Economy
NSE Standstill for Pa Akintola Williams, Beats Closing Gong
By Adedapo Adesanya
Pa Akintola Williams, the doyen of accounting in Nigeria, was honoured at the Nigerian Stock Exchange (NSE) with a closing bell ceremony on Monday, September 30, 2019.
Pa Williams, who clocked a milestone of 100 years old in August, was specially celebrated by the NSE for his contribution to the establishment of the organisation.
The centenarian is the only surviving signatory to the founding of the Nigerian Stock Exchange and was honoured with closing Monday’s trading activity at the exchange.
This coincided with 58th Annual General Meeting (AGM) of the NSE, where the CEO of the Exchange, Mr Oscar Onyema, expressed his gratitude for the presence of Pa Akintola Williams.
“Today is a big day for us at the exchange and it is a day we will cherish for a long time,” he remarked.
Speaking further, he said, “In a country where life expectancy hovers around 55 years, clocking the century mark is indeed a great landmark. For Pa Williams, an even greater achievement is the quality in his 100 years. He has lived a life worthy of emulation, resolutely serving our nation at home and abroad, promoting best practices, deterring limitations, and inspiring everyone in his circle to more responsibilities.
“This celebration presents another opportunity to reflect on his achievements and acknowledge the efforts that have brought him this far. It is my hope that we can continue to draw inspiration from his legacy to solve our pertinent socio-economic challenges”.
On his part, Otunba Abimbola Ogunbanjo said “Pa. Williams played a significant role in the incorporation of NSE. He served as a member of the committee set up by the Federal Government of Nigeria to carry out a feasibility study on the viability of establishing a stock exchange in Nigeria.
“Pa. Williams worked tirelessly and joined with several distinguished Nigerians to assess the promise and challenges associated with a new stock exchange in Nigeria. After six months of extensive research, the committee concluded that the establishment of a stock exchange in Nigeria was feasible, and timely.
“As a member of the National Council of the Exchange, he contributed in no small measure to the growth of its listing portfolio and established rules reducing barriers for companies to list on The Exchange.
“As the NSE continue to lead the advancement of the Nigerian capital market through inclusive products and services, we look back in gratitude to the contributions of visionary and patriotic icons like Pa. Williams.”
Pa Akintola, during his comment, congratulated all the members of the stock exchange for their contributions and called on the exchange to further continue its duties.
“I thank you all for assembling here today to celebrate my centenary. I am indeed happy and proud to see the progress our project of nearly sixty years ago has made, and I look forward to The Nigerian Stock Exchange’s future advancement with a great deal of anticipation and hope,” he said.
The event was also graced by Chris Ogunbanjo, the lawyer who incorporated the Stock Exchange; his son and President of the Exchange’s National Council, Otunba Abimbola Ogunbanjo; Ex-officio and Past President, Mr Aigboje Aig-Imoukhuede; Second Vice President, Mrs Catherine Nwakaego Echeozo; Members of the Council, Erelu Angela Adebayo and Mrs Fatimah Bintah Bello-Ismail, among others.
Pa Akintola Williams was born on August 9, 1919, in Lagos Nigeria. He was born in an affluent family with generations working with white settlers and the government. His grandfather was a prosperous merchant and his father, Thomas Ekundayo Williams was a clerk who worked for the colonial office before setting up his legal firm in Lagos.
By Adedapo Adesanya
The Economic and Financial Crimes Commission (EFCC) has intercepted eight trucks transporting suspected illegally mined solid minerals in Benue State as it intensifies the crackdown on illegal mining activities in the North Central region of the country.
This was disclosed in a statement by the anti-graft agency, on its official X handle, where it confirmed the arrests of the individuals involved.
The EFCC stated that the trucks were seized on Wednesday, March 19 in the Katsina-Ala Local Government Area of Benue State.
According to the EFCC, preliminary investigations revealed that the minerals—believed to be fluorite and iron stones—were mined from unauthorized sites in Logo Local Government Area of the state.
Business Post reports that the Benue State government had paused all mining activities, as it was responsible for some of the crisis in the state.
“We are determined to combat the illegal mining of Nigeria’s mineral resources and bring perpetrators to justice. The suspects will be charged to court as soon as investigations are concluded,” EFCC tweeted on X, formerly known as Twitter.
Illegal mining has been a growing concern in Nigeria, with authorities warning that the illicit extraction of solid minerals deprives the country of valuable revenue and contributes to environmental degradation.
The EFCC was involved in the issue of mining to quell further economic losses facing the nation.
