Business

NSE: Shareholders Identify Cause Of Falling Market Indices

Published

12 years ago

November 17, 2014

Some shareholders have
blamed the Nigerian Stock Exchange (NSE) for the bearish trend in the equities market, which led to drop in the market indices by 11.52 per cent last week.
The shareholders told newsmen in Lagos that the exchange’s dependence on foreign investors was the major cause of the bearish trend in the market.
National President, Independent Shareholders Association of Nigeria (ISAN), Mr Bayo Adeleke, said that the bears were having a free reign in the market due to the dominance of foreign investors.
Adeleke said the exchange was disconnected from retail shareholders and depended solely on foreign investors.
“The NSE doesn’t have a blueprint to develop local capacity for long term capital formation. The preference is to hand over Nigerian economy to foreign investors,” Adeleke said.
He said that the market had lost over N2 trillion in capitalisation in the last one month.
Adeleke said that shareholders were concerned about the free fall of equities in the last couple of weeks, noting that some stocks lost more than 30 per cent of their value.
President, Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie, said that local investor’s confidence in the market had been dashed due to government’s policies.
Okezie said that foreign investors were given more attention in the market against the domestic investors.
Alhaji Gbadebo Olatokunbo, founding member, Nigeria Shareholders Solidarity Association, attributed the development to the exit of foreign investors.
Olatokunbo said that capital market regulators should protect and develop the interest and confidence of local investors in the market and not foreigners’.
He said that foreign investors concentrated solely on capital appreciation, noting that capital market was not a casino but for long-term investment purposes.
Olatokunbo said that investors should be encouraged by the regulators to pay less emphasis on capital appreciation.
He, however, urged local investors to seize the opportunity to increase their stake in the market.
The Managing Director, APT Securities and Funds Ltd., Malam Garba Kurfi, said the operators were engaging local investors to increase their participation in the market.
Kurfi said that pension fund administrators should see the development as an opportunity to increase their position in the market.
“The market offers higher potential in terms of dividend yield when compared with interest offered by banks,’’ he said.
Kurfi said that the market had never lost 11 per cent in a week in the last five years.
He attributed the development in the market to developments in the foreign exchange market and unfriendly policies of the Central Bank of Nigeria (CBN).
Kurfi said the trend would not persist because most stocks were trading below their fair value.
Our correspondent reports that the NSE All-Share Index last week lost 4333.93 basis points or 11.54 per cent to close at 33,216.31 compared with 37,550.24 achieved in the preceding week.
Also, the market capitalisation depreciated by N1.44 trillion or 11.54 per cent to close at N11.002 trillion against N12.437 trillion posted in the previous week due to huge loss.
Lafarge Africa topped the losers’ table, shedding 30.14 per cent or N33.15 to close at N76.84 per share.
It was also reported that 73 equities posted price depreciation during the review period, while one equity appreciated in price.
Dangote Sugar Refinery came second with a loss of 29 per cent or N2.03 to close at N4.97, while Ashaka Cement lost 28.62 per cent or N8.97 to close at N22.37 per share.
On the other hand, Betaglass was the only company that recorded gain during the review period, appreciating by five per cent or N1.05 to close at N22.05 per share.
Also, a turnover of 3.78 billion shares worth N26.74 billion was traded on by investors last week in 22,771 deals.
This was against 2.09 billion shares valued N20.23 billion exchanged in 21,802 deals in the previous week.
The Financial Services led the week’s activity chart with 3.33 billion shares
Worth N17.10 billion transacted in 13,676 deals.
The Conglomerates Industry followed with a turnover of 181.56 million shares worth N772.64 million achieved in 1,286 deals.
The third place was occupied by the Services Industry with 90.01 million shares worth N259.19 million in 659 deals.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

3 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

3 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

1 week ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.