Wednesday, March 16, 2022 / 05:30 AM / by Proshare Research/ Header Image Credit: EcoGraphics
Regulatory Governance
Market regulators continue to maintain strong watch and surveillance over the various environments that they have jurisdiction over. Except for the BOFIA 2020 and CAMA 2020, no major enactment or major regulatory reforms was recorded in the year 2021.
However, they continually issued circulars, draft rules, and directives at necessary intervals to maintain sanity with the various markets and business environments.
In this 2021-year-end report, focus will be shifted to regulatory actions from SEC, NGX, CBN, AMCON, FMDQ and NASD.
Securities and Exchange Commission (SEC)
The SEC issued multiple regulations, sundry amendments and approved new rules in the year 2021. These were aimed at addressing pressing market related issues and sustained market growth and developments
Table 71: Regulation and Activity by SEC in 2021
Central Bank of Nigeria (CBN)
The Central Bank of Nigeria issued more circulars in 2021 in anticipation of managing the banking environment in the year. Aside the BOFIA 2020 amendment done earlier, no major policy reform or enactment was announced by the CBN during the year. Details of the all regulations actions in 2021 are presented below.
Table 72: Regulation and Activity by the CBN In 2021
Nigerian Stock Exchange (NSE)
The Nigerian Stock Exchange now The Nigerian Exchange was fully demutualized in April 2021. The demutualization of the Exchange represents a major shift following years of preparation before its actualization.
Following this action, the NGX first its shares listed on the NASD OTC Exchange. It was later delisted and listed on the NGX in October 2021 among two other listings that happened in year 2021. Other regulatory actions on NSE in 2021 are listed below.
Table 73: Regulation and Activity by The NSE In 2021
National Association of Securities Dealers (NASD)
A major regulatory action for the NASD in 2021 is the admission of NGX to trade on its platform. The NGX was later delisted and listed on its own platform in October 2021.
Table 74: Regulation and Activity by The NASD in 2021
Dates | Regulatory Action |
April, 2021 | Nigerian Exchange Group Now Admitted to Trade on NASD OTC |
NGX Admission on NASD May Improve Investor Confidence in the OTC Market | |
July, 2021 | Investors Mull Over a Choppy H1 2021 NASD Performance |
December, 2021 | 7.45m Rights Issue of VFD Group Plc Admitted to Trade on NASD OTC Exchange |
Financial Market Dealers Quotation (FMDQ)
The FMDQ mostly admitted a considerable number of bonds and held several webinars throughout the year.
Table 75: Regulation and Activity by FMDQ in 2021
Dates | Regulatory Action |
January, 2021 | 55th FX Futures Contract Matures and Settles on FMDQ |
FMDQ Kicks Off 2021 with the Admission of CPs for Total Nigeria PLC, Valency Agro Nig Ltd and Mixta Real Estate | |
Flour Mills of Nigeria PLC Joins Other Corporates to Float Bond on FMDQ Exchange Platfrom in 2021 | |
Nigeria Mortgage Refinance Company PLC Lists ₦10.00 billion Fixed Rate Bond | |
on FMDQ Exchange | |
February, 2021 | FMDQ Sponsors 8th Lagos Economic Summit (Ehingbeti 2021) and 2nd Edition |
of Africa Investment Roundtable | |
56th FX Futures Contract Matures and Settles on FMDQ | |
Mixta Real Estate PLC Quotes Series 33 Commercial Paper on FMDQ Exchange | |
FMDQ Exchange Admits Coronation Merchant Bank’s New Commercial Paper | |
Series on its Platform | |
FMDQ Exchange Admits Parthian Partners Limited ₦20.00 billion Commercial | |
Paper Programme on its Platform | |
Valency Agro Nigeria Limited Taps the Commercial Paper Market… Quotes | |
₦5.12 billion Series I CP on FMDQ Exchange | |
FMDQ Academy Derivatives Market Webinar Series | |
March, 2021 | FMDQ Group Joins the Global Community in Commemorating the 2021 |
International Women’s Day. | |
57th FX Futures Contract Matures and Settles on FMDQ | |
FMDQ Exchange Approves the Registration of the Fidson Healthcare PLC | |
₦10.00 billion Commercial Paper Programme on its Platform | |
