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 Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Group Plc, Mr Temi Popoola, and his counterpart at the NGX Limited, Mr Jude Chiemeka, have expressed delight over the value of the bourse breaking the N100 trillion ceiling on Monday.
Yesterday, the domestic stock exchange gained 1.74 per cent, with the market capitalisation rising by N1.869 trillion to N101.807 trillion ($71.15 billion) from N99.938 trillion ($69.61 billion) and the All-Share Index (ASI) growing by 2,725.86 points to 159,218.22 points from last Friday’s 156,492.36 points.
The growth was buoyed by renewed investor demand and broad-based gains across listed stocks, resulting in a year-to-date returns of 2.32 per cent.
It was observed that the rally was driven by strong buying interest in stocks such as Cadbury Nigeria, Fidson Healthcare, and Champion Breweries, reflecting the traditional “January Effect” that often characterises early-year market activity.
Investor sentiment strengthened markedly, with market breadth improving to 9.13x as 73 equities recorded gains against eight decliners, signalling widespread participation in the rally.
“The equities market capitalisation crossing the N100 trillion mark is a defining milestone for Nigeria’s capital market and a clear signal of renewed investor confidence as the year begins.
“It reflects the market’s growing depth, resilience, and ability to respond positively to improving macroeconomic conditions and structural reforms,” Mr Popoola stated, adding that sustained collaboration between market stakeholders and regulators has played a key role in strengthening market credibility.
“Over the past two years, closer alignment between market operators, policymakers, and the Securities and Exchange Commission (SEC) has enhanced transparency, liquidity, and investor protection, reinforcing the Exchange’s role in mobilising long-term capital for economic growth,” he said.
On his part, Mr Chiemeka said, “The breadth of the market tells a positive story. We are seeing strong participation across banking, industrial, and consumer stocks, alongside rising trading volumes, which suggest growing investor confidence and a more active market at the start of the year.”
By Adedapo Adesanya
The Managing Director of the NASD Over-the-Counter (OTC) Securities Exchange, Mr Eguarekhide Longe, has said the bourse in 2026 would play its role in expanding the economic space and anchoring enduring socio-political transformation and inclusive growth in the country.
Speaking as part of his new year message, the NASD helmsman noted that the steady gains recorded in the nation’s macro-economy will translate to further gains in 2026.
“In this regard, we are optimistic about the further structural reforms and gains that will attend the implementation of the Nation’s new tax law.
“We know that there are development gaps to be covered in improving hard and soft infrastructure, as well as supporting genuine entrepreneurs across the length and breadth of the country, providing justification for scaling up projects and businesses via the instrumentality of structured capital market platforms,” he said.
He also said the flagship OTC market performed moderately with new admissions and a consolidation of the staple performers in the trading year 2025.
“2025 has turned out, in many respects, to be a year of reasonably positive performance, financially, but more a year of tangible results from the diversification of the activities on NASD,” Mr Longe said.
Business Post analysis of the bourse’s 2025 Trading Summary showed that the exchange recorded a strong expansion in market capitalisation in 2025, even as overall trading activity by deal count declined compared with 2024.
Market capitalisation on the exchange more than doubled to N2.12 trillion in 2025, representing a 106 per cent increase from N1.03 trillion in 2024. The number of admitted securities also rose marginally to 47, up from 45 in the prior year, reflecting a 4 per cent growth.
The NASD Securities Index (NSI) rose by 18 per cent to 3,543.74 points, compared with 3,002.68 points in 2024. Similarly, the NASD Pension Index advanced by 21 per cent to 1,032.88 points, up from 954.33 points.
Trading volumes surged significantly during the year. Total volume traded climbed to 14.03 billion units, marking a 377 per cent increase from 2.98 billion units in 2024. However, this sharp rise in volume contrasted with a decline in transaction value, which fell by 43 per cent to N59.29 billion, down from N103.96 billion in 2024.
The total number of deals executed on the platform dropped to 6,456, representing a 26 per cent decline from 8,724 deals recorded the previous year, indicating fewer but larger or more strategic transactions.
The exchange also recorded notable listings in 2025, with Infrastructure Credit Guarantee Company PLC (InfraCredit), Paintcom Investment Nigeria PLC (Paintcom), and MRS PLC admitted to trading. In addition, the listing of the Access Bank PLC Rights Issue contributed to market growth. Combined, new listings on the NASD in 2025 were valued at approximately N1.121 trillion.
Commercial Paper admissions unto the NASD platform exceeded N34.32 billion in the trading year and maiden offer on the NASD Digital Securities platform of a tokenised Commercial Paper stood at N5 billion.
By Adedapo Adesanya
The trading compass at the NASD Over-the-Counter (OTC) Securities Exchange pointed north on Monday, January 5 after the market closed higher by 0.60 per cent.
The NASD Unlisted Security Index (NSI) added 21.49 points to close at 3,575.33 points compared to the previous session’s 3,553.84 points just as the market capitalisation inflated by N12.86 billion to finish at N2.139 trillion, in contrast to last Friday’s value of N2.126 trillion.
The growth recorded by the NASD OTC bourse yesterday was influenced by three securities led by FrieslandCampina Wamco Nigeria Plc, which gained N4.70 to close at N51.70 per share compared with the previous N47.00 per share.
Further, Geo-Fluids Plc appreciated by 43 Kobo to settle at N6.94 per unit versus N6.51 per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 37 Kobo to N36.00 per share from N35.63 per share.
Data from the alternative stock exchange showed a drop in investor appetite as the volume of trades declined by 94.7 per cent to 193,973 units from 3.6 million units, while the value of transactions decreased by 68.2 per cent to N4.5 million from N14.1 billion, with the number of deals sliding by 34.8 per cent to 15 deals compared to 23 deals.
At the close of business, CSCS Plc was the most traded stock by value on a year-to-date basis with 341,080 units sold for N12.2 million, followed by Geo-Fluids Plc with 535,970 units valued at N3.5 million, and Industrial and General Insurance (IGI) Plc with 2.9 million units exchanged for N1.9 million.
However, IGI Plc was the most active stock by volume on a year-to-date basis with 2.9 million units traded for N1.9 million. trailed by Geo-Fluids Plc with 535,970 units worth N3.5 million, and CSCS Plc with 341,080 units valued at N12.2 million.
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