Economy
NSE May Sanction Union Bank, 13 Others Over Free Float Deficiencies
By Dipo Olowookere
The Nigerian Stock Exchange (NSE) may soon wield its big stock on 14 companies over their inability to meet up with the minimum post-listing requirement with regards to free float of shares to the investing public.
The affected firms are AG Leventis Plc, African Paints Plc, Capital Hotel Plc, Caverton Offshore Support Group Plc, Champion Breweries Plc, Chellarams Plc, Ekocorp Plc, E-Tranzact International Plc, Great Nigeria Insurance Plc.
Others are Infinity Trust Mortgage Plc, Interlinked Technology Plc, The Tourist Company of Nigeria Plc, Transcorp Hotels Plc and Union Bank of Nigeria Plc.
The free float rule stipulates the minimum number of shares required by promoters of public companies listed on the NSE to be released to the investing public for trading at the stock market.
These firms are required to maintain a minimum free float of their shares for the set standards under which they are listed in order to ensure that there is an orderly and liquid market for their securities.
The free float requirement for companies on the Alternative Securities Market (ASEM Board) is 15 percent of market capitalization, Main Board is 20 percent of market capitalization, same as companies on the Premium Board (20 percent) of market capitalization or above N40 billion on the date the market regulator receives the Issuer’s application to list.
An information posted on the NSE website stated, “The following companies mentioned that have free float deficiencies have applied for waivers from the Quotations Committee of Management specifically provided compliance plans with tentative timelines to support their requests.
“The Quotations Committee of Management considered and approved an extended timeframe for the companies to regain compliance with the listing requirement. The companies are however required to also provide quarterly disclosure reports to the Exchange detailing their level of implementation of the compliance plans.”
According to checks by Financial Vanguard, the above 14 companies are still unable to meet the compliance date as approved by the NSE.
Findings revealed that AG Leventis has free float of 11.64 percent and deficiency of 8.36 percent or 1.901 billion shares with compliance due date of July 2017; African Paints 9.82 percent of free float and deficient of 10.18 percent or 381.969 million shares with compliance due date of December 31, 2017; Capital Hotel Plc 2.62 percent of free float and deficiency of 17.38 percent or 10.274 billon shares with compliance due date of October 31, 2017; and Caverton Offshore 17.40 percent and deficiency of 2.60 percent or 500.651million shares with compliance due date October 31, 2017.
Others are Champion Breweries Plc 17.30 percent of free float and deficiency of 2.70 percent or 1.222 billion shares, though undergoing restructuring; Chellerams Plc 14.87 percent of free float and deficiency of 249.402 million shares with compliance due date of February 28, 2018; Ekocorp Plc 11.84 percent of free float and deficiency of 8.16 percent or 343.630 million shares with compliance due date of October 31, 2017; and E-Tranzact International Plc 5.65 percent free float and deficiency of 14.35 percent or 10.667 billion shares with compliance due date of October 31, 2017.
Also Great Nigeria Insurance at 16 percent of free float has deficiency of 4 percent or 956.871 million shares with compliance due date October 31, 2017; Infinity Trust Mortgage 3.50 percent of free float and deficiency of 16.50 percent or23.831 billion shares with compliance due date of May 31, 2018; Interlinked Technology 14.50 percent of free float and deficiency of 5.50 percent or 89.782 million shares; The Tourist Company 3.58 percent of free float and deficiency of 16.42 percent or 10.303 billion shares, while delisting in progress; Transcorp Hotel 6 percent of free float and deficiency of 14 percent or 17.734 billion shares with compliance due date of December 12, 2017 and Union Bank Nigeria Plc 14.94 percent of free float and deficiency of 5.16 percent or 9.863 billion shares with compliance due date of June 30, 2017.
