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Economy

Osita Izunaso Chairs Senate Committee on Capital Market

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3 years ago

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Osita Izunaso

By Aduragbemi Omiyale

The lawmaker representing Imo West Senatorial District in the National Assembly, Mr Osita Izunaso, has been appointed as the Chairman of the Senate Committee on Capital Market.

The was named as the head of the team by the Senate President, Mr Godswill Akpabio, on Tuesday along with other members of the upper chamber of the parliament.

Mr Izunaso, who was among the candidates earlier vying for Mr Akpabio’s position at the 10th Senate, is not a rookie in the leadership of a senate committee.

He was formerly the Chairman of the Senate Committee on Gas and Housing. He is a journalist turned lawyer and an expert in financial matters.

Also, the Senate President appointed his predecessor, Mr Ahmad Lawan, as the Chairman Senate Committee on Defence, while the former Speaker of the House of Representatives, Mr Aminu Tambuwal, was chosen to lead the Senate Committee on Housing and Urban Development.

Below is the full list;

  1. Senate Committee on Air Force, Akwashiki Godiya
  1. Senate Committee on Anti-Corruption and Financial Crimes, Udende Emmanuel
  1. Senate Committee on Aviation, Buhari Abdulfatai
  1. Senate Committee on Capital Market, Osita Izunaso
  1. Senate Committee on Establishment and Public Services, Cyril Fasuyi
  1. Senate Committee on Ecology and Climate Change, Seriake Dickson
  1. Senate Committee on Housing and Urban Developmentt, Aminu Tambuwal
  1. Senate Committee on Interior, Adams Oshiomhole
  1. Senate Committee on Downstream Petroleum, Jide Ipisagba
  1. Senate Committee on Defence, Ahmed Lawan
  1. Senate Committee on Public Accounts, Wadada Ahmed
  1. Senate Committee on Special Duties, Kaka Shehu Lawan
  1. Senate Committee on Sustainable Development Goals, Idiat Adebule
  1. Senate Committee on Works, Patrick Ndubueze
  1. Senate Committee on Appropriation, Solomon Adeola
  1. Committee on FERMA, Usaini Babangida
  1. Senate Committee on Finance, Sani Musa
  1. Senate Committee on Banking Insurance and Other Financial Institution, Abiru Adetokunbo
  1. Senate Committee on Army, Abdulaziz Yar’adua
  1. Senate Committee on Customs Excise and Tariff, Isa Jibrin
  1. Senate Committee on Cooperation and Integration NEPAD, Yau Sahabi
  1. Senate Committee on Culture and Tourism, Elisha Abbo
  1. Senate Committee on Diaspora and NGO, Victor Umeh
  1. Senate Committee on Drugs and Narcotics, Dankwambo Ibrahim
  1. Senate Committee on Education Basic and Secondary, Adamu Usman
  1. Senate Committee on Employment and Productivity, Diket Plang
  1. Senate Committee on Environment, Akintunde Yunus
  1. Senate Committee on Ethics Public Petitions, Imasuen Neda
  1. Senate Committee on FCT, Ibrahim Folarin
  1. Senate Committee on Federal Character and Governmental Affairs, Allwell Iheanacho
  1. Senate Committee on Foreign Affairs, Sani Bello
  1. Senate Committee on Gas, Jarigbe Jarigbe
  1. Senate Committee on Health, Banigo Ipalibo
  1. Senate Committee on Upstream Petroleum, Etang Williams
  1. Senate Committee on Water Resources, Abubakar Yari
  1. Senate Committee on Trade and Investment, Sadik Umar
  1. Senate Committee on Solid Minerals, Osita Ngu
  1. Senate Committee on Tertiary Education and TETFUND, Dandutse Muntari
  1. Senate Committee on States and Local Government Affairs, Ifeanyi Ubah
  1. Senate Committee on Oil and Gas Host Communities, Benson Agadaga
  1. Senate Committee on Power, Abaribe Eyinnaya
  1. Senate Committee on Police Affairs, Abdulhamid Madori
  1. Senate Committee on Local and Foreign Debts, Aliyu Wammako
  1. Senate Committee on ICT Cyber Crimes, Afolabi Salisu
  1. Senate Committee on INEC, Ali Sharafadeen
  1. Senate Committee on Industries, Fadahunsi Anthony
  1. Senate Committee on Land Transport, Adamu Aliero
  1. Senate Committee on Local Content, Sadiku Ohere
  1. Senate Committee on National Identity and Population Commission, Abdul Ningi
  1. Senate Committee on National Planning and Economic Affairs, Yahaya Abdul
  1. Senate Committee on National Security and Intelligence, Umar Shehu
  1. Senate Committee on Navy, Gbenga Daniel
  1. Senate Committee on Niger Delta, Bari Mpigi
  1. Senate Committee on Public Procurement, Monday Ogberu
  1. Senate Committee on Rules and Business, Titus Zam
  1. Senate Committee on Information and National Orientation, Eze Emeka
  1. Senate Committee on Judiciary Human Rights and Legal Matters, Mohammed Tahir Monguno
  1. Senate Committee on Youth and Sports, Adaramodu Adeyemi
  1. Committee on Senate Services, Sunday Karimi
  1. Senate Committee on Women Affairs, Ireti Kingibe
  1. Senate Committee on Science and Technology, Aminu Iya Abbas
  1. Senate Committee on Social Welfare and Poverty Alleviation, David Jimkuta
  1. Senate Committee on Inter-Parliamentary Affairs, Goje Danjuma
  1. Senate Committee on Privatisation, Uzor Kalu
  1. Senate Committee on Primary Health Care Development and Disease Control, Ibrahim Lamido
  1. Senate Committee on Media and Public Affairs, Adaramodu Adeyemi
  1. Senate Committee on Legislative Compliance, Musa Madoki
  1. Senate Committee on Agricultural Production Services and Rural Development, Mustafa Saliu
  1. Senate Committee on Communication, Aliyu Bilbis
  1. Senate Committee on Marine Transport, Wasiu Eshinlokun
  1. Senate Committee on NDDC, Asuquo Ekpenyong
  1. Senate Committee on Agricultural Colleges and Institutions, Adeniyi Adegbonmire
  1. Senate Committee on NASENI, Onyewuchi Ezenwa
  1. Senate Committee on Constitution Amendment, Jibrin Barau
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Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

