Business

Exchange Moves 1,202bn Shares

Published

10 years ago

February 24, 2016

Vice President Yemi Osinbajo (middle), with delegation from the United Kingdom Trade Mission, during its visit to the Presidential Villa in Abuja, recently

Investors on the floor of
the Nigerian Stock Exchange (NSE) moved a total of 1.202 billion shares, valued at N9.641 billion in 13,712 deals between February 15th -19th, 2016.
The performance of traded equities however depreciated as the turnover was in constrast to the traded total shares of 1.407 billion, worth N17.277 billion which investors exchanged in 14.914 deals.
On Monday 15/2/16, in investor 283.521 million shares, valued at N2.923 billion exchanged hands in 3,030 deals. Tuesday saw the movement of 290.944 million shares, valued at N2.881 billion in 2,934 deals.
Investors traded a total of 335.612 million shares, worth N1.952 billion, in 2,847 deals on Wednesday (17/2/2016). On Thursday, a total of 119,339 million shares, worth N959.773 million exchanged hands in 2,464 deals.
The end of the week on Friday was the lowest performance as only 172.394 million shares, valued at N925.393 million exchanged hands in 2,437 deals.
According to NSE records, the financial services industry led the market activity chart by volume, trading a total of 1.005 billion shares, worth N6.471 billion that exchanged hands in 8,313 deals. These performances represent 84 and 67 percent of the total turnover of equities by volume and value respectively.
The consumer goods industry followed with 54.333 million shares worth N2.114 billion in 2,365 deals. The performance of the financial services sector was boosted by the activities of Zenith International Bank Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc which moved a total of 500.360 million shares valued at N5.449 billion in 4.011 deals.
According to exchange records, the performance of these banks represent 41.63 percent and 56.52 percent of the sector’s turnover volume and value respectively.
ETPs
Investors also traded a total of 93,518 units of Exchange Traded Products (ETPs) worth N1.158 million executed in 48 deals, as against a total of 115.641 units worth N1.285 million transacted last week in 28 deals.
Bonds
The federal government’s 150.000 units bonds worth N169.326 million were also traded in two deals, compared to a total of N39, 340 units of both state (1) and federal government Bond (2), valued at N44.246 million executed the previous week in 3 deals.
Index Movement
The Exchange All-share Index and market capitalisation also depreciated by 1.04 percent closing the week’s performance at 24, 432.51 points and N8.403 trillion respectively.
Naira Crisis
The crisis rocking the financial sector has depend as exchange rate rose to over N370 per dollar.
The foreign reserve also declined by $1.14 billion. Non-performing loans (NPL) in the commercial banks, records revealed averaged 4.7 percent last year and may increase to 10 percent in the medium team by 2016. This is due to the banks explosure to oil and gas sector.
The NPLs in 17 banks currently are estimated at over N9.9 trillion, though World Bank’s loan to Nigeria also stands at over $ 6.29 billion.
At the black market, one US dollar is trading at N385, compared to a year ago when one dollar was exchanged at N160.
The present situation became serious about eight months after the Central Bank of Nigeria (CBN) came up with its foreign exchange restrictions policy on 41 raw material items, the ripple effect has turned out more catastrophic than planned.
Meanwhile the organised private sector and manufacturers are predicting that if foreign exchange available for the import of their raw materials continue to be scare it would lead to the closure of most factories and the movement of some companies to near-by countries, deepening unemployment situation in Nigeria.
Some stakeholders in the financial sub-sector had also urged the president to convene an emergency economic summit to present what they called looming economic recession.

Business

PENGASSAN Tasks Multinationals On Workers’ Salary Increase

Published

1 week ago

December 8, 2025

The Tide

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.

Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.

The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.

PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.

He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.

“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.

Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.

“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.

“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.

“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.

“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.

Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.

“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.

“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.

“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.

Business

SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

Published

1 week ago

December 8, 2025

The Tide

The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.

The Commission disclosed this in a statement posted on its website.

According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.

The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.

According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.

“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.

The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.

Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.

“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.

The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.

It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.

Business

NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products

Published

1 week ago

December 8, 2025

The Tide

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.

The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.

NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu