Business

Bond Market Records N79.8bn Transaction

Published

17 years ago

January 1, 2010

The hull which trailed activities in the equities sector recently, extended to the over-the-counter bond market as investors staked 73.56 million units of bonds compared to 298.75 million units exchanged in the previous week.

Precisely, a total of 73.56 billion units of bonds worth N79.8 billion changed hands recently, down from a turnover of 298.7 million shares valued at N335.7 billion traded in the preceding week.

Similarly, the equities sector recorded a turnover of 1.3 billion shares worth N11.01 billion previously, in contrast to 2.2 billion shares valued at N10.95 billion which changed hands in the previous week.

However, the low volume was attributed to the number of days in which transactions were done at the stock market, as the market only opened for three days instead of five days in commemoration of Christmas and Boxing Day.

Although there were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors, the 6th FGN Bond 2012 series 2 was the most active bond with a traded volume of 10.5 million units valued at N10.8 billion, followed by the 6th FGN Bond 2029 series 3 with a traded volume of 9.2 million units valued at N10.9 billion.

With the amount of price losses outweighing price gains, corporate performance indicators dropped by 0.36 per cent as the All- Share Index depreciated by 73.17 points from 20,601.99 at which it opened the Week on Monday to 20,528.82 points on Wednesday, while market capitalisation closed lower at N4.917 trillion from N4.935 trillion on Monday.

Similarly, three of the four sectoral indices depreciated. For instance the NSE Food/Beverages Index dropped by 0.61 per cent to close at 414.38 points while the NSE Banking index dropped by 1.51 per cent to close at 332.46 points.

Furthermore, the NSE Insurance Index dropped by 0.75 per cent to close at 247.76 points while the NSE Oil/Gas Index however remained constant at 290.55 points.

On the Week’s price movement chart, Flour Mills of Nigeria Plc led 44 other stocks to suffer price depreciation losing 280 Kobo to close at N127.50 million per share, while Nigerian Breweries Plc lost 201 Kobo to close at N50.00 per share.

Furthermore, CAP Plc, Glaxo Smithkline Consumer Plc and Eterna Oil, Julius Berger Nigeria Plc and Gas Plc all shed 123 Kobo, 118 Kobo, 109 Kobo and 94 Kobo each to close at N28.00, N22.44, N25.90, and N5.79 respectively.

On the other hand Chevron Oil Nigeria Plc topped the weeks gainers chart with 332 Kobo to close at N69.79 per share, flowed by Ecobank Transnational Incorporated with 80 Kobo to close at N14.70 per share, while Presco Plc added 60 Kobo to close at N5.62 per share.

Some of the other price gainers for the week include Guaranty Trust Bank Plc, Dangote Flour Mills Plc, Skye Bank Plc, Afribank Nigeria Plc, all of which added 41 Kobo, 31 Kobo, 25 Kobo, and 25 Kobo each to close at N15.51, N8.71, N5.75, N2.19 and N5.15 respectively.

A close look at activities in the equities sector showed that the banking sub-sector was the most active in volume terms during the week with an exchange of 845.12 million shares worth N7.38 billion, followed by the insurance sub-sector with a turnover of 224.11 million shares valued at N313 million while the food, beverages and tobacco sub-sector traded 33.6 million shares worth N568 million.

Further analysis of activities in the sub-sector showed that the volume in the banking sub-sector was largely driven by activity in the shares of United Bank for Africa Plc and Guaranty Trust Bank Plc.

Business

Pipeline Explosion In Abua Odua, LGA Chair Calls For Calm

Published

3 days ago

July 3, 2026

The Tide

Fresh explosions have hit oil and gas pipelines in Odau Community, in Abua/Odual Local Government Area of Rivers State, triggering a major security and environmental crisis that has forced residents to abandon their homes.

The first incident occurred along the Kolo Creek – Rumuekpe crude oil pipelines, operated by Renaissance Africa Energy Company Limited.

This was followed by a gas pipeline explosion on the Ogboinbiri – Obirikom Gas Pipeline, operated by Oando Plc, in the same week.

In a statement by the Abua/Odual Council Chairman, Hon. Owolobi Michael Ofori said the blasts, suspected to be the handiwork of militants, have unleashed persistent gas leakage in the area, raising fears of fire outbreaks and toxic exposure as residents of Odau have largely deserted the community due to the dangerous situation.

According to him, some residents of the area have been hospitalised after inhaling the leaking gas, adding that the impact has spread to neighbouring communities, including Obedum, Emirikpoko, and Anyu in Abua/Odual LGA, as well as Oruma and Ibelebiri in Bayelsa State.

Hon. Ofori expressed deep concern over the plight of the affected residents and urged the operating companies to act swiftly.

The Council expressed its deepest sympathy to all affected persons and communities and remained gravely concerned about the safety, health, and welfare of residents whose lives and livelihoods have been disrupted by these incidents.

“We call on Renaissance Africa Energy Company Limited and Oando Plc to immediately deploy all necessary technical and emergency response resources to contain the fires, halt the gas leakage, secure the affected pipeline corridors, and mitigate further environmental and public health risks.” the Council Chairman Said.

The chairman also appealed to the two oil firms to provide immediate humanitarian assistance and relief materials to the displaced residents while work continues to restore normalcy.

