Business

Capital Market: 2013 Appreciable, 2014 Hopeful

Published

13 years ago

January 1, 2014

As 2013 wines up, to make way for the 2014 projections from financial experts in the Nigerian capital market, investors exhibit renewed vigor due to the positive performance of traded equities at the floor of the Exchange this year.

Nigerian Stock Exchange (NSE) made an appreciable impact in 2013 compared to 2012 as all market indicators rose with definable gains as at Friday, December 27, 2013.

At the close of transactions on the last Friday of the year, investors traded a total of 377.01 millions shares as against 150.58 million shares that opened transactions in January 2013.

The value of shares closed at N2.4 billion as against N1.73 billion which opened the year’s transaction at the floor of the Exchange.

All-share index also closed at 40,231.68 points, compared to 28,078.81 points that opened the year making a gain of 12,152.80 points or 43 per cent. Market capitalisation which opened January at N8.98 trillion gained N3.9 trillion to closed positively at N12.88 trillion as at Friday 27th December, 2013.

In a presentation by the Chief Executive Officer (CEO), Nigerian Stock Exchange, Mr Oscar Onyema, at the capital market stakeholders forum in November, he said.

“We have undertaken major reviews of our market and operations and implemented innovations required to deliver a robust and efficient capital market.

“We have also successfully delivered on key strategic initiatives to create an African institution that competes effectively in the global market place”.

According to the paper titled “Ten Years of Sanitising the Capital Market and Bringing Justice to the Doorstep of the People”, Onyema noted that Nigerian Stock Market ended the first half of the year on a positive note, returning 28.8 per cent gain in overall market performance as the All Share Index(ASI) closed at 36,164.31 points. It is about 80 per cent higher than the previous year’s level.

The index also had crossed the 40,000 points market target before retreating as capitalisation was maximum at N12.84 trillion surpassing the previous year before also retreating later to N11.61 trillion.

Market value was singularly enhanced by the listing of Dangote Cement which accounts for 25 per cent of total market capitalisation.

According to the market analysis, daily transaction in the half year is 475 million shares, compared to 360 million shares, average daily transaction recorded in the entire 2012 period.

In Daily Sun publication of December 30,2013 titled “NSE makes World’s top 10″, the review recorded that it is the appreciable performance of the stock market that placed the country’s capital market among the top 10 performing stock exchanges in the world. This performance was made possible by various factors.

According to the review, Securities and Exchange Commission (SEC) in an effort to strengthen the nations capital market, during the third quarter capital market committee meeting in Lagos, set up three committees to develop 10-year master plans to revamp the capital market.

The committees include: capital market master plan, Non Interest capital Market Product Master plan and the capital market literacy master plan.

The terms of reference of the capital market master plan committee was to review the implementation progress of the capital market towards making world class potential a reality and outline milestones yet unachieved.

It was also charged to consider relevant factors that impacted market growth and develop a strategy for robust governance for improved efficiency and enhancement of market stability, among others.

The Director General of SEC, Ms. Arunma Oteh on December 19 released a new minimum capital requirement for market operators. The new capital, with deadline pegged on December 2014, expects market operators to recapitalise.

According to SEC release, broker/dealer now requires a minimum capital of N300 million or an increase of 328.57 per cent compared to the initial capital of N70 million.

By the new capitalisation strategy, a broker now requires to increase its capital to N200 million from N40 million as dealers’ minimum capital stands at N100 million as against N30 million.

Issuing house operational capital also increased to N200 million from N150 million, as underwriter now operates with N200 million as a working capital compared to N100 million.

Punch Online market review showed that investors in 13 companies in the capital market made over 100 per cent gains in 2013. The companies include Presco Plc, Livestock Feeds Plc, Transcorp Plc, Champion Breweries Plc, Jos International Breweries Plc and Union Dicon Salt Plc.

Others are: Cadbury Nig Plc, Wema Bank Plc, Evans Medical Plc, Fidson Healthcare Plc, Conoil Plc, Forte Oil Plc and Mrs Oil Nigeria Plc.

