Feature/OPED
How Nigerian Capital Market Can Combat COVID-19
By Timi Olubiyi
Across the world, the impact of the novel coronavirus is still severe despite the ease of lockdown for economic reasons.
The uncertainty continues to heighten and no economy is spared from the fall-out from the COVID-19 outbreak.
Many African capital markets are bearish, Namibia, South Africa, Mauritius, Egypt, Morocco, Kenya, Ghana, Malawi, and a few others.
In Nigeria, the first quarter of the year 2020 in terms of performance closed in the red with a negative return of (20.65 percent), as against a negative return of (1.24 percent) in the first quarter of 2019.
The market capitalization of the Nigerian Stock Exchange (NSE), which represents the market value of all listed companies, lost about N2 trillion in the first quarter of 2020.
However, surprisingly the performance of the stock market in April 2020 was positive. The market performed with a gain of 8.08 percent to close the month of April at 23,021.01 points, from an opening level of 21,300.47 points at the beginning of the month.
In terms of market capitalization for the period, the value was up by N896 billion as at April 30, 2020, from an opening value of N11.101 trillion on April 1, 2020, to close at N11.997 trillion.
In May 2020, the market on month-on-month performance closed at 9.76 percent as against +8.08 percent gain recorded in April 2020. The performance hinged higher due to investors bargain hunting even though most of the trades were executed remotely.
This surprising feat in Nigeria, particularly during the COVID19 pandemic, could be attributed to smart investors bargain hunting and the release of good end-of-the-year financial results by some of the listed companies along with improved dividend declarations in recent time.
During this period, some of the companies that released their financials are MTN Nigeria Communications Plc, Vitafoam Nigeria Plc, Dangote Cement Plc, Julius Berger Nigeria Plc, Nigerian Breweries Plc, Zenith Bank Plc, Transcorp Hotels Plc, United Bank for Africa Plc, Transnational Corporation of Nigeria Plc, Guaranty Trust Bank Plc, Stanbic IBTC Holdings Plc, Access Bank Plc, Fidelity Bank Plc, Sterling Bank Plc, Seplat Petroleum Development Company Plc, 11 Plc, Dangote Sugar Plc, BUA cement Plc Total Plc, Airtel Plc Nestle Nigeria Plc, First Bank, Okomu Oil Plc, and BOC Gases Plc.
Nonetheless, the increasing number in the incidences of coronavirus (COVID-19) in Nigeria has been a huge concern, it could signal weak economic data, decline productivity, and falling consumption rate, which might even affect the overall outputs and performance of the economy eventually.
This projection is largely due to the global negative impact of coronavirus (COVID-19) pandemic on the economy, the weak inflow of foreign portfolio investments, high uncertainty in the economy, and owing to intense selling pressure occasioned by investors’ apathy in the capital market.
Already, the COVID-19 outbreak has forced a slow or halt in the physical operations of some businesses and that could heighten in the coming months.
The Nigerian stock exchange has been operational through remote trading with technology playing a significant role in the operations.
Likewise, companies have also adopted effective usage of technology to work remotely and mitigate the risk of total business shut down.
With the current realities, the next normal way to carry on business activities effectively in the meantime is through remote communications. Technology has the potential to still improve business efficiency and also improve transactions for businesses to perform, while this COVID-19 disruption persists.
The big question is internet data bundle cheap to sustain this efficiency? Agreeably, this is a different argument which is out of the context of this article.
Nonetheless, despite the promotion of technology adoption to ease business transaction in the meantime, the outbreak of the novel coronavirus (COVID-19) so far in Nigeria has been a bad indicator of economic performance and the capital market as a whole.
The level at which the coronavirus spread exponentially can result to damage consumption, purchasing power and services, and even investment decisions among investors.
Consequently, if the spread is not curtailed within a reasonable period, it might harm the inflow of foreign direct investments, imports and export trades, manufacturing, tourism, health, hospitality, services, travels and more than likely it might disrupt or crash the economic forecasts and revenue estimates of many businesses particularly SMEs in the country.
This pandemic might eventually impact negatively on the performance of the Nigerian stock exchange and that of many of the listed companies, given the high uncertainty around production, services, and demands if the COVID-19 continues to spread.
Rather than see the market perpetually closing on negative notes, adequate government policy response is recommended to immediately cushion the effect of the pandemic.
Though it is still too early to measure the full economic impact of COVID-19 on the capital market in Nigeria, however, the early signs do not look good.
Regulators in the capital market, as a matter of urgency, need to propose to government, direct policy responses to cushion the effect of the COVID-19.
This is imperative because most of SMEs and companies listed have experienced supply chain disruption and depressing investment climate. Therefore, government intervention or palliative is required for their sustainability.
As part of an effort to reduce the negative impact of COVID19 in the country, especially the disruption of regular activities and economic instability the capital market and the market operators can be assisted by the government.
The suspension of the proposed July 1, 2020, increase in electricity tariffs across the country by the electricity distribution companies (Discos) is recommended to ease the negative impact of COVID-19.
That said, the policy responses by the Nigerian government can further be reviewed to accommodate fiscal palliative measures and economic stimulatory measures targeted at the capital market to ameliorate the impact on the economy especially to save businesses, professionals and capital market operators.
Measures such as tax deferrals, tax holidays from states and the Federal Inland Revenue Services (FIRS), reduction in interest rates on all Central Bank of Nigeria (CBN) intervention facilities and relaxation of the stringent requirements are recommended.
Further to this, the approval of extension on moratorium on federal government funded loans, through Bank of Industry (BOI), Bank of Agriculture (BOA), and Nigeria Export-Import Bank (NEXIM Bank) and the Nigerian Communication Commission (NCC) can be considered.
The NCC can look into the downward review of the internet data cost to sustain business usage, especially for remote trading and e-commerce needs.
Allocation of contingency and crisis intervention funds to subsidies salaries of some private establishment that has been badly affected by COVID-19 pandemic in health, maritime, education sectors to mitigate the massive unemployment spike in the country.
Furthermore, technical proposals should be considered from the capital market professionals and operators for the expression of measures to help their businesses and stem the tide of COVID-19 impact.
The joint development of comprehensive policy for market sustainability and recovery where applicable by government and the capital market professionals is recommended at this time. This will in no small measure minimize the impact of the pandemic in the capital market landscape and stimulate the economy at large. It will also attract more capital market participation and encourage more listing on the exchange, which in turn will provide market liquidity.
The real subject matter for the government and other economic policymakers is to see that the virus is short-lived in Nigeria.
Consequently, the performance of the Nigerian capital market will be significantly influenced by how the government can quickly address the COVID-19 pandemic.
It is imperative to state that the capital market can always support economic growth if the needed policies are put in place.
Currently, Nigeria majorly depends on crude oil foreign revenue to have a stable economy and this revenue expectation has been dashed due to global shocks. This lull and weakening of the economy also affect the performance of the listed companies on the exchange and the capital market as a whole.
Therefore, to mitigate the negative impact and to response to the COVID-19 consequences, a government intervention is necessary.
On the part of the regulators to deepening market participation, it is recommended that necessary support be given to large firms, SMEs including government agencies to list.
The Securities and Exchange Commission (SEC) and NSE should relax the listing requirements to accommodate more qualified companies to list on the stock exchange.
More so, the lowering of transaction and listing costs will directly attract more listings and deepen market participation.
Point of note is that the co-operation and co-ordination between and among the various financial markets regulators such as SEC, NSE, CBN, Pension Commission (PenCom), Debt Management Office (DMO) and National Insurance Commission (NAICOM) need to be strengthened to assure coherent of policies.
Therefore, the post-COVID-19 regulatory regime should involve consistent and coordinated policy responses and pronouncement from these regulators and agencies to create considerable effective implementations, which will in turn boost market confidence.
I foresee a return of foreign investors when a bit of stability and flattening of the curve of the pandemic has been achieved globally particularly in Nigeria.
Besides, regulators and government need to improve policies and laws to promote foreign investors and inward foreign direct investments (FDIs) because it will eventually stimulate economic development.
The policy of ease of doing business in Nigeria can be upgraded to include foreign portfolio investment policy options.
Furthermore, Foreign Direct Investment (FDI)-incentives (tax-related) to considerably increase foreign participation in our capital market ecosystem needs to reflect in the Post-COVID recovery policy.
In conclusion, equities are grossly undervalued at current prices; most stocks are far below their real worth and book value.
Also, the current valuations already offer opportunities to those who want to position for the long term. Essentially, hedging against inflation is achievable with the current equity prices if held over in the long term.
How may you obtain advice or further information on the article?
Dr Timi Olubiyi is an Entrepreneurship and Small Business Management expert. He is a prolific investment coach, Chartered Member of the Chartered Institute for Securities & Investment (CISI) and a financial literacy specialist. He can be reached on the twitter handle @drtimiolubiyi and via email: dr***********@***il.com for any questions, reactions, and comments.
Feature/OPED
How Christians Can Stay Connected to Their Faith During This Lenten Period
It’s that time of year again, when Christians come together in fasting and prayer. Whether observing the traditional Lent or entering a focused period of reflection, it’s a chance to connect more deeply with God, and for many, this season even sets the tone for the year ahead.
Of course, staying focused isn’t always easy. Life has a way of throwing distractions your way, a nosy neighbour, a bus driver who refuses to give you your change, or that colleague testing your patience. Keeping your peace takes intention, and turning off the noise and staying on course requires an act of devotion.
