News Wings

Tag: Capital market

  • Tax Act: Banks, Financial Institutions to Charge N50 Stamp Duty on Electronic Transfers from January 1st, 2026

    Tax Act: Banks, Financial Institutions to Charge N50 Stamp Duty on Electronic Transfers from January 1st, 2026

    With effect from Thursday, January 1st, 2026, banks and fintechs will charge N50 per electronic transfer from N10,000.00. This is a stamp duty or electronic money transfer levy.

    This is part of the implementation of the Nigeria Tax Act 2025, which will take full effect from the new year of 2026.

    This was confirmed through messages to customers of financial institutions, including Palmpay, United Bank of Africa, and Sterling Bank.

    According to the financial institutions and banks, “All electronic transactions of N10,000 and above from the accounts of customers will attract a N50 stamp duty charge.”

    Customers will no longer be charged stamp duty when they receive N10,000 and above. Providing further updates, the banks stated that the charge remains a one-off N50 per qualifying transaction.

    For transactions in foreign currencies, the N50 stamp duty will be applied to the Naira equivalent of N10,000 based on the exchange rate determined by the Central Bank of Nigeria (CBN). 

    This news article highlights key regulatory activities in the Nigerian financial sector covering banking, insurance, pension, the capital market, finance and revenue and financial reporting.

    Under the Nigeria Tax Act, the N50 “Electronic Money Transfer Levy (EMTL)” on money transfers will now be referred to as Stamp Duty across all financial institutions.

  • NGX Advances Capital Market Access with Ellah Lakes’ ₦235 Billion Equity Offer

    NGX Advances Capital Market Access with Ellah Lakes’ ₦235 Billion Equity Offer

    Nigerian Exchange Limited (NGX) has reinforced its role as a catalyst for capital formation with the launch of Ellah Lakes Plc’s ₦235 billion Offer for Subscription. The offer which was launched during a Facts Behind the Offer presentation at NGX, underscores the Exchange’s commitment to deepening access to long-term financing for businesses driving Nigeria’s real sector growth.

    Ellah Lakes Plc, Nigeria’s pioneering integrated agro-industrial enterprise, is raising ₦235 billion through the issuance of 18.8 billion ordinary shares of 50 kobo each at ₦12.50 per share. The Offer, led by Rand Merchant Bank (RMB) as Lead Issuing House, opened on Monday, 10 November 2025, and will close on Friday, 5 December 2025.

    Speaking at the event, Mr. Jude Chiemeka, Chief Executive Officer of NGX, commended Ellah Lakes for leveraging the Nigerian capital market as a springboard for expansion: “The launch of this ₦235 billion equity raise underscores the depth and resilience of Nigeria’s capital market as a strategic enabler of corporate growth. At NGX, we are particularly pleased to see a leading indigenous agribusiness like Ellah Lakes harness the market to scale its operations and deepen value creation across the agricultural value chain. This Offer represents not only an opportunity for investors to participate in the country’s agro-industrial expansion but also a strong signal of renewed confidence in the Exchange as a gateway for transformative capital formation.”

    Mr. Chuka Mordi, Chief Executive Officer of Ellah Lakes Plc, described the Offer as a pivotal step in the company’s evolution: “This Offer for Subscription is about unlocking the next chapter of Ellah Lakes’ growth story. At an offer price of ₦12.50 per share, this raise reflects the intrinsic value of our scaled, integrated platform. We are inviting investors to participate in a clear growth trajectory built on over 30,000 hectares of resilient, diversified assets and strong processing capacity. The ₦235 billion equity expansion marks our transition from foundation building to full-scale market expansion, driving sustainable profitability and advancing Nigeria’s food security agenda.”

    Mr. Paul Farrer, Deputy Managing Director of Ellah Lakes Plc, further detailed the company’s deployment strategy: “Every naira from this raise has a clear strategic purpose. The proceeds will accelerate integration of the newly acquired Agro-Allied Resources & Processing Nigeria Limited (ARPN) assets and upgrade our crude palm oil and cassava processing facilities. Our goal is to deliver a step-change in operational efficiency and scale, maximising value for shareholders and contributing to the broader agro-industrial ecosystem.”

    The launch of the Ellah Lakes Offer for Subscription demonstrates NGX’s continued commitment to connecting issuers with investors and supporting companies across growth sectors in accessing efficient capital. The transaction offers institutional and retail investors a unique opportunity to participate in one of Nigeria’s most ambitious agro-industrial expansion stories, reinforcing NGX’s position as the exchange of choice for transformative financing.

  • NGX Group Fuels Women’s Investment Drive, Engages 9,000 at FinTribe Finance Fair 2025

    NGX Group Fuels Women’s Investment Drive, Engages 9,000 at FinTribe Finance Fair 2025

    Nigerian Exchange Group (NGX Group), through its regulatory subsidiary, Nigerian Exchange Regulation Limited (NGX RegCo), has reaffirmed its commitment to expanding financial inclusion and deepening retail investor participation following the successful FinTribe Finance Fair 2025, which convened over 9,000 women focused on wealth creation and capital market opportunities.

    The event, organized by FinTribe, one of Nigeria’s fastest-growing women’s finance communities, has become a leading platform for promoting financial literacy and building investment confidence among women. NGX RegCo’s participation, through its flagship EquipHER initiative, featured interactive sessions that demystified capital market concepts and empowered women to make informed investment decisions.

    “You have what it takes to step into greater capability and control over your financial agenda,” said Olufemi Shobanjo, Chief Executive Officer, NGX RegCo. “The same mindset that drives you to start a business, buy a home, or save for your child’s education, to plan, commit, and follow through, is exactly what makes women exceptional investors.”

    Commending FinTribe for its sustained commitment to financial education, Shobanjo emphasized that the Nigerian capital market offers practical frameworks for translating financial discipline into purposeful wealth-building strategies. “Financial inclusion begins with awareness,” he affirmed. “When women understand how the market works, they can own their financial futures and build sustainable wealth.”

    In alignment with these educational efforts, NGX Group’s technology-driven innovations are lowering barriers to market entry. The Group’s digital investment platform, NGX Invest, enables investors to participate in public offers and rights issues directly from their smart devices, bridging awareness with active market participation.

    Jennifer Awirigwe, founder of FinTribe and popularly known as Financial Jennifer, commended the collaboration for driving meaningful impact. “Our partnership with NGX RegCo through EquipHER has created a bridge between knowledge and action,” she stated. “Women are not just learning about finance, they are taking ownership of their financial journeys and inspiring others to do the same. It’s equipping her, not in words, but in action.”

    During an interactive Q&A session, Shobanjo addressed questions on share ownership transfers, portfolio management, and investment process navigation, encouraging participants to engage licensed stockbrokers and financial advisers for transparency and efficiency. “It can seem overwhelming at first,” he acknowledged. “But with the right professional guidance, investors can easily navigate the process and take control of their holdings.”

    Throughout the fair, the EquipHER booth became a hub of engagement, attracting participants eager to learn how to initiate or expand their investment portfolios.

    This initiative complements NGX Group’s broader retail engagement strategy, aimed at deepening participation in Nigeria’s capital market. Recently, the Exchange participated in a public lecture at Godfrey Okoye University, Enugu, themed “Harnessing the Capital Market for Catalyzing Infrastructure Development and Economic Transformation in Nigeria,” reinforcing NGX’s conviction that an informed and engaged public is essential to sustainable economic growth and inclusion.

    Through initiatives such as EquipHER and regional retail engagements across Nigeria, NGX Group continues to build a more inclusive, informed, and empowered investor base, reflecting its vision to deepen market participation across gender, geography, and generation.

  • NGX Group Fuels Women’s Investment Drive, Engages 9,000 at FinTribe Finance Fair 2025

    NGX Group Fuels Women’s Investment Drive, Engages 9,000 at FinTribe Finance Fair 2025

    Nigerian Exchange Group (NGX Group), through its regulatory subsidiary, Nigerian Exchange Regulation Limited (NGX RegCo), has reaffirmed its commitment to expanding financial inclusion and deepening retail investor participation following the successful FinTribe Finance Fair 2025, which convened over 9,000 women focused on wealth creation and capital market opportunities.

    The event, organized by FinTribe, one of Nigeria’s fastest-growing women’s finance communities, has become a leading platform for promoting financial literacy and building investment confidence among women. NGX RegCo’s participation, through its flagship EquipHER initiative, featured interactive sessions that demystified capital market concepts and empowered women to make informed investment decisions.

    “You have what it takes to step into greater capability and control over your financial agenda,” said Olufemi Shobanjo, Chief Executive Officer, NGX RegCo. “The same mindset that drives you to start a business, buy a home, or save for your child’s education, to plan, commit, and follow through, is exactly what makes women exceptional investors.”

    Commending FinTribe for its sustained commitment to financial education, Shobanjo emphasized that the Nigerian capital market offers practical frameworks for translating financial discipline into purposeful wealth-building strategies. “Financial inclusion begins with awareness,” he affirmed. “When women understand how the market works, they can own their financial futures and build sustainable wealth.”

    In alignment with these educational efforts, NGX Group’s technology-driven innovations are lowering barriers to market entry. The Group’s digital investment platform, NGX Invest, enables investors to participate in public offers and rights issues directly from their smart devices, bridging awareness with active market participation.

    Jennifer Awirigwe, founder of FinTribe and popularly known as Financial Jennifer, commended the collaboration for driving meaningful impact. “Our partnership with NGX RegCo through EquipHER has created a bridge between knowledge and action,” she stated. “Women are not just learning about finance, they are taking ownership of their financial journeys and inspiring others to do the same. It’s equipping her, not in words, but in action.”

    During an interactive Q&A session, Shobanjo addressed questions on share ownership transfers, portfolio management, and investment process navigation, encouraging participants to engage licensed stockbrokers and financial advisers for transparency and efficiency. “It can seem overwhelming at first,” he acknowledged. “But with the right professional guidance, investors can easily navigate the process and take control of their holdings.”

    Throughout the fair, the EquipHER booth became a hub of engagement, attracting participants eager to learn how to initiate or expand their investment portfolios.

    This initiative complements NGX Group’s broader retail engagement strategy, aimed at deepening participation in Nigeria’s capital market. Recently, the Exchange participated in a public lecture at Godfrey Okoye University, Enugu, themed “Harnessing the Capital Market for Catalyzing Infrastructure Development and Economic Transformation in Nigeria,” reinforcing NGX’s conviction that an informed and engaged public is essential to sustainable economic growth and inclusion.

    Through initiatives such as EquipHER and regional retail engagements across Nigeria, NGX Group continues to build a more inclusive, informed, and empowered investor base, reflecting its vision to deepen market participation across gender, geography, and generation.

  • Seplat Energy Drives Media Entrepreneurship, Empowers 50 Journalists in Lagos

    Seplat Energy Drives Media Entrepreneurship, Empowers 50 Journalists in Lagos

    Seplat Energy Plc, foremost Nigerian independent energy Company, on the 25th and 26th June 2025, successfully trained 50 journalists covering the Capital Market, Judiciary, Finance and Business on Media Entrepreneurship.

    The training, which was organized by the Company in conjunction with ELOH Consulting Limited, brought together 50 journalists covering Capital Market, Judiciary, Finance and Business across print, online and electronic media platforms.

    The programme equipped participants with essential business acumen and  skills to thrive as entrepreneurs and future business leaders. The training helped participants deepen their understanding of strategic business principles, enhanced their management and leadership capabilities, and empowered them to build sustainable businesses that deliver impactful results.

    The media training opened with a keynote address from the Manager, Corporate Communications, Seplat Energy Plc, Mr. Stanley Opara, who represented the Director, External Affairs & Social Performance, Seplat Energy, Mrs. Chioma Afe. According to him, apart from developing participants’ leadership and management capabilities, enabling them to create sustainable businesses and take on greater responsibilities in the evolving business landscape, the initiative also aims to nurture a new generation of media professionals who can drive enterprises and achieve significant business results.

    Additionally, the programme fostered interaction between journalists and key anti-corruption and security agency stakeholders to broaden understanding of governance and operational frameworks.

    The training featured a stellar lineup of facilitators and guest speakers including: Professor Pat Utomi: A renowned academic and thought leader delivered a session titled “Can Managers or Professionals (like Journalists) Make Good Entrepreneurs?” He explored the transition from professional roles to entrepreneurial success; Dr. Solomon Avbioroko: Former director at Coca-Cola International and a lecturer at the Lagos Business School shared insights on business management and entrepreneurship; and Mr. Olu Onakoya, a former Managing Director of Mobil Nigeria, provided valuable leadership and corporate governance perspectives.

    Other facilitators include Nnamdi Uwaemelulam, who focused on Media Technology while Uloma Okoro, dwelt on “Developing a Business Model & Writing Winning Business Plans”.

    In addition to business experts, the programme hosted key figures from Nigeria’s anti-corruption and security agencies. This segment was intended to foster critical dialogue on security and governance challenges in Nigeria.

    Facilitators for this session included: Mr. Ola Olukoyede, Chairman, Economic and Financial Crimes Commission (EFCC); Dr. Musa Adamu Aliyu (SAN), Chairman Independent Corrupt Practices Commission (ICPC); and Mr. Oluwatosin Ajayi, Director-General, Department of State Services (DSS).

    These officials engaged participants on topics including the fight against insecurity and corruption, intelligence gathering, and the legal frameworks supporting their operations.

    Participants deeply appreciated Seplat Energy for organising a well-structured and impactful programme. They highlighted the training’s relevance in equipping them with skills to navigate the evolving media landscape and explore entrepreneurial opportunities.

    Seplat Energy’s commitment to fostering professional development and entrepreneurship among journalists was evident, and the event set a new standard for future initiatives.

  • SEC Rolls Out Campaign To Attract More Foreign, Local Investors

    SEC Rolls Out Campaign To Attract More Foreign, Local Investors

    In its avowed commitment to ensure that more Nigerians are attracted to the capital market, the Securities and Exchange Commission (SEC) has rolled out an enlightenment initiative tagged #investnigeria.

    Speaking at the official rollout at the weekend, the Director-General of the SEC, Dr. Emomotimi Agama, said the aim is to promote investment in the capital market through advertising, which has numerous benefits.

    According to him, some reasons why advertising can be an effective way to promote investment in the capital market are that it can educate potential investors about the benefits and opportunities of investing in the capital market, the campaigns improve literacy by helping investors understand various investment products, risks, and rewards and advertising can assist investors have access to investment opportunities by informing them about available investment opportunities, such as initial public offerings (IPOs), bonds, and mutual funds.

    The SEC DG said the initiative would also benefit the economy as encouraging investment in the capital market can lead to increased economic activity, job creation, and GDP growth.

    Agama said the #investnigeria initiative also has enormous benefits for the capital market as it can attract more investors, leading to increased liquidity and market efficiency as well as promote transparency and disclosure, essential for a well-functioning capital market.

    He noted that advertising can help the capital market become more competitive, attracting more issuers and investors both local and foreign adding that by promoting investment in the capital market through advertising, the Commission can increase awareness, improve financial literacy, and attract more investors, ultimately contributing to economic growth and development.

    He disclosed that aside from the billboards already being installed in different parts of the country, the Commission intends to utilise social media, online advertising, and email marketing to reach a wider audience.

    “We hope to collaborate with financial influencers, bloggers, and thought leaders to promote investment in the capital market.

    We will also host seminars, workshops, and conferences to educate investors and promote investment opportunities, as well as leverage media coverage to raise awareness about the capital market and investment opportunities,” he added.

    The SEC boss stressed the need to equip investors with the necessary knowledge and tools to navigate the evolving financial landscape safely.

    He underscored the knowledge-based nature of the capital market, stating, “we need to continue constant education in the capital market. The market is knowledge-based and we are committed to ensuring that information is made available to the investing public.

    “The commission will continue to partner with relevant stakeholders to create more learning opportunities. That is the reason we have decided to collaborate with relevant stakeholders to ensure that the message is taken to every part of this country as investor education can foster the growth and development of Nigeria’s capital market.”

  • PenCom halts PFAs investments in limited liability companies CPs ahead of SEC guidelines

    PenCom halts PFAs investments in limited liability companies CPs ahead of SEC guidelines

    The National Pension Commission (PenCom) has temporarily halted investments in Commercial Papers (CPs) issued by limited liability companies by Licensed Pension Fund Administrators (LPFAs). Commercial papers are short-term debt instruments issued by corporations typically used to finance short-term liabilities.

    PenCom noted that it had observed that the issuing companies have engaged capital market operators as Issuing and Placing Agents (IPAs) to manage the issuance and placement of these Commercial Papers. This suspension will remain in place until the Securities and Exchange Commission (SEC) establishes clear guidelines and regulations governing the issuance of commercial papers.

    “The Commission has noted the increased investment by Licensed Pension Fund Administrators (LPFAs) in Commercial Papers issued by limited liability companies,”it stated in a recent release by the commission on Wednesday October 23.

    “However, the Commission has become aware that the (SEC), the regulator of the capital market, currently lacks established rules and regulations governing the issuance of commercial papers,” it said. Operators are advised to immediately take all necessary measures to ensure full compliance with this circular.

  • NGX admits Aradel Holdings to its Main Board, Boosts Market Capitalization by N3.05 Trillion

    NGX admits Aradel Holdings to its Main Board, Boosts Market Capitalization by N3.05 Trillion

    Aradel Holdings Plc, an integrated energy company has listed 4.34 billion shares on Nigerian Exchange Limited (NGX) Main Board on Monday, 14 October 2024. The shares, listed at N702.69 per share through a “Listing by Introduction,” boosted the market capitalization of NGX by N3.05 trillion, marking a significant milestone in the oil and gas sector’s participation in the stock market.

    Aradel Holdings Plc, a major player in Nigeria’s oil and gas industry, operates across the entire oil and gas value chain, with business interests in the exploration, production, and refining of petroleum products. The listing offers investors the opportunity to engage with one of Nigeria’s most diversified energy companies, positioning it as a key entity on the Exchange.

    In conjunction with the listing, was a Facts Behind the Listing event, during which senior executives presented the company’s growth strategy and financial performance to investors and stakeholders. Alhaji (Dr.) Umaru Kwairanga, Chairman of Nigerian Exchange Group, highlighted the importance of the listing, saying, “This achievement is not just a win for Aradel, but also a clear indication to both local and global investors that Nigeria’s capital market remains vibrant, resilient, and full of opportunities. We are honored to facilitate capital raising for companies like Aradel that play a critical role in Nigeria’s economic progress.”