OTC Securities Exchange Falls 1.31% as Key Stocks Decline

Published

1 hour ago

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19/05/2026

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NASD OTC securities exchange

By Adedapo Adesanya

Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.

This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.

Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34  per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.

The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.

During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 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 Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

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Economy

FX Pressure Pushes Naira Lower to N1,373/$1 at Official Market

Published

1 hour ago

on

19/05/2026

By

naira official market

By Adedapo Adesanya

It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.

In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.

Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at  N1,600.49/€1 versus N1,595.07/€1.

The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved  Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.

Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.

Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.

The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.

Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.

Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.

On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.

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Economy

Customs Street Opens Week Bearish With 0.05% Loss

Published

1 hour ago

on

19/05/2026

By

Lagos Customs Street stock exchange

By Dipo Olowookere

A marginal 0.05 per cent loss was recorded by Customs Street on Monday, as sell-offs by market participants remained.

This was driven by the desire of investors to book profits, having witnessed a significant price appreciation on the stocks in their portfolios.

Yesterday, bargain-hunting in the banking space, which resulted in the sector closing 0.17 per cent higher, could not prevent the Nigerian Exchange (NGX) Limited from going down.

Data showed that the consumer goods segment lost 0.26 per cent, the insurance counter depreciated by 0.20 per cent, the industrial goods index shed 0.09 per cent, and the energy industry retreated by 0.03 per cent.

As a result, the All-Share Index (ASI) eased by 126.09 points to 250,204.83 points from 250,330.92 points, and the market capitalisation contracted by N81 billion to N160.363 trillion from N160.444 trillion.

NCR Nigeria and Zichis declined by 9.99 per cent each to sell for N161.20 and N26.49, respectively, Industrial and Medical Gases shrank by 9.93 per cent to N38.10, Sovereign Trust Insurance depreciated by 9.86 per cent to N2.65, and DAAR Communications slipped by 9.78 per cent to N2.03.

On the flip side, Oando gained 10.00 per cent to finish at N51.70, University Press also rose by 10.00 per cent to N5.50, Deap Capital soared by 9.96 per cent to N5.96, May and Baker expanded by 9.94 per cent to N52.00, and Trans-Nationwide Express grew by 9.92 per cent to N7.76.

Yesterday, 800.5 million equities worth N37.1 billion exchanged hands in 87,096 deals compared with the 1.1 billion equities valued at N44.3 billion traded in 65,744 deals last Friday. This showed that the number of deals went up by 32.48 per cent, while the trading volume and value went down by 27.23 per cent and 16.25 per cent, respectively.

The most active stock on the first trading session of this week was UBA with a turnover of 65.0 million units worth N2.8 billion, Fidelity Bank traded 57.3 million units for N1.3 billion, Access Holdings sold 42.3 million units valued at N1.1 billion, DAAR Communications exchanged 36.7 million units for N81.8 million, and Secure Electronic Technology transacted 36.6 million units worth N33.0 million.

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