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Category: Business

  • Nigeria’s equity market records N185bn gain

    Nigeria’s equity market concluded Tuesday on a positive trajectory, with an impressive gain of N185 billion. This surge was largely attributed to the upward movements in the shares of Flour Mill Nigeria Plc, Dangote Sugar Refinery, Nahco, and other notable companies.

    Market capitalization of listed equities surged by 0.51%, reaching N36.390 trillion compared to the N36.205 trillion recorded on the previous day, Monday.

    The NGX All Share Index exhibited growth as well, ascending by 338.96 basis points to attain 66490.34 points from the 66151.38 points registered on the prior day.

    In-depth analysis of the day’s trading activities reveals Flour Mills Nigeria Plc and Champion Breweries leading the gainers’ table, both achieving a 10% increase to conclude at N33.00 and N3.19 per share respectively. Nascon followed closely, recording a gain of 9.96% to settle at N54.10 per share. Dangote Sugar Refinery marked a 9.95% growth, reaching N57.45 per share, while Nahco clinched a 9.95% increase to close at N22.10 per share.

    However, on the downside, CWG and Linkage Assurance stood as the top losers for the day, experiencing a decline of 10% each, concluding at N4.05 and N0.90 per share respectively. Chellaram’s value dropped by 9.855%, closing at N3.57 per share, while Prestige Insurance recorded a 9.80% decrease, settling at N0.46 per share. UPL also experienced a downturn of 9.66%, ending at N2.15 per share.

    The volume of shares traded surged by 125.84 million, marking a 40.45% increase. Investors participated in the trading of 436.956 million shares valued at N7.013 billion across 7932 deals. This figure compared to the previous day’s 311.116 million shares worth N3.915 billion traded in 7193 deals.

    FBN Holdings Plc took the lead in market activities, with the trading of 55.146 million shares valued at N911.206 billion. Japaul Gold followed suit with 33.110 million shares worth N29.922 million, and United Bank for Africa traded 30.176 million shares at N412.171 million. Additionally, AccessCorp exchanged 25.354 million shares for N414.374 million, while Transnational Corporation of Nigeria traded 18.219 million shares valued at N127.717 million.

  • SEC seals Stockmatch’s offices over illegal investment activities

    In a renewed onslaught against promoters of Ponzi schemes, the Securities and Exchange Commission (SEC), on Tuesday, sealed the premises of Stockmatch Investments Ltd in Maiduguri, Borno State for allegedly engaging in illegal investment activities.
    According to the commission, the office of the company in Wulari Plaza on Lagos Street  Maiduguri, was shut down for allegedly carrying out investment operations that fall within the ambit of fund management
    without registration by the SEC.

    “This company does not have registration of the SEC to conduct fund management activities and has been found to promise exorbitant rates of returns to lure investors. The SEC has exercised its powers under Section 13 (w) Investments and Securities Act 2007, to shut it down”

    “The commission hereby notifies the investing public that neither this entity nor its investment platforms are registered by the SEC.

    “The public is hereby reminded that it is unlawful for any private enterprise whether incorporated as a company or not, to solicit funds from the public by whatever means, to fund its private ventures as
    doing this will be in contravention of the Investments and Securities Act, 2007″ the SEC stated.

    The Commission, therefore, advised the public to always confirm from the commission whether an entity providing investment services has been duly registered and whether the investment schemes are authorised by it.

    It warned that any member of the investing public dealing with unregistered entities was doing so at his/her own risk.

    It further encouraged the public to exercise due diligence and caution in making investment decisions, adding that a list of valid operators can be obtained on its website.

  • Divestments in AccessCorp as 43.702m shares change hands

    Shareholders have expressed surprise that the shareholding structure in Access Bank Corporation is tilting with a total of 43.702 million worth N703.328 million changing hands in one day.


    Investors traded 311.116 million shares worth N3.915 billion in 7193 deals against 356.015 million shares valued at N4.233 billion in 6469 deals.

     
    Transactions in the shares of AccessCorp led market activities during the day with 43.702 million shares valued at N703.328 million, Transnational Corporation of Nigeria followed with 28.497 million shares worth N181.730 million, Dangote Sugar Refinery traded 16.029 million shares cost N820.840 million, Chi Plc traded 15.565 million shares cost N13. 471 million while Omatek exchanged 15.514 million shares cost N4.659 million.


