Economy
SEC to Strengthen Fair Value Reporting, Investor Trust, Transparency
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) has expressed its commitment to strengthening fair value reporting, investor trust and transparency.
This assurance was given by the Director General of the agency, Mr Emomotimi Agama, in an interview over the weekend.
He stated that efforts were being made to boost investor confidence by strictly adhering to international best practices in financial reporting, noting that the transition to market valuation is crucial for ensuring that asset values accurately reflect real-time market conditions.
He outlined key modalities guiding Nigeria’s transition to the market-to-market (MTM) valuation of assets in the fixed income space of the capital market adding that the policy was a result of engagements with market participants.
“Timelines have been carefully considered, you know, especially with the concerns being raised by market participants. For us at the SEC, it is important that while we try to introduce new rules and regulations, we also listen to the market and say, okay, how do we meet, how do we meet at the junction where we can all agree to move forward,” he stated.
Mr Agama said the October 2, 2025, deadline for the submission of implementation plans would enable the commission to assess each institution’s preparedness and capacity, while the September 2027 deadline remains the target for full transition to IFRS 9.
“Requesting for implementation plans is not a bureaucratic exercise—it’s to gauge capacity, identify challenges, and meet operators at the point where we can all achieve compliance with one purpose and one goal,” the DG noted.
“Equity funds are already reported at fair value. The aspect of the Fund Management that was not aligned with international best practice was in the Fixed Income Funds space and that is what this policy alignment covers.
“Nigeria has come of age, and we must be seen to be doing things according to global standards. IFRS 9 requires market-to-market valuation of assets, and we cannot be left behind among the committee of nations,” the SEC chief added.
He disclosed that the reform would ensure that Nigerian assets are comparable globally, allowing investors to assess market performance more accurately, saying, “Our goal is to create a market that is internationally competitive,” he stated, adding, “Adopting IFRS 9 enables ease and compatibility among assets from different nations, clearly positioning Nigeria within the global market space.”
Responding to criticisms that the shift to market valuation could expose investors to short-term volatility, Mr Agama said the move is intended to strengthen, not destabilize, the market.
“Some have expressed concerns about volatility, but our intention is not to disadvantage Nigerian investors,” he clarified. “It is to expose them to global standards and transparency. Over time, as the market adjusts, these concerns will ease off and everyone will benefit from a more transparent and credible system.”
Beyond IFRS 9, the SEC is also leading Africa in adopting the International Sustainability Standards Board (ISSB) framework. Dr. Agama revealed that Nigeria was among the first countries to accept and begin implementing the ISSB standards, emphasizing their importance for climate and sustainability disclosures.
“We pride ourselves as performers—first among nations to accept and adopt the ISSB standards. But we are not oblivious of our contextual issues. We are taking a gradual approach so that our companies are not unduly burdened.”
He added that the Commission’s objective is to implement standards that attract rather than restrict capital.
“We will not implement standards that will shut companies out of capital. Instead, we are implementing those that will help bring in capital and promote sustainable growth,” he affirmed.
Looking ahead, he expressed optimism about the Nigerian capital market’s performance in the final quarter of the year, citing the government’s macroeconomic reforms and the enactment of key laws such as the NIIRA 2025 and ISA 2025 as catalysts for stability and investor confidence.
The SEC DG said, “Markets do not operate in a vacuum, they thrive on stability. With the micro- and macro-economic stability being championed by President Bola Ahmed Tinubu, the market is positioned for significant growth. The NIIRA 2025 is a game changer that provides the framework for sustainable expansion.”
He concluded that the SEC’s ongoing reforms, particularly the IFRS 9 transition and the adoption of sustainability standards, are part of a broader agenda to globalize Nigeria’s capital market, enhance transparency, and ensure wealth redistribution through a more resilient financial system.
“We are on a path of progress and growth. The President’s reform agenda is already taking shape, ensuring that Nigeria’s capital market becomes a global reference point for transparency, regulation, and investor confidence.”
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved fresh import licences for petrol and diesel for the third quarter of 2026 (July – September) to prevent potential supply shortages in the domestic market.
According to a report by global energy intelligence firm, Argus Media, the latest approvals were issued to major downstream operators amid declining fuel stock levels and concerns over reduced petrol production at the 700,000 barrels per day Dangote Petroleum Refinery in Lagos.
The move comes as Nigeria continues to balance increasing local refining capacity with the need to guarantee adequate supplies of petroleum products across the country.
According to the Argus report, domestic firms, including AA Rano, AYM Shafa, Bono Energy, Nipco, Matrix Energy and Pinnacle Oil, received permits to import Premium Motor Spirit, popularly known as petrol, during the July-September period.
The publication further reported that the same companies, with the exception of Nipco, were granted approvals to import Automotive Gas Oil, commonly known as diesel. The fresh approvals follow an earlier batch of petrol import permits issued by the regulator in May, covering about 720,000 metric tonnes.
Quoting a regulatory source, Argus noted that many of the companies granted the latest approvals were among those that had received permits in previous rounds. “These are some of the same ones that previously received the PMS permits,” the source was quoted as saying.
It was also claimed that AA Rano and Matrix Energy each received approvals to import 180,000 metric tonnes of petrol. AYM Shafa received approval for 120,000 metric tonnes, while Pinnacle Oil received a permit covering 150,000 metric tonnes.
For diesel imports, Argus reported that AYM Shafa obtained a permit for 60,000 metric tonnes, while Pinnacle secured approval for 45,000 metric tonnes. The report stated that the import approvals were issued only recently, after being delayed from an initial target date of June 15.
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.01 per cent on Tuesday, June 23, dragging the market capitalisation down by N25.91 billion to N2.544 trillion from Monday’s N2.570 trillion. Also, the NASD Security Index (NSI) decreased by 43.17 points to 4,239.34 points from 4,282.51 points.
The triplet price losers were Central Securities Clearing System (CSCS) Plc, which gave up N4.82 to trade at N75.00 per unit versus Monday’s closing price of N79.82 per unit. NASD Plc depreciated by N3.70 to close at N33.30 per share compared with the preceding day’s N37.00 per share, and Nitrox Industrial Gases Plc marginally lost 1 Kobo to sell at N21.41 per unit, in contrast to the previous session’s N21.42 per unit.
Tuesday’s trading data showed that the volume of securities traded by investors retreated by 35.9 per cent to 211,671 units from 330,034 units, and the value of securities fell by 82.9 per cent to N5.6 million from N32.7 million, while the number of deals doubled to 38 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc was 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 valued at N6.5 billion, and CSCS Plc with 68.1 million units transacted for N4.7 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
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