Economy
SEC Vows to Make Islamic Capital Market Attractive in Nigeria
By Dipo Olowookere
Those who wish to explore the Islamic capital market in Nigeria have been assured of an attractive enabling environment by the Securities and Exchange Commission (SEC).
According to the Director-General of SEC, Mr Lamido Yuguda, efforts are being made to work with relevant stakeholders to implement recommendations for the non-interest capital market sector in line with the objectives of the 10-year Nigerian Capital Market Master plan (2015-2025), which include developing the segment of the market to contribute at least 25 per cent of the overall capital market capitalisation by 2025, with Sukuk contributing 15 per cent of outstanding bond issuances.
Mr Yuguda, who spoke at the 2021 African International Conference on Islamic Finance held in Abuja on Wednesday, stated that Islamic finance instruments are globally recognized as acceptable securities, with less Value-at-Risk due to their asset-based and project-tied investment features.
He noted that due to this, the sector offers financial products that are safe, competitive and attractive, adding that many jurisdictions have realised the potentials in Islamic finance and have positioned themselves to tap the potential benefit of such financing.
“It is noteworthy that since Islamic finance heavily relies on the Islamic capital market (ICM) as an investable outlet, products such as Sukuk (Islamic bond), Islamic REITs (I-REITS), Islamic Funds (I-Funds) and Exchange-mirrored Traded Funds (Islamic Equity Index) could all be offered for the purpose of financing infrastructure,” the SEC chief, who was represented by the Executive Commissioner Corporate Services SEC, Mr Ibrahim Boyi, submitted.
At the event themed Infrastructure Financing, Sustainability, and the Future of African Markets 2.0, he further stated that, “Sukuk issuances are increasingly gaining significance as a veritable mode of infrastructure financing.
“Consequently, a number of countries in the Sub-Saharan region of the continent; Sudan, Gambia, Senegal, South Africa, Ivory Coast, Nigeria, Mali, and Togo, have issued sovereign Sukuks to finance infrastructure.”
“For example, we have reviewed existing regulatory frameworks and introduced new ones. In particular, we issued rules on Islamic Fund Management as well as on Sukuk issuance.
“These two legal frameworks have encouraged Islamic product innovation with the registration of ten ethical/shariah compliant funds and the issuance of Nigeria’s sub-national Ijara Sukuk by the Osun State government in 2013, which was oversubscribed.
“Also, the federal government, through the Debt Management Office (DMO) has so far issued Ijara Sukuk in excess of N350 billion within the last 3 years. The funds were used to construct and rehabilitate infrastructure development projects across the six geo-political zones of the country.”
He noted that the agency recently approved a N30 billion corporate Sukuk programme and a N10 billion series issuance under the programme. This marks the first corporate Sukuk issuance to the public; commendably, the proceeds are to be used to finance housing infrastructure.
Similar to the sovereign issuances, the corporate issuance was also oversubscribed. The issuance was a landmark in the Market and we are confident that more corporates will begin to access the market.
According to him, the theme of this year’s conference resonates with a core function of the capital market as the market plays a crucial role in enabling access to medium and long term financing which is better suited to infrastructural development.
“According to the AfDB, Africa requires an annual investment of between $130 and $170 billion annually in infrastructure to reduce its infrastructure deficit. While according to the Global Infrastructure Hub (2020), Africa required an infrastructure investment of $184.03 billion in 2019 and $190.1 billion in 2020 to close its infrastructure deficits.
“The African continent continues to be challenged by deficits in infrastructure with governments being the major financier of infrastructure. Regrettably, governments’ efforts to finance the sector is constrained by large deficits in the budget, rising public debt and debt sustainability concerns,” he said.
He disclosed that the commission was also considering modalities to constitute a Sharia Advisory Council as a body of experts to advise the SEC and the market on non-interest products and their applications.
“Going forward, our focus will be on public enlightenment to encourage sub-national and corporate issuances and stronger capacity building initiatives. This is what informed the idea of hosting 3 webinars on non-interest capital market products in 2021 and more will be organised next year.
“We hope that the State governments represented here will take advantage of this important opportunity to familiarize themselves with the kind of products that can be issued and how to leverage this exciting area of finance to better the lives of our citizens.”
He reiterated the SEC’s commitment to continue to identify ways of using Non-Interest capital market products such as Sukuk as a tool for financing infrastructural development.
“We are committed to facilitating the growth of the non-interest capital market segment through innovation whilst ensuring a fair, efficient and transparent market.
“We will continue to put in place clear and consistently applied regulatory frameworks and reduce regulatory and operational impediments to engender the smooth functioning of the market,” he added.
