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 Adedapo Adesanya
Three securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 1.38 per cent on Friday, July 3, with the NASD Security Index (NSI) up by 58.80 points to 4,307.26 points from 4,248.46 points, and the market capitalisation closing higher by N35.30 billion to N2.585 trillion from N2.549 trillion.
The price gainers were led by 11 Plc, which expanded by N20.05 to close at N220.55 per share compared with the previous day’s N200.50 per share, FrieslandCampina Wamco Nigeria Plc increased by N5.36 to N151.82 per unit from N146.46 per unit, and Central Securities Clearing System (CSCS) Plc appreciated by N3.52 to N90.74 per share from N87.22 per share.
Yesterday, the value of transactions surged by 1,431.2 per cent to N160.1 million from the preceding session’s N10.5 million, and the volume of trades rose by 303.7 per cent to 1.8 million units from 440,653 units, while the number of deals decreased by 34.4 per cent to 21 deals from 32 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 70.7 million units transacted for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Dipo Olowookere
The losing streak on the Nigerian Exchange (NGX) Limited was halted on Friday after the bourse closed higher by 2.19 per cent at the close of trading activities.
The gains reported by Nigerian stocks were buoyed by renewed bargain-hunting by investors, which resulted in all the key sectors of Customs Street ended in the green territory.
The banking space rose by 2.78 per cent, the insurance counter appreciated by 1.26 per cent, the energy segment expanded by 0.36 per cent, the consumer goods index chalked up 0.06 per cent, and the industrial goods sector grew by 0.05 per cent.
Consequently, the All-Share Index (ASI) went up by 4,918.37 points to 229,240.34 points from 224,321.97 points, and the market capitalisation increased by N3.156 trillion to N147.103 trillion from N143.947 trillion.
Investor sentiment was bullish after 34 stocks ended on the price gainers’ chart and 18 stocks finished on the losers’ log, representing a positive market breadth index.
The quintet of The Initiates, Universal Insurance, DAAR Communications, Omatek, and Airtel Africa surged by 10.00 per cent to sell for N25.85, 88 Kobo, N1.65, N1.76, and N5,274.00, respectively.
On the flip side, International Energy Insurance lost 9.96 per cent to trade at N4.70, Meyer shed 9.95 per cent to close at N18.55, Veritas Kapital dropped 5.07 per cent to finish at N1.31, Fidelity Bank slipped by 2.17 per cent to N18.00, and Jaiz Bank crashed by 1.84 per cent to N28.12.
During the session, a total of 414.7 million equities worth N25.1 billion exchanged hands in 47,106 deals compared with the 855.4 million equities valued at N28.4 billion transacted in the preceding day in 51,609 deals, implying a contraction in the trading volume, value, and number of deals by 51.52 per cent, 11.62 per cent, and 8.73 per cent, respectively.
By Adedapo Adesanya
The Naira closed flat against the United States Dollar at N1,370.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 3.
However, it appreciated against the Pound Sterling in the same market segment by N2.29 to settle at N1,829.88/£1 compared with the previous day’s N1,832.17/£1, and marginally depreciated against the Euro by 4 Kobo to close at N1,568.32/€1 versus Thursday’s closing price of N1,568.28/€1.
At the parallel market, the Naira also traded flat against the US Dollar at N1,390/$1, and at the GTBank forex desk, it also maintained stability at N1,832/$1.
Market conditions improved shortly after the following minimal intervention by the Central Bank of Nigeria (CBN) through modest Dollar sales, which boosted liquidity and supported stronger trading activity.
Easing pressure came after half-year profit-taking tapered down, while continued stronger policy signals from the central bank add to near-term support.
Deals executed at the official market on Friday came in at $70.430 million across 82 interbank deals, from $85.517 million the previous day.
Meanwhile, the cryptocurrency market continued its recovery after June non-farm payrolls printed at 57,000, less than half the 113,000 consensus, sending the implied probability of a September Federal Reserve rate hike from 64 per cent to 54 per cent and dragging AI stocks sharply lower.
Weak labour data reduces inflationary pressure and, by extension, the Federal Reserve’s justification for holding rates elevated. That transmission mechanism is direct: lower rate-hike odds compress the opportunity cost of holding non-yielding assets like crypto.
Bitcoin regained the $62,000 mark after it rose by 1.3 per cent to $62,475.29.
Cardano (ADA) gained 6.6 per cent to trade at $0.1759, Ripple (XRP) appreciated by 3.5 per cent to $1.14, Ethereum (ETH) expanded by 2.4 per cent to $1,756.82, Dogecoin (DOGE) improved by 2.1 per cent to $0.0768, Solana (SOL) chalked up 1.8 per cent to $82.65, TRON (TRX) increased by 1.5 per cent to $0.3235, and Binance Coin (BNB) soared by 1.4 per cent to $569.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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