Economy
SEC DG Says Nigeria’s Non-Interest Capital Market Now N1.6trn
By Aduragbemi Omiyale
The value of non-interest capital market in Nigeria is now N1.6 trillion, the Director-General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, revealed at the 7th African International Conference on Islamic Finance (AICIF) 2025 in Lagos.
Speaking at the event, he disclosed that the growth reported by the segment of the nation’s capital market reflects investors’ confidence and the success of the agency’s regulatory reforms under the Investments and Securities Act (ISA) 2025.
He further noted that improvement in the size of the non-interest capital market underscored its expanding role in deepening financial inclusion and supporting infrastructure development.
“The remarkable growth of the non-interest segment in Nigeria — a market now valued at over N1.6 trillion — is clear evidence that when there is an enabling regulatory environment, the market responds with vigour,” Mr Agama stated.
He pointed out that Nigeria’s sovereign Sukuk programme has raised over N1.4 trillion through seven issuances since 2017, financing the construction and rehabilitation of 124 critical roads covering more than 5,820 kilometres across the country, adding that the recent approval of a $500 million international Sukuk will mark the next phase of the country’s effort to attract ethical financing for infrastructure and economic growth.
The SEC DG stressed that the rapid growth of Islamic finance across the continent shows Africa’s readiness to embrace non-interest instruments as a mainstream funding source, citing examples from Egypt, Kenya, Tanzania, Senegal, and Ghana, which are strengthening legal and policy frameworks to attract Shariah-compliant investments.
Mr Agama commended Metropolitan Skills for its role in advancing Islamic finance and said resolutions from the conference would feed into the Second Nigerian Capital Market Masterplan (2026–2035), as the first plan concludes this year.
He urged stakeholders to continue using Islamic finance as a tool for ethical investment, financial inclusion, and infrastructure renewal, stressing that “prosperity without inclusion is not sustainable.”
In her address, the Conference Chair, Ms Ummahani Ahmad Amin, said while Islamic finance had made remarkable progress in Nigeria and across Africa, the continent was yet to fully harness its potential as a reliable source of catalytic capital to bridge its annual infrastructure financing gap estimated at $130 billion to $170 billion.
She noted that although global Islamic financial assets grew by 14.9 per cent year-on-year to $3.88 trillion in 2024, Africa’s share remains marginal due to barriers such as underdeveloped market infrastructure, limited liquidity, and low investor education.
“To enable Sukuk and other Islamic financial instruments serve as effective drivers of financial intermediation and macro-financial stability, we must first address the barriers that continue to constrain their growth,” Ms Amin said.
She also noted the role of Artificial Intelligence (AI) in reshaping ethical finance, automating compliance, and expanding financial access, but warned that the technology must be guided by ethical guardrails to sustain trust.
Ms Amin stressed that collaboration and knowledge-sharing were key to unlocking Africa’s inclusive prosperity, noting that this year’s AICIF theme, Africa Emerging: A Prosperous and Inclusive Outlook, reflects optimism about the continent’s ability to drive sustainable and inclusive development.
As part of its commitment to youth empowerment, she announced that the conference, in partnership with the SEC, hosted a pitch competition to support promising startups.
ZannyTecture Recycling Company Limited won in the Social Impact category for turning discarded tyres and PET bottles into eco-friendly products, while BetaLife Health clinched first place in the Technology category with its AI-driven blood supply optimization platform.
Ms Amin also unveiled The Metropolitan Waqf, an initiative aimed at providing access to education for marginalized communities in Nigeria, particularly in areas affected by conflict.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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