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  • Nigerian Equities Market Slumps N1.17 Trillion on Monday

    Nigerian Equities Market Slumps N1.17 Trillion on Monday

    Equities Market Opens Week Lower, N1.173 Trillion Lost in Capitalisation

    The Nigerian equities market opened the week on a negative note on Monday, losing N1.173 trillion or a 1.26 per cent decline.

    The downturn was largely driven by profit-taking in major stocks, including Dangote Cement, Enamelware, Transcorp Power, AIICO Insurance, and Guinea Insurance. Market capitalisation closed at N92.328 trillion, down from the opening value of N93.501 trillion.

    The All-Share Index (ASI) dipped by 1,853.82 points, or 0.26 per cent, ending at 145,159.77 compared with 147,013.59 on Friday.

    Despite the overall decline, market breadth remained positive, with 28 stocks gaining against 24 losers.

    Top Gainers:

    • Sovereign Trust Insurance led the gainers with a 9.97 per cent rise to close at N3.20 per share.
    • NCR Nigeria followed closely, gaining 9.96 per cent to N28.15.
    • Tantalizer continued its upward momentum, rising 9.81 per cent to N2.35 per share.
    • Prestige Assurance and Eunisell Interlinked appreciated by 9.70 per cent and 8.52 per cent to close at N1.47 and N79, respectively.

    Top Losers:

    • Dangote Cement and Enamelware led the losers, each shedding 10 per cent to close at N534.60 and N40.50, respectively.
    • Transcorp Power fell 4.66 per cent to N43.00.
    • AIICO Insurance declined by 4.11 per cent to N3.50, while Guinea Insurance dropped 3.97 per cent to N1.21 per share.

    Trading Activity:
    Total turnover for the day stood at 388.2 million shares worth N31.14 billion, traded in 28,492 deals. This was lower than Friday’s volume of 4.89 billion shares valued at N42.2 billion across 24,152 transactions.

    Notable Trades:

    • Tantalizer recorded the highest trading volume with 57.12 million shares exchanged.
    • ARADEL posted the highest trading value at N21.50 billion.

  • NGX sustains bullish run, gains N733bn to end week positive

    NGX sustains bullish run, gains N733bn to end week positive

    The Nigerian stock market closed the week upbeat, gaining N733 billion or 0.75 per cent, and boosting investor portfolios.

    The positive trend was driven by sustained investor interest in heavyweight stocks such as Aso Savings, Ikeja Hotel, Regency Alliance Insurance, Caverton Offshore, Aradel Holdings, and others.

    The Nigerian Exchange Ltd. (NGX) market capitalisation rose from N98.059 trillion at opening to N98.792 trillion at Friday’s close.

    Similarly, the All-Share Index (ASI) advanced by 0.75 per cent or 1,155.15 points, closing at 155,645.05 compared to 154,489.90 recorded on Thursday.

    RELATED STORY: Investors gain N308bn as equities market sustain rally

    Market breadth closed positive with 34 gainers and 25 losers recorded during the session.

    Aso Savings led the gainers’ chart by 10 per cent, ending at 66k. Ikeja Hotel rose 7.89 per cent to N20.50, while Regency Alliance Insurance increased 7.44 per cent to N1.30.

    Caverton Offshore advanced 7.08 per cent to N6.50, and Aradel Holdings appreciated 6.76 per cent to N790 per share.

    Conversely, Union Dicon Salt led the losers’ table by 9.09 per cent, closing at N8. Neimeth Pharmaceutical fell 6.67 per cent to N5.60, while Cornerstone Insurance dropped 5.61 per cent to N6.23.

    READ ALSO: The ShopRite Empty Shelves Video: A critical Economic Analysis

    Halldane McCall declined 4.84 per cent to N4.13, and International Energy Insurance shed 4.48 per cent to N2.77 per share.

    Market activity showed growth in turnover and volume, though the number of deals fell slightly.

    A total of 1.21 billion shares worth N31.5 billion were traded across 29,989 deals, compared to 926.9 million shares worth N26.9 billion across 30,703 deals.

    Fidelity Bank led the activity chart with 820.9 million shares valued at N16.14 billion.

    Sovereign Trust Insurance followed with 45.5 million shares worth N176.96 million, while Tantalizer traded 32.7 million shares valued at N72.05 million.

