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Category: Business

  • Equity Market Continues Bullish Run, Gains N266bn

    The local equity market Tuesday sustained its bullish run, gaining N266 billion, following gains recorded by BUAfoods, Transcorp Hotel, Berger Paint, Oando, Fidelity Bank among oth

    Market capitalisation of listed equities increased by 0.71 per cent to N37.413 trillion from N37.147 trillion reported the previous day.

    The NGX All Share Index also appreciated by 482.05 basis points to 68359.22 points from 67877.17 points traded the previous day.

    An analysis of the investment showed that Ellah Lakes led gainers table, gaining 10 per cent to close at N3.65 per share, Berger Paint followed with a gain of 9.95 per cent to close at N11.60 per share, ETranzact gained 9.93 per cent to close at N8.08 per share, Chams Plc added 9.92 per cent to close at N1.33 per unit, Oando Plc increased by 9.92 per cent to close at N13.30 per unit.

    On the contrary, NSL Tech and SCOA Plc topped losers chart, dropping by 10 per cent each to close at N0.27 per share and N1.26 per share respectively, Multiverse trailed with a loss of 9.93 per cent to close at N2.27 per unit, Cornerstones fell by 8.76 per cent to close at N1.25 per unit while Daar Communication fell by 8.70 per cent to close at N0.21 per unit.

    Volume of activities increased by 161.450 million, representing 31.33 per cent as investors traded 676.736 million shares valued at N5.893 billion in 7659 deals against 515.280 million shares valued at N8.925 billion in 8357 deals.


    Transactions in the shares of Universal insurance led market activities with account 235.152 million shares valued at N48.167 million, United Bank for Africa followed with 69.101 million shares cost N122.690 million, Transnational Corporation of Nigeria traded 41.572 million shares worth N274.177 million, Fidelity Bank traded 34.639 million shares worth N278.184 million, Chams Plc sold a total of 29.959 million shares cost N39.790 million.

  • Terminal Operators Responsible For Cooking Gas Price Hike -Marketers

    The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGM), Olatunbosun Oladapo, has accused terminal operators of forcing the price of Liquified Petroleum Gas, LPG, (Cooking Gas) up.

    The NALPGM President Olatunbosun Oladapo, said if the operators continue to adjust the price, then the price of 12.5kg of LPG may hit N18,000 by December.

    He therefore called on the Federal Government to check the activities of terminal owners, Gas retailers.

    Oladapo, said that there has been a sudden increment from between N9 million and N10 million per 20 metric tons to N14 million per 20 metric tons.

    He said if the federal government doesn’t intervene, the price of gas could “potentially reach N18 million per metric ton by December.”

    He said: “There is a ridiculous hike in gas prices going on right now, and I am afraid that if the Federal Government does not step in to checkmate the activities of these terminal owners, the price could reach as high as N18m per metric ton by December. This means that a 12.5kg could go as high as N18,000.

    “Terminal owners are hiding under the guise of high foreign exchange to increase the price to further increase the suffering of the masses.

    “Now, the ordinary man would not be able to buy gas. How many minimum wage earners can afford gas now? Everyone is turning to firewood and charcoal. The surprising thing was that they visited President Tinubu last week, and promised to work together with his administration to make life better.

    “Now they have come back and started doing something else. Where are all the palliatives and buses they promised to donate? We have not seen anything.”

    The NALPGM President had in August hinted that Nigerians may pay higher for cooking gas from mid-August 2023.

    He attributed the reasons for the expected increase to rising international prices, high tax rates, high prices of vessels, forex scarcity, and Naira devaluation.

  • NDIC begins liquidation payment to depositors, ex-staff of defunct Peak Merchant Bank

    The Nigeria Deposit Insurance Corporation (NDIC), has commenced the first liquidity payment to depositors and ex-staff of the defunct Peak Merchant Bank.

