Economy
NSE Launches SentryGRC for Efficiency
By Tenebe Anthonia
The Nigerian Stock Exchange (NSE) on Tuesday, June 9, 2020 launched a digital platform that automates back-office functions like Governance, Risk Management and Compliance (GCR).
The platform called SentryGCR was launched at the Digital Transformation of Governance, Risk Management and Compliance Functions webinar and commemorated with a digital Closing Gong ceremony.
SentryGCR was created as more companies continue to move away from the fragmented approach to structuring their operations to a more holistic framework that can monitor compliance and enforce rules and procedures.
The platform will enable organisations to pursue a systematic and organised approach to managing GRC-related strategy and implementation, thereby creating an enabling environment for increasing efficiency and effectiveness alongside reducing costs.
The CEO of NSE, Mr Oscar Onyema, speaking during the unveiling of the initiative, stated that, “The Nigerian Stock Exchange continues to position itself, not only to be a credible platform for raising capital, but to be a hub for innovative and creative ideas.
“We are, therefore, pleased to introduce SentryGRC to the market.
“We recognize the need to build the required infrastructure for players in the Nigerian capital market, and we see the SentryGRC platform as a step in the right direction to help businesses achieve their strategic objectives, address uncertainties and act with integrity.”
On her part, the Executive Director, Regulation Division, NSE, Ms Tinuade Awe, while also speaking at the webinar, stated that, “The SentryGRC promotes agility & digitization in Governance, Risk Management & Compliance areas of business.
“Institutions must recognize the need to adapt procedures and standards to what is relevant even as we transition to this new normal.
“Furthermore, there is a responsibility on regulators to become more comfortable with technology and engage with market participants on how to effectively design and deploy statutory standards that work from an operational point of view and also satisfy regulatory requirements.”
These sentiments were echoed during the panel session moderated by Partner and Financial Services Risk Management leader, West Africa, Ernst & Young, Mr Benson Uwheru, with Chief Risk Officer, Coronation Merchant Bank, Mr Magnus Nnoka; Director General, Association of Enterprise Risk Management Professionals of Nigeria, Mr Olayinka Odutola; and Ms Edidiong Akan, Chief Compliance Officer, Stanbic IBTC Pension Managers as panellists.
They all agreed that changing trends will continue to bring new risks making it imperative for organisations to invest in business architecture that are adaptable to today’s environment and can quickly evolve with the rest of the world.
The launch of the SentryGRC platform is, therefore, timely in that it boasts an array of multi-dimensional features that make it both easily adaptable and applicable across various functions.
Some of its more interesting features include the customized dashboards that gives management a single view of relevant metrics; its ability to automatically generate reports making statutory submission seamless; and its easy integration across other operations including Enterprise Resource Planning softwares.
In addition to Governance, Risk Management and Compliance, SentryGRC can also be used along a wide range of functions including Audit, Internal Control, Business Continuity, Legal Workflow, Data Protection Management, IT Audit and Ethics Management.
This platform is yet another product of the exchange’s passion for business innovation and technology.
Since 2011, the NSE has built on its digital credentials to elevate the Nigerian capital market and enhance stakeholders’ experience.
These investments have supported the exchange’s resilience throughout this pandemic ensuring that there has been seamless remote trading and operating since the activation of its Business Continuity Plan on March 23. Stakeholders can, therefore, take immediate advantage of this opportunity by visiting www.sentrygrc.com.
By Modupe Gbadeyanka
The deadline for filing individual annual income tax returns for residents of Lagos State has again been extended to April 21, 2026.
This information was revealed via a statement signed by the Head of Corporate Communications of the Lagos State Internal Revenue Service (LIRS), Mrs Monsurat Amasa-Oyelude, on Saturday.
The agency thanked some taxpayers for their continued compliance and commitment to the filing of their individual annual income tax returns, but charged those who have yet to file theirs to do so before the new deadline.
LIRS had earlier moved the deadline from its statutory period of March 31, 2026, to April 14, 2026, but due to “the overwhelming response and to enhance taxpayer convenience, while maintaining the integrity and accuracy of submissions,” the date was moved forward to April 26.
The tax-collecting organisation said it “observed a significant increase in traffic on its eTax platform as more taxpayers endeavour to meet the filing deadline.”
