Business

Foreign Investors’ Sell-Off Bond Holding Raises Price

Published

14 years ago

June 21, 2012

Mild bargain hunting activities by investors triggered an increase in bond prices while yields nose-dived. There was increased demand for long-term instruments maturing between 10 to 20 years despite the liquidity tightness in the money market.

Market watchers have attributed the rise in the price of bond during the week which ended June 15, 2012 to the fact that there was slow down in the sell-off of bond holdings by foreign investors.

In specific terms, the 20-years, 10.00 percent FGN bond maturing in July 2030 rose by N0.11 with its yield moderating to 14.43 per cent even as the 10-year, 7.00 per cent FGN bond with a mature date of October 21019 adding N0.11 while yield dropped to 0.11 per cent.

Also, the 7-year, 9.25 per cent FGN debt paper which is to mature in September 2014 appreciated by N0.09 even as yield softened to 15.62 percent while the 3-year, 10.50 percent FGN bond maturing March 2014 gained N0.05 just as yield dropped to 15.63 per cent.

On the flip side, the 5-year, 4.00 per cent FGN bond with a maturing day of April 2015 finished flat during the review week.

In all, the over-the-counter (OTC) bond recorded a turnover of 93.02 million units of FGN bond worth N81.05 billion executed in 764 deals in the week under review as against the 118.96 million units of FGN bonds exchanged by investors in 823 trades at the value of N112.15 billion.

The equities market of the Nigerian Stock Exchange (NSE) surged by 1.35 per cent as the market indicators finished in the green territory during the week.

The NSE All Share Index having opened the week at 20,902.95 basis points added 135 points to finish at 21,184.58 basis points increasing the year-to-date performance to 2.19 per cent according to market watchers.

Also the market capitalisation of listed equities boosted by the supplementary listing of rights issues totalling 1,149,611,749 units of International Breweries Plc rose from N6.67 trillion recorded the previous week to N6.76 trillion.

Two of the sectorial indices tilted upwards as the NSE 30 index surged by 1.25 per cent to close at 964.14 basis points while the NSE consumer goods Index rose by 0.05 per cent to finish at 1,699.99 basis points.

On the downside, the NSE Banking index dipped by 0.83 per cent to close at 298.43 basis points even as the NSE Insurance Index dropped by 2.45 per cent to close at 118.82 points while the NSE Oil/Gas depreciated by 4.97 per cent to close at 178.04 points.

The market recorded a total volume of 2.76 billion units of shares valued at N7.99 billion in 16,961 deals last week up from a total of 1.14 billion units of shares at the cost of N8.86 billion exchanged by investors in 18,880 deals in the previous week.

In volume terms, the financial services sector of the equities market was the most active with a recorded volume of 2.36 billion units of shares worth N4.88 billion exchanged in 9,625 trades. The conglomerates sector followed with a turnover volume of 211.72 million units of shares valued at N466.05 million in 1,004 deals.

Vivian-Peace Nwinaene

Business

Pipeline Explosion In Abua Odua, LGA Chair Calls For Calm

Published

3 weeks ago

July 3, 2026

The Tide

Fresh explosions have hit oil and gas pipelines in Odau Community, in Abua/Odual Local Government Area of Rivers State, triggering a major security and environmental crisis that has forced residents to abandon their homes.

The first incident occurred along the Kolo Creek – Rumuekpe crude oil pipelines, operated by Renaissance Africa Energy Company Limited.

This was followed by a gas pipeline explosion on the Ogboinbiri – Obirikom Gas Pipeline, operated by Oando Plc, in the same week.

In a statement by the Abua/Odual Council Chairman, Hon. Owolobi Michael Ofori said the blasts, suspected to be the handiwork of militants, have unleashed persistent gas leakage in the area, raising fears of fire outbreaks and toxic exposure as residents of Odau have largely deserted the community due to the dangerous situation.

According to him, some residents of the area have been hospitalised after inhaling the leaking gas, adding that the impact has spread to neighbouring communities, including Obedum, Emirikpoko, and Anyu in Abua/Odual LGA, as well as Oruma and Ibelebiri in Bayelsa State.

Hon. Ofori expressed deep concern over the plight of the affected residents and urged the operating companies to act swiftly.

The Council expressed its deepest sympathy to all affected persons and communities and remained gravely concerned about the safety, health, and welfare of residents whose lives and livelihoods have been disrupted by these incidents.

“We call on Renaissance Africa Energy Company Limited and Oando Plc to immediately deploy all necessary technical and emergency response resources to contain the fires, halt the gas leakage, secure the affected pipeline corridors, and mitigate further environmental and public health risks.” the Council Chairman Said.

The chairman also appealed to the two oil firms to provide immediate humanitarian assistance and relief materials to the displaced residents while work continues to restore normalcy.

The Council Chairman said he is working closely with security agencies and emergency responders to monitor the situation and coordinate necessary interventions.

The Council Boss advised Residents of the Local Government Area to remain calm, cooperate with authorities, and adhere strictly to safety directives.

