Economy
UK to Help Nigeria Achieve Sustainable, Resilient Financial Market
By Aduragbemi Omiyale
The United Kingdom has pledged to support Nigeria in achieving a sustainable and resilient financial market because of its importance to the economy.
The British Deputy High Commissioner to Nigeria, Mrs Ben Llewellyn-Jones, gave this assurance when he held a meeting with the management of the Securities and Exchange Commission (SEC) recently.
The envoy, who was represented by the Head of Economic Development, Ms Sally Woolhouse, stated that her country intends to make the sector, particularly the capital market, more innovative in the face of emerging climate change challenges.
She said, “our offers cover technical support, including green capital market. FSD Africa is doing an awesome job in partnering with you to drive this mission. Also, we can explore the potential strategic engagement with UK financial market institutions such as the London Stock Exchange, through which SEC could gain insight into emerging trends.”
Mrs Llewellyn-Jones described the UK government as “a long-staying ally of the Nigerian government,” stressing that her country was “committed to supporting the country’s financial sector, particularly the capital market in being more innovative, sustainable and resilient even as we all face emerging challenges such as climate change.”
“We look forward to working more collaboratively with every partner in achieving a sustainable and resilient financial sector in Nigeria,” she said.
In his remarks, the Director-General of the SEC, Mr Lamido Yuguda, thanked the diplomat for supporting the nation’s capital market, reiterating the commitment of the agency to continue to create awareness, impart knowledge and engender public participation in these topical areas.
While commenting on the outcome of the Capital Market Committee (CMC) meeting held last week, Mr Yuguda said members of the team were reminded to collectively work towards the enactment of the Investments and Securities Bill 2022, which will enhance the performance of the Nigerian capital market and align it with global best practices.
The DG reiterated the commitment of the management of the commission to the public on the full implementation of the initiatives of the revised Capital Market Master Plan, which will form the basis of the policy direction of the Commission for the coming years.
Mr Victor Nkiri, representing Financial Sector Deepening Africa (FSDA), said developing a capital markets master plan provides a clear roadmap for the development of the capital markets in a holistic and realistic manner whilst setting clear targets and action points.
This, he said, provides positive market signalling to all financial sector players such as policymakers, potential domestic and international investors, peer regulators, ministries of finance etc, as it provides an indication of the direction in which the capital market development is taking in that country.
“Having a clear blueprint (such as a CMMP) also helps to ensure a collaborative and symbiotic market system approach is pursued e.g., incorporating sectors such as pension funds which form a bulk of institutional investors and are key to driving domestic capital,” he stated.
Nkiru said the need to revise the master plan became necessary to align with current global and local economic realities – post-COVID-19 economic recovery and the recent aftermath of the Russia-Ukraine war, supply chain disruptions (local macroeconomic challenges, FX volatility) and the need to drive long-term domestic capital to fund economic growth.
“Also, there was a need to align with current market dynamics and disruptions in the capital market space – fintech, decentralised finance (de-fi), digi-assets and blockchain-powered technology.
“To position the market to respond to the global call on climate finance and resilience through the deployment of sustainable finance instruments such as green bonds, social bonds, blue bonds etc, noting that Africa stands to bear the largest brunt of climate change,” he added.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has said ongoing reforms and strategic policy implementation in Nigeria’s petroleum sector are driving significant investments and strengthening the country’s position as a leading energy destination in Africa.
Mr Lokpobiri stated this at the Management Retreat of the Ministry of Petroleum Resources, where he stressed the need for improved institutional performance and accountability to sustain growth in the sector.
According to the Minister, the federal government has deliberately pursued far-reaching reforms aimed at creating a stable and investor-friendly environment capable of attracting local and foreign capital into the oil and gas industry.
“From far-reaching institutional reforms to the effective implementation of strategic policies, we have remained committed to carrying all stakeholders along, fostering a conducive environment for investments to flourish,” Mr Lokpobiri said.
“As a result, our petroleum sector has witnessed significant investments that continue to strengthen Nigeria’s position as a leading energy destination.”
The Minister noted that the gains recorded in the sector were the product of collective efforts across the Ministry and its agencies, commending staff for their dedication and professionalism.
“The Management Retreat of the Ministry of Petroleum Resources provided an important platform to reiterate that these accomplishments would not have been possible without the collective dedication, professionalism and teamwork of every staff member across the Ministry and its agencies,” he stated.
