Business
Running on empty: The lack of direction by the Board of the Nigerian Exchange Group
Running on empty: The lack of direction by the Board of the Nigerian Exchange Group
When on March 30, 2017, members of the then Nigerian Stock Exchange passed a resolution at an extraordinary general meeting authorising their national council to commence the process that would demutualise the Exchange, it felt like a ray of sunshine for the average mom and pop to share in this wealth creating platform called The Nigerian Stock Exchange.
The idea to demutualise had been in the works since 2001; however, was not until 2015 that the Securities and Exchange Commission issued rules on the demutualisation of exchanges in Nigeria.
The demutualisation of The Nigerian Stock Exchange was eventually completed on March 10, 2021, a process that created 432 new shareholders made up of 255 dealing members (stockbrokers) and 177 ordinary members (individuals).
A demutualised Exchange was perceived as a major powerhouse for wealth creation. This was reflected in the price of the shares as it was listed at a price N27.90 as stockbrokers confirmed that their clients were falling over themselves to become shareholders. People were extremely reluctant to sell because of the strong profit prospects. These stockbrokers confirm that on a daily basis it got to a point that there were demand for over 50 million shares with no sellers offering to sell a single share, “AND THEN THE NIGHTMARE STARTED”
In September 2021 the NGX published its 2020 Financial Account, the first published result as a demutualised exchange. The result was nothing short of a nightmare, sheer disaster.
The new demutualised Exchange recorded an operating loss of =N=93.96 million compared to a =N=12.992 billion profit recorded by its closest rival Exchange, FMDQ for the same period.
With no inclination or determination to come out and bat for their newly minted shareholders the executive management and board of the NGX had no reservation spending the =N=6.02 billion income made that year on personnel and operational costs, out of =N=6.11 billion; that was 98.52% of their income (spending over =N=3.1 billion on just 269 staff members).
To confirm the board and management’s insensitivity to a return on investment to shareholders at that 2020 annual general meeting, instead of proffering ways to address improved returns to shareholders, their major preoccupation was to argue that The company’s executive management was not being compensated enough and to demand that shareholders dig deep into the company’s shareholders funds and allot 200,419,990 ordinary shares for the operation of a long term incentive plan for executive management consisting of a deferred bonus plan (DBP).
The equivalent value of this share bonus scheme (gift) to staff, if the company had in the alternative sold those shares in the open market at the company’s listing price would be =N=5,571,675,722.00.
The board was not done yet. At that same general meeting, they also asked shareholders to approve for the payment of =N=126,000,000.00 to all non-Executive members of the erstwhile National Council of the Nigerian Stock Exchange as at 31st of December 2020.
That was the 9th of September 2021. Fast-forward to the 7th of September 2022, the Nigerian Exchange Group published its full-year account for 2021 as posted on its website and guess what? The hemorrhaging is still persisting.
Just like in 2020, the company reported Income for the year 2021 of =N=6.80 billion and expense of =N=6.52 billion. And just like they did in their 2020 AGM the board and management intend to demand that the shareholders reward the Board and Executive Management for such sorry performance.
The Board, in their published notice to shareholders, are beating their chest and saying to the shareholders that they have done excellent work and that shareholders should allow them to continue on this downward trajectory for another Year.
The Board, from the published notice to shareholders are seeking =N=35 billion of new capital, preferably in “Dollars”, without providing an articulated capital allocation plan as well as utilisation plan.
Two questions, if I were a shareholder, would love to ask at this meeting holding on the 30th of September 2022: (1) Why should I trust you with new money when all you have done is frittered what you have for your personal benefit with no recourse to me, the shareholders that invested my hard-earned money into the company (2) why has the net cash position been dropping? Rather than increasing, it dropped over the years from =N=11.5 billion in 2019 to, =N=10.3 billion in 2020, to =N=7.0 billion in 2021.
The Shareholders of The Nigerian Exchange Group need to wake up and end this nightmare; the NGX should be a bastion of everything that is desired in a listed company.
· World-class Corporate Governance
· Current Chairman and Chief Executive have been at the helm for close to 11 years
· Competitive Return on Investment and Return on Equity
· Company has done two years post demutualisation without paying a single kobo dividend
· Best in class Expense Management programme (cost to Income earned)
· FMDQ cost/income of 46% for 2021
· NGX cost / income of 96% for 2021
The current market price of shares of NGX of =N=19.80 as against the listing price of =N=27.90 is a statement and reflection of investors negative perception, not just on the NGX Group and the people running it, but a declaration of non-confidence on the people running and overseeing the actual Exchange. Even the chairman alludes to this in the Chairman’s statement in the just-published annual account “the Group is trading at about 17x compared to the global peer average of 20x, which suggests that its shares are undervalued relative to other Exchanges globally.
