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Nigeria’s Stock Market Sustains Positive Momentum, Gains N4.5trn in Four Months

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By Derrick Bangura

The stock market segment of the Nigerian Exchange Limited (NGX) has gained N4.46 trillion in its year-to-date (YtD) performance, outperforming the Egyptian Exchange, the Johannesburg Stock Exchange, the Ghana Stock Exchange, among other of its peers in the continent.

Specifically, the market capitalisation of the NGX in the first four months of 2022 appreciated by 16.21 per cent to close on April 29, 2022 at N26.761 trillion from the N22.297 trillion it closed on the last trading day of 2021
Also, the NGX All-Share Index, an indicator used to track the general market movement of all listed equities on NGX, including those listed on the growth board, regardless of capitalisation, opened 2022 at 42,716.44 basis points and closed on April 29, 2022. at 49,638.94 basis points.
This also represented an increase by 16. 21 per cent.
However, data compiled from the website of other stock exchanges in the continent revealed that the Financial Times Stock Exchange (FTSE)/ Johannesburg Stock Exchange (JSE) in its YtD performance dropped by 1.72 per cent, just as the Egyptian Exchange’s EGX 30 Index in its YtD performance also dropped by 7.54 per cent.

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Further findings revealed that the Casablanca Stock Exchange’s MASI Index in its YtD performance depreciated by 1.66 per cent, while the Ghana Stock Exchange Composite Index contracted by 3.52 per cent to 2,691.19 index points as of April 29, 2022.
Similarly, the Uganda Securities Exchange’s (USE) All Share Index was down by 12.23 per cent YtD performance to 1,246.99 basis points as of April, 2022.

On the flipside, the Lusaka Securities Exchange’s All-Share Index recorded an impressive performance with a gain of 14.27 per cent to 6,924.34 in its YTD growth just as the Namibian Stock Exchange’s NSX overall Index appreciated by 10.64 per cent to 1,738.93 points as of April 29, 2022.

However, for the Nigerian bourse, the NGX, the major indices that drove its performance in the first four months of 2022, were the banking, oil & gas, industrial and consumer goods companies sectors.

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The growth in stock prices were strongly bullish as all the indicators closed in the green between January and April of 2022.
For instance, the NGX Oil & Gas index appreciated the most by 51.99 per cent in its YtD growth; the NGX industrial goods index followed with a gain of 8.81 per cent, while the NGX Banking Index rose by 7.08 per cent YtD.
Capital market analysts attributed the growth of the NGX to steady increase in global oil price and listed companies’ impressive earnings post-covid-19.

They explained foreign analysts’ projections of Nigeria’s economy pre-election also played a critical role in foreign investors’ increased participation in fundamental stocks listed on the bourse.

The International Monetary Fund (IMF) recently raised Nigeria’s 2022 economic growth forecast marginally from the 2.7 per cent it had previously estimated to 3.4 per cent.

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Additionally, the fund reviewed upward the country’s 2023 growth prediction upward from 2.7 per cent to 3.1 per cent.
The multilateral institution had also noted that the non-oil sector played a pivotal role in increasing Nigeria’s growth prospect as it observed that the globally only 86 per cent of countries saw a downward revise of its growth projection indicating Nigeria is amongst the 14 per cent of countries who are expected to grow.

Nigeria’s growth prospects were stated in latest World Economic Outlook (WEO) released recently by the IMF.
Also, the World Bank had released a forecast on Nigeria’s economy for 2022, raising the country’s growth projection to 3.8 per cent, up from the 2.5 per cent projected earlier in the year.

Speaking with THISDAY, the doyen of the Nigerian capital market, Mr Rasheed Yusuf, said the increasing global oil price played a role in the growth of the capital market in four months of 2022.

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According to him, “The current global oil price that is above $100 per barrel has translated into more revenue for the federal government and more spending. “Since there is more revenue for the government, there will definitely be more spending and more business opportunities for individuals and companies listed on the NGX.
“Everybody was thinking Nigeria will be in an economic crisis but with oil revenue above $100 per barrel over the Ukraine-Russia crisis, the government has been able to manage the subsidy.

“The global oil price has breathed a new life into companies in the country and investors’ expectation is that these companies will make good profit and it has contributed to growth in their stocks.

