The Securities and Exchange Commission (SEC) has intensified efforts to reduce unclaimed funds and other dormant investment assets by launching a Probate/Unclaimed Monies Awareness and Investor Clinic aimed at helping beneficiaries recover inherited investments and strengthening investor protection in Nigeria’s capital market.

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The Securities and Exchange Commission (SEC) will on Thursday August 6, hold an investor clinic in Abuja to educate investors and beneficiaries on how to recover unclaimed monies and inherited investments in the Nigerian capital market.

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Sectoral performance was predominantly bearish across most sector boards, though resilience was registered in select indices. The NGX Premium Index, NGX Insurance Index, and NGX Sovereign Bond Index bucked the downward trend by appreciating 0.02 per cent, 1.72 per cent, and 0.27 per cent, respectively.

In contrast, sectors such as NGX Growth (-8.82 per cent), NGX MERI Growth (-4.23 per cent), NGX-AFR Bank Value (-2.99 per cent), and NGX Consumer Goods (-2.29 per cent) experienced notable sell-offs.

Market activity breakdown

Overall market liquidity surged during the review period, driven by high investor participation.

Total turnover reached 5.119bn shares valued at N404.762bn across 285,223 deals, reflecting an increase compared to the previous week’s record of 4.433bn shares worth N306.143bn that exchanged hands in 255,589 deals.

Sectoral volume distribution showed that the Financial Services Industry dominated market activity, accounting for 3.918bn shares valued at N271.428bn traded in 123,514 deals. This contribution represented 76.55 per cent of the total equity turnover volume and 67.06 per cent of the total value.

The Services Industry followed in second place with 203.203m shares valued at N3.061bn in 18,333 deals, while the Consumer Goods Industry secured third position with 191.283m shares worth N13.203bn exchanged in 30,730 deals.

Trading activity was heavily concentrated in the top three equities—First Holdco Plc, AVA Capital Plc, and Access Holdings Plc—which jointly generated 2.308bn shares worth N224.773bn in 27,359 deals, accounting for 45.09 per cent of total volume and 55.53 per cent of total value.

Breadth, gainers, losers

Market breadth closed negative as decliners outnumbered gainers across the board. A total of 33 equities appreciated over the week, dropping from 57 in the previous week. Conversely, 56 equities depreciated compared to 38 in the preceding period, while 58 equities remained unchanged relative to 51 registered previously.

Leading the gainers’ chart was Critical Minerals Financing Corp Plc with an advance of 22.78 per cent to close at N3.88, followed by Coronation Infrastructure Fund, which rose 20.92 per cent to N154.30, and Thomas Wyatt Nig. Plc, gaining 20.66 per cent to close at N4.38. Other notable advancers included Consolidated Hallmark Holdings Plc (+19.60 per cent) and Lasaco Assurance Plc (+18.68 per cent).

On the decliners’ side, Associated Bus Company Plc led the losses with an 18.44 per cent drop to close at N5.75. Fortis Global Insurance Plc followed with a decline of 16.13 per cent to close at N2.34, while Tripple Gee and Company Plc dipped 15.54 per cent to N2.88. Veritas Kapital Assurance Plc and International Breweries Plc also pared value, dropping 15.38 per cent and 13.87 per cent, respectively.

Corporate actions review

The week was marked by significant corporate restructuring and exchange actions. On Thursday, 30 July 2026, Fortis Global Insurance Plc listed an additional 15.0bn ordinary shares of 50 kobo each on the Exchange following the conversion of an N12.0bn debt to equity at N0.80 per share, expanding its total paid-up shares to over 18.227bn.

Additionally, on Friday, 31 July 2026, AVA Capital Plc successfully listed its entire 5.0bn ordinary shares of N1.00 each by Introduction on the Main Board at N7.50 per share under the ticker AVACAP.

Price adjustments were also executed for United Capital Plc, Guinness Nig. Plc, and Nigerian Exchange Group Plc following dividend declarations. Beyond equities, Exchange-Traded Products recorded a total turnover of 4.607m units valued at N549.378m traded in 6,535 deals, up from 2.559m units worth N447.340m traded in 5,338 deals the prior week.

The Fixed Income segment similarly gained traction, recording 305,669 bond units traded for N311.559m across 53 deals, compared to 189,675 units valued at N185.844m in 64 deals during the preceding session.