Meanwhile, further analysis showed that AG Leventis has applied for an extension of compliance date; Capital Oil is under regulatory watchlist; Champion Breweries has obtained NSE’s Quotation Committee of Management approval and is currently restructuring; Great Nigeria has concluded the first leg of the transaction for free float and Management of NSE has engaged the company on the next stage; The Tourist Company of Nigeria is under regulatory watchlist, while Union Bank has applied for an extension.
While reacting to the NSE’s position a source close to Transcorp said: “The company is aware of the free float deficiency and Management is working closely with the Stock Exchange to meet the free float requirement.
“We could have done this earlier before now but the market has not been favourable since last year but we hope that once the market is favourable, we will float more shares to the general public.”
Commenting on this, Managing Director/CEO, APT Securities & Funds Limited, Mallam Kasimu Kurfi, stated: “The situation depend on the market demand as long there is no demand it will take time to meet up the minimum flotation of 20 percent of the issued shares.
“You can see that despite effort of Dangote, still Dangote Cement Plc did not meet up with the minimum free float of share over years after listing on the Exchange. The better way is to give more time to the defaulters otherwise they may delist which is not good for the market.”
Also commenting the Executive Vice Chairman, High Cap Securities, Mr David Adonri said: “The Inability of the companies to comply with the free float is worrisome. It is to ensure that stocks ownership in public companies is not concentrated in few hands and to prevent price manipulation and dearth of liquidity. The earlier the defaulters comply, the better it is for the integrity of the capital market.
In his own remark, Managing Director/CEO, Sofunix Investment and Communications Limited and a Chartered Stock Broker, Mr Sola Oni said: “The NSE requires quoted companies to have a minimum 20 percent of its paid up share capital as free float or at least the value of its free float should be equal to N40 billion on the day the company is admitted to the Daily Official List of the Exchange.
The philosophy of free float is to hedge against high level of lock-in shares held by the company’s promoters. However, companies that fail to comply with the requirement have breached part of The Exchange’s Post Listing Requirements which they signed to uphold.
It portrays them as not transparent and reduces effective public participation in the companies’ ownership. This can attract sanctions from the Exchange.
“On the part of shareholders, a breach of free float rule obscures the real capitalization of such companies. It makes it difficult for shareholders to know the actual total value of a company for the purpose of investment decision. This particularly affects stockbrokers and other investment advisers in their advisory services on such companies.”
Reacting, the spokesperson for Independent Shareholders Association of Nigeria (ISAN), Mr Moses Igbrude said: “When market regulators failed or choose to bend the laws or their regulations to favour some players this scenario will be the case.
“Before now, core investors were not allowed to own more than 51 percent or 60 percent. This will allow for free float of shares. In the name of attracting certain companies to list on Stock Exchange the regulation was removed and the implication is what we are seeing in the market.
“The regulators also forgot that the strategic investors don’t trade their shares and it is the free float of shares in market that make prices.
“The removal or non-compliance to rule is one of the reasons why most delisted companies opted for that option, it made it a lot easy for a company with the intention to delist to gradually increase its percentage holdings over time by using their cronies to mop the shares.
“Share price of such stocks can easily be manipulated and it doesn’t reflect true market price, the likes of AG Leventis, Dangote group of listed companies falls in this category.
“I strongly advise the NSE and SEC to have the boldness and confidence to address this issue if they really want to have a global or international market as they want us to believe.
“A free float of companies’ shares is one major criteria to measure transparent and credibility of Stock Exchange.”
Another shareholder, activist, Mr Gbadebo Olatokunbo said: “The initial rule was that core investor will not hold more than 60 per cent of the issued capital. May be the NSE later knew that the policy wasn’t practicable and then relaxed, because I don’t know why after being quoted, you still want to enforce such policy.
“But for companies holding so much like 50/70 percent and above, my take is yes. Yes, because if you don’t, they (companies) will wake up from the wrong side of the bed one day and decide to buy-back from local-investors. It had happened in many companies e.g. Nigerian Bottling Company, NBC, 7up, Chellerams etc.