    Access Corporation transacted 23.8 million shares worth N593.4 million, and Guaranty Trust Holding Company traded 19.2 million shares valued at N1.78 billion.

  • Nigeria aims to refine more oil locally – Lokpobiri

    Nigeria aims to refine more oil locally – Lokpobiri

    Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, says the Federal Government is determined to ensure that every barrel of crude produced in Nigeria adds real value at home and abroad.

    He said this while speaking at the 2025 COREN Summit in Lagos on Tuesday.

    Lokpobiri, who was represented by his technical adviser, Ndah Adaba, said improving local refining capacity and energy security remains central to Nigeria’s development goals.

    The theme of the summit is “Refinery – Key to Energy Security in Africa”.

    It brought together engineers, policymakers, and energy professionals from across the continent.

    According to the minister, as part of a deliberate policy and broader strategy, the ‘Naira for Crude’ sales agreement will continue to play a vital role in reducing the cost of fuel production.

    He added that it also help in mitigatinh exchange rate volatility, and supporting indigenous refining capacity.

    Lokpobiri stated that through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the government had streamlined the licensing process, from the Licence to Establish, to Construct, and Operate.

    This, he added, helps in ensuring that credible investors are supported rather than hindered by bureaucratic bottlenecks.

    The minister noted “Beyond licensing, the government is also facilitating crude oil supply to domestic refiners through the effective implementation of the Domestic Crude Oil Supply Obligation (DSCO).

    “No nation can claim energy independence without the ability to refine its own crude.

    He noted that the timing of the summit is critical, as Nigeria, and Africa at large, faces a pivotal moment requiring bold action to ensure energy security, promote indigenous refining, and position the continent as a net exporter of petroleum products.

    He said that under the Renewed Hope Agenda of President Bola Tinubu, indigenous refining had been identified as a key driver of energy independence, job creation, and industrial revitalisation.

    “Today, we have seen indigenous success stories such as Dangote Refinery & Petrochemical, Waltersmith Petroman Refinery, and Aradel Holdings, among others.

    “These demonstrate that Nigerians possess both the capacity and the will to refine Nigeria’s crude oil locally.

    “These projects are more than just facilities; they symbolize confidence in our policy direction. We are committed to replicating such success across all oil-producing states,”Lokpobiri said.

    In a move to expand Nigeria’s refining influence beyond its borderthehe added  that the government had  launched the West African Fuel Reference Market, aimed at positioning Nigeria as a regional hub for refining and petroleum product supply within the West African subregion.

    “With increased domestic refining capacity, Nigeria will not only meet its internal demands but also become a reliable supplier to neighboring countries, reducing dependence on distant refineries and costly maritime imports.

    “This aligns with the African Union’s vision for energy integration and intra-African trade under the African Continental Free Trade Area (AfCFTA),” he noted.

    Looking ahead, Lokpobiri said the government would  ensure feedstock security for all licensed refiners and deepen fiscal incentives to attract further investments.

    He also highlighted ongoing efforts to enhance collaboration among the Ministry of Petroleum Resources, NMDPRA, NUPRC, and security agencies to combat crude theft, pipeline vandalism, and improve relationships with host communities.

    The minister further stressed the need for African nations to collaborate on product exchange, logistics, and shared energy infrastructure.

    “The path to Africa’s energy security runs through the gates of our refineries and the institutions that support them.

    “The Federal Government remains fully committed to supporting indigenous refiners, strengthening regulatory institutions, and creating an enabling environment for sustainable growth in the downstream sector.

    “Let this COREN Summit 2025 serve as a renewed call to industry players, regulators, investors, and policymakers—to unite in building an Africa that refines what it produces and powers its future through its own resources,” he said.

  • Investors gain N308bn as equities market sustains rally

    Investors gain N308bn as equities market sustains rally

    The Nigerian equities market on Thursday sustained its upward trend as investors recorded a gain of N308 billion.

    Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N92.490 trillion, appreciated by N308 billion or 0.33 per cent to close at N92.798 trillion.

    Similarly, the All-Share Index added 0.33 per cent or 485.25 points to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

    Sustained interest in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance.

    The market breadth also closed positive with 32 gainers and 21 losers.

    Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share respectively.

    Sunu Assurances appreciated by 9.90 per cent to close at N5.77, while Industrial and Medical Gases rose by 9.10 per cent to finish at N35.95 per share.

