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NGX Hints at Revolutionalising Market with ETF Listings

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NGX: Transactions maintain bearish trend with 0.0% loss

 

The Nigerian capital market is poised for major activities with up to four Exchange Traded Fund (ETF) listings in the pipeline.

 

Chief Executive Officer, Nigerian Exchange Limited (NGX), Temi Popoola made the disclosure on Wednesday in Lagos at the ETF conference themed “ETFs in the Nigerian Capital Market: Opportunities and Challenges.”

 

According to him, the NGX is leading the ETFs market in West Africa with a market capitalisation of N8.87bn ($19.25m). The CEO pointed out that the market was still in its nascent state, compared to the South African ETF market with a $7.11bn capitalization.

 

He said, “There has been a dearth of new ETFs listings on the NGX in recent years, however, there are bright spots on the horizon with four new ETFs listings in the pipeline.

 

“It is incumbent to state that current macro-economic challenges resulting in the exit of Foreign Investors, impacted the ETFs space which resulted in a sharp dip in the ETFs market Cap from 2020 highs of N24.5bn. We are hopeful that the policy tilt of the new administration would impact positively on our market.”

 

In the same vein, Executive Commissioner, Operations, Securities and Exchanges Commission (SEC), Dayo Obisan, touched on the challenges in the market but expressed confidence in the ability of experts to proffer solutions.

 

He urged all stakeholders including the Fund Managers Association, NGX, and other institutional investors to extend the message of ETFs in order to deepen the market and make the asset class more vibrant, thereby driving growth in the capital market.

 

On his part, Executive Director, Central Securities and Clearing System (CSCS) Plc, Adeyinka Shonekan, spoke on the clearing house’s developmental efforts in the ETFs market.

 

He maintained that the CSCS was using technology to improve the onboarding of retail investors into ETFs.

 

“CSCS has been driving the initiative to reduce the settlement cycle from T+3 to T+2 or T+1 and we have been engaging stakeholders to make sure we make this a reality,” he added.

 

Similarly, Manager, Business Development and Exchange Traded Products, Johannesburg Stock Exchange, (JSE), Adele Hattingh, gave an overview of the South African ETFs market including why investors should consider investing in the asset class.

 

During the panel session, capital market experts further addressed the opportunities and challenges of the market, with liquidity as a central topic of discussion.

 

Prominent among those who featured were President, FMAN, Aigbovbiose Aig-Imoukuede, and CEO, Stanbic IBTC Asset Managers, Oladele Sotubo.

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“Stop Spreading Fear” — Presidency Slams Nasboi Over Alleged Fake Terror Clip

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The Presidency has cautioned popular comedian and content creator, Nasboi, over a viral video he posted online, accusing him of spreading fear with what it described as a misleading terror-related clip.

The Special Assistant to President Bola Tinubu on Social Media, Dada Olusegun, raised the concern in a post on his X handle on Tuesday, saying the footage being circulated does not originate from Nigeria and was wrongly presented in a way that could cause public panic.

ALSO READ: I’m Getting Death Threats For Criticising Wizkid – Nasboi Calls Out

He alleged that the video shared by Nasboi was originally taken from another online page that identified the armed men in the clip as terrorists operating in the Republic of Benin, not Nigeria.

According to him, sharing such content without proper context was irresponsible, especially given the sensitive security situation in the country.
He wrote: “You cannot continue to intentionally use your page to spread fear @iamnasboi for whatever reason you might think you have.

“The video you posted was clearly quoted from a page that says these are Beninese terrorists. This means the footage is from Benin Republic and has nothing to do with Nigeria.

“We have our challenges, but you using your wide reach to spread fear with a fake footage is the highest form of irresponsibility. You can do better!”

The presidential aide did not give further details on when the video first surfaced or whether any official verification was conducted on its origin.

Nasboi had earlier shared the clip with the caption “PRESIDENT @officialABAT,” showing armed men on motorcycles carrying out an attack in a rural setting.

The post sparked mixed reactions online, as users debated whether the footage was genuinely from Nigeria or another West African country.

