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Category: Business

  • Nigeria’s Equity Market Gains N355bn

    Nigeria’s Equity Market Gains N355bn

    Transactions on the floor of Nigerian Exchange on Monday opened the week in positive note, gaining N355 billion following gains recorded by BuaCement, Nigerian Breweries, NGX group among others.

    Market capitalisation of listed equities increased higher by 0.97 per cent to N36.865 trillion from N36.510 trillion reported the previous day.

    The NGX All Share Index also appreciated by 646.76 basis points to 67101.33 points from 66454.57 points reported on Friday.

    A review of the trading activities showed that BuaCement led gainers table in percentage terms, gaining 10 per cent to close at N103.40 per unit, Chi Plc followed with a gain of 9.80 per cent to close at N1.12 per unit, Nigerian Breweries added 9.09 per cent to close at N42.00, John Holt increased by 8.11 per cent to close at N1.60 per unit, SUNU Assurance added 7.22 per cent to close at N1.04 per share.

    On the contrary, Prestige insurance topped losers chart, dropping by 10 per cent to close at N0.45 per unit, FTNCocoa trailed with a loss of 8.33 per cent to close at N1.65 per unit, Neimeth international Pharmaceutical down by 7.74 per cent to close at N1.55 per unit, Sovereign Trust Insurance fell by 5.0 per cent to close at N0.38 per unit, ETranzact down by 4.26 per cent to close at N9.00.

    Volume of transactions declined by 105.43 million, representing 28.18 per cent as investors traded 268.663 million shares valued at N3.463 billion in 6911 deals against 374.093 million shares costing N8.933 billion in 6882 deals.

    The result further showed that ABC Transport was the toast of investors due Ng the day accounting for 29.269 million shares valued at N19.908 million, AccessCorp followed with account of 29.171 million shares valued at N465.977 million, Oando Plc traded 27.090 million shares valued at N252.976 million, United Bank for Africa exchanged 23.751 million shares cost N407.671 million, TransCorp traded 23.735 million shares valued at N149.510 million.

  • SON Destroys Substandard Goods Worth N7m In Bauchi

    The Standards Organisation of Nigeria (SON) on Monday said it had destroyed expired and substandard goods worth N7 million in Bauchi State.

    The SON Zonal Director, Northeast Zone, Mr Adamu Abba, said during the exercise in Bauchi that destroying the expired and substandard goods was to ensure that only quality goods were sold to citizens.

    He said the exercise was in collaboration with the Bauchi State Environmental Protection Agency to ensure that all the food and non-food items seized were destroyed in a most environmentally friendly way.

    “This is to protect the lives and property of citizens as well as to save the environment.

    “The products destroyed include: beverages, cosmetics, mayonnaise, peak milk, agrochemicals, among others,” he said.

    The Zonal Director reiterated that the fight against substandard products was a collective responsibility of all.

    He appealed to members of the public to report any suspicious substandard product in the market to the office of SON.

    Abba commended traders and artisans’ associations for their cooperation as they voluntarily reported most of the expired products to the organisation for proper action.

    Also speaking, the State Coordinator of the organisation, Mr Murtala Sa’ad, noted that the feat was achieved as a result of commitment and expertise exhibited by his personnel through their weekly market survey.

    “This resulted in the seizure of the expired, substandard and unbranded products from various shops in Bauchi,” he said.

    He warned traders to desist from sharp practices, saying the organisation would not relent in hunting defaulters and ensuring that they faced full wrath of the law.

    Sa’ad advised members of the public to always check for expiry dates of products before using them with a view to safeguarding their health.

  • Pipelines Rehabilitation Contracts Based on Evaluation Criteria – NNPCL

    The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified that the contracts for pipeline rehabilitation were awarded based on evaluation criteria and in accordance with industry standards.

    The management of the NNPC Limited made this known in a statement on Sunday while reacting to reports in some section of the media alleging underhand dealings in the contract award.