    Mecure also gained 8.81 per cent, ending the session at N28.40 per share.

    READ ALSO: Council of State approves Prof Joash Amupitan as new INEC Chairman

    Conversely, FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

    Tantalizer followed with a 3.35 per cent decline to close at N2.31, while Fidelity Bank shed 2.38 per cent to finish at N20.50 per share.

    PZ Cussons also dipped by 2.18 per cent to close at N38.15, while Veritas Kapital Assurance fell by 1.90 per cent to end at N2.06 per share.

    Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

    A total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

    Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

    Please Read: Stock Market Appreciates by N1.36Trillion in Three Days

    Dangote Cement followed with 20.9 million shares worth N11 billion, while Sterling Nigeria traded 19.8 million shares valued at N162.9 million.

    Jaiz Bank transacted 19.5 million shares worth N85.27 million, and CHAMS traded 17.69 million shares valued at N76.9 million. 

  • Chinese Retail Giant, Temu faces prosecution in Germany

    Chinese Retail Giant, Temu faces prosecution in Germany

    Germany’s competition watchdog has initiated proceedings against the Whaleco Technology Limited group, which is behind the Chinese online retail giant Temu.

    It said that conditions for traders on Temu’s platform and the company’s treatment of suppliers are to be reviewed, a statement from the Federal Cartel Office said on Wednesday.

    “We are investigating the suspicion that Temu could be imposing unauthorised conditions on the pricing of retailers on the German marketplace,” said Andreas Mundt, the authority’s president.

    “Such requirements could constitute significant restrictions of competition and ultimately also result in price increases on other sales channels,” he added.

    Temu is one of the largest online retailers in Germany.

    Several million people in the European Union shop on the platform.

    In July, the European Commission released preliminary findings of a probe into Temu, finding the company is violating EU laws by not doing enough to tackle the sale of illegal products on its platform. 

  • Stock market records N618bn gain

    Stock market records N618bn gain

    The stock market closed the week with a gain of N618 billion on Friday, following sustained interest in medium and large capitalised stocks.

    Specifically, market capitalisation grew by N618 billion or 0.7 per cent, closing at N89.960 trillion from N89.342 trillion on Thursday.

    Similarly, the All-Share Index increased by 983.99 points or 0.7 per cent to close at 142,133.03 from 141,149.04 recorded previously.

    Also, the market breadth closed positive with 36 gainers and 23 losers.

    Thomas Wyatt Nigeria led the gainers’ table by 10 per cent, closing at N3.30 while The Initiates and Eunisell Interlinked grew by 9.98 per cent each, ending the session at N13.22 and N33.60 per share respectively.

    FTN Cocoa Processors rose by 9.96 per cent, finishing at N5.96 and Omatek Ventures soared by 8.57 per cent, settling at N1.14 per share.

    Conversely, Fidelity Bank led the losers’ table, dropping by 10 per cent, closing at N18.45, Custodian Investment trailed by 8.90 per cent, settling at N44 while Cutix fell by 8.31 per cent, finishing at N3.20 per share.

    Daar Communications dipped by 7.02 per cent, ending the session at N1.06 and Union Dicon Salt declined by 5.26 per cent, closing at N9 per share.

    Analysis of the market activity revealed decline in the market value and volume with an improvement in the deals.

    A total of 518.7 million shares valued at N18.05 billion were traded across 22,350 deals, compared to the previous day’s 5.5 billion shares worth N419.7 billion exchanged in 20,399 transactions.

    Abbey Mortgage Bank topped the activity chart in volume with 50.03 million shares valued at N340.2 million.

    Zenith Bank followed with 38.97 million shares worth N2.7 billion while Stanbic IBTC sold 38.95 million shares valued at N4.2 billion.

    FCMB traded 32.3 million shares worth N347.8 million and Sovereign Trust Insurance transacted 27.3 million shares valued at N84.1 million. 

  • CSCS to launch T+2 settlement cycle in November

    CSCS to launch T+2 settlement cycle in November

    The Central Securities Clearing System (CSCS) of the Nigerian Exchange on Wednesday organised a sensitisation session for stakeholders on the smooth transition to a T+2 settlement cycle.

    Nigerian Anchor reports that the T+2 settlement cycle shall be due for launch on November 28, 2025.

    Towards the realisation of this objective the management of the exchange organised a webinar, bringing together capital market operators, regulators, and the Nigerian Exchange Ltd.

