Economy
SEC Tasks Shareholders to Raise Relevant Observations at AGMs
By Aduragbemi Omiyale
Shareholders, especially those under registered groups, have been tasked by the Securities and Exchange Commission (SEC) to endeavour to raise relevant observations on key areas at the Annual General Meetings (AGMs) of companies listed on the stock exchanges.
The Director-General of SEC, Mr Lamido Yuguda, said this could be achieved by carefully reviewing audited reports and accounts of listed organisations prior to such yearly shareholders’ gatherings, urging them to uphold high ethical standards and promote new strategies to strengthen accountability among market participants in the Nigerian capital market.
According to Mr Yuguda, in 2016, pursuant to Section 8(y) of the Investments and Securities Act (ISA), the commission released a Code of Conduct for members of shareholders’ associations to guide their conduct during general meetings of public companies and their relationship with public companies outside the general meetings, and for other purposes connected therewith.
He said this code was still in force, noting that it is intended to ensure the highest standard of conduct amongst members and the companies with whom they interact as bona fide shareholders.
“The code is designed to ensure that association members uphold high ethical standards and make positive contributions in ensuring that the affairs of public companies are run in an ethical and transparent manner in compliance with the Nigerian Code of Corporate Governance and the SEC Corporate Governance Guidelines.
“I urge you to continue to abide by this Code of Conduct for Members of Shareholders’ Associations by being disciplined and ensuring good governance,” the SEC DG said at the 2022 edition of the Independent Shareholders Association of Nigeria (ISAN) Triennial Delegates Conference held in Lagos recently.
“We, therefore, urge this association to continue to improve performance of the function of monitoring of companies to contribute to their growth by reviewing Audited Reports and Accounts prior to AGMs to raise germane observations on key areas,” he added.
Mr Yuguda also urged the shareholders to continue to promote their core activities which centre on minority shareholder protection, advancement of corporate governance and development of a deep and robust capital market.
He described the theme of the conference, which focuses on reforming the judicial system in order to stabilise and encourage the growth of the Nigerian economy, as very important and relevant to the growth and development of Nigeria.
The DG commended the shareholders for the excellent support the agency has received from the various shareholder associations in the country, especially ISAN.
“ISAN is one of the largest and foremost shareholders’ advocacy groups in the country. We are proud to be associated with your core activities which centre on minority shareholder protection, advancement of corporate governance and development of a deep and robust capital market,” he said.
“The judiciary has also been contributing to the development of the capital market through its role of adjudicating over matters involving stakeholders in the capital market. As the SEC continues its important regulatory work of protecting both foreign and domestic investors who invest their funds in the Nigerian capital market, we will continue to partner with and engage the judiciary and other relevant stakeholders,” Mr Yuguda noted.
He stated that in an increasingly competitive global environment for capital flows, foreign investors consider the strength and independence of a regulator in their investment decisions, stressing that it is, therefore, a matter of urgent national priority to continue to send the right signals to the investing world that the Nigerian capital market is indeed soundly regulated by a strong and independent SEC, devoid of conflicting interference from any arms of government.
“The SEC is happy to have, over the years, enjoyed the support of the Nation’s courts in the quest to build a vibrant capital market that can contribute to achieving our national objectives.
“The judiciary’s important work impacts market integrity, investor confidence, market development and market fairness. It is clear that without the fair, prompt and effective dispensation of justice, capital markets can never develop. Therefore, in our quest to develop a vibrant capital market in Nigeria, we cannot afford to overlook the central role of the Judiciary,” he said.
However, the SEC DG stated that there was room for reform in the judiciary, especially on issues around investor protection and dispute resolution mechanisms in the Nigerian capital market, adding that the commission supports this reform and is happy to play a role in it.
“As a regulator of this dynamic market, the commission is focused on facilitating capital raising for sustainable national development and transformation of Nigeria’s priority economic sectors, thereby effectively contributing to the national economy.
“Our focus has always centred on the creation of an ecosystem whereby issuers, whether government, entrepreneurs and other businesses, can access capital efficiently. The process of raising money through the capital market plays a vital role in our economy and will help bring nascent ideas to life,” he added.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange dipped by 0.44 per cent on Tuesday, January 27, with the market capitalisation declining by N9.70 billion to N2.174 trillion from N2.184 trillion, and the NASD Unlisted Security Index (NSI) falling by 16.21 points to 3,634.73 points from 3,650.94 points.
The bourse was under pressure from two securities, which lost weight, overpowering the gains recorded by three securities.
Business Post reports that FrieslandCampina Wamco Nigeria Plc lost N5.70 to sell at N64.00 per share compared with Monday’s price of N69.70 per share and Central Securities Clearing System (CSCS) Plc dropped 17 Kobo to close at N40.50 per unit, in contrast to the preceding day’s N40.67 per unit.
On the flip side, Air Liquide Plc added N1.69 to settle at N18.63 per share versus the previous session’s N16.94 per share, UBN Property Plc appreciated by 20 Kobo to N2.20 per unit from N2.00 per unit, and Industrial and General Insurance (IGI) Plc gained 6 Kobo to trade at 69 Kobo per share versus 63 Kobo per share.
