The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, is proposing fines of up to five per cent of the annual turnover of petroleum operators found guilty of serious anti-competitive practices in the midstream and downstream sectors.

This was disclosed in the draft regulations of the proposed Midstream and Downstream Petroleum Prevention of Anti-Competitive Practices and Behaviour Regulations, 2026, analysed by our correspondent on Wednesday.

Under the proposed regulations, companies involved in serious offences such as price-fixing, bid-rigging, market allocation, abuse of market dominance and other conduct capable of causing significant harm to competition could be fined between three and five per cent of their annual turnover.

Persistent or serious offenders may also have their licences suspended or revoked, while the Authority may impose daily penalties on operators that fail to comply with its orders or continue prohibited conduct after being directed to stop.

The draft regulation states, “Where the Authority determines, after investigation and due process, that a licensee or any other person has engaged in anti-competitive conduct or breached any provision of this Regulation or the Act, it may impose administrative fines as provided herein.”

It further states, “The maximum administrative fine shall not exceed five per cent of the annual turnover of the offending undertaking for the preceding financial year.

“For purposes of these regulations, ‘annual turnover’ means gross revenues or sales derived from the regulated business activities in Nigeria. Where multiple entities or group structures are involved, the Authority may consider the turnover of the group, subsidiary, or segment most directly involved in the infringement.”

The proposed framework classifies competition infringements into three categories, with Category A covering severe offences, Category B moderate offences and Category C minor or technical breaches.

Category A offences attract indicative fines of between three and five per cent of annual turnover. They include cartel agreements involving price-fixing, bid-rigging and market allocation, as well as abuse of dominance with foreclosure effects, such as predatory pricing and refusal to supply an essential facility.

Aggravating factors would include repeat offending, obstructing an investigation, having a large market share or causing significant harm to the market. Mitigating factors include voluntary self-reporting, cooperation beyond legal obligations, early termination of prohibited conduct and an established compliance programme.

Category B offences attract fines of between one and three per cent of annual turnover and include exclusive dealing without clear foreclosure, tying or bundling with minor market harm and unfair discrimination between trading partners.

Category C offences could attract fixed penalties ranging from N5m to N50m or less than one per cent of turnover. These include failure to submit required competition reports, delays in submitting compliance reports and inadvertent data omissions or misstatements.

An operator that fails to comply with a final cease-and-desist order could face a daily penalty of between N5m and N25m until compliance is achieved. The proposed rules provide, “Where a licensee or person fails to comply with an order or directive of the Authority, a daily penalty may be imposed for each day the violation continues.”

Where a prohibited practice continues after a final order, the daily penalty could rise to between N10m and N50m. Before imposing a fine, the NMDPRA would issue a Notice of Intention to Fine setting out the facts and findings, the nature of the infringement, the basis for calculating the proposed fine and the proposed deadline for payment.

The affected operator would have at least 30 days to make written representations or request a hearing.

It states, “Before imposing a fine, the Authority shall issue a Notice of Intention to Fine, specifying: (a) The facts, findings, and nature of the infringement; (b) The basis for the proposed fine, including its calculation; and (c) The proposed deadline for payment. The respondent shall be granted no fewer than 30 days to make written representations or request a hearing.”

The proposed framework also extends accountability to individuals who knowingly participate in serious anti-competitive practices. Directors, managers and officers could face personal sanctions, including referral to the Federal Competition and Consumer Protection Commission for personal liability under the Federal Competition and Consumer Protection Act.

Persistent or serious violations could also result in the suspension or revocation of an operator’s licence or permit. Operators would generally be required to pay penalties within 30 days of a Final Penalty Order. The framework preserves the right to appeal, while unpaid fines would constitute debts recoverable by the Authority.

Meanwhile, stakeholders and operators have up to 21 days to submit comments, approval or objection on the proposed regulations, in compliance with Section 216(1) of the Petroleum Industry Act 2021, which requires stakeholder consultation before regulations are finalised.

The Securities and Exchange Commission (SEC) has fixed 5:00 p.m. on the first business day after a transaction (T+1) as the settlement deadline for equities and commodities traded and settled through the Central Securities Clearing System (CSCS).

The Commission made this clarification in a circular issued on Wednesday to capital market operators and other market participants as part of the implementation of the T+1 settlement cycle in the Nigerian capital market.

According to the SEC, all transactions in the affected securities must be fully paid by 5:00 p.m. T+1 to ensure compliance with the standard Delivery versus Payment (DvP) settlement procedure.

It warned that where a broker/dealer’s trading account is not adequately funded to meet its settlement obligation within the prescribed period, the default would be managed in line with the CSCS Default Management Procedure and the applicable transaction settlement guidelines of the relevant exchange.

The Commission also clarified that foreign portfolio investors are not required to prefund their accounts for trades in the Nigerian capital market.

However, it said capital market operators facilitating transactions on behalf of foreign portfolio investors must establish and maintain appropriate controls and processes to ensure timely funding and completion of settlements within the prescribed timeframe.

The clarification follows earlier SEC circulars on the implementation of the T+2 settlement cycle for equities transactions, issued on June 3, 2025, and the transition to the T+1 settlement cycle, issued on May 15, 2026.

The T+1 cycle means that eligible securities transactions are settled one business day after the trade date, reducing the period between execution and final settlement.

The SEC said the transition represents a significant milestone in its efforts to build a more efficient, resilient and internationally aligned trading and post-trade environment.

It added that the shorter settlement cycle would improve settlement efficiency, reduce counterparty risk, enhance liquidity and strengthen the competitiveness of the Nigerian capital market.

According to the Commission, the reforms would ultimately improve the attractiveness of the Nigerian market to both domestic and international investors.

