Economy
NGX RegCo Rewards Airtel, Seplat, Others for Excellence in Corporate Reporting
By Aduragbemi Omiyale
On Friday, May 17, 2024, the Nigerian Exchange Regulation Limited (NGX RegCo) rewarded some companies for transparency and excellence in corporate reporting.
Business Post reports that Dangote Cement secured the top position across all three categories, earning the Platinum award alongside the best-in-class award of excellence in corporate governance.
Airtel clinched the gold award, securing the second position and the best-in-class award of excellence in financial reporting for the period under review.
Seplat Energy was honoured with the Silver award while also receiving the best-in-class award for excellence in sustainability reporting.
The maiden corporate reporting award was held in collaboration with the Institute of Chartered Accountants of Nigeria (ICAN).
The awards underscored both organization’s shared commitment to fostering transparency, accountability, and international best practices within the private sector. Evaluation criteria included financial reporting, corporate governance, and sustainability reporting.
Speaking at the event, the president of ICAN, Mr Innocent Okwuosa, commended NGX RegCo for ensuring better disclosures and reporting among listed companies.
He noted that corporate reporting had evolved over the years from the time that most of its content focused on financial reporting to when there emerged the clamour for incorporation of social and environmental disclosures.
He emphasized the evolution of corporate reporting over time, highlighting the shift from a primary focus on financial reporting to the increasing request to incorporate social and environmental disclosures.
“The latter has evolved and has been differently propagated including but not limited to Environmental Social and Governance (ESG) disclosure and of late sustainability disclosures,” he noted.
Mr Okwuosa added that good corporate reporting must reflect the best elements in corporate governance, financial, and sustainability reporting, highlighting that the maiden edition is limited to NGX-30 companies for ease of administration and will be extended to all the listed companies in the future.
In his welcome address, the chief executive of NGX RegCo, Mr Olufemi Shobanjo, highlighted that “without a doubt, transparency is one of the key drivers of any economy. It ensures full disclosure of information by entities and that such information is easily accessible to members of the public to make informed decisions.
“Over the years, there has been an evolution in the type and quality of information demanded, driven by heightened expectations from investors, decision-makers, and society as a whole.”
He added that “while financial reports remain at the forefront of information required by stakeholders, the concept of Environmental, Social and Governance (ESG) considerations has become an area of increasing interest to both public and private sector stakeholders”.
Mr Shobanjo attributed this to the interplay between ESG and key issues such as sustainable development, corporate governance, climate change, stakeholder engagement, and community relations amongst a myriad of other issues.
“Stakeholders are beginning to demand more accountability, and companies are required to think beyond just profitability by expanding their scope to include the ethical impacts that their operations have on society or communities within which they operate.”
He concluded that “as a self-regulatory organization, NGX Regulation remains committed to ensuring that the expectations of investors and other stakeholders regarding access to quality information are met.”
By Adedapo Adesanya
The federal government, states and the Local Government Councils have received a sum of N1.928 trillion from the revenue generated in November 2025 by the federation.
According to a statement by the Federation Account Allocation Committee (FAAC), the earnings were shared at the December 2025 FAAC meeting held in Abuja, where the total distributable revenue comprised statutory revenue of N1.403 trillion, Value Added Tax (VAT) revenue of N485.838 billion, and Electronic Money Transfer Levy (EMTL) revenue of N39.646 billion.
It was disclosed that total gross revenue of N2.343 trillion was available in the month of November 2025, with N84.251 billion deducted for cost of collection and N330.625 billion for total transfers, interventions, refunds and savings.
FAAC stated that gross statutory revenue of N1.736 trillion was received for the month of November 2025, lower than the N2.164 trillion received in the month of October 2025 by N427.969 billion.
Gross revenue of N563. 042 billion was available from VAT in November 2025, lower than the N719.827 billion available in the month of October 2025 by N156.785 billion.
In November 2025, Excise Duty increased moderately while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), CIT on Upstream Activities, Companies Income Tax (CIT), CGT and SDT, Oil & Gas Royalties, Import Duty, CET Levies, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Fees recorded substantial decreases.