The stock review showed that Forte Oil Plc returned the highest capital gain of 1,301 per cent. The equity opened the year at about N7 and soared to over N100 last Tuesday on renewed demand by investors.

The oil product firm, according to Punch analysis, attracted high demand from investors who are impressed with its recovery from losses and future potential, positing a growth of 306 per cent in profit after tax for the nine months which ended September 30,2013, rising from N656 million in 2012 to N2. 669 billion.

The Forte Oil performance was attributed to clear focus on business transformation initiative, according to the Chief Executive of the company, Mr. Akin Akinfemiwa.

Transcorp Plc followed with 327 per cent gain, while Champion Breweries Plc made 307 per cent gains to square up.

The Exchange also in October announce the commencement of trading on the X-Gen Platform. The rollout of the X-Gen, adjudged as the potentially fastest trading platform, is historic milestone for the capital market community to reinforce the nation’s position as a regional financial centre.

This achievement serves as one of the key target of the Exchange in providing the 21st century technologies to support the growth of the Nigerian capital market.

However, operators and stakeholders in the financial market have raised fresh alarm over the continuous retention of Monetary Policy Rate (MPR) at 12 per cent by the Central Bank of Nigerian (CBN) led by Mallam Sanusi Lamido Sanusi, saying that it would affect quoted companies performance and capital market indices.

The Finance and Insurance sub-sector comprises banking insurance pension and stock-broking firms. These firms operate in the various segments of the financial markets such as money market, capital market and the foreign exchange market.

This sector plays prominent role in ensuring an efficient financial intermediation in the economy.

Despite the challenges faced by this sector during the global financial crisis which resulted to the establishment of Asset Management Company of Nigeria (AMCON), the financial sector regulatory authorities, “Central Bank of Nigeria (CBN) has continued to improve and introduced new policies that had gone a long way in bringing financial stability in the sector, as well as ensuring proper financial professionalism, reducing waste and increasing clients confidence.

The financial sector recorded a growth of 3.61 per cent in the first quarter of 2013 as against the 3.57 per cent recorded same period in 2012.

The increased growth of the sector was traceable to increased activities in the sector driven by increased lending activities by banks, as well as continued favourable investment yields in bond market which has favoured key players in the industry, especially pension managers, banks and insurance firms. It has also attracted foreign portfolio investors into the economy.

Before now, the pension funds administration regime was one major channel through which public funds running into hundreds of billions of naira are misappropriated by corrupt officials, through embezzlement, falsification of records, ghost pensioners and denial of pensioners their due entitlement.

The Presidential Pension Reform Task Team Investigation and work resulted in the deletion of over 73,000 ghost pensioners stoppage of a monthly theft of over N4 billion from the national treasury, saving of a monthly sum of over N1 billion from police monthly pension releases.

On internally generated revenue a new accounting model known as the International Financial Reporting System (IFRS) has become operational in Nigeria with its attendant tax implications.

The federal Inland Revenue Service, CITN, ANAN ad ICAN, among other entities organised series of workshops, seminars and mandatory training programme to enlighten accountants on the new concept in order to ensure that Nigeria is not left out in global accounting best practices.

Although appreciable achievements have been made in the capital financial markets in 2013, more need to be done on the depth of the capital market, in order to totally restore investors’ confidence.

Hamonised taxation system across all the three tiers of government should also be looked into which will enable small and medium enterprises increase their profit margin and move towards listing on the floor of the Exchange in 2014.

For Nigerian investors, 2013 was a good year at the capital market and there is also a renewed vigour and positional in 2014 when NSE and SEC will role out more implementations to exceed the World’s top 10 position it has achieved in 2013.

Business

RIVERS NUJ BACKS BONNY TOURISM, TASKS MEDIA ON DEVELOPMENT REPORTING

Published

3 days ago

August 17, 2026

The Tide

The Nigeria Union of Journalists (NUJ), Rivers State Council, has thrown its weight behind efforts to reposition Bonny Island as a major tourism destination, urging journalists to move beyond crisis reporting and deliberately promote the state’s investment, tourism and development potentials.