    The programme’s theme was ‘Advancing Market Efficiency through T+2 Settlement’ and it provided updates, guidance, and clarity on the transition process.

    CSCS Chief Executive Officer, Haruna Jalo-Waziri, highlighted the extensive groundwork done to ensure a seamless transition, stressing the importance of efficiency and liquidity in Nigeria’s capital market.

    Represented by Adeyinka Shonekan, CSCS Executive Director, Jalo-Waziri explained that the shortened cycle was part of CSCS’s mandate to improve efficiency and liquidity in the market.

    He said CSCS worked closely with the Securities and Exchange Commission (SEC), which led to the formation of a market-wide committee on settlement transition.

    The committee, comprising stakeholders across the market ecosystem, benchmarked global best practices, assessed risks, and recommended the optimal path for Nigeria’s capital market.

    Its report recommended a phased transition from T+3 to T+2, and eventually T+1.

    He noted that SEC’s approval of T+2 for November 2025, and T+1 for April 2026, marked a major milestone.

    Sub-working groups were established to amend rules, test processes, conduct gap analyses, and drive stakeholder engagement for smooth adoption.

    He stressed that the transition would align Nigeria’s market with global standards, strengthen liquidity, reduce risks, and boost investor confidence.

    The shift, he said, would enhance Nigeria’s ability to attract and retain domestic and international capital.

    SEC Executive Commissioner, Operations, Bola Ajomale, said the transition would redefine Nigeria’s capital market and economy.

    Ajomale assured stakeholders of SEC’s full support in testing and implementing the new system.

    “In case of modifications, our doors are open. We urge stakeholders to review systems, conduct checks, and support this transition with clients,” he added.

    Nigerian Exchange Ltd. CEO, Jude Chiemeka, emphasised that building a future-ready market required strong collaboration among regulators, brokers, custodians, and investors.

    He said implementing T+2 was a major step forward, paving the way for a T+1 settlement cycle.

    “The adoption of T+2 reduces the settlement period from three to two business days. NGX is prepared to lead this transformational shift,” he stated.

    He added that industry stakeholders were investing heavily in training and sensitisation programmes to ensure readiness.

    NASD Managing Director, Eguarekhide Longe, represented by Chinwendu Ekeh, said the association was ready for seamless transition, with platforms synchronised with CSCS and other stakeholders.

    He explained that access, trading time, and rules would remain unchanged, but proceeds from securities sales would be available sooner, enhancing liquidity and market attractiveness.

    Longe urged operators to strengthen processes around trade confirmation, documentation, and fund availability, stressing NASD’s commitment to collaboration.

    Lagos Commodities and Futures Exchange CEO, Akinsola Akeredolu-Ale, said commodities markets would greatly benefit from the T+2 cycle.

    He noted that farmers, aggregators, and investors would gain quicker access to funds, reduced risks, and improved confidence.

    He said NASD played a strategic role in achieving the transition by positioning Nigeria as a transparent, competitive commodities hub.

    Akeredolu-Ale added that NASD had invested in training market intermediaries and Pan-African programmes to strengthen capacity across the continent.

    “We have secured approval to fully engage in this new settlement ecosystem, and we are ready,” he said.

    Onome Komolafe, Divisional Head, CSCS Depository, gave a technical overview of the transition and reaffirmed the organisation’s readiness. 

  • Strike: Dangote, NUPENG talks deadlocked 

    Strike: Dangote, NUPENG talks deadlocked 

    Prospects of the return of fuel queues loom as a marathon meeting convened by the Federal Government to resolve NUPENG’s strike against alleged Dangote Refinery’s anti- union practices ended in stalemate at dawn.

    The Federal Government, through the Ministry of Labour and Employment, yesterday convened the emergency meeting in a bid to end the planned industrial action on Monday in Abuja.

    The meeting aimed to address allegations of anti-union practices against the Dangote Refinery, but discussions reportedly  broke down as the Dangote representatives walkout of the meeting.

    The Minister of Labour and Employment, Alhaji Muhammad Dingyadi, who presided over the meeting, told newsmen that progress was slow.

    “We have not been able to reach final agreement on this matter. Negotiations will continue.

    “Maybe by tomorrow, we will resolve the issues. I appeal to everyone to maintain peace as discussions continue,” he said.