    In a statement by Director, Communication & Public Affairs of the Corporation, Bashir A. Nuhu, the verification exercise which is expected to run from 18thSeptember to 16th October, 2023,would enable depositors of the defunct bank to cross-check and ascertain their account information as well as balances with the bank as at closure.

    “As the official Liquidator of the failed Banks in Nigeria, the Nigeria Deposit Insurance Corporation (NDIC), in line with its mandate wishes to inform the depositors & ex-staff (deposits) of defunct Peak Merchant Bankthat it has concluded preparations to pay their first liquidation dividend,” it said.

    The deposit insurer enjoined all eligible stakeholders of the defunct bank to visit any of its offices or its website for verification of their claims.

  • Domestic Equity Opens Week Bullish, Gains N263bn

    Domestic equities Monday opened the week bullish, gaining N263 billion.

    The market capitalisation of listed equities increased by 0.71 per cent to close at N37.149 trillion from N36.886 trillion it closed on Friday.

    The Nigeria Exchange (NGX)’s All Share Index (ASI) also appreciated by 481.43 basis points to 67877.17 million points from 67395.74 points recorded the previous day.

    An analysis of the investment showed that Chams Plc, Northern Nigeria Flour Mills and Oando Plc led gainers table with 10 per cent each to close at N1.21, N14.85 and N12.10 per share respectively.

    Stanbic IBTC followed with a gain of 9.58 per cent to close at N75.50 per unit, Lasaco Insurance gained 9.38 per cent to close at N2.10 per share.

    On the contrary,  Omatek topped losers chart, dropping by 10 per cent to close at N0.36 per share, SkyAVN trailed with loss of 9.95 per cent to close at N25.35 per unit, Betaglass fell 9.93 per cent to close at N46.70 per share, Redstarex dipped by 8.50 per cent to N2.80 per unit, Courtvellle Business Solutions fell by 8.47 per cent to close at N0.54 per cent.

    Volume of activities increased as investors traded 515.280 million shares valued at N8.925 billion in 8357 deals against 408.868 million shares valued at N5.233 billion in 6972 deals.

    Transactions in the shares of United Bank for Africa led market activities with 109.473 million shares valued at N1.934 billion, Universal Insurance followed with account 65.402 million shares cost N14.182 million, Transnational Corporation of Nigeria traded 42.306 million shares cost N264.950 million, AccessCorp exchanged 40.186 million shares cost N703.406 million while Chams Plc traded 32.177 million shares cost N38.617 million.

  • Production Cut Pushes Oil Prices To $94.74

    Production Cut Pushes Oil Prices To $94.74

    Oil prices continued to climb in early trading on Monday as WTI rose to $91.60 while Brent traded at $94.74.

    Falling crude inventories and the continuation of the Organisation of Petroleum Exporting Countries (OPEC)+ cuts have sparked an oil price rally that is showing no signs of slowing.

    Analysts say prices hit the $100 marks.

    China’s latest stimulus measures have only added to bullish sentiment, with hopes rising that the Asian giant is set to get its economy back on track.

    Oil prices rose in early Asian trade on Monday, extending last week’s gains amid expectations of an increasingly tighter market and hopes that China’s latest stimulus measures would revitalize the economy. 

    WTI Crude prices were trading above $91 per barrel in early Asian trade on Monday, at $91.50, up by 0.85%. The international benchmark, Brent Crude, was above the $94 a barrel mark and traded 0.69% higher at $94.57.

    Falling global inventories amid a tightening market with the OPEC+ and Saudi production cuts have supported oil prices in recent weeks.

    One of China’s latest policy moves to jumpstart the economy has also made market participants and analysts more bullish on oil. Last week, China cut the reserve ratio for banks for a second time this year in a move to increase liquidity in the system.

    “China’s stimulus policy, resilient US economic data, and OPEC+’s ongoing output cuts are the bullish factors that support the oil market’s upside movement,” Tina Teng, a market analyst at CMC Markets, wrote in a note.

    Senior market analyst at OANDA, Ed Moya, said that “After a third week of gains, crude prices are not seeing the typical profit-taking as the short-term crude demand outlook gets a boost from improving US and Chinese economic data.


