The Director-General of the SEC, Dr. Emomotimi Agama, stated this in an interview with journalists in Abuja at the weekend.

Agama, who was represented by the Director, Registration, Exchanges and Market Infrastructure, Mrs. Hafsat Rufai, said both local and international investors had expressed satisfaction with the new settlement cycle.

She said: “Feedback from them has been excellent. They are happy with T+1, and the local investors are also happy with T+1. The fear initially was around the availability of cash to settle, time zone being one of the major considerations.

“Sometimes, in some countries, when we are closing our market at 4:00 p.m., it is still early in the day. Sometimes, it’s even longer than being early in the day; it’s midnight in some countries. And so everybody is concerned about how to source cash or how to source funds for settlement.

“But knowing that it is not at 8:00 a.m., it is 5:00 p.m., I think that gives enough time for the custodian banks, who are representatives of those investors, to source the funds required and settle the securities and cash as well, because it’s a DVP market. It’s delivery versus payment.”

Agama said no default had so far been recorded due to the unavailability of funds for settlement at the new deadline.

“It’s just a matter of letting everybody understand that the settlement time is not 8:00 a.m.; it is 5:00 p.m. And by 5:00 p.m., everybody is good. So far, it has been good. Feedback has also been very excellent,” he added.

According to him, the Nigerian capital market operated on a T+3 settlement cycle for several years before the market began a phased transition aimed at modernising the market, improving competitiveness and attractiveness, increasing liquidity and reducing settlement risks.

He said the market moved from T+3 to T+2 on November 28, 2025, before migrating to T+1 on June 1, 2026.

“Transaction day or the trade day when your shares are bought or sold on a particular day, that is day T, and then plus one, which is the current settlement cycle, means that when you buy your shares, say for instance you buy today, being a Monday, the shares will settle in your account by 5:00 p.m. tomorrow,” he explained.

Agama said the reduction in the settlement cycle was aimed at making the Nigerian market more efficient by allowing investors to receive their securities or cash sooner.

“The emphasis on 5:00 p.m. is that over the years, when you were on T+3 or T+2, settlement time was 8:00 a.m. Meaning that if you buy your shares today on T+2, that is the trade date, and then two days after, which would have been Wednesday when you were on T+2, you would get your shares if you bought or you get your cash if you sold at 8:00 a.m.

“Now we decided that we need to do better for the Nigerian market by shortening that cycle. So why buy today and wait for another 48 hours or thereabout, or two days, before you get your security? So, we shortened that transaction cycle, or settlement cycle, I beg pardon, to T+1, meaning that the trade day and a day after, that’s the first step.”

The SEC DG further disclosed that the market also shifted the settlement deadline from 8:00 a.m. to 5:00 p.m. following the extension of trading hours.
He said trading hours on the Nigerian Exchange (NGX) had earlier been extended from 2:30 p.m. to 4:00 p.m.

“If you recall, we extended trading hours earlier this year from 2:30 to 4:00 p.m. at the NGX, and then we thought, if market closes at 4:00 and we ask people to settle, that is, to provide cash and securities, at 8:00 a.m. the next day, that kind of close to being T+0 is almost as good as just telling me to pay today, and we don’t want that strain,” he said.

The post SEC: T+1 Settlement Transition Recording No Defaults appeared first on Business Today NG.

The offer, is made up of  4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares valued at N5,250.

Chief Executive of the company, Alhaji Aliko Dangote, who spoke at the launch yesterday, said the offer  was designed to raise additional capital for the refinery’s expansion while broadening public ownership of the business.

“This is the IPO for the people. There is no segregation on who can own the shares,” Dangote said.

He disclosed that the company plans to double the refinery’s capacity from 700,000 barrels per day to 1.4 million barrels per day, saying the expansion would increase production and strengthen the facility’s capacity to serve both domestic and international markets.

“The offer represents the refinery’s first public offer since its inauguration in 2023 and is the biggest IPO in Africa.”

He noted that the transaction would provide millions of Nigerians and other Africans with an opportunity to participate in the growth of the refinery.
While the Group Managing Director of Vetiva Capital Management Ltd., Mr Chuka Eseka, said the transaction had been structured to promote transparency, accountability and broad participation.

He explained that retail investors would be able to subscribe electronically through bank applications, internet platforms and stockbrokers, while institutional investors could subscribe electronically or through application forms submitted to receiving agents.

IPO Targets 10m Retail Investors
The Managing Director of FirstCap, Mr Ukandu Ukandu, disclosed that the offer is targeting about 10 million retail investors.

He said the target would significantly surpass the current Nigerian capital market record of about 181,000 retail participants in a single transaction.

Ukandu said the broad retail participation being targeted reflected the company’s desire to make ownership of the refinery accessible to ordinary Nigerians.

The Chief Executive Officer of Dangote Petroleum and Petrochemicals, Mr David Bird, said the refinery’s strategic location within the Lekki Free Zone positioned it to serve Nigeria, West Africa and the wider international market.
“This is not just a refinery or petrochemical complex. This is truly a pan-African energy platform,” Bird said.

Also speaking, the Chief Executive Officer of Stanbic IBTC Capital, Oladele Sotubo, said the offer had been structured to enable ordinary Nigerians to acquire shares in the refinery.
SEC Approves Offer

The IPO, which has received approval from the Securities and Exchange Commission (SEC), is expected to open on September 14 and close on October 13, subject to applicable regulatory approvals and the conditions contained in the offer documents.

Vetiva Advisory Services Ltd. is the Lead Issuing House and Lead Adviser, while Stanbic IBTC Capital and FirstCap are Joint Managers.

The company plans to list the shares on the Main Board of the Nigerian Exchange Group.
Under the offer’s incentive structure, eligible retail investors may receive up to two additional shares, subject to applicable conditions.

The IPO represents a major development in Nigeria’s capital market and could significantly broaden retail participation while providing Dangote Refinery with additional capital to support its planned expansion.

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Launched in January in partnership with DEG Impulse gGmbH and Africa Foresight Group (AFG), N-Zero is designed to support companies in moving from climate ambition to practical action by strengthening their capabilities in climate strategy, emissions measurement, transition planning and access to emerging carbon-market opportunities.

The baseline assessment will establish each participating company’s starting point and provide a structured view of its readiness across key areas, including climate-risk management, emissions measurement and reporting, target-setting, transition planning, technical capabilities and understanding of carbon-market opportunities. The findings will identify priority gaps and inform tailored support for each company.

Since its launch, N-Zero has engaged more than 50 companies across key sectors of the economy, with 17 formally onboarded as community members and more than 100 companies receiving the baseline survey. Current community members include Access Holdings, Dangote Cement, United Bank for Africa, Stanbic IBTC Holdings, First HoldCo, Fidelity Bank, Zenith Bank, Wema Bank, NEM Insurance, Chapel Hill Denham, BUA Cement, Caverton Offshore Support Group, Presco, Oando, HBM Nigeria, Seplat Energy and Skyway Aviation Handling Company, with further companies being engaged as the initiative expands.

Commenting on the development, Temi Popoola, GMD/CEO, NGX Group, said:

“The transition to a net-zero economy is increasingly becoming a factor in competitiveness, investor confidence and access to capital. Nigerian businesses therefore need to move beyond climate ambition to demonstrate measurable and credible progress. N-Zero is designed to help companies understand where they stand today, identify the gaps that matter most and build practical pathways towards where they need to be. The baseline assessment is a critical step because it gives us the evidence and insight required to tailor support and help participating companies turn climate intent into measurable action and long-term value.”

Following the baseline exercise, companies will undergo needs assessments combining digital diagnostics with expert technical review to determine their readiness levels, identify priority gaps for intervention and define the next steps towards credible climate targets, transition plans and implementation.

N-Zero is structured as a progression from awareness and assessment to target setting, transition planning, validation, implementation and impact tracking. This approach is intended to help companies strengthen internal capabilities while identifying commercial opportunities arising from the transition to a lower-carbon economy.