“I think companies should, if not must not hold more than 20/30 percent of their stocks after few years of quotation on NSE, our rules/regulations needs periodical reviews on citizen participation.”
Economy
Trump Earned over $1 billion Through Cryptocurrency; How Can an Ordinary Investor Earn $17,700?
Trump publicly criticized Bitcoin in 2021 but rapidly shifted his stance during the campaign, proposing to make the United States the “global cryptocurrency capital.”
After returning to the White House, he signed an executive order supporting the development of the digital asset industry. Meanwhile, reports indicate that Trump and his associated businesses have generated over $1 billion in gains through cryptocurrency.
As we enter 2026, cloud mining is emerging as a new area of interest amidst the continued development of computing infrastructure and digital asset markets. For the average investor, the question arises: how can one generate $17,700 in passive income—or even more—despite constant market volatility?
Cloud mining： represented by platforms like SHRMiner, is rapidly gaining market attention. By providing rentable computing power services and earning mining rewards, it allows users to access the complete cloud mining process and earn passive BTC income without purchasing expensive equipment or specialized skills.
Recently, SHRMiner, a UK-based cloud mining platform, officially launched a new “free cloud mining service.” This service is designed for holders of mainstream cryptocurrencies such as BTC, XRP, DOGE, LTC, and EHT, providing users with a new opportunity to participate in cryptocurrency mining without any entry barriers.
How to earn passive income from BTC through SHEMiner cloud mining
Start earning returns in just three simple steps:
- Register an account
By visiting the official SHRMiner website, users can register for a free account in less than two minutes and receive a $15 sign-up bonus; this bonus allows them to quickly experience the platform’s services and earn a daily return of $0.60 from a complimentary trial contract.
- Select a cloud mining plan
Choose a cloud mining plan that suits your needs and budget. The platform offers flexible plans ranging from $100 to $200,000 to meet the investment goals of different users.
- Start earning returns
After purchasing a contract, earnings are automatically settled within 24 hours without requiring additional management or action; users can withdraw their earnings to their cryptocurrency wallet addresses at any time or reinvest the profits to benefit from the compounding effect.
The primary advantage of this model is that it significantly lowers the barrier to entry. Users do not need to research specific mining hardware models or hashrate configurations, nor do they need to set up their own system environments; simply by registering an account, depositing assets, and selecting a mining plan, they can start earning returns.
SHRMiner Platform Advantages:
- Supports daily automatic settlement
- No additional electricity or maintenance costs required
- Utilizes advanced ASIC mining hardware, powered by renewable energy sources including hydropower, wind power, and solar power
- Supports mining for multiple currencies: earn mainstream cryptocurrencies such as BTC, XRP, ETH, DOGE, USDC, USDT, SOL, LTC, and BCH.
- Equipped with SSL encryption and DDoS protection, a real-time earnings dashboard for easy monitoring of mining performance
- 100% remote access, fully accessible via the SHRMiner application or browser without hardware requirements, and 24/7 online technical support.
⦁Affiliate Program: The Affiliate Program allows you to earn up to 4.5% commission by referring friends, with the opportunity to earn an additional bonus of up to 30,000.
Examples of common contracts:
| Contract Name | Price | Profit | Days | Principal + Total Return |
| New User Experience Agreement | $100 | $4 | 2 | $100+$8 |
| Bitdeer Sealminer A2 Pro | $500 | $6.25 | 5 | $500.00 + $31.25 |
| Litecoin Miner L9 | $1000.00 | $13.00 | 10 | $1000.00 + $130 |
| Bitcoin Miner S21 XP Imm | $5000.00 | $70.00 | 25 | $5000.00 + $1750 |
| Bitcoin Miner S21e XP Hyd | $10000.00 | $150.00 | 35 | $10000.00 + $5250 |
| ANTSPACE HW5 | $50000.00 | $900.00 | 45 | $50000.00 + $40500 |
After purchasing a contract, earnings will be automatically credited to your account within 24 hours. Upon contract expiration, your principal will be returned in full. You may withdraw the principal or reinvest it to benefit from compound returns; please click here for more details regarding the mining contract.