From the N1.928 trillion total distributable revenue, the federal government got N747.159 billion, the state governments received N601.731 billion, and the local councils shared N445.266 billion, while N134.355 billion was given to benefiting states as 13 per cent of mineral derivation.
On the N1.403 trillion distributable statutory revenue, the national government received N668.336 billion, the 36 states got N338.989 billion, and the LGAs received N261.346 billion, and N134.355 billion shared as 13 per cent of mineral revenue.
In addition, from the N485.838 billion distributable VAT revenue, the central government got N72.876 billion, the state governments shared N242.919 billion, and the local councils shared N170.043 billion.
Further, N5.947 billion was taken by the federal government from the N39.646 billion EMTL, the states shared N19.823 billion, and the councils received N13.876 billion.
By Adedapo Adesanya
The duo of Golden Capital Plc and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.04 per cent on Monday, December 15.
This pulled down the NASD Unlisted Security Index (NSI) by 1.37 points to 3,599.06 points from last Friday’s 3,600.43 points and the market capitalisation lost N820 million to close at N2.153 billion compared with the preceding session’s N2.154 trillion.
Golden Capital Plc depleted by 94 Kobo to end at N8.51 per share compared with N9.45 per share and FrieslandCampina Wamco Nigeria Plc depreciated by 63 Kobo to sell at N59.60 per unit versus N60.23 per unit.
During the session, the volume of securities traded at the session slumped by 98.4 per cent to 600,402 units from 37.4 million units, the value of securities fell by 99.8 per cent to N7.8 million from N4.9 billion, and the number of deals shed 36.4 per cent to 21 deals from 33 deals.
At the close of trades, Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value with a year-to-date sale of 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units worth N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with the sale of 1.2 billion units for N420.3 million, and Impresit Bakolori Plc with 537.0 million units traded for N524.9 million.
By Adedapo Adesanya
The Naira opened the week positive as it appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 15 by N2.68 or 0.18 per cent to close at N1,451.82/$1 compared with the preceding session’s N1,454.50/$1.
The local currency also saw a positive movement against the Pound Sterling in the official market yesterday as it gained N2.17 to close at N1,943.98/£1 compared with last Friday’s N1,946.15/£1 and added 72 Kobo on the Euro to close at N1,705.74/€1 versus the previous session’s closing price of N1,706.46/€1.
At the GTBank FX counter, the Naira improved its value against the greenback by N3 to settle at N1,460/$1 versus N1,463/$1 but depreciated in the parallel market by N5 to sell for N1,475/$1 compared with the preceding session’s N1,470/$1.
The appreciation of the local currency in the other segments came even as foreign exchange inflows through the Nigerian Foreign Exchange Market declined to $716.3 million from $844.7 million in the preceding week, according to a report by the Coronation Merchant Bank Research Department.
Also, foreign exchange market reforms continue to lead to positive outcomes with Nigeria recording expanding merchandise trade and a steady build-up of its trade surplus in the last six years.
Nigeria’s headline inflation rate eased to 14.45 per cent in November 2025, down from 16.05 per cent recorded in October, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday.
The bureau stated that the figure represents a decrease of 1.6 percentage points month-on-month and marks a significant moderation compared to the same period last year.
Meanwhile, the cryptocurrency market weakened as investors pulled back ahead of key US economic data extending losses as year-end caution builds.
Broader indicators suggest the market is entering a deeper corrective phase ahead of Tuesday’s November US jobs report, which is expected to show a cooling labour market.
Ethereum (ETH) slumped by 5.9 per cent to $2,941.92, Ripple (XRP) depreciated by 5.3 per cent to $1.89, Cardano (ADA) declined by 4.9 per cent to $0.3839, and Dogecoin (DOGE) dropped 4.8 per cent to $0.1299.
Further, Litecoin (LTC) went down by 1.9 per cent to $77.63, Solana (SOL) decreased by 3.7 per cent to $127.11, Bitcoin (BTC) lost 3.5 per cent to sell at $86,436.88, and Binance Coin (BNB) fell by 2.7 per cent to $863.78, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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