Under the 2026 roadmap, baseline analysis and initial needs assessments are expected to conclude in September, followed by partner-led sessions and tailored support packages in October and November. The broader programme targets include supporting participating companies to develop science-aligned targets and transition plans, assess emissions-reduction potential, facilitate eligible carbon-offsetting projects and track progress towards the reduction or avoidance of approximately 20,000 tonnes of carbon-dioxide-equivalent (tCO₂e) emissions.

For NGX Group, the initiative also supports the development of a more climate-ready corporate sector and a capital market better positioned to respond to the risks and opportunities associated with the global transition to a lower-carbon economy.

As N-Zero enters this next phase, its focus is clear: establishing a measurable baseline for corporate climate readiness and helping Nigerian businesses move from commitment to credible, verifiable action.

The post NGX N-Zero Begins Corporate Climate Baseline Assessments appeared first on Business Today NG.

The revised framework introduces targeted reductions and the removal of selected charges for investors and market intermediaries, reflecting CSCS’s commitment to improving market accessibility and supporting a more efficient and inclusive capital market ecosystem.

Under the revised pricing framework:
Lien fees for retail investors have been reduced by 50%, from 0.25% to 0.125%;
Nominal transfer fees for qualifying transfers between immediate family members have been reduced from 0.3% to zero;
Broker code creation and renewal fees have been removed; and  Eligibility fees payable by brokers across the exchanges serviced by CSCS have been removed.

The changes are designed to lower the cost of participation for investors and market operators, while creating a more supportive environment for brokers, FinTechs and other participants developing solutions that broaden access to Nigeria’s capital market.

Commenting on the review, Mr. Shehu Yahaya Shantali, the Managing Director/Chief Executive Officer of CSCS Plc, said:
“As Nigeria’s capital market continues to grow and evolve, we believe its infrastructure must continually respond to the needs of investors and market participants. This review is about identifying areas where we can reduce friction, improve accessibility and support greater participation, while continuing to provide the secure, resilient and efficient infrastructure on which the market depends.”

Mr. Shantali further stated:
“We see this as part of our broader responsibility to support the development of a deeper, more inclusive and innovative Nigerian capital market. We will continue to invest in our technology and capabilities while working closely with our stakeholders to ensure that CSCS remains responsive to the changing needs of the market.”

As a critical financial market infrastructure, CSCS provides depository, clearing and settlement services that underpin activities across Nigeria’s capital market. The organisation continues to invest in technology, cybersecurity, operational resilience and service innovation to strengthen the efficiency and reliability of Nigeria’s post-trade ecosystem.

The revised pricing forms part of a broader focus by CSCS on enhancing the experience of investors and market participants, supporting greater retail participation, enabling innovation across the ecosystem and contributing to the continued development of Nigeria’s capital market.

CSCS remains committed to working with regulators, exchanges, market operators and other stakeholders to identify opportunities to improve market efficiency, strengthen infrastructure and support sustainable growth across the ecosystem.
About CSCS

The Central Securities Clearing System (CSCS) is a Public Limited Company with a diversified shareholder base, including the Nigerian Exchange Group, some of the largest banks in Nigeria, private equity firms, investment banks and other corporate and individual shareholders. With over two decades of operation, serving as the Central Securities Depository for the Nigerian Capital Market, CSCS has been pivotal to the growth and transformation of the capital market, including its audacious full dematerialization of share certificates and shortening of the settlement cycle in the capital market.

CSCS serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds (such as the FGN Sukuk and the FGN Savings Bond), Equity-traded Funds, Real estate Investment Trusts, Mutual funds and Commodities. CSCS is licensed and regulated by the

Securities and Exchange Commission (SEC). The activities of CSCS are governed by the Investment and Securities Act 2007, the Companies and Allied Matters Act 2004, and the SEC Rules.

Leveraging digital technologies, CSCS serves its participants, institutional investors, and retail investors through varying channels, including its web portal, www.cscs.ng; online and mobile applications; web chatbot; Data Exchange platforms; and customer service call center, 070 CALL CSCS—070022552727 or 01 448 0500, amongst others.

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Under the proposed rules, the regulations would apply nationwide to all persons offering online forex trading services to residents of Nigeria, whether operating through platforms incorporated in Nigeria or from outside the country.

The SEC listed Introducing Brokers, online forex brokers and broker-dealers, and technology and platform providers among the entities that would be subject to the rules.

