Economy
NGX to Fortify Ties With CIS to Drive Growth, Value Creation in Capital Market
By Aduragbemi Omiyale
The Nigerian Exchange (NGX) Limited has promised to strengthen its ties with the Chartered Institute of Stockbrokers (CIS) to deepen the country’s capital market.
Chairman of NGX, Mr Abubakar Mahmoud, speaking at the closing gong ceremony to commemorate the institute’s 30th anniversary on Monday, praised the organisation for upholding integrity and ethics in the capital market while promoting and protecting the interests of the stockbroking community.
At the event held to also reopen the trading floor of the market, Mr Mahmoud thanked the stockbrokers for their cooperation with the NGX, attributing the successful record of trading with zero downtime to a combination of NGX’s investment drive in technology and the collective agility and collaboration between the Exchange and the stockbroking community.
“Thirty years of excellence is no small feat, and at the Exchange, we recognise the significance of CIS to the capital market as it engenders commitment to the highest standards of service and professionalism. Its advocacy initiatives and support for the stockbroking and investment practice in Nigeria is notable and worthy of celebration.
“Moving forward as the exchange, we plan to leverage our shared history and cordial relationship with CIS to further drive growth and value creation in the capital market. NGX wishes the institute many more years of excellence as it continues to markedly enhance the Nigerian capital market and the broader economy,” he said.
On his part, the Chairman of NGX Group Plc, Mr Umar Kwairanga, noted that it was to the credit of NGX, NGX Regulation, Central Securities Clearing System (CSCS), NGX Group and the stockbroking community that trading flowed seamlessly during the forced closure period.
He, however, said, “I also know how physical interactions matter to us brokers and will continue to make sure that we see the impact of us coming back to the trading floor.
“We are also marking this alongside the ceremony commemorating our 30th anniversary. I hope this is just the beginning of a greater collaboration between brokers, NGX Group as a whole and the capital market.”
The CEO of NGX, Mr Temi Popoola, while also speaking, promised that, “NGX will continue to support the initiatives of the institute and cooperate for the further advancement of the capital market.”
The President and Chairman of the Governing Council of CIS, Mr Oluwole Adeosun, underscored the longstanding relationship between CIS and the exchange, pledging that the institute will continue to cooperate with NGX Group in its new structure.
“A lot has been achieved from the initial foundation built by NGX for CIS. For 32 months, we have been trading seamlessly remotely due to the investments NGX made. We, the operators, express gratitude to the exchange and believe we are definitely poised to achieve more together onward,” he stated.
By Modupe Gbadeyanka
Stakeholders have projected that the maritime law book authored by Mrs Mfon Ekong Usoro will drive judicial and economic reforms in Nigeria.
At the presentation of the book titled International Trade and Carriage of Goods by Sea: Text, Cases, and Materials in Lagos on Tuesday, the piece was described as a timely intervention to strengthen the country’s judicial processes and economic development, particularly in the area of international trade.
The book, which integrates both local and international legal standards, aims to serve as a reference point for legal professionals, regulators, financial institutions and participants in the trade and shipping industries.
The Chief Justice of Nigeria (CJN), Mrs Kudirat Kekere-Ekun, who wrote the forward, said the publication would serve as a foundational text that would enhance the judiciary’s capacity to resolve disputes related to trade and shipping efficiently.
She said the book presents a practical approach to interpreting legal issues around carriage contracts, cargo liabilities and dispute resolution under both local and international frameworks.
“By simplifying complex concepts through case studies, diagrams and statutory references, the book will strengthen the quality of judicial decisions and enhance legal education in this essential sector.
“This text is exactly what our legal system needs. It commands respect for local precedents while drawing on legal judgments from other jurisdictions, guiding our courts to a uniform approach and giving our practitioners the confidence to negotiate, mitigate and arbitrate across borders,” she said.
On his part, the president of the Dangote Group, Mr Aliko Dangote, described the book as essential for businesses operating in global trade.