    It said the contracts, which were advertised, were awarded based on rigorous evaluation criteria and in line with industry norms.

    “The attention of the NNPC Ltd has been drawn to reports in an isolated section of the media alleging underhand dealings in the award of contracts for the rehabilitation of pipelines across the country.

    “It is crucial to provide accurate information to address any misconceptions and ensure transparency in our operations.

    “We would like to state categorically that these reports are fallacious and designed to bring the good name of the Company into disrepute.

    “NNPC Limited is deeply committed to adhering to the highest standards of transparency and global best practices in all our activities, and this includes our contracting process,” it said.

    The NNPC Limited, while re-emphasising its commitment to transparency, said it subjected the selection process to a competitive tender guided by Bureau of Public Procurement standards, Infrastructure Concession Regulatory Commission expertise, and the active involvement of a Transaction Advisor.

    It said it also had representations from NEITI and the Ministry of Justice in the project development team and the evaluation exercise.

    It listed the composition of Consortium members per lot spread across Nigeria.

    “LOT 1: Oilserve Ltd, Chu Kong Steel Pipe Group Company Ltd, Saudi Crown Oilserve.

    “LOT 2: MacReady Oil and Gas Services, COBRA Instalicios S.A, Control Y Montajes Industriales and International De Pipelines, Iron Products Industries Ltd, Batelitwin Global Services Ltd, Bauen Empresa Constructora SAU, Sanderton Energy Ltd, The Spanish National Association of Manufacturers.

    “LOT 3: A A Rano, Zakhem Construction Nigeria, Bablinks Resources Ltd, VAE Controls S.R.O and LOT 4: MRS Oil and Gas, CPPE Nigeria Ltd

    “It is imperative to emphasise that these contracts are Build, Operate and Transfer agreements, and selected partners are to finance the rehabilitation and do not entail the transfer of control of these assets to any particular company,” it said.

    It said its objective was to enhance the integrity and functionality of the pipelines to facilitate the efficient transportation of crude oil to refineries and the distribution of its products across the country.

    According to the NNPC management, the ownership of these strategic national assets remains with NNPC Limited, and are fully committed to ensuring their continued operation in the interest of over 200 million Nigerians.

    It would be recalled that some sections of the media recently alleged that NNPC Ltd has awarded juicy rehabilitation contracts of the nation’s pipelines to four oil companies, including two downstream retailers. 

  • Multiple Taxations Discouraging Investments In Telecoms Industry, Operators Lament

    Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON) Engr. Gbenga Adebayo has said that the challenge of multiple taxation is one of the major factors discouraging further investments in the industry.

    This is coming on the heels of the Capital Importation data released by the National Bureau of Statistics (NBS) which shows a plunge in Foreign Direct Investments in Nigeria’s telecommunications sector in the second quarter of 2023, attracting only $25.81 million as against $153.50 million recorded in the same period last year, representing a 494 per cent decline year on year.

    The NBS data also revealed that the telecom sector accounted for 2.51 per cent of the total capital inflow into the economy in the second quarter of 2023, which stood at $1.03 billion.

    Reacting to the report, Adebayo said telecom operators are currently paying a total of 39 taxes and levies, and governments at different levels in the country keep coming up with different charges.

    He said the undefined tax regime in the industry has made planning and projections very difficult for players in the industry, adding that potential investors are also on the lookout for these factors and are still watching.

    Expressing a similar view, the immediate past President of the Association of Telecommunications Company of Nigeria (ATCON) another umbrella body of players in the telecom industry, Engr. Ikechukwu Nnamani also observed that instability in the country’s forex market has been a major discouragement for many foreign investors who are interested in the country’s telecoms.

    “It has been estimated that the country would require $100 billion in investments in the next 10 years to bridge the existing infrastructure gap in the telecom sector, but where is the money going to come from? The exchange rate situation in Nigeria is of serious concern for foreign investors; they are not sure of what the situation will be by the time they want to repatriate their returns. Their returns on investments could be halved due to the fluctuations in the exchange rate. If we want to see the investors, we have to first address the foreign exchange situation,” he said.

