Economy
SEC, Stakeholders Eye More Investments in N1.6trn Non-Interest Capital Market
By Aduragbemi Omiyale
Efforts are being made to attract more investments into the Nigerian non-interest capital market believed to be valued at N1.6 trillion.
Championing this is the Securities and Exchange Commission (SEC) and different stakeholders in the nation’s capital market.
Speaking on Monday during a joint press briefing in Abuja, the Director General of SEC, Mr Emomotimi Agama, said steps are being taken to unlock ethical financing for Nigeria’s prosperity.
The media event, held ahead of the 7th African International Conference on Islamic Finance (AICIF), scheduled to hold in Lagos on November 4 and 5, 2025, was put together by SEC, the Metropolitan Law Firm, and Metropolitan Skills Limited.
This forthcoming conference, themed Africa Emerging: A Prosperous and Inclusive Outlook, was “strategically positioned” to coincide with the conclusion of the Revised Nigerian Capital Market Masterplan (2021–2025).
“This year’s theme is a call to action, it’s about harnessing ethical finance as a tool to build a more prosperous and equitable Africa,” Mr Agama said, noting that the Nigerian non-interest market has shown remarkable momentum, with Sukuk dominating the sector.
He revealed that the last Sukuk issuance was oversubscribed by over 700 per cent, underscoring the growing investor appetite for non-interest products and confidence in the regulatory framework.
“The non-interest capital market has attained a valuation of N1.6 trillion. The overwhelming subscription to our Sukuk issuances demonstrates strong investor confidence and an expanding demand for ethical financial instruments,” the SEC chief noted.
He explained that the enactment of the Investments and Securities Act (ISA) 2025 provides a strengthened legal foundation for non-interest financial products, empowering the SEC to register non-interest collective investment schemes and broaden the range of instruments available to investors.
“The new Act is a game-changer,” he noted. “It modernizes our regulatory framework, enhances transparency, and gives investors the confidence needed to engage more deeply with ethical finance.”
Mr Agama stated that the AICIF will feature high-level discussions on unlocking capital for Africa’s infrastructure, green and ethical investments, agricultural financing, and the role of fintech in transforming Islamic finance.
The sessions, he said, are designed to produce practical solutions to some of the continent’s most pressing development challenges.
“This is not just another conference. It is a problem-solving platform that will deliver actionable strategies to drive new investment flows and inform future regulatory policy,” he emphasized.
The SEC boss added that the conference will bring together regulators, senior financial executives, scholars, and representatives of development finance institutions to collaborate on innovative policy frameworks.
According to him, promoting financial inclusion will be a key focus area, ensuring that ethical finance becomes a driver of prosperity for individuals and businesses alike.
“The insights generated will help shape the next phase of our capital market’s growth, ensuring it remains a strong engine for Nigeria’s economic development,” he said, underscoring that the AICIF aligns with the government’s broader agenda of promoting sustainability, inclusivity, and transparency in the financial system.
He described ethical finance as a critical component of Nigeria’s long-term economic transformation plan, capable of funding infrastructure, empowering communities, and stimulating small and medium-scale enterprises.
“The 7th AICIF is a premier forum dedicated to advancing non-interest and ethical finance across Africa. It represents a shared commitment to building a financial ecosystem that is prosperous, inclusive, and sustainable,” he said.
He urged stakeholders and the media to actively participate in the Lagos conference, describing it as “a defining moment for Nigeria’s financial sector and a blueprint for Africa’s economic rebirth.”
Also speaking, the Managing Partner for Metropolitan Law Firm and Chairman AICIF 2025 Planning Committee, Ms Ummahani Amin, said that AICIF has grown into one of the most important gatherings for policymakers, regulators, investors, scholars, and innovators who share a common goal to advance ethical, inclusive, and sustainable finance in Africa.
“This year, we are especially proud of our strategic partnership with SEC, Nigeria’s highest regulator in the capital market. This collaboration underscores our shared vision to strengthen the Islamic finance ecosystem, deepen investor confidence, and support innovation that aligns with integrity and shared prosperity.
“This year’s conference comes at a critical time — as Africa continues to explore innovative, ethical, and sustainable pathways to finance development,” she stated.
She said Islamic finance has proven to be one of the fastest-growing segments of the global financial system, and AICIF provides a unique platform to bring together policymakers, regulators, scholars, investors, and practitioners to shape that future here on the continent.
Beyond the conference sessions, Ms Amin said the partners will also be celebrating excellence and innovation through its Awards Night, as well as unveiling the winners of the AICIF Pitch Competition, a platform designed to spotlight young entrepreneurs and innovative ideas that can shape the future of Islamic finance in Africa.
By Aduragbemi Omiyale
The deadline for the recapitalisation of the Nigerian pension industry has been extended by six months to June 2027 from December 2026.