Unimaginable money-making opportunities
What sets SHRMiner apart is its extraordinary daily passive income; users have the opportunity to earn $10,700 or even more each day, turning the dream of online wealth into reality. Imagine generating substantial income without the need for ongoing investment or complex setups—that is exactly what SHRMiner offers.
Safety and Sustainability
In the mining sector, trust and security are paramount; SHRMiner fully recognizes this and prioritizes user safety above all else. Committed to transparency and legitimacy, SHRMiner ensures your investment is protected, allowing you to focus on profitability. All mining facilities utilize clean energy, making this a carbon-conscious cloud mining operation. Renewable energy protects the environment from pollution while providing a powerful energy source.
In short
If you are looking for ways to generate passive income, cloud mining is an excellent choice. When approached correctly, these opportunities allow you to effortlessly build cryptocurrency wealth on “autopilot” with minimal time investment. At the very least, they are far less time-consuming than any form of active trading. Passive income is the ultimate goal for every investor and trader, and with SHRMiner, maximizing your passive income potential is easier than ever.
To learn more about SHRMiner, please visit the official website: https://shrminer.com
Complete List Of The Top Crypto Platforms in Nigeria: Where to Trade Safely
As a Nigerian just getting started in crypto trading, or someone trying to rebuild their confidence after a bad trading experience, the fear of losing your hard-earned money is valid. This is why choosing a reliable crypto platform to carry out your trading is very important.
The good news here is that there are several trusted crypto platforms built to serve Nigerian traders, offering secure trading, fast withdrawals, and competitive fees.
In this guide, you will discover the top crypto platforms in Nigeria, what makes each one stand out, and how to choose the best option based on your trading goals.
Top 4 crypto platforms in Nigeria
NOSH
Nosh is one of the top platforms in Nigeria and Ghana with the best crypto trading services, offering the best rates for crypto trading, allowing you to get good value for your digital assets. With its user-friendly interface and 24/7 customer support, it is a very good option whether you are a new or experienced crypto trader.
With Nosh, you get:
- Instant payouts on every transaction, no unnecessary waiting.
- Advanced fraud protection with two-factor authentication to keep your account and transactions secure.
- Easy and direct conversion of crypto to Naira or Cedis within a few minutes; no need for third-party apps whenever you are ready to cash out.
- High exchange rates.
- Transparent rates with a rate calculator to know how much you will be getting.
Nosh supports a variety of cryptocurrencies such as Bitcoin, Dogecoin, USDC, USDT, Ethereum, Tron, Litecoin, and Binance Coin.
KUCOIN
KuCoin is another popular crypto platform known for its P2P (peer-to-peer) marketplace. With KuCoin, you can trade your crypto directly with a buyer or sell your crypto directly with a seller. KuCoin holds the crypto in escrow until the seller accepts that they have received the payment; this is done to avoid fraud from the buyer or seller of the crypto.
With KuCoin, you get:
- To carry out P2P trading with escrow protection.
- To use multiple payment method options like bank transfer, USSD, and mobile-money-linked options.
- Offers competitive and relatively low trading fees, especially if you’re holding KCS (KuCoin’s native token).
- Gives you access to spot trading, futures/derivatives, staking, and other earn products
KuCoin supports stablecoins such as USDT, USDC, and TUSD.
COINCOLA
Coincola is also a top platform ranked as one of the best P2P trading platforms for Nigerians. With Coincola, you get to buy and sell your Bitcoin and USDT with real-time price tracking. Coincola is your go-to platform if you need one that offers flexible funding options like cash deposit and bank transfers. However, there have been reports of withdrawal delays.