Ofori further called on the National Emergency Management Agency (NEMA), the National Oil Spill Detection and Response Agency (NOSDRA), the Rivers State Government, and other relevant bodies to intervene urgently to prevent loss of lives and environmental damage.

Hon. Ofori assured that the council remains committed to the protection and welfare of its people and will continue to engage all stakeholders to resolve the crisis.

Enoch Epelle

Business

Fidelity Bank Collaborates YEIDEP To Empower Nigerian Students

Published

3 weeks ago

July 3, 2026

The Tide

Fidelity Bank Plc has reaffirmed its commitment to youth empowerment, financial inclusion and entrepreneurship through a strategic partnership with the Youth Economic Intervention and De-radicalization Programme (YEIDEP), a Federal Government-backed initiative aimed at equipping young Nigerians with the skills, support and opportunities needed to build sustainable livelihoods.

Under the partnership, the bank will support the enrolment of students and young people into the YEIDEP programme, which is designed to tackle youth unemployment, promote enterprise development and expand economic participation among Nigeria’s growing youth population.

The next phase of the initiative is scheduled to end today at Nnamdi Azikiwe University, Awka, where the enrolment exercise for students and youths across the South-East that started since July 1st would be concluded at the university’s Convocation Arena.

The exercise is expected to reach more than 60,000 regular undergraduate students.

Speaking on the partnership, Fidelity Bank’s Divisional Head, Product Development, Osita Ede, said youth empowerment remains central to the bank’s vision of building a more inclusive and prosperous society.

He noted that Nigeria’s youths represent the country’s greatest asset and stressed that providing them with the right skills, opportunities and financial support is critical to unlocking their potential and driving national development.

According to Ede, the bank continues to provide young Nigerians with tools for success through its digital banking platforms, financial literacy initiatives, youth-focused products and strategic partnerships.

He added that Fidelity Bank recognises that limited access to funding, mentorship and business development support remains a major challenge for many aspiring entrepreneurs, and is committed to creating pathways that will help them overcome these barriers.

The bank said its support for YEIDEP aligns with its longstanding commitment to empowering Micro, Small and Medium Enterprises (MSMEs), which it described as key drivers of economic growth and job creation in Nigeria.

Interested students and youths have been encouraged to open Fidelity Bank accounts and register for the programme through the bank’s dedicated online portal.

Nkpemenyie Mcdominic, Lagos

Business

NPA Launches Multi-Agency Taskforce To Combat Apapa Traffic Gridlock

Published

3 weeks ago

July 3, 2026

The Tide

The Nigerian Ports Authority (NPA) has launched a multi-agency task force to combat the resurgence of traffic gridlock choking the Lagos Port access roads, in a fresh push to restore seamless cargo evacuation and sustain recent gains in Port efficiency.

The intervention followed a stakeholders’ meeting convened by the Managing Director of NPA, Dr. Abubakar Dantsoho, on June 23rd, 2026, where security agencies, freight forwarders, truck operators and representatives of the Lagos State Government agreed on coordinated measures to eliminate the bottlenecks disrupting cargo movement.

At the meeting, stakeholders identified illegal extortion points, overlapping responsibilities among security agencies and other operational distortions as major factors responsible for the renewed congestion along the port corridor.

Speaking on the outcome of the meeting, the NPA’s General Manager, Corporate and Strategic Communications, Mr. Ikechukwu Onyemakara, said the Authority’s overriding priority is to guarantee the unhindered movement of cargo to and from the nation’s seaports.

According to him, the task force comprises the NPA, the Police, the National Association of Government Approved Freight Forwarders (NAGAFF), the Association of Nigerian Licensed Customs Agents (ANLCA), the Federal Road Safety Corps (FRSC), the Maritime Workers Union of Nigeria (MWUN), the Nigerian Association of Road Transport Owners (NARTO) and the Association of Maritime Truck Owners (AMATO).

“The responsibility of the task force is to monitor truck movement on the Port access roads on a regular basis, identify any disruption capable of causing gridlock and immediately resolve such challenges,” Onyemakara said.

He stressed that members of the task force would not establish checkpoints along the corridor but would maintain strategic presence at designated locations to ensure compliance without obstructing traffic.

To enhance rapid response, Onyemakara disclosed that the task force has created a dedicated WhatsApp platform through which members can instantly report infractions or emerging traffic issues for immediate intervention.

On the long-delayed renewal of the Electronic Truck Call-Up (ETO) system contract, the NPA spokesman said the Authority is reviewing the terms to ensure a more robust contractual framework before awarding a fresh agreement.

He explained that although the previous contract had expired, the ETO platform remains operational under the management of the Truck Transit Parks (TTP) pending completion of the procurement process.

He expressed confidence that the renewal would be concluded soon.

Reaffirming the Authority’s commitment to maintaining free-flowing Port access roads, Onyemakara said efficient logistics remain central to the NPA’s drive to improve Nigeria’s Port competitiveness and preserve its growing international reputation.

“We are more interested in the free flow of logistics into our ports than anyone else because it is in our own interest,” he said

Nkpemenyie Mcdominic, Lagos