Economy

Nigeria Needs Vibrant Capital Market to Sustain Growth—Onyema

Published

7 years ago

02/12/2019

By Modupe Gbadeyanka

Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, has stressed the importance of a solid and vibrant capital market ecosystem to the growth of any nation.

The head of the country’s stock market regulator, speaking last Friday in Lagos at a forum for consumers goods sector, noted that efforts must be made to support the industry through a sustainable finance system.

“It is my strong belief that one of the things that Nigeria, and indeed Africa, needs to sustain its growth, is a solid and vibrant capital market ecosystem that will attract investment and unlock the potential that exists in the economy,” Mr Onyema said in his opening speech at the interactive session themed The Role of the Capital Market in Unlocking Value in the Consumer Goods Sector.

At the event, which had over 500 industry stakeholders in attendance, Mr Onyema further said, “There is considerable opportunity for the consumer goods sector to contribute to Nigeria’s sustainability agenda by tapping into the green and sustainable finance market.”

According to him, “This represents a new stage in the development of the Nigerian capital markets and opens the way to expanded international investments.”

“The NSE is playing a key role to help develop this enormous opportunity for Nigeria and fulfil one of our key objectives as a member of the UN Sustainable Stock Exchange Initiative,” he declared.

Minister of Minister of Industry Trade & Investment, Mr Niyi Adebayo, who was represented by the Permanent Secretary, Mr Edet Sunday Akpan, commended the leadership of NSE for the critical role in the economy by providing businesses with access to long-term funding and providing platforms to drive continuous discussions amongst industry players, policymakers and the government.

Mr Adebayo said government was committed to creating an enabling environment for business to thrive, noting that, “The work done in the area of ease of doing business has resulted in the country’s move from 145th in the World Bank’s Ease of doing business report to the 131st position in 2019. This progress was due to reforms initiated and implemented by the Nigerian Government to provide an enabling environment for businesses to thrive.”

Other speakers at the event lauded the stock exchange for organising such forum, where stakeholders can rub minds together to chart a way forward for the consumers good sector, which they described as very vital to the economy, which is seeking to diversify into the non-oil industry.

some of these persons were the acting Director-General of Securities and Exchange Commission (SEC), Ms Mary Uduk; Executive Chairman of Federal Inland Revenue Service (FIRS), Babatunde Fowler; Managing Partner at Udo Udoma & Belo-Osagie, Aniekan Ukpanah; CEO of Nigerian Breweries, Mr Jordi Borrut Bel; Director Registrar & Regulation Affair at the National Agency for Food and Drug Administration and Control (NAFDAC), Dr Monica Hemben Eimunjeze; amongst many others.

Economy

Dangote Values Refinery at $39bn, Seeks $1bn in Private Placement

Published

6 hours ago

11/06/2026

Adedapo Adesanya

By Adedapo Adesanya

Dangote Petroleum Refinery is seeking to raise about $1 billion through a private placement that values the company at $39.1 billion.

According to reports, the refinery is offering 3 billion ordinary shares at $0.35 per share. Investors must subscribe for at least 1 million shares, equal to $350,000, with additional subscriptions accepted in multiples of 500,000 shares. The shares will be subject to a 365-day lock-up period from allotment.

It was reported that demand for the offer has already exceeded $2 billion, suggesting that the placement may be oversubscribed.

The operation is already attracting the interest of local investors. Recall that Nigerian billionaire, Mr Femi Otedola, has committed $100 million, while Afrobeats superstar, Mr David Adeleke, popularly known as Davido, also announced he would participate.

The proceeds will be used for expansion projects and general corporate purposes as the refinery deepens its role in Nigeria’s fuel supply market.

The facility has a nameplate capacity of 650,000 barrels per day and began fuel production in 2024. It produces diesel, aviation fuel, naphtha and premium motor spirit.

Standard Bank Group has also said it plans to play a leading role in the refinery’s future public listing, after the facility completed test runs at 700,000 barrels per day. It aims to reach 1.4 million barrels per day by 2028.

The fundraising is likely to renew expectations of a future public listing with a major stakeholder, Mr Aliko Dangote, saying the refinery could be listed, though no timeline was disclosed in the memorandum.

The current placement is seen as an early step that could expand ownership ahead of any future initial public offering (IPO).

Mr Dangote plans to sell between 5 and 10 per cent of the refinery on five major African exchanges: the Nigerian Exchange (NGX), the Johannesburg Stock Exchange (JSE), the BRVM, the Nairobi Securities Exchange (NSE) and the Ghana Stock Exchange (GSE).

