NGX has seen a record foreign investor transaction activity, with a 156% YoY increase reaching N744.34. Foreign investors’ transactions on the Nigerian Exchange Limited (NGX) reached a total of N744.34 billion in the first 10 months of 2024, which was an increase by 156 percent Year-on-Year (YoY) when compared to the N291.38 billion recorded in the first 10 months of 2023.

The N744.34 billion foreign investors’ transactions recorded was another all-time high for the Nigerian bourse.

The latest NGX’s “Domestic & Foreign Portfolio Participation in Equity Trading,” for October 2024, revealed that foreign investors contributed about 16.65 percent out of the total transactions of N4.47 trillion reported in the 10 months under review.

The report revealed that foreign investors’ inflow and outflow stood at N344.30 billion and N400.04 billion, respectively.

The CBN recently implemented some reforms in the foreign exchange market aimed at enhancing transparency, compliance, and market stability. These reforms were part of the CBN’s broader strategy to create a fairer, more stable FX market and support economic growth through better monetary policies.

In tandem with these reforms, the CBN has also implemented aggressive Monetary Policy Rate (MPR) hikes, with the goal of curbing inflation and stabilising the naira, a move supported by the International Monetary Fund (IMF).

Domestic investors made up of retail and institutional investors transacted an estimated N3,726.63 trillion worth of stocks in the period under review.

The breakdown showed that domestic retail in 10 months of 2024 transacted N1.909.99 trillion as against N935.78 billion recorded in 10 months of 2023, while domestic institutional transacted N1.816.64trillion in 10 months of 2024 from N1.706.23 trillion in 10 months of 2023.

According to the report, the total transactions at the nation’s bourse increased marginally by 1.97percent from N493.01 billion (about $307.84 million) in September 2024, to N502.73 billion (about $300.05 million) in October6 2024.

“The performance of the current month when compared to the performance in October 2023 (N220.94 billion) revealed that total transactions significantly increased by 127.54per cent.

“In October 2024, the total value of transactions executed by Domestic Investors outperformed transactions executed by Foreign Investors by circa 82 per cent,” the report stated.

“A further analysis of the total transactions executed between the current and prior month (September 2024) revealed that total domestic transactions increased by 0.81per cent from N451.60 billion in September 2024 to N455.27 billion in October 2024.

“Similarly, total foreign transactions increased by 14.61 percent from N41.41 billion (about $25.86 million) to N47.46 billion (about $28.33 million) between September 2024 and October 2024.”

Federal Government has hailed the contributions and remarkable achievements of Africa’s fastest-growing financial institution, Moniepoint Inc in the financial technology sector, its commitment to advancing financial inclusion, and its ongoing collaborations with law enforcement agencies to combat financial fraud.

This was stated by the Vice President, Senator Kashim Shettima, when he received the Moniepoint’s leadership team led by its Chief Executive Officer, Tosin Eniolorunda, on a courtesy visit at the Presidential Villa. The Moniepoint delegation included, Babatunde Olofin, MD Moniepoint Microfinance Bank; Didi Uwemakpan, Vice President, Corporate Affairs, Moniepoint Inc; Ross Strike, SVP, Investor Relations and M&A; Efemena Ogie, Head of Partnerships; Abdulmumin Tijjani, Regional Manager, North West; and Ravi Sharma, Partner, Lightrock Global – a global private equity and investors in Moniepoint Inc.

During the course of the visit, CEO, Moniepoint Inc, Tosin Eniolorunda expressed gratitude to the Vice President for making time to meet with the team, underscoring the administration’s dedication to digital innovation and financial inclusion.

He emphasized Moniepoint’s commitment to Nigeria’s financial ecosystem, stating that the fintech giant has grown into Africa’s latest unicorn this year, a testament to its resilience and innovation.

He detailed Moniepoint’s contributions to financial inclusion, including providing digital banking solutions to millions of Nigerians, particularly underserved communities, and empowering small and medium-scale enterprises (SMEs).

Highlighting their robust collaboration with law enforcement agencies such as the Nigeria Police Force, the Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC), Mr. Eniolorunda reiterated Moniepoint’s commitment to using intelligence-driven technology to fight financial fraud and strengthen trust in the digital payment system.

“At Moniepoint, we are big believers in driving collaborations across the entire eco-system and this is premised on collaboration being the cornerstone of progress.

“Our engagement here underscores our intentionality to enhance government to business relationship in a way that powers the dreams of millions of many more Nigerians.

“Together, we can unlock opportunities, transform lives, and build a more inclusive economy for all”, Eniolorunda said.

