My Blog

Category: Business

  • Nigeria’s Equity market gains N1.216trn

    The successful inauguration of the 10th National Assembly on Tuesday impacted positively on Nigeria’s capital market as the equity market appreciated by N1.216 trillion.


    Market capitalisation of listed equities increased by 3.99 per cent to N31.670 trillion from N30.454 trillion it closed on Friday.


    Also, the NGX All Share Index also appreciated 2232.58 points to 58163.55 points from 55930.97 points traded the previous day.


    Meanwhile, an analysis of the trading activities during the day showed that GTCO Plc Lasaco Insurance Plc, Nascon led activities with a gain of 10 per cent to close at N30.80, N1.98 and N17.05  per unit respectively. Zenith Bank and Access Corp also closed higher with 10 per cent each to N30.80 per cent and N14.30 per share respectively.


    On the contrary EllahLakes and JohnHolt recorded the highest loss with a drop of 10 per cent each to N3.60 and N1.26 per share respectively.


    TiP trailed with a loss of 9.62 per cent to close at N0.47 per share, Caverton dropped by 4.62 per cent to close at N1.24 per unit, Veritas Kapital fell by 4.35 per cent to close at N0.22 per unit.
    Investors traded 1.186 billion shares valued at N19.225 billion in 10369 deals against 574.737 million shares worth N6.085 billion exchanged hands the previous day in 6595 deals.


    Transactions in the shares of United Bank for Africa led activity with 214.944 million shares valued at N2.333 billion in 608 deals, GTCO Plc followed with account of 208.061 million shares worth N6.243 billion in 613 deals, Zenith Bank traded 85.699 million shares cost N2.623 billion in 743 deals, Japaul Gold exchanged 72.595 million shares valued at N37.401 million in 216 deals, Access Corp sold a total of 72.111 million shares valued at N1.015 billion in 658 deals.

  • N3.7bn Scam: UK Dion, Diongoli arraigned on 61-count charge

    N3.7bn Scam: UK Dion, Diongoli arraigned on 61-count charge

    Justice Ambrose Lewis Allagoa of the Federal High Court, Court 3, sitting in Ikoyi Lagos on Tuesday fixed July 21st for the commencement of trial of Mr Michael Ukiye Diongoli, and his two companies, UK Dion Group and UK Dion Investment Limited on a 61 count charge of defrauding unsuspecting investors to the tune of over N3.7b.

    Diongoli and his companies are alleged to have between 2021 and 2022 with intent to defraud, conspired among themselves to obtain money from several individuals and organisations including Dr. Basil Onugu, Prof. Oyekachi Green Nwankwo, FSL Securities Ltd, Catholic Charismatic Renewal, MTN Employer Cooperative, Col Chukwu Tengu rtd. and Nigerian Army Welfare Insurance Scheme among others. 

    The defendants are accused of pretending to be registered financial institution into wealth management, invited customers to pay money into their accounts and fix it for a period ranging from 6 months to one year with interest, a statement the defendant knew to be false and committed an offence contrary to Section 1(1) of the Advanced Fee Fraud and other Fraud Related to Offenses Act, 2006 and punishable under Section 1(3) of the same Act.

    According to the Charge “That you Micheal Ukiye Diongoli, Dion Investment Limited and others at large between MRCH 2021 and May 2022 in Lagos Nigeria, within the jurisdiction of the Federal High Court of Nigeria with intent to defraud fraudulently obtained several sums of money to UK Dion under the pretence that you are a registered financial institution, and you are into wealth Management wherein customers were invited to pay money into your account, fix it for a period ranging from 6 months to one year and the customer will get the money invested with interest, a statement the victims believed, which you knew to be false and you thereby committed an offence contrary to Section 1(1) of the Advanced Fee Fraud and other Fraud Related to Offenses Act, 2006 and punishable under Section 1(3) of the same Act”.

    When the charges were read to the defendant, Micheal Ukiye Diongoli pleaded not guilty to all 61 counts, Justice Allagoa thereafter set July 21, 2023, as the date for the commencement of the trial.

