Economy
NSE Appoints Experts to Recommend Capital Market Products
By Modupe Gbadeyanka
Some renowned professionals with expertise, experience and footprint in local and global financial markets have been appointed to the new product advisory committees created by the Nigerian Stock Exchange (NSE).
The appointees will advise the exchange on emerging trends in the areas of product development and market structure across different product lines like Equities, Fixed Income, Exchange Traded Funds (ETFs) and Derivatives.
Members of the teams will be tasked with the responsibility of recommending strategic initiatives that will boost market liquidity, deepen and develop the Nigerian capital market and will serve for a two-year term.
According to a statement from the NSE, for the Fixed Income, members are Mrs Hajara Adeola, MD/CEO of Lotus Capital Limited (Chairperson); Ms Patience Oniha, DG of the Debt Management Office; Mrs Titi Ogungbesan, the CEO of Stanbic IBTC Stockbrokers Limited; Mr Oluseye Olusoga, MD of Parthian Partners Limited; Mrs Nkoli Edoka, MD/CEO of Cowry Securities Limited; Ms Esohe Denise Odaro, Head of Investor Relations at International Finance Corporation (IFC); Mrs Iyobosa Sorae, the Group Head of Securities Dealing at Coronation Merchant Bank; and Mr Akin Adigun, Senior Investment Officer at African Development Bank (AfDB).
For the Equities team, they are Mr Wale Agbeyangi, MD of Cordros Capital Limited (Chairperson); Dr Farouk Aminu, Head of Investment Supervision at National Pension Commission (PENCOM); Mr Dave Uduanu, CEO of Sigma Pensions; Mr Akeem Oyewale, CEO of Stanbic Nominees; Mrs Lilian Olubi, MD of EFG Hermes Nigeria Limited; Mr Roy Zimmerhansl, the Practice Lead of Pierpoint Financial Consulting; Mr Ziv Okun, Head of African Sales at Investec; Mr Thomas Brown, CEO of J. Streicher & Co. L.L.C; and Mrs Odiri Oginni, MD of United Capital Asset Managers Limited.
For the ETFs committee, they are Mr Cliff Weber, CEO of Financial Products Consulting Group (Chairperson); Mr Effiok E. Effiok, Head of Investment Management, Securities Exchange Commission (SEC); Ms Debbie Fuhr, Partner at ETFGI; Mr John Adu, the Head Business Development, Europe, the Middle East and Africa (EMEA) at JP Morgan Asset Management; Mr Damilola Ajayi, MD of Vetiva Fund Managers Limited; Ms Helena Conradie, CEO of Satrix; Mr Shuaib Audu, an Executive Director at Stanbic Asset Management Limited; Ms Nerina Visser, the Director & Co-owner of etfSA Portfolio Management Company, South Africa; Mr Akikunmi Majaro, MD of Absa Securities Nigeria Limited; and Mr Deji Tunde-Anjous, MD of AXAMansard Investments.
For the last committee, Derivatives, they are Mr Charlie Rubin, a Derivatives Consultant from the United States of America (USA) (Chairperson); Mr Michael Okon, Head of Structuring, West Africa, Rand Merchant Bank (RMB); Mrs Laura Fisayo-Kolawole, Senior Vice President at FBNQuest Asset Management; Mr Temi Popoola, CEO of Renaissance Capital; Dr Peter M. Werner, Senior Council at International Swaps and Derivatives Association (ISDA), United Kingdom; and Mr Yemi Akisanya, Head of Diversity & Inclusion at OCC, USA.
Commenting on the appointments, the CEO of NSE, Mr Oscar Onyema, noted that, “The exchange is resolute in its ambition to become Africa’s preferred multi-asset securities exchange.
“We have, therefore, constituted these Product Advisory Committees to leverage the vast experience, diverse viewpoints and extensive networks of financial market technocrats to further strengthen and deepen our market.
“We are confident that the committees will discharge their duties excellently to help us meet the needs of both local and international stakeholders while making The Exchange globally competitive.”
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has said ongoing reforms and strategic policy implementation in Nigeria’s petroleum sector are driving significant investments and strengthening the country’s position as a leading energy destination in Africa.
Mr Lokpobiri stated this at the Management Retreat of the Ministry of Petroleum Resources, where he stressed the need for improved institutional performance and accountability to sustain growth in the sector.
According to the Minister, the federal government has deliberately pursued far-reaching reforms aimed at creating a stable and investor-friendly environment capable of attracting local and foreign capital into the oil and gas industry.
“From far-reaching institutional reforms to the effective implementation of strategic policies, we have remained committed to carrying all stakeholders along, fostering a conducive environment for investments to flourish,” Mr Lokpobiri said.
“As a result, our petroleum sector has witnessed significant investments that continue to strengthen Nigeria’s position as a leading energy destination.”