By Aduragbemi Omiyale
The embargo earlier placed in the trading of Thomas Wyatt Nigeria shares has been lifted by the Nigerian Exchange (NGX) Regulation Limited.
The regulatory subsidiary of NGX Group lifted the suspension on Monday, July 6, 2026, via a notice signed by Bonaventure Onwuji on behalf of the Head of the Issuer Regulation Department of NGX RegCo.
Investors were earlier prevented from buying and selling equities of the organisation after it failed to submit its relevant financial statements as required by the listing rules.
The embargo was placed on October 31, 2025, in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, which provides that if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
After filing the results with NGX Limited, and pursuant to Rule 3.3 of the Default Filing Rules, which states that the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, the suspension was lifted.
By Adedapo Adesanya
Nigerian domestic oil producer Renaissance Energy has recorded its first major oil discovery since taking over Oil Mining Lease (OML) 74 last year, following the successful drilling of an exploration well offshore Nigeria in a development that could support the country’s efforts to boost crude oil production and replenish reserves.
Preliminary results showed about 1,000 feet (305 metres) of crude oil-bearing reservoirs across seven zones, with data and fluid tests confirming light oil in high-quality reservoirs, Renaissance said in a statement, without providing further details.
OML 74 is a large shallow-water block in the eastern Niger Delta off Nigeria’s coast and holds at least eight previously undeveloped discoveries.
Renaissance, which now owns Shell’s former onshore and shallow-water assets, operates Nigeria’s largest upstream joint venture with 18 oil leases, two export terminals and a FPSO vessel in the oil-rich delta.
Commenting on Tuesday, Mr Tony Attah, the managing director/chief executive of Renaissance, said the discovery reflects the company’s renewed focus on exploration and its commitment to boosting Nigeria’s long-term oil production.
“The success of JK-004, just over one year after assuming operatorship of these assets, demonstrates the strength of our exploration programme,” he said.
He lauded the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), adding that the exploration performance reflected the collaboration with the company’s joint venture partners comprising the Nigerian National Petroleum Company Limited (NNPC), TotalEnergies Limited and Agip Energy and Natural Resources.
He added that the NNPC Group Chief Executive Officer, Mr Bayo Ojulari, and the Executive Vice President, Upstream, Mr Udobong Ntia, provided the needed strategic guidance with commitment for value delivery across the joint venture assets.
On his part, the Vice President of Exploration and Chief Explorer at Renaissance, Mr Johnbosco Uche, said the exploration success was due to the company’s subsurface excellence, technical rigour, and disciplined approach to reserve replacement.
“The JK-004 well provides a strong foundation for accelerated maturation with clear pathways to early development and value realisation,” the Chief Explorer said, adding that the strategic location of JK-004 near an existing field would enable rapid commercialisation.
The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, described the feat as a perfect alignment with the commission’s vision of growing the nation’s reserves “to future-proof sustainable national growth,” and pledged to continue building the enabling regulatory environment required to support the Nigerian oil and gas industry.
By Aduragbemi Omiyale
The mandatory takeover bid of about 1.63 per cent shares held by minority shareholders of Premier Paints Plc by Xenergi has been launched.
Business Post learned that the exercise will open at 8 am on Monday, July 13, 2026, and close on Friday, August 7, 2026, and it concerns shareholders of Premier Paint, excluding Xenergi Plc, whose names appear in the register of members of Premier Paint on the qualification date, which was Monday, July 6, 2026.
Xenergi is looking to acquire a total of 2 million shares of Premier Paints at N38 per unit, amounting to N76 million.
The reason for this offer is to enable Xenergi comply with Section 142(4) of the ISA Act 2025 and Rules 445 – 448 of the SEC New Rules and Amendment dated August 30, 2021, following its acquisition of a 49.60 per cent majority equity stake in Premier Paint.
On June 8, 2026, Xenergi Plc acquired 61,003,350 ordinary shares in Premier Paint, representing a 49.60 per cent equity stake.
Xenergi Plc and Premier Paint Plc executed a Share Sale and Purchase Agreement detailing the terms and conditions of the acquisition. The acquisition was concluded following receipt of the required regulatory approvals from the Federal Competition & Consumer Protection Commission (FCCPC), the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) Limited.
In accordance with Section 142(4) of the ISA Act 2025, Xenergi is required to make a takeover bid to all the other shareholders of Premier Paint.
Consequently, on May 25, 2026, the board of Xenergi granted approval for a Takeover to be made to all qualifying shareholders, for the acquisition of the offer shares.
