Business

NSE Index Falls by 0.2%

Published

13 years ago

January 7, 2013

The bullish run, which had persisted in the equities section of the Nigerian Stock Exchange since last week, came to an end on Thursday with major indicators losing marginally.

The market capitalisation of the listed shares fell by 0.2 per cent or N19bn from N9.109tn to close at N9.090tn on Thursday.

Similarly, the NSE’s All-Share Index dropped by 0.2 per cent or 59.82 basis points from 28,501.21 points on Wednesday’s close to 28,441.39 points.

The NSE-30 Index was down marginally by 0.1 per cent or 1.59 per cent to close at 1,355.64 points, down from 1,357.23 points recorded the previous day.

The NSE Consumer Goods Index and the Banking Index, on the other hand, recorded marginal appreciation, rising by 0.7 per cent and 1.8 per cent to close at 849.80 basis points and 356.89 points, respectively.

Analysts traced the marginal slide in activities to low bargain on the part of investors.

According to them, some investors were taking advantage of the appreciation recorded in the market in the past few trading days.

The banking sub-sector maintained its lead on the activity chart, accounting for 59 per cent of total turnover traded.

In the banking sub-sector, 170.21 million shares, valued at N1.346bn, were exchanged by investors in 2,142 transactions.

Trading in the shares of First City Monument Bank Plc drove the sub-sector’s turnover, accounting for 20 per cent of volume in the sub-sector.

Other companies that recorded high turnover in the sub-sector are Diamond Bank Plc, Skye Bank Plc, Fidelity Bank Plc and Zenith Bank Plc.

FCMB Plc emerged the highest price gainer at the close of activities, rising by 9.7 per cent or 40 kobo to close at N4.50 per share.

Aiico Insurance Plc gained 6.45 per cent or four kobo to close at 66 kobo per share.

SkyeBank and Fidson Plc followed on the chart, rising by 5.7 per cent and 5.6 per cent to close at N5 and N1.14 per share, respectively.

Diamond Bank, on the other hand, lost the highest, shedding 5.5 per cent or 30 kobo to close at N5.1$0 per share.

John Holt Plc and Cutix Plc fell by 4.9 per cent and 4.6 per cent to close at N3.07 and N1.46 per share in that order.

Business

Withdrawal, Deposit Fees Changes From May 1, 2026 Still Stands – CBN … Declares 5 Banking Services Free

Published

7 days ago

May 6, 2026

The Tide

The Central Bank of Nigeria (CBN) has said that the announced changes in fees attached to several everyday banking services, scheduled to take effect on May 1, 2026 has commenced.

The changes are contained in the apex bank’s revised Guide to Charges by Banks and Other Financial Institutions, which outlines consumer-focused reforms designed to improve transparency and reduce the burden of banking fees nationwide.

According to the document, which was signed by Dr. Rita Sike, the CBN’s Director of the Financial Policy and Regulation Department, the new changes affect account reactivation, ATM withdrawals on own bank networks, and virtual card issuance.

Following the changes made by CBN, the five key banking services affected by the CBN’s update are in account reactivation and closure, under which banks are no longer allowed to charge customers for reactivating dormant accounts, while account closure also remains free.

The second change is that banks will now be required to provide monthly statement of account to their customers at no cost, and also ensure better access to financial information.

However, requests for printed statements outside the agreed standard format attract a maximum fee of N20 per page.

Thirdly, the CBN has introduced small inter-bank electronic transfers to promote digital payments and micro-transactions.

The implication is that, henceforth, transfers from N0 to N5,000 are free, transfers between N5,000 and N50,000 will attract a maximum fee of N10, while transfers above N50,000 are capped at N50.

The fourth change in the CBN update is in the use of own bank’s ATM (On-Us Transactions).

Here, withdrawals made from your bank’s ATM (on-us transactions) are free. Non-cash transactions, such as intra-bank transfers carried out at these ATMs, also attract no charges.

The fifth change is in virtual cards and PIN management in which banks are now required to issue virtual cards at no cost. In addition, PIN-related services, including PIN re-issuance and resets, are free for all customers.

The document further said the new charges guide, which aims to boost financial inclusion and reduce banking costs, updates the 2020 version to better align with current market realities, particularly the growing reliance on digital payments and mobile banking.

Business

Binani Air Commences Flight Operations May 10 in Nigeria

Published

7 days ago

May 6, 2026

The Tide

Binani Air has announced the commencement of sales tickets on Monday, describing the development as a milestone that will improve the aviation sector and create jobs for the people in Nigeria, as head of its scheduled inaugural flight operations starts May 10, 2026,

In a statement issued by the head of corporate communications of the new airline, the move marks a significant milestone in the aviation sector.

She said this announces the transition from vision to operation as the airline moves closer to welcoming its first passengers on board.

Quoting the Chief Executive Officer of Binani Air, Aminatu Dahiru Chiroma, the Corporate communications officer said,”the commencement of ticket sales represents more than just access to flights. It reflects the airline’s readiness to deliver a new standard of air travel in Nigeria.

“Opening our ticket sales is a defining moment for us. It is the point at which our commitment becomes real for the travelling public. From this moment, we are not just preparing to fly—we are preparing to serve.

“Built on the principles of reliability, safety, and respect for passengers’ time, Binani Air enters the market with a clear focus on consistency and operational discipline.

“The airline is committed to delivering a travel experience that is both seamless and reassuring, particularly in a sector where trust remains critical.

“Passengers can expect a streamlined booking process, responsive customer engagement, and a service culture designed to prioritize comfort and professionalism from the very first interaction”.

Chiroma said as anticipation builds towards the inaugural flight, Binani Air invites travellers, corporate partners, and stakeholders to be part of this defining journey, one that seeks to reshape expectations and restore confidence in Nigerian aviation.

She said “bookings are available via the airline’s official website (www.binaniair.com) and authorised travel partners from 12 noon of 4th of May 2026.”

Business

DANGOTE Debunks Claims Of Rift With Tony

Published

7 days ago

May 6, 2026

The Tide

The Dangote Group has dismissed as false and malicious publication alleging that its President, Aliko Dangote, distanced himself from fellow businessman Tony Elumelu.

In a statement issued by the company, the Group said it never made such claims and described the report as baseless and a deliberate misrepresentation of facts.

The statement was signed by the Group Chief Branding and Communications Officer of Dangote Industries Limited Anthony Chiejina.

The company also refuted assertions that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends.

It maintained that such claims are entirely inaccurate, stressing that Dangote does not fund projects through informal personal lending arrangements.

Addressing speculation about a fallout between Dangote and Elumelu, the Group clarified that both men maintain a longstanding and cordial relationship.

The statement further expressed concern over what it described as a growing trend of fabricated statements and the unauthorised use of Dangote’s name, image, and likeness in AI-generated advertisements and misleading content, warning that such actions could amount to fraud and reputational damage.

The company warned individuals and platforms involved in spreading false information to desist immediately, noting that it would take appropriate legal action where necessary.

The Dangote Group reiterated its commitment to maintaining high standards of integrity while continuing to promote industrialisation, economic self-sufficiency, and sustainable development across Africa.

Nkpemenyie Mcdominic, Lagos