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

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

4 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

4 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

1 week ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.