    The domestic equity market Monday opened the week on a positive note, appreciating by N325 billion.


    The market capitalisation of listed equities increased by 0.90 per cent to close at N36.205 trillion from N35.880 trillion reported the previous day.

    The NGX All Share Index also appreciated by 592.47 basis points to 66151.38 points recorded the previous day.

    An analysis of the investment showed that four companies recorded 10 per cent gain at the close of transaction Omatek Plc, Dangote Sugar Refinery increased by 10 per cent each to close at N0.33 and 52.25 per share respectively. Thomas Way and Transnational Corporation of Nigeria also appreciated by 10 per cent each to close respectively at N1.87 per cent and N6.38 per cent per unit.SFS REIT followed with a gain of 9.96 per cent to close at N92.15 per unit.


    On the contrary, CWG recorded the highest loss, in percentage terms, declining by 10 per cent to close at N4.50 per unit, JohnHolt trailed with a loss of 9.80 per cent to close at N1.38 per share, NEM Insurance declined by 9.54 per cent to close at N5.12 per unit, NSLTech fell by 9.09 per cent to close at N0.30 per share while Cutix Plc dropped by 8.33 per cent to close at N2.20 per share.

  • Smuggler attempts N50m bribe to Customs officials, says Area Controller

    The Nigeria Customs Service’s Tincan Island Port Area Command has brought to light an incident involving an attempted bribe of N50 million offered to its officers by a certain Mr. Boniface Ike.

    This sum was intended as a gratification to secure the release of a container that had been confiscated by the authorities.

    Comptroller Adekunle Oloyede, the Area Controller in charge of the Command, made this revelation during a press conference held in Lagos on a Monday. Oloyede clarified that the products contained within the seized container were allegedly brought in from India by the said suspect.

    As part of the investigative process carried out by the Nigeria Customs Service, Oloyede stated that both the main suspect and one of his associates have been apprehended and are presently under detention at the Command’s Enforcement Unit.

    Oloyede also shared that the suspect reportedly confessed to being the individual responsible for importing the seized containers, which were estimated to hold a total value of N550.3 million. It came to light that the suspect had expressed a desire for a private conversation with one of the officers, raising suspicions of a potentially illicit proposition.

    “I instructed my officers to play along; the request was granted in expectation of receiving vital information from the suspect.

    “But to their bewilderment, the suspect pleaded for his freedom from detention and release of the containers.

    “He offered gratification to the tune of N50 million as displayed equivalent to $54,330 at the current exchange rate N920.

    “The money was collected and kept in safe custody at the enforcement unit to be tendered as exhibit,” he said.

    The customs boss said the command received a timely intelligence from its Customs Intelligence Unit on the suspected importation of illicit dangerous drugs (unregistered regulated pharmaceutical products).

    Oloyede said that the products were concealed in two by 40ft containers with Bill of lading Nos 227578945 and 227898171.

    “On arrival of the vessel in Tincan Island Container Terminal (TICT), the containers (MRSU 592397/0 and MRKU 553432/1) were transferred immediately to the enforcement station for 100 per cent physical examination and further investigation.

    “The physical examination was conducted on both containers by enforcement officers, Customs Intelligence Operatives, Customs Police and Examination officers of the Terminal on Aug. 22 at about 14:00 hours and Aug. 23 at about 13:00 hours, respectively.

    “The following were discovered, container No MRSU 592397/0: The details on the Bill of Lading with No 227578945 stated the items laden were (1,016) packages containing electricals, ceiling fan, 36 Jewel (cooper) and chilly cutters (stainless steel plastic).

    “After examination, the container was found to contain five cartons of timaking 120 tapentadol (Tramadol) hydrochloride carisoprodol capsule.

    “Each carton contains 50 rolls, each rolls contains five packets, each packet 200 tablets,” he said.

    Other contents, according to him, are 84 cartons of gastro resistant omeprazole capsule BP 200mg, each carton contains 50 packets, each packet contains 10 capsules.

    “876 cartons of CSMIX cough syrup containing codeine (each bottle 100ml). Each carton contains 200 bottles.