According to the Minister of Solid Minerals, Mr Dele Alake, the government is losing trillions of Naira to unregulated and illegal mining activities.
He disclosed earlier this week that the Federal Executive Council (FEC) had approved N2.5 billion for the procurement of an integrated solution framework to combat illegal and unregulated mining activities.
He also disclosed that his ministry had opted for dialogue and collaboration with state governors rather than confrontation, saying many governors were initially unaware of the constitutional framework governing mining, but have now been engaged through discussions facilitated by the Nigeria Governors’ Forum (NGF).
Mr Alake noted that states must collaborate with federal authorities in addressing illegal mining and related criminal activities.
By Aduragbemi Omiyale
As part of the 2025 Global Money Week celebration, over 200 students were recently selected and equipped with essential financial literacy skills.
This seminar on money management tips was put together by the Nigerian Exchange (NGX) Group Plc, in collaboration with the Central Bank of Nigeria (CBN) and MinieMoney.
It underscored a shared commitment to fostering financial inclusion and equipping young Nigerians with the knowledge required for long-term financial well-being.
The event was organised to mark the Global Money Week, is a global initiative currently in its 13th edition designed to promote financial education among young people, ensuring they develop the critical thinking skills needed to make informed financial decisions.
The 2025 theme, Think Before You Follow, Wise Money Tomorrow, reinforces the importance of strategic financial planning from an early age.
The Head of Trading and Products at NGX, Mr Abimbola Babalola, highlighted the transformative power of financial literacy in shaping students’ futures.
“The financial choices you make today will determine the quality of your life tomorrow. Understanding saving, investing, and responsible money management early on will put you on the path to financial success,” he stated.
Also, the Assistant Director of the Consumer Protection Department at CBN, Mr Christian Mordi, introduced the CBN’s ‘Sabi Money’ platform, designed to enhance financial education nationwide.
“Financial literacy extends beyond numbers; it is about developing discipline, patience, and informed decision-making skills that foster economic security,” he noted.
On his part, the chief executive of MinieMoney, Mr Gbolahan Faniran, emphasized the importance of early investment habits and leveraging the power of compound interest.
“Achieving financial success is not about following trends but about making intentional money choices today that ensure a secure future,” he said.
Business Post reports that students from Vivian Fowler Memorial College for Girls, Dansol High School, Kith and Kin Educational Schools, Caleb British International School, Lagos Preparatory and Secondary School, and The Bells Comprehensive Secondary School attended the programme.
They engaged in insightful discussions on financial literacy, investment strategies, and capital market operations, with the added opportunity to experience firsthand the dynamics of the NGX trading floor.
By Adedapo Adesanya
The trio of Geo-Fluids Plc, Food Concepts Plc, and Industrial and General Insurance (IGI) Plc were extended the stay of the NASD Over-the-Counter (OTC) Securities Exchange in the red region for another trading day, weakening the alternative stock exchange further by 0.13 per cent on Thursday, March 20.
Geo-Fluids Plc lost 15 Kobo to trade at N2.70 per unit compared with the previous day’s N2.85 per unit, Food Concepts Plc declined by 6 Kobo to close at N1.49 per share versus Wednesday’s closing price of N1.55 per share, and IGI Plc tumbled by 2 Kobo to settle at 37 Kobo per unit, in contrast to the 39 Kobo per unit it traded a day earlier.
As a result, the NASD Unlisted Security Index (NSI) went down by 4.36 points to close at 3,373.62 points, in contrast to the previous trading day’s 3,377.98 points.
In the same vein, the market capitalisation of the bourse depreciated by N2.51 billion to settle at N1.948 trillion compared with the preceding day’s N1.951 trillion.
During the trading session, the volume of securities traded at the bourse crumbled by 99.4 per cent to 201,873 units from the 31.3 million units recorded on Wednesday, the value of securities bought and sold by the market participants moderated by 97.7 per cent to N776,509.51 from the N33.3 million quoted a day earlier, and the number of deals carried out by investors decreased by 26.1 per cent to 17 deals from 23 deals.
When the market closed for the day, Impresit Bakolori Plc remained the most active stock by value (year-to-date) with 533.9 million units sold for N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N505.1 million, and Afriland Properties Plc with 17.5 million units worth N359.5 million.
In the same vein, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units valued at N520.9 million, trailed by IGI Plc with 69.9 million units sold for N23.7 million, and Geo-Fluids Plc with 44.1 million units worth N88.9 million.
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