bank for stopping the funding of budget deficits through ways and means.
“The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth.
“The financing of the fiscal deficit by the central bank has ceased, costly fuel subsidies were removed, and the functioning of the foreign exchange market has improved. Gains have yet to benefit all Nigerians as poverty and food insecurity remain high.
”The outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.
“The reforms since 2023 have put the Nigerian economy in a better position to navigate this external environment.
“Looking ahead, macroeconomic policies need to further strengthen buffers and resilience, while creating enabling conditions for private sector-led growth,” the statement said.
Economy
SEC to go Tough on Illegal Investment Schemes After CBEX Crashing

By Adedapo Adesanya
The Securities and Exchange Commission (SEC) is moving to apply a more forceful and coordinated enforcement regime against unregistered and illegal “phony” investment schemes, otherwise known as Ponzi schemes.
This is coming after Crypto Bridge Exchange (CBEX) reportedly crashed, leading to many investors unable to withdraw their funds.
The issue has drawn wide conversations around the unchecked activities of Ponzi scheme operators until it is too late to cry when the head is cut off.
The Director-General of the SEC, Mr Emomotimi Agama, said this in a statement that the commission never granted registration to CBEX operate as a digital assets exchange in Nigeria.
He urged members of the public to cease all dealings with the platform.
CBEX, operating under various names, including ST Technologies International Ltd. and Smart Treasure/Super Technology, asked the public to invest in its schemes for higher returns.
“The commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the commission at any time to operate as a Digital Assets Exchange, solicit investments from the public, or perform any other function within the Nigerian capital market,” he reiterated.
He said that preliminary investigations carried out by the agency had revealed that CBEX engaged in promotional activities to create a false perception of legitimacy, noting that this was to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe.
The SEC chief emphasised that pursuant to the provisions of Section 196 of the Investments and Securities Act 2025, the commission would collaborate with relevant law enforcement agencies to take appropriate enforcement action against CBEX, its affiliates, and promoters.
“The commission uses this medium to remind the public to refrain from investing in or dealing with any entity offering unrealistic returns or employing similar recruitment-based investment models.
“Prospective investors are advised to verify the registration status of investment platforms through the commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them,” he said.
Mr Agama said that with the newly enacted Investments and Securities Act, 2025 (ISA 2025), the commission now had enhanced powers to prosecute Ponzi schemes and their promoters.
He explained that investigations were ongoing on CBEX, adding that promoters of the failed scheme would not go scot-free.
The SEC DG also said the new law had given the commission more powers and blocked loopholes in emerging areas of virtual and digital assets.
“The ISA 2025 has given the commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms,” he said.
He added that while the apex capital market regulator would continue to support innovations in finance and investments, the commission would maintain strict oversight in line with its enhanced investor’s protection mandate.
“We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market.”
He recalled that even with the limited scope of the repealed Act, the SEC had maintained extensive surveillance and was able to shut down a number of Ponzi schemes, with some of the promoters, like Fahmzi Interbiz, jailed for defrauding Nigerians.
According to him, with the ISA 2025 giving the commission more powers to deal with issues, the commission will ensure that promoters of such schemes are not allowed to operate.
This comes after the Economic and Financial Crimes Commission (EFCC) also announced that it is investigating the development.
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