Business

61.99billion Shares Worth N312.21bn Traded By June

Published

10 years ago

July 11, 2016

Investors on the Nigerian Stock Exchange (NSE) in the first half of 2016 traded a turnover of 61.99 billion shares valued at N312.21 billion in 62,016 deals.
The Tide source stated that Statistics released by the Exchange in Lagos indicated that the performance was against a total of 50.71 billion shares worth N557.36 billion achieved in 535,278 deals in the first half of 2015.
Our source reports that the data also showed that the turnover of shares traded inched by 22.24 per cent when compared with the preceding figures of 2015.
The Tide source also reports that the market indices during the review period closed lower due to price depreciation posted by some blue chips.
Specifically, the NSE All-Share Index lost 3,859.04 points or 11.53 per cent to close at 29,597.79 from 33,456.83 recorded in June 2015.
Also, the market capitalisation during the review period shed N179 billion to close at N10.165 trillion, against N10.344 trillion achieved in the corresponding period.
An analysis of the price movement chart showed that Portland Paints led the losers’ chart in percentage terms during the period, dropping by 51.20 per cent to close N1.83 against the opening price of N3.75.
It was trailed by Fortis MFB which dipped 49.90 per cent to close at N2.58, while Ikeja Hotels lost 49.61 per cent to close at N1.95 per share.
Forte Oil decreased by 42.37 per cent to close at N190.34, Caverton lost 40.89 per cent to close at N1.46 and Skye Bank shed 34.18 per cent to close at N1.04 per share.
On the other hand, Tiger Brands led the gainers’ table in percentage terms, growing by 324.78 per cent to close at N4.80 per share against the opening price of N1.13.
E-Tranzact came second, appreciating by 97.37 per cent to close at N6, while UBA Capital rose by 89.31 per cent to close at N2.48 per share.
AG Leventis improved by 64.52 per cent to close at N1.02, Seplat gained 62.56 per cent to close at N330 and Nem Insurance appreciated by 50 per cent to close at N1.02 per share.
Speaking on the market performance, Mr Ambrose Omordion, Chief Operating Officer, InvestData Ltd., noted that the delay in the passage of 2016 budget, appointment of ministers and unclear economic policy affected activities during the first half of the year.
Omordion said that slowdown in economic activities led to negative Gross Domestic product (GDP) during the period under review.
He said that implementation of the budget would kick start economic activities that would gradually pull the economy away from recession in the second half of the year.
According to him, the new Central Bank of Nigeria (CBN) foreign exchange policy if well implemented will help to make liquidity available in the system.

Business

Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs

Published

20 hours ago

April 10, 2026

The Tide

The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.

The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.

Ogan stated that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.

He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.

According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.

Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.

He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.

NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.

He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.

Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.

He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.

Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.

He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.

According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.

To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.

King Onunwor

Business

NPA Targets N1.489tn Revenue In 2026

Published

21 hours ago

April 10, 2026

The Tide

The Management of Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.

NPA says the figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.

The Managing Director NPA, Dr Abubakar Dantsoho, stated this during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.

Dantsoho said the authority was set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.

According to him, of the projected revenue: N945 billion is allocated for capital projects, N447.5 billion for operating expenses, and

N90.6 billion for remittance into the Consolidated Revenue Fund (CRF).

The MD explained that the budget was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”

Dantsoho said that the modernisation of Apapa and Tin Can Island ports were flagship projects aimed at boosting revenue.

“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.

“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.

“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.

On the Treasury Single Account (TSA), Dantsoho said all revenues generated by the NPA are paid directly into the account managed by the Central Bank of Nigeria (CBN).

“We do not retain any funds. The Central Bank is the signatory and we must apply for funds whenever needed,” he explained.

Earlier in his remarks,Chairman of the Senate Committee on Ports, Sen. Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function was collaborative rather than adversarial.

“Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest,” he said.

Chinedu Wosu

Business

NPF Disburses ?21.68m To Fallen Heros’ Families …Reinforce Welfare Commitment

Published

21 hours ago

April 10, 2026

The Tide

Nigeria Police Force has disbursed a total of ?21,678,120 to the deceased police officers families in Rivers State as part of ongoing welfare interventions by the force.

The gesture formed a major highlight of the activities marking the 2026 National Police Day celebration in the state, underscoring renewed institutional focus on personnel welfare and post-service support systems.

The Commissioner of Police, Olugbenga Adepoju, who presided over the cheque presentation ceremony, said the initiative reflects the Force’s commitment to honouring officers who paid the ultimate price in their line of duty.

He explained that the financial support is designed to cushion the economic burden faced by bereaved families, while also reinforcing confidence among serving personnel about the Force’s long-term welfare structure.

Adepoju conveyed the sympathy of the leadership of the Nigeria Police Force to the beneficiaries, noting that the sacrifices of fallen officers remain invaluable to national security and public safety.

The police boss further stressed that sustained welfare interventions are critical to boosting morale, enhancing productivity, and strengthening institutional loyalty within the Force.

He reiterated that the welfare scheme aligns with broader reforms aimed at repositioning the Nigeria Police Force as a responsive and people-oriented institution.

Beneficiaries of the cheques commended the Inspector-General of Police, Olatunji Rilwan Disu, for prioritising the welfare of officers and their families through consistent and impactful interventions.

They described the initiative as timely and compassionate, noting that it would go a long way in alleviating financial pressures arising from the loss of their loved ones.

The families also acknowledged ongoing reforms under the current police leadership, which they said have strengthened trust, improved service delivery, and enhanced the overall image of the Force.

The Rivers State Police Command reaffirmed its commitment to sustaining similar initiatives as part of efforts to uphold the dignity, sacrifice, and legacy of officers who served the nation with distinction.

King Onunwor