It has appointed Stanbic IBTC Capital, Vetiva Capital Management and FirstCap to lead the planned initial public offering of its refinery business on the Nigerian Exchange.

Economy

Investors Lose N3.1bn as NASD Exchange Remains Red

Published

9 hours ago

11/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange entered a third straight day of losses after it fell by 0.12 per cent on Wednesday, June 10.

The depletion trimmed the market capitalisation further by N3.1 billion to N2.590 trillion from N2.593 trillion, and cut the NASD Unlisted Security Index (NSI) by 5.19 points to 4330.12 points from 4,335.31 points.

11 Plc lost N22.21 during the session to finish at N221.00 per share versus the previous day’s N243.21 per share, MRS Oil Plc depreciated by N6.90 to N158.10 per unit from N165.00 per unit, and Central Securities Clearing System (CSCS) Plc decreased by N2.81 to N78.32 per share from N81.13 per share.

On the flip side, FrieslandCampina Wamco Nigeria Plc went up by N9.27 to N183.08 per unit from N173.81 per unit, Nitrox Industrial Gases Plc added N1.92 to its value to close at N23.80 per share compared with the preceding day’s N21.88 per share, and Food Concepts Plc gained 10 Kobo to exchange at N2.58 per unit, in contrast to Tuesday’s closing price of N2.48 per unit.

At the close of business, the volume of securities traded by investors contracted by 92.6 per cent to 117,374 units from 1.6 million units, and the value of securities moderated by 80.5 per cent to N12.2 million from N62.3 million, while the number of deals increased by 4.9 per cent to 43 deals from 41 deals.

Great Nigeria Insurance (GNI) Plc finished the day as the most traded stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units traded for N6.5 billion, and CSCS Plc with 65.2 million units exchanged for N4.4 billion.

GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million

Economy

Naira Crashes to N1,362.05/$1 at Official Window After N1.50 Loss

Published

10 hours ago

11/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira fell against the United States Dollar by N1.50 or 0.11 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to sell at N1,362.05/$1 on Wednesday, June 10, compared with the N1,360.55/$1 it traded on Tuesday.

Also, the local currency lost N4.33 against the Pound Sterling in the official window yesterday to trade at N1,827.33/£1 versus the preceding day’s N1,823.00/£1, and depreciated against the Euro by N1.74 to quote at N1,575.35/€1, in contrast to N1,573.61/€1 of the previous session.

However, at the GTBank forex desk, the Naira gained N3 against the US Dollar to sell at N1,370/$1 versus N1,373/$1, and at the parallel market, it remained unchanged at N1,380/$1.

Updated data from the Central Bank of Nigeria (CBN) showed that foreign reserves surged further due to additional inflows from various sources. Nigeria’s gross external reserves increased to $50.439 billion, its highest level since March 2026, reflecting sustained inflows from oil revenue and other FX sources.

Also, the International Monetary Fund (IMF) has said increased confidence in the Naira, supported by lower and more stable inflation, would encourage households, businesses and investors to hold more local currency assets and reduce reliance on foreign currencies.

The global lender, in a recent assessment, stressed the importance of strengthening the CBN’s operational framework and aligning liquidity management operations more closely with monetary policy objectives.

In the cryptocurrency market, there were recoveries from recent losses as US headline inflation rose an expected 0.5 per cent in May, but the beat on the core rate — which cuts out food and energy costs — pleased markets. The core rate, though, rose just 0.2 per cent in May against forecasts for 0.3 per cent.

The print reinforces the view that the US Federal Reserve will keep interest rates at 350-375 basis points at its June 17 meeting, but is likely to increase rates by 25 basis points by the end of the year.

Cardano (ADA) went up by 2.4 per cent to $0.1647, Bitcoin (BTC) rose by 2.3 per cent to $62,794.09, Binance Coin (BNB) jumped 1.8 per cent to $596.23, Ethereum (ETH) grew by 1.7 per cent to $1,658.12, and Solana (SOL) also soared by 1.7 per cent to $65.23.

Further, Dogecoin (DOGE) appreciated by 1.5 per cent to $0.0849, Ripple (XRP) expanded by 0.4 per cent to $1.11, and TRON (TRX) increased by 0.05 per cent to $0.3218, while the US Dollar Tether (USDT) lost 0.10 per cent to close at $0.9989, and the US Dollar Coin (USDC) declined by 0.01 per cent to $0.9997.