Economy
Tinubu Signs Investments and Securities Act 2025 into Law
By Aduragbemi Omiyale
President Bola Tinubu has signed the Investments and Securities Act (ISA) 2025 into law, repealing the Investments and Securities Act No. 29 of 2007
The enactment of the ISA 2025 reaffirms the authority of the Securities and Exchange Commission (SEC) as the apex regulatory authority of the Nigerian capital market. The new Act also introduces transformative provisions to further align Nigeria’s market operations with international best practices.
It strengthens the legal framework of the Nigerian capital market, enhances investor protection, and introduces critical reforms to promote market integrity, transparency, and sustainable growth.
The Director-General of the SEC, Mr Emomotimi Agama, lauded the President’s assent as a transformative step for the capital market.
“The ISA 2025 reflects our commitment to building a dynamic, inclusive, and resilient capital market. By addressing regulatory gaps and introducing forward-looking provisions, the new Act empowers the SEC to foster innovation, protect investors more efficiently and reposition Nigeria as a competitive destination for local and foreign investments.
“We commend all stakeholders within and outside the capital market community for their unwavering solidarity towards the achievement of this historic milestone and solicit their continued collaboration in respect of the effective implementation of the ISA 2025 for the benefit of our economy,” he stated.
Business Post reports that the Act enhances the regulatory powers of the SEC in a manner comparable with benchmark global securities regulators. These enhanced powers and functions ensure full conformity with the requirements of IOSCO’s Enhanced Multilateral Memorandum of Understanding (EMMoU), enabling the SEC retain its Signatory A status and enhancing the overall attractiveness of the Nigerian capital market.
Other notable provisions of the ISA 2025 include:
Classification of Exchanges and inclusion of provisions on Financial Market Infrastructures– The Act classifies Securities Exchanges into Composite and Non-composite Exchanges. A Composite Exchange is one in which all categories of securities and products can be listed and traded, while a Non-composite Exchange focuses on a singular type of security or product. There are also new provisions on Financial Market Infrastructures such as Central Counter Parties, Clearing Houses and Trade Depositories.
Expansion of the definition and Understanding of Securities – The Act explicitly recognises virtual/digital assets and investment contracts as securities and brings Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs) and Digital Asset Exchanges under the SEC’s regulatory purview.
Comprehensive Insolvency Provisions for Financial Market Infrastructures – The Act introduces provisions that exempt transactions facilitated through or otherwise involving Financial Market Infrastructures from the application of general insolvency laws.
Management of Systemic Risk – The Act introduces provisions for the monitoring, management and mitigation of systemic risk in the Nigerian capital market.
Expansion of the Category of Issuers to the Public– The Act expands the categories of issuers, as a key step towards the introduction of a wide range of innovative products and offerings as well as the facilitation of “commercial and investment business activities”, subject to the approval of the Commission and other controls stipulated in the Act.
Legal Framework for Commodities Exchanges – The Act contains a new Part which provides for the regulation of Commodities Exchanges and Warehouse Receipts. These provisions are essential to allow for the development of the entire gamut of the Commodities ecosystem.
Issuance of Securities by Sub-Nationals and their Agencies– Salient provisions of the Act address existing restrictions in respect of raising of funds from the capital market by Sub-Nationals to allow for greater flexibility in this regard.
Transparency in Securities Transactions – The Act introduces the mandatory use of Legal Entity Identifiers (LEIs) by participants in capital market transactions. This stipulation is designed to improve transparency in the conduct of securities transactions.
Enforcement Against Illegal Investment Schemes – The Act expressly prohibits Ponzi Schemes and other unlawful investment schemes while prescribing stringent jail terms and other sanctions for the promoters of such schemes.
Strengthening the Investments and Securities Tribunal– The Act amends some key provisions in the repealed ISA 2007 pertaining to the Composition of the Tribunal, constitution of the Tribunal, qualification and appointment of the Chief Registrar as well as the jurisdiction of the Tribunal to enhance the ability of the Tribunal to optimally discharge its mandate.
By Modupe Gbadeyanka
The price of Premium Motor Spirit (PMS), otherwise known as petrol, has been increased by at least N100 per litre at the pump.
This followed the recent increase in the price of crude oil in the global market as a result of the bombardment of Iran by the United States and Israel over the weekend.
The air strikes killed the Supreme Leader of Iran, Mr Ayatollah Ali Khamenei, and several others.
Iran has responded by firing missiles at US facilities in some Gulf countries, including Saudi Arabia, Qatar, Kuwait, Bahrain, the UAE, and others.
Crude oil prices rose to about $80 per barrel on the market from about $70 per barrel before the Middle East crisis.
