Economy
SEC Warns Crypto Operators Against Sharp Practices
By Adedapo Adesanya
The Securities and Exchange Commission (SEC) has warned individuals and business entities engaging in activities contrary to laid down regulations in the capital market, especially with new rules that would see crypto operators join the fray.
The Director-General of SEC, Mr Emomotimi Agama, said in a statement in Abuja on Sunday that the commission would deploy the law on such defaulters.
Mr Agama said that the organisation would soon commence enforcement against individuals and entities operating in the market without the intention of being regulated.
He said that the commission was committed to protecting investors, including those in the crypto space and urged all participants in the market to play by the rules.
”We are certainly going to commence enforcement actions on anyone who wants to operate in this market and does not have the intention of being regulated.
”This also applies to those in the crypto space.
”We are sending this signal to all those who want to play by the books that they are welcome to our space.
”For those that do not want to play by the books, of course, we will not allow them to operate within our space,” he said.
The DG reiterated that the commission issued approval in principle to two crypto exchanges because it observed that youths were becoming increasingly interested in the digital space.
Mr Agama said that it was important to provide regulation, clarity, and investors’ protection, which were the primary responsibility of the SEC.
”All these we seek to do without hindering innovation because part of our primary responsibility as the SEC is market development.
”Clearly, the majority of persons involved in this space are the youth, therefore, providing a regulated space for these individuals is a primary responsibility of SEC.
”We had to provide a guide, clarity and the knowledge it requires to put all of these things in place, and that is why we have done what we did.
”Full disclosure and making sure that they meet the anti-money laundering and combating financing of terrorism report. Also, education is important as well as a guided regulatory space,” he said.
Mr Agama said that the commission had received numerous applications for exchanges, noting that it did not intend to flood the market with exchanges.
He said that the number of exchanges the commission would register in future would be dependent on individuals and companies meeting the strict regulatory requirement set by the SEC.
The DG said that the commission was taking various steps to ensure that citizens were safeguarded from any attempt to misinform them and rip them off their resources.
He said that the activities of crypto exchanges must be watched closely so that they do not impede the economy.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell further by 0.14 per cent on Wednesday, January 21, remaining in the danger zone for the third straight day.
This reduced the market capitalisation of the platform by N3.13 billion to N2.184 trillion from the N2.187 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) lost 5.23 points to 3,651.13 points from 3,656.36 points.
Yesterday, two securities depreciated, with FrieslandCampina Wamco Nigeria Plc shrinking by N2.96 to sell at N69.04 per share compared with the previous day’s N72.00 per share, and Central Securities Clearing System (CSCS) Plc dropped 96 Kobo to close at N40.47 per unit versus Tuesday’s closing price of N41.43 per unit.
During the session, there were five price gainers led by Food Concepts Plc as it chalked up 25 Kobo to sell at N3.00 per share versus the preceding session’s N2.75 per share, IPWA Plc went up by 18 Kobo to end at N1.97 per unit versus N1.79 per unit, Ge0-Fluids Plc improved by 6 Kobo to trade at N7.06 per share compared with Tuesday’s closing price of N7.00 per share, First Trust Mortgage Bank Plc expanded by 6 Kobo to sell at 69 Kobo per unit versus 63 Kobo per unit, and Mass Telecom Innovation Plc added 4 Kobo it previous traded value of 40 Kobo per share to end at 44 Kobo per share.
Business Post reports that the total value of transactions jumped by 74.9 per cent in the midweek session to N75.7 million from N43.3 million, the volume of transactions went up by 71.9 per cent to 4.5 million units from 2.6 million units, and the total number of deals appreciated 40 per cent to 42 deals from 30 deals.
CSCS Plc remained the most traded stock by value on a year-to-date basis with 5.4 million units traded for N217.2 million, followed by MRS Oil Plc with 278,971 units valued at N55.7 million, and Geo-Fluids Plc with 7.7 million units worth N52.2 million.
