Economy
NSE Kicks Out Midland, 89 Others from Capital Market
By Dipo Olowookere
The operating license of Midland Capital Markets Limited has been revoked by authorities at the Nigerian Stock Exchange (NSE).
Consequently, the firm was deregistered as a capital market operator in Nigeria by the Securities and Exchange Commission (SEC).
The expulsion of Midland Capital Markets Limited has brought to 90 the total number of stockbrokers so far expelled from the market in 2017.
It was gathered that the withdrawal of the company’s license was approved by the stock market regulator’s highest administrative organ, the National Council of the NSE.
With this development, the stockbroking firm will not be able to trade in the Nigerian stock market and other international markets that Nigeria has Memorandum of Understanding (MoU) with.
Nigerian capital market authorities have standing bilateral agreements with several other jurisdictions including Morocco, Angola, China, Ghana, Kenya, Malaysia, Mauritius, South Africa, Tanzania and Uganda.
With the expulsion, investors who have their investment accounts with the expelled stockbrokers will be required to move their accounts to other functional stockbroking firms.
Also, directors, executives, top management and other employees of Midland Capital Markets Limited will not be able to secure any employment in the capital market without prior clearance and written consent of the Exchange.
Though a regulatory document obtained by The Nation did not give reason for the revocation and expulsion of the stockbroking firm, capital market regulators traditionally apply the highest punishment of expulsion and revocation of licence to serious offences that could undermine investors’ confidence including fraud and inability to meet major operating requirements for the function.
“Dealing members are advised not to engage in any activity with the above mentioned firm. Also, all authorised clerks and employees of dealing member firms are strongly advised against allowing themselves to be used in carrying out activities that are capable of affecting the integrity of the market,” NSE stated.
The Exchange stressed the need for dealing firms to always comply with extant rules and regulations.
Under Rule 6.12 of the Rulebook of the Exchange, 2015, members of the Exchange are disallowed from employing any of directors, authorised clerks or other persons including principal officers such as the chief executive officer, chief finance officer, chief compliance officer and chief risk officer, who have been indicted by the Exchange or the Commission without prior regulatory approval.
Also, the rule disallows other stockbroking firms from employing any person who was an officer or employee of a stockbroking firm or dealing member expelled from the Exchange; any person expelled, as an authorised clerk or its equivalent, from any other exchange; any person refused admission as a member of the Chartered Institute of Stockbrokers or any person expelled from its membership; any person expelled as a member of any professional association or institute and any person who is insolvent or has been convicted of theft, fraud, forgery, or any other crime involving dishonesty.
The Rulebook of the Exchange 2015 provides that: where the Exchange revokes a dealing member’s licence, the Exchange shall immediately commence the process of expelling such dealing member.
Besides, the rules empower the NSE to suspend any authorised clerk or revoke the registration of any authorised clerk who has breached any rules or regulations of the Exchange or is found to be complicit in any breach of such rules or regulations.
Also, suspension of any stockbroking firm by SEC will lead to immediate suspension by the NSE while revocation of any broker’s registration will lead to expulsion of the firm by the NSE.
“Without prejudice to all the remedies open to the dealing member, where a dealing member is suspended by the Commission, as soon as the Exchange is notified, it shall immediately commence the process of suspension or expulsion of the dealing member.
“Where a Dealing Member’s registration is revoked by the Commission, as soon as the Exchange is notified, it shall immediately commence the process of expulsion of the dealing member,” the rules stated.
The NSE had recently revoked the operating licence and imposed a fine of N582.37 million on a stockbroking firm-Bytofel Securities and Investment Limited, for allegedly engaging in fraudulent activities in the stock market.
Bytofel Securities was expelled for engaging in “unauthorised sales of clients’ shares and misappropriation of clients’ funds”.
The Nation had earlier reported the expulsion of 67 stockbrokers from the master list of dealers at the stock market. A regulatory report had indicated that the expulsion was the final phase of the delisting of the stockbroking firms, after their dealing licences had been revoked by the exchange.
A source at the exchange said the expulsion followed recommendation of the disciplinary committee of the council of the exchange and the final approval of the National Council of the Exchange.
That round of expulsion in May 2017 brought the number of stockbroking firms that had then been expelled from Exchange to 88 stockbroking firms. The Nation had earlier in April 2017 reported the expulsion of 21 stockbroking firms for various infractions ranging from poor capitalisation to unauthorised sales of investors’ shares.
The group of 67 expelled stockbrokers included ATIF Securities Limited, Abacus Securities Limited, ABC Securities Limited, Akitorch Securities Limited, All Wealth Securities Limited, Apex Securities Limited, Asset Plus Securities Limited, Associated Securities Limited, Avon Finance and Securities Limited, Beachgroove Securities & Investments Limited, Broadedge Securities Limited, Bullion Securities Limited, Cardinal Securities Limited, City Investment Management Limited, Comment Finance & Securities Limited, Corporate Trust Limited, Crown Merchant Securities Limited, Dalgo Investment & Trust Limited, Devcom Securities Limited, Devserv Finance & Securities Limited, EBN Securities Limited, Equity securities Limited, Farida Investment and Finance Limited, Gilts and Hedge Finance Limited, Global Investment & Sec Limited, Goldworth Securities Limited, Haggai Investment & Trust Limited, Halsec Finance Limited, HP Securities Limited, Investicon Nigeria Limited, Investment Resources Limited, Island Securities Limited and Jenkins Investments Limited.