Oil marketers in Nigeria have responded to the tension and have raised the prices of petroleum products.
At most MRS Oil retail stations in Lagos, the new price notice showed an increase of about N100 per litre.
As of Monday, the price of PMS was N837 per litre, but on Tuesday morning, it had changed to N938 per litre, while at NNPC retail stations, it was N930 per litre instead of the previous N830 per litre.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange remained in the positive territory on Monday after it closed higher by 1.41 per cent at the close of business.
During the session, the NASD Unlisted Security Index (NSI) added 57.66 points to close at 4,141.53 points compared with last Friday’s 4,083.87 points, and the market capitalisation added N44.50 billion to settle at N2.477 trillion versus the preceding session’s N2.433 trillion.
Yesterday, the volume of securities went down by 60.7 per cent to 1.8 million units from 4.5 million units, the value of securities decreased by 79.3 per cent to N17.1 million from N82.5 million, and the number of deals dropped 38.6 per cent to finish at 27 deals compared to the preceding session’s 44 deals.
Closing the day as the most traded stock by value on a year-to-date basis was with Central Securities Clearing System (CSCS) Plc with 35.1 million units exchanged for N2.1 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with the sale of 122.8 million units valued at N480.4 million.
On the flip side, the most traded stock by volume on a year-to-date basis was Resourcery Plc with 1.05 billion units sold for N408.7 million, followed by Geo-Fluids Plc with 122.8 million units valued at N480.4 million, and CSCS Plc with 35.1 million units worth N2.1 billion.
On the first trading day of the week, there were three price gainers and three price losers led by FrieslandCampina Wamco Nigeria Plc, which lost N1.46 to quote at N110.00 per share versus the previous N111.46 per share, Afriland Properties Plc tumbled by 14 Kobo to close at N18.74 per unit versus N18.88 per unit, and Industrial and General Insurance (IGI) depreciated by 5 Kobo to close at 45 Kobo per share versus 50 Kobo per share.
The price gainers were led by MRS Oil Plc, which added N10.00 to trade at N210.00 per unit versus N200.00 per unit, CSCS Plc appreciated by N6.88 to N77.00 per share from N70.12 per share, and First Trust Mortgage Bank Plc gained 16 Kobo to close at N1.75 per unit versus N1.59 per unit.
By Dipo Olowookere
The hunt for dividend-paying stocks rebounded the Nigerian Exchange (NGX) Limited by 1.39 per cent on Monday after a spate of sell-offs last week.
According to data, energy equities were the toast of investors yesterday, with the sector closing higher by 4.68 per cent when the closing gong was struck at 2:30 pm on the stock exchange.
Further, the industrial goods space appreciated by 2.49 per cent, the consumer goods index improved by 0.36 per cent, and the banking segment appreciated by 0.26 per cent, while the insurance counter lost 1.49 per cent to profit-taking.
As a result, the All-Share Index (ASI) gained 2,687.46 points to finish at 195,514.23 points compared with the 192,826.77 points it ended last Friday, and the market capitalisation grew by N1.725 trillion to N125.488 trillion from N123.763 trillion.
NGX Group, which announced a final dividend of N2 and a bonus share of 1-for-3 last Friday, was the best-performing equity on Monday after it gained 10.00 per cent to trade at N136.40.
In addition, Aradel Holdings appreciated by 9.99 per cent to N1,192.30, Union Homes REIT grew by 9.96 per cent to N76.15, Sovereign Trust Insurance advanced by 9.95 per cent to N2.43, and PZ Cussons rose 9.72 per cent to N79.00.
On the flip side, Custodian Investment ended as the worst-performing equity with a 10.00 per cent loss to settle at N61.20, McNichols shed 9.92 per cent to N7.63, Africa Prudential depleted by 9.75 per cent to N16.20, Chams crashed by 9.11 per cent to N4.09, and Neimeth depreciated by 8.23 per cent to N10.60.
The most active stock for the session was Fortis Global Insurance with 109.1 million units sold for N109.2 million, Japaul traded 54.7 million units valued at N218.9 million, UBA transacted 43.0 million units worth N2.1 billion, Access Holdings exchanged 30.7 million units for N799.4 million, and Oando sold 28.5 million units worth N1.3 billion.
In all, market participants bought and sold 789.9 million shares valued at N35.1 billion in 84,259 deals yesterday compared with the 823.8 million shares worth N34.8 million traded in 63,759 deals in the preceding session, indicating a decline in the trading volume by 4.16 per cent, and growth in the trading value and number of deals by 0.86 per cent, and 32.15 per cent apiece.
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