Economy
SEC Tasks Stockbrokers to Prioritise Interest of Investors
By Dipo Olowookere
Stockbrokers in Nigeria have been charged to always prioritise the interest of investors over theirs so as to boost confidence in the capital market.
This charge was given by the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, who said the agency would do everything possible to reduce poor market conduct to the barest minimum.
Speaking at the Annual Stockbrokers Conference of the Chartered Institute of Stockbrokers (CIS), Mr Yuguda said the commission will intensify monitoring and surveillance of the market and apply stiff sanctions to any operator who engages in unethical conduct.
According to him, capital market operators are the face of the market and they interact daily with investors and must demonstrate the highest level of integrity and transparency in conducting their activities.
“Poor conduct dissuades investors from our market and therefore counters our collective objective of broadening and deepening the market.
“We also expect that the institute will continue to make it mandatory for its members to undertake annual professional development programs that address emerging issues.
“I believe that this will go a long way in ensuring that the practitioners in the market are highly skilled and are equipped to make real impact towards growing the market,” the SEC chief said at the event themed Capital Market as a Catalyst for Economic Development and Sustainable Growth.
Mr Yuguda disclosed the SEC has led several initiatives to reposition the Nigerian capital market to better support sustainable economic growth and development through the articulation of responsive and adaptable rules to support innovation and access to capital for small and medium enterprises, promotion of good corporate governance, an improved registration process, an adequate and transparent disclosure regime, enhanced enforcement machinery and dispute resolution mechanisms.
“Most of our more recent efforts at developing our market are targeted at contributing to the growth of the national economy.
“For instance, the core objective of the 10-year Capital Market Master Plan is to position the capital market for accelerated development of the national economy.
“Some level of success has been recorded from its implementation so far and efforts are currently ongoing to re-launch it for better impact during the remaining period of its implementation.
“As stakeholders, it is important to have a common understanding of the role the capital market plays not just as a catalyst of economic development but the trend, drivers and preconditions for a robust and viable capital market. The World Bank acknowledges that there are many areas of this relationship where research has been found thin.
“It is equally important for investors to perceive the capital market and capital market intermediaries as working for them and not against them.
“May I, therefore, use this opportunity to implore the Institute to identify some specific areas that could be used as a stimulus to improve the current state of the market, such as; diversification of investment products; promotion of investor education and financial literacy; strengthening corporate governance and listing standards,” he said.
The DG assured that the SEC will continue to take steps that empower trade groups and professional associations for more effective market regulation reassuring of the commission’s commitment and determination to restore investor confidence, preserve market integrity and reduce systemic risk.
The SEC boss commended the CIS for organising the yearly event adding that the annual conference has over the years established itself as a major calendar event on the schedule of policymakers and market participants.
In his remarks, Chairman House of Representatives Committee on Capital Market, Mr Ibrahim Babangida, said the conference was an opportunity for the CIS to do an appraisal of its activities and impact in Nigeria’s economic growth and fashion out more and better ways to assist in alleviating the dwindling economy of the country as well as salvaging it from the present economic quagmire.
Mr Babangida said this year’s conference came at a time the parliament is embarking on the legislative activities in the passage of the 2022 Appropriation Bill submitted by Mr President and urged the stockbrokers to employ all their professionalism in collaborating with this legislative process.
“All the people of Nigeria want to see is a revamped economy, where there will be a great inflow of investments by investors with a resultant real and positive economic growth.
“I want to reiterate that Nigeria and indeed African countries know the critical role the Institute and indeed the capital markets can play in transforming our economy via making conscious efforts to urgently develop a world-class capital market. You must deploy all your arsenals to keep the vision of the Institute and indeed the expeditions of the Nigerian people and Africans at large.
“I assure that the House Committee on capital market and indeed the House of Representatives is always available to assist in any areas of legislation to actualise the vision of the institute and make the Nigerian capital market a world-class one,” he added.