“Most of them recently released the 2021 financial year, first quarter results and we have seen impressive corporate earnings. The performance of these companies has reflected in their corporate earnings.”
Yusuf, who is the Chief Executive Officer of Trust Yield Securities, further said the Nigeria economy had surpassed analysts’ expectation.
“It is not as boom but at the same time, it is not catastrophic as projected by analysts and that is what is driving the optimism,” he added.
On his part, the Chief Operating Officer (COO), Supra Commercial Trust Limited, Mr. Charles Fakrogha, noted that the steadfastness of the quoted companies boosted the capital market growth in four months of 2022.
He also alluded that the increasing global oil price contributed to stock market performance as the government has more revenue to execute some infrastructural projects.
According to him, “These companies have sustained growth in revenue and profit despite challenges.
“With the improved performance, of course the market will react and the reason why investors trading on the NGX stock market gained over N4 trillion in four months.”
He projected that the stock market would sustain the growth in May 2022.
He said, “The listed companies have device methods to overcome harsh operating environments and of course, they still have some challenges.

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“We expect the stock market to perform better in the remaining months of H1 as the government is expected to do its part in tackling the security situation in the country.”

In his contribution. the Chief Operating Officer, InvestData Ltd, Mr. Ambrose Omordion noted that most listed companies were undervalued as covid-19 affected their performance, stressing that local & foreign investors in the first four months of 2022 took advantage of the low-priced stocks.
He added, “Most companies have engaged in aggressive revenue growth when the lockdown was eased and we have seen the impact on profit.

“The global trend is also playing its role in what is happening in Nigeria. In the USA, most big companies are posting negative results and it is reflecting in their GDP.

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“However, Nigeria’s big companies on the NGX have reported positive performance and it is likely to show in GDP projection for Q1 2022.”

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Responsible Gambling Betting Sites

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As the on-line betting market continues to grow, it’s important for players to be aware of accountable gaming techniques. Accountable gambling wagering sites are systems that prioritize the wellness of their consumers and promote safe and liable betting behaviors.

What are Accountable Gambling Betting Sites?

Accountable gambling wagering sites are on the internet platforms that intend to avoid and resolve trouble wagering habits. These websites provide resources and tools to help customers handle their gaming routines, such as setting down payment restrictions, self-exclusion alternatives, and access to sustain solutions.

Liable gaming wagering sites additionally advertise openness and justness in their procedures, guaranteeing that consumers recognize the threats connected with betting and supplying information on just how to seek aid if needed.

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By promoting accountable gaming methods, these websites aim to develop a risk-free and satisfying environment https://www.trustpilot.com/review/clarohorizonte.com for all players, while minimizing the possible injury that can be related to problem gaming.

  • Establishing down payment limitations
  • Self-exclusion options
  • Access to sustain solutions
  • Advertising openness and fairness

Exactly How to Determine Liable Gambling Betting Sites

There are numerous key signs that can assist you determine liable gaming wagering sites. Try to find systems that plainly display details on accountable gambling, consisting of web links to support services and resources for handling gambling habits.

Liable gaming wagering websites often have devoted sections on their internet sites that outline their dedication to advertising safe and responsible betting practices. They might additionally show logo designs or qualifications from organizations that concentrate on responsible gambling, showing their commitment to this crucial concern.

Furthermore, responsible gambling wagering websites normally give tools and attributes that permit users to set limitations on their betting activity, such as deposit limitations, time frame, and self-exclusion choices. These functions help individuals take control of their gambling behaviors and stop excessive or damaging actions.

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The Relevance of Accountable Gaming

Liable gaming is crucial for safeguarding players from the prospective harms of issue gaming. By advertising responsible betting practices, betting sites can help avoid dependency, economic difficulty, and various other negative consequences that can arise from too much betting.

  • Safeguarding players from the damages of problem wagering
  • Preventing addiction and monetary difficulty
  • Advertising a safe and satisfying betting setting

Final thought

Responsible gaming wagering websites play an important duty in advertising safe and responsible betting behaviors. By providing sources, tools, and assistance services, these platforms assist users manage their betting habits and reduce the threats associated with trouble betting.

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Inclusive Development Launches Policy Guide to Strengthen Civic Engagement in Nigeria

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A youth-led organisation, Inclusive Development (INCLUDE), has unveiled the Change-Maker’s Public Policy Guide, a new resource aimed at empowering young Nigerians with the skills and knowledge needed to participate actively in governance, policymaking, and accountability processes.

The guide was launched in Abuja on Friday at the conclusion of a five-week intensive capacity-building programme designed to strengthen youth engagement in public policy development and civic participation.

Speaking during the unveiling, the Executive Director of Inclusive Development, Bukola Taiwo, said the initiative was created to address the gap between young people’s desire to influence governance and their understanding of how public policy systems operate.

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According to her, many young Nigerians are eager to contribute to governance but often lack the practical knowledge required to engage effectively with policy structures and decision-making processes.

