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Home Markets

Positive start to NASD seen after AG Mortgage, CSCS flat sessions’ rescue

by Admin
January 21, 2026
in Markets

BY: CHARLES ABUEDE

Equity investors on the NASD OTC Exchange maintained value week on week as value trades in AG Mortgage Bank and CSCS Plc kept the market afloat from the previous week with the benchmark index closing week at 730.61 points against 730.61points last week as a result of no price movement on the NSI, while the NASD market capitalization closed flat week on week at N618.66 billion.

Despite the quiet close last week, trading activities across the exchange was mixed or varied as the index recorded a 74.80 percent decrease in the total value traded during the week to N45.27 million from N179.63 million from the previous week, while the total trade volume advanced 90.9 percent week on week to 33.9 million units when compared to the 17.8 million units reported last week.

Across the various sectors of the market, the top traded securities by volume produced AG Mortgage Bank as the most traded stock with 32 million units crossed during the week. It was followed by Food Concept, which saw one million units of its stocks traded.

Also, CSCS Plc joined the group of actively traded tickers by volumes during the week with 0.51 million units, while the likes of NASD Plc and FrieslandCampina Wamco also joined the top traders by volume with 0.37 million and 55,000 units, respectively.

On the other side of the table showing the most traded stocks by market value, the week closed on the NASD OTC market with AG Mortgage Bank ranking top among the five most traded securities by value with total trades worth N16.7 million trades. Trailing the mortgage lender was CSCS Plc with a traded value of N9.16 million.

The Niger Delta Exploration and Production Company also joined as one of the most traded stocks by value last week, along with FrieslandCampina Wamco, recording N8.75 million and N6.72 million in that order; and NASD Plc joined the league with a total trade value of N3.08 million at the close of the week.

Looking at the NASD Exchange’s top price gainers’ and price losers’ charts for the week under review, Central Securities Clearing System Plc led the top gainers’ table closing the week at N18.41, representing a 1.15 percent increase from the previous close of N18.20, while FrieslandCampina Wamco Nigeria Plc, closed the week at N123, representing a 0.70 percent increase from the previous close of N122.15.

On the other hand, the top price losers for the week got AG Mortgage Bank Plc as the leader of that pack. Thus, the mortgage bank closed the week at N0.52, representing a 10.35 percent decrease from the previous close of N0.58. The NASD Plc closed the week at N8.31 representing a 7.77 percent decrease from the previous close of N9.01 and then, Niger Delta Exploration & Production Plc, closed the week at N200, representing a 2.96 percent decrease from the previous close of N206.10.

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Methane rules spread across 67% of global production as Nigeria faces compliance test 

Methane rules spread across 67% of global production as Nigeria faces compliance test 

October 17, 2026
Onafriq, a pan-African payments company, is set to discontinue its Baxi agent banking business in Nigeria after five years, citing naira depreciation, rising operating costs and intensifying competition that have weakened the segment’s profitability. The planned shutdown will affect the agent banking operations conducted through Baxi under Onafriq Nigeria Payments Limited. However, the decision does not signal the company’s withdrawal from Nigeria, as it intends to retain its cross-border payments network and card issuing services in the country. In a statement, Onafriq said changes in Nigeria’s operating environment since 2024 had significantly altered the economics of its offline agent banking business, making the existing model unsustainable. The move marks a strategic shift for the company, which entered Nigeria’s agent banking market to expand access to financial services through a network of agents providing transaction services outside traditional bank branches. Onafriq attributed the decision to a combination of macroeconomic pressures and structural changes in the country’s payments industry. According to the company, naira depreciation and inflation have affected transaction volumes, increased operating expenses and undermined the sustainability of its agent banking operations. The growing adoption of instant account-to-account transfers has also changed the mix of transactions handled by agents, while heightened competition among payment service providers has put further pressure on margins. These developments have made it increasingly difficult for the business to remain viable under its existing operating structure, prompting the company to reassess its long-term strategy. Dare Okoudjou, founder and chief executive officer of Onafriq, said the decision to close the business was difficult, particularly given the efforts of employees, agents and business partners who helped build the Baxi network. “We entered Nigeria with conviction and commitment, but did not achieve the outcome we set out for. Closing this business was a difficult decision to arrive at, one that affects colleagues, agents, and business partners across Nigeria who poured their hearts and soul into building out the Baxi network,” Okoudjou said. Despite the closure, he reaffirmed the company’s commitment to the Nigerian market, noting that the group would continue to serve customers through its payments network and card issuing operations. Onafriq entered Nigeria’s agent banking market in 2021 through the acquisition of Baxi, also known as Capricorn Digital Limited. The company said it continued investing in the business through 2023, with efforts focused on expanding and strengthening its agent network. However, a subsequent review of the business’s long-term prospects and financial sustainability led to the decision to wind down the operation. As part of the transition, Onafriq said agents onboarded through the Baxi platform had been moved to another principal bank, a step intended to facilitate continuity for the affected agents. The company has also directed agents to transfer their funds to their preferred principal bank within 30 days, adding that its teams would provide support throughout the transition process. Employees whose roles are linked to the agent banking business will also be consulted and supported during the wind-down, with Onafriq pledging to treat affected workers fairly.