Mr Lokpobiri said the retreat, themed Driving Institutional Performance and Accountability in the Petroleum Sector for Sustainable National Development, underscored the importance of continuous improvement in service delivery and operational efficiency.
Drawing lessons from the theme, he urged officials of the Ministry and regulatory agencies to intensify efforts toward enhancing institutional effectiveness and strengthening governance frameworks.
“I encouraged that we must redouble our efforts, continuously improve the quality of our services, and strengthen institutional performance,” he said.
The Minister further emphasised the continued relevance of fossil fuels in the global energy mix, stressing that Nigeria must leverage its hydrocarbon resources to drive economic growth while ensuring citizens benefit from ongoing reforms.
“With fossil fuel as the dominant source of energy, we must ensure that Nigerians experience the benefits of our progress and that Nigeria remains the preferred investment destination in Africa and a globally competitive hub for energy investments,” Mr Lokpobiri added.
By Aduragbemi Omiyale
The N3.2 billion rights issue of Universal Insurance Plc has been extended by almost two weeks after securing regulatory approval.
The exercise was earlier scheduled to close on June 10, 2026, but will now close on Monday, June 22, 2026.
The extension was granted by the Securities and Exchange Commission (SEC) after a request from the underwriting organisation.
In the rights issue, Universal Insurance is offering to shareholders 2,666,666,667 ordinary shares of 50 Kobo each at N1.20 per share on the basis of one new ordinary share for every existing six ordinary shares held as of the close of business on Monday, March 30, 2026.
Subscription for the acquisition of the company’s extra shares opened on Wednesday, May 13, 2026.
The extension gives investors more time to increase their stake in the insurance firm, which intends to use proceeds from the exercise to boost its capital base, as mandated by the National Insurance Commission (NAICOM).
Insurance companies operating in Nigeria have been given till July 31, 2026, to shore up their capital base or pack up. Operators can also explore a merger if they wish.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited opened its doors to market participants in four days last week as a result of a public holiday observed on Friday, June 12, for 2026 Democracy Day in the country.
In the week, investors bought and sold 4.964 billion shares worth N207.521 billion in 235,966 deals, as against the 3.966 billion shares valued at N175.659 billion that exchanged hands in 343,587 deals a week earlier.
Analysis showed that the financial services industry led the activity chart with 4.116 billion shares valued at N84.607 billion in 96,165 deals, contributing 82.92 per cent and 40.77 per cent to the total trading volume and value, respectively.
The services sector transacted 232.479 million shares worth N4.955 billion in 17,614 deals, while the industrial goods segment exchanged 144.988 million shares worth N39.077 billion in 24,775 deals.
Sterling Holdings, FCMB, and Access Holdings were the most traded stocks with 2.883 billion units sold for N36.188 billion in 15,533 deals, accounting for 58.09 per cent and 17.44 per cent of the total trading volume and value, respectively.
A total of 40 equities appreciated in the week versus 23 equities in the previous week, 53 equities depreciated versus 65 equities a week earlier, and 53 equities remained unchanged versus 58 equities in the preceding week.
ABC Transport was the best-performing equity for the week after it gained 25.60 per cent to trade at N7.80, Consolidated Hallmark appreciated by 23.13 per cent to N8.25, Abbey Mortgage Bank rose by 21.93 per cent to N11.40, Infinity Trust Mortgage Bank grew by 20.32 per cent to N11.25, and Austin Laz soared by 15.16 per cent to N4.33.
The worst-performing equity last week was Fidson Healthcare because of its 25.86 per cent loss, closing at N101.20. Neimeth declined by 19.14 per cent to N8.55, Union Homes REIT shed 17.36 per cent to close at N70.00, SUNU Assurances slipped by 11.38 per cent to N3.97, and Unilever Nigeria dropped 10.26 per cent to trade at N140.00.
As for the index movement, the All-Share Index (ASI) and the market capitalisation chalked up 0.88 per cent each to settle at 244,738.74 points and N156.970 trillion, respectively.
Similarly, all other indices finished higher apart from the pension, AFR Bank Value, MERI Growth, MERI Value, consumer goods, Lotus II, industrial goods, sovereign bond and commodity indices, which fell by 0.03 per cent, 1.20 per cent, 0.21 per cent, 1.61 per cent, 0.54 per cent, 0.51 per cent, 1.00 per cent, 2.04 per cent and 0.34 per cent, respectively.
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