Geo-Fluids Plc ended the session as the most active stock by volume on a year-to-date basis with 7.7 million units sold for N52.2 million, followed by CSCS Plc with 5.4 million units transacted for N217.2 million, and Industrial and General Insurance (IGI) Plc with 3.1 million units worth N1.9 million.
By Dipo Olowookere
An underwriting firm, Guinea Insurance Plc, has submitted application for approval and listing of its proposed N5.8 billion rights issue.
Business Post reports that the application was filed to the Nigerian Exchange (NGX) Limited by the insurer through its stockbrokers, Forte Financial Limited, and Mega Equities Limited.
Guinea Insurance is offering in the exercise a total of 5,295,200,000 ordinary shares of 50 Kobo each at N1.10 per share on the basis of two new ordinary shares for every three existing ordinary shares held as of the close of business on Wednesday, January 21, 2026.
In a statement yesterday, the Head of Issuer Regulation Department of the stock exchange, Mr Godstime Iwenekhai, confirmed the development.
He said, “Guinea Insurance Plc has through its stockbrokers, Forte Financial Limited and Mega Equities Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 5,295,200,000 ordinary shares of 50 Kobo each at N1.10 per share on the basis of two new ordinary shares for every three existing ordinary shares held as at the close of business on Wednesday, January 21, 2026.
“The qualification date for the rights issue is Wednesday, January 21, 2026.”
At the market at midweek, the shares of Guinea Insurance closed flat at N1.30 per unit, with a total of 2,313,400.00 units transacted by investors during the session.
Last month, the organisation held an Extraordinary General Meeting (EGM), where shareholders authorised the board to “raise additional equity capital of up to N15.0 billion by way of rights issue and private placement, on such terms, pricing, allotment structure, and timetable as the board of directors may determine in the best interest of the company.”
This was after they passed a resolution for the firm’s minimum issued share capital be increased “from N4.0 billion made up of 8.0 billion ordinary shares of 50 Kobo each to N19.0 billion made of 38.0 billion ordinary shares of 50 Kobo each.
By Adedapo Adesanya
A 0.09 per cent or N1.34 loss was suffered by the Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, January 21, to close at N1,420.69/$1 compared with the preceding day’s N1,419.35/$1.
It was a similar scenario for the local currency in the official market, where is lost 53 Kobo against the Pound Sterling at midweek to sell for N1,908.84/£1 versus Tuesday’s closing price of N1,908.31/£1 and stumbled against the Euro by 83 Kobo to settle at N1,665.48/€1 compared with the previous session’s N1,666.31/€1.
But, in the black market and GTBank forex desk, the Nigerian currency traded flat against the greenback at N1,485/$1 and N1,429/$1, respectively.
Increased demand for Dollar was stemmed down by Naira demand by foreign portfolio investors that participated in the OMO bills yesterday.
In addition, the market has seen increased FX inflows from exporters, supported by sustained Dollar volume from non-bank corporate, individual and other sources.
As for the cryptocurrency market, prices rebounded after President Donald Trump of the United States softened tariff threats tied to Greenland during his Davos appearance.
The move capped a volatile 24 hours for crypto markets, which were dragged lower earlier in the week by a global risk-off wave sparked by Trump’s threats toward Europe, a jump in bond yields, and renewed anxiety across equity markets.
Ripple (XRP) appreciated by 1.9 per cent to $1.95, Cardano (ADA) improved by 1.5 per cent to trade at $0.3652, Solana (SOL) climbed by 1.3 per cent to sell $129.97, and Ethereum (ETH) went up by 1.2 per cent to trade at $3,014.51.
In addition, Binance Coin (BNB) improved by 1.1 per cent to close at $889.83, Dogecoin (DOGE) grew by 1.0 per cent to $0.1266, and Bitcoin (BTC) expanded by 0.5 per cent to end at $$90,031.72, while Litecoin (LTC) depreciated by 0.9 per cent to $68.40, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remaining unchanged at $1.00 each.
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