The Chairman of the NUJ Rivers State Council, Comrade Paul Bazia, said this at a press briefing held at the Ernest Ikoli Press Centre in Port Harcourt, recently.

Bazia said Rivers State was endowed with enormous natural and economic resources, stressing the media must gradually shift its attention from conflict-oriented reporting to development communication capable of attracting investors, tourists and other economic opportunities to the state.

He said the tourism potential of Bonny Local Government Area was enormous and could compete favourably with attractions found in Caribbean countries, urging journalists to tell the story of Bonny in a way that would attract global attention.

“If we don’t blow our own trumpet, people won’t know that we have our trumpets. Most of the people that travel to the Caribbean, Bonny is more than that. Bonny is more than just the hydrocarbon headquarters. Bonny is beautiful. Bonny environment is therapeutic,” he stated.

The NUJ chairman stressed that tourism could provide a sustainable source of income without the environmental consequences associated with some extractive economic activities, adding that the media must help to market the tourism products available in Rivers State.

“Our role is to ensure that our stories market the product that we have,” Bazia said, urging journalists across the state to consciously promote its tourism and investment opportunities.

He warned that failure to develop and promote tourism destinations such as Bonny could contribute to economic stagnation and insecurity, stressing that businesses and communities would ultimately suffer where legitimate economic opportunities were neglected.

“It is better for us now to get into it and sell the product that we have so that it will be a win-win for everybody,” he added.

Also speaking, the President of the Bonny Chamber of Commerce and Executive Director of the Discover Bonny Initiative, Mrs. Constance Nwokejiobi, Ph.D., said the initiative was a three-year strategic programme designed to transform Bonny Island into a premier tourism destination.

Nwokejiobi disclosed that Bonny Island Tourism & Investment Summit 2026, scheduled for August 18 to 20, would feature a Tourism Concierge Platform, multi-tier partnership arrangements ranging from Platinum to Community Tourism levels, as well as a privately driven Tour

She stressed that sustainable tourism could not depend solely on government, but required entrepreneurship, private investment and strategic partnerships, noting that Bonny already contributes an estimated four per cent of Nigeria’s national GDP, largely through oil and gas, while efforts were underway to develop a second and more sustainable economy based on tourism, heritage and hospitality.

Nwokejiobi said the initiative enjoyed strong support from His Majesty King Edward Asimini William Dappa Pepple III, Perekule XI, Amanyanabo of Grand Bonny Kingdom, who, she noted, had consistently promoted the island’s rich heritage and hospitality potential alongside its energy and industrial strengths.

She called on Nigerians to embrace domestic tourism by visiting Bonny and also invited international visitors and investors to discover the island as an authentic West African destination.

By: King Onunwor

Business

Jonathan, Diri, Others Laud Firm’s Milestone in Bayelsa …Says Project Will Drive Industrialisation, Create Jobs

Published

3 days ago

August 17, 2026

The Tide

Nigeria’s ex-First lady, Dame Patience Jonathan, Governor of Bayelsa State, Senator Douye Diri, and the Managing Director of the Niger Delta Development Commission(NDDC), Chief Samuel Ogbuku, have commended a Bayelsa-based firm, Azikel Group for its commitment towards industrialising the state and the Niger Delta region.

They spoke while inspecting the Crude Distillation Unit (CDU) and other facilities recently at the Azikel Refinery in Obunagha Community of Yenagoa Local Government Area of the state.

They pledged continued support for the successful completion of the multi-billion naira refinery project.

In his remarks, Governor Diri represented by his deputy, Dr Peter Akpe, expressed satisfaction with the progress made so far by the company, describing the refinery project as a major step towards industrialising the state, creating employment and opening new economic opportunities for the people.

He congratulated the President of the Azikel Group, Dr Azibapu Eruani and his team on the successful procurement of the CDU, which is the most critical component of a refinery, describing the feat as a significant milestone towards completing the project.

