Economy
SEC, NGX Group, Others Laud Oscar Onyema’s Impact on Capital Market
By Aduragbemi Omiyale
Mr Oscar Onyema has been praised for his contribution to the Nigerian capital market in the past 13 years, as he bows out after serving as the chief executive of the defunct Nigerian Stock Exchange (NSE), now known as the Nigerian Exchange (NGX) Limited, and as the chief executive of the NGX Group Plc for three years.
On Tuesday, March 26, 204, a Pull-Out Ceremony was held in his honour at the NGX House in Lagos and was attended by several stakeholders in the nation’s capital market, including the Securities & Exchange Commission (SEC), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System Plc (CSCS), NG Clearing, and the Association of Securities Dealing Houses of Nigeria (ASHON), among others.
In his remarks, the Director-General of SEC, Mr Lamido Yuguda, represented by the Director for SEC Lagos Office, Mrs Hafsat Rufai, stated that under Mr Onyema’s guidance, NGX Group consistently showcased innovation and resilience.
He also said Mr Onyema’s visionary leadership has not only stirred NGX Group through significant milestones but also spared a successful demutualization, marking a pivotal moment in Nigeria’s financial landscape.
On his part, the chairman of NGX Group, Mr Umaru Kwairanga, said, “It cannot be stressed enough that Mr Onyema contributed immensely to the modernisation of the exchange as we have it today.
“NGX Group in its current state is far more advanced technologically, strategically, and operationally than it was when he resumed in 2011.”
He highlighted some of his achievements, including the launching of the Exchange trading platform, X-GEN which propelled the exchange into the modern era; designing a robust Business Continuity Plan, which saw the exchange seamlessly maintained remote trading for over two years in the wake of the COVID-19 pandemic, and implementing a world-class regulatory regime focused on fairness, stability, collaborative rulemaking, risk-based supervision, and robust corporate governance standards.
“This steadfast commitment to regulation and transparency restored investor confidence and positioned the exchange as a credible, trusted platform,” Mr Kwairanga said, adding, “Perhaps most notably, Mr Oscar Onyema’s visionary stewardship has created immense value for NGX Group’s shareholders.”
“Under his tenure, the Group has experienced an incredible turnaround, with Return on Equity reaching an impressive 13.8 per cent for the 2023 fiscal year and payment of N1.5 billion in dividends to shareholders – a resounding affirmation of the Group’s operational efficiency and strategic direction under his exemplary leadership,” he added.
In acknowledging Mr Onyema’s leadership, his successor, Mr Temi Poopola, emphasized the profound impact of his predecessor’s leadership style.
He commended his ability to navigate diverse perspectives with respect, having prioritized the broader interests of the capital market, expressing his gratitude for the numerous sacrifices, both personally and for the organisation.
The chairman of ASHON, Mr Sam Onukwue, said during the 13-year tenure of Mr Onyema, technology on the exchange was upscaled, new minimum operating standards for market operators were introduced, among other transformational initiatives aimed at achieving best international practices were also pursued under his leadership.
“Of particular note was the impact of the demutualization of the exchange during his tenure. This was no mean feat given the history of previous attempts,” he said.
As for the former President of NSE, Mr Oba Otudeko, Mr Onyema’s professionalism is outstanding and his confidence, compelling to deliver and his presence, always humble and noble, noting that his uniqueness was fairly evident during the council’s search for a CEO, notching him the job.
By Aduragbemi Omiyale
The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.
Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.
The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.
“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.
Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.
However, with the latest development, the firm is no longer authorised to perform this function.
Economy
NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months
By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.
In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.
According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.
The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.
The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.
The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.
“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.
“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.
NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.
It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.
This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.
By Aduragbemi Omiyale
Nigeria has been projected to record an economic growth rate of 4.4 per cent in 2026 by the World Bank Group, higher than the 3.7 per cent earlier predicted in June 2025.
In its 2026 Global Economic Prospects report released on Tuesday, the global lender also said the growth for next year for Nigeria is 4.4 per cent rather than the 3.8 per cent earlier projected.
As for the sub-Saharan African region, the economy is forecast to move up to 4.3 per cent this year and 4.5 per cent next year.
It stressed that growth in developing economies should slow to 4 per cent from 4.2 per cent in 2025 before rising to 4.1 per cent in 2027 as trade tensions ease, commodity prices stabilise, financial conditions improve, and investment flows strengthen.
In the report, it also noted that growth is expected to jump in low-income countries by 5.6 per cent due to stronger domestic demand, recovering exports, and moderating inflation.
As for the world economy, the bank said it is now 2.6 per cent and not 2.4 per cent due to growing resilience despite persistent trade tensions and policy uncertainty.
“The resilience reflects better-than-expected growth — especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026,” a part of the report stated.
“But economic dynamism and resilience cannot diverge for long without fracturing public finance and credit markets,” it noted.
World Bank also said, “Over the coming years, the world economy is set to grow slower than it did in the troubled 1990s — while carrying record levels of public and private debt.
“To avert stagnation and joblessness, governments in emerging and advanced economies must aggressively liberalise private investment and trade, rein in public consumption, and invest in new technologies and education.”
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