Economy
Nigerian Stock Exchange Fines 11 Companies N48m for Infractions
By Dipo Olowookere
A total of 11 companies listed on the Nigerian Stock Exchange (NSE) have been sanctioned and asked to pay fines to the tune of N48 million in the first eight months of this year.
Most of the infractions committed by the affected firms were on the late submission of their financial statements to the exchange for the use of the investing public.
According to data obtained by Business Post from the NSE over the weekend, the first company to get into the book of wrongdoers was Access Bank Plc.
The lender was slammed with a fine of N2.2 million for N2.2 million for unauthorised publication of notice of board meeting and closed period. The issue involved the bank announcing a closed period and later cancelled it. When the closed period was reversed, its group managing director, Mr Herbert Wigwe, traded some of his shares in the company and this created rancour in the market.
Another company fined by the stock exchange was Greif Nigeria and this was for submitting its audited 2019 results for the year ended October 2019 in February 2020. The firm received a fine of N500,000 for this action.
Also, Deap Capital Management & Trust, which has its fiscal year ending in September, failed to file its audited 2019 reports on time and it was fined N3.8 million after doing the right thing in February, which the NSE believed was the wrong time. In addition, it received another N1.7 million fine for releasing its Q2 2020 results in July 2020, amounting to a total fine of N5.5 million.
Furthermore, Thomas Wyatt Nigeria received a fine of N700,000 for filing its third-quarter results for 2019 in February 2020, while Ellah Lakes was knocked with a N200,000 hammer for submitting its 2020 second-quarter results in March 2020.
In the period under review, African Alliance Insurance was punished by the NSE for filing its 2019 audited reports in July and this came with a N3.2 million fine. The underwriting firm was further fined N2.5 million for late submission of its first-quarter results for 2020, which it eventually did in July and another N400,000 for filing its Q2 2020 earnings in August.
Also, Conoil was hit with a sanction worth N400,000 for filing its Q2 2020 results in August.
Business Post reports that the NSE fined Universal Insurance N3.2 million for submitting its Q1 2020 earnings in July, another N3.2 million for submitting its Q1 2020 earnings in July and N400,000 for filing the Q2 2020 results in August.
Another company in the bad books of the NSE in the first eight months of 2020 was LASACO Assurance, which was fined N4.4 million for late submission of its audited 2019 reports. it got an additional N4.4 million fine for late filing of its first quarter of 2020 earnings and N1.7 million for filing the second quarter of 2020 earnings late. All the three results were submitted by the firm to the exchange in August.
Also, eTranzact International was slapped with a N1.9 million fine in the period under consideration for releasing its Q2 2020 earnings in August, while Royal Exchange was fined N5.4 million for filing its audited 2019 results in February, another N5.4 million for submitting its Q1 2020 earnings in February and N2.6 million for releasing its Q2 2020 results in August, amounting to a total of N13.4 million fine.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn

2 Comments