He said industrialisation remains an integral part of his Prosperity Administration’s agenda, noting that government’s responsibility was to create an enabling environment for businesses and investments to thrive.

According to him, the state government’s ongoing road projects were designed to improve connectivity and provide easier access to industrial investments, including the refinery.

The governor urged Bayelsans to take advantage of the opportunities that would emerge from the project, particularly employment and skills development, and warned the people against commercialising opportunities meant for them.

“The Prosperity Government, which is the agenda that we propagate, has industry and industrialisation as one of the major things. As a government, our business is to provide or enhance ease of doing business.

“Our universities have got graduates that can fit into most of the levels that will be available”, he said.

The State Chief Executive urged the people of the local communities to develop the capacity to participate meaningfully in the investment.

Also speaking, former First Lady, Dame Patience Jonathan, applauded the Bayelsa State Government for supporting the project, particularly through infrastructure development and improved road access to the refinery.

She said the investment was significant because Bayelsa had traditionally depended heavily on government, stressing that sustainable development depended more on investments that create wealth than totally relying on monthly salaries and allocations.

Dame Jonathan described the refinery as an investment that should receive the collective support of government, communities and other stakeholders, saying its benefits would extend beyond the company to the wider economy.

According to her, “It is not the amount of money you get at the moment, but the investment you put on ground that matters.

What we are doing is not for you alone; it is for all of us.”

In his remarks, the Managing Director of the Niger Delta Development Commission, Dr. Samuel Ogbuku, stressed that the refinery would have a multiplier effect on Bayelsa’s economy, particularly through job creation and increased business activities.

Dr. Ogbuku maintained the project could also boost traffic at the Bayelsa International Airport by attracting investors, contractors and other business interests into the state.

The NDDC helmsman stressed the need for Bayelsans, particularly young people not to be spectators to the investment but rather prepare and position themselves to benefit from the opportunities it would create.

He also lauded the state government for improving road access to the refinery, saying the infrastructure had helped to make the investment more accessible and demonstrated that the state was preparing for the economic opportunities associated with the project.

On his part, the President of Azikel Group, Dr. Azibapu Eruani, described the project as a major industrial milestone for Bayelsa and Nigeria, saying the refinery had reached a critical stage with the arrival of the CDU.

He disclosed that the refinery, with a capacity of 25,000 barrels per day and an investment value of about one billion dollars, would produce petrol, diesel, aviation fuel, kerosene, LPG, naphtha and heavy fuel oil.

Dr. Eruani said the arrival of the CDU represented the culmination of eight years of work and marked a significant step towards actualising the refinery project.

He explained that the CDU took more than three years to build in South Korea before being transported to Nigeria on a specially chartered vessel.

Chairman of the Bayelsa State Traditional Rulers Council, King Bubaraye Dakolo, former Chief Operating Officer, Refinery and Petrochemical of the NNPC, Mr. Mustapha Yakubu, among other dignitaries also delivered goodwill messages at the event.

By: Ariwera Ibibo-Howells, Yenagoa

Business

AKG To Purchase More Aircraft —-Targets 10 Fleets this Year

Published

3 days ago

August 17, 2026

The Tide

The Akwa Ibom State Government has announced plans to expand the fleet of its state-owned airline, Ibom Air, with the acquisition of an Airbus A220-300 aircraft.

The Commissioner for Information, Dr Aniekan Umanah, disclosed this to newsmen recently in Uyo, saying the state government would travel to Montreal, Canada, to finalise documentation for the purchase.

Umanah said the aircraft is expected to arrive at the Victor Attah International Airport on August 30, 2026, bringing Ibom Air’s fleet to 10 aircraft.

He described the planned acquisition as a milestone for the state’s aviation sector, adding that it supports the government’s ambition of positioning Akwa Ibom as a major aviation hub for business, tourism and investment under its ARISE Agenda.

The commissioner also identified tourism as a major driver of the state’s economy outside crude oil revenues, saying the government remained committed to developing the sector.

