By Adedapo Adesanya

FrieslandCampina Wamco Nigeria Plc brought down the NASD Over-the-Counter (OTC) Securities Exchange by 0.06 per cent on Wednesday, March 12.

Business Post reports that the share price of FrieslandCampina Wamco Nigeria Plc slumped by N1.26 during the session to N37.45 per unit from the preceding day’s N38.71 per unit.

However, Geo-Fluids Plc gained 27 Kobo to trade at N2.95 per share versus Tuesday’s closing price of N2.68 per unit, and First Trust Microfinance Bank Plc appreciated by 3 Kobo to close at 56 Kobo per share, in contrast to the previous day’s rate of 53 Kobo per share.

When the platform ended trading activities yesterday, its value went down by N1.17 billion to settle at N1.955 trillion compared with the preceding day’s N1.956 trillion and the NASD Unlisted Security Index (NSI) decreased by 2.03 points to close at 3,385.50 points, in contrast to the previous trading day’s 3,387.53 points.

The volume of securities traded at the bourse dropped by 36.3 per cent to 298,845 units from the 469,185 units published on Tuesday, the value of securities decreased by 4.8 per cent to N10.4 million from the N10.9 million quoted at the preceding session, and the number number of deals moderated by 34.2 per cent to 25 deals from 38 deals.

At the close of business, Impresit Bakolori Plc was the most active stock by value (year-to-date) with 533.9 million units worth N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 12.5 million units valued at N484.0 million, and Afriland Properties Plc with 17.2 million units sold for N352.8 million.

Also, Impresit Bakolori Plc was the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, trailed by Industrial and General Insurance (IGI) Plc with 69.9 million units sold for N23.7 million, and Afriland Properties Plc with 17.2 million units valued at N352.8 million.

By Aduragbemi Omiyale

The House of Representatives has passed Nigeria Insurance Industry Reform Act, 2024, repealing Act, Cap 117, Laws of the Federation of Nigeria, 2004; the Marine Insurance Act, Cap M3, Laws of the Federation of Nigeria, 2004; The Motor Vehicle (Third Party) Insurance Act, Cap M22, Laws of the Federation of Nigeria, 2004; the National Insurance Corporation of Nigeria Act, Laws of the Federation of Nigeria, 2004 and the Nigerian Insurance Reinsurance Corporation Act, Cap N131, Laws of the Federation of Nigeria, 2004.

At the plenary on Wednesday, the green chamber of the National Assembly approved some conditions the operating licence of an insurance company can be revoked by the National Insurance Commission (NAICOM).

The new piece of legislature, which provides for a comprehensive legal and regulatory framework for insurance business in Nigeria, was enacted yesterday after the consideration of the Senate bill.

During the presentation by House Leader, Mr Julius Ihonvbere, yesterday, for a clause-by-clause consideration, it was agreed that NAICOM can withdraw the licence of an insurer or reinsurer if it is not conducting insurance business in accordance with sound insurance principles.

In addition, this action can be carried out if the licence holder has “failed to satisfy the capital or solvency requirement as prescribed by the commission and has ceased to carry on the business of insurance and the primary purpose for which it was registered for at least one year in Nigeria.”

The lower chamber of the parliament also concurred with the Senate that for obtaining an operating licence, “An application for licensing as an insurer shall be made to the commission in the prescribed form and accompanied by such other documents or information as the commission may from time to time require.

“The commission shall publish and make available to the general public a service charter which shall provide for products and services of the commission and the complete list of requirements to obtain the products and services.”

However, no person or organisation is allowed to “commence or carry out insurance, reinsurance or related business in Nigeria unless licensed by the commission as an insurer or a reinsurer under this bill.”

NAICOM was given the power to “regulate the insurance industry [in Nigeria] in order to develop the insurance sector and to protect the interest of policyholders, prospective policyholders and other stakeholders under insurance policies in ways that are consistent with the continued development of a viable, competitive  and innovative insurance industry.”

By Adedapo Adesanya

The Naira depreciated further against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, March 12 by N4.95 or 0.32 per cent to trade at N1,540.68/$1 compared with the preceding day’s N1,535.73/$1.

In the same vein, the domestic currency weakened against the Pound Sterling at the official market yesterday by N7.46 to sell for N1,985.94/£1 compared with the previous day’s N1,978.48/£1 and against the Euro, it lost N17.39 to trade at N1,675.48/€1, in contrast to Tuesday’s closing price of N1,658.09/€1.

Equally, the Nigerian Naira tumbled against the Dollar in the parallel market at midweek by N5 to quote at N1,585/$1 versus the N1,580/$1 it was exchanged a day earlier.

At the trading session, the Naira was under pressure due to forex liquidity squeeze despite recent moves by the Central Bank of Nigeria (CBN) to stabilise the market.

Meanwhile, the cryptocurrency market was impacted by information about inflation figures in the US.

The Consumer Price Index (CPI) rose 0.2 per cent in February, according to a report from the US Bureau of Labor Statistics on Wednesday against expectations which were 0.3 per cent.

This development puts the US Federal Reserve rate cuts firmly back in the plan.

Market analysts noted that President Donald Trump’s aggressive tariffs is serving as a high risk that can dampen the crypto market.

Binance Coin (BNB) appreciated by 4.3 per cent to $575.47, Dogecoin (DOGE) gained 3.3 per cent to sell at $0.1673, Ripple (XRP) grew by 2.4 per cent to $2.23, Bitcoin (BTC) expanded by 1.6 per cent to $83,014.6, and Solana (SOL) jumped by 1.2 per cent to trade at $123.40.

On the flip side, Ethereum (ETH) slid by 0.5 per cent to sell at $1,864.98, Cardano (ADA) declined by 0.4 per cent to settle at $0.7202, and Litecoin (LTC) depreciated by 0.2 per cent to $89.36, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.