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NSE Axes Omatek, 16 Others over Corporate Failures

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Nigerian Stock Exchange (NSE) has suspended trading on the shares of Omatek Ventures and 16 companies over their failures to uphold best corporate governance practices and submit their accounts and operational reports as required.

Mrs Florence Seriki, founder of Omatek Computer Ventures died in March this year.

The other suspended companies included African Alliance Insurance, Equity Assurance, Fortis Microfinance Bank, Guinea Insurance, Premier Paints, Resort Savings & Loans, Sovereign Trust Insurance, African Paints (Nigeria), Aso Savings & Loans, Ekocorp, Evans Medical, Goldlink Insurance, Great Nigeria Insurance, Union Dicon Salt and Union Homes Savings & Loans and Universal Insurance Company.

A circular obtained by The Nation indicated that the companies were suspended after they failed to file their accounts and operational reports as required by the listing rules at the Exchange.

The suspension will remain in place until the companies file the relevant accounts and reports.

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With the suspension, investors will not be able to trade on the shares of the companies, thus denying them opportunities to raise funds through such investments in case of financial needs.

Authorities at the Exchange had earlier delisted eight companies over what they described as persistent failures of the companies to meet best corporate governance practices as enshrined in the listing rules.

The compulsory delisting was in line with Clause 15 of the General Undertaking, Appendix III of the Rule Book of The Exchange, 2015, Part II, Issuers’ Rules, which referenced the obligations of quoted companies in terms of regular periodic submission of performance and financial reports, corporate governance and accountability.

The delisting of the companies, was approved by the Quotations Committee of the National Council of the NSE earlier in March 2016.

The delisting implies that the Exchange has concluded and complied with the regulatory requirements in the delisting process including issuance of necessary notices, forbearances, fair hearing and probation without any rectification from the affected company.

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Under compulsory delisting, the authorities at the NSE will at a specified date, after completion of the delisting process and approvals, delist the shares of the affected company without any further recourse to the position of the board or shareholders of the affected company. The opposite is voluntary delisting, which is the deliberate withdrawal of the shares of a company from the Exchange by the board of directors, acting on the mandate of the statutory majority of the shareholders.

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Atte, Nigerian Develops AI Algorithm for Hair Transplants

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Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.

Atte, Nigerian Develops AI Algorithm for Hair Transplants

Atte Ayodeji

Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.

Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.

His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.

Sunday Dare, special adviser on Media and Public Communication to President Tinubu,  celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.

“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”

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Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”

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FG to Abolish Subsidies in Power Sector in 2027 – Minister

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Mr. Joseph Tegbe, minister of Power, has said that the federal government plans to end power sector subsidies from 2027 and that there are no immediate plans for tariff increases.

FG to Abolish Subsidies in Power Sector in 2027 – Minister

Mr. Joseph Tegbe, minister of Power

The minister told journalists during the media interactive session at the weekend that the government has announced plans to phase out electricity subsidy payments from 2027 as part of efforts to address mounting liabilities in the power sector.

He explained that the planned removal forms part of the broader reforms aimed at ensuring the long-term sustainability of the electricity sector, while tackling the financial challenges confronting the industry.

According to the minister, despite the planned subsidy withdrawal, there are no immediate plans to increase electricity tariffs, reassuring consumers that the government is not considering a tariff hike in the short term.


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AfCFTA Urges Africa to Stop Exporting Raw Materials

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Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.

She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.

According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.

“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.

Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.

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“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.

She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.

Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.

“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.

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