Offshore forex platforms would also fall under the proposed framework if they target Nigerian residents through their websites, mobile applications, trading platforms or client onboarding portals.

The SEC said an offshore entity would be considered within the scope of the rules if it allows Nigerians to open or maintain trading accounts, advertises its services to Nigerian residents or uses Nigerian influencers, affiliates, introducing brokers, training providers, seminars, webinars or social media campaigns to attract customers.

The proposed rules would also cover offshore operators using the naira, Nigerian market references, Nigerian contact details or Nigeria-specific promotional materials in connection with their services.

Platforms with representatives, agents, affiliates, introducing brokers, training providers or customer-support channels in Nigeria would similarly be covered.

The SEC further proposed that offshore entities with Nigerian-resident clients, or those conducting business in a manner indicating an intention to provide online forex CFD trading services to Nigerians, would fall within the regulatory framework.

The proposed rules also seek to cover any person who carries on, or purports to carry on, activities regulated under the framework.

The move signals a broader attempt by the Nigerian capital market regulator to bring online forex CFD activities and offshore operators targeting Nigerian investors within a defined regulatory framework.

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The event which took place in collaboration with the Capital Market Correspondents Association of Nigeria (CAMCAN), themed “Positioning for the Second Half: Market Outlook, Capital Flows and Investment Opportunities”, brought together capital-market journalists, industry leaders and

researchers to examine the forces behind the market’s strong first-half performance and the opportunities and risks that could shape the remainder of the year.

The NGX All-Share Index delivered a 57 per cent return by the end of July 2026, while total market capitalisation increased by ₦58.9 trillion to ₦158.3 trillion during the first seven months of the year.

Addressing journalists at the session, Aigbovbioise Aig-Imoukhuede, Managing Director, Coronation Asset Management, said the performance should be viewed within the broader structural changes

taking place in Nigeria’s capital market.

He noted that the market’s rally had been driven primarily by domestic capital rather than foreign portfolio flows, pointing to the growing role of domestic institutional and retail investors in supporting market performance.

“The rally we have witnessed is not merely a market event. It reflects a stronger domestic capital base, improving macroeconomic stability and a growing opportunity for long-term investors who position thoughtfully for the second half of the year,” Aig-Imoukhuede said.

He added that the changing composition of market participation was an important indicator of resilience, particularly as domestic investors increasingly provide the capital needed to sustain market activity.

According to the presentation, foreign investors accounted for 12.1 per cent of NGX transaction value as of June 2026, compared with 27.1 per cent a year earlier. While foreign portfolio holdings

increased modestly during the period, domestic participation expanded significantly, with pension funds and other institutional investors playing a greater role following changes to investment thresholds.

Aig-Imoukhuede said the development should not be interpreted as a retreat from international capital, but as evidence of a market developing a stronger domestic foundation.

“Markets become resilient when they are supported by savings rather than speculation,” he said.

The strong headline performance of the equities market also masks significant differences across sectors and companies, making selectivity increasingly important for investors in the second half of

the year.

The post Coronation Asset Management Highlights Stronger Savings Base Behind H2 2026 Market Resilience appeared first on Business Today NG.

Speaking at the Capital Market Review and Outlook for Second Half of the year today in Lagos, he said the performance of the Nigerian Exchange (NGX) reflected stronger domestic participation, improving macroeconomic conditions and rising investor confidence, rather than significant foreign capital inflows.

As of the end of July, the NGX All-Share Index had gained 57 per cent, while total market capitalisation increased by N58.9tn to N158.2tn.

He said the performance placed Nigeria among the world’s strongest-performing equity markets in dollar terms, according to Bloomberg data.

However, Aig-Imoukhuede cautioned that the scale of the rally should prompt investors to assess whether the performance represented a sustainable structural recovery or a temporary market re-rating.

“These numbers are certainly worth celebrating,” he said, noting that the rally reflected a strengthening domestic capital base, improving macroeconomic stability and growing opportunities for long-term investors.

The Coronation Asset Management executive said the changing composition of market participation was one of the most significant features of the 2026 rally.