    “50 cartons of manual grater machine-70 pieces per carton and one carton of ceiling fan as means of concealment,” he said.

    Oloyede said that the other container, No MRKU 553432/, had the details on Bill of Landing with number 227898171, which contained 1,021 packages of ceiling fan, 36 jewel (cooper) and chilly cutter (stainless steel plastic).

    He said that after examination the container was found to contain: 10 cartons of super royal 225 (Tramadol).

    “Each carton contains 50 rolls, each roll contains 10 packets, each packet 10 tablets.

    “Other contents are 105 cartons of Omeprazole Capsule BP 200mg. Each carton contains 50 packets, each packet contains 10 capsules, 754 cartons of Barcadin with Codeine (each bottle 100ml). Each carton contains 200 Bottles.

    “50 cartons of manual grater machine – 70 pieces per carton and one carton of compo ceiling fan as means of concealment,” he said.

    Oloyede said the unregistered pharmaceutical products intercepted were regulated products by National Agency for Food and Drug Administration and Control (NAFDAC).

    He also said that it had no required permits and certificates for importation and documents to ascertain the safety of the products to Nigerians.

    The customs boss said that the service would not be a part of the nefarious acts which would jeopardise the safety and lives of the citizens of the country.

    He added that any fraudulent importer or agent, who tried to perpetrate such acts would be prosecuted accordingly.

    Oloyede noted that the suspects, containers and the exhibit would be handed over to the agencies charged with the responsibility to regulate and prosecute offenders of crimes.

    In a related development, he said the command on Aug. 24, intercepted a container found to contain frozen poultry products.

    According to him, the interception followed an intensive surveillance operation on a routine examination carried out at TICT on Container No. TTNU 804678/9 with declaration lodged on SGD CNo: 70754.

    “Single Goods Declaration (SGD) other supporting documents (Form M and Pre-Arrival Assessment Report) showed that Tangerines was used to conceal the frozen poultry products actually imported.

    “The goods were falsely declared as they are Import Prohibition (Trade), the Container has been seized for the contravention of Section 233 of the Nigeria Customs Service Act (2023).

    “The persistent fraudulent nature of importers and agents drives us to be more innovative in putting methods and measures to combat smuggling activities, ensure no leakage of revenue to the government and safety of Nigerians,” he said.

    Oloyede said the command and the service would deploy all necessary resources and strategies at its disposal, in collaboration with other security and regulatory agencies, to check the menace of illegal importation of illicit as well as unregulated dangerous drugs and substances. 

  • Chinese Yuan Gains Strength, Reaches 7.1856 against US dollar

    The Chinese currency, renminbi, also known as the yuan, exhibited strength against the US dollar on Monday as its central parity rate was set at 7.1856, marking an increase of 27 pips.

    This adjustment was reported by the China Foreign Exchange Trade System.

    In China’s spot foreign exchange market, the yuan is granted a fluctuation range of two percent in either direction from the central parity rate during each trading day.

    The determination of the central parity rate for the yuan against the dollar relies on a weighted average of prices provided by market makers before the commencement of the interbank market’s operations on each business day.

  • Transcorp’s generating capacity to hit 1200MW by December

    Transcorp’s generating capacity to hit 1200MW by December

    Transcorp Group has said it hopes to raise Nigeria’s power capacity by 300MW by the end of 2023. 

    Speaking on AriseTV, Group Chief Executive Officer of Transcorp Group, Owen Omogiafo, said that resounding the gas challenge will enable the company to achieve its milestone. 

    According to the Transcorp GCEO, despite the gas and transmission challenges, the company still witnessed an impressive improvement in its power business in the first six months of this year (2023). 
    “Transcorp has an installed generation capacity of nearly 2000MW, and in the first half of the year, we focused greatly on improving our mechanical available capacity and we took our capacity to about 900MW. 

    “There were still some challenges with gas and transmission, but notwithstanding that, we saw a great improvement in our power business. Going by the strategy we are working with now, by year end, we will have about 1,200MW of available capacity.”

    On the Abuja Electricity Distribution Company (AEDC) acquisition, Omogiafo explained that Transcorp as part of a consortium that acquired a 60 per cent stake in AEDC was driven by the need to drive Nigeria’s economic recovery as no industry or sector can operate without power. 