Others included Kapital Securities Limited, Lozinger Securities Limited, M&M Securities Limited, M. J Securities & Investment Limited, Majestic Securities Limited, Matrix Capital Management Limited, MBA Securities Limited, MBCOM Securities Limited, Merchant Securities Limited, Metropolitan Trust Nigeria Limited, MMB Securities & Trust Limited, MMG Securities Limited, Nationwide Securities Limited, New Horizons Finance and Investment Limited, Nigbel Securities Limited, Omega Securities Limited, Omnisource International Limited, OpenGate Finance Company Limited, Pacific Securities Limited, Pamal Finance Limited, Peak Securities Limited, Prime Securities Limited, Prudent Stockbrokers Limited, Royal Securities Limited, Source Finance and Trust Company Limited, Supreme Finance & Investment Co. Limited, Synergy and Assets Trust Limited, Thomas Kinsley Securities Limited, Tradestamp Securities Limited, Trust Securities Limited, Unit Trust Securities Limited, Universal Securities Limited, Viva Securities Limited and Wintrust Limited.
Capital market authorities had earlier in the year expelled 21 stockbroking firms including Allbond Investment Limited, Consolidated Investment Limited, Dakal Services Limited, Emi Capital Resources Limited, First Equity Securities Ltd, Ideal Securities Limited, Maninvest Asset Management Plc, Metropolitan Trust Nigeria Limited, Omas Investment & Trust Company Limited, Pennisula Asset Management & Investment Company Limited, Prudential Securities Limited, Securities Trading & Investments Limited, Transglobe Investment & Finance Company Limited, Tropics Securities Limited, Wizetrade Capital & Asset Management Limited, WT Securities Limited, Zuma Securities Limited, Bosson Capital Assets Limited, KFF Worldwide Solutions Limited, Silver & Gold Securities Limited and First Alstate Securities Limited.
By Adedapo Adesanya
The Lagos Chamber of Commerce and Industry (LCCI) has noted that the N15.52 trillion allocation to debt servicing in the 2026 budget remains a significant fiscal burden.
LCCI Director-General, Mrs Chinyere Almona, said this on Tuesday in Lagos via a statement in reaction to the nation’s 2026 budget of N58.18 trillion, hinging the success of the 2026 budget on execution discipline, capital efficiency, and sustained support for productive sectors.
She noted that the budget was a timely shift from macroeconomic stabilisation to growth acceleration, reflecting growing confidence in the economy.
She lauded its emphasis on production-oriented spending, with capital expenditure of N26.08 trillion, representing 45 per cent of total outlays, and significantly outweighing non-debt recurrent expenditure of N15.25 trillion.
According to Mrs Almona, this composition supports infrastructure development, industrial expansion, and productivity growth.
However, she explained that the N15.52 trillion allocation to debt servicing underscored the need for stricter borrowing discipline, enhanced revenue efficiency, and expanded public-private partnerships to safeguard investments that promote growth.
She added that a further review of the 2026 budget revealed relatively optimistic macroeconomic assumptions that may pose fiscal risks.
“The oil price benchmark of $64.85 per barrel, although lower than the $75.00 benchmark in the 2025 budget, appears optimistic when compared with the 2025 average price of about $69.60 per barrel and current prices around $60 per barrel.
“This raises downside risks to oil revenue, especially since 35.6 per cent of the total projected revenue is expected to come from oil receipts.
“Similarly, the oil production benchmark of 1.84 million barrels per day is significantly higher than the current level of approximately 1.49 million barrels per day.
“Achieving this may be challenging without substantial improvements in security, infrastructure integrity, and sector investment,” she said.
Mrs Almona said the exchange rate assumption of N1,512 to the Dollar, compared with N1,500 in the 2025 budget and about N1,446 per Dollar at the end of November, suggests expectations of a mild depreciation.
She said while this may support Naira-denominated revenue, it also increases the cost of imports, debt servicing, and inflation management, with broader macroeconomic implications.
The LCCI DG added that the inflation projection of 16.5 per cent in 2026, up from 15.8 per cent in the 2025 budget and a current rate of about 14.45 per cent, appeared optimistic, particularly in a pre-election year.
She also expressed concern about Nigeria’s historically weak budget implementation capacity, likely to be further strained by the combined operation of multiple budget cycles within a single year.
Looking ahead, Mrs Almona identified agriculture and agro-processing, manufacturing, infrastructure, energy, and human capital development as key drivers of growth in 2026.
She said that unlocking these sectors would require decisive execution—scaling irrigation and agro-value chains, reducing power and logistics costs for manufacturers, and aligning education and skills development with private-sector needs.
The LCCI head stressed the need to resolve issues surrounding the Naira for crude, increase the supply of oil to local refineries to boost local refining capacity and conserve the substantial foreign exchange used for fuel imports.
“Overall, the 2026 Budget presents a credible opportunity for Nigeria to transition from recovery to expansion.
“Its success will depend less on the size of allocations and more on execution discipline, capital efficiency, and sustained support for productive sectors.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
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