    Mr Diongoli, and his two companies, UK Dion Group and UK Dion Investment Limited are also facing a criminal summons by Justice Zainab Abubakar of the Federal High Court in Abuja on charges of operating without the licence of the Securities and Exchange Commission. 

    In the two-count charge brought against Michael Ukiye Diongoli, UK Dion Group and UK –Dion Investment Limited all of No. 21 Buhari Street, Peace Court Estate, Lokogoma, Abuja, they are alleged to have on or between the year 2021 and 2022 within the jurisdiction of the honourable court did commit a felony to wit:

    Conspired among themselves together with their staff to do an illegal act – diversion of investment funds to the tune of over N3.6billion belonging to the investing public which includes Basil Onugu, Elizabeth Umenwa Nwankwo, Adetoun Sokoni, Ezeogu Victoria Ndozi and others you thereby committed an offence contrary to and punishable under Section 516 of Criminal Code Act, laws of the Federation, 2004.

    “That you Michael Ukiye Diongoli, UK Dion Group And UK –Dion Investment Limited all of No. 21 Buhari Street Peace Court Estate, Lokogoma, Abuja, they are alleged to have on or between the year 2021 and 2022 within the jurisdiction of the Federal High and together with your other staff, did commit a felony to wit: diverted investment funds to the tune of over N3.6billion belonging to the investing public which includes Basil Onugu, Elizabeth Umenwa Nwankwo, Adetoun Sokoni, Ezeogu Victoria Ndozi and others you thereby committed an offence contrary to Section 383(2) F of Criminal Code Act, Laws of the Federation of Nigeria, 2004 and punishable under Section 390(7) of the same Act”.

  • Crude Oil: US shores up reserves with additional 3 million barrels

    The Energy Department of the United States has said it plans to purchase 3 million more barrels of crude oil for its Strategic Petroleum Reserve.

    According to a statement from the department, previous solicitation for about 3 MMbbl resulted in contracts awarded to five companies at an average price of about $73 per bbl.

    The move marks the agency’s attempts to begin replenishing the emergency reserve after it released more than 200 MMbbl last year, in part to curb high energy prices.

    The DOE further said that it would accept bids for the new solicitation of sour crude oil through June 20 and contracts would be awarded by June 30 for deliveries in September.

    The previous awards are due for delivery in August.

  • MENA countries vulnerable to rising financial risks – IMF

    Volatile growth, high universal subsidies, and loss-making state-owned enterprises expose many low- and middle-income economies in the Middle East, North Africa, and Pakistan to such fiscal risks.

    These factors combine with adverse external developments such as recent interest-rate rises and food and fuel price surges to put public finances under pressure in many countries.

    In a new report titled the “MENAPEG”, the Fund averred that it often leads to a situation where budget revenue and spending often end up far away from government plans.

    Despite the frequency of these events, policymakers are often caught off guard. Such shocks force them to make ad hoc cuts to development and other priority spending. This also limits many countries’ ability to use fiscal policy to smooth economic slowdowns, precisely when it is needed most.

    The report noted that economic growth is more volatile than in other parts of the world just as high reliance on resource revenue and pervasive universal energy and food subsidies across the region have also exposed budgets to fluctuations in commodity prices.

    “Second, state ownership of non-financial corporations and banks in these countries can generate sizable government obligations that can come due when negative events occur, known as contingent liabilities. For example, a public electric or water utility company that faces large operational losses might require government financial assistance to continue providing services.

    “Many state-owned enterprises (SOE) in the region are financially weak and require regular government cash injections. This often reflects their role in fulfilling quasi-fiscal activities such as selling goods and services at below market rates or creating jobs, rather than being run on a commercially sound basis. Contingent liabilities may also be arise from public-private partnerships (PPPs). For example, certain PPP contracts might require government to compensate a private partner if collections, as in toll road projects, fall short of projections,” the Fund noted.