    While there has been a general downtrend in FDI in the country’s economy since the outbreak of the coronavirus (COVID-19) pandemic in 2020, the telecoms sector has been recording a consistent decline in investments over the last 5 years.

  • CBN Earns N912bn Income From W&Ms Loans To FG

    The Central Bank of Nigeria (CBN) has earned a total of N912.32 billion from interest payments in the first quarter of 2023 on the Ways and Means (W&Ms) advances to the Federal Government, according to the Budget Office report.

    This substantial figure was reported in the first quarter’s 2023 Budget Implementation Report, released by the Budget Office of the Federation.

    The interest payment amount marks a substantial increase of 161.47 percent when compared to the N348.92 billion spent during the same quarter in 2022.

    Nigeria had initially allocated N1.2 trillion to service the CBN Ways and Means Advances in this year’s budget, translating to approximately N300 billion per quarter. However, the government had already expended about 76.03 percent of its budgeted amount for interest payments on these loans during the first quarter.

    Ways and Means Advances serve as a loan facility extended by the Central Bank to support the government during periods of temporary budget deficits, subject to legal limits.

    According to Section 38 of the CBN Act, 2007, the central bank can provide temporary advances to the federal government to address temporary budget shortfalls at interest rates set by the bank.

    The Act stipulates that the total outstanding advances should not exceed five percent of the previous year’s actual revenue of the Federal Government.

    Furthermore, all advances must be repaid as soon as possible, and in any case, no later than the end of the Federal Government’s financial year in which they were granted.

    Failure to repay these advances by year-end would limit the central bank’s ability to grant further advances in subsequent years unless outstanding advances are settled.


  • Blue Economy Can Provide 350m Jobs If Harnessed Properly —NIMASA DG

    The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Bashir Jamoh has posited that Nigeria’s blue economy has the capacity to offer 350 million jobs if adequately harnessed.

    Jamoh, who was represented by the Acting Coordinator of NIMASA, Abuja Office, Hajia Rakiya Lamai, said during the NIMASA Special Day at the 18th Abuja International Trade Fair, Abuja.

    According to him, Nigeria’s vast under-utilised blue economy offers huge opportunities for growth and development to overcome its present economic challenge.

    “The blue economy has enormous potential as it offers the country the opportunities of 350 million new jobs if adequately harnessed.

    “Ocean resources like fishes, shrimps and other sea foods have not been satisfactorily harnessed, just as ship repairs are done in neighbouring countries and in faraway Turkey because the facilities are lacking locally.

    “With a combination of modern technology, relevant laws and support from the Federal Government, relevant agencies and stakeholders, disbursement of CVFF Funds, NIMASA is working to fulfill its mandate of regulating operations in the maritime industry,” he said.

    He said NIMASA was intensifying efforts to secure the Nigerian maritime environment and develop indigenous capacity for shipping expansion to provide value addition for sustainable growth and development of the Nigerian economy.

    Jamoh further said waterways expansion would be a much better incentive than tax waivers as it would encourage more Foreign Direct Investment (FDI) and private sector involvement in the maritime transport business.

    According to the NIMASA boss, moving toward waterways expansion will boost Port services and encourage the much-needed development in the industry.

    “While we await a cohesive policy to fully kick into gear, we must all become ‘Blue Ambassadors’ (Advocates for the Blue Economy).

    “The Blue Economy is every Nigerian’s Economy; the Media, Civil Society and other non-state actors, all have a role to play in galvanizing greater national awareness and participation.

    “We must rethink our waters, we need a total rethink from a ceremonial view; events such as Argungu Fishing Festival as well as others which must be redesigned and repackaged from the standpoint of the blue economy,” he said.

    He said efforts ought to be doubled to banish sea blindness amongst Nigerians and make seaward and sea-related activities more mainstream and attractive.