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The latest weekly report released by the Nigerian Exchange (NGX) showed that investors traded 5.119 billion shares valued at ₦404.762 billion in 285,223 deals, representing a significant increase from the previous week’s 4.433 billion shares worth ₦306.143 billion traded in 255,589 deals.

Financial Services Maintains Market Leadership

The Financial Services sector remained the engine of market activity, accounting for 3.918 billion shares valued at ₦271.43 billion in 123,514 deals. The sector contributed 76.55% of the total trading volume and 67.06% of the total market value during the week.

The Services sector ranked second with 203.2 million shares valued at ₦3.06 billion, while the Consumer Goods sector occupied third position with 191.3 million shares worth ₦13.2 billion.

First HoldCo, AVA Capital and Access Holdings Lead Trading

Three equities dominated market activity throughout the week.

First HoldCo Plc, AVA Capital Plc and Access Holdings Plc jointly accounted for 2.308 billion shares valued at ₦224.77 billion in 27,359 deals, representing 45.09% of the week’s trading volume and 55.53% of total transaction value.

Despite the impressive trading turnover, the market closed lower.

The NGX All-Share Index (ASI) declined by 0.84% to 245,283.68 points, while market capitalisation fell 0.79% to ₦158.326 trillion as investors booked profits in several blue-chip stocks.

Most sectoral indices also closed in negative territory. However, the NGX Premium Index gained 0.02%, the Insurance Index advanced 1.72%, while the Sovereign Bond Index appreciated 0.27%, making them the week’s only positive performers.

Investor sentiment weakened compared with the previous week.

Only 33 listed companies recorded price appreciation, down from 57 in the preceding week, while 56 stocks declined compared with 38 previously. Another 58 equities closed unchanged.

Top Gainers

Among the week’s best-performing stocks were:

Critical Minerals Financing Corp Plc (+22.78%)

Coronation Infrastructure Fund (+20.92%)

Thomas Wyatt Nigeria Plc (+20.66%)

Consolidated Hallmark Holdings Plc (+19.60%)

Lasaco Assurance Plc (+18.68%)

VFD Group Plc (+12.21%)

AVA Capital Plc (+10.00%)

Eterna Plc (+8.20%)

NEM Insurance Plc (+7.89%)

Transnational Corporation Plc (+7.55%).

Biggest Losers

Stocks that posted the sharpest declines included:

Associated Bus Company Plc (-18.44%)

Fortis Global Insurance Plc (-16.13%)

Tripple Gee & Company Plc (-15.54%)

Veritas Kapital Assurance Plc (-15.38%)

International Breweries Plc (-13.87%)

Omatek Ventures Plc (-12.90%)

C&I Leasing Plc (-12.60%)

The Initiates Plc (-12.50%)

Austin Laz & Company Plc (-12.40%)

Haldane McCall Plc (-11.55%).

ETFs and Bond Market Record Higher Activity

Exchange Traded Funds (ETFs) also recorded stronger investor participation as 4.607 million units worth ₦549.38 million were traded in 6,535 deals, compared with 2.559 million units valued at ₦447.34 million in the previous week.

Similarly, bond trading improved with 305,669 units valued at ₦311.56 million exchanged in 53 deals, exceeding the previous week’s 189,675 units worth ₦185.84 million.

Major Corporate Actions

The week also featured notable corporate developments.

NGX announced the change of name of Lafarge Africa Plc to HBM Nigeria Plc. In addition, Fortis Global Insurance Plc listed 15 billion additional ordinary shares following the conversion of ₦12 billion debt into equity, increasing its issued shares to over 18.2 billion.

The Exchange also admitted AVA Capital Plc to its Main Board through the listing by introduction of 5 billion ordinary shares at ₦7.50 per share, with the trading symbol AVACAP.

The Ameh News Analysis

The week’s performance reflects a market where investor confidence in Nigeria’s equities remains strong despite short-term price corrections. Rising trading volumes and values suggest institutional investors continue to reposition portfolios, particularly within the banking and financial services sectors.

The dominance of First HoldCo, Access Holdings and the newly listed AVA Capital underscores investors’ appetite for financial stocks as the market prepares for stronger half-year earnings and capital-raising activities. Meanwhile, the resilience of insurance stocks could signal renewed interest in the sector following ongoing recapitalisation efforts.