He said the expansion of Ibom Air would improve connectivity and create opportunities for young people seeking careers in aviation, while strengthening links for businesses and families.

According to him, the arrival of the Airbus A220-300 would further demonstrate the state government’s commitment to improving connectivity and supporting economic growth.

Apapa Customs Command Regs N323 Bn Revenue In July

(1)

Nkpemenyie Mcdominic, Lagos

The Nigeria Customs Service (NCS), Apapa Area Command, has posted an unprecedented revenue collection of ?323 billion in July 2026, the highest monthly figure ever recorded by the Command.

The landmark performance further underscores the strong results achieved under the leadership of Comptroller Emmanuel Oshoba, who earlier guided the Command to another record haul of ?304 billion in October 2025.

Comptroller Oshoba disclosed this during the monthly meeting with Deputy Comptrollers of Terminals and Unit Heads held on Tuesday, 11 August 2026.

He attributed the record collection to the combined impact of policy support, operational reforms and improved compliance across the Command.

In a press statement issued by the Public Relations Officer of the Command, Chief Superintendent of Customs (CSC) Isah Sulaiman, the Customs Area Controller specially commended the Comptroller-General of Customs, Bashir Adewale Adeniyi, MFR PhD and the Service management team for their commitment to the ongoing modernisation of the Nigeria Customs Service.

“We recognise and acknowledge the CGC’s devotion and dedication to the modernisation project of the Nigerian Customs Service.

“The management team has introduced several innovations that have streamlined our activities and given us clear direction,” he said.

Comptroller Oshoba noted that the reforms are already delivering measurable results. He highlighted the improved performance of the B’Odogwu system, which had earlier faced challenges but has since been enhanced and is now producing strong outcomes.

He also commended the One-Stop Shop (OSS) initiative for accelerating cargo delivery time and creating a more predictable business environment that encourages legitimate importation.

“Another important development is the Authorised Economic Operator (AEO) framework, which currently has more than 200 beneficiaries. This has positively impacted the revenue profile of the Command,” he added.

Intelligence-driven enforcement operations, he said, have further strengthened compliance where officers and men of the Command have intensified interventions that detect false declarations and ensuring compliance with the Service valuation principles to protect national revenue.

The CAC also specifically credited the enabling business environment created by President Bola Ahmed Tinubu, GCFR, particularly the relative stability in the foreign exchange mmarket.

He explained that a more predictable forex regime has allowed business operators to plan better, make informed decisions and conduct trade with greater confidence while challenging officers to examine their individual contributions beyond routine revenue generation.

“In your Area of Responsibility, you must ask yourself, apart from the normal revenue generated by your Unit, what is your own contribution in terms of intervention? What have I added?” he asked.

The CAC stressed the continued importance of trade facilitation and ease of doing business describing the current operating environment as more predictable and conducive to growth.

He directed that disputes should be resolved promptly where consignments require further scrutiny, officers must follow proper documentation and the Post Clearance Audit (PCA) process.

On stakeholder relations, Oshoba issued a clear directive, “When you interact with stakeholders, let them leave your office with hope rather than despair. As a leader, do not allow anyone who comes to you to depart feeling hopeless or depressed. Give people hope.”

He acknowledged the valuable cooperation of stakeholders and sister agencies, noting that their support has improved compliance and restored greater sanity to the business environment. Officers, he said, must continue to build trust through professionalism, respect and collaboration.

Comptroller Oshoba further urged personnel to uphold transparency and discipline, work smart, remain up to date with evolving digital processes and consult more experienced colleagues when necessary.

He described effective leadership as a collective responsibility, calling on Staff Officers to support Deputy Controllers in reinforcing discipline and fostering a healthy work environment rooted in compassion, empathy, teamwork and genuine concern for the welfare of subordinates.

The CAC called for heightened security consciousness, proper supervision, continuous in-house training and full compliance with approved procedures.

He charged all Units to sustain the current momentum, deepen professional development and remain focused on productivity and service delivery.

By: Enoch Epelle