According to him, domestic investors have become the dominant force behind the market’s performance, even as foreign participation has declined.

By June 2026, foreign investors accounted for 12.1 per cent of total NGX transaction value, down from 27 per cent a year earlier.

Aig-Imoukhuede, however, said the decline in foreign participation should not be interpreted as a complete withdrawal of international investors from Nigeria.

He noted that the value of foreign investors’ portfolios increased modestly from N1.13tn to N1.16tn during the first half of the year, suggesting that the major shift was in the relative scale of domestic investment activity.

“What changed was the scale of domestic participation, which expanded at a far more significant pace of 129.1 per cent,” he said.
Foreign portfolio investors were also net sellers of Nigerian equities during the first six months of the year, despite the broader market rally.

Aig-Imoukhuede attributed part of the foreign investors’ positioning to the attractiveness of short-dated Nigerian government securities, which offered yields close to 20 per cent.

“From a pure risk-adjusted perspective, that allocation decision was understandable,” he said.

He identified domestic institutional investors, particularly pension funds, as important contributors to the equities rally following changes to investment thresholds by the National Pension Commission (PenCom).

The resurgence in domestic retail participation also contributed significantly to the market’s performance, reinforcing what he described as a structural shift in the investor base.

Aig-Imoukhuede rejected concerns that increased domestic participation represented a weakness for the market, arguing that a market supported by domestic savings could become more resilient over time.

“If anything, this is a sign of market maturity. Markets become more resilient when they are supported by savings rather than speculation,” he said.

Despite the strong performance, he acknowledged that the rally had been relatively narrow and that the market would need broader participation and stronger fundamentals to sustain the gains.

He said the key question for the second half of 2026 was therefore not whether the rally would simply continue, but whether Nigeria could attract a new wave of international capital.

According to him, the second half of the year could represent a potential re-entry window for foreign investors as conditions around market classification, foreign-exchange liquidity, reserves and corporate earnings continue to improve.

Aig-Imoukhuede said international index providers were increasingly paying attention to Nigeria’s market.

He noted that FTSE Russell was reviewing Nigeria’s position within its Frontier Market Index framework, while S&P Dow Jones Indices had placed Nigeria on a watchlist for possible reclassification from standalone to frontier-market status.

Although neither outcome was guaranteed, he said any change in Nigeria’s classification could have significant implications for international capital flows, particularly passive investment.

“Global capital follows confidence, but domestic capital trades on it,” he said.

He also pointed to improvements in Nigeria’s foreign-exchange market as a factor that could strengthen the investment case for foreign investors.

According to him, improved FX liquidity, a stronger naira and reserve accumulation supported by more sustainable sources of foreign-exchange inflows were important indicators of Nigeria’s external resilience.

He said foreign investors would be particularly interested in the sustainability of exchange-rate stability because currency risk remains a major consideration when assessing Nigerian assets.

Corporate earnings and ongoing economic reforms were also identified as potential catalysts for renewed foreign investment.

Aig-Imoukhuede said the banking sector’s recapitalisation cycle, stronger corporate performance and broader economic reforms were improving the long-term investment proposition for Nigeria within the frontier-market universe.

He said the market’s decline in June, which marked the first month of sequential decline during the period under review, should not necessarily be viewed as evidence of weakening investor confidence.

Rather, he attributed the decline largely to profit-taking by domestic investors following the exceptional gains recorded in the first half of the year.

“Domestic investors were prudently locking in gains after a historic first half,” he said.
Aig-Imoukhuede maintained that the structural case for foreign investors to return to Nigeria was stronger than it had been at the beginning of 2026, although he stressed that investors would become increasingly selective.

He said a market that had gained more than 55 per cent and experienced significant re-rating in several large-cap stocks was unlikely to continue rewarding indiscriminate investment.

He therefore urged institutional investors to focus on companies with strong earnings momentum, sound corporate governance, adequate liquidity and clear prospects of benefiting from renewed international participation.

Looking ahead, Aig-Imoukhuede outlined three broad principles for capital allocation during the remainder of the year, particularly as monetary policy remains relatively tight and investors reassess the attractiveness of fixed-income and equities markets.