Earlier in a welcome address, the president of CIS, Mr Babatunde Amolegbe, said the institute was committed to focusing on the economy and capital market advocacy with the intention of achieving an inclusive and efficient capital market as an essential tool for economic development.
“The capital market is still a virgin territory with so many opportunities available, so as stockbrokers you are only limited by your own imaginations.
“This conference is unique as it delivers in the area of new economic issues to ensure that the capital market contributes to economic growth,” Mr Amolegbe.
He said the institute has reviewed its membership rules and code of conduct to bring them up to world-class standards and ensure professionalism, adding that no person is permitted to perform core professional functions in the capital market without obtaining certification of the CIS.
By Adedapo Adesanya
Pressure on the Naira eased on Wednesday, July 15, as it appreciated against the United States Dollar by 90 Kobo or 0.07 per cent on Tuesday, July 15, in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to close at N1,382.18/$1 compared with the previous day’s N1,383.08/$1.
Also, the local currency gained a further N4.07 against the Euro in the official market to sell at N1,576.69/€1 versus Tuesday’s rate of N1,583.76/€1, but depreciated against the Pound Sterling by N1.71 to quote at N1,856.69/£1, in contrast to the preceding session’s N1,854.98/£1.
At the GTBank forex counter, the Naira lost N1 against the greenback at midweek to close at N1,389/$1 compared with the preceding day’s N1,388/$1, and at the black market, it traded flat at N1,405/$1.
Data from the Central Bank of Nigeria (CBN) showed that interbank FX turnover moderated as trading activities among financial institutions and market makers declined sharply.
Daily FX data released showed that NFEM interbank FX turnover closed the day at $121.727 million, about 50 per cent below the previous record of $243.095 million set on Tuesday.
Official trading records released by the central bank revealed that interbank FX deals among market makers went down from the previous day to 115 from 140.
Inflation news also eased pressure, even if the print dropped marginally to 15.91 per cent in June, a 0.2 per cent reduction from the 15.93 per cent recorded in the preceding month. The month-on-month headline inflation rate in June 2026 was 1.66 per cent, which was 0.09 per cent lower than the rate recorded in May 2026, which came in at 1.75 per cent.
In the crypto market, prices were mixed as some traders banked on softer-than-expected US inflation reports for June, while others say the inflation data is obsolete, given the renewed strength in oil prices, which sparked after fresh fighting in the Middle East.
US inflation had earlier cooled more than expected, sharply reducing market odds of a near-term Federal Reserve rate hike.
Ethereum (ETH) rose by 1.9 per cent to $1,921.62, Ripple (XRP) appreciated by 0.4 per cent to $1.11, and Binance Coin (BNB) also increased by 0.4 per cent to $582.42.
However, Solana (SOL) dropped 1.3 per cent to finish at $77.29, TRON (TRX) slumped by 0.8 per cent to $0.3240, Dogecoin (DOGE) shrank by 0.6 per cent to $0.0741, Bitcoin (BTC) declined by 0.3 per cent to $64,762.28, and Cardano (ADA) lost 0.2 per cent to end at $0.1640, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
A 0.21 per cent loss was suffered by the Nigerian Exchange (NGX) Limited on Wednesday, as investor chew on the contraction in Nigeria’s June 2026 inflation rate to 15.91 per cent, according to data released during the session by the National Bureau of Statistics (NBS).
It was observed that the consumer goods sector lost 1.24 per cent, the industrial goods space shed 0.23 per cent, and the energy index crashed by 0.10 per cent, with these losses offsetting the gains recorded by the financial services sector, as the banking segment rose by 4.53 per cent, and the insurance counter chalked up 1.23 per cent.
Consequently, the All-Share Index (ASI) retreated by 503.69 points to 242,366.75 points from 242,870.44 points, but the market capitalisation added N390 billion to close at N156.239 trillion compared with the previous session’s N155.849 trillion.