The Minister noted that the gains recorded in the sector were the product of collective efforts across the Ministry and its agencies, commending staff for their dedication and professionalism.
“The Management Retreat of the Ministry of Petroleum Resources provided an important platform to reiterate that these accomplishments would not have been possible without the collective dedication, professionalism and teamwork of every staff member across the Ministry and its agencies,” he stated.
Mr Lokpobiri said the retreat, themed Driving Institutional Performance and Accountability in the Petroleum Sector for Sustainable National Development, underscored the importance of continuous improvement in service delivery and operational efficiency.
Drawing lessons from the theme, he urged officials of the Ministry and regulatory agencies to intensify efforts toward enhancing institutional effectiveness and strengthening governance frameworks.
“I encouraged that we must redouble our efforts, continuously improve the quality of our services, and strengthen institutional performance,” he said.
The Minister further emphasised the continued relevance of fossil fuels in the global energy mix, stressing that Nigeria must leverage its hydrocarbon resources to drive economic growth while ensuring citizens benefit from ongoing reforms.
“With fossil fuel as the dominant source of energy, we must ensure that Nigerians experience the benefits of our progress and that Nigeria remains the preferred investment destination in Africa and a globally competitive hub for energy investments,” Mr Lokpobiri added.
By Aduragbemi Omiyale
The N3.2 billion rights issue of Universal Insurance Plc has been extended by almost two weeks after securing regulatory approval.
The exercise was earlier scheduled to close on June 10, 2026, but will now close on Monday, June 22, 2026.
The extension was granted by the Securities and Exchange Commission (SEC) after a request from the underwriting organisation.
In the rights issue, Universal Insurance is offering to shareholders 2,666,666,667 ordinary shares of 50 Kobo each at N1.20 per share on the basis of one new ordinary share for every existing six ordinary shares held as of the close of business on Monday, March 30, 2026.
Subscription for the acquisition of the company’s extra shares opened on Wednesday, May 13, 2026.
The extension gives investors more time to increase their stake in the insurance firm, which intends to use proceeds from the exercise to boost its capital base, as mandated by the National Insurance Commission (NAICOM).
Insurance companies operating in Nigeria have been given till July 31, 2026, to shore up their capital base or pack up. Operators can also explore a merger if they wish.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited opened its doors to market participants in four days last week as a result of a public holiday observed on Friday, June 12, for 2026 Democracy Day in the country.
In the week, investors bought and sold 4.964 billion shares worth N207.521 billion in 235,966 deals, as against the 3.966 billion shares valued at N175.659 billion that exchanged hands in 343,587 deals a week earlier.
Analysis showed that the financial services industry led the activity chart with 4.116 billion shares valued at N84.607 billion in 96,165 deals, contributing 82.92 per cent and 40.77 per cent to the total trading volume and value, respectively.
The services sector transacted 232.479 million shares worth N4.955 billion in 17,614 deals, while the industrial goods segment exchanged 144.988 million shares worth N39.077 billion in 24,775 deals.
Sterling Holdings, FCMB, and Access Holdings were the most traded stocks with 2.883 billion units sold for N36.188 billion in 15,533 deals, accounting for 58.09 per cent and 17.44 per cent of the total trading volume and value, respectively.
A total of 40 equities appreciated in the week versus 23 equities in the previous week, 53 equities depreciated versus 65 equities a week earlier, and 53 equities remained unchanged versus 58 equities in the preceding week.
ABC Transport was the best-performing equity for the week after it gained 25.60 per cent to trade at N7.80, Consolidated Hallmark appreciated by 23.13 per cent to N8.25, Abbey Mortgage Bank rose by 21.93 per cent to N11.40, Infinity Trust Mortgage Bank grew by 20.32 per cent to N11.25, and Austin Laz soared by 15.16 per cent to N4.33.
The worst-performing equity last week was Fidson Healthcare because of its 25.86 per cent loss, closing at N101.20. Neimeth declined by 19.14 per cent to N8.55, Union Homes REIT shed 17.36 per cent to close at N70.00, SUNU Assurances slipped by 11.38 per cent to N3.97, and Unilever Nigeria dropped 10.26 per cent to trade at N140.00.
As for the index movement, the All-Share Index (ASI) and the market capitalisation chalked up 0.88 per cent each to settle at 244,738.74 points and N156.970 trillion, respectively.
Similarly, all other indices finished higher apart from the pension, AFR Bank Value, MERI Growth, MERI Value, consumer goods, Lotus II, industrial goods, sovereign bond and commodity indices, which fell by 0.03 per cent, 1.20 per cent, 0.21 per cent, 1.61 per cent, 0.54 per cent, 0.51 per cent, 1.00 per cent, 2.04 per cent and 0.34 per cent, respectively.
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