    As a way of addressing this, the Fund urged policy makers in the region to strengthen their capacity to analyze and manage fiscal risks.

    However, the report said, the region’s governments still need to take steps to enhance fiscal risk data collection, identification, analysis, and management capacity.

    Economic reforms can help address fiscal risks at the source. For instance, stronger macroeconomic frameworks can lessen growth volatility. Governance reforms and asset divestment can moderate contingent liabilities or lower the odds of their materialization. And improved budget processes reduce the likelihood of surprises.

    Given various uncertainties, fiscal risks in the Middle Eastern and North African countries cannot be fully avoided. However, better risk awareness and stronger fiscal risk management will reduce budgetary surprises and provide firm ground for long-term development policies.

  • Toyota rolls out next-generation electric vehicles in 2026

    Japanese car maker, Toyota is moving ahead to roll out next-generation Battery Electric Vehicles (BEV) globally, it said on Tuesday.

    A full lineup of BEVs is scheduled to be launched in 2026. The automotive company noted that by 2030, 1.7 million units out of 3.5 million overall, will be provided by its BEV factory.

    Through technologies such as the integration of next-generation batteries and sonic technology, the company projects to achieve a vehicle cruising range of 1,000 kilometres.

    Takero Kato, BEV Factory President at Toyota, said: “The next-generation battery EVs will adopt new batteries, through which we are determined to become a world leader in battery EV energy consumption.

    “With the resources we earn, we will improve our product appeal to exceed customer expectations and secure earnings.”

  • Hackers sweep Globus Bank of N1.7bn

    Bank seeks court order to retrieve stolen funds

    Globus Bank Limited has filed an application before a Lagos High Court seeking an order to recover the sum of N962,019,843.35 fraudulently transferred electronically from its vault into accounts domiciled in eight commercial banks.

    Globus Bank, one of the new entrants into Nigeria’s banking sector, was incorporated by the Central Bank of Nigeria (CBN) in 2019.

    The N962m is part of the total N1,755,376,156.34 transferred from the bank between Monday 6th and Saturday 11th of June 2022.

    The bank has already recovered the sum of N817,998,969.85 from the accounts of the fraudsters.

    In an affidavit sworn to by its legal officer, Kosisochukwu Ngene, the bank said fraudsters took advantage of a system glitch in its USSD application between Monday 6th and Saturday 11th of June 2022 to process several fraudulent and unauthorized electronic transfers totaling N1,755,376,156.34. 

    The bank said 709 people who were its customers were involved in the fraudulent transfers of the funds to accounts domiciled in eight commercial banks.

    It added that immediately it discovered the glitch, it instantaneously notified all the banks involved and requested that the beneficiary accounts be restricted.

    This, the Bank said was in line with Central bank of Nigeria regulation to avoid dissipation of the funds fraudulently transferred into the accounts domiciled with the banks.

    “Subsequently, Globus Bank immediately approached the Magistrate Court in the Yaba Magisterial District and obtained an order directing the banks to freeze and reverse the amount fraudulently transferred into various accounts domiciled in the banks.

    “That in response to the order served on the respondents some of the respondents were able to salvage certain sum wherein the total sum of N817,998,969.85 were returned to the bank while the total sum of N962,019,843.35 is still outstanding and yet to be returned to the bank by the respondents banks.

    The Bank said it still requires the order of the High Court to enable the other banks reverse and remit the salvaged funds to it.

    “An Order of the Court directing all the eight banks to immediately reverse and remit, Globus bank Limited the total sum of N962,019,843.35 (Nine hundred and sixty two million, nineteen thousand , eight hundred and forty three naira, thirty five kobo), being the outstanding sum yet to be salvaged from the fraudulent transfer into several accounts domiciled with the eight Respondents from the Globus bank 709 customers’ accounts, less depleted sum.

    “An order directing the eight commercial banks to release all account information in respect of the destination accounts and the beneficiaries of the transfer funds And for such further order(s) as the court may deem fit to make in the circumstances of this case.”

