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

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

3 days ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

3 days ago

January 12, 2026

The Tide

The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

6 days ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi