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Forbearance Package: Stock Market Operators Call For Details

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13 years ago

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Some stakeholders in Nigerian capital market on Monday said that the market would only recover when the Federal Government gives details of its forbearance package.

They told our correspondent that the market would react to the Minister of Finance’s statement on forbearance when the details become clearer.

They said that the liquidity crisis in the market would persist until government showed understanding.

It would be recalled that the Finance Minister Ngozi Okonjo-Iweala said last week that the Federal Government would release forbearance package to stockbrokers as part of measures to stimulate investor confidence.

Malam Garba Kurfi, the Chief Executive Officer of APT Securities and Funds Ltd., said that the stakeholders were used to such statements that would not be backed with action.

He said the issue of forbearance package had dragged for long that investors were now doubting the commitment of government towards the bailing out.

Kurfi said that the inability of the Federal Government to give details of the forbearance package had made operators to become nonchalant about it.

“We are used to such statements without action. Remember that the promise was made outside the country where it was difficult to ask questions on when and how it is going to be implemented,” Kurfi said.

Mr Eugene Ezenwa, the Chief Executive of Pac Securities Ltd., urged government to deal with the issue of the forbearance package immediately in the interest of the market.

Ezenwa said that the market closed below operators’ expectation in May due to profit taking and lack of liquidity in the financial system.

Alhaji Rasheed Yussuf, the Managing Director of Trust Yield Securities Ltd., however, described the forbearance pronouncement as a welcome development.

He said that the implementation would determine the direction of the market.

Yussuf said that the liquidity problem in the market would continue until the problem of brokers’ margin loans was settled.

Meanwhile, an analysis of the performance of the stock market last week indicated that the All-Share Index dropped by 268.49 points to close at 21,963.87 from 22,232.36 in the preceding week.

The market capitalisation lost N86 billion or 1.21 per cent to close at N7.004 trillion against N7.090 trillion achieved in the previous week.

Nigerian Breweries led on the price losers’ table, dropping N3 to close at N105 per share, while UACN followed with a loss of N1.69 to close at N33.31 per share.

PZ Cussons led on the gainers’ table, appreciating by N1.20 to close at N24.20 per share and was followed by Glaxo Smithkline with a gain of N1 to close at N21 per share.

In all, investors exchanged 1.3 billion shares worth N9.46 billion in14, 792 deals last week against 1.74 billion shares valued at N15.11 billion traded in 19,754 deals in the preceding week.

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NPA Assures On Staff Welfare 

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1 week ago

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June 27, 2025

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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
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ANLCA Chieftain Emerges FELCBA’s VP

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1 week ago

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June 27, 2025

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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
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NSC, Police Boost Partnership On Port Enforcement 

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1 week ago

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June 27, 2025

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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
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