    The minister, therefore assured all, that the government is still committed to finding common ground for all parties.

    Speaking, Mr Benson Upah, Acting General Secretary of the Nigeria Labour Congress (NLC), alleged that the Dangote’s delegation was deliberately sabotaging the process.

    “The representative of the Dangote Refinery walked out on the Honourable Minister and Organised Labour. So, there was no agreement.

    “Even, when we bent backwards to accommodate his uncompromising behaviour, he still did what he did.

    “So, we are left with no choice than to do the needful. The action continues,” Upah said.

    He added that the labour movement remained open to dialogue, but, could not negotiate alone.

    “It takes more than one party to reach a resolution.

    “Whenever the Dangote Refinery sees the need for genuine dialogue, we are ready, even this night, if they return,” he said.

    NUPENG President, Mr Williams Akporeha, accused Dangote Refinery of seeking to suppress workers’ rights, while expanding its monopoly in Nigeria’s energy sector.

    According to him, NUPENG’s action on the matter is for the interest of Nigerians.

    “We cannot stand an investor whose main purpose is to enslave Nigerians.

    “Dangote cannot take us back to the dark days of slavery.”he added.

    He further accused the refinery of denying employees the right to unionise.

    “Nigerians have wished him well. He should not enslave them.

    “He wants to monopolise the entire system and even the workers. This, we say, No to,” he said. 

  • NUPENG strike suffers setback as key associate withdraws

    NUPENG strike suffers setback as key associate withdraws

    The Association of Distributors and Transporters of Petroleum Products (ADITOP) has dissociated itself from the intended strike by the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and its cohorts.

    The National President of ADITOP, Alhaji Lawan Dan-Zaki, said this in an interview with newsmen on Monday in Abuja.

    Nigerian Anchor reports that NUPENG had announced that its members would commence a nationwide strike from Monday, and warned of an imminent nationwide fuel scarcity.

    The strike is in protest against what it described as anti-labour practices linked to the deployment of newly imported Compressed Natural Gas (CNG)-powered trucks by the Dangote Refinery, for direct distribution of petroleum products.

    Dangote’s programme on direct distribution of petroleum products to end users is aimed at eliminating logistics costs, enhancing energy efficiency, promoting sustainability and supporting Nigeria’s economic development.

    Dan-Zaki, while stating that the purported strike was uncalled for, added that ADITOP was in support of Dangote’s new petroleum products distribution scheme.

    He said that Dangote’s transformational efforts would not only sanitise the industry, but would further stabilise both supply and distribution, while providing jobs and new skills to millions of unemployed Nigerians.

    “We, members of ADITOP, hereby inform the General Public and the Federal Government that we dissociate ourselves from any intended strike or disruption by NUPENG and its cohorts.

    “We intend to continue moving petroleum products across the country without fear of molestation.

    ADITOP is in support of any petroleum products distribution scheme aimed at distributing products to the end users seamlessly and promoting economic development,’’ he said.

  • Andy Odeh is the Spokesman of NNPCL

    Andy Odeh is the Spokesman of NNPCL

    … Morenike Adewunmi is Chief Relations Officer

    The Nigerian National Petroleum Company Limited (NNPCL) has announced the appointment of Andy Odeh as Chief Corporate Communications Officer and Morenike Adewunmi as Chief Relations Officer.

    Odeh’s appointment follows the resignation of Femi Soneye two months ago.

    With over three decades of experience spanning communications, advertising, broadcasting, and oil and gas, he joins NNPCL after a 26-year career at Nigeria LNG (NLNG).

    At NLNG, Odeh held senior roles in community relations, business logistics, government engagement, and corporate communications.

    He also spearheaded the company’s rebranding, developed a micro-credit scheme for host communities, and established the NLNG Prize for Energy Reporting.

    Odeh is an alumnus of the University of Jos, University of Lagos, INSEAD Business School, and the National Institute for Policy and Strategic Studies (NIPSS).

    Meanwhile, Morenike Adewunmi, a seasoned legal professional with over 25 years in the oil and gas industry, takes up the role of Chief Relations Officer.

    She previously worked with Shell Companies in Nigeria (SCIN), where she specialized in stakeholder management, advocacy, and regulatory compliance.

    According to NNPCL, Adewunmi is widely respected for her ability to navigate complex external landscapes and safeguard the company’s license to operate.