“This is the kind of resource that improves certainty in commercial transactions and boosts confidence among business operators,” he stated, praising the author’s contribution to trade and legal practice in Nigeria.
The book reviewer, Mr Adedolapo Akinrele (SAN), described the text as a unique, structured resource, citing over 200 cases, extensive chapters and global conventions to illustrate key concepts in maritime and international trade law.
He emphasised its practicality and relevance to both seasoned professionals and new entrants in the legal and commercial sectors.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange made a 0.10 per cent rise on Wednesday, May 7, buoyed by the N1.48 jumped posted by Afriland Properties Plc to close at N16.38 per unit compared with Tuesday’s closing price of N14.90 per unit, and the 2 Kobo price appreciation recorded by UBN Property Plc, closing at N2.00 per share versus the preceding day’s N1.98 per share.
During the trading session, the market capitalisation increased by N1.97 billion to close at N1.927 trillion from the N1.925 trillion quoted at the preceding session and the NASD Unlisted Security Index (NSI) rose by 3.36 points to 3,292.36 points from the previous session’s 3,289.00 points.
Yesterday, FrieslandCampina Wamco Nigeria Plc lost 9 Kobo to close at N38.83 per unit, in contrast to the N38.92 per unit it ended a day earlier.
A look at the activity chart showed that there was a 76.7 per cent fall in the volume of securities transacted in the session to 593,373 units from the 2.5 million units transacted in the previous trading day, there was a 48.6 per cent decline in the value of transactions to N17.9 million from N34.7 million, and there was a 35.7 per cent slump in the number of deals to 27 deals from the 42 deals recorded on Tuesday.
When the bourse ended for the trading day, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with the sale of 533.9 million units worth N520.9 million, trailed by Geo-Fluids Plc with a turnover of 265.7 million units valued at N469.3 million, and Okitipupa Plc with 153.6 million units sold for N4.9 billion.
Also, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units worth N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with a turnover of 19.2 million units sold for N738.1 million, and Impresit Bakolori Plc with 533.9 million units valued at N520.9 million.
By Adedapo Adesanya
The Naira further depreciated against the United States Dollar by 0.22 per cent or N3.55 at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, May 7.
During the trading session, the exchange rate of the domestic currency and the greenback ended at N1,610.46/$1, in contrast to the previous day’s value of N1,606.75/$1.
However, the Nigerian currency traded flat against the Pound Sterling and the Euro in the spot market at N2,137.73/£1 and N1,821.75/€1, respectively at midweek.
In the parallel market, the Naira lost N5 against the Dollar yesterday to settle at N1,20/$1 compared with the N1,615/$1 it was traded a day earlier.
Meanwhile, the cryptocurrency market was bullish on Wednesday following President’s Donald Trump’s announcement of an impending trade with a major country on Thursday, saying the deal will be first of many.
There have been speculation at which country it could be but many have predicted it could be the United Kingdom.
Easing tariffs could soften inflationary pressures and can have ripple effect in investing in crypto, tech, and other assets.
Also supporting rally, improving macroeconomic conditions including falling bond yields and the weakening Dollar.
However, the move comes amid rising political pressure on US leaders to counter China’s growing influence and revive domestic manufacturing.
The news saw Bitcoin (BTC) rising by 2.6 per cent to $99,008.57, as Dogecoin (DOGE) appreciated by 4.9 per cent to sell at $0.1806, and Cardano (ADA) gained 4.4 per cent to trade at $0.7051.
Further, Ethereum (ETH) jumped by 4.3 per cent to $1,908.90, Solana (SOL) improved its value by 3.1 per cent to close at $150.52, Ripple (XRP) expanded by 2.0 per cent to quote at $2.17, Binance Coin (BNB) went up by 1.2 per cent to ended at $611.23, and Litecoin (LTC) recorded a 0.1 per cent rise to finish at $91.66, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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