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 Lagos State Government has secured about $22 million in Foreign Direct Investment (FDI) commitments to expand digital infrastructure across the state, in a move aimed at strengthening its position as Nigeria’s leading technology and innovation hub.
The investment was facilitated through the Lagos State Infrastructure Maintenance and Regulatory Agency (LASIMRA) and is expected to accelerate the deployment of fibre optic networks, improve broadband penetration and support smart-city development initiatives.
Speaking recently during the 2026 Ministerial Press Briefing held in Alausa, Ikeja, the Special Adviser to the Governor on Infrastructure, Mr Olufemi Daramola, disclosed that LASIMRA attracted foreign direct investment commitments worth about $22 million targeted at the rollout of high-capacity fibre optic infrastructure across Lagos State.
He said the development aligns with the government’s broader strategy to expand the state’s digital economy and enhance technology-driven growth in Africa’s most populous commercial centre.
Mr Daramola explained that the agency also facilitated additional investments for the deployment of about 30,000 kilometres of 28-way fibre duct infrastructure along strategic corridors across the state, building on the existing 3,000 kilometres of fibre already installed.
He noted that the expansion would significantly improve internet connectivity, boost broadband access and strengthen operations within Lagos’ rapidly growing digital ecosystem.
Beyond foreign investment inflows, he revealed that LASIMRA recorded a 300 per cent increase in revenue generation during the review period, driven by improved permit processing systems, enhanced regulatory compliance and the introduction of digital workflow platforms.
He further disclosed that the agency is advancing the Automated Telecom Infrastructure Registration System (TIRS), a digital platform designed to automate infrastructure registration, improve compliance monitoring and accelerate permit approvals for telecom operators.
“As part of its smart-city agenda, Lagos has deployed Geographic Information System (GIS) technology for mapping and monitoring fibre routes, telecommunications masts and towers, while also advancing the rollout of 5G-enabled smart poles across the state,” he said.
Mr Daramola added that the ongoing initiatives are aimed at building a resilient and future-ready digital infrastructure ecosystem capable of attracting further investments, fostering innovation and supporting long-term economic growth.
This marks the latest government move in tech following its plans to expand the city’s data centre capacity to over 250 megawatts (MW) by 2030 as part of efforts to strengthen the digital infrastructure ecosystem.
By Aduragbemi Omiyale
On Monday, June 1, 2026, the Nigerian capital market achieved a historic milestone with the successful transition to a T+1 settlement cycle.
With this feat, it becomes the first market in Africa to implement the shortened settlement framework designed to enhance efficiency, reduce risk, and improve global competitiveness.
This is part of efforts to align the ecosystem with global best practices, where shorter settlement cycles are increasingly being adopted to improve post-trade efficiency, reduce counterparty risk, and strengthen investor confidence, reaffirming regulators’ commitment to continued modernisation of market systems and processes.
The transition follows six months of coordinated industry-wide preparations involving regulators, exchanges, depositories, custodians, registrars, and other market participants, positioning Nigeria among global markets adopting shorter settlement cycles to improve post-trade efficiency and market resilience
At a ceremony to mark this achievement through a symbolic closing gong ceremony yesterday, the Director-General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, described the development as a defining moment in the market’s evolution.
“The era of T+1 has begun. In just six months, Nigeria has successfully progressed from T+2 to T+1 settlement, joining a growing group of markets embracing faster and more efficient settlement cycles.
“This achievement signals that Nigeria is prepared to undertake the structural reforms required to compete for global capital,” Mr Agama enthused.
In his goodwill message, the chairman of the Nigerian Exchange (NGX) Group Plc, Mr Umaru Kwairanga, described the transition as a key step in the ongoing transformation of Nigeria’s capital market.
He said the development underscores the shared commitment of stakeholders to strengthening market institutions, deepening investor confidence, and enhancing the market’s role in supporting economic growth and capital formation.
“Milestones such as this reinforce confidence in our institutions and demonstrate our collective determination to build a more efficient and globally competitive capital market,” he stated.
Also speaking at the event, the Chairman of Central Securities Clearing System (CSCS) Plc and chief executive of NGX Group, Mr Temi Popoola, said the transition represents a critical step in the broader evolution of Nigeria’s capital market.
He noted that while the achievement marks a significant milestone, it is part of a longer journey toward building a deeper, more liquid, and more globally competitive market capable of supporting sustained economic growth and capital formation.
“While today is a significant milestone, it is not the destination. It is part of a broader journey toward building a deeper, more liquid, efficient, and globally competitive capital market capable of supporting long-term economic growth and capital formation,” Mr Popoola stated.
On his part, the chief executive of CSCS Plc, Mr Shehu Shantali, said the milestone reflects the strength and operational readiness of Nigeria’s post-trade ecosystem, noting that the new settlement cycle would enhance transaction speed, improve liquidity efficiency, and reduce settlement exposure across the market.
“This transition is far more than a reduction in settlement timelines. It represents a strategic upgrade to market infrastructure and reinforces our commitment to building a more efficient, resilient, and globally competitive capital market,” he disclosed.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a loss of 0.21 per cent on Monday, June 1, with the market capitalisation down by N5.44 billion to N2.587 trillion from N2.592 trillion, and the Unlisted Security Index (NSI) falling by 9.10 points to close at 4,324.68 points compared with last Friday’s 4,333.78 points.
The unlisted securities exchange came under selling pressure yesterday, as investors trimmed their exposure to the landscape, with the volume of securities rising by 438.3 per cent to 3.6 million units from 666,853 units. Also, the value of securities increased by 465.9 per cent to N177.4 million from N31.4 million, and the number of deals surged by 37.0 per cent to 37 deals from 27 deals.
Great Nigeria Insurance (GNI) Plc closed the session as the most traded stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 61.2 million units exchanged for N4.4 billion.
GNI Plc also closed the day as 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 transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded at N415.7 million.
There were three price gainers and four losers on the first trading day of the new month yesterday, with FrieslandCampina Wamco Nigeria Plc up by N10.60 to N186.68 per share from N176.08 per share. MRS Oil Plc added N1.90 to close at N180.00 per unit versus N178.10 per unit, and Afriland Properties Plc grew by 5 Kobo to sell at N16.0o per share versus N15.90 per share.
On the flip side, CSCS Plc dropped N4.83 to trade at N72.97 per unit compared with the previous session’s N77.80 per unit, IPWA Plc lost 21 Kobo to sell at N2.03 per share versus N2.24 per share, Industrial and General Insurance (IGI) Plc fell by 6 Kobo to 54 Kobo per unit from 60 Kobo per unit, and Food Concepts Plc declined by 2 Kobo to N2.68 per share from N2.70 per share.
The market has commenced the T+1 settlement cycle, meaning securities transactions will be executed within one business day as part of efforts to enhance efficiency and speed in the Nigerian capital market.
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