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Market Capitalisation Drops By N106bn

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13 years ago

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The market capitalisation of the Nigerian Stock Exchange (NSE) dropped by N106 billion last week to close at N10.51 trillion against the N10.62 trillion posted in the preceding week.

According to statistics made available to newsmen in Lagos on Monday, the All-Share Index also lost 334.09 points or 1.01 per cent to close at 32,849.11.

This was against the 33,183.20 posted the previous week.

In the week under review, Nestle topped the losers’ table with N50 to close at N836 per share.

It was followed by Guinness which lost N11.50 to close at N265, while Dangote Cement lost N5.49 to close at N142.50 per share.

Conversely, UACN led the gainers’ chart with N4.10 to close at N54.10 kobo per share.

Oando came second with N2.96 to close at N17.94 per share, while Unilever gained N2.14 to close at N19.76 per share.

Similarly, the volume of shares traded declined by 1.93 billion shares worth N20.99 billion.

This was against the 2.28 billion shares valued at N24.63 billion traded in 28,170 deals in the corresponding week.

The Financial Services sector was investors’ delight as it accounted for 1.51 billion shares worth N13.53 billion in 17,688 deals.

Capital market operators said that the lull in the capital market last week was due to the poor dividend declared by Nestle and Nigerian Breweries for their 2012 financial year.

Mr David Adonri, the Chief Executive Officer, Lambeth Trust & Investment Company Ltd., said that most investors were disappointed by the dividends declared by Nestle and Nigerian Breweries.

Adonri also attributed the market downturn to over valuation of some stocks due to prolonged bullish trend.

“Due to the prolonged bull run, several stocks became over valued and market correction set in when speculators started taking profit, thus inundating the market with excessive supply of stocks.

Alhaji Rasheed Yussuf, the immediate past President, Association of Stockbroking Houses of Nigeria, said that the market was expecting 2012 results of companies that could propel activities.

Yussuf said that the market was expecting financial results, particularly from the banking sector that could meet investors’ expectations in terms of dividends.

He, however, urged investors to take advantage of the current low price of equities to increase their stakes in the market.

Another stockbroker, Mr Emma Ndu, called for macroeconomic policies and decisive interventions by market makers to ensure stability in the market.

Ndu said that the Federal Government should speed up its privatisation process, implement its 2013 budget effectively and pass the Petroleum Industry Bill to increase liquidity in the market.

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Kenyan Runners Dominate Berlin Marathons

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2 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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2 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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2 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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