Business
WFA APPOINTS GLOBAL BRAND EXECUTIVES TO EXPANDED LEADERSHIP COMMITTEE
WFA APPOINTS GLOBAL BRAND EXECUTIVES TO EXPANDED LEADERSHIP COMMITTEE
STOCKHOLM — The World Federation of Advertisers (WFA) has announced the appointment of senior executives from leading global brands to its Executive Committee, in a move aimed at strengthening its global influence and industry coordination.
The appointments were unveiled during the WFA Global Marketer Week held in Stockholm.
The new members, drawn from top multinational corporations, include executives from Driscoll’s, Haleon, IKEA and Nissan. They join an already influential body comprising marketing and corporate affairs leaders from major companies such as Best Buy, Danone, Diageo, Grab, Kenvue and Tata Group.
Also joining the Executive Committee are representatives of key advertiser bodies, including Josh Faulks, Chief Executive Officer of the Australian Association of National Advertisers; Simon Michaelides, Director General of the Incorporated Society of British Advertisers; and O’tega Ogra, Vice President of the Advertisers Association of Nigeria and Senior Special Assistant to the President of Nigeria on Digital Communications, Engagement and New Media Strategy.
WFA President David Wheldon and Deputy President Philip Myers of Ferrero will continue in their roles, alongside all regional vice presidents.
The newly appointed members are:
Jiunn Shih, Global Chief Marketing Officer, Driscoll’s
Silas-Lewis Meilus, Global Head of Media Operations, Haleon
Joel Renkema, Global Head of Insights, IKEA
José Román, Corporate Executive, Global Sales and Marketing, Nissan
Josh Faulks, CEO, AANA
Simon Michaelides, Director General, ISBA
O’tega Ogra, Vice President, ADVAN
Industry observers say the expanded committee reflects WFA’s commitment to deeper global collaboration and stronger representation across regions and sectors within the marketing and advertising ecosystem.
Business
FORENSIC INVESTIGATION REVEALS FABRICATED X ACCOUNT TARGETING INEC CHAIRMAN – CPS
FORENSIC INVESTIGATION REVEALS FABRICATED X ACCOUNT TARGETING INEC CHAIRMAN – CPS
The Chief Press Secretary (CPS) to the Chairman of the Independent National Electoral Commission (INEC), Mr. Adedayo Oketola, has said that a purported X (formerly Twitter) account attributed to the Commission’s Chairman, Prof. Joash Ojo Amupitan, SAN, is fake and part of a coordinated disinformation campaign.
In a public statement issued on Monday in Abuja, Mr. Oketola disclosed that a comprehensive, multi-layered forensic investigation conducted by independent cybersecurity experts has conclusively established that the INEC Chairman does not operate any personal X account.
He said, “The Independent National Electoral Commission (INEC) , committed to a full forensic investigation, commissioned an independent forensic cybersecurity expert, who conducted a multi-layered forensic and digital investigation using X platform data, internet archive records, OSINT tools, identity forensics and cross-platform analysis.”
Oketola stressed that all posts, replies, and screenshots linking him to the handle @joashamupitan are fraudulent, forensically unverifiable, and technically impossible.
The controversy began on April 10, 2026, when viral social media posts alleged that the Chairman made a partisan comment — “Victory is sure” — in response to another user, supported by screenshots and purported digital records.
However, the CPS said the forensic investigation uncovered clear evidence of fabrication and impersonation, highlighting the following key findings:
· No Digital Linkage: There is no connection between the disputed X account and Prof. Amupitan’s verified email addresses or phone numbers, as multiple recovery and verification attempts failed to establish any link.
· False BVN/OPay Claims: Data used to suggest ownership of the account only confirms identity and does not establish control of any social media handle, making such claims a logical fallacy.
· Timestamp Manipulation: The alleged reply “Victory is sure” was posted 13 minutes before the original tweet it responded to—an occurrence that is technically impossible and definitive proof of fabrication.
· No Historical Record: Searches on the Internet Archive’s Wayback Machine showed zero evidence of the account or its alleged activity prior to April 2026.