    Experts have opined that lack of a stable power supply continues to be a drawback to the country’s development. 

    Manufacturers Association of Nigeria (MAN) has said that its members spent the sum of N144.5 billion on alternative power sources in 2022. 

    She noted that the power sector is critical if the country’s real sector is economic growth. 

  • Unclaimed dividends in capital market hits N190bn —SEC

    The Securities and Exchange Commission (SEC) says that the unclaimed dividends figure in the nation’s capital market currently stands at N190 billion.

    Mr Lamido Yuguda, the Director-General of SEC, said this at the second post Capital Market Committee (CMC) media briefing in Abuja on Friday.

    He said the figure increased due to issues concerning identity management in the country.

    Yuguda also attributed the rising figure to multiple subscriptions by investors during banking consolidation and identity management.

    According to him, “we have legacy issues that have aggravated unclaimed dividends.”

    Yuguda, however, said the commission was working with the Nigeria Inter-Bank Settlement System (NIBSS), on the e-dividend portal.

    He added that the SEC was working with NIBSS to make changes to the electronic dividend portal currently going through some form of upgrading and repair.

    “We are working very hard to ensure we reduce the number of unclaimed dividends.

    “This is why we are upgrading the e-dividend portal with NIBSS to restore investors’ dividend and reduce unclaimed dividends.

    “We reiterate that every person, who has come to the capital market and invested money, should be able to get his dividends as and when due,” he said.

    On dollar denominated bonds listed on NGX, the director-general said it was not a problem as long as it was a corporate one.

    He said that the road ahead of the market was undeniably challenging but that the capital market would step forward in whatever way to lend its helping hand to the current economic reforms.

    “We introduced the Know Your Customer (KYC) requirement so that all information needed will be collated.

    “The market must make sacrifices to help drive the economic transformation that will change our nation’s fortunes for the better.

    “The Chairman informed the meeting that the Investments and Securities Bill (ISB) 2023 was under consideration by the 10th National Assembly.

    “The Bill aims to align regulations with the modern dynamics of the market and it is hoped that if passed into law, it will enable optimal contribution of the capital market to national development,” he said.

    The director-general said that market players were urged during the meeting to prioritise cyber-security measures to safeguard sensitive financial data and transactions.

    He lamented the trend where companies chose to de-list from the capital market.

    Also speaking, the Commissioner, Operations at SEC, Mr Dayo Obisan, said one of the major issues bedeviling the commission was for beneficiaries to get access to claim their dividends.

    “We keep putting our efforts to ensure that investors update their bank details, information and claim their dividends.

    “But we still have some of them who fill in details wrongly.

    “We at SEC are working very hard and we want to ensure bonuses get transferred to beneficiaries, capture everyone who is in the market so that our data is more robust.

    “We can be able to work effectively on reducing unclaimed dividends,” Obisan said.

  • Update your prepaid meters to avoid recharging issues, NERC warns

    The Nigerian Electricity Regulatory Commission (NERC) has raised the alarm, saying unless customers update their pr-paid meters, they will not be able to recharge with their cards from next

    The Nigerian Electricity Regulatory Commission (NERC) that advised Electricity Distribution Companies (DisCos) to assist customers updates their meters.

    In a message on its Twitter/X handle the Commission explained the process of updating would be free of charge with customers expected to approach the power Distribution Companies (Discos) on how to go about it.

    “If you have a prepaid meter, it may be time for an update. From November, 2024, you may not be able to recharge your meter. However, updating is easy and free.

    “Discos shall commence issuance of two free Key Change Tokens (KCTs) which will update your meter,” NERC stated in the message.

    In addition, it stated that the process will not in any way impact the units in the meters , urging consumers not to be apprehensive.

    “The update will not affect the units in your meter nor will it make your meter run faster than usual. Contact your Disco for more information,” it said.

    The NERC further added that the update will not affect meter units, nor will it result in any acceleration of its usual operational pace.

    “The update will not affect the unit in your meter, nor will it make your meter run faster than usual, contact your disco for more information,” NERC said.

    The NERC warned that failure by electricity customers to update their metering devices would make them face challenges with recharging by next year.