During the trading day, Trans-Nationwide Express shed 9.85 per cent to end at N3.02, International Breweries moderated by 6.12 per cent to N13.05, Haldane McCall slipped by 5.95 per cent to N3.32, DAAR Communications declined by 5.68 per cent to N1.66, and NGX Group lost 4.38 per cent to finish at N28.12.
On the flip side, First Holdco improved by 9.98 per cent to N79.35, Thomas Wyatt expanded by 9.29 per cent to N2.94, Legend Internet gained 8.99 per cent to settle at N4.85, Tripple Gee grew by 8.96 per cent to N3.89, and Coronation Insurance increased by 6.61 per cent to N2.42.
Yesterday, market participants transacted 476.3 million stocks worth N29.6 billion in 40,992 deals compared with the 634.8 million stocks valued at N53.3 billion traded in 42,494 deals, showing a decline in the trading volume, value, and number of deals by 24.97 per cent, 44.47 per cent, and 3.54 per cent, respectively.
First Holdco was the busiest equity with 78.7 million units sold for N6.2 billion, Sterling Holdings transacted 56.7 million units worth N439.2 million, Zenith Bank traded 30.0 million units valued at N3.3 billion, Fidelity Bank exchanged 27.3 million units for N563.9 million, and Stanbic IBTC traded 22.8 million units valued at N3.8 billion.
**Tinubu Says Economy on Steady Growth
By Modupe Gbadeyanka
President Bola Tinubu has been praised for the ongoing financial and fiscal reforms in the country and encouraged to pursue a stronger partnership that supports investments, youth training, and employment.
The chief executive of Deloitte Africa, Ms Ruwayda Redfearn, who led a delegation to visit Mr Tinubu in Abuja on Wednesday, said the global organisation is primarily focused on digital and business transformation, with over 500,000 employees worldwide working across various roles and locations, including over 6,000 in Africa, adding that her accountancy firm’s revenue was $74 billion in 2025.
“We are here before you to say that we want to serve. We have a local team on the ground that is ready, as well as the global firm, to support you and support your administration as you lead the country,” she said.
Also, the chief executive of Deloitte West Africa, Mr Yomi Olugbenro, assured President Tinubu of the firm’s support for the reforms.
“We do what we do because of the philosophy that our African CEOs talk about – making an impact that matters. Where we are at the moment, we believe that the ground has been solidly laid. There is a need to truly extract more value and deliver the dividends of democracy to ordinary Nigerians on the street. The bigger work is really about how to cascade some of those big reforms further down.
“We do believe that with the capabilities that the firm has all over the world, with the half a million people that our CEO spoke about, we have use cases, examples, and experiences of how we supported nations all around the world, so Nigeria will definitely benefit from those experiences.
“So, that is why we are here, and we welcome the invitation that you may grant us as to where exactly you want us to support you,” he stated.
In his remarks, Mr Tinubu informed his guests that his administration’s reforms have steadily stabilised the economy over three years, with growing plaudits for positive development and growth indicators.
“We are following the example of Deloitte’s greatness to change things from the foundation, building the necessary future for our people.
“Yes, reforms are difficult. It has not been a McDonald’s customer relationship but a harvester of good things, if implemented well, and that is what we are about.
“Thank you for your partnership in paying attention to what we are doing here, as we have heard from the Minister of Finance about the fiscal, revenue and tax reforms that have taken place and are moving the nation forward.
“The reforms on revenue will continue to stimulate growth. And the effect of the reform? Yes, some issues are difficult to take the bitter medicine, but it is working well. For the economy, Nigeria is making serious foundational progress,” he stated.
The President said the reforms had stimulated the economy, strengthened the fiscal and revenue sectors, repositioned financial institutions, and prepared the country to be more globally relevant and competitive, urging Deloitte Africa to improve its impact on the Nigerian economy by training and recruiting the dynamic youth population.
“The family of Deloitte; you just reminded me of my cradle years in accountancy and where I cut my childhood accounting teeth in Chicago. Deloitte has a good training programme, and I believe you will continue to reflect that,” he added.