    “The oil market is going to stay tight a while longer, but we might need to see a fresh catalyst to send oil to triple digits,” Moya added.

  • We Generated N8.5trn In 9 Months –Nami

    Outgoing Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami has said the Service generated the sum of N8.5 trillion between January 1 and September 14.

    Nami, who said this at the handover ceremony to the incoming Acting Chairman of the Service, Mr Zach Adedeji on Monday in Abuja, added that he implemented reforms that improved the operations of the FIRS in line with the mandate given to him when he took over in December 2019.

    President Bola Ahmed Tinubu had last week appointed Zaccheus Adedeji to head the revenue Service as acting Chairman.

    According to Nami, the reforms introduced helped boost the federal government’s revenue.

    With the NNPC Limited putting a stop to his FAAC contribution from January 2022, analysts noted that tax revenue became the mainstay of distributable revenue by the Federal Accounts’ Allocations Committee (FAAC).

    In his address, the acting head of FIRS, Zaccheus Adedeji, said the Service will continue to employ technology as it seeks to achieve its mandate of improving Nigeria’s tax revenue.

    The former Oyo finance commissioner noted that with the government spending 96 per cent of its revenue on debt servicing, improving tax revenue collection was not negotiable.

    “This stark reality necessitates swift and resolute action on our part. We cannot afford to delay; we must act decisively to reverse this concerning trend,” he said.

    The Acting FIRS Chairman stressed that during, he will focus on further improving tech use by the Service in a bid to fortify it against revenue leaks, and bolster coordination and accountability within the Service.

    He said, “Our overarching goal is to nurture voluntary tax compliance by establishing a modern, dependable tax system that gamers the trust and admiration of all stakeholders. Through this, we hope to Create an environment where taxpayers willingly fulfil their civic duties.

    “For those who deviate from their tax obligations, rest assured, we will enforce our responsibilities judiciously. We will implement a robust enforcement model that effectively defers tax evaders while maintaining fairness and transparency in our processes.

    “A fundamental aspect of our mission is to elucidate to taxpayers why their civic duty matters. We are committed to simplifying our tax system, making it accessible and comprehensible, thereby facilitating voluntary tax payments and fostering a sense of civic responsibility.

    “Quality data will be the cornerstone of our operations, enabling us to measure our progress, make informed decisions, and maintain the highest standards of accountability. We recognise that data-driven strategies are essential to our success.”

  • SEC Targets N5trn In Listing Of Shariah Compliant Products By 2025

    The Securities and Exchange Commission (SEC), has reiterated that it targets 50 listings of Shari’ah-compliant products with a combined market capitalisation of at least N5 trillion by 2025. 

    The Director-General, SEC, Mr. Lamido Yuguda, who was represented by the Executive Commissioner Operations, Mr. Dayo Obisan at a “capacity building workshop for local Shariah talent for non-interest capital market – level II,” in Abuja said Non-Interest Capital Market (NICM) segment of the revised Capital Market Masterplan (2021 – 2025), targets 100 retail Shariah-compliant products and over one million direct investors in Shariah-compliant products.

    He stated that the Commission, faced with these ambitious targets, has resolved to redouble its developmental efforts, especially in capacity building that nurtures reputable professionals to leverage Sharia best practices in facilitating the sound implementation of Sharia-compliant initiatives with the ultimate aim of deepening the NICM space.

    The DG stated that the Commission would continue to leverage its subsidiary, the Nigerian Capital Market Institute, especially in developing robust programmes around Non-Interest Finance which are expected to promote capacity-building and sharia-compliant products and processes. 

    According to him “As you are all aware, the fundamental difference between conventional finance and Non-Interest Finance is the application of Shariah principles in the latter. This simply means that NICM cannot exist without experts in Islamic commercial jurisprudence (Fiqhul Mu’amalat Al-Maliyya).