With the Central Bank of Nigeria (CBN) expected to maintain its Monetary Policy Rate broadly around current levels, he said the short end of the yield curve could become increasingly crowded as investors continue to seek attractive risk-adjusted returns.

The CBN has maintained the MPR at 26.5 per cent for two consecutive meetings following a 50-basis-point reduction from 27 per cent in February.

Aig-Imoukhuede described the decision to maintain the rate as deliberate and data-dependent, rather than indecisive, citing global uncertainty, geopolitical tensions and volatility in domestic inflation.

Headline inflation stood at 15.43 per cent in July, although he noted that the decline in inflation had not been linear.

He stressed that food-price pressures remained influenced by structural factors such as supply-chain constraints, logistics, agricultural cycles and exchange-rate movements, which cannot be addressed solely through monetary policy.

“At Coronation Research, our base case remains that the MPR will broadly hold at current levels through year-end. We are not forecasting a dramatic policy pivot.

We are forecasting disciplined, data-dependent stability,” he said.
According to him, monetary-policy stability may not generate significant headlines, but it creates an environment in which long-term capital can be deployed with greater confidence.

He also identified opportunities in quality credit, infrastructure debt and selected fixed-income instruments as investors consider extending duration in response to changing market conditions.

He said Coronation remained committed to infrastructure financing, particularly in the energy and transport sectors, where Nigeria’s long-term capital requirements remain substantial.

Beyond the equities market, Aig-Imoukhuede said Nigeria’s capital market had a broader responsibility to strengthen trust, transparency and institutional credibility.

He argued that attracting more capital would not be sufficient unless the market also developed institutions capable of providing the transparency, governance and investor protection required to retain that capital.

He said capital could enter and exit a market quickly, while investor trust takes years to build and can be lost in moments.

Aig-Imoukhuede described Nigeria’s capital market as being at an inflection point, with the first half of 2026 demonstrating the growing strength of domestic capital and the second half likely to test whether international investors are prepared to return.

He expressed optimism that Nigeria was better positioned than in previous years to attract both domestic and foreign investment, provided the country sustained reforms, strengthened market institutions and maintained macroeconomic stability.

“The opportunity before us is not simply to deliver market returns. It is to build a capital market that is deeper, more trusted, more liquid and more globally relevant,” he said.

He urged asset managers, market operators, regulators and other stakeholders to ensure that Nigeria’s market infrastructure and institutions were prepared to absorb renewed international investment.

“Our responsibility as firms and as an industry is to ensure that when capital chooses Nigeria, it finds institutions that are prepared, markets that are credible and opportunities that are compelling,” he said.

Aig-Imoukhuede’s comments come as Coronation continues to position itself around long-term capital allocation and investment opportunities in Nigeria and across Africa.

The post Domestic Investors Fuel NGX 57% Surge as Foreign Participation Drops to 12.1% appeared first on Business Today NG.

The performance represents a 126.8 percent increase in traded volume compared with the 5.359 billion shares worth ₦139.053 billion exchanged in 261,869 deals in the previous week. Turnover value also increased by 26.6 percent, while the number of deals declined by about 14.4 percent.

The increase in activity was also reflected in other trading indicators. Market depth improved to 27.76 percent from 21.67 percent in the previous week, while average daily value traded rose to ₦35.21 billion from ₦27.81 billion.

The Financial Services Industry dominated market activity, accounting for 11.212 billion shares valued at ₦88.991 billion across 102,246 deals. The sector contributed 92.25 percent of total equity turnover by volume and 50.55 percent by value.

The Information and Communication Technology (ICT) Industry followed with 246.127 million shares worth ₦51.605 billion traded in 27,169 deals, while the Services Industry ranked third with 198.195 million shares valued at ₦1.995 billion across 13,747 deals.

Activity was particularly concentrated in three equities; Fortis Global Insurance Plc, Cornerstone Insurance Plc and Consolidated Hallmark Holdings Plc. The trio accounted for 9.488 billion shares worth ₦36.219 billion in 1,781 deals, representing 78.07 percent of total equity turnover volume and 20.57 percent of turnover value for the week.

