Business

Exchange Moves 1,202bn Shares

Published

10 years ago

February 24, 2016

Vice President Yemi Osinbajo (middle), with delegation from the United Kingdom Trade Mission, during its visit to the Presidential Villa in Abuja, recently

Investors on the floor of
the Nigerian Stock Exchange (NSE) moved a total of 1.202 billion shares, valued at N9.641 billion in 13,712 deals between February 15th -19th, 2016.
The performance of traded equities however depreciated as the turnover was in constrast to the traded total shares of 1.407 billion, worth N17.277 billion which investors exchanged in 14.914 deals.
On Monday 15/2/16, in investor 283.521 million shares, valued at N2.923 billion exchanged hands in 3,030 deals. Tuesday saw the movement of 290.944 million shares, valued at N2.881 billion in 2,934 deals.
Investors traded a total of 335.612 million shares, worth N1.952 billion, in 2,847 deals on Wednesday (17/2/2016). On Thursday, a total of 119,339 million shares, worth N959.773 million exchanged hands in 2,464 deals.
The end of the week on Friday was the lowest performance as only 172.394 million shares, valued at N925.393 million exchanged hands in 2,437 deals.
According to NSE records, the financial services industry led the market activity chart by volume, trading a total of 1.005 billion shares, worth N6.471 billion that exchanged hands in 8,313 deals. These performances represent 84 and 67 percent of the total turnover of equities by volume and value respectively.
The consumer goods industry followed with 54.333 million shares worth N2.114 billion in 2,365 deals. The performance of the financial services sector was boosted by the activities of Zenith International Bank Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc which moved a total of 500.360 million shares valued at N5.449 billion in 4.011 deals.
According to exchange records, the performance of these banks represent 41.63 percent and 56.52 percent of the sector’s turnover volume and value respectively.
ETPs
Investors also traded a total of 93,518 units of Exchange Traded Products (ETPs) worth N1.158 million executed in 48 deals, as against a total of 115.641 units worth N1.285 million transacted last week in 28 deals.
Bonds
The federal government’s 150.000 units bonds worth N169.326 million were also traded in two deals, compared to a total of N39, 340 units of both state (1) and federal government Bond (2), valued at N44.246 million executed the previous week in 3 deals.
Index Movement
The Exchange All-share Index and market capitalisation also depreciated by 1.04 percent closing the week’s performance at 24, 432.51 points and N8.403 trillion respectively.
Naira Crisis
The crisis rocking the financial sector has depend as exchange rate rose to over N370 per dollar.
The foreign reserve also declined by $1.14 billion. Non-performing loans (NPL) in the commercial banks, records revealed averaged 4.7 percent last year and may increase to 10 percent in the medium team by 2016. This is due to the banks explosure to oil and gas sector.
The NPLs in 17 banks currently are estimated at over N9.9 trillion, though World Bank’s loan to Nigeria also stands at over $ 6.29 billion.
At the black market, one US dollar is trading at N385, compared to a year ago when one dollar was exchanged at N160.
The present situation became serious about eight months after the Central Bank of Nigeria (CBN) came up with its foreign exchange restrictions policy on 41 raw material items, the ripple effect has turned out more catastrophic than planned.
Meanwhile the organised private sector and manufacturers are predicting that if foreign exchange available for the import of their raw materials continue to be scare it would lead to the closure of most factories and the movement of some companies to near-by countries, deepening unemployment situation in Nigeria.
Some stakeholders in the financial sub-sector had also urged the president to convene an emergency economic summit to present what they called looming economic recession.

Transport

Automated Points Concession : FAAN Workers Gave 72hrs To Revise Decisions In PH

Published

6 hours ago

March 2, 2026

The Tide

The trapatriate Unions conprising the National Union of Air Transport Employees (NUATE), and the Air Transport Service Senior Staff Association of Nigeria, (ATSSSAN), has given 72 hours Ultimatum to Federal Airport Authority of Nigeria FAAN, Omagwa Airport, Portharcourt to revise its recent decision on the concession of Tollgates and Parks to private hands.

The chairman of the Trapatriate Union, Comrade Felix Ohwoefe gave the Ultimatum yesterday immediately after the joint Unions meeting held at the Airport office of the union, Omagwa, Portharcourt.

Comrade Ohwoefe who double as the chairman of the National Union of NUATE said the two Unions have agreed to take drastic actions if the Authority of the Airport declined to step down it’s decision of concessioning the major revenue points to private hands.

According to the Union chairman, the two union was not aware of the concession plans, and that there were no due process to the procedures.

Comrade Ohwoefe said any attempt for the Airport Management to decline it’s demands towards the concession will result to barricading all entrance and access points of the Airport.

Expressing the the challenges associated to the concession, the Union Chairman said the gesture might resulted to massive sack of workers in the Airport.

The chairman also expressed foul play on the part of either individuals or government in the terms and conditions so given to the concessionaires, demanding the reasons of contracting the automated points to private hands for only 14 millions, when the FAAN is presently generating over 28 million naira monthly, even when the tariff was not reviewed upwards.

He describes the process to the procedures as fraud with intention to increase unemployment in the state.

“We are not against the concession of the Automated points, but due process must be followed. If government is concessioning the place, we are asking what will happen to our workers in the existing units.

“Secondly, if the concessionaires is taken over, they must pay higher than what the FAAN is generating presently, we are generating to the Management over 28 Millions monthly, but we had that the private company is required to pay only 14 Millions monthly, which is far below 5 percents of what we are generating presently, even when the tariff is increased, which means there is a foul play.

“The process is fraud either on the part of individual in the Government, or Government itself.

” The unions is saying no to the Concession until we come to a terms of understanding ourselves., we are afraid of loosing workers, we don’t want to loose any workers if due process is not followed in this hard of economy, we even demanding for employment of more workers in FAAN.” Comrade Ohwoefe said.

The Union used the opportunity to called on the minister of aviation, and the President of the Country, Bola Tinubu to intervene.

When contacting the Management of the Airport Authority through the head of Corporate Affairs, Dr Ngozi V. Onyeanwuna-Nwosu, she said the management has not given her the approval to say something.

Transport

FAAN Announces Pick-Up Points for Go-Cashless Cards

Published

6 hours ago

March 2, 2026

The Tide

The Federal Airports Authority of Nigeria (FAAN) has announced designated pick-up points for individuals wishing to obtain their Go-Cashless cards ahead of