Economy

NSE Angry With Stockbrokers Over Unauthorised Trading

Published

6 years ago

04/02/2020

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) has vehemently kicked against the granting of access to unauthorised persons to its trading facilities by some brokerage companies.

In a circular to stockbroking firms on Monday, the stock exchange reminded those allowing this unlawful act that there is a rule against such, warning them to desist from it or be sanctioned.

The NSE said only authorised employees of stockbroking companies are allowed to use its trading platforms and are not permitted to share their log-in details and passwords with any other person.

“Further to the circular referenced NSE/LARD/BDR/CIR5/15/03/06, dealing members are hereby reminded of certain provisions in the Rulebook of the Nigerian Stock Exchange, 2015 (Dealing Members Rules) and its relevant amendments, which prohibit the sharing of access log-in details and passwords,” a part of the circular sighted by Business Post said.

The rules specifically frowned at unauthorised persons trading on platforms of the exchange; granting unauthorised persons access to trading facilities; disclosure of passwords to other users and unauthorised persons; and authorized dealing clerks not submitting their access control card upon resignation/or a change of designation.

The NSE, in the notice, reminded the stockbroking companies that they are responsible for the actions of their employees, warning that all their workers, who are not “authorized dealing clerks of the exchange are strictly prohibited from accessing the trading facilities of dealing members.”

It also said “the log-in details and password of authorized dealing clerks cannot be shared with other authorized dealing clerks or users” and that “upon the resignation of an authorized dealing clerk, the exchange should be duly notified in writing within 24 hours.”

It said, “Every dealing member is required to return to the exchange, the trading floor badge and access control card of an authorized dealing clerk upon his/her resignation/or a change of designation.”

“Dealing members are also reminded to adhere to the following rules and regulations governing dealing members;

“Rule 9.1: Responsibility for Employees’ Actions, Rulebook of The Exchange, 2015 (Dealing Members’ Rules) which provides that: without prejudice to any regulation, every dealing member shall be responsible for all the actions of its employees.”

“Rule 9.3: Supervision and Internal Controls, Rulebook of The Exchange, 2015 (Dealing Members’ Rules) which provides that:

“(a) Each Dealing Member shall establish and maintain a system to supervise and ensure compliance of the activities of its officers, stockbrokers and employees.

“Final responsibility for proper supervision rests with the Dealing Member. The supervisory system shall provide for written procedures to be established, maintained and enforced that are designed to supervise the types of business in which the dealing member is involved.

“The procedures must identify the individual supervisory persons, the Compliance Officer and their titles and qualifications. The dealing member shall have the responsibility and duty to ascertain by investigation the good character, business repute, qualifications and experience of any person assigned as stockbroker or employee directly involved in the securities business.”

The NSE further said “trading floor badges and access control cards remain the property of the exchange and shall be surrendered to the exchange upon the occurrence of any of the following: (1) Suspension (2) Revocation of registration (3) Resignation (4) Expulsion.”

Economy

Nigeria Bans Wood, Charcoal Exports, Revokes Licenses

Published

1 hour ago

18/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.

The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.

Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.

“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.

The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.

Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.

On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.

“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”

The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.

Economy

Unlisted Securities Bourse Appreciates 0.24% Midweek

Published

2 hours ago

18/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.

In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.

The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.

MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.

On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.

Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.

Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by 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 traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.

Economy

NGX All-Share Index Nears 150,000 Points After 0.26% Growth

Published

2 hours ago

18/12/2025

Dipo Olowookere

By Dipo Olowookere

A 0.26 per cent growth was achieved by the Nigerian Exchange (NGX) Limited on Wednesday on the back of sustained bargain-hunting by investors.

This happened despite a pocket of profit-taking, with industrial goods losing 0.63 per cent and the energy index shedding 0.05 per cent.

But the insurance space increased by 2.02 per cent, the banking counter appreciated by 1.48 per cent, the commodity sector improved by 0.48 per cent, and the consumer goods segment rose by 0.03 per cent.

Consequently, the All-Share Index (ASI) went up by 383.71 points to 149,842.82 points from 149,459.11 points and the market capitalisation jumped by N244 billion to N95.525 trillion from N95.281 trillion.

The market breadth index remained positive after the bourse finished with 38 price gainers and 23 price losers, indicating a strong investor sentiment.

The quartet of First Holdco, Lasaco Assurance, Veritas Kapital, and Prestige Assurance gained 10.00 per cent to quote at N39.60, N2.75, N1.76, and N1.65, respectively, while Mecure Industries grew by 9.92 per cent to N50.40.

Conversely, Living Trust Mortgage Bank lost 10.00 per cent to close at N3.15, International Energy Insurance dropped 9.92 per cent to trade at N2.27, McNichols shrank by 6.90 per cent to N2.97, Omatek decreased by 6.84 per cent to N1.09, and Chams dipped by 6.41 per cent to N2.92.

The activity level witnessed a significant surge at midweek, with Ecobank trading 5.3 billion units for N168.7 billion.

Further, First Holdco sold 108.2 million units worth N4.2 billion, Sterling Holdings exchanged 87.3 million units valued at N606.2 million, FCMB transacted 74.3 million units worth N783.6 million, and Access Holdings sold 41.5 million units for N841.4 million.

At the close of trades, market participants traded 5.9 billion units valued at N216.2 billion in 25,205 deals compared with the 1.0 billion units worth N21.8 billion traded in 23,701 deals a day earlier, showing a rise in the trading volume, value, and number of deals by 490.00 per cent, 891.74 per cent, and 6.35 per cent, respectively.