“In view of this development, and to ensure that all taxpayers are provided with adequate opportunity to successfully complete their filings, LIRS hereby announces a further extension of the deadline, now set for April 21, 2026,” it stated.
The agency reiterated that all filings must be completed electronically via the LIRS eTax platform: https://etax.lirs.net, which remains the only approved channel for submission.
Taxpayers were reminded that the filing of annual income tax returns remains a statutory obligation and were encouraged to take advantage of this final extension to fulfil their civic responsibility.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was in green on Friday after it closed higher by 0.30 per cent as a result of sustained bargain hunting.
Customs Street was up yesterday after three of the five major sectors came under buying pressure, with the consumer goods index up by 1.64 per cent, the industrial goods space up by 1.12 per cent, and the banking counter up by 0.64 per cent.
Business Post observed that profit-taking brought down the insurance by 2.61 per cent, and weakened the energy sector by 0.01 per cent.
At the close of business, the market capitalisation increased by N707 billion to N131.166 trillion from N130.459 trillion, and the All-Share Index (ASI) expanded by 1,097.86 points to 203,770.42 from 202,672.56 points.
Transactions by Nigerian stock investors shrank during the session, as 548.6 million shares worth N31.5 billion exchanged hands in 48,538 deals compared with the 652.9 million shares valued at N39.8 billion transacted in 51,101 deals a day earlier.
This implied that the trading volume went down by 15.98 per cent, the trading value depreciated by 20.85 per cent, and the number of deals crashed by 5.02 per cent.
Access Holdings finished the day as the busiest equity after selling 52.7 million units valued at N1.4 billion, Zenith Bank exchanged 47.8 million units worth N5.4 billion, UBA traded 38.9 million units for N1.8 billion, Secure Electronic Technology transacted 36.7 million units worth N35.5 million, and GTCO sold 34.9 million units valued at N4.6 billion.
The market breadth index was negative during the session with 20 price gainers and 38 price losers, indicating weak investor sentiment.
Trans Nationwide Express appreciated by 9.91 per cent to N3.77, International Breweries grew by 9.88 per cent to N13.35, Chams rose by 9.84 per cent to N3.35, Guinea Insurance improved by 9.38 per cent to N462.90, and Lafarge Africa gained 8.52 per cent to close at N233.20.
On the flip side, Omatek lost 10.00 per cent to trade at N2.07, Austin Laz declined by 9.93 per cent to N3.99, Coronation Insurance dipped by 9.88 per cent to N2.92, Zichis crashed by 9.58 per cent to N12.55, and Cornerstone Insurance retreated by 8.77 per cent to N5.20.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed the last trading session of the week in the southern territory after further losing 0.59 per cent on Friday, April 10.
This happened as three price decliners weakened the NASD market due to continued sell-offs. The bourse did not finish in green this week.
11 Plc lost N24.70 to close at N222.30 per share compared with the previous day’s N247.00 per share, MRS Oil dropped N1 to settle at N164.00 per unit versus Thursday’s N165.00 per unit, and Geo-Fluids decreased by 25 Kobo to N3.00 per share from N3.25 per share.
As a result, the market capitalisation shrank by N13.79 billion to N2.315 trillion from N2.329 trillion, and the NASD Unlisted Security Index (NSI) declined by 23.05 points to 3,870.45 points from 3,893.50 points.
Yesterday, there were two price gainers led by Central Securities Clearing System (CSCS) Plc, which chalked up N1.07 to sell at N64.21 per unit versus N63.50 per share, and Impresit Bakalori Plc appreciated by 22 Kobo to N2.42 per share from N2.20 per share.
The volume of securities fell by 81.9 per cent to 188,593 units from 1.04 million units, the value of securities decreased by 36.3 per cent to N25.7 million from N40.4 million, and the number of deals remained unchanged at 26 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 57.6 million units exchanged for N3.9 billion, and Okitipupa Plc with 27.6 million units worth N1.8 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis with 3.4 billion units transacted for N8.4 billion, followed by Resourcery Plc with 1.1 billion units s0ld for N415.7 million and Infrastructure Guarantee Credit Plc with 400 million units traded at N1.2 billion.
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