Nigeria’s listed energy company, Seplat Energy Plc led the league of market’s major advancers on Wednesday, spurring the market’s first positive close this week since the Central Bank of Nigeria (CBN) directive started dampening investors appetite for banking stocks. Investors recorded about N1.184 trillion gain at the close of trading.

The market on Wednesday recorded its highest daily rise since the apex banks decision saturated the Lagos Bourse spurring analysts and stakeholders to express their views on the implications and affected lenders.

Read also: Market up 0.56% as bargain hunting continues on NGX

Nigeria’s equities market had retreated for two consecutive days as the Central Bank of Nigeria (CBN) recent directive to banks on their dividend payments, bonuses and investment in foreign subsidiaries rattled the market.

Defying this development, stocks Seplat Energy, Beta Glass, NEM Insurance, and other major advancers moved the market into the green zone on Wednesday. NEM Insurance rose from N15 to N16.50, adding N1.50 or 10 percent.

Beta Glass moved from N228.15 to N250.95 , adding N22.80 or 9.99 percent, while Seplat rose from day-open low of N4,964.40 to N5,450, adding N485.60 or 9.78 percent.

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The Nigerian Exchange Limited All Share Index (ASI) and equities market capitalisation increased from preceding trading day’s lows of 114,910.16 points and N72.497 trillion respectively to 116,786.87 points and N73.681 trillion.

The CBN recently directed banks to temporarily suspend the payment of dividends to shareholders, defer the payment of bonuses to directors and senior management staff.

Read also: NGX Group, SEC reaffirm commitment to fostering cross-border capital market partnerships

The CBN in its June 13, 2025 circular titled “Letter to All Banks: Temporary Suspension of Dividend Payments, Bonuses and Investment in Foreign Subsidiaries” also asked them refrain from making investments in foreign subsidiaries or embarking on new offshore ventures.

Zenith Bank, Access Holdings, UBA, Nigerian Breweries and Fidelity Bank stocks were mostly traded on the Nigerian Exchange Limited (NGX). In 19,727 deals, investors exchanged 640,082,716 shares worth N26.011 billion.

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By Iheanyi Nwachukwu • June 19, 2025

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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