The Vice President congratulated the Moniepoint team on achieving unicorn status, lauding their innovative approach to leveraging technology to solve financial challenges.

He acknowledged the company’s impressive growth trajectory, its workforce of over 3,000 employees, and its contribution to the country’s vision of building a $1 trillion economy.

In his remarks, the Vice President highlighted the diversity within Moniepoint’s team, describing it as a “kaleidoscope of colors” and reflecting the beauty of Nigeria’s multicultural and multi-regional identity.

He was particularly pleased with the inclusion of individuals from various regions and backgrounds, including a notable representation of women in leadership and operational roles.

While celebrating Moniepoint’s achievements, the Vice President emphasized the need for stronger auditing measures to prevent misuse of the platform, especially by fraudsters and criminal elements. He urged Moniepoint and other fintech platforms to remain vigilant and proactive in addressing these challenges.

He acknowledged the company’s impressive journey over the past five years as Moniepoint and their earlier contributions as a software solutions company for banks, applauding their resilience and innovation.

In closing, the Vice President encouraged Moniepoint to continue expanding its global footprint, referencing his ongoing support for similar initiatives such as Amal Hassan’s Outsource to Nigeria project.

He assured the Moniepoint team of his unwavering support, promising to be their “chief promoter” in advancing the brand’s visibility on the global stage.

It will be recalled that Moniepoint partnered with the Corporate Affairs Commission to formally onboard over two million businesses while targeting 30m businesses over the next five years.

It also launched Nigeria’s Informal Economy Report in July this year, in conjunction with SMEDAN and the Federal Ministry of Industry, Trade and Investments to provide a policy thrust for advancing Nigeria’s informal economy in the light of its huge contributions to the nation’s GDP.

The courtesy visit marks another milestone in the partnership between the Nigerian government and private sector innovators like Moniepoint, who are key players in the administration’s drive to build a robust digital economy and foster financial inclusion across the nation.

Securities and Exchange Commission (SEC) has disclosed that banks and other companies raised over N2.7 trillion from the capital market in recent times.

The figure, which includes equity capital, excludes amounts raised by fund managers in the capital market.

Of the total amount, about N1.7 trillion was raised by banks through their recapitalisation exercises, according to the SEC.

Dr. Emomotimi Agama, director-general, SEC, shared these insights during the commission’s 2024 journalists academy, themed “Fintech: Leveraging Technology to Drive Capital Market Participation”.

He emphasised the importance of the event in promoting transparency, confidence, and awareness within the Nigerian capital market.

“In terms of equity rights and public issues within the capital market, the figure is closer to 2.3 trillion to 2.7 trillion. This excludes amounts raised or refinanced by fund managers and other funds generated during the year,” said the executive commissioner, operations, at SEC, Mr. Bola Ajomale, adding that, “So far, we have reached 2.7 trillion, and we are progressing steadily.”

Dr. Agama also emphasised the SEC’s collaboration with the Nigerian Financial Intelligence Unit (NFIU) to ensure Nigeria exits the Financial Action Task Force (FATF) grey list. The effort is critical to strengthening Nigeria’s financial sector and maintaining international financial credibility.

He noted that SEC was among 11 government agencies in Nigeria that achieved 100% implementation of recommended reforms under the Presidential Enabling Business Environment Council (PEBEC). The reforms aim to improve service delivery, enhance transparency, and attract both foreign and domestic investors.

Dr. Agama highlighted notable shifts in macroeconomic indicators and stated that since the current SEC management assumed office, significant steps have been taken to reposition its operations. Key initiatives include: creation of specialized departments, enhanced regulation, and registration of capital market operators that has seen the onboarding of FinTech companies under its Regulatory Incubation Programmes (RIP and ARIP).

He also highlighted the SEC’s approval of the Ministry of Finance Incorporated Real Estate Investment Fund as part of efforts to address Nigeria’s housing deficit. The fund supports affordable mortgage financing, aligning with the federal government’s One Million Homes Initiative.

He said SEC remains committed to implementing its Revised Capital Market Masterplan (2021-2025), focusing on stakeholder engagement, awareness creation, capacity building, and regulatory frameworks for innovative financial products.

Dr. Agama provided a glimpse into the Commission’s 2025 outlook, which will prioritize: Enhancing market transparency and investor confidence; leveraging financial technology for inclusion and innovation; and strengthening collaboration with domestic and international stakeholders to maintain financial stability.

By addressing key regulatory challenges and fostering innovation, the SEC aims to position the Nigerian capital market as a model of excellence and a driver of economic growth.