· Non-Existence on X Platform: Live checks confirmed that the alleged reply does not exist and has never existed on the platform.
· Account Renaming Pattern: On the same day the screenshots went viral, the account was renamed @sundayvibe00, set to private, and labelled a “parody account,” indicating deliberate impersonation and damage control.
· Coordinated Multi-Platform Impersonation: At least seven fake accounts across Facebook and Instagram using the Chairman’s identity were identified, pointing to a sustained disinformation effort.
“The forensic evidence is comprehensive, multi-sourced, and unambiguous. The posts attributed to Prof. Joash Ojo Amupitan on X are fabricated. The account is a clear case of impersonation,” Mr. Oketola said.
Quoting one of the independent investigators, he described the development as “a coordinated digital impersonation and disinformation campaign,” warning that advances in artificial intelligence had made it easier to fabricate misleading content.
He urged the public to avoid sharing unverified information, noting that “the fact that content goes viral does not make it authentic,” and called on media organisations to prioritise accuracy over speed.
Mr. Oketola said the independent forensic report had been referred to the law enforcement agencies for necessary action. He also appealed to law enforcement agencies to investigate the origin of the fake account and prosecute those responsible under the Cybercrimes (Prohibition, Prevention, etc.) Act.
He said, “Media organisations, in particular, have a duty to apply strict forensic verification standards to social media posts and screenshots before publishing them, especially when such content implicates public officials or carries serious consequences for public trust and institutional credibility. Accuracy, not speed, must guide reporting in matters of this nature.”
He reiterated that all official communications from INEC are disseminated exclusively through its verified platforms, including its website (www.inecnigeria.org), verified X account (@inecnigeria), official Facebook page, online news portal (www.inecnews.com), formal press statements from its headquarters in Abuja, and official media briefings. Any account purporting to represent the INEC Chairman in a personal capacity, he said, should be treated as fraudulent unless formally verified by the Commission.
Business
How FirstBank is investing in Its People and Building Future Leaders
How FirstBank is investing in Its People and Building Future Leaders
For an average 9-5er, having a job isn’t enough. You want a career that grows with you, gives you stability, and opens doors to bigger opportunities. People everywhere are looking for workplaces that don’t just pay salaries but actually invest in their staff, helping them learn, lead, and succeed.
That’s exactly what FirstBank is doing. The Bank is building a future where every employee has the opportunity to grow, lead, and thrive. Through its human capital management and development agenda, FirstBank is creating numerous pathways for staff to transform their careers and become tomorrow’s leaders.
Conversion Programme: Turning Opportunities Into Careers
Needless to say that there is no desire for the 9-5er to remain in a temporary role when they can secure a full-time career. With FirstBank’s Conversion Programme, eligible non-core employees who have served for at least one year can transition into permanent positions. This initiative ensures that hardworking staff are rewarded with stability, growth, and the chance to contribute more meaningfully to the Bank’s success.
Leadership Programmes: Grooming the Next Generation
FirstBank has designed three flagship programmes to identify and nurture high-potential talents:
- FirstBank Management Associate Programme (FMAP): A 24-month fast-track initiative that grooms future middle managers. Upon completion, participants are promoted to Assistant Manager grade, regardless of their previous grade.
- Leadership Acceleration Programme (LAP): Focused on preparing internal middle-management talents for leadership responsibilities, ensuring the Bank’s succession pipeline remains strong.
- Senior Management Development Programme (SMDP): A programme for senior managers who are proven leaders in their functions and critical to the Bank’s succession plan.
These programmes are not just training—they are career accelerators, designed to put staff on the fast lane to leadership.
FirstAcademy: Learning With Global Standards
Backing these initiatives is FirstAcademy, FirstBank’s corporate university, accredited by the Chartered Institute of Bankers of Nigeria (CIBN).
Staff also benefit from partnerships with institutions like Rome Business School and Association of Chartered Certified Accountants (ACCA), gaining access to world-class training—often at discounted rates
A Workplace That Values People
FirstBank’s parent company, First HoldCo PLC, was named second in the Best Workplaces in Financial Services in Nigeria. The Bank remains firmly committed to responsible employment practices, ensuring that all colleagues are treated with dignity, fairness, and respect.
The Future Is Human
With these initiatives, FirstBank is showing that its greatest investment is its people. By empowering staff through various growth opportunities, the Bank is not just building a workforce, it is cultivating leaders who will shape the future of banking in Nigeria and beyond.
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