    “The objective of this Workshop, therefore, is fast-tracking the development of experts for the Market. We believe this will enhance the development of our local Sharia talent, not only for the Nigerian Capital Market but also for the Nigerian Financial system in general. 

    “The level of activities in the Non-Interest capital market that we are currently experiencing in Nigeria affirms the overwhelming acceptance of NICM products by different classes of investors, which portrays a strong appetite for these class of assets as evidenced by the oversubscription of the FGN and corporate Sukuk issued in previous years.   

    “The Level 1 segment of this important Workshop, which was conducted in December 2022, covered the basic areas of Financial Market Structure and Operations of the Capital Market and three modules from Shariah Principles and Contracts Relating to Non-Interest Capital Markets.

    “As we dive into Level II, the remaining modules relating to Shariah Contracts will be extensively discussed starting today, while modules on Shariah Issues Relating to Non-Interest Capital Market Principles, and Operation of the Sukuk and Equity Markets shall be treated in the coming days.”

    He reiterated that Level II is aimed at consolidating participants’ understanding of the theoretical and practical aspects of the NICM. 

    “Armed with this training and subsequent ones to come, the participants would undoubtedly have the potential to provide Shariah advisory services for the Islamic Finance Industry, particularly the Non-Interest Capital Market’s operations as it relates to Shariah principles and rulings,” he added.  

    Yuguda expressed further that significant progress recorded in this area is evidenced by the last ranking of Nigerian Islamic Finance in 13th place on the Global Islamic Finance Development Indicator 2022, ahead of countries like Bangladesh and Turkey.

    He pointed out that the Non-Interest Finance Sector has gradually grown to become a distinct industry within the broader financial landscape, offering alternatives to traditional interest-based financial systems.

  • NNPCL Retail Records N18.4bn Profit

    NNPCL Retail Records N18.4bn Profit

    NNPC Retail made N18.4 billion in the first quarter of 2023, after acquiring OVH Energy in 2022, Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) has said.  

    Kyari, who said this on Friday when he addressed the House of Representatives Ad-Hoc Committee on the OVH Acquisition by the company, added that since the acquisition of the OVH, NNPCL’s profit margin has grown.  

    In October 2022, NNPC Limited acquired Oando retail brand, OVH Energy Marketing.

    According to the NNPCL GCEO, the profit would not have been possible if the company had not acquired the retail company.

    “NNPCL is a creation of the federation with over 200 million Nigerians as shareholders. The Petroleum Industry Act (PIA) also grants us the mandate to guarantee national energy security. On this basis, it is duty-bound on us to increase our market share.

    “Allegations against the acquisition of OVH are painful because they are not true. We believe that the only way we can grow our market share is by expanding our business. Since the acquisition of OVH, the profit margin of NNPC Retail has jumped.

    “In every merger and acquisition, there is a transition period. We are rising to those challenges brought about by the transition. We are also ensuring that none of our staff at NNPC Retail is victimized. Staff are placed where they are best fit towards optimum performance.”

  • Just In: Nigeria’s Inflation Soars To 25.80% In August 2023 –NBS

    Nigeria’s headline inflation rate jumped to 25.80 per cent in August 2023, relative to the July 2023 headline inflation rate which was 24.08 per cent, the National Bureau of Statistics (NBS) has said.

    According to the NBS in its Consumer Price Index (CPI) report for August 2023, there is a 1.72 percentage point increase when compared to the July 2023 headline inflation rate.

    On a year-on-year basis, the headline inflation rate was 5.27% points higher compared to the rate recorded in August 2022, which was 20.52%.

    The NBS noted that food inflation for August rose to 29.34 per cent in August 2023, representing a 2.35 percentage point increase from 26.98 per cent recorded in the previous month. On a year-on-year basis, which was 6.22% points higher compared to the rate recorded in August 2022 (23.12%).

    According to the Statistics bureau, the increase was driven by increase in prices of Oil and fat, Bread and cereals, Fish, Fruit, Meat, Vegetables and Potatoes, Yam and other Tubers, Vegetable, Milk, Cheese and Eggs.