    Temi Popoola, Group Managing Director and CEO of NGX Group, emphasized the broader significance of the listing. “The benefits of an equity market listing for the upstream sub-sector of the oil and gas industry is especially crucial in light of its dire capital requirements and chronic underinvestment. Aradel has come to the market at a critical time as this and we are confident that our infrastructure here at NGX, both market and technology, can unlock the capital flows needed to ensure the sector thrives.”

    Jude Chiemeka, CEO of NGX, echoed similar sentiments, stressing the role of NGX in supporting corporate growth and innovation. “Aradel’s listing highlights NGX’s ability to support leading companies in their growth journey. This is not just a milestone for Aradel, but a key moment for the energy sector, demonstrating how the capital market can fuel efficiency and development in critical industries.”

    Speaking at the event, Mr. Ladi Jadesimi, Chairman of Aradel Holdings Plc, highlighted the company’s focus on innovation and sustainability, noting that Aradel is poised to expand its footprint in the renewables space while maintaining its leadership in the oil and gas sector. “The listing of Aradel Holdings on NGX represents a pivotal moment for us,” Jadesimi said. “We are committed to driving sustainable growth in Nigeria’s energy industry, particularly in the renewables space, while continuing to excel in petroleum product exploration and refining. This listing provides us with the platform to unlock further value for our shareholders.”

    Commenting on the listing, the Managing Director/Chief Executive Officer of Aradel, Mr. Adegbite Falade, said, “this will mark a historic milestone for Aradel as we list on the NGX, underscoring our commitment to creating long-term value for our shareholders and deepening our contributions to Nigeria’s economic landscape. This listing is a testament to our resilience, adaptability, and our unwavering dedication to providing sustainable energy solutions that drive growth across our communities and industries. As we embark on this new chapter in Aradel’s transformation journey, we remain focused on operational excellence, strategic expansion, and delivering returns that reflect our track record and vision for an energized future.

    Aradel Holdings Plc’s successful listing on NGX positions it to leverage the capital market for future growth, allowing the company to expand its operations and cement its role as a dominant player in both traditional and renewable energy sectors.

  • Africa Finance Corporation Returns to Global Debt Capital Markets with Oversubscribed Five-Year US$500m Eurobond

    Africa Finance Corporation Returns to Global Debt Capital Markets with Oversubscribed Five-Year US$500m Eurobond

    Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, today announced an outstanding return to the global debt capital markets, successfully issuing a US$500 million 144A/Reg S Eurobond.

    The benchmark five-year Note, issued at par with a coupon of 5.55%, had a negative concession with pricing inside the Corporation’s outstanding yield curve, resulting in the tightest T-spread ever achieved by AFC on a 5-year US dollar benchmark and enabling AFC to broadly reset its yield curve in the secondary market. The issuance generated significant interest across Europe, Asia, United States, and the Middle East, resulting in a peak book that was over two and a half times oversubscribed.

    “After about three years of absence from the Eurobond market, we are proud of the overwhelmingly positive reception for this bond issuance, which underscores the global capital market’s continued confidence in AFC’s credit story, our holistic investor engagement strategy and support for our mandate to develop and finance infrastructure projects that will enable Africa’s sustainable industrialization and prosperity,” said Samaila Zubairu, President & CEO of AFC. “The significant oversubscription and success of this bond issue is an endorsement of our impressive financial performance, business strategy, conservative financial policies and our impact in leading transformative change in Africa.”

    With an order book exceeding US$1.2 billion, the bond drew high-quality investors seeking exposure to investment-grade issuers like AFC. The Corporation’s consistent A3 credit rating, upheld since 2014 and recently reaffirmed by Moody’s, with a rating outlook change from Negative to Stable, further boosted the bond’s appeal among institutional investors. The breakdown of the order book reflected AFC’s very strong capital market access, with final allocation of Europe: 57%; North America: 23%; Middle East: 15%; and Asia: 5%.

    The Eurobond was issued under AFC’s $5 billion Global Medium-Term Note (GMTN) programme. The proceeds from the bond, listed on the Euronext Dublin and the London Stock Exchange, will support AFC’s mission to drive rapid industrialisation and accelerate development impact across Africa.

    Banji Fehintola, Executive Board Member and Head of Financial Services, commented: “The success of this bond signals more than just strong market access for AFC; it represents a gateway for other African issuers to follow suit. Despite market volatility, our ability to secure this level of demand affirms the resilience of AFC’s credit profile and opens new doors for Africa’s infrastructure financing.”

    The issuance was coordinated by a consortium of global financial institutions, including BofA Securities, Citigroup, First Abu Dhabi Bank, and Goldman Sachs International as Global Coordinators and Joint Bookrunners, alongside Rand Merchant Bank and SMBC Nikko as Joint Bookrunners.

  • Access Bank Joins NGX to Launch Impact Board

    Access Bank Joins NGX to Launch Impact Board

    Access Bank Plc, Nigeria’s leading institution in sustainable finance, was one of the participants in the launch of the Nigerian Exchange Limited (NGX) Impact Board, a dedicated platform for listing sustainability instruments to integrate sustainability into the core of Nigeria’s capital market.

    The event, marked by the attendance of high-profile stakeholders, including the Minister of Environment, Balarabe Lawal, and the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, underscored the critical need for sustainable financing in Nigeria. Lawal emphasised the urgency of addressing environmental challenges, stating, “With issues like flooding, pollution, and deforestation, we urgently need funds to tackle them. This is why we are approaching the market.”

    Commenting on the launch of the Impact Board, Gregory Jobome, Executive Director, Risk Management at Access Bank Plc, highlighted the Bank’s pioneering role in sustainable finance, noting, “As a leader in the issuance of corporate Green Bonds in Africa, Access Bank is committed to driving environmental sustainability and supporting projects that align with the Sustainable Development Goals (SDGs). The NGX Impact Board is a significant step towards fostering a greener and more responsible investment landscape.”

    The Director-General of the SEC, Dr. Emomotimi Agama, reaffirmed the commission’s support for sustainable finance, saying, “We are ready to bolster the sustainable finance market, aiming to deepen it with diverse instruments that contribute to Nigeria’s sustainable development.”

    Dr. Umaru Kwairanga, Group Chairman of the Nigerian Exchange Group, expressed confidence the NGX’s capabilities, stating, “We possess the capacity, resources, and technology to raise the funds required by the Federal Ministry of Environment and the Nigerian economy to achieve the goals outlined in the Paris Agreement and the Sustainable Development Goals.”

    Access Bank has consistently demonstrated leadership in climate finance across Africa, exemplifying a strong commitment to sustainable environmental practices and financial solutions. In June 2018, the Bank supported the Green Bond Market Development Programme organised by FSD Africa, the Climate Bonds Initiative (CBI), and FMDQ Group PLC, aiming to develop a non-sovereign green bond market in Nigeria. This initiative sought to entrench sustainability principles into the Nigerian capital markets and support broader debt capital market reforms to facilitate the transition to a climate-resilient economy.

    In April 2019, Access Bank issued its inaugural green bond, valued at NGN 15 billion (USD 41 million), becoming the first African corporate entity to receive CBI certification. The bond, listed on multiple exchanges including the FMDQ OTC Securities Exchange, Nigerian Stock Exchange, and Luxembourg Green Exchange, set the tone for the continent’s appetite for green capital. Building on this success, the Bank issued USD 50 million Reg S Step-Up Green Notes in 2022 under its US$1.5 billion Global Medium-Term Note Programme, further solidifying its commitment to sustainable financing.

  • SEC, NGX Group reinforce commitment to capital market digital transformation

    SEC, NGX Group reinforce commitment to capital market digital transformation

    The Securities and Exchange Commission (SEC) and Nigerian Exchange Group Plc (NGX Group) have reaffirmed their dedication to the comprehensive digitisation of the capital market, aligning with the transformation strategy outlined in the revised Capital Market Masterplan.

    The announcement came during a press briefing and stakeholder engagement session held at the Nigerian Exchange Group House in Lagos on Wednesday, 26 June 2024. Both organisations detailed their collaborative efforts to develop a digital solution aimed at transforming the primary market equity capital-raising process, with a focus on public offers and rights issues.

    Subject to SEC approval, this innovative platform represents a significant advancement in digitising the capital-raising process for Issuers. Stakeholders are expected to benefit from enhanced efficiency, streamlined due diligence capabilities, ease of use and accessibility, faster information dissemination, and seamless compliance with regulatory requirements, among other features.

    Dr. Emomotimi Agama, Director-General of SEC, addressed stakeholders, stating: “I would like to commend NGX Group and all partners on this development. This digital transformation initiative is a testament to our shared commitment to fostering an innovative, efficient, and reliable capital market, embedded in the Capital Market Masterplan. By leveraging technology, we can attract the younger generation of investors, enhance regulatory oversight and create a world-class market. This digitisation will play a crucial role in setting a new standard for capital raising in Nigeria and enable the capital market to to support the achievement of the current administration’s US$1 trillion economy target.”

    Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, emphasised the platform’s significance, stating, “This platform marks a pivotal moment in the evolution of the Nigerian capital market. With the support of the regulator and our stakeholders, we have developed an end-to-end digitised market infrastructure platform for distributing financial products, in this case public offers and rights issues. I can assure the investing public that robust payment systems, comprehensive Know Your Customer protocols, and strong fraud and risk management measures are fully integrated, also ensuring standard capital market intermediation is upheld without compromise.”

    The digital platform aims to boost retail participation in the capital market, promote financial inclusion, and further deepen the pool of available capital. As banks seek to meet their updated minimum capital requirements through the primary markets, SEC and NGX Group have pledged to ensure an end-to-end streamlined process to assist banks and other issuers in achieving their business goals.

