Economy
National Assembly Canvasses Stronger Capital Market Regulations
By Aduragbemi Omiyale
The National Assembly (NASS) has pushed for stronger capital market regulations in order to attract a wide array of investments under a secured and transparent environment.
According to the Chairman of the House Committee on Capital Markets and Institutions, Mr Babangida Ibrahim, efforts must be made to further strengthen the current regulatory framework in the capital market as the space plays a vital role in the growth and development of the economy.
Speaking during a stakeholders’ meeting on the Investments and Securities Bill held in Lagos on Monday, the lawmaker said, “Our presence at this meeting today is to review the current developments in the Nigerian capital market and also dissect the content of the Investments and Securities Bill, 2021 and make appropriate contributions towards strengthening and enhancing the regulatory and supervisory framework of the Securities and Exchange Commission (SEC) as the umpire of the capital markets.”
“My distinguished colleagues and management of SEC, with our determined commitment for the passage of the bill which has already passed the second reading, I believe at the end of this retreat, a clearer focus would be charted to ensure the success of the passage of the bill,” he added.
Mr Ibrahim expressed the hope that contributions will be free-flowing, frank, inspirational and provocative and would strengthen the operational framework of the capital market.
“We as stakeholders must offer our valued ideas and bring in our expertise and professionalism to this piece of legislation. We should note that for this bill to pass through the legislative activities successfully in the National Assembly, it must be holistic, comprehensive and have global flesh in the international investments and securities.
“Therefore, I urge the management of the commission and the entire stakeholders gathered here to bring out our best towards this course,” he added.
He also assured stakeholders of the National Assembly’s support in any area of legislation necessary to actualize the vision of the SEC to make the investment and securities businesses in Nigeria better.
In his remarks, the Director-General of SEC, Mr Lamido Yuguda, expressed the need for legislation that would address the current realities and prepare the Nigerian capital market for the prospective changes that are likely to come in the near future.
He said the significance of the capital markets cannot be overemphasised as governments need the capital market to work with it to deliver the goods and services that nations need.
“I hereby wish to register my profound appreciation for the support from the two committees of the National Assembly to us in our various interactions over the last one and half years.
“This has helped the leadership of the commission in doing things differently and I can say confidently that we are in a better state than we were two years ago. And with this kind of support we are going to get the capital market of our dreams,” he stated.
Also speaking, the Chief Executive Officer, Nigerian Exchange (NGX) Limited, Mr Temi Popoola, emphasised that most of the developmental challenges the country presently faces could be solved through the capital market.
He stated, “The capital market stimulates economic growth, mobilises savings, creates wealth, contributes to infrastructure development, reduces scarcity of foreign currency, aids financial inclusion, and promotes transparency and good governance.
“It is, therefore, crucial that the market becomes more innovative in product development to attract a more diversified array of market players both in the listing and trading segments. Undoubtedly, if we are able to deepen our market and make it stronger, there will be inflows and our nation will grow and become healthier.”
In a goodwill message, Chairman Senate Committee on Capital Markets, Mr Ibikunle Amosun said that a lot of changes have happened in the final stock market hence the need for Nigeria to move with the tide.
Represented by Senator Kashim Shettima, he said, “It is interesting to note that the last time the Act was enacted was in 2007. There are lots of changes in the global stock market and we need to move with the tide.
“There is, therefore, the need for a review of the ISA to confirm with current realities. This is a good forum for us to cross-pollinate our ideas and come up with robust solutions to the challenges.”
By Adedapo Adesanya
Nigeria’s maiden shipment under the African Continental Free Trade Area (AfCFTA) has successfully arrived at the Mombasa Port in Kenya.
According to the Nigeria AfCFTA Coordination Office in a statement, the development marks a historic moment for Africa’s trade landscape.
The Senior Trade Expert at the Nigeria AfCFTA Coordination Office, Mr Olusegun Olutayo, said in line with its mandate under the leadership of the National Coordinator, Mr Olusegun Awolowo, the office had coordinated the landmark event.
He said the achievement marked a significant milestone for Nigeria in realising the vision of increased intra-African trade and economic integration championed by the agreement in line with the decision of the AU Assembly at the 31st Ordinary Session of the Assembly.
“In times of escalating geopolitical tension and looming geo-economic fragmentation, AfCFTA presents a perfect opportunity for Africa to leverage trade as a strategic instrument for enhanced market access among state parties.
“This is a historic moment, a realisation of the vision of our continent’s founding fathers and mothers.”
He also said the first consignment which was a synthetic filaments product of Nigeria’s Lucky Fibres Limited (Lush), a subsidiary of the Tolaram Group, was exported under AfCFTA preferential terms.