     He added that a Public Private Partnership (PPP) ought to be harnessed for maritime cluster development. 

  • IGR: FCTA Sets N250bn Monthly Target, Mobilises Agencies

    The Federal Capital Territory Administration (FCTA) has mobilised its revenue generating agencies to improve its Internally Generating Revenue (IGR) to N250 billion a month.

    Mr Chinedum Elechi, Mandate Secretary Economic Planning, Revenue Generation and Public Private Partnership (EPRGPP) Secretariat, FCTA, stated this in Abuja at the weekend.

    Elechi told journalists after a meeting with revenue generating agencies that FCTA had the capacity to generate from N200 billion to N250 billion a month as IGR.

    “We think that FCTA has the capacity to do N250 billion a month, on a good day and that is the sort of target we are looking at.

    “We can even do N300 billion a month in some good periods. So that is what we want to work out.

    “However, in trying to grow revenue, it will also have a human face, because we are going to be dealing with issues of multiple taxation, so things are going to be streamlined.

    “We are going to make sure that taxation has a human face,” he said.

    Elechi stressed the need for the citizens to perform their civic duty of paying their taxes as at when due.

    He explained that the meeting was to find ways to improve IGR in FCT, which he said was pivotal to the aspiration of making Abuja one of the developed capital cities of the world.

    Elechi said that the meeting was necessary for all the revenue generating agencies to be on the same page and work as a team towards tapping the full revenue potential in the FCT.

    Describing the meeting as “exploratory”, the secretary stressed the need to lay down some strategies on how to improve IGR.

    He added that oil revenue was no longer sustainable, stressing, “for us in the FCT, the fall back is the IGR, and we have to work together to make a difference.

    “The goal is not just to harness what we have but also to improve it. This means that the more we grow our revenue, the better it will be for all of us.

    “The message is that every person in this room has a responsibility to generate more revenues for the FCTA.”

    Elechi reminded the revenue generating agencies that their mandate based on the renewed hope agenda of President Bola Tinubu was to grow IGR.

    He assured the agencies that the secretariat would find ways to incentivise performance by agreeing on certain percentages that would go to agencies based on what they generated.

    “We have all agreed that we are going to work in synergy for the purpose of growing the IGR of the FCT.

    “This is key because revenue is everything. Without revenue, without income, FCTA will not be able to deal with development issues that require funds.

    “The Minister of the FCT, Mr Nyesom Wike has made it clear that he is prepared to run the FCTA with IGR and whatever comes from the federation account will be extra,” he said.

    On blocking revenue leakages, the secretary said that the agencies would work together in synergy to ensure that all revenue due to FCTA goes to the FCTA.

    Earlier, the Director, Administration and Finance, EPRGPP, Mr Prospect Ibe, explained that the objective of the meeting was to interact, document challenges and suggest ways forward.

    The goal, according to him, was to enable FCTA to achieve its mandate.

    During the interactive session, Dr Babagana Adams, Director, Department of Outdoor Advertisement and Signage, said that the department generated N3 billion in three years and expressed commitment to improve revenue generation.

    Also, Alhaji Dan Maradin, Head of Commerce, FCT Water Board, said it had increased its revenues from an average of N1.5 billion annually to over N2 billion.

    “We were hovering around N150 million to over N300 million monthly,” he said.

    On his part, Alhaji Malik Tukur, Director, FCT Inland Revenue Service, stressed the need for inter-agency collaboration as against working in silos.

    Tukur said that FCTA would generate more revenue with strong collaboration among revenue generating agencies. 

  • Active Internet Subscribers Hit 159.03m – NCC

    The Executive Vice Chairman of Nigerian Communications Commission (NCC) Prof. Umar Garba Danbatta says the number of active mobile subscriptions reached 220,715,961 million as at August 2023.

    Danbatta also said the number of active Internet subscribers was 159,034,717 million with broadband penetration at 45.57 per cent as at August, 2023.