While the decline in the All-Share Index indicates profit-taking after months of robust gains, sustained liquidity and higher transaction values point to a market that remains fundamentally active and attractive for long-term investors.

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While the immediate change affects existing Capital Market Operators (CMOs), industry analysts believe the initiative could fundamentally reshape how brokers, fund managers, issuing houses, investment advisers and other market participants interact with the regulator.

More importantly, the digital transformation is expected to strengthen investor confidence, improve regulatory transparency and position Nigeria’s capital market to compete more effectively with leading financial markets across Africa.

From Paper Files to Digital Regulation

For decades, many regulatory processes within Nigeria’s capital market relied heavily on physical documentation, manual verification and paper-based correspondence. These procedures often resulted in delays, higher compliance costs and limited visibility into the progress of regulatory applications.

The SEC’s newly introduced e-Registration platform seeks to eliminate many of these inefficiencies by allowing designated registration processes to be completed entirely online through the Commission’s ePortal.

The system covers application submission, regulatory review, approvals and official communication, creating a single digital channel between the Commission and Capital Market Operators.

Although the current rollout is limited to post-registration services for existing operators, the Commission has indicated that electronic registration for new entrants will be introduced in a later phase.

What It Means for Stockbrokers

For stockbroking firms, faster regulatory approvals could translate into lower operational costs and improved business efficiency.

Instead of physically submitting documents or making repeated visits to the regulator, brokers can process eligible regulatory requests electronically, reducing paperwork and administrative delays.

The availability of digital tracking also provides greater certainty, enabling firms to monitor application progress and plan business activities more effectively.

Industry observers say this could improve service delivery to investors, particularly as Nigeria’s retail investor base continues to expand.

Benefits for Fund Managers

Fund managers stand to gain from quicker regulatory interactions, allowing them to respond more rapidly to changing market conditions.

Electronic processing is expected to shorten turnaround times for regulatory approvals relating to eligible post-registration services, enabling investment firms to focus more on portfolio management and client service rather than administrative procedures.

The digital platform also creates better record management and documentation, strengthening compliance and reducing operational risks.

Issuing Houses and Investment Banks

Issuing houses and investment banking firms involved in capital raising exercises may also benefit from a more efficient regulatory environment.

Although new registration applications are not yet covered, experts believe future expansion of the digital platform could significantly accelerate regulatory processes surrounding public offers, rights issues, corporate bond issuances and other capital market transactions.

Greater efficiency at the regulatory level could ultimately reduce transaction timelines and enhance Nigeria’s attractiveness as a destination for capital formation.

Why Investors Should Care

For investors, the significance of the reform extends beyond technology.

A more efficient regulator generally means improved market oversight, stronger compliance and better protection of investor interests.

The SEC says the platform will enhance regulatory effectiveness through standardised workflows, secure digital documentation, stronger audit trails and improved data quality.

These improvements could enable faster detection of compliance issues while supporting more informed regulatory decisions.

Enhanced transparency is also expected to strengthen market confidence, particularly among institutional investors seeking predictable and technology-driven regulatory systems.

Supporting Nigeria’s Digital Economy

The launch of e-Registration aligns with the Federal Government’s broader digital transformation agenda aimed at modernising public institutions and improving the ease of doing business.

For the capital market, digital regulation represents an important step towards reducing bureaucracy while supporting innovation across investment services.

The Commission believes electronic documentation and automated workflows will improve operational efficiency without compromising regulatory standards.

Preparing for Future Innovations

Beyond immediate efficiency gains, analysts see the platform as laying the foundation for more advanced regulatory technologies.

A fully digital regulatory infrastructure could eventually support data-driven supervision, artificial intelligence-assisted compliance monitoring, predictive risk analysis and real-time market surveillance.

Such capabilities are becoming increasingly important as financial markets grow more sophisticated and digital investment products continue to emerge.

A Phased but Strategic Rollout

The SEC has emphasised that implementation will occur in phases to ensure stability and minimise disruption for market participants.

For now, only post-registration services for existing Capital Market Operators are available electronically, while applications from new market entrants remain outside the current rollout.

Nevertheless, the Commission has confirmed that electronic processing for new registrations will be introduced in a future phase.

The Bigger Picture

The launch of the e-Registration platform reflects the SEC’s broader ambition to build a modern, technology-driven regulatory ecosystem capable of supporting a larger, more resilient and globally competitive capital market.