With Coincola, you get;
- A P2P marketplace to buy/sell Bitcoin and other coins directly from vendors, with their completed-trade counts shown upfront so u can trade with caution.
- Instant BTC conversion with real-time price tracking
- To use multiple local funding options like bank transfer, cash deposit, and gift cards
- An escrow system that holds your money until a trade is confirmed.
Coincola supports cryptocurrencies like USDT and TRON.
YELLOWCARD
Yellowcard is another popular crypto platform that offers not only P2P trading but also allows you to buy and sell assets like USDT, USDC, PYUSD, BTC, and ETH with regional payment options like mobile money, bank transfers, and cash deposit. However, in 2025 they announced they no longer offer crypto-to-cash retail services.
With Yellowcard, you get:
- Direct access to buy and sell crypto rather than waiting to match with individual P2P counterparties.
- To use multiple funding methods like bank transfer, mobile money, and cash deposits.
- Free local and cross-border transfers via “Yellow Pay” to 20 different countries in Africa.
Factors to consider when choosing a crypto platform
- Don’t just look at the advertised trading fee. Some platforms hide the extra cost, so your actual rate ends up higher than expected. Do a small test trade first and see what you actually receive.
- The best platform in the world is useless to you if it doesn’t support how you actually move money, whether it’s bank transfer or mobile money. Check that before you even sign up, not after.
- Some platforms convert instantly; others, especially P2P ones, need you to wait for a counterparty to show up. If you need your money fast, that difference matters a lot.
- If you specifically need USDC or another less-common stablecoin, don’t assume it’s there on the platform. Double-check the coin list before you commit to one.
- Support should not be silent when something goes wrong. Look for evidence people actually got helped, not just a “24/7 support” badge.
- If a platform can’t tell you clearly how they protect your money, that’s a red flag on its own. Always go for one that prioritizes security.
FAQs
- Which crypto platform is best in Nigeria?
The best crypto platform in Nigeria is Nosh. Nosh offers the best rates for selling crypto with direct crypto-to-naira conversion to easily change your crypto to cash when needed.
- Can I teach myself crypto trading?
Yes, you can. There are many platforms and tutors with tutorial videos and lessons on how to start crypto trading on your own.
- What is the most popular crypto in Nigeria?
The most traded cryptocurrency in Nigeria is Bitcoin, making it the most popular.
Conclusion
When you trust the right platform, your journey in crypto trading is safe and secure. Always look out for crypto trading platforms that meet your needs alongside keeping things like payment options, a good list of coins they support, and other factors mentioned in this article before committing to one.
Always start with a small test trade first to see what you are getting; it will help you get a better idea of how the platform works so you don’t fall victim to hidden charges not included in price tags by some platforms.
By Adedapo Adesanya
Okitipupa Plc was the sole price gainer at the NASD Over-the-Counter (OTC) Securities Exchange on Friday, August 7, lifting the trading platform by 0.44 per cent at the close of transactions.
The share price of the palm oil producer appreciated during the trading session by N25.00 or 9.0 per cent to N277.00 per unit compared with the previous day’s N252.00 per unit.
As a result, the market capitalisation gained N12.29 billion to close at N2,807 trillion, in contrast to the previous session’s N2.795 trillion, while the NASD Security Index (NSI) added 93.63 points to finish at 4,678.08 points compared with Thursday’s 4,657.59 points.
The bourse recorded a price loser yesterday, and this was Mass Telecoms Innovation Plc, which crashed by 3 Kobo or 9.4 per cent to settle at 32 Kobo per share versus the previous day’s 35 Kobo per share.
The volume of securities traded by investors plunged by 81.5 per cent to 535,7560 units from 2.9 million units, the value of securities slumped by 93.9 per cent to N6.0 million from N99.2 million, and the number of deals decreased by 41.9 per cent to 36 deals from 62 deals.
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 transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 77.0 million units exchanged for N5.5 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
