Economy
Shareholders Seek Buhari’s Intervention on Suspension of Oando Shares
By Modupe Gbadeyanka
President Muhammadu Buhari has been urged to use his good office to intervene in the suspension of shares of Oando Plc on the floor of the Nigerian Stock Exchange (NSE).
The Securities and Exchange Commission (SEC) placed a technical suspension on the shares of the leading Nigerian energy group last year.
The technical suspension made it possible for the shares of the firm to be traded at the stock market, but without price change.
A statement issued by the NSE on October 23, 2017 had noted that, “The shares of Oando Plc have been placed on technical suspension.
“Thus, the shares will be available for trading but there will be no price movement while the technical suspension subsists.”
The action followed outcome of a panel set up by SEC, which indicted Oando of violating some capital market regulations.
A forensic audit of the company was ordered by the apex regulator in the nation’s capital market, which observers are expecting to see the light of day.
Worried by the effect the crisis has had on them, some shareholders of the company appealed to President Buhari to see how he can influence SEC to lift the embargo place on the equities of Oando.
At a press conference on Tuesday in Lagos, a group known as Concerned Shareholders of Oando Plc urged Mr Buhari to use his good office to intervene in the crisis.
Speaking on behalf of the shareholders, Mr Patrick Ajudua, said they were not against the probe, but only want full trading activities to resume on the shares.
Since it was place on technical suspension last year, the shares of Oando have remained frozen at N5.99k per share.
SEC had explained that the halt in price movement was to stop any insider trading on the equities of Oando, which could give some shareholders an undue advantage.
At the press briefing held today at the Radison Blu Hotel in Ikeja, Lagos, Mr Ajudua said, “We agree that SEC has to do its part, by conducting the forensic audit, but they have to help us by lifting this technical suspension.”
“We appeal to President Muhammadu Buhari to intervene in the matter this afternoon,” he said at the briefing.
Last month, some shareholders of the firm under the aegis of Proactive Shareholders Association of Nigeria (PSAN) and Trusted Shareholders’ Association (TSA) staged a protest in Abuja, asking the apex capital market regulator to immediately kick off the audit.
The aggrieved investors also called for the immediate suspension of the management of Oando so as to allow an unhindered process.
The Oando crisis started when two key shareholders of the firm wrote petitions to SEC, alleging management of gross financial misconduct.
The two shareholders were Mr Dahiru Mangal and Ansbury Incorporated. Their petitions led to the suspension of Oando shares.
However, on Sunday, January 7, 2018, the Emir of Kano, Muhammadu Sanusi II, brokered a peace between Oando Plc’s group chief executive, Mr Adewale Tinubu, and Mr Dahiru Mangal.
Mr Mangal owns 17.9 percent share capital of Oando Plc and as part of the peace deal brokered by the Emir of Kano, Mr Muhammadu Sanusi, there would be consideration for Mr Mangal to have a representation on the Board of Oando subject to the provisions of relevant regulatory guidelines.
Days after the truce, the management of Oando Plc announced the appointment of Mr Bukar Aji as a Non-Executive Director.
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