  • NIMASA registers 8,014 seafarers in 30 months

    The Nigerian Maritime Administration and Safety Agency (NIMASA) has revealed that a total of 8,014 seafarers were registered in 2021, 2022, and the first six months of 2023.

    A statement by NIMASA Assistant Director, Public Relations, Osagie Edward, stated that 24 MLC, 2006 certificates were issued in the year 2021, 49 MLC, 2006 certificates issued in the year 2022 and 63 MLC, 2006 certificates have been issued in the year 2023 (January-July). 

    “Thus, a total of 8,014 seafarers have been registered from 2021 to 2023 (Jan-July) and 136 MLC, 2006 certificates issued after inspections within the same years. 

    “Moreover 65 stevedoring companies, 26 terminal/jetty operators and 1,395 dockworkers have been registered from 2021 to 2023 (January-July). 

    “NIMASA under the current administration led by Dr Bashir Jamoh, have placed 3,705 seafarers on board Cabotage vessels in the year 2021, 7,238 seafarers placed in 2022 and 1013 placed in 2023 (Jan – July). Overall, a total of 11,956 Nigerian seafarers have been placed onboard Cabotage vessels from January-2021 to July- 2023. 

    “Resultantly, 539 Nigerian seafarers have been recommended for replacement in the first quarter of 2023,” NIMASA said.

    According to the Agency, in December 2022, it sent forth 235 Nigerians to India and Greece as Batch B of the 435 young Nigerians are expected to be trained as Licensed Deck and Engine Officers including Naval Architects under the Agency’s Nigerian Seafarers Development Programme (NSDP) with an additional 200 having been previously sponsored for overseas training under Batch A.

    The NSDP was initiated in 2008 with the sole mandate of training Nigerian youths to become seafarers and Naval Architects in fulfilling one of its cores in the area of Maritime Capacity Building. The programme was designed to train Nigerian youths up to Degree level in Marine Engineering, Nautical Sciences and Naval Architecture in some of the best Maritime Training Institutions (MTIs) abroad and to position them to compete effectively in the global Maritime Industry as a means of developing the Nigerian maritime space.

    Speaking at the time, the NIMASA Director General Dr Bashir Jamoh, had noted that the Agency was working with countries who are committed to an understanding for mutual recognition of Certificate of Competency, CoC, and that had underpinned the selection of the chosen Institutes to train the beneficiaries. 

    “It is also noteworthy that the Agency has succeeded in providing sea time for all beneficiaries of the NSDP. This implies that the bedrock for young Nigerians to earn foreign currencies and improve remittances to the country has been set by the Agency,” he said.

    The NIMASA spokesman further said that “One of the cardinal principles of the Cabotage regime is the localization of manning vessels operating in Nigerian waters. To a considerable extent, NIMASA has ensured the placement of Nigerian seafarers on board Cabotage vessels in line with its placement function and the provisions of the Cabotage Act, 2003.

    “Improving on this, Cabotage manning applications are now processed on the condition that all foreign crew especially Ratings on board vessels are to be replaced with Nigerian seafarers/cadets within two-three weeks of operations.”

  • Naira records 0.22% appreciation at Investors, Exporters Window

    The Nigerian naira exhibited an upward trend against the US dollar on Thursday, trading at an exchange rate of N771.69 within the Investors and Exporters window. This marked a noteworthy appreciation of 0.22% when compared to the N773.42 rate observed on the preceding Wednesday.

    At the close of trading on Thursday, the open indicative rate concluded at N777.82 to the dollar, suggesting the local currency’s strengthening trajectory. The day’s trading unveiled a peak spot exchange rate of N799.90 to the dollar, ultimately stabilizing at the closing rate of N771.69.

    Conversely, the naira saw a lower point during the trading session, reaching an exchange rate as minimal as N700 to the dollar.

    The investors and exporters window experienced a trading volume totaling $121.60 million on Thursday, indicative of the market’s activity and significance in the foreign exchange landscape.

    This robust level of trading underscores the ongoing dynamics and engagement in the currency market.

    The appreciation of the naira against the dollar reflects the evolving economic landscape, where market forces interact to influence currency valuations.

    The day’s fluctuations, ranging from the highest recorded rate to the lowest, mirror the currency’s volatility in response to various market factors.