If successfully implemented, the initiative could reduce compliance costs, accelerate regulatory decision-making, improve transparency and strengthen investor confidence—factors that are critical to attracting both domestic and foreign investment.

As Nigeria seeks to deepen its capital market and mobilise long-term investment for economic growth, the Commission’s digital transformation may prove to be one of the defining reforms shaping the industry’s future.

For brokers, fund managers, issuing houses and investors alike, the message is clear: the era of paper-based regulation is gradually giving way to a faster, smarter and more transparent digital capital market.

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Widespread profit-taking outweighed targeted buying interest in selected counters, leaving market breadth firmly in the red as declining equities almost doubled those that recorded price appreciation.

At the close of trading, the Nigerian Exchange All-Share Index dropped 0.41 per cent, falling from an opening level of 247,984.55 basis points to settle at 246,980.17 basis points. In tandem with the benchmark index, total market capitalisation contracted from N159.992tn at the start of the session to close at N159.344tn.

Market breadth closed negative as 45 equities recorded price declines against 23 gainers, underscoring the dominant profit-taking mood among investors. The downturn was led by Cornerstone Insurance Plc, which shed 10.00 per cent to drop from N6.00 to N5.40, and Legend Internet Plc, which also fell 10.00 per cent to close at N4.05 from N4.50.

Other significant decliners included The Initiates Plc, which lost 9.91 per cent to land at N30.00; Guinea Insurance Plc, easing 9.78 per cent to N0.83; and ABC Transport Plc, which slipped 9.45 per cent to end the day at N5.75.

Despite the overarching bearish sentiment, insurance stocks remained in noticeable demand among bargain hunters. Lasaco Assurance Plc led the gainers’ chart, appreciating 10.00 per cent to move from N2.20 to N2.42. CNIF advanced 9.98 per cent to close at N154.30, while NEM Insurance Plc climbed 9.97 per cent to finish at N34.20. SUNU Assurances Nigeria Plc gained 9.83 per cent to settle at N3.91, and Prestige Assurance Plc rose 7.14 per cent to close at N1.50.

Meanwhile, major heavyweight counters provided a buffer against further market decline by remaining unchanged for the session. MTN Nigeria Communications Plc, Dangote Cement Plc, Seplat Energy Plc, Custodian Investment Plc, and Julius Berger Nigeria Plc were among the prominent stocks that closed flat.

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Deputy Chairman of the House of Representatives Committee on Finance, Saeed Abdullahi, gave the commendation on Tuesday during the 2026 Revenue Monitoring Exercise with the commission in Abuja.

Praising the SEC’s financial trajectory, Abdullahi urged its management to sustain the momentum and challenged the agency to surpass its 2026 revenue projection by at least 20 per cent.

He said, “DG, you have done significantly well. We have followed the progress of the SEC over the years and urge you to keep the flag flying. We will continue to celebrate you when you do well.

“This exercise is not to witch‑hunt any agency; it is aimed at ensuring better performance, especially at a time when the country is facing serious fiscal challenges.”

Earlier, the Director‑General of the SEC, Dr Emomotimi Agama, told the committee that securities regulators are expected to operate independently with government support where necessary, in line with International Organisation of Securities Commissions principles.

Agama revealed that the SEC receives zero budgetary allocation from the Federal Government, relying entirely on income generated from the capital market while continuing to remit funds to the government.

“Going by IOSCO principles, the SEC is expected to be financially independent.

The government is supposed to provide support for the running of the commission.

“However, due to the paucity of funds, all the money used to fund the commission comes from the market. The SEC does not receive any funding from the government; rather, it pays money to the government,” Agama explained.

He noted that statutory deductions are automatically effected by the government once revenues enter the commission’s account with the Central Bank of Nigeria, leaving the SEC with no prior access to the funds.

To ease operational pressure without overburdening market operators with extra fees, Agama disclosed that the SEC secured approval from the Minister of Finance for a waiver allowing it to retain 20 per cent of its income.

He added that the commission has secured a grant from the African Development Bank to acquire a modern market surveillance system, set for deployment this year to strengthen oversight of Nigeria’s capital market and align it with global standards.

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The company, in a statement on Tuesday, said that the move represents a strategic transition into public markets that reinforces its long‑term institutional ambitions.

