Business

OTC Sells 23% Of FGN Bond

Published

14 years ago

April 18, 2012

Despite the relatively active market experienced earlier in the week that ended March 13, 2012 in the Over-the-Counter (OTC) bond market, only 23.08 per cent of the available FGN bond was traded down from 30.77 per cent transacted the previous week.

In specific terms, only six out of the 28 FGN available bonds were traded as against the eight transacted in the previous week.

The overall transaction recorded by the OTC bond market was 62.32 milion units valued at N51.93 billion exchanged in 472 deals during the review week down from 129.63 million units worth N111.73 billion recorded in 803 transactions in the proceeding week according to the Nigerian Stock Exchange (NSE) weekly report.

In volume terms, the most active bond during the week was the 7.00 per cent FGN October 2019 (the sixth FGN bond 2019 series one) which recorded a traded volume of 13.07 million units valued at N9.67 billion in 91 trades.

The 16.39 per cent FGN January 2022which is the 9th FGN Bout 2022 series one emerged second having recorded a turnover of 13.07 million units valued at N14.20 billion in 96 deals.

The treasury bills market witnessed a primary auction in which N40.79 billion worth 91 day was sold at the rate of 14.00 per cent while N90.01 billion and N80.00 billion worth 182 day and 364 day were sold at the rates of 14.04 per cent and 15.07 per cent respectively during the last auction which Wednesday 11, 2012.

Meanwhile, in the equities market the NSE All-Share-Index dipped by 0.95 per cent to finish at 20,743.16 basis points while the market capitalisation of listed equities depreciated from N6.641 trillion to N6.615 million.

The NSE – 30 Index dropped 8.40 points or 0.88 per cent to close at 947.79, but the NSE Insurance Index inched by 0.59 per cent or 0.74 points to close the week at 126.66.

The NSE Banking Index plunged by 2.38 per cent or 6.97 points to end at 286.00 even as the NSE consumer Goods Index shed 13.71 points or 0.81 per cent to close at 1,688.04.

The NSE Oil /Gas was also on the down side as it depreciated by 10.31 points or 5.24 per cent to finish at 186.33.

The Equities Market, in all, recorded a turnover of 1.582 billion units of shares valued at N7.859 billion exchanged by investors in 14,492 trades in contrast to a transaction volume in 15,027 deals at the value of N7.796 billion in the previous week.

A breakdown shows that the financial services sector of the market accounted for 782.146 million units of shares at the cost of N4.681 bilion bought by investors in 8,308 transactions.

It was followed by the conglomerates sector with a recorded volume of 647.095 million units of shares valued at N517.21 million transacted in 400 trades.

According to the NSE report the Banking subsector of the financial service sector was the most active during the review week having traded 666.097 million units of shares worth N4.525 billion in 7,900 deals volume in the banking subsector was largely driven by activities in the shares of Unity Bank Plc, Zenith Bank Plc, and Guaranty Trust Bank Plc.

Trading in the shares of the three banks accounted for 306.529 million units shares representing 46.02 per cent, 39.19 per cent and 19.37 per cent of the turnover recorded by the subsector, sector and total turnover for the week respectively.

Boosted by activity in the shares, of Transactional Corporation of Nigeria Plc, the Diversified Industries Subsector of the conglomerates sector followed on the week’s activity chart with a recorded subsector turnover of 640.49 million units of shares exchanged by investors in 210 transactions at N320.878 million.

Vivian-Peace Nwinaene

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

1 day 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

1 day 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

4 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