Economy

SEC Embracing Technology to Attract More Investors—Uduk

Published

6 years ago

27/09/2019

By Dipo Olowookere

Acting Director-General of the Securities and Exchange Commission (SEC), Ms Mary Uduk, has stated that in order to make the Nigerian capital market more attractive to investors, her agency had to digitalize its operations.

She said this was why some of the processes of the apex regulator in the nation’s capital market, which were previously manual and inefficient, are now being automated.

Addressing students of Aduvie Pre University College, Modibbo Adama University, Yola and University of Abuja, who were on excursion to the commission on Wednesday, Ms Uduk said this action has made transactions at the market more efficient.

She said, “For instance, with the dematerialization process completed, investors no longer need to not worry about the loss or damage to their physical share certificates as they are now electronically stored.”

“Further, the current e-dividend system enables shareholders’ dividend to be paid directly into their bank account without the stress of dealing with physical dividend warrants,” she added.

According to the SEC boss, “The Direct Cash Settlement protects investors from funds mismanagement by ensuring that the proceeds of their shares sales are credited directly into their own account as against that of the stockbroker.”

She informed the students, who listened to her with keen interest, that, “We are equally working on ensuring that companies’ annual reports are distributed electronically thereby ensuring timeliness of information to shareholders and cost reduction to public companies.”

During the visit, Ms Uduk also highlighted the importance of financial literacy to the students, saying, “Literacy plays a significant role in financial inclusion which itself is a major component of economic development.”

According to her, “Financial literacy and inclusion help people become financially independent and economically self-sufficient by aiding the underserved population, while raising their productivity and incomes.”

She said SEC, through the Commodities Trading Implementation Committee, collaborated with the Standards Organizations of Nigeria (SON) to publicize the relevant standards issued for agricultural products, while warehouses have also been mapped to provide information on its availability and location.

The Acting DG noted that SEC was working towards a future where the capital market would be used to solve challenges of misprizing and non-standardization of commodity products, as well as low foreign exchange earnings bedeviling the country’s agricultural sector.

She said further that SEC has helped in coordinating the introduction of Capital Market Studies into curriculum of basic and senior secondary schools in Nigeria and was making further plans to do same for higher institutions.

Economy

NASD Investors Lose N16.25bn

Published

20 minutes ago

11/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange faced south on Tuesday, March 10, by 0.64 per cent, with the market capitalisation dropping N16.25 billion to close at N2.540 trillion versus the preceding session’s N2.556 trillion, and the NASD Unlisted Security Index (NSI) shrinking by 27.15 points to 4,245.97 points from 4,273.12 points.

The red team had more members than the green team yesterday, with the former comprising four and the latter three.

Central Securities Clearing System (CSCS) Plc depreciated by N2.43 to sell at N80.00 per share versus N83.78 per share, Afriland Properties Plc lost N1.90 to trade at N17.60 per unit versus N19.50 per unit, Geo-Fluids Plc declined by 30 Kobo to N3.00 per share from N3.30 per share, and Acorn Petroleum Plc declined by 2 Kobo to N1.33 per unit from N1.35 per unit.

Conversely, FrieslandCampina Wamco Nigeria Plc appreciated by N2.85 to N136.70 per share from N133.85 per share, Lagos Building Investment Company (LBIC) Plc added 25 Kobo to sell at N4.00 per unit compared with Monday’s price of N3.75 per unit, and First Trust Mortgage Bank Plc gained 1 Kobo to settle at N1.91 per share versus N1.90 per share.

The volume of securities surged during the session by 1,253.2 per cent to 14.9 million units from 1.1 million units, the value of securities jumped 180.7 per cent to N132.7 million from N47.3 million, and the number of deals increased by 61.1 per cent to 58 deals from 36 deals.

The most active stock by value (year-to-date) was CSCS Plc with 38.1 million units exchanged for N2.4 billion, Okitipupa Plc occupied the second spot with 6.3 million units worth N1.1 billion, and the third place was taken by MRS Oil Plc with 3.4 million units valued at N507.8 million.

The most traded stock by volume (year-to-date) was Resourcery Plc with 1.05 billion units sold for N408.7 million, followed by Geo-Fluids Plc with 130.6 million units transacted for N503.8 million, and CSCS Plc with 38.1 million units worth N2.4 billion.

Economy

Naira Weakens to N1,401/$ at Official Market

Published

33 minutes ago

11/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira further weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, March 10.