Speaking on the development, the Managing Director of AVA Capital Plc, Olukayode Fadahunsi, described the listing as a pivotal step for the firm.

He said, “Our admission to the Nigerian Exchange is a natural progression in AVA Capital’s evolution as a long‑term institution. We’re stepping into the public market with a solid foundation, an established platform, and a commitment to transparency. This is about cementing our place in Nigeria’s financial landscape and building a foundation for sustained growth.

“The public markets expect us to be open, disciplined, and responsible. We see these as strengths that help our institutions grow stronger over time.”

The admission marks a major milestone in the group’s evolution rather than a fundraising exercise. Unlike an Initial Public Offering, AVA Capital will not issue new shares or raise fresh capital. Instead, the listing is designed to enhance market visibility, strengthen corporate governance transparency, and deepen engagement with shareholders and the broader investment community.

AVA Capital Plc, through its subsidiaries, including AVA Global Asset Managers, AVA Securities, and AVA Trustees, has built an integrated financial services platform with a growing institutional footprint, structuring transactions exceeding N500bn in the 2025/2026 financial year.

The listing comes at a time when Nigeria’s financial services industry is placing increased emphasis on governance standards, transparency, and broader public market participation. AVA Capital already satisfies the Exchange’s free‑float requirement, with roughly 20 per cent of its issued shares held outside the controlling shareholder structure.

For the group, admission represents an institutional progression, aligning it more closely with the governance and disclosure standards of publicly traded companies while broadening market access. AVA Capital Plc enters the market with an established operating platform and a track record within Nigeria’s capital markets ecosystem.

The group previously marked the launch of the AVA Infrastructure Fund with a ceremonial closing gong at the NGX and operates across multiple regulated business lines under the supervision of the Securities and Exchange Commission.

“Because no new shares are being issued, the listing’s significance will likely be measured less by fundraising metrics and more by the quality of market participation, investor engagement, and the group’s ability to sustain long‑term value as a listed institution”, the statement added.

As Nigeria’s capital markets continue to deepen, the listing of indigenous financial institutions such as AVA Capital reflects a broader shift towards market formalisation, stronger corporate governance, and greater institutional participation in the domestic economy.

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According to its unaudited financial statements filed with the Nigerian Exchange Limited on Monday, the firm’s gross earnings expanded 58 per cent year-on-year to N37.49bn from N23.76bn in H1 2025.

Profit after tax surged 77 per cent to N21.10bn from N11.89bn recorded in the prior-year period, while annualised earnings per share rose 77 per cent to 234 kobo.

Following the half-year performance, the board of directors approved an interim dividend of 30 kobo per share, amounting to a total payout of N5.4bn to shareholders

Commenting on the financial results, the Group Chief Executive Officer, United Capital Plc, Peter Ashade, said the performance reflected operational resilience and disciplined execution.

“This impressive performance is a result of the disciplined execution of our strategic priorities, resilience of our robust and diversified business model, prudent risk management, and our unwavering commitment to consistently create sustainable value despite the dynamic operating environment,” Ashade stated.

He added, “Shareholders’ funds also increased by 25 per cent year-to-date to N187.09bn, underscoring the strength of our balance sheet and our ability to consistently deliver superior returns. As we prepare for the second half of the year, we remain focused on sustaining this momentum by solidifying our market leadership position, strengthening our retail play, expanding our presence across Africa, and delivering superior long-term value.”

A breakdown of top-line revenue growth showed significant expansion across primary business lines. Net trading income posted the largest jump, soaring  1,083 per cent to N4.96bn from H1 2025 levels.

Fee and commission income grew 26 per cent to N14.28bn, net investment income climbed 45 per cent to N13.81bn, and net gains on financial assets at fair value through profit or loss rose 132 per cent to N4.67bn.

Total operating expenses for the six months stood at N14.53bn, representing a 37 per cent increase from N10.61bn reported in the corresponding period of the previous year.

On the balance sheet position, total assets stood at N1.64tn as of 30 June 2026, down seven per cent year-to-date from N1.76tn recorded in December 2025. The company noted that the dip was driven by a 20 per cent drop in investment securities, despite a 40 per cent surge in cash and cash equivalents.

Total managed funds under the group expanded four per cent year-to-date to reach N1.04tn.

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