During the session, the volume of securities traded by investors fell further by 80.9 per cent to 1.3 million units from 6.8 million units, the value of securities went down by 57.3 per cent to N57.3 million from N156.7 million, and the total number of deals shrank by 13.6 per cent to 38 deals from 44 deals.
At the close of business, CSCS Plc was the most traded stock by value on a year-to-date basis with 14.4 million units traded for N586.1 million, the second spot was occupied by FrieslandCampina Wamco Nigeria Plc with 1.6 million units worth N107.9 million, and the third spot was taken by MRS Oil Plc with 297,101 units valued at N59.3 million.
CSCS Plc also ended as the most active stock by volume on a year-to-date basis with 14.4 million units valued at N586.1 million, followed by Geo-Fluids Plc with 1.6 million units worth N107.9 million, and Mass Telecom Innovation Plc with 6.4 million units sold for N2.6 million.
By Adedapo Adesanya
The value of the Nigerian Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, January 27 by N17.73 or 1.25 per cent to close at N1,401.22/$1, in contrast to the previous day’s value of N1,418.95/$1.
Also, the domestic currency improved its value against the Euro by N10.09 in the same market window yesterday to trade at N1,672.22/€1 versus the previous session’s N1,682.31/€1, but declined against the Pound Sterling by N4.72 to trade at N1,925.84/£1 compared with Monday’s closing price of N1,921.12/£1.
At the GTBank FX desk, the Naira appreciated against the greenback during the session by N4 to close at N1,426/$1 compared with the previous day’s N1,430/$1 and at the parallel market, it remained unchanged at N1,480/$1.
The Naira continues to align with projections and reforms. Analysts largely expect the local currency to remain within a relatively stable range in the medium term. Many projections suggest the currency will trade between N1,400/$1 and N1,450/$1 this year, supported by improved FX liquidity and ongoing macroeconomic reforms.
Nigeria’s external reserves have continued on a steady upward trajectory, providing additional support for the domestic currency. According to figures published by the CBN on its website, external reserves rose to $46.03 billion as of January 26, 2026, reflecting sustained inflows and improved confidence in the FX market.
Ongoing reforms in the oil sector that have buoyed investments, rising foreign capital inflows, and stronger diaspora remittances are also combining to underpin exchange rate stability and sustain confidence in the FX market.
Meanwhile, the cryptocurrency market rose on Tuesday and the US Dollar remained under pressure ahead of a closely watched Federal Reserve decision on Wednesday.
The weaker Dollar has fueled strong rallies in gold and silver, but crypto has so far lagged that trade.
Ethereum (ETH) gained 2.5 per cent to trade at $3,000.05, Dogecoin (DOGE) increased by 2.4 per cent to $0.1249, Solana (SOL) expanded by 2.3 per cent to $126.84, Binance Coin (BNB) added 2.1 per cent to sell for $900.33, Cardano (ADA) jumped by 1.6 per cent to $0.3568, Ripple (XRP) appreciated by 0.9 per cent to $1.91, Bitcoin (BTC) soared by 0.9 per cent to $89,016.63, and Litecoin (LTC) grew by 0.6 per cent to $69.69, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
Crude oil appreciated by 3 per cent on Tuesday as a winter storm in the United States affected crude production and drove US Gulf Coast crude exports to zero over the weekend.
During the session, Brent crude futures went up by $1.98 or 3.02 per cent to $67.57 a barrel and the US West Texas Intermediate (WTI) crude futures grew by $1.76 or 2.9 per cent to trade at $62.39 a barrel.
US oil producers lost up to 2 million barrels per day or roughly 15 per cent of national production over the weekend as a severe winter storm swept across the country, straining energy infrastructure and power grids.
The severe weather has boosted crude futures, with short-term risks rising on fears of supply disruptions.
According to Reuters, the Permian Basin experienced the largest share of that decline at around 1.5 million barrels per day. Production losses eased on Monday, with Permian shut-ins estimated at about 700,000 barrels per day and production set to be fully restored by January 30.
The exports of crude oil and liquefied natural gas from US Gulf Coast ports tumbled to zero on Sunday amid frigid weather. However, this has rebounded in the last days.
Also boosting prices, Kazakhstan’s biggest oilfield, Tengiz, is likely to restore less than half of its normal production by February 7 as it slowly recovers from a fire and power outage.
The slow pace of recovery of Tengiz’s production is keeping the oil market tighter while a weaker US Dollar also lended some support.
However, the CPC, which operates Kazakhstan’s main exporting pipeline, said it returned to full loading capacity at its terminal on the Russian Black Sea coast after maintenance was completed at one of its three mooring points.
On the geopolitical front, the US landed an aircraft carrier and supporting warships in the Middle East, adding to the slim chance of a military action against Iran.
President Donald Trump Trump had repeatedly threatened to intervene if Iran continued to kill protesters, but the countrywide demonstrations have since abated. The US president said he had been told that killings were subsiding and that he believes there is currently no plan for the executions of prisoners.
Meanwhile, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) is set to keep its pause on oil output increases for March at a meeting on February 1.
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