  • Negris Assets Sale: HEDA tasks AMCON on transparency

    In a move towards greater transparency, the Human and Environmental Development Agenda (HEDA Resource Centre), has taken a significant step by submitting a Freedom of Information Act (FOIA) request to the Asset Management Corporation of Nigeria (AMCON).

    The FOI request seeks to obtain crucial information concerning the sale of assets belonging to Negris Holding Limited.

    HEDA is a foremost Nigerian anti-corruption organization,

    Under the provisions of the Freedom of Information (FoI) Act of 2011, the anti-corruption organization invoked Sections 2, 3, and 4 to request specific details regarding the sale process. Negris Holding Limited had its assets seized by AMCON as collateral for outstanding debts owed the company’s bankers.

    Consequently, AMCON assumed ownership of the assets on behalf of the Federal Republic of Nigeria. The assets are located on Mobolaji Bank Anthony Way in Ikeja, Lagos.

    The FOI request document signed by Olanrewaju Suraju, HEDA’s Chairman, underscores the organization’s unwavering commitment to transparency and accountability in public affairs.

    The anti-corruption organization aims to acquire information pertaining to the two public advertisements that preceded the private treaty allowance; the accurate valuation conducted on the property; the identities of the beneficial owners associated with the purchasing company; as well as the payment methods employed by the beneficiary to obtain the assets.

    HEDA anticipates a response from AMCON within a seven-day timeframe following the receipt of the FOI request. The organization firmly believes that the disclosure of this information is crucial for upholding transparency and accountability in public affairs.

    By pursuing this FOI request, the CSO hopes to shed light on the intricate details surrounding the sale of Negris Limited assets. They remain committed to their core principles of transparency, accountability, and justice in public affairs.

  • Nigeria loses $362.5m yearly due to toxic pesticides in beans

    Nigeria loses $362.5m yearly due to toxic pesticides in beans

    Stakeholders in the agricultural sector have disclosed that Nigeria loses about $362.5m annually due to its inability to export beans in the last eight years.

    The stakeholders, who disclosed this at the launch of the Strategic Partnerships for Agroecology and Climate Justice in West Africa (SPAC-West Africa), recently in Abuja, said the launch would enhance agroecological skills of 120,000 Smallholder Women Farmers (SHWF) and Young People in Nigeria.

    According to them, it would improve beans farmers’ knowledge of the right application of pesticides on their beans.  

    The launch of the SPAC-West Africa is a joint collaboration between ActionAid Nigeria (AAN), the Federal Ministry of Agriculture and Rural Development (FMARD) and other stakeholders in the fight against use of dangerous pesticides.

    Various agricultural products have been rejected in the EU due to high residue of harmful pesticides.

    In a communique after the SPAC-West Africa launch, the stakeholders urged the Ministry of Agriculture and Rural Development to develop pesticide policies and legislation that would ensure most toxic pesticides are prohibited, and phased out in Nigeria, and a significant shift was made towards sustainable farm systems like agroecology.

    “To achieve this, the government needs to develop a safe sustainable food strategy that reduces the use of highly toxic synthetic chemical pesticides by 50% by 2030; 25% by 2040, a maximum of 5% by 2050 and strong support to be given to farmers in their transition towards agroecology.

    “The private sector through Public Private Partnerships (PPPs) that benefit smallholder farmers especially women and young people should promote agroecology and play a robust role in facilitating market access for agroecologically produced agriculture produce in Nigeria.

    “On access to Extension Services, smallholder women farmers have access to only 5.26% farm demonstrations and 19.47% of farmers’ field schools and these areas need massive investments to scale up agroecology,” it said.

    It is expected that SPAC-West Africa project will be implemented in Liberia, Nigeria, and Senegal, with regional engagement of stakeholders in partnership with the ECOWAS Commission.

    “In Nigeria, the project will improve food and nutrition security and enhance agroecological skills of 120,000 Smallholder Women Farmers (SHWF) and Young People by facilitating access to early maturing seeds, seedlings, livestock, and poultry, thus supporting agroecological practices, indigenous seeds, and agrobiodiversity preservation for increased farm yields.