Onafriq winds down Baxi as Nigeria’s agent banking economics worsen

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Methane rules spread across 67% of global production as Nigeria faces compliance test 

Methane rules spread across 67% of global production as Nigeria faces compliance test 

October 17, 2026
Onafriq, a pan-African payments company, is set to discontinue its Baxi agent banking business in Nigeria after five years, citing naira depreciation, rising operating costs and intensifying competition that have weakened the segment’s profitability. The planned shutdown will affect the agent banking operations conducted through Baxi under Onafriq Nigeria Payments Limited. However, the decision does not signal the company’s withdrawal from Nigeria, as it intends to retain its cross-border payments network and card issuing services in the country. In a statement, Onafriq said changes in Nigeria’s operating environment since 2024 had significantly altered the economics of its offline agent banking business, making the existing model unsustainable. The move marks a strategic shift for the company, which entered Nigeria’s agent banking market to expand access to financial services through a network of agents providing transaction services outside traditional bank branches. Onafriq attributed the decision to a combination of macroeconomic pressures and structural changes in the country’s payments industry. According to the company, naira depreciation and inflation have affected transaction volumes, increased operating expenses and undermined the sustainability of its agent banking operations. The growing adoption of instant account-to-account transfers has also changed the mix of transactions handled by agents, while heightened competition among payment service providers has put further pressure on margins. These developments have made it increasingly difficult for the business to remain viable under its existing operating structure, prompting the company to reassess its long-term strategy. Dare Okoudjou, founder and chief executive officer of Onafriq, said the decision to close the business was difficult, particularly given the efforts of employees, agents and business partners who helped build the Baxi network. “We entered Nigeria with conviction and commitment, but did not achieve the outcome we set out for. Closing this business was a difficult decision to arrive at, one that affects colleagues, agents, and business partners across Nigeria who poured their hearts and soul into building out the Baxi network,” Okoudjou said. Despite the closure, he reaffirmed the company’s commitment to the Nigerian market, noting that the group would continue to serve customers through its payments network and card issuing operations. Onafriq entered Nigeria’s agent banking market in 2021 through the acquisition of Baxi, also known as Capricorn Digital Limited. The company said it continued investing in the business through 2023, with efforts focused on expanding and strengthening its agent network. However, a subsequent review of the business’s long-term prospects and financial sustainability led to the decision to wind down the operation. As part of the transition, Onafriq said agents onboarded through the Baxi platform had been moved to another principal bank, a step intended to facilitate continuity for the affected agents. The company has also directed agents to transfer their funds to their preferred principal bank within 30 days, adding that its teams would provide support throughout the transition process. Employees whose roles are linked to the agent banking business will also be consulted and supported during the wind-down, with Onafriq pledging to treat affected workers fairly.

Onafriq winds down Baxi as Nigeria’s agent banking economics worsen

October 17, 2026

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