Economy
NGX Gives Investors Deadline to Disclose Substantial Interests in Listed Firms
By Aduragbemi Omiyale
Investors have been given not less than 10 business days to disclose their substantial interests in listed firms to reduce the distortion of companies’ public information and market data.
This ultimatum was given by the Nigerian Exchange (NGX) Limited, which emphasised that sudden announcements of previously undisclosed interests breach its rules as well as other extant market laws.
In a statement, the bourse said that it was mindful of an upcoming trend by investors, adding that the disclosure obligations are provided under the exchange’s rules, the Companies and Allied Matters Act (CAMA), 2020, and the Consolidated Rules and Regulations of the Securities and Exchange Commission (SEC), 2013.
Specifically, Rule 17.13: Disclosure of Changes in Beneficial Ownership of Shares, Rulebook of the Exchange, 2015 (Issuers’ Rules) requires every issuer to notify NGX immediately on any transaction that brings the beneficial ownership in the company’s shares to five per cent or more not later than ten business days after such transaction.
“We also wish to reiterate the provisions of Rule 2.2 of NGX’s Rules Governing Free Float Requirements, which provides as follows: Each Issuer shall incorporate in its half-year financial statement filed with the exchange its shareholding pattern and also indicate whether or not its free float is in compliance with the Exchange’s free float requirements for the Board on which it is listed.
“In making the requisite disclosures to the Exchange, listed companies are required to state in detail the different categories of owners of their shares, including directors, substantial shareholders, influential shareholders and other Insiders, indicating whether the holding is direct or indirect. This disclosure is also required during the annual report filings of all listed companies,” the statement clarified.
It added that the substantial shareholders and high-net-worth investors have an obligation to be vigilant by monitoring their holdings, especially where their shares are held in different accounts and make honest disclosures in that regard.
According to NGX, this is to avoid breaching the disclosure obligations where the five percent reporting threshold is reached, creating the risk of failure of compliance.
“An investor who chooses to consolidate his/her holdings must comply with the aforementioned disclosure requirements immediately his/her combined holdings in an Issuer the five (5) per cent threshold,” it stated.
In view of the foregoing, the Exchange wishes to highlight options available to investors in the Nigerian capital market desirous of consolidating their holdings in an orderly and compliant manner.
These options include the NGX Nominal Transfer Window; CSCS consolidation of accounts with different permutations of investor names, and SEC-approved forbearance window on multiple applications.
NGX thereafter said upon receiving appropriate guidance in that regard, investors may adopt any of the above options to consolidate their holdings to ensure compliance with the relevant laws, rules and regulations.
By Adedapo Adesanya
The federal government has inaugurated the Governing Board of the Nigeria Commodity Exchange (NCX) to strengthen commodity trading and accelerate Nigeria’s transition to a non-oil, export-driven economy.
The Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, who inaugurated the board on Thursday in Abuja, said it was part of efforts to modernise commodity markets and boost export competitiveness.
According to her, the initiative seeks to formalise commodity trade and unlock value in agriculture and solid minerals, supporting the government’s agenda on diversification, job creation and food security.
The minister described the development as a major step toward repositioning Nigeria in regional and global markets.
She noted that Nigeria’s vast resources and access to over 1.4 billion consumers under the African Continental Free Trade Area (AfCFTA) present significant export opportunities.
She emphasised the need to address poor traceability, informal trading systems and infrastructure gaps affecting commodity markets.
Mrs Oduwole said the reactivation of the exchange would strengthen transparency, standardise trading and improve price discovery.
She added that the NCX would attract investment into market infrastructure and help Nigerian commodities meet international export standards.
On his part, the Permanent Secretary of the ministry, Mr Chris Isokpunwu, described the inauguration as a landmark step in strengthening Nigeria’s commodity export ecosystem.
Mr Isokpunwu, represented by the Director of the Commodity Exchange Department of the ministry, Mr Obasi Edozie, urged the newly inaugurated board to discharge their duties with diligence and professionalism.
He assured the board of the ministry’s support toward achieving measurable economic outcomes.
Mr Abubakar, Chairman of the governing board, pledged the board’s commitment to repositioning the exchange as a globally competitive trading platform.
He listed priorities to include strengthening governance, upgrading warehouses and digital trading systems and building capacity for farmers and market operators.
He also emphasised the need to deepen partnerships with financial institutions and international commodity markets.
“The inauguration underscores the Federal Government’s commitment to repositioning the NCX to drive export growth, rural prosperity and sustainable economic development.”
**Revokes Trading Licences of LMB, Platinum Stockbrokers
By Aduragbemi Omiyale
A stockbroking company, Premium Capital and Stockbrokers Limited, has been fined N5 million for engaging in “unauthorised sale of its clients’ securities.”
A circular issued by the Nigerian Exchange (NGX) Regulation Limited disclosed that the trading licence of the organisation has also been revoked.
In the notice signed by the Head of Market Regulation for NGX RegCo, Chinedu Akamaka, Premium Capital violated Rule 11.9 of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules), which focuses on the Prohibition of Unauthorised Sale of Securities.
Business Post reports that Premium Capital was not the only stockbroker that had its trading licence withdrawn, as it also affected others.
The licence of LMB Stockbrokers Limited was revoked by NGX RegCo for prolonged inactivity, which falls contrary to Rule 6.4: Revocation of Inactive Dealing Members’ Licences, Rulebook of The Exchange, 2015 (Dealing Members’ Rules), as amended.
The same also affected Platinum Stockbrokers Limited, which has not witnessed activity on the floor of the NGX Limited for a while.
Similarly, the authorised dealing clerkship of Mr Bernard Oluwole Ilori, was taken back with immediate effect in alignment with an earlier determination by the Securities and Exchange Commission’s (SEC) Administrative Proceedings Committee (APC), which arose from his involvement in regulatory infractions connected to Mutual Alliance Investment and Securities Limited and resulted in his 10-year ban from the Nigerian capital market since March 25, 2021.
Investors have been “strongly advised not to engage in any activity with the firms” whose trading licenses have been revoked.
By Aduragbemi Omiyale
The securities of DN Tyre and Rubber Plc, and Greif Nigeria Plc have been delisted by the regulatory arm of the Nigerian Exchange (NGX) Group Plc, NGX Regulation Limited.
A statement signed by the Head of the Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, said the delisting became effective on Thursday, April 9, 2026.
In the notice issued yesterday, it was further disclosed that the action complied with the provisions of Clause 14 of the Amended Form of General Undertaking, for Listing on Nigerian Exchange Limited General Undertaking.
According to this clause, “The exchange reserves the right to, at its sole and absolute discretion, suspend trading in any listed securities of the Issuer, delist such securities, or remove the name of the issuer (listed company) from the daily official list of the exchange with or without prior notice to the issuer, upon failure of the issuer to comply with any one or more of the provisions of this General Undertaking, or when in its sole discretion, the exchange determines that such suspension of trading or delisting is in the public interest, or otherwise warranted.”
It was explained that the shares of the two firms were delisted because they fell below the listing standards.
“The securities of DN Tyre and Rubber Plc and Greif Nigeria have been delisted from the facilities of Nigerian Exchange Limited (NGX) effective Thursday, April 9, 2026, on the grounds that the companies are operating below the listing standards of NGX and their securities are no longer considered suitable for continued listing and trading in the market,” the disclosure noted.
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