Economy
Nigerian Stocks Shed 0.29% as Investors React to News of Emirates’ Inability to Move Funds

By Dipo Olowookere
Investors at the Nigerian Exchange (NGX) Limited, especially the foreign portfolio investors (FPIs), reacted negatively to a shocking revelation that Emirates Airlines would be suspending its operations in Nigeria from next month because of its inability to repatriate about $85 million trapped in the country due to the foreign exchange (FX) crisis in Nigeria.
The news broke in the morning, just before proper trading activities resumed on the floor of the exchange and this triggered panic selling of Nigerian stocks during the trading day.
Nigeria has struggled to meet forex requests of users because of a shortage in supply despite the rise in the price of crude oil. The nation has not been able to earn more from crude oil sales due to theft and corruption.
On Thursday, the domestic stock market further depreciated by 0.29 per cent on the back of profit-taking in almost all the key sectors of the bourse.
Only the banking sector closed in the green territory by 0.18 per cent as the insurance space lost 1.41 per cent, the industrial goods counter depreciated by 0.51 per cent, the consumer goods index fell by 0.33 per cent, while the energy counter declined by 0.10 per cent.
Consequently, the All-Share Index (ASI) depleted by 144.79 points to 49,546.38 points from 49,691.17 points, while the market capitalisation shed N78 billion to close at N26.724 trillion verse N26.802 trillion in the earlier session.
Business Post reports that investor sentiment was strongly weak yesterday as the stock exchange ended with 24 depreciating stocks and 12 appreciating equities due to the disturbing development.
NEM Insurance lost 9.98 per cent to trade at N3.97, Okomu Oil depreciated by 9.96 per cent to N195.30, University Press went down by 9.91 per cent to N1.91, Lasaco Assurance shed 9.57 per cent to sell for N1.04, while Multiverse weakened by 8.70 per cent to N2.10.
On the flip side, FTN Cocoa gained 10.00 per cent to close at 33 Kobo, Regency Assurance rose by 8.70 per cent to 25 Kobo, Prestige Assurance improved by 8.33 per cent to 52 Kobo, Red Star Express climbed higher by 5.88 per cent to N2.70, while Caverton increased by 3.96 per cent to N1.05.
During the session, a total of 147.0 million stocks worth N2.7 billion were traded in 3,180 deals as against the 128.8 million stocks worth N4.1 billion traded in 3,492 deals a day earlier, representing an increase in the volume of transactions by 14.13 per cent, a decline in the value of trades by 35.75 per cent and a reduction in the number of deals by 8.93 per cent.
A breakdown showed that FBN Holdings accounted for 39.0 million units valued at N431.9 million, UBA contributed 13.0 million units worth N91.2 million, Access Holdings recorded 10.2 million units worth N84.4 million, GTCO sold 6.5 million units for N132.2 million, while Stanbic IBTC transacted 6.2 million units worth N172.9 million.
Economy
SEC Suspends Centurion Registrars for Capital Market Infractions

By Adedapo Adesanya
The Securities and Exchange Commission (SEC) has announced the suspension of Centurion Registrars Limited, including its directors and sponsored individuals from the capital market.
The suspension was announced by the commission in a statement titled Additional Enforcement Measures on Erring Capital Market Operators.
The SEC stated, “All clients of Centurion Registrars are advised to contact Africa Prudential Plc for guidance.”
This is not the first time Centurion Registrars has had issues with the Nigerian government as it was convicted in 2022 by a Special Offences Court in Lagos over fraud involving N206.5 million stocks after it was arraigned by the Economic and Financial Crimes Commission (EFCC).
The latest action of the SEC on the company is part of the agency’s broader efforts in 2025 to crack down on capital market operators it deems illegal to sanitise the investment environment in Nigeria.
Recall that the regulator revoked the registration of Mainland Trust Limited as a capital market operator, citing regulatory non-compliance and outstanding complaints against the company.
In a related development, the commission also said it would publish the names of Capital Market Operators who violate market regulations in its Name and Shame journal.
The SEC said the decision reflects a zero-tolerance policy for infractions in the capital market and aligns with newly revised enforcement strategies.
According to the notice, “The publication will be in addition to the sanctions and penalties for the respective infractions prescribed in the ISA 2007 and the SEC rules and regulations.”
Business Post had reported that the SEC listed mainstreaming the Nigerian capital market into the economy as its top priority in 2025.
Mr Emomotimi Agama, the Director General of SEC, said this in his New Year 2025 message to the capital market community on Monday.
He also said the commission would intensify efforts to eliminate Ponzi and pyramid schemes, thereby fostering an environment for genuine investment opportunities to thrive in 2025.
He said that protecting investors remained a cornerstone of the commission’s mission.
Mr Agama also said that the commission would prioritise key initiatives aimed at deepening market integrity, enhancing investor confidence and driving economic growth.
Economy
MTN Anticipates Higher Earnings from Nigerian Operations After Tariff Hike

