Economy
NASD OTC Bourse Continues Winning Streak With 1.17% Gain in Week 8

By Adedapo Adesanya
The eighth trading week of 2025 at the NASD Over-the-Counter (OTC) Securities Exchange ended in the green territory with an appreciation of 1.17 per cent.
The NASD Unlisted Security Index (NSI) surged by 40.48 per cent or 42.66 basis points in the five-day trading week to 3,268.01 basis points from the 3,227.53 basis points it ended in Week 7 and the market capitalisation added N22.93 billion to close at N1.851 trillion compared with the preceding week’s N1.828 trillion.
The activity chart showed that there was a 86.2 per cent drop in the volume of equities transacted last week to 3.12 million units from the 22.6 million units posted in the previous week.
In the same pattern, the value of shares traded by the market participants went down by 66.8 per cent to N67.7 million from the N204.1 million achieved a week earlier.
Okitipupa Plc gained 46.1 per cent to end at N181.18 per share versus the former value of N124.18 per share, Mixta Real Estate Plc rose by 10.1 per cent to N4.14 per unit from N3.76 per unit, Air Liquide Plc appreciated by 10 per cent to N8.25 per share from N7.50 per share, and Industrial and General Insurance (IGI) Plc grew by 7.5 per cent to 43 Kobo per unit from 40 Kobo per unit.
In addition, Riggs Ventures West Africa improved by 5.3 per cent to N1.00 per share from 95 Kobo per share, Acorn Petroleum Plc expanded by 3.2 per cent to N1.30 per unit from N1.26 per unit, and Afriland Properties Plc soared by 1.1 per cent to N21.26 per share from N21.03 per share.
On the flip side, UBN Property Plc slid by 9.8 per cent to N1.85 per unit from N2.05 per unit, Geo-Fluids Plc dipped by 6.1 per cent to N3.98 per share from N4.24 per share, Central Securities Clearing System (CSCS) Plc tumbled by 6.1 per cent to N23.00 per unit from N24.50 per unit, FrieslandCampina Wamco Nigeria Plc depreciated by 0.9 per cent to N39.60 per share from N39.90 per share, and Food Concepts Plc lost 0.6 per cent to end at N1.64 per unit compared with the preceding week’s N1.65 per unit.
In terms of the value of trades in the week, Afriland Properties Plc topped with N36.8 million, FrieslandCampina Wamco Nigeria Plc recorded N19.1 million, CSCS Plc posted N6.1 million, Okitipupa Plc achieved N3.7 million, and 11 Plc ended with N0.63 million.
By volume, Afriland Plc recorded 1.7 million units, FrieslandCampina Wamco Nigeria Plc closed with 0.48 million units, Food Concepts Plc posted 0.28 million units, CSCS Plc traded 0.27 million units, and Acorn Petroleum Plc exchanged 0.12 million units.
Economy
Secure Electronic Technology Seeks Approval to Merge Every Four Shares Into One

By Aduragbemi Omiyale
Secure Electronic Technology (SET) Plc is planning to reconstruct its shares at the Nigerian Exchange (NGX) Limited by merging four stocks into one.
However, this exercise is subject to the approval of shareholders of the company and the board is proposing an Extraordinary General Meeting (EGM) to be held on or before April 17, 2025.
Business Post reports that the decision to reconstruct the shares of the organisation was reached at the board meeting of the firm on Friday, MArch 7, 2025.
In a notice to the stock exchange, SET Plc said it was agreed that the proposed share reconstruction and recapitalisation of the company shall be by way of one or a combination of the following; an offer for subscription, rights offering or private placement, upon terms agreed by both parties under the definitive agreement.
It further said, “The issued and share capital of the company be reduced from N2,815,770,000, represented by 1,407,885,000 ordinary shares of 50 Kobo each, subject to the approval of the Federal High Court, Securities and Exchange Commission (SEC), and relevant regulatory authorities.”
“This restructuring share result in the cancellation of 4,223,655,000 units of shares and the portion of the share capital cancelled, being valued at N2,111,827,500 be transferred to a special reconstruction reserve,” it noted.
The disclosure also said, “There shall be a proportional upward adjustment in the share price of SET on the NGX to be reflected after the conversion, so that the value of one converted share shall be equal to the market price of four pre-reconstruction shares, and at the end of the reconstruction, SET market capitalisation and each shareholder’s percentage holding shall remain unchanged.”
The company emphasised that it would “consolidate its issued shares at a basis of 1 for 4 ratio, meaning every four shares of SET Plc currently held by a shareholder shall be converted to one share and shareholdings that result in fractional shares post-reconstruction shall be rounded up to the nearest whole number.”
It was disclosed that this exercise was suggested by Gamma Civic Limited, a part of Gamma Group, a company listed on the Mauritius Stock Exchange and represented by Cruzan Investment Limited, a company incorporated in Nigerian under the Companies and Allied Matters Act 2020.
Economy
FrieslandCampina Wamco Weakens NASD OTC Exchange by 0.06%

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.
Economy
Reps Approve Conditions to Revoke Licences of Insurance Companies

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.”
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