    “On a month-on-month basis, the Food inflation rate in August 2023 was 3.87%, this was 0.41% points higher compared to the rate recorded in July 2023 (3.45%).

    “The rise in Food inflation on a month-on-month basis was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Fish, Oil and Fat, Coffee, Tea, and Cocoa.

    “The average annual rate of food inflation for the twelve months ending August 2023 over the previous twelve-month average was 25.01%, which was 5.99% points increase from the average annual rate of change recorded in August 2022 (19.02%),” the bureau said.

    The NBS further said that in August 2023, food inflation on a year-on-year basis was highest in Kogi (38.84%), Lagos (36.04%), and Kwara (35.33%), while Sokoto (20.09%), Nasarawa (24.35%) and Jigawa (24.53%) recorded the slowest rise in food inflation on a year-on-year basis.

    “On a month-on-month basis, however, August 2023 food inflation was highest in Rivers (7.12%), Kwara (5.89%), and Kogi (5.80%), while Sokoto (0.50%), Abuja (1.30%) and Niger (1.40%) recorded the slowest rise in Food inflation on a month-on-month basis,” the report revealed.

  • Aviation Security: Nigeria, South Africa Sign Landmark Deal

    The Nigeria Civil Aviation Authority (NCAA) and the South African Civil Aviation Authority (SACAA) have signed a landmark deal to achieve unified civil aviation regulation in Africa.

    The two civil aviation authorities signed the agreement during the African Aviation Summit in Abuja on Thursday.

    The deal will make Nigeria and South African aviation regulators sharing safety and security best practices with each other.

    It will also streamline regulations to foster smooth flight arrangements between both countries.

    The NCAA Director -General, Capt. Musa Nuhu signed on behalf of Nigeria while Ms Poppy Khoza, Director of SACAA signed on behalf of South Africa.

    The ministers of both countries witnessed the signing ceremony.

    Nuhu said the deal will enhance the flight operations between the two countries to almost be like domestic flights.

    He further said that the single regulatory regime in Africa at large would unlock opportunities in aviation to enhance the implementation of the Single African Air Transport Market (SAATM) project.

    He said SAATM was launched in January 2018 to give fresh impetus to the goal of liberalizing air transport across Africa to fully implement the Yamoussoukro Decision.

    SAATM, Musa said, is projected to create 508,750 direct jobs and a 4.2 billion dollars impact on African GDP in the long term.

    “We will remove all the barriers and obstacles of operations between both countries. Going forward, we hope other countries will join us to see the successful implementation of SAATM.

    “This is a first step of a long journey” he said.

    Also speaking, Khoza, said the step was a step in the right direction to strengthen the relationship between the two technical agencies.

    According to her, the agreement will be of great assistance for the two countries and the African continent in terms of elevating safety and security posture

    She said there would be no thriving and sustainability of aviation in Africa if safety and security were not prioritized.

    “This is a technical cooperation agreement which is very technical in nature. We will be exchanging on aviation safety and security in particular.

    ” The Minister of Nigeria has indicated that one of his planns is to ensure that he upholds the highest-level standards of aviation security.

    “It is the same plan for my minister.  Therefore, there are synergies between both ministers. So, we will be cooperating a lot. In fact, we are already cooperating,” she said.

    Nigeria’s Minister of Aviation and Aerospace Development Festus Keyamo, said he was highly pleased with the deal.

    He expressed optimism that the two countries involved would benefit immensely in it.

    “This is an exciting day for us. You can tick this as one of my deliverables under my first plans. We need to learn from one of the countries in Africa ahead of us in safety and security standards.

    “South Africa is doing 92 percent in terms of ICAO standards and Nigeria is doing 70 percent. By cooperating with SA, we are sure to close that gap and even exceed it.

    “We will close the gap as soon as possible” he enthused.

    According to him, the relationship will be symbiotic in terms of guidance and assistance.