    “Through agroecology budget monitoring, tracking and advocacy towards the expansion of the fiscal spaces, stakeholders will significantly benefit from budget increases and allocations in agriculture. 26 model agroecological farms will also be set up and scaled by SHWF to increase adoption of agroecological practices. This project will be implemented in Ondo, Delta, Ebonyi, Jigawa, the FCT and at the National Level.”

  • Emefiele’s exit will not negatively impact market— Experts

    Former president of the Chartered Institute of Bankers of Nigeria (CIBN), Okechukwu Unegbu, and other financial experts have opined that the unexpected exit of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele will not have any negative impact on both the capital and foreign exchange markets.

    President Bola Ahmed Tinubu had on Friday suspended the Central Bank Governor, Mr. Godwin Emefiele from office.

    He was directed to immediately hand over to the Deputy Governor (Operations Directorate), Mr. Folashodun Adebisi Shonubi, who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.

    Reacting to the suspension, Unegbu said Emefiele’s removal will impact positively on the capital and the foreign exchange market because the multiple exchange rates maintained by Emefiele hurt the economy.

    Corroborating Unegbu stance, Managing Director of Crane Securities Limited, Mr. Mike Eze, said the market will remain stable until the investigation is concluded and it provides sufficient information to inform market reactions.

    “The CBN is the highest financial institution in the country and the governor works with about three deputies who help him in fashioning out policies and most of these policies were hijacked by politicians. So, most of his policies were politically motivated.

    He, however, noted that politicians are the ones that destabilise the economy, not Emefiele.

    “The capital market does not react on hearsay, the market will have enough information before reacting, so, I believe the market will be stable until the outcome of the investigation,” he said.

    The Executive Vice Chairman of Hicap Securities Limited, Mr. David Adonri, said even though the secondary market benefited from Emefiele’s policies, the primary market did not.

    “We hope that his exit will bring a much-needed positive impact on the primary market and further boost the secondary market.”

    “However, if the multiple exchange rate regime run by Godwin Emefiele is discontinued and replaced by a single forex regime, that can assist the forex market to boom,” he said.

    Meanwhile, a capital market expert, Prof. Uche Uwaleke, had told NIGERIAN ANCHOR that the suspension of Emefiele was long expected.

    Uwaleke, a Professor of capital markets at the Nasarawa State University, Keffi, stated that the suspension will mark an end to a turbulent era

    He added that the CBN Ways and Means, which grew astronomically during his tenure also cast a dark spot on his legacy.

    He, however, noted that Emefiele would be remembered for implementing big ideas such as the Anchor Borrower Programme, the RT200, the eNaira, and a raft of interventions that helped to stimulate the economy during periods of economic recession.

  • Do business with Binance at your own risk, SEC warns Nigerians

    The Securities and Exchange Commission (SEC) has warned Nigerians against doing business with Binance Nigeria, saying that they were doing so at their own risk.

    According to a circular by the Commission at the weekend, the activities of Binance in the country was illegal.

    Binance Nigeria Limited is a subsidiary of the well-known global cryptocurrency exchange, Binance.

    According to the circular, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the website operated by Binance Nigeria Limited, soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms.


    Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal.

    “Any member of the investing public dealing with the entity is doing so at his/her own risk”.


    The SEC further stated that “as the regulator with the statutory mandate of investor protection, the Commission urges Nigerians to be wary of investing in crypto-assets, and crypto-asset related financial products and services if the service provider/its platform is not registered or regulated by the Commission.


    The Commission, therefore, warned Nigerian investors that investing in crypto-assets is extremely risky and may result in a total loss of their investments.

    “By this circular, Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever.

    “The Commission shall provide updates on further regulatory actions with respect to the activities of Binance Nigeria Limited, and other similar platforms and shall work with other regulators in Nigeria to provide further guidance on this matter” the SEC added.