Economy
We’ll Sustain High Level of Corporate Governance—Seplat
By Aduragbemi Omiyale
The immediate past chairman of Seplat Energy Plc, Mr Ambrosie Bryant Chukwueloka (ABC) Orjiako, has assured that the company will continue to sustain a high level of corporate governance.
Speaking last Thursday at the closing gong ceremony to honour him and introduce his successor, Mr Basil Omiyi, to the market, the energy expert applauded the Nigerian Exchange (NGX) Limited for insisting on transparent and accountable corporate governance for issuers on its platform.
According to him, this has been critical to the company’s growth, assuring that this trend would be maintained in the interest of the firm’s stakeholders.
“The high level of corporate governance promoted by NGX for its listed companies was a key attribute that motivated Seplat Energy Plc to become part of the market.
“Since our acceptance into the market, Seplat Energy Plc has continued to deliver a corporate governance structure that is accountable and transparent to our investors, employees, government and all other relevant stakeholders.
“We are committed to sustaining these high levels of corporate governance through our collaboration with NGX as we implement market-leading measures towards ensuring Nigeria achieves a sustainable energy sector,” he said.
Corroborating him, Mr Omiyi, said, “NGX has played an instrumental role in Seplat Energy Plc’s growth within the domestic and international markets. Our history with the exchange dates back to 2014 when the shares of Seplat Energy Plc were listed in the market and over the years, Seplat has benefitted immensely from its collaboration with NGX.
“As we celebrate another milestone on the Trading Floor of the Exchange, we look forward to strengthening our partnership with NGX for the fulfilment of our joint goal of leveraging capital to empower sustainable initiatives that positively impact our investors, employees, and the environment.”
The chairman of NGX, Mr A.B. Mahmoud, in his address, congratulated Mr Orjiako for his exemplary leadership and outstanding performance of Seplat Energy for well over a decade, during which the company was listed on both NGX and the London Stock Exchange.
“The notable acquisition of eight oil and gas assets, expansion of the Oben and development of the ANOH gas plants under his leadership positioned the company as the largest indigenous domestic supplier of gas,” Mr Mahmoud, who was represented by a director on the bourse, Mr Kamarudeen Oladosu, he noted.
On his part, the CEO of NGX, Mr Temi Popoola, said, “The exchange is better positioned to lead government advocacy efforts for listed companies, promote technology advancement and digital innovation for the capital market, and increase retail investor participation in the capital market aimed at building a market for the future and addressing the prevailing challenge of financial inclusion.
“We welcome Seplat Energy Plc to a renewed NGX and look forward to deepening our collaboration to develop and push for disruptive, out of the box ideas that could support Nigeria’s energy transition into a net-zero economy.”
By Aduragbemi Omiyale
The total issued and fully paid-up shares of Eterna Plc are almost 2.2 billion after the listing of additional shares of the company on the Nigerian Exchange (NGX) Limited this week.
Precisely on Wednesday, an additional 882,064,158 ordinary shares of the organisation were listed on Customs Street, a regulatory notice confirmed.
These extra stocks were from the rights issue of the firm, issued to shareholders at N22.00 per unit on the basis of three new ordinary stocks for every existing four ordinary stocks held as at the close of business on Thursday, November 27, 2025.
Eterna wanted to sell a total of 978,108,485 units, but investors only picked 882,064,158, indicating a subscription rate of 90.18 per cent.
At midweek, the new equities were brought to the stock exchange for listing, increasing the total issued and fully paid-up shares of the company from 1,304,144,647 units to 2,186,208,805 units.
“Trading licence holders are hereby notified that an additional 882,064,158 ordinary shares of 50 Kobo each of Eterna Plc were on Wednesday, May 20, 2026, listed on the daily official list of NGX.
“The additional shares arose from the company’s rights issue of 978,108,485 ordinary shares of 50 Kobo each at N22.00 per share on the basis of three new ordinary shares for every existing four ordinary shares held as at the close of business on Thursday, November 27, 2025.
“With the listing of the additional 882,064,158 ordinary shares, the total issued and fully paid-up shares of Eterna Plc have now increased from 1,304,144,647 to 2,186,208,805 ordinary shares of 50 Kobo each,” the notice signed by the Head of Issuer Regulation Department at NGX RegCo Limited, Mr Godstime Iwenekhai, stated.
By Adedapo Adesanya
Five securities ended on the gainers’ table of the NASD Over-the-Counter (OTC) Securities Exchange on Thursday, May 21, lifting the platform by 1.71 per cent at the close of business.
The gains recorded by the quintet increased the market capitalisation of the NASD exchange by N42.64 billion to N2.538 trillion from N2.495 trillion, and raised the NASD Unlisted Security Index (NSI) by 71.28 points to 4,242.47 points from the 4,171.19 points reported on Wednesday.
The gainers were led by FrieslandCampina Wamco Plc, which chalked up N13.11 to sell N164.06 per unit versus N150.95 per unit, Central Securities and Clearing System (CSCS) Plc added N2.39 to trade at N74.20 per share versus N71.81 per share, 11 Plc improved by N22.11 to N244.53 per unit from N243.21 per unit, Food Concepts Plc rose by 23 Kobo to N2.58 per share from N2.35 per share, and Geo-Fluids Plc grew by 6 Kobo to N3.00 per unit from N2.94 per unit.
There were three price losers yesterday, led by Nitrox Industrial Gases Plc, which gave away N1.56 to sell at N25.44 per share compared with the previous day’s N27.00 per share, Afriland Properties Plc lost 95 Kobo to close at N15.95 per unit versus N16.90 per unit, and Industrial and General Insurance (IGI) Plc depreciated by 1 Kobo to 60 Kobo per share from 61 Kobo per share.
The volume of securities bought and sold by investors increased by 40.5 per cent during the session to 3.2 million units from 2.3 million units, and the number of deals soared by 23.5 per cent to 42 deals from 34 deals, while the value of securities fell by 71.6 per cent to N94.8 million from N334.2 million.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 61.1 million units exchanged for N4.1 billion.
GNI Plc also finished as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
The exchange rate of the Naira to the Dollar ended at N1,372.31/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, May 21, indicating an appreciation of N1.03 or 0.07 per cent against the United States Dollar. In the preceding session, the rate closed at N1,373.34/$1, according to data from the Central Bank of Nigeria (CBN).
The Nigerian currency further improved its value against the Euro in the same market segment yesterday by N1.75 to settle at N1,590.78/€1 compared with midweek’s value of N1,592.53/€1, but depreciated against the Pound Sterling by 26 Kobo, closing at N1,840.26/£1, in contrast to Wednesday’s rate of N1,840.00/£1.
In the black market and at the GTBank forex counter, the Nigerian Naira maintained stability against the US Dollar at N1,390/$1 and N1,379/$1, respectively.
It was gathered that interbank FX liquidity turnover for the session was $116.043 million across 105 deals, higher than the $68.020 million achieved a day earlier.
The central bank will continue with its current policy direction to sustain the fight against inflation and stabilise the exchange rate, with Governor Yemi Cardoso noting earlier this week that exchange rate stability remained the centrepiece of the apex bank’s policy toolkit.
The central banker said the structure of Nigeria’s foreign exchange market has changed significantly under the ongoing reforms introduced by the apex bank, adding that increased market liquidity has reduced the need for heavy intervention by the CBN.
According to him, daily foreign exchange market turnover has risen sharply from about $100 million when the current administration took office to roughly $550 million presently, with transactions occasionally climbing to as high as $1 billion in a single day.
He said the apex bank expects turnover to consistently hit the $1 billion mark in the future as more reforms take effect.
Meanwhile, the cryptocurrency market was mixed during the session, as liquidations were split between longs and shorts and did not reflect a one-sided capitulation. Market analysts noted that rising long-term US Treasury yields and geopolitical tensions, particularly around US-Iran relations and oil prices, are seen as the main headwinds.
TRON (TRX) rose by 1.3 per cent to $0.3647, Binance Coin (BNB) jumped 0.7 per cent to $655.16, Cardano (ADA) added 0.7 per cent to trade at $0.2495, and Solana (SOL) appreciated by 0.4 per cent to $86.55.
However, Ripple (XRP) declined by 0.9 per cent to $1.35, Bitcoin (BTC) slid by 0.5 per cent to $77,227.47, Ethereum (ETH) went down by 0.3 per cent to $2,121.80, and Dogecoin (DOGE) slipped by 0.1 per cent to $0.1049, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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