Stanbic IBTC Holdings Plc has notified the Nigerian Exchange Limited and its stakeholders of a potential delay in filing its Audited Financial Statements for the half-year ended 30 June 2026.

The financial holding company disclosed this in a regulatory statement signed by its Group Company Secretary, Chidi Okezie, and published on the NGX portal on Tuesday.

According to the group, the delay may prevent the submission of the H1 2026 results by the statutory regulatory deadline of 28 August 2026.

The group explained that it was currently finalising the audit of its half-year results, after which it would seek necessary approval from its primary regulator, the Central Bank of Nigeria, before releasing the scorecard to the investing public

The statement read, “This is to inform Nigerian Exchange Limited as well as our Esteemed Stakeholders that Stanbic IBTC Holdings Plc may experience a delay in filing its Audited Financial Statements for the Half Year ended 30 June 2026, by the due date of 28 August 2026.

“The company is currently finalising the audit of its 2026 Half Year Results, following which we would also be seeking the required regulatory approvals.

“We are working diligently to ensure that our company’s 2026 Audited Half Year Financial Statements are submitted to NGX as soon as we have received all required regulatory approvals, and this may occur before or shortly after the regulatory due date of 28 August 2026.”

The company assured shareholders and the market that all efforts were being made to expedite the process and publish the financial statements around or shortly after the regulatory timeline.

Under NGX post-listing rules, quoted companies are required to submit their quarterly and half-year interim reports within 30 to 60 days following the end of the period. However, commercial banks and financial holding institutions that undergo full interim audits are subject to regulatory clearance from the CBN before public release, often necessitating formal notifications to the market when review timelines extend beyond standard submission dates.

The domestic equities market closed Tuesday’s trading session on a bearish note, as price depreciation in MTN Nigeria Communications Plc and 25 others dragged the overall market capitalisation lower by N1.17tn.

Consequently, the All-Share Index dropped by 1,806.18 points, or 0.73 per cent, to close at 246,723.57. Similarly, the market capitalisation shed N1.17tn to settle at N159.26tn.

The downturn was primarily driven by sell-offs in large- and medium-capitalised stocks, including MTNN, UACN, Dangote Sugar Refinery, Nigerian Aviation Handling Company, and First Holdco.

Despite the broader market decline, market breadth closed positive with 27 gainers against 26 losers.

FTN Cocoa topped the gainers’ chart, appreciating 9.88 per cent to close at N8.90 per share. C&I Leasing followed with an 8.26 per cent gain to close at N5.90, while Sovereign Trust Insurance rose 6.74 per cent to finish at N1.90 per share.

Regency Alliance Insurance gained 6.33 per cent to close at 84 kobo, while Universal Insurance advanced 6.02 per cent to close at 88 kobo per share.

Conversely, Thomas Wyatt Nigeria led the losers’ chart, dropping 9.97 per cent to close at N2.89 per share. AVA Capital followed with a 9.60 per cent decline to settle at N8.95, while International Energy Insurance lost 6.32 per cent to close at N4.00 per share.

International Breweries fell 5.98 per cent to close at N11.00, while Guinea Insurance declined 5.13 per cent to close at 74 kobo per share.

Activity levels spiked sharply as total volume traded jumped 270.4 per cent to 3.91 billion units, valued at N32.38bn and exchanged in 45,608 deals.

Trading in the shares of Fortis Global Insurance dominated the activity chart with 3.29 billion shares valued at N9.58bn. Trans-Nationwide Express followed with 84.58 million shares worth N181.90m, while Access Holdings traded 66.13 million shares valued at N1.87bn.

Consolidated Hallmark Holdings traded 54.34 million shares valued at N379.42m, while Fidelity Bank transacted 46.86 million shares worth N1.02bn.

The rollout of Nigeria’s new sovereign digital infrastructure, the National Payment Stack, has recorded rapid commercial adoption in its early operational phase, processing 26.55 million transactions valued at N1.4tn across 48 participating institutions.

Developed by the Nigeria Inter-Bank Settlement System Plc to modernise the nation’s financial ecosystem, the multi-currency architecture bridges transaction processing and payment intelligence while consolidating payments, identity, and data onto a single rail designed to succeed the legacy NIBSS Instant Payment system.

Commercial banks and fintechs are already driving significant scale across the network. First Bank of Nigeria currently leads the industry in total transaction volume processed on the new platform, while Fidelity Bank holds the top spot for overall transaction value. Other major early adopters powering network activity include Guaranty Trust Bank, Sterling Bank, Access Bank, and Moniepoint.

The platform introduces structured ISO 20022 data architecture, enabling metadata-rich transactions that automate corporate reconciliation, streamline merchant collections, and power request-to-pay invoicing. It also unifies single transfers and high-volume corporate disbursements onto one rail, backed by embedded security features such as automated sanction screening, account validation, end-to-end encryption, and in-flight risk scoring to flag potential fraud before execution.

Highlighting the transformative impact of the new infrastructure, the Managing Director and Chief Executive Officer of NIBSS, Premier Oiwoh, emphasised the platform’s role in shifting the national payments landscape towards deeper intelligence and efficiency.

He said, “The National Payment Stack represents an economic catalyst moving our financial infrastructure from basic transaction processing to comprehensive payment intelligence.

“By delivering an ISO 20022-compliant, multi-currency rail, we are laying the groundwork for unprecedented interoperability, heightened security, and seamless regional trade.”

Complete ecosystem readiness now depends on full participant alignment across technical and operational domains, with NIBSS urging all financial services institutions to activate related debit and credit processing rails to prevent platform congestion.

Supporting this transition, the Director of Payments System Supervision at the Central Bank of Nigeria, Dr Rakiya Yusuf, reaffirmed the apex bank’s full regulatory backing for mandatory integration as the sector prepares for the ultimate decommissioning of the 15-year-old legacy NIP rail.