FMDQ Admits the TSL SPV PLC ₦12.00 billion Series 1 Guaranteed Fixed Rate | |
Infrastructure Bond to its Platform | |
FMDQ Exchange Admits Fidelity Bank’s ₦41.21 billion Series 1 Bond on its | |
Platform | |
April, 2021 | 58th FX Futures Contract Matures and Settles on FMDQ |
Stanbic IBTC Bank Quotes $8.31 Million Worth of Commercial Paper on FMDQ | |
Exchange | |
FMDQ Exchange Admits Series 12, 13 and 14 Nigerian Breweries PLC CPs on its | |
Platform | |
FMDQ Exchange Admits the TrustBanc Holdings Commercial Paper | |
Programme on its Platform | |
Eunisell Limited Joins a Host of Other Corporates to Raise Capital from the | |
Nigerian DCM… Registers ₦10.00 Billion Commercial Paper Programme on | |
FMDQ Exchange Platform | |
MTN Nigeria Communication PLC Quotes Additional Commercial Papers on | |
FMDQ Exchange | |
FMDQ Exchange Admits FBNQ MB Funding SPV PLC’s ₦8.00 billion Series 2 | |
Bond on its Platform | |
BUA Cement PLC Lists Largest Corporate Bond on FMDQ Exchange | |
CardinalStone Financing SPV PLC Raises Capital from the Nigerian Bond Market | |
FMDQ takes a Major Step in Commencing its Derivatives Market | |
May, 2021 | FMDQ-Next Holds Financial Literacy Webinar and Makes Donation to Partner |
Charities in Commemoration of Children’s Day. | |
59 th FX Futures Contract Matures and Settles on FMDQ | |
FSDH Funding SPV PLC Lists Series 1 Bonds on FMDQ Exchange | |
FMDQ Exchange Admits Coronation Merchant Bank Limited’s Commercial | |
Papers on its Platform | |
FMDQ Exchange Admits Mixta Real Estate PLC’s ₦0.96 billion Series 35 | |
Commercial Paper on its Platform | |
FMDQ Exchange Admits the Union Bank of Nigeria PLC Series 8 and 9 | |
Commercial Papers on its Platform | |
FMDQ Exchange Welcomes the International Breweries PLC Pioneer CP | |
Programme on its Platform | |
Fidson Healthcare PLC Quotes First Series from its CP Programme on FMDQ | |
Exchange | |
TrustBanc Holdings Limited Quotes Maiden Commercial Paper Series on FMDQ | |
Exchange | |
Introduction to Bond Futures | |
MTN Nigeria Communication Plc Returns to FMDQ Exchange to Quote Additional Commercial Papers | |
June, 2021 | 60th FX Futures Contract Matures and Settles on FMDQ |
FMDQ Exchange Welcomes the International Breweries PLC Pioneer CP | |
Programme on its Platform | |
FMDQ Exchange Admits the Union Bank of Nigeria PLC Series 8 and 9 | |
Commercial Papers on its Platform | |
Coronation Merchant Bank Limited Quotes Additional CP – Series 18 on FMDQ | |
Exchange | |
FMDQ Exchange Admits Mixta Real Estate Series 36 Commercial Paper | |
FMDQ Exchange Admits Coleman Technical Industries Limited CP Programme | |
on its Platform | |
July, 2021 | University of Oxford and FMDQ Group Launch Pioneer Global Partnership |
FMDQ Group Holds 9th AGM; Reports Significant Development Across the | |
Group and Subsidiaries | |
61st FX Futures Contract Matures and Settles on FMDQ | |
FMDQ Exchange Reiterates its Support for the Development of the Nigerian Green | |
Bond Market | |
FMDQ Exchange Admits Mixta Real Estate PLC Series 37, 38 and 39 Commercial | |
Papers | |
Coronation MB Funding SPV and C&I Leasing PLC Raise Finance from the Nigerian | |
Debt Capital Market, Issues New Series on FMDQ Exchange | |
FMDQ Exchange Admits Coleman Technical Industries Limited Series 1 & 2 | |
Commercial Papers on its Platform | |
Sustainable Securities – Green Bonds I | |
FMDQ Foreign Exchange (FX) Market Analysis Report for Week-Ended July 16, 2021 | |
FMDQ Foreign Exchange (FX) Market Analysis Report for Week-Ended July 9, 2021 | |
FMDQ Exchange Admits FBNQuest Merchant Bank Limited's Commercial Paper on its Platform | |
August, 2021 | 62nd FX Futures Contract Matures and Settles on FMDQ |
FMDQ Exchange Admits Dangote Cement PLC Series 1 Bond on its Platform | |
Coronation Merchant Bank Limited Raise Finance from the Nigerian Debt Capital | |
Market, Issues New Series on FMDQ Exchange | |
FMDQ Exchange Admits FSDH Merchant Bank’s New Commercial Paper Series on its | |
Platform | |
United Capital PLC Quotes Series 5, 6 & 7 Commercial Papers on FMDQ Exchange | |
Sustainable Securities - Green Bonds II: Development of the Green Bonds | |
Market. | |
FMDQ Admits FSDH Merchant Bank's New Commercial Paper Series | |
FMDQ Group Holds 9th AGM; Reports Significant Development Across the Group and Subsidiaries | |
Sept, 2021 | FMDQ Group and FSD Africa Sign MoU with the Lagos State Government to |
Facilitate the Maiden Lagos State Green Bond Issuance | |
FMDQ Group CEO and Management Pay Vice President Professor Yemi | |
Osinbajo, SAN, GCON Courtesy Visit | |
FMDQ Post-Annual General Meeting Press Release | |
63rd FX Futures Contract Matures and Settles on FMDQ | |
FMDQ Exchange Admits Mixta Real Estate PLC Series 42 – 44 Commercial | |
Papers on its Platform | |
FMDQ Exchange Admits Eunisell Limited’s ₦3.50 billion Series 1 Commercial | |
Paper | |
FMDQ Exchange Admits Prima Corporation Limited Series 1 CP on its Platform | |
Understanding the Road Infrastructure Refurbishment and Development Tax | |
Credit Scheme | |
FMDQ Group and FSD Africa Sign MoU with Lagos State Government | |
October, 2021 | FMDQ Clear Limited Becomes an Observer Member of CCP12 – The Global |
Association of Central Counterparties | |
FMDQ Group Joins the World’s Exchanges to Ring the Bell for Financial Literacy | |
64th FX Futures Contract Matures and Settles on FMDQ | |
Viathan Funding PLC Registers its Commercial Paper Programme on FMDQ | |
Exchange | |
MTN Nigeria Communications PLC Lists ₦110.00bn Series 1 Fixed Rate Bond on | |
FMDQ Exchange | |
FMDQ Exchange Admits Valency Agro Nigeria Limited Series 2 and 3 | |
Commercial Papers | |
Promoting Efficiency in the Nigerian Repo Market | |
FMDQ Clear Becomes an Observer Member of the Global Association of Central Counterparties | |
November, 2021 | A Great Leap for Sustainable Finance in Nigeria, As FMDQ Group Launches |
Africa’s Premier Green Exchange | |
FMDQ Group Celebrates Resilience in the Nigerian Financial Markets… Unveils | |
Winners of its 4th Annual GOLD Awards | |
65th FX Futures Contract Matures and Settles on FMDQ | |
FMDQ Exchange Approves Registration of DLM Capital Group Limited | |
₦20.00bn CP Programme on its Platform | |
FMDQ Exchange Admits Neveah Limited ₦10.00bn Commercial Paper | |
Programme on its Platform | |
FMDQ Group Launches Africa's Premier Green Exchange |
Table 76: Regulation and Activity by AMCON in 2021
Dates | Regulatory Action |
January, 2021 | AMCON Denies Detention Of 344 Students |
February, 2021 | AMCON seizes assets of former Deap Capital’s Directors |
March, 2021 | AMCON Takes Possession of Centage’s Assets over N3.5bn Debt |
AMCON amendment bill scales 2nd reading at Senate | |
April, 2021 | Senate passes AMCON amendment bill, approves possession of debtors’ assets |
AMCON Seeks Accommodation In BOFIA 2020 Over N5.4trillion Debt Burden | |
Debt Recovery: AMCON Undeterred As Obligors Intensify Media Attacks | |
Senate Passes AMCON Amendment Bill to Aid Quicker Assets Disposal | |
May, 2021 | AMCON: AMP Scheme, Key To Recovery Of N5trn Debt |
June, 2021 | AMCON seizes Oyo Senator’s property for refusing N600m loan repayment |
N5tn debt: AMCON plans to change recovery strategy | |
July, 2021 | NAICOM Approves New Board For NICON Insurance, Nigeria Reinsurance |
FHC Abuja Issues Interim Order Restraining AMCON from Taking Over NICON Insurance, Nigeria Re | |
August, 2021 | AMCON vs Jimoh Ibrahim & Others: AMCON Still In Charge |
AMCON Gives Court Undertaking on NICON; Publishes Record of Court Proceedings | |
Sept, 2021 | N5trillion AMCON Debt: IGP To Direct All AIGs, CPs To Support Recovery Drive |
AMCON: Let’s Have A National Policy On Debt Recovery – Legal Expert | |
Oct, 2021 | Pending NG Eagle AOC Issuance: Senate Makes U-Turn, Apologises For Interfering In NCAA Duties. |
EFCC Transfers Recovered N1.6bn To AMCON | |
Nov, 2021 | AMCON submits list of top 1,000 debtors to National Assembly |
AMCON introduces entrepreneurship programme for corps members | |
Dec, 2021 | AMCON To Publish Debtors’ List In January |
N4.4 Trillion AMCON Debt, Judiciary Must Take Responsibility – NJI Boss |