By Adedapo Adesanya
The MTN Group expects its Nigerian subsidiary, MTN Nigeria Plc, to witness a significant increase in revenue after the federal government, through the Nigerian Communications Commission (NCC), approved a 50 per cent hike in tariffs for data, voice, and SMS.
In a statement on Monday, the telecommunications group said it experienced increases across its service revenue, earnings, cash flow and leverage all improved in the second half of last year.
However, across the entire Africa spread, it reported a loss after tax of 11.2 billion Rand for its 2024 financial year, a significant decline from the 4 billion Rand profit in 2023, attributing this to the devaluation of the Naira and impairments relating to the conflict in Sudan.
Meanwhile, service revenue rose by 14 per cent in constant-currency terms but was down 15 per cent in reported Rand terms.
According to the numbers, MTN Nigeria’s service revenue was up by 35.6 per cent and is expected to increase in 2025 after tariff adjustments were implemented in February 2025.
Recall that following the approval granted by the Nigerian Communications Commission (NCC) in January, MTN revised prices last month, even going beyond the approved 50 per cent in some of its increments.
For internet data, MTN’s 1.8GB monthly plan is now 50 per cent higher than the previous rate at N1,500. Before now, the package was 1.5GB priced at N1,000.
In addition, the company has raised its 15GB plan to N6,500 from N4,500, while its 20GB plan has been adjusted to N7,500, up from N5,500.
Customers who use larger bundles will pay more comparatively as the 365-day 1.5TB plan jumped by 60 per cent from N150,000 to N240,000, and the 600GB 90-day plan also increased by 60 per cent from N75,000 to N120,000.
In Nigeria, the group said it renegotiated tower lease contracts, which allowed MTN Nigeria to better manage adverse macroeconomic impacts on the business.
“This underscores our dedication to transformation and creating shared value and remains integral to our future success,” the MTN Group President and CEO, Mr Ralph Mupita said.
Economy
NECA Kicks Against Hike in Private Firms Levies

By Adedapo Adesanya
The Nigeria Employers’ Consultative Association (NECA) has condemned the Financial Reporting Council of Nigeria over the imposition of high annual dues on private and non-quoted companies.
According to a statement, NECA warned that the move could cripple businesses and stifle economic growth, noting that the new policy significantly increased the annual dues of private firms from N1 million to as high as N100 million, depending on their turnover.
“This outcry follows the implementation of the Financial Reporting Council Amendment Act 2023 (FRC Act), which expanded the scope of companies under the FRC’s regulatory oversight,” the statement said.
Business Post reports that publicly listed companies’ dues remain capped at N25 million.
In a statement, NECA’s Director-General, Mr Adewale-Smatt Oyerinde, denounced the move as unjust and contradictory to the federal government’s efforts to enhance Nigeria’s business environment, attract investment, and create jobs.
He warned that the increased financial burden on private firms, already struggling with multiple taxation, regulatory bottlenecks, and rising operational costs, could force many to shut down or downsize.
“This policy is a direct contradiction to the Ease of Doing Business agenda and sends a negative signal to investors,” Mr Oyerinde stated.
“Many companies, especially in manufacturing, trading, and essential services, operate on thin margins. Adding such arbitrary financial demands increases the risk of layoffs, business closures, and an economic downturn,” he added.
Mr Oyerinde further noted that regulatory unpredictability discourages both local and foreign investments, weakening Nigeria’s global competitiveness.
“If regulatory agencies can impose arbitrary levies without due consultation, it erodes investor confidence and pushes businesses to the brink,” he added.
NECA urged the federal government and the National Assembly to immediately suspend the enforcement of the new levies and revert to the previous N1 million fee structure pending a comprehensive review.
Mr Oyerinde also called for an urgent legislative amendment to the FRC Act to eliminate ambiguities and ensure fair and transparent oversight.
He called for dialogue between the federal government, the Ministry of Industry, Trade and Investment, and key stakeholders, including NECA, the Manufacturers Association of Nigeria (MAN), and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), to establish a more sustainable and justifiable compliance framework.
“The private sector is the backbone of our economy, and policies that hinder its growth will ultimately harm national development. The government must prioritize economic sustainability over excessive regulation.
“With growing discontent from businesses over multiple taxation and excessive levies, pressure is mounting on the federal government to reconsider the FRC’s new financial demands to avoid worsening Nigeria’s already fragile economic climate,” Mr Oyerinde warned.
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