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.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) 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 traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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