The Council Chairman said he is working closely with security agencies and emergency responders to monitor the situation and coordinate necessary interventions.

The Council Boss advised Residents of the Local Government Area to remain calm, cooperate with authorities, and adhere strictly to safety directives.

Ofori further called on the National Emergency Management Agency (NEMA), the National Oil Spill Detection and Response Agency (NOSDRA), the Rivers State Government, and other relevant bodies to intervene urgently to prevent loss of lives and environmental damage.

Hon. Ofori assured that the council remains committed to the protection and welfare of its people and will continue to engage all stakeholders to resolve the crisis.

Enoch Epelle

Business

Fidelity Bank Collaborates YEIDEP To Empower Nigerian Students

Published

3 days ago

July 3, 2026

The Tide

Fidelity Bank Plc has reaffirmed its commitment to youth empowerment, financial inclusion and entrepreneurship through a strategic partnership with the Youth Economic Intervention and De-radicalization Programme (YEIDEP), a Federal Government-backed initiative aimed at equipping young Nigerians with the skills, support and opportunities needed to build sustainable livelihoods.

Under the partnership, the bank will support the enrolment of students and young people into the YEIDEP programme, which is designed to tackle youth unemployment, promote enterprise development and expand economic participation among Nigeria’s growing youth population.

The next phase of the initiative is scheduled to end today at Nnamdi Azikiwe University, Awka, where the enrolment exercise for students and youths across the South-East that started since July 1st would be concluded at the university’s Convocation Arena.

The exercise is expected to reach more than 60,000 regular undergraduate students.

Speaking on the partnership, Fidelity Bank’s Divisional Head, Product Development, Osita Ede, said youth empowerment remains central to the bank’s vision of building a more inclusive and prosperous society.

He noted that Nigeria’s youths represent the country’s greatest asset and stressed that providing them with the right skills, opportunities and financial support is critical to unlocking their potential and driving national development.

According to Ede, the bank continues to provide young Nigerians with tools for success through its digital banking platforms, financial literacy initiatives, youth-focused products and strategic partnerships.

He added that Fidelity Bank recognises that limited access to funding, mentorship and business development support remains a major challenge for many aspiring entrepreneurs, and is committed to creating pathways that will help them overcome these barriers.

The bank said its support for YEIDEP aligns with its longstanding commitment to empowering Micro, Small and Medium Enterprises (MSMEs), which it described as key drivers of economic growth and job creation in Nigeria.

Interested students and youths have been encouraged to open Fidelity Bank accounts and register for the programme through the bank’s dedicated online portal.

Nkpemenyie Mcdominic, Lagos

Business

NPA Launches Multi-Agency Taskforce To Combat Apapa Traffic Gridlock

Published

3 days ago

July 3, 2026

The Tide

The Nigerian Ports Authority (NPA) has launched a multi-agency task force to combat the resurgence of traffic gridlock choking the Lagos Port access roads, in a fresh push to restore seamless cargo evacuation and sustain recent gains in Port efficiency.

The intervention followed a stakeholders’ meeting convened by the Managing Director of NPA, Dr. Abubakar Dantsoho, on June 23rd, 2026, where security agencies, freight forwarders, truck operators and representatives of the Lagos State Government agreed on coordinated measures to eliminate the bottlenecks disrupting cargo movement.

At the meeting, stakeholders identified illegal extortion points, overlapping responsibilities among security agencies and other operational distortions as major factors responsible for the renewed congestion along the port corridor.

Speaking on the outcome of the meeting, the NPA’s General Manager, Corporate and Strategic Communications, Mr. Ikechukwu Onyemakara, said the Authority’s overriding priority is to guarantee the unhindered movement of cargo to and from the nation’s seaports.

According to him, the task force comprises the NPA, the Police, the National Association of Government Approved Freight Forwarders (NAGAFF), the Association of Nigerian Licensed Customs Agents (ANLCA), the Federal Road Safety Corps (FRSC), the Maritime Workers Union of Nigeria (MWUN), the Nigerian Association of Road Transport Owners (NARTO) and the Association of Maritime Truck Owners (AMATO).

“The responsibility of the task force is to monitor truck movement on the Port access roads on a regular basis, identify any disruption capable of causing gridlock and immediately resolve such challenges,” Onyemakara said.

He stressed that members of the task force would not establish checkpoints along the corridor but would maintain strategic presence at designated locations to ensure compliance without obstructing traffic.

To enhance rapid response, Onyemakara disclosed that the task force has created a dedicated WhatsApp platform through which members can instantly report infractions or emerging traffic issues for immediate intervention.

On the long-delayed renewal of the Electronic Truck Call-Up (ETO) system contract, the NPA spokesman said the Authority is reviewing the terms to ensure a more robust contractual framework before awarding a fresh agreement.

He explained that although the previous contract had expired, the ETO platform remains operational under the management of the Truck Transit Parks (TTP) pending completion of the procurement process.

He expressed confidence that the renewal would be concluded soon.

Reaffirming the Authority’s commitment to maintaining free-flowing Port access roads, Onyemakara said efficient logistics remain central to the NPA’s drive to improve Nigeria’s Port competitiveness and preserve its growing international reputation.

“We are more interested in the free flow of logistics into our ports than anyone else because it is in our own interest,” he said

Nkpemenyie Mcdominic, Lagos