    The collaborative effort between SEC and NGX Group marks a significant step forward in the modernisation of Nigeria’s capital market infrastructure, promising to enhance efficiency, transparency, and accessibility for all market participants.

  • UK Government’s MOBILIST programme underlines commitment to Nigeria’s Capital Market for Sustainable Development

    The UK Government shares the belief that Nigeria will benefit from the further development of its capital market and is keen to support it through its Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme.

    Nigeria’s capital market can help contribute to the delivery of the country’s economic goals, including the ambition to transition to clean energy solutions, but needs around USD10 billion in financing per year to meet the Sustainable Development Goals (SDGs) by 2030. 

    At two MOBILIST events hosted by the Nigerian Exchange Limited (NGX) and the British Deputy High Commission (BDHC) in Lagos today, the UK underlined its commitment to work with Nigeria to meet these goals. The events in the country’s financial capital brought together stakeholders from across the finance community, including representatives of the Securities and Exchange Commission (SEC) and pension fund industry, to discuss opportunities to solve some of the principal barriers to increasing investment in the SDGs via public markets. 

    This week’s events come after former UK Foreign Secretary, James Cleverly announced a partnership between MOBILIST and NGX to catalyse greater investment in the SDGs via products listed on the exchange. Cleverly made the announcement in August last year during a visit to Nigeria and the NGX trading floor.

    MOBILIST offers equity capital as well as technical assistance to facilitate the listing of pioneering products that support the delivery of the SDGs. It also provides policy and research support to enhance the environment for issuers, investors, and intermediaries.

    According to the Organisation for Economic Co-operation and Development (OECD), Africa needs to invest an additional USD 194 billion per year to meet the SDGs by 2030. Closing this financing gap cannot be achieved without mobilising private investment and enhanced collaboration among capital market actors, governmental institutions, and development finance institutions.

    British Deputy High Commissioner Jonny Baxter, while delivering his remarks at the event, said:

    “The UK government is committed to supporting Nigeria in the continued development of its capital market to help deliver the country’s economic goals, including its ambitions to transition to clean energy solutions.

    “A liquid and well-regulated capital market benefits the entire economy by enabling companies to raise capital to fund their expansion, which in turn helps deliver crucial development, job opportunities and improved incomes.

    “MOBILIST’s focus on stimulating the creation of innovative listed products can make a unique and impactful contribution to achieving these objectives.”

    In his goodwill remarks, the Chairman, NGX, Ahonsi Unuigbe, highlighted the need for addressing barriers hindering public listings through collaborative discussions. In his words:

    “The discussions we have today are crucial as we address barriers hindering public listings and explore actionable solutions. By overcoming these obstacles, we can unlock the full potential of our capital market, enabling more businesses to access the funding they need to grow and thrive. Some of these obstacles are significant such as regulatory challenges, high listing costs, and market volatility.

    He added, “An enhanced and efficient listing process will democratise access to capital, nurturing a vibrant entrepreneurial ecosystem, particularly businesses dedicated to the achievement of Sustainable Development Goals (SDGs), can flourish.”

    MOBILIST Programme Lead at the FCDO, Ross Ferguson said:

    “MOBILIST is the expression of the UK’s conviction that public markets have a leading role to play in financing sustainable development by mobilising private capital to flow where it is needed most – to firms tackling development challenges and the climate transition.

    “We are committed to deepening our relationships in the Nigerian market as we seek to identify businesses and SDG-aligned assets that need our support.”

    While delivering the welcome address, the Ag CEO of NGX, Jude Chiemeka, emphasized the impact of the partnership with MOBILIST. He stated:

    “Our partnership with MOBILIST is geared towards advancing market efficiency, sustainability reporting, and integrating Environmental, Social, and Governance (ESG) principles. This event represents a significant milestone in our ongoing efforts to enhance the performance and deepening of Nigeria’s capital market by promoting sustainable capital flows and enhancing listing diversity.

    The discussions from today are poised to yield actionable insights on how we can collectively catalyse economic growth through the capital market. By harnessing the potential of our capital market, we can unlock new opportunities for funding businesses, fostering entrepreneurship, and ultimately driving sustainable development across Nigeria”.

  • Nonso Okpala appointed Central Securities Clearing System Plc (CSCS) to its Board.

    Nonso Okpala appointed Central Securities Clearing System Plc (CSCS) to its Board.

    Nonso Okpala’s name began resonating within financial circles five years ago. Now, he sits on Nigeria’s premiere stock exchange board, Nigeria Exchange Group (NGX), and the country’s premier financial market infrastructure, CSCS.

