Business

NSE: Shareholders Identify Cause Of Falling Market Indices

Published

11 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

SMEs Dev: Firms Launch N100m Loan Scheme

Published

18 hours ago

March 30, 2026

The Tide

The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.

The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.

Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.

“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.

He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.

According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.

“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.

Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.

He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.

“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.

He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.

“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.

Business

Yenagoa’s Radisson Hotel Ready December — NCDMB, Other

Published

18 hours ago

March 30, 2026

The Tide

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .

He said this while addressing visiting top executives of Edison Corporation and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.

The Board in a statement from the Directorate of Corporate Communications said all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.

Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.

“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.

“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.

He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery

“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”

The Board’s Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.

In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.

“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.

“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.

Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.

The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.

“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality. We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the boss noted.

Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.

By: Ariwera Ibibo-Howells, Yenagoa

Business

RIRS Sets Tomorrow As Deadline For Individual Tax Returns Filing

Published

18 hours ago

March 30, 2026

The Tide

The Rivers State Internal Revenue Service (RIRS) has set tomorrow as the deadline for the filing of all Annual Individual Income Tax Returns for all taxable residents of the state.

This was contained in a public notice by the Service to the taxable residents of the state in compliance with statutory provisions.

The notice was signed by the Executive Chairman of the agency, Sir Israel O. Egbunefu, and made available to the public in Port Harcourt recently.

Egbunefu stated that the directive was in line with the provisions of the Nigeria Tax Administration Act 2025, which mandates individuals to declare their income for the preceding year of assessment.

According to the notice, the obligation covers all categories of income earners, including employees in both the public and private sectors, self-employed individuals, business owners, and professionals operating within the state.

The agency reiterated that the timely filing of tax returns remains critical to promoting transparency, accountability and efficient tax administration in Rivers State.

It further noted that compliance with tax obligations plays a vital role in enabling the government to meet its developmental goals and provide essential public services.

RIRS urged all eligible taxpayers to ensure that their 2025 tax returns are properly completed and submitted through its approved channels before the stipulated deadline .

The Service warned that failure to comply with the directive may attract penalties and other sanctions as prescribed by relevant tax laws.

It also stated its commitment to enforcing compliance while maintaining a taxpayer-friendly approach in its operations.

Taxpayers requiring assistance were advised to visit any RIRS office or access its official platforms for guidance on the filing process.

The agency assured residents of continuous support, including professional advisory services, to facilitate a seamless and stress-free compliance experience.

The notice forms part of ongoing efforts by the Rivers State Government to strengthen revenue generation and enhance voluntary tax compliance across the state.

Residents are therefore encouraged to take advantage of the available support systems and meet the deadline to avoid unnecessary penalties.

By: King Onunwor