Mr Olutayo lauded the bold economic reforms of President Bola Tinubu, emphasising their catalytic role in enabling the country’s active participation in AfCFTA, fostering continental economic integration and industrialisation goals.
He also commended the seamless cooperation and commitment from Kenyan authorities, which exemplifies the true spirit of AfCFTA.
He acknowledged the pivotal leadership role of the AfCFTA Secretariat in fostering the success and emphasised the collaborative efforts of the Kenya AfCFTA Implementation Committee and the Kenya Revenue Authority (Customs).
According to him, the shipment, exported under AfCFTA preferential trade terms, underscores partnership, shared vision, the agreement’s potential to transform Africa’s economic landscape and pave the way for a new era of trade-driven prosperity.
The AfCFTA seeks to create a single market across Africa by reducing barriers to trade, investment, and labour.
The agreement’s goal is to increase socioeconomic development, reduce poverty, and make Africa more competitive globally.
On March 21, 2018, the AfCFTA agreement was adopted and opened for signature in Kigali, Rwanda. The agreement entered into force on May 30, 2019 and officially commenced on January 2021
Former President Muhammadu Buhari established the National Action Committee on AfCFTA (NAC) in December 2019.
By Adedapo Adesanya
The Nigerian Securities and Exchange Commission (SEC) has fixed January 31 as deadline for all Capital Market Operators (CMOs) to renew their operating licence.
In a circular to the operators on Sunday, the apex regulatory agency in the country’s capital market said the annual registration renewal would last between January 1 and 31, 2025.
SEC said the annual registration renewal enforcement for CMOs was aimed at ensuring that only “fit and proper” persons operate in the capital market, warning that CMOs without valid registration will be penalised and may be excluded from capital market activities.
”This is to inform all CMOs and the general public that the annual renewal of registration of CMOs for the year 2025 will commence from January 01.
“All CMOs applying for renewal are required to include their 2025 annual subscription receipt from their respective trade groups as part of their application.
“In line with the commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for 2025 on or before January 31 via registration renewal portal at www.eportal.sec.gov.ng,” it said.
The commission added that CMOs desiring to make enquiries or get support to complete the process should contact [email protected].
The regulator said it had in 2021 re-introduced periodic registration renewal by CMOs to create a reliable active operators’ data bank in the country’s capital market.
It said the renewal arrangement aimed at updating operators information on capital market for official use by local and foreign investors, other regulatory agencies and the public.
The agency added that the renewals would drastically reduce incidences of unethical practices by CMOs which may affect investors’ confidence and impact the capital market negatively, noting that the exercise will strengthen supervision and monitoring of CMOs by the commission.
By Adedapo Adesanya
The third trading week of 2025 ended on a positive note at the NASD Over-the-Counter (OTC) Securities Exchange, with seven equities on the platform inspiring a 1.24 per cent growth.
Consequently, the market capitalisation of the bourse increased by N21.56 billion during the five-day trading week to N1.075 trillion from the N1.053 trillion quoted in the preceding week (Week 2) as the NASD Unlisted Security Index (NSI) expanded by 37.98 points to 3,111.91 points from the 3,073.93 points it ended in the preceding week.
In the period under review, the volume of transactions went down by 42.1 per cent to 9.45 million units from the 16.30 million units in the previous week, as the value of trades declined by 53.1 per cent to N48.4 million from the N104.11 million, with these transactions completed in 122 deals involving 15 different stocks.
Industrial and General Insurance (IGI) Plc gained 50 per cent in the week to close at 36 Kobo per share versus 34 Kobo per share, Mixta Real Estate Plc increased by 20 per cent to end at N2.58 per unit compared with the previous week’s N2.15 per unit, and Okitipupa Plc rose by 10 per cent to N39.59 per share from N35.99 per share.
Further, UBN Property Plc grew by 10 per cent to N2.20 per unit from N2.02 per unit, Newrest Asl Plc jumped by 9.9 per cent to N31.38 per share from N28.53 per share, FrieslandCampina Wamco Plc surged by 3.7 per cent to N39.65 per unit from N38.22 per unit, and 11 Plc advanced by 0.3 per cent to N256.00 per share from N255.31 per share.
FrieslandCampina Wamco Plc topped the activity chart last week by value with with N0.030 billion, 11 Plc recorded N0.009 billion, Central Security Clearing System (CSCS) Plc raked in N0.004 billion, IGI Plc followed with N0.002 billion, and Geo-Fluids Plc recorded N0.002 billion.
However, IGI Plc was the most traded instrument by volume with 7.5 million units, FrieslandCampina Wamco Plc transacted 0.77 million units, UBN Property Plc recorded 0.38 million, Geo-Fluids Plc traded 0.37 million units, and CSCS Plc posted 0.16 million units.
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