Taiwo explained that the programme trained 20 young participants in key areas of public policy, governance, and accountability. Of the participants, 17 successfully developed policy briefs addressing critical issues affecting their communities and the country.

She noted that the trainees collaboratively developed the Change-Maker’s Public Policy Guide as a practical resource to help young Nigerians navigate policy processes at both national and sub-national levels.

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“The programme focused on amplifying the voices of young people in public policy discussions and equipping them with the skills needed to engage governance and accountability systems effectively,” she said.

She added that the guide was designed to help emerging changemakers understand how policies are formulated, identify opportunities for engagement across different levels of government, and contribute meaningfully to governance reforms.

The training programme covered several aspects of policy development and advocacy, including policy research, systems thinking, power mapping, problem analysis, and strategic storytelling.

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Participants were introduced to analytical tools such as systems change frameworks, power mapping models, and problem analysis techniques to enhance their ability to identify policy challenges and propose evidence-based solutions. The programme also highlighted the role of storytelling in shaping public discourse and influencing policy outcomes.

The initiative was organised by Inclusive Development (INCLUDE) with support from the Nigeria Youth Futures Fund and the Amandla Institute for Leadership and Policy Advancement.

Taiwo reaffirmed the organisation’s commitment to empowering young people, particularly those from underserved and marginalised communities, to participate meaningfully in governance and development processes.

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Inclusive Development (INCLUDE) is a youth-led organisation dedicated to promoting equity, peace, and justice through initiatives that empower underserved populations. The organisation operates at the intersection of governance, peacebuilding, and gender justice to advance sustainable development in Nigeria and across Africa.

Stakeholders at the event described the guide as a timely intervention capable of deepening youth participation in policymaking and fostering stronger connections between citizens and governance institutions.

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Storm at NSITF as ₦297bn Workers’ Fund Allegations Trail MD/CEO Oluwaseun Mayomi Faleye

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Fresh allegations of large-scale financial irregularities, abuse of office, and governance breakdown have engulfed the Nigeria Social Insurance Trust Fund (NSITF), following a series of petitions by the Arewa Revival Project, a civic accountability and good-governance advocacy group, calling for urgent investigations into the activities of the Managing Director/Chief Executive Officer, Mr. Oluwaseun Mayomi Faleye.

The group has formally written to the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Office of the Auditor-General of the Federation, the Federal Ministry of Finance under the Whistleblower Policy, the Federal Ministry of Labour and Employment, the NSITF Management Board, as well as organised labour bodies, including the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).

At the centre of the controversy are allegations involving the management of approximately ₦297,019,145,288.60 in workers’ funds collected under the Employees’ Compensation Act (ECA) between January 2 and October 9, 2025.

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Workers’ Funds, Not Government Revenue

The Employees’ Compensation Scheme is funded through compulsory employer contributions of one per cent of payroll, designed to provide compensation to Nigerian workers who suffer injury, disability, or death in the course of employment.

According to multiple senior NSITF officials cited in investigative reports, the funds administered by NSITF are not government revenue, but trust funds belonging exclusively to Nigerian workers.

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“This is not government money. This is workers’ money, contributed mandatorily under the law,” one senior official was quoted as saying. “Every kobo is supposed to be protected by layers of checks and balances.”

₦243.2bn Allegedly Spent Without Board Approval

Documents reviewed by investigators indicate that out of the total inflow of ₦297,019,145,288.60, expenditures amounting to ₦243,203,518,621.17 were recorded within the same period.

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Multiple sources allege that a significant portion of this expenditure was carried out without the approval of the NSITF Management Board, in violation of the NSITF Act and existing federal financial regulations.

Officials familiar with the records described the development as a “complete collapse of safeguards” meant to protect workers’ funds.

‘No Approval Limit’ Resolution Raises Alarm

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Central to the allegations is an internal document dated March 4, 2025, reportedly extracted from the minutes of the 46th Executive Committee (EXCO) meeting of NSITF, chaired by Mr. Faleye.

According to the document, financial approval limits were set as follows:

  • Other General Managers: ₦25,000
  • General Manager (Finance): ₦50,000
  • Other Executive Directors: ₦750,000
  • Executive Director (Finance and Investment): ₦1,000,000

However, under the same resolution, the Managing Director/Chief Executive Officer allegedly approved “no limit” for his own spending authority.

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Sources allege that this effectively granted Mr. Faleye unrestricted powers to approve payments of any amount without recourse to the Board or external oversight.

“He simply wrote and signed a document granting himself ‘No Approval Limit’,” a senior official disclosed. “There is absolutely no legal basis for this in the NSITF Act or federal financial regulations.”

