Business

Exchange Trades N6bn Shares In Depressed Deals

Published

14 years ago

January 12, 2011

Transactions at the equities segment of the Nigerian Stock Exchange (NSE) closed on a depressed note last Friday, with market capitalisation sliding by N106 billion. Our correspondent reports that the market capitalisation closed at N8.361 trillion from the N8.467 trillion recorded last Thursday. The All- Share Index (ASI) also depreciated by 1.26 per cent or 334.90 points to close at 26,169.86 against 26,504.76 recorded on Thursday.

Shares totalling 673.13 million and valued at N5.99 billion were exchanged in 8,034 deals on Friday compared with the 701.73 million shares worth N8.30 billion traded in 7,471 deals on Thursday. The Banking sub-sector continued to dominate other sub-sectors with 543.73 million shares valued at N4.99 billion traded in 506 deals. Operators attributed the performance of the sub-sector to the take-off of the Asset Management Corporation of Nigeria (AMCON) and its purchase of some toxic assets of some banks. They said the purchase of the toxic assets would enable these banks to lend out, which would in turn impact on their future profitability.

Four banks topped the list of most active stocks on Friday. They are Zenith Bank, Oceanic Bank, FinBank and Fidelty Bank. Investors in Zenith Bank traded 183.77 million shares worth N2.89 billion in 560 deals, while those in Oceanic Bank traded 55.03 million shares valued at N60.86 million in 394 deals. FinBank traded 53.17 million shares worth N45.02 million in 256 deals, while Fidelity Bank traded 28.81 million shares valued at N84.12 million in 175 deals.

The Insurance sub-sector followed with 66.71 million shares worth N62.81 million traded in 342 deals. The Maritime sub-sector came third, trading 10.00 million shares worth N15.74 million in 198 deals. Nestle led the price gainers, appreciating by N16.45 to close at N385.00 per share. Guinness grew by N9.52 to close at N200.08 while UAC-PROP gained 67K to close at N18.00 per share. Flourmill led the price losers, dropping N3.50 to close at N71.50 per share. Lafarge WAPCO lost N2.08 to close at N40.90, while Nigerian Breweries lost N1.47 to close at N34.81 per share.

Business

NPA Assures On Staff Welfare

Published

4 days ago

June 27, 2025

The Tide

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure and equipment modernization drive with the development of the welfare of its personnel.

Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the clearing of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.

A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying, “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.

The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.

“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”

Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.

“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.

Speaking on behalf of the joint maritime labour unions, the President of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”

Nkpemenyie Mcdominic, Lagos

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

4 days ago

June 27, 2025

The Tide

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).

The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.

Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.

Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.

The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.

The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.

The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.

Nkpemenyie Mcdominic, Lagos

Business

NSC, Police Boost Partnership On Port Enforcement

Published

4 days ago

June 27, 2025

The Tide

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).

The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.

Executive Secretary/Chief Executive Officer of NSC, Dr. Pius Akutah, made this known during a visit to the Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.

The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.

Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.

He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.

“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.

Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.

The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.

“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.

Chinedu Wosu