The fixed-income segment also recorded increased activity, with investors trading 232,979 units valued at ₦226.258 million in 35 deals, compared with 117,372 units worth ₦121.249 million in the previous week.

In the Exchange Traded Products segment, 2.346 million units valued at ₦501.051 million were traded across 5,291 deals.

Despite the surge in trading activity, the broader equities market closed lower as investors took profits following recent gains. The NGX All-Share Index declined by 1.20 percent to 242,619.20 points, while market capitalisation fell by 1.19 percent to ₦156.624 trillion.

Market breadth, however, showed some improvement. 26 equities appreciated during the week, unchanged from the previous week, while the number of declining equities eased to 59 from 63. 62 equities closed unchanged, compared with 58 in the preceding week.

The market breadth ratio consequently improved to 0.69x from 0.62x in the previous week, indicating a narrower gap between gainers and decliners despite the decline in the benchmark index.

Trans-Nationwide Express Plc led the gainers’ chart with a 32.09 percent increase, followed by International Energy Insurance Plc, which advanced 31.68 percent, and Sovereign Trust Insurance Plc, which gained 13.77 percent. On the other side, AVA Capital Plc topped the losers’ chart with a 34.55 percent decline, followed by Unilever Nigeria Plc, down 18.94 percent, and Zichis Agro Allied Industries Plc, which shed 15.08 percent.

Meanwhile, Lasaco Assurance Plc expanded its share capital following the listing of 9.236 billion additional ordinary shares on the NGX Daily Official List on Wednesday, August 12, 2026.

The additional shares arose from the company’s rights issue of five new ordinary shares for every six existing shares held as of February 20, 2026. Following the listing, Lasaco Assurance’s issued and fully paid-up share capital increased from 11.084 billion shares to 20.320 billion ordinary shares of 50 kobo each.

Despite the week’s moderation, the broader market remains firmly positive for the year, with the NGX All-Share Index recording a year-to-date return of 55.91 percent as of August 14.

Sectoral performance has been even stronger in parts of the market, with the NGX Oil and Gas Index up 94.81 percent year-to-date, followed by the NGX Premium Index at 85.14 percent and the NGX Industrial Goods Index at 82.84 percent, underscoring the strength of the market’s gains despite the week’s profit-taking.

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The SEC, in a circular to all Capital Market Regulated Entities (CMREs), said the designations were made in line with the Terrorism Prevention and Prohibition Act (TPPA) 2022.

The six individuals are Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim.

The three designated entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.

According to the SEC, Hammajama was listed on June 18, 2026, for involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP), while Usman was designated for providing material support to a designated terrorist organisation through repeated financial transactions.

The commission said Abubakar was listed for involvement in terrorism financing and membership of ISWAP, while Chiroma was designated for allegedly using Bureau De Change (BDC) operations and related corporate entities to facilitate the movement of funds linked to terrorist activities.

Muktar Muhammad Adamu was listed on June 15, 2026, for providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell, while Ibrahim was designated for providing material and financial support to the ISWAP Kogi cell.

The SEC said the three entities were listed for their alleged involvement in facilitating and channelling funds connected to the ISWAP Okene financing network.

The commission directed CMREs to immediately identify and freeze, without prior notice, all funds, assets and other economic resources in their possession belonging to the designated persons and entities.

They are also required to report frozen assets and other compliance actions, including attempted transactions, to the Secretariat of the Nigeria Sanctions Committee.

In addition, the SEC directed regulated entities to immediately file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further analysis of the financial activities.

It further instructed operators to report as suspicious transactions all cases of name matches in financial transactions, whether occurring before or after receipt of the sanctions list.

The regulated entities are also required to prohibit dealings with the designated persons and entities and continue monitoring for transactions involving them.

The SEC said any findings should be reported to the Nigeria Sanctions Committee through its designated reporting channel.

The circular takes immediate effect, with the commission warning that failure to comply would constitute a violation of the Investments and Securities Act, 2025, and the SEC Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Rules and Regulations.

It said violations could attract regulatory sanctions, including fines, suspension of operations or revocation of registration.
The SEC further reminded capital market operators that all unusual or suspicious transactions must be promptly reported to the NFIU.

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