Fasting is meant to create a quiet space in your life, but if that space isn’t filled with something meaningful, old habits can creep back in. Sustaining that focus requires reinforcement beyond physical gatherings, and one way to do so is to tune in to faith-based programming to remain spiritually aligned throughout the period and beyond.
On GOtv, Christian channels such as Dove TV channel 113, Faith TV and Trace Gospel provide sermons, worship experiences and teachings that echo what is being practised in churches across the country.
From intentional conversations on Faith TV on GOtv channel 110 to true worship on Trace Gospel on channel 47, these channels provide nurturing content rooted in biblical teaching, worship, and life application. Viewers are met with inspiring sermons, reflections on scripture, and worship sessions that help form a rhythm of devotion. During fasting periods, this kind of consistent spiritual input becomes a source of encouragement, helping believers stay anchored in prayer and mindful of God’s presence throughout their daily routines.
To catch all these channels and more, simply subscribe, upgrade, or reconnect by downloading the MyGOtv App or dialling *288#. You can also stream anytime with the GOtv Stream App.
Plus, with the We Got You offer, available until 28th February 2026, subscribers automatically upgrade to the next package at no extra cost, giving you access to more channels this season.
Feature/OPED
Turning Stolen Hardware into a Data Dead-End
By Apu Pavithran
In Johannesburg, the “city of gold,” the most valuable resource being mined isn’t underground; it’s in the pockets of your employees.
With an average of 189 cellphones reported stolen daily in South Africa, Gauteng province has become the hub of a growing enterprise risk landscape.
For IT leaders across the continent, a “lost phone” is rarely a matter of a misplaced device. It is frequently the result of a coordinated “snatch and grab,” where the hardware is incidental, and corporate data is the true objective.
Industry reports show that 68% of company-owned device breaches stem from lost or stolen hardware. In this context, treating mobile security as a “nice-to-have” insurance policy is no longer an option. It must function as an operational control designed for inevitability.
In the City of Gold, Data Is the Real Prize
When a fintech agent’s device vanishes, the $300 handset cost is a rounding error. The real exposure lies in what that device represents: authorised access to enterprise systems, financial tools, customer data, and internal networks.
Attackers typically pursue one of two outcomes: a quick wipe for resale on the secondary market or, far more dangerously, a deep dive into corporate apps to extract liquid assets or sellable data.
Clearly, many organisations operate under the dangerous assumption that default manufacturer security is sufficient. In reality, a PIN or fingerprint is a flimsy barrier if a device is misconfigured or snatched while unlocked. Once an attacker gets in, they aren’t just holding a phone; they are holding the keys to copy data, reset passwords, or even access admin tools.
The risk intensifies when identity-verification systems are tied directly to the compromised device. Multi-Factor Authentication (MFA), widely regarded as a gold standard, can become a vulnerability if the authentication factor and the primary access point reside on the same compromised device. In such cases, the attacker may not just have a phone; they now have a valid digital identity.
The exposure does not end at authentication. It expands with the structure of the modern workforce.
65% of African SMEs and startups now operate distributed teams. The Bring Your Own Device (BYOD) culture has left many IT departments blind to the health of their fleet, as personal devices may be outdated or jailbroken without any easy way to know.
Device theft is not new in Africa. High-profile incidents, including stolen government hardware, reinforce a simple truth: physical loss is inevitable. The real measure of resilience is whether that loss has any residual value. You may not stop the theft. But you can eliminate the reward.
Theft Is Inevitable, Exposure is Not
If theft cannot always be prevented, systems must be designed so that stolen devices yield nothing of consequence. This shift requires structured, automated controls designed to contain risk the moment loss occurs.
Develop an Incident Response Plan (IRP)
The moment a device is reported missing, predefined actions should trigger automatically: access revocation, session termination, credential reset and remote lock or wipe.
However, such technical playbooks are only as fast as the people who trigger them. Employees must be trained as the first line of defence —not just in the use of strong PINs and biometrics, but in the critical culture of immediate reporting. In high-risk environments, containment windows are measured in minutes, not hours.
Audit and Monitor the Fleet Regularly
Control begins with visibility. Without a continuous, comprehensive audit, IT teams are left responding to incidents after damage has occurred.
Opting for tools like Endpoint Detection and Response (EDR) allows IT teams to spot subtle, suspicious activities or unusual access attempts that signal a compromised device.
Review Device Security Policies
Security controls must be enforced at the management layer, not left to user discretion. Encryption, patch updates and screen-lock policies should be mandatory across corporate devices.
In BYOD environments, ownership-aware policies are essential. Corporate data must remain governed by enterprise controls regardless of device ownership.
Decouple Identity from the Device
Legacy SMS-based authentication models introduce avoidable risk when the authentication channel resides on the compromised handset. Stronger identity models, including hardware tokens, reduce this dependency.