Under existing federal thresholds, Managing Directors of government parastatals are reportedly capped at ₦30 million for works and ₦10 million for goods and services, subject to board oversight.

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Over 100 Bank Accounts Linked to One BVN

Perhaps the most startling allegation involves the operation of over 100 bank accounts allegedly linked to a single Bank Verification Number (BVN) belonging to Mr. Faleye.

Documents reportedly show that the BVN, registered on June 10, 2015, with Guaranty Trust Bank, Ajose Adeogun Branch, is associated with numerous accounts, some of which allegedly received funds traceable to NSITF operations.

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“The scale is staggering,” one insider said. “You don’t run over 100 accounts accidentally. This points to systematic structuring.”

$7.3m and Hundreds of Millions of Naira Traced

In a separate document obtained by investigators, alleged inflows of millions of dollars and hundreds of millions of naira were traced to accounts linked to Mr. Faleye and entities reportedly associated with him.

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The transactions listed include:

  • Faleye Oluwaseun Mayomisola, GTBank USD Account 0111206422 – $336,917.00
  • Faleye Oluwaseun Mayomisola, GTBank USD Account 0004754113 – $6,743,421.00
  • Faleye Oluwaseun Mayomisola, GTBank NGN Account 0004754096 – ₦291,182,605.00
  • Fides & Fiducia Client Account, Access Bank NGN Account 0718896883 – ₦584,950,000.00
  • Fides & Fiducia, Access Bank USD Account 0690403396 – $626,279.00
  • Fides & Fiducia, Zenith Bank NGN Account 1013806407 – ₦93,757,500.00
  • Pluschess Limited, Zenith Bank USD Account 071315271 – $20,000.00
  • Faleye Oluwaseun Mayomisola, GTBank USD Account 3001101016 – $75,558.00

The total dollar inflow alone is estimated at over $7.3 million, excluding naira-denominated transactions.

“These are not small transfers,” a source familiar with the documents said. “The volume, frequency, and structuring suggest deliberate efforts to move and possibly conceal funds.”

₦5.53bn Commission Payments Questioned

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Further allegations relate to commission payments totalling ₦5,533,517,486.90, allegedly approved and paid without the consent of the NSITF Management Board or the supervising Ministry.

The payments reportedly include:

  • ₦1,379,186,010.00 – Assurance Services ST ADBA Ltd (09/10/2025)
  • ₦865,000,000.00 – TAGG Global Resources Ltd (18/03/2025)
  • ₦683,777,666.40 – Rate Seal Support & Project Ltd (17/09/2025)
  • ₦659,303,810.50 – Rate Seal Support & Project Ltd (16/05/2025)
  • ₦648,750,000.00 – Rate Gold Solution Nig Ltd (16/05/2025)
  • ₦648,750,000.00 – Gold Solution Nig Ltd (01/08/2025)
  • ₦648,750,000.00 – TAGG Global Resources Ltd (01/08/2025)

Sources allege that the commissions ranged between 15 per cent and 20 per cent, and were paid without lawful authority.

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Board Absence and Governance Vacuum

Mr. Faleye was appointed Managing Director in July 2023, while the NSITF Management Board was reportedly not constituted until around January 2025, creating a governance gap of over one year.

“The Act expressly forbids Executive Management from spending funds without board approval,” a top official explained. “If there is no board, spending should not take place.”

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Arewa Revival Project Condemns Alleged Acts

Reacting to the allegations, the Arewa Revival Project, under the leadership of Hon. Muttakka Ahmed Ibrahim, condemned the alleged acts, describing them as a grave betrayal of public trust if proven.

The group called on President Bola Ahmed Tinubu, as well as all relevant anti-corruption and regulatory authorities, to urgently investigate the allegations to protect workers’ funds and restore confidence in public institutions.

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Responses from Officials

When contacted, Mr. Faleye reportedly stated that he was not aware of the allegations. However, when questioned about the dollar accounts and alleged inflows of over $7.3 million, he reportedly ended the call abruptly.

The Permanent Secretary of the Ministry of Labour, Mr. Salihu Usman, reportedly denied prior knowledge of the alleged transactions, while the Chairman of the NSITF Board, Mr. Shola Olofin, requested time to verify the claims.

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Presumption of Innocence

All allegations remain unproven and subject to investigation. Analysts note that the unfolding developments represent a major test of Nigeria’s public finance accountability framework, particularly in institutions entrusted with workers’ welfare.

As investigations commence, millions of Nigerian workers await answers over the safety of funds meant to protect them in times of injury, disability, and loss.

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