Yesterday, the local currency depreciated against the greenback by N8.14 or 0.58 per cent to sell at N1,401.40/$1 compared with the previous day’s N1,393.26/$1.

In the same vein, the domestic currency tumbled against the Pound Sterling in the official market by N22.67 to trade at N1,885.73/£1 versus Monday’s closing price of N1,863.06/£1, and lost N19.37 against the Euro to settle at N1,631.51/€1, in contrast to the preceding day’s N1,612.14/€1.

Similarly, the Naira crashed against the US Dollar in the black market during the trading day by N5 to close at N1,420/$1 compared with the previous day’s N1,415/$1, but gained N3 at the GTBank forex counter to end at N1,416/$1 versus N1,419/$1.

With the latest level, the Naira hit a two-month low despite improvements in externalities that could offer enough backing for the local currency, including a stabilisation of oil prices to levels that could strengthen the current account balance and improve FX liquidity.

The last time the exchange rate hit the N1,400/$1 region was January 27, when the local currency traded at N1,401.2 against the American currency.

Inflows into the FX market have strengthened in recent weeks, but likewise, the US Dollar has strengthened at the international market due to recent upheaval involving the United States, Israel and Iran.

Meanwhile, in the cryptocurrency market, the price of the top 1o coins rallied as easing fears of an oil supply shock, helped by the move toward a possible release of emergency reserves, lifted risk sentiment across global markets.

The gainers were led by Dogecoin (DOGE) which chalked up 1.7 per cent to trade at $0.0926, Cardano (ADA) jumped 0.5 per cent to $0.2599, TRON (TRX) added 0.3 per cent to sell at $0.2867, Bitcoin (BTC) appreciated by 0.2 per cent to $69,619.49, and Ripple (XRP) grew by 0.1 per cent to $1.38.

On the flip side, Ethereum (ETH) crashed by 0.3 per cent to $2,022.42, Solana (SOL) slid 0.2 per cent to $86.57, and Binance Coin (BNB) lost 0.1 per cent to finish at $640.29, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.

Economy

Customs Street Dips 0.57% as Equity Investors Book Profit

Published

3 hours ago

11/03/2026

Dipo Olowookere

By Dipo Olowookere

The bears took control of Customs Street on Tuesday after equity investors embarked on profit-taking, resulting in the market closing lower by 0.57 per cent.

Sell-offs were witnessed in almost all the key sectors of the Nigerian Exchange (NGX) Limited yesterday, as the only riser was the insurance index, which gained 0.04 per cent.

The industrial goods space shrank by 0.71 per cent, the banking counter depreciated by 0.48 per cent, the energy counter fell by 0.29 per cent, and the consumer goods sector also slipped by 0.29 per cent.

Consequently, the All-Share Index (ASI) moderated by 1,130.86 points to 196,066.11 points from 197,196.97 points, and the market capitalisation contracted by N726 billion to N125.858 trillion from N126.584 trillion.

Mutual Benefits lost 10.00 per cent to trade at N4.59, NASCON also gave up 10.00 per cent to sell for N147.60, Red Star Express dropped 9.94 per cent to N28.55, Austin Laz slumped 9.88 per cent to N3.74, and SCOA Nigeria depreciated by 9.85 per cent to N27.90.

On the flip side, Premier Paints gained 9.97 per cent to close at N17.65, Sunu Assurances appreciated by 9.95 per cent to N4.75, Conoil improved by 9.95 per cent to N204.40, DAAR Communications expanded by 9.84 per cent to N2.01, and Eterna grew by 9.56 per cent to N51.00.

Business Post observed that there was a stronger selling pressure yesterday after a fall in the global crude oil market. The bourse ended with 26 price gainers and 44 price losers, reflecting a negative market breadth index and weak investor sentiment.

A total of 746.9 million equities valued at N27.9 billion exchanged hands in 65,275 deals during the session versus the 762.5 million equities worth N31.2 billion traded in 86,488 deals in the preceding day, showing a decline in the trading volume, value and number of deals by 2.05 per cent, 10.58 per cent, and 24.53 per cent, respectively.

Leading the activity chart for the session was Access Holdings with 80.3 million shares valued at N2.0 billion, Mutual Benefits sold 52.7 million stocks worth N254.7 million, Fortis Global Insurance transacted 41.4 million equities for N57.7 million, Zenith Bank traded 35.4 million shares worth N3.3 billion, and Jaiz Bank exchanged 31.5 million stocks valued at N343.4 million.