Economy
NSE Launches Corporate Governance Index to Help Investors
By Dipo Olowookere
The Nigerian Stock Exchange (NSE) on Thursday launched a Corporate Governance Index (CGI) to assist investors make decisions concerning which stock to put their money on.
Business Post gathered that the Index will track the performance of the 35 Corporate Governance Rating System (CGRS) rated companies using their market capitalization, free float and corporate governance rating scores.
The Index will be reviewed on a bi-annual basis at which point other companies that have become CGRS rated in the interim may be added to the Index or companies that have had their ratings suspended or withdrawn may be removed.
It is expected to be an important tool for investors keen on investing in well governed companies as well as corporates eager to distinguish themselves on the ground of governance.
The CGRS was launched on November 3, 2014 after a successful pilot phase involving a number of companies listed on the NSE some of which are now listed on the Premium Board.
It was designed to rate companies that are listed on the NSE based on their corporate governance and anti-corruption culture.
The process comprises three segments: an independently verified, self-assessment by the company; a certification of director awareness of their fiduciary duties; and, a corporate integrity assessment where feedback on actual company behaviour is sought from internal and external stakeholders.
Combinations of the 3 segments with attendant weighted scores are collated and companies with a score of 70 percent and above accorded the CGRS certification celebrating the degree to which they have evolved the quality of their corporate governance.
Commenting on the development, the chief executive of the NSE, Mr Oscar Onyema, explained that, “The launch of the CG Index is an important milestone to strengthening listed companies by tracking their corporate governance practices.
“This index will increase transparency in our market and provide investors additional data points upon which to make sound decisions.
“I congratulate the companies that have successfully completed the process and I expect that they will be more positively looked at whilst trying to raise and access capital within or outside of our jurisdiction.”
Also yesterday, the NSE and the Convention on Business Integrity (CBi) held a certification ceremony for 35 companies and 437 directors that made it over the 70 percent threshold for the CGRS process.
The firms were awarded the CGRS certification while the directors were awarded certificates for success in the Fiduciary Awareness Certification Test (FACT), which is a key component of the CGRS.
Nigeria’s Vice President, Mr Yemi Osinbajo, who was represented by Mr Chiedu Osakwe, the Nigeria Chief Trade Negotiator/Director General Office of Trade Negotiation delivered, congratulated the companies and the individuals for the feat.
Also speaking at the ceremony, Co-Founder and Chief Executive Officer of CBi, Mr Soji Apampa, described the development as “a triumph for collective action in the fight against corruption and unethical practices.”
“I congratulate the companies and directors being honoured today and I urge them not to relent in their efforts to sustain the high level of corporate governance that has brought them thus far.
“Today’s celebration is not a destination but a continuous process that should be consistently maintained and further improved upon.
“I encourage other listed companies still on this evolutionary process to keep at it and conclude the process during this new review period which is now open,” Mr Apampa said further.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
