While you were away!


Disturbed by the continued absence of a board for the Securities and Exchange Commission, SEC, which is the apex regulator of the Nigerian capital market some concerned shareholders have made a passionate appeal to the Federal Government to constitute a board for the commission and resolve all issues surrounding the suspension of the former Director General of the commission Munir Gwarzo.

It would be recalled that the Minister of Finance, Mrs. Kemi Adeosun suspended the then Director General over allegations of financial impropriety leveled against the DG. Also placed on suspension were Abdulsalam Naif Habu, head of media division, and Anastasia Omozele Braimoh, head of the legal department of the commission.

The National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Adeniyi Adebisi said people are bearing the brunt of what is happening in SEC are the shareholders.

“the government should constitute board so that things can move in the right direction,” Adebisi said

In his opinion, Chairman of Ibadan Zone Shareholders Association of Nigeria (IZSAN), Mr. Eric Akinduro said the international community is watching and the more the delay the more it will affect confidence in the market.

Capital markets globally thrive on confidence and this confidence is based solely on the integrity of the regulator hence, the government must do the needful by taking far-reaching decisions such that recent gains recorded by the Nigerian capital markets will not be eroded.



The Board of the International Organisation of Securities Commissions (IOSCO), met for a two day meeting at its headquarters in Madrid, Spain, where it resolved to focus its searchlights on cryptocurrencies, bitcoins and other forms of electronic currencies. This was in view of their novelty, the risks involved in trading in such assets and more importantly, the apparent lack of adequate knowledge and awareness by the unsuspecting investing public.

The IOSCO Board, consisting of thirty-two of the regulators of the leading market in the world, had members in attendance including the Acting Director General of the Securities and Exchange Commission, Dr. Abdul Zubair, who led a high powered delegation to the meeting.

Deliberations at the meeting centered on cryptocurrencies and bitcoins, data privacy, and asset management. Pertinent questions around the operation of the virtual currencies, the risks involved for investors and markets, as well as the nature of regulation required if at all, were deliberated upon.

The comity of regulators called for caution and care before rushing into regulating the products as this may confer undue legitimacy which may serve to deceive the general public into believing that there is regulatory faith in the products. The need was therefore unanimously agreed for a deep analysis of the nature of the products to enable a clear appreciation of the appropriate perimeter and depth of regulation required to ensure the adequate protection of investors. In view of the general lack of clarity around the products and especially for prospective investors, the regulators were encouraged to launch intensive public awareness initiatives to boost investor education and understanding and accelerate the development of the right regulatory framework as may be necessary. Recounting how much capital had been lost by investors in similar transactions around the world, the delegates agreed to continue discussions around the subject for the sake of the future of capital markets and players around the world.

In the course of the meeting, two task forces on the very significant topics of data privacy and asset management also presented updates and received relevant guidance and directions from the Board. A focus on these and other important issues will dominate discussions for some time to come. Some of the other issues discussed at the meeting included cybersecurity, innovation and fintech, artificial intelligence and machine learning, among others.

Speaking at the end of plenary, the Acting Director-General, Securities and Exchange Commission, Dr. Abdul Zubair, observed the benefits of tackling the very important issue of cryptocurrencies at this time as it provides an opportunity for regulators especially in the emerging markets, to better prepare for the incursion of virtual currencies into their markets by putting in place the appropriate regulatory frameworks that will ensure transparency, efficiency, and protection for investors.

IOSCO is the global standard setting body for securities regulation with a membership covering over ninety-five percent of the capital markets in the world.  Its members include securities market regulators, self-regulatory organizations, depositories and market intermediaries.



A cross-section of shareholders in the country have called on the Securities and Exchange Commission SEC to extend the deadline for shareholders to conclude e-payment registration for unclaimed dividends as the fate of over 100 billion unclaimed dividends heighten. SEC, the capital market regulator ended the registration on February 28, 2018.

The shareholders, accused registrars of frustrating the electronic dividend (e-dividend) registration, by not implementing the e-dividend mandate and merging multiple accounts even after investors have registered for the e-dividend.

The e-dividend was introduced to address the increasing trend of unclaimed dividends in the capital market. The Direct Cash Settlement, DCS was also part of the ongoing initiatives introduced by SEC and Nigerian Stock Exchange to protect investors and eliminate fraudulent activities in the Nigerian capital market.

The DCS is the direct payment of proceeds from the sales of shares/securities into an investor’s nominated bank account. It is a process where cash proceeds from trades executed by stockbrokers on the Exchange settle directly into investors’ bank accounts.

There have been series of allegations that some operators, especially registrars, trade with the unclaimed dividends in their possession and looking at the quantum of the money available as unclaimed, the commission needs to discourage this act and reduce the number of unclaimed dividends.

SEC launched the e-dividend platform in July 2015 and set December 2015 as a deadline. After protests by shareholders, the deadline was shifted to December 2016. In January last year, it decided to extend it until June 30, 2017. It was again extended until December 31st, 2017 and lastly, February 28 this year. SEC also created a portal, for shareholders to search for stocks they own and register for electronic dividends.



Figures recently released by the National Bureau of Statistics (NBS), show that Nigeria’s Gross Domestic Product (GDP) grew in Q4 2017 by 1.92% (year-on-year) in real terms, maintaining its positive growth since the emergence of the economy from recession in Q2 2017.

This growth is compared to a contraction of -1.73% recorded in Q4 2016 and a growth of 1.40% recorded in Q 2017. Quarter on quarter, real GDP growth was 4.29%. The year 2017 recorded a real annual growth rate of 0.83% higher by 2.42% than -1.58% recorded in 2016.

In the quarter under review, aggregate GDP stood at N31,209,137.74million in nominal terms higher when compared to N29,169,058.99 million in Q4 2016, resulting in a Nominal GDP growth of 6.99%.

GDP is the total value of goods and services produced within the borders of a country, in a specified period. Usually a quarter or on a yearly basis.



This report is a compilation of the dollar exchange rate at the official and parallel market from the 1st of March to the 9th of March 2018.  The quoted parallel market prices are to serve as a guide to readers, as they represent the average price obtained daily from different black market dealers in the Country.



 1. 09/03/2018 DOLLAR 306 360 362
 2. 08/03/2018 DOLLAR 306 360 362
 3. 07/03/2018 DOLLAR 306 360 362
 4. 06/03/2018 DOLLAR 306 360 362
 5. 05/03/2018 DOLLAR 306 360 362
 6. 03/03/2018 DOLLAR 306 359 362
 7. 02/03/2018 DOLLAR 306 359 362
 8. 01/03/2018 DOLLAR 306 360 363