This extension was approved by the National Pension Commission (PenCom), the agency, which regulates the sector in the country.
Addressing newsmen on Thursday in Lagos, the Director-General of PenCom, Ms Omolola Oloworaran, explained that the shift in deadline was to give operators more time to boost the capital base, dismissing speculations that the exercise had been suspended.
“The recapitalisation has not been suspended. We have communicated the requirements to the Pension Fund Administrators (PFAs), and we expect every operator to be compliant by June 2027. Anyone who is not compliant by then will lose their licence,” Ms Oloworaran told journalists.
She added that, “From a regulatory standpoint, our major challenge is ensuring compliance. We are working with ICPC, labour and the TUC to ensure employers remit pension contributions for their employees.”
The DG noted that engagements with industry operators indicated broad acceptance of the policy, with many PFAs already taking steps to raise additional capital or explore mergers and acquisitions.
“You may see some mergers and acquisitions in the industry, but what is clear is that the recapitalisation exercise is on track and the industry agrees with us,” she stated.
PenCom wants the PFAs to increase their capital base and has created three categories, with the first consists operators with Assets Under Management of N500 billion and above. They are expected to have a minimum capital of N20 billion and one per cent of AUM above N500 billion.
The second category has PFAs with AUM below N500 billion, which must have at least N20 billion as capital base.
The last segment comprises special-purpose PFAs such as NPF Pensions Limited, whose minimum capital was pegged at N30 billion, and the Nigerian University Pension Management Company Limited, whose minimum capital was fixed at N20 billion.
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Thursday, December 18.
According to data, Central Securities Clearing System (CSCS) Plc led the losers’ group after it slipped by N2.87 to N36.78 per share from N39.65 per share, Golden Capital Plc depreciated by 77 Kobo to end at N6.98 per unit versus the previous day’s N7.77 per unit, and FrieslandCampina Wamco Nigeria Plc dropped 19 Kobo to sell at N60.00 per share versus Wednesday’s closing price of N60.19 per share.
At the close of business, the market capitalisation lost N16.81 billion to finish at N2.147 billion compared with the preceding session’s N2.164 trillion, and the NASD Unlisted Security Index (NSI) declined by 24.76 points to 3,589.88 points from 3,614.64 points.
Yesterday, the volume of securities bought and sold increased by 49.3 per cent to 30.5 million units from 20.4 million units, the value of securities surged by 211.8 per cent to N225.1 million from N72.2 million, and the number of deals jumped by 33.3 per cent to 28 deals from 21 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value with a year-to-date sale of 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
Similarly, InfraCredit Plc ended as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units exchanged for N524.9 million.
By Dipo Olowookere
The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited has again crossed the 150,000-point threshold on Thursday as the demand of for local intensifies.
The market was up by 0.35 per cent during the session, with the NGX index inching higher by 520.23 points to 150,363.05 points from the previous day’s 149,842.82 points and the market capitalisation climbed by N332 billion to N95.857 trillion from N95.525 trillion.
During the session, the consumer goods index grew by 1.23 per cent, the banking counter expanded by 0.56 per cent, and the energy sector appreciated by 0.05 per cent.
However, the insurance industry went down by 0.23 per cent, while the commodity and the industrial goods sectors closed flat.
Nestle Nigeria gained 10.00 per cent to trade at N1,958.00, Guinness Nigeria improved by 9.98 per cent to N289.70, Aluminium Extrusion Industries rose by 9.76 per cent to N11.25, DAAR Communications soared by 9.20 per cent to 95 Kobo, and Mecure Industries surged by 9.13 per cent to N55.00.
On the flip side, Stanbic IBTC lost 9.33 per cent to settle at N95.20, Lasaco Assurance went down by 9.09 per cent to N2.50, Africa Prudential slipped by 8.82 per cent, Austin Laz depreciated by 8.82 per cent to N12.40, and Sterling Holdings crashed by 6.12 per cent to N6.90.
There were 35 price gainers and 26 price losers yesterday, implying a positive market breadth index and bullish investor sentiment.
During the session, a total of 839.8 million equities valued at N32.8 billion exchanged hands in 23,211 deals compared with the 5.9 billion equities worth N216.2 billion traded in 25,205 deals a day earlier, indicating a decline in the trading volume, value, and number of deals by 85.77 per cent, 84.83 per cent, and 7.91 per cent apiece.
The day’s busiest stock was First Holdco with a turnover of 385.6 million units sold for N15.6 billion, FCMB traded 76.0 million units worth N805.3 million, Lasaco Assurance exchanged 43.6 million units valued at N111.8 million, Access Holdings transacted 29.6 million units worth N616.8 million, and Chams sold 24.8 million units valued at N75.4 million.
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