    This appointment comes as no surprise, given Okpala’s remarkable track record. Under his leadership, VFD Group has evolved from an initial capital of 2.5 million Naira to a company with assets now exceeding 200 billion Naira, with investments spanning over 40 businesses across various sectors of the Nigerian economy. Leading over eight successful capital raises, Mr. Nonso Okpala has built a reputable brand that transitioned from listing on the National Association of Security Dealers (NASD) to the Nigeria Exchange Limited (NGX) in just four years. This achievement earned VFD Group the “Equity Listing of the Year Award” at the Made of Africa Awards in December 2023.

    In one year on the NGX board, Okpala’s contributions as lead of the Strategy Committee has been instrumental in supporting the vision of the NGX leadership in positioning it as the Strongest Exchange in the world, achieved in January 2024. His appointment to the boards of CSCS and NGX is critical to the development and enhancement of market infrastructure and exchange business in Nigeria.

    Okpala believes that attracting the continent’s 60 million youths to the capital market is essential for driving innovation and adaptability. His vision extends beyond traditional stock markets to advocate for the development of alternative exchanges and the integration of cutting-edge technology. By attracting young, tech-savvy individuals to the capital market, there is a significant opportunity to enhance efficiency, transparency, and accessibility. This infusion of innovation can catalyze growth not only in alternative exchanges but also benefit the traditional stock market by introducing new perspectives and methodologies.

    Since he began his career as a Senior Auditor at KPMG Professional Services (Nigeria), and later as the Director of Finance/CFO at Heirs Holdings Ltd, he has sat on both the Board of Abbey Mortgage Bank and Anchoria Asset Management as Non-Executive Director where he appropriates strong governance practices for sustainability.

    It is anticipated that Nonso Okpala’s presence on the CSCS Board will strengthen the company’s governance structure, instilling confidence among investors and stakeholders in CSCS Plc’s commitment to upholding the highest standards of corporate governance and accountability.

  • Nollywood can further boost retail investor activity in capital market– Popoola

    Nollywood can further boost retail investor activity in capital market– Popoola

    The Chief Executive Officer of Nigerian Exchange Limited (NGX), Mr Temi Popoola, has said that the domestic entertainment sector, Nollywood, can help to further boost retail investor activity in the capital market due to its appeal to Nigeria’s younger generation.

    Popoola said this at the Closing Gong Ceremony commemorating the year’s final trading day and celebrating the achievements of Nollywood stalwart and CEO RMD Productions, Mr Richard Mofe Damijo (RMD).

    The CEO stated, “Nollywood plays a critical role in selling the Nigerian economy and can help to catalyse increased retail investor activity by educating the younger generation to further crowd them into the market. Nollywood stakeholders can also leverage the market to raise the capital to fund their businesses and projects, deepening the synergy between the creative sector and the capital market.”

    Mofe Damijo, giving his remakes also noted that it was important that the business community and the creative sector stimulate interactions as both sides had tremendous value to offer each other and drive the growth of the Nigerian economy. “We cannot promote Nigeria or attract foreign investment without integrating our art and culture into it, he said, adding that other countries who promote their economies on international platforms go through their art and culture.

  • NGX Enlightens Retiring Military Officers On Personal Finance, Investing

    NGX Enlightens Retiring Military Officers On Personal Finance, Investing

    In line with its commitment to further deepen financial literacy and increase the participation of retail investors in the capital market, Nigerian Exchange Limited (NGX), in collaboration with Zenith Bank and supported by Africa Prudential, has taken its financial literacy initiative, X-Lit to the Army Barracks.

    The session, themed “Soldering Wealth: X-Lit’s Exclusive Insights for the Nigerian Military”, took place on Thursday, 7 December 2023, at the Nigeria Armed Forces Resettlement Centre. Topics treated bordered around investing, accessing the market with technology, including the recently launched NGX USSD Code.

    Speaking on the significance of the event, Dr Irene Robinson-Ayanwale, Divisional Head, Business Support Services and General Counsel, NGX, noted that NGX launched the X-Lit initiative to bring the market closer to retail investors of which retiring military officers formed part of. “That is why we themed this campaign ‘Closer to You’ as we want to further deepen the pool of retail investors in our market. We will be rolling this out across the country and reaching out to more demographics including youths, market women and others.”

    Bukola James-Cole, Head, Capital Markets Business, Africa Prudential Plc noted while speaking to the media on the sidelines of the event that the company, in the realisation of the importance of democratising investing and enhancinh financial literacy, partnered with NGX on the initiative.

    In his part, Chinonso Umeh, Retail Banking at Zenith Bank Plc expressed enthusiasm about collaborating closely with NGX. He commended NGX for its achievements and reiterated Zenith Bank commitment to working together to promote financial literacy among the retail investors’.

    Participating soldiers commended NGX, Africa Prudential and Zenith Bank for organizing the session, stating its timeliness as they were nearing retirement. Some of the participants won gifts in the form of shares in listed companies for answering questions after the presentations.