    Danbatta stated this at the ‘NCC Day’ during the 18th Abuja International Trade fair organised by the Abuja chamber of commerce and industry on Thursday in Abuja.

    Represented by the Director, Consumer Affairs, Mr Umar Alkasim, the EVC said growth in the telecom sector has been remarkable.

    “The steady growth of the telecoms sector over the years with its pervasive positive impact on all other sectors of the economy in terms of increased automation of processes and digital transformation in service delivery has been remarkable.

    “This, however, would not have been possible without you, telecoms consumers who are using the services daily. “

    He said in order to sustain the growth, “the NCC has over the years created a conducive environment that stimulates deployment of robust telecoms and broadband infrastructure for improving the quality of service (QoS) and quality of experience (QoE) for telecoms consumers, be it individuals or corporates. 

    “This is because, as a country, we need robust telecoms infrastructure that will help our industries transit to becoming Information and Communication Technology (ICT)-driven if we hope to be digitally competitive on the global stage.  “

    The NCC boss said the Commission is working assiduously with various stakeholders including the consumers, to see how more businesses can embrace digital platforms for delivering their services to the consumer. 

    “As a regulator, we also ensure we constantly inform you, the consumers on how to be protected to prevent cases of online fraud or avoid consumers falling victim to cybercrime antics while in their legitimate use of the Internet,” he said. 

    He said the NCC will continue to provide a level-playing ground for operators to thrive, promote investment and delivery of innovative services to individual consumers and business owners by ensuring enhanced consumer quality of experience.

  • No Plan To Increase Petrol Pump Price –NNPCL

    The Nigeria National Petroleum Company Limited (NNPCL) has said it has no plans of increasing the pump price of petrol.

    In a statement posted on its verified X handle, and signed by the company’s Retail Management, it urged Nigerians to ignore speculations about a possible increase.

    NNPC Limited GCEO, Mele Kyari, had repeatedly stressed that the company would not increase the price of petrol from its present N617 per litre.

    “Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated.

    “Please buy the best-quality products at the most affordable prices at our NNPC Retail Stations nationwide,” the statement read.

  • Equity Market Rebounds, Gains N140bn

    Equity Market Rebounds, Gains N140bn

    Nigeria’s equity market on Thursday rebounded and gained N140 billion following gains recorded by small and medium stocks in the market.

    Market capitalisation of listed equities increased by 0.38 per cent to N36.526 trillion from N36.386 trillion reported the previous day.

    The NGX All Share Index also appreciated by 87.91 basis points to 66570.19 points from 66482.28 points traded on Wednesday.

    A review of the trading activities showed that Wema Bank led the gainers table in percentage terms, gaining 9.93 per cent to N4.65 per share, Thomas Way followed with a gain of 9.74 per cent to close at N2.14 per share, Regal insurance added 8.82 per cent to close at N0.37 per unit, Daar Communications and Royal Express increased by 8.70 per cent to close respectively to N0.25 per share and N0.50 Kobo per unit.

    On the contrary, Champion Breweries topped losers’ chart, shedding 9.87 per cent to close at N3.38 per share, Chellaram trailed with a loss of 9.84 per cent to close at N3.48 per unit, ABC Transport fell by 9.72 per cent to close at N0.65 per unit, APDC dropped by 8.57 per cent to close at N1.28 per share, MCNICHOLS dipped by 7.69 per cent to close at N0.60 per unit.

    Volume of trades increased by 356.485 million, representing a growth 54.22 percent as investors exchanged 1.014 billion shares valued at N4.733 billion in 6959 deals against 657.515 million shares worth N4.597 billion made in 6647 deals the previous day.

    Transactions in the shares of Neimeth international Pharmaceutical led market activities with 657.094 million shares valued at N985.649 million, Oando Plc followed with account of 75.146 million shares cost N771.243 million, Fidelity Bank traded 35.143 million shares cost N288.091 million, Sterling Bank exchanged 24.430 million shares worth N87.369 million while Ellah Lakes traded 19.018 million shares valued at N76.074 million.