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Economy

NGX Group Mourns Abimbola Ogunbanjo, Commiserates With Wigwe’s Family

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Abimbola Ogunbanjo NGX Group

By Aduragbemi Omiyale

The Nigerian Exchange Group (NGX Group) Plc has expressed deep sadness over the tragic passing of its former Chairman, Mr Abimbola Ogunbanjo, on Friday night.

The erstwhile chairman of NGX group died in a helicopter accident in the United States of America (USA) alongside his friend, Mr Herbert Wigwe, the Group Managing Director of Access Holdings Plc.

Six persons were said to have died in the tragic plane crash in the US, including the wife and son of Mr Wigwe.

In a statement on Sunday, the chairman of NGX Group, Mr Umaru Kwairanga, said the legacy of his predecessor would continue to inspire those he left behind.

“NGX Group mourns the untimely departure of Bamofin Abimbola Ogunbanjo and Dr. Herbert Wigwe, along with his wife and son.

“Bamofin Ogunbanjo’s leadership has left an indelible mark on our organization and the broader Nigerian financial community, and his legacy will continue to inspire us.

“Dr Wigwe also leaves an unblemished footprint in our private sector. Our thoughts and prayers are with their families during this difficult time. May their souls rest in peace and may the Almighty comfort their families,” he said.

Also, the chief executive of NGX Group, Mr Temi Popoola, said, “The passing of Bamofin Ogunbanjo is a profound loss for NGX Group and the entire Nigerian private sector.

“He played a crucial role in shaping NGX Group, and while he will be sorely missed, his visionary leadership and impact will never be forgotten.

“It is heartbreaking to learn that Dr Wigwe, his wife and son also lost their lives in the accident.

“The contributions of these two respected leaders to the financial markets and the overall private sector will be remembered, and we are committed to preserving their legacy by upholding the principles of leadership, innovation, and dedication that they exemplified.”

Mr Ogunbanjo, a visionary leader and luminary in Nigeria’s corporate legal and capital market spheres, served as the President of the National Council of the Nigerian Stock Exchange (NSE) from 2017 to 2021 and as the first Group Chairman of NGX Group from 2021 to 2022, following the demutualisation of the exchange. His strategic acumen and dedication were instrumental in shaping NGX Group’s transformative journey.

Beyond his role at NGX Group, Mr Ogunbanjo was a distinguished legal practitioner, serving as Managing Partner of Chris Ogunbanjo LP (Solicitors).

He served on the boards of several multinational corporations and non-profit organizations including Beta Glass Plc and the Advisory Board of the University of Buckingham Centre for Extractive Studies.

He also served on the Board of GTL Registrars Limited, AIICO Insurance Plc and ConocoPhillips Limited amongst others.

His contributions to the legal profession and corporate governance were exemplary, earning him widespread respect and admiration.

Economy

Nigerian Stocks Sustain Upward Trend, Close 1.00% Higher

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Nigerian Stocks1

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited further grew by 1.00 per cent on Friday as investors look forward to the rates meeting of the Central Bank of Nigeria (CBN) next week.

The Monetary Policy Committee (MPC) meeting of the CBN begins next Monday and analysts anticipate a rate cut due to the reduction in the country’s inflation rate to 22.22 per cent in June 2025.

At its last meeting in May, the committee retained the Monetary Policy Rate (MPR) at 27.50 per cent to study the markets further.

At the stock market yesterday, investors mopped up financial equities, especially the banking space, with FCMB trading 1.3 billion shares valued at N12.6 billion.

Further, Fidelity Bank transacted 1.2 billion equities worth N23.0 billion, Access Holdings exchanged 113.8 million stocks for N3.1 billion, Chams sold 92.6 million shares valued at N293.9 million, and Zenith Bank traded 50.7 million equities worth N3.7 billion.

At the close of business, the market participants bought and sold 3.4 billion stocks for N62.4 billion in 28,593 deals compared with the 1.2 billion stocks worth N42.8 billion exchanged in 37,418 deals on Thursday, a decline in the number of deals by 23.59 per cent, and a rise in the trading volume and value by 183.33 per cent and 45.79 per cent, respectively.

The trio of NCR Nigeria, Learn Africa, and UPDC chalked up 10.00 per cent each to sell for N6.60, N6.27, and N4.84 apiece, as BUA Cement gained 9.98 per cent to close at N123.40, and Ellah Lakes also appreciated by 9.98 per cent to N10.80.

Conversely, Red Star Express depleted by 9.97 per cent to N12.92, Union Dicon lost 9.62 per cent to finish at N10.80, Academy Press shed 6.67 per cent to quote at N7.00, Sterling Holdings decreased by 4.34 per cent to N6.17, and First HoldCo slumped by 4.10 per cent to N33.95.