At the same time, native anti-theft features introduced by Apple and Google, such as behavioural theft detection and enforced security delays, add valuable defensive layers. These controls should be embedded into enterprise baselines rather than treated as optional enhancements.
When Stolen Hardware Becomes Worthless
With POPIA penalties now reaching up to R10 million or a decade of imprisonment for serious data loss offences, the Information Regulator has made one thing clear: liability is strict, and the financial fallout is absolute. Yet, a PwC survey reveals a staggering gap: only 28% of South African organisations are prioritising proactive security over reactive firefighting.
At the same time, the continent is battling a massive cybersecurity skills shortage. Enterprises simply do not have the boots on the ground to manually patch every vulnerability or chase every “lost” terminal. In this climate, the only viable path is to automate the defence of your data.
Modern mobile device management (MDM) platforms provide this automation layer.
In field operations, “where” is the first indicator of “what.” If a tablet assigned to a Cape Town district suddenly pings on a highway heading out of the city, you don’t need a notification an hour later—you need an immediate response. An effective MDM system offers geofencing capabilities, automatically triggering a remote lock when devices breach predefined zones.
On Supervised iOS and Android Enterprise devices, enforced Factory Reset Protection (FRP) ensures that even after a forced wipe, the device cannot be reactivated without organisational credentials, eliminating resale value.
For BYOD environments, we cannot ignore the fear that corporate oversight equates to a digital invasion of personal lives. However, containerization through managed Work Profiles creates a secure boundary between corporate and personal data. This enables selective wipe capabilities, removing enterprise assets without intruding on personal privacy.
When integrated with identity providers, device posture and user identity can be evaluated together through multi-condition compliance rules. Access can then be granted, restricted, or revoked based on real-time risk signals.
Platforms built around unified endpoint management and identity integration enable this model of control. At Hexnode, this convergence of device governance and identity enforcement forms the foundation of a proactive security mandate. It transforms mobile fleets from distributed risk points into centrally controlled assets.
In high-risk environments, security cannot be passive. The goal is not recovery. It is irrelevant, ensuring that once a device leaves authorised hands, it holds no data, no identity leverage, and no operational value.
Apu Pavithran is the CEO and founder of Hexnode
Feature/OPED
Daniel Koussou Highlights Self-Awareness as Key to Business Success
By Adedapo Adesanya
At a time when young entrepreneurs are reshaping global industries—including the traditionally capital-intensive oil and gas sector—Ambassador Daniel Koussou has emerged as a compelling example of how resilience, strategic foresight, and disciplined execution can transform modest beginnings into a thriving business conglomerate.
Koussou, who is the chairman of the Nigeria Chapter of the International Human Rights Observatory-Africa (IHRO-Africa), currently heads the Committee on Economic Diplomacy, Trade and Investment for the forum’s Nigeria chapter. He is one of the young entrepreneurs instilling a culture of nation-building and leadership dynamics that are key to the nation’s transformation in the new millennium.
The entrepreneurial landscape in Nigeria is rapidly evolving, with leaders like Koussou paving the way for innovation and growth, and changing the face of the global business climate. Being enthusiastic about entrepreneurship, Koussou notes that “the best thing that can happen to any entrepreneur is to start chasing their dreams as early as possible. One of the first things I realised in life is self-awareness. If you want to connect the dots, you must start early and know your purpose.”
Successful business people are passionate about their business and stubbornly driven to succeed. Koussou stresses the importance of persistence and resilience. He says he realised early that he had a ‘calling’ and pursued it with all his strength, “working long weekends and into the night, giving up all but necessary expenditures, and pressing on through severe setbacks.”
However, he clarifies that what accounted for an early success is not just tenacity but also the ability to adapt, to recognise and respond to rapidly changing markets and unexpected events.
Ambassador Koussou is the CEO of Dau-O GIK Oil and Gas Limited, an indigenous oil and natural gas company with a global outlook, delivering solutions that power industries, strengthen communities, and fuel progress. The firm’s operations span exploration, production, refining, and distribution.
Recognising the value of strategic alliances, Koussou partners with business like-minds, a move that significantly bolsters Dau-O GIK’s credibility and capacity in the oil industry. This partnership exemplifies the importance of building strong networks and collaborations.
The astute businessman, who was recently nominated by the African Union’s Agenda 2063 as AU Special Envoy on Oil and Gas (Continental), admonishes young entrepreneurs to be disciplined and firm in their decision-making, a quality he attributed to his success as a player in the oil and gas sector. By embracing opportunities, building strong partnerships, and maintaining a commitment to excellence, Koussou has not only achieved personal success but has also set a benchmark for future generations of African entrepreneurs.
His journey serves as a powerful reminder that with determination and vision, success is within reach.
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