Although similar videos have previously been linked to extremist groups operating in the Sahel region, there has been no independent confirmation that the viral clip originated from Nigeria.

 

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Why FG Scrapped 3-Month Pre-Retirement Leave for Civil Servants

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The Federal Government has abolished the practice of granting civil servants a mandatory three-month pre-retirement leave, saying the arrangement was based on a wrong interpretation of the Public Service Rules and had no legal backing.

The directive was issued in a circular by the Head of the Civil Service of the Federation, Didi Walson-Jack, and sent to ministries, departments and agencies (MDAs), including top government officials across the federal civil service.

According to the circular, what is commonly referred to as “pre-retirement leave” is not recognised in the Public Service Rules. Instead, it is meant to be a structured three-month notice period that some MDAs mistakenly converted into automatic leave.

ALSO READ: ASRI Urges FG to Allocate Crude to Local Refiners

The government explained that this misinterpretation had led to many experienced officers leaving active duty earlier than required, creating avoidable gaps in manpower and affecting service delivery in some institutions.

“The so-called ‘mandatory three-month pre-retirement leave’ has no basis in the Public Service Rules,” the circular stated.

Under the correct rule, retiring officers are required to give three months’ notice before their retirement date. Within that period, they are expected to attend a one-month pre-retirement workshop or seminar, while the remaining time is used to process pension documentation and reconcile service records.

The Federal Government further clarified that officers remain in active service throughout the notice period and are still expected to carry out their official duties, except when attending approved training or granted leave under existing regulations.

“A retiring officer must give three months’ notice before their effective date of retirement. This is a notice requirement, not a leave entitlement,” the directive added.

The Head of Service directed all MDAs to stop the practice of sending officers on compulsory pre-retirement leave before their official retirement dates, insisting that such action is inconsistent with existing regulations.

She also instructed permanent secretaries, directors-general, and agency heads to ensure full compliance and proper dissemination of the corrected interpretation across the civil service.

Nigeria’s civil service retirement framework remains governed by the Public Service Rules and the Pension Reform Act, with officers retiring upon reaching 60 years of age or completing 35 years in service, whichever comes first.

The government said the reform is aimed at standardising procedures, improving efficiency, and ensuring that experienced civil servants continue contributing to government operations until their official exit date.

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Was It Arrest or Routine Review? DSS, Okey Ndibe Give Contradicting Accounts Over Lagos Airport Incident

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Confusion has trailed an encounter between Nigerian author and columnist Okey Ndibe and operatives of the Department of State Services (DSS) at the Murtala Muhammed International Airport, Lagos, with both sides offering conflicting explanations of what happened.

Ndibe confirmed that he was held for more than three hours by DSS operatives before being released. In a post shared on his Facebook page, he expressed appreciation to those who reached out after news of the incident broke.

RELATED NEWS: DSS grilled Okey Ndibe over 2013 watch-list – Source

“I am so grateful for the expressions of concern by many friends, acquaintances and others over my detention earlier today by the DSS at Murtala Muhammed International Airport,” Ndibe wrote.

He added that despite the unexpected encounter, he was treated respectfully by the officers involved.

“The two agents who interacted with me were quite courteous throughout the three-plus hours of my detention,” he said.
Ndibe further confirmed his release, assuring supporters of his wellbeing.

“I’d like to confirm that I’ve been released… I am fine and in excellent spirits. I treasure your messages and gestures of friendship,” he added.

However, the DSS has denied that the author was arrested or detained. In a statement issued by its spokesperson, the agency said its interaction with Ndibe was part of an ongoing review of its security watchlist system.

“The Department of State Services hereby clarifies that it did not arrest or detain Prof Okey Ndibe at Murtala Muhammed International Airport on June 1, 2026 or any other place on that date for that matter,” the statement said.

The agency explained that its current leadership is reviewing long-standing watchlist entries, some dating back to previous administrations, to ensure citizens are not subjected to unnecessary inconvenience.

According to the DSS, “Individuals previously placed on watchlists are routinely invited for interaction as part of a review process that could lead to the downgrading or removal of their watchlist status.”

 

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