The market breadth index was positive during the trading session after the bourse ended with 46 price gainers and 25 price losers, implying a strong investor sentiment.

Business Post reports that the All-Share Index (ASI) increased by 1,301.80 points to 131,585.66 points from 130,283.86 points and the market capitalisation expanded by N823 billion to N83.241 trillion from N82.418 trillion.

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Economy

NASD Index Gains 0.03%

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NASD Unlisted Securities Index

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed the last trading session of the week higher by 0.03 per cent on Friday, July 18.

This was buoyed by the gains recorded by the duo of Central Securities Clearing System (CSCS) Plc and Lagos Building Investment Company (LBIC) Plc.

According to data from the alternative stock exchange, CSCS Plc rose by N4.50 to close at N38.00 per share compared with the preceding day’s N36.80 per share, and LBIC Plc appreciated by 4 Kobo to N3.12 per unit from N3.04 per unit.

However, the price of FrieslandCampina Wamco Nigeria Plc went down by N3.94 to end at N61.00 per share versus Thursday’s value of N64.94 per share, and Acorn Petroleum Plc weakened by 13 Kobo to finish at N1.20 per unit compared with the preceding day’s N1.33 per unit.

At the close of transactions, the market capitalisation of the trading platform surged by N630 million to N2.043 trillion from N2.042 trillion and the NASD Unlisted Security Index (NSI) soared by 1.07 points to 3,488.74 points from the 3,487.67 points it ended a day earlier.

Yesterday, there was a  49,784.9 per cent increase in the volume of securities to 125.9 million units from 252,312 units, just as there was 1,783.6 per cent rise in the value of securities to N125.9 million from N21.4 million, while the number of deals declined by 4 per cent to 24 deals from 25 deals.

Impresit Bakolori Plc was the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.8 million, trailed by Air Liquide Plc with 507.2 million units sold for N4.2 billion, and Geo-Fluids Plc with 277.2 million units traded for N516.3 million.

Okitipupa Plc also remained the most traded stock by value on a year-to-date basis with 153.9 million units transacted for N4.9 billion, followed by Air Liquide Plc with 507.2 million units worth N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 42.3 million units valued at N1.8 billion.

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Economy

Naira Records Marginal 10 Kobo Loss at Official Market

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Naira-Denominated Assets

By Adedapo Adesanya

A marginal loss of 10 Kobo or 0.01 per cent was suffered by the Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, July 18.

According to data obtained from the Central Bank of Nigeria (CBN), the exchange rate closed at N1,533.32/$1 compared with the N1,533.22/$1 it ended on Thursday.

Similarly, the Nigerian currency depreciated further against the Pound Sterling in the official market during the trading session by N3.56 to trade at N2,060.08/£1 compared with the previous day’s N2,056.52/£1 and lost N8.60 against the Euro to finish at N1,785.02/€1 versus the N1,776.42/€1 it was exchanged a day earlier.

The further decline in the local currency came amid concerns about the sustainability of the currency defense strategy of the central bank as well as the weak state of oil earnings, subdued foreign portfolio investment inflows, and uncertainties around external financing.

Meanwhile, there are positives that the Naira may latch onto including improved crude output as well as enhanced foreign portfolio investment (FPI) inflows amid slowdown in import trade-related outflows.

In the black market, the Nigerian Naira closed flat against the Dollar yesterday at N1,535/$1.

The cryptocurrency market succumbed to profit-taking after President Donald Trump fulfilled part of his vow to establish US crypto regulations on Friday, signing legislation into law that formally established rules for stablecoin issuers.

The milestone marked a first step that the digital assets industry hopes will end with the more important regulatory regime governing the wider crypto markets.

The GENIUS Act will now be forwarded to the federal financial and banking agencies that must implement its various provisions. That will include formalizing the definitions for what kind of firms make acceptable issuers of stablecoins.

Litecoin (LTC) dropped 5.9 per cent to sell at $102.48, Cardano (ADA) lost 5.9 per cent to trade at $0.8244, Solana (SOL) declined by 3.8 per cent to close at $176.55, Ripple (XRP) fell by 3.5 per cent to $3.44, Ethereum (ETH) tumbled by 2.2 per cent to $3,575.00, Binance Coin (BNB) depreciated by 1.9 per cent to $732.95, and Bitcoin (BTC) slumped by 1.8 per cent to $118,218.96.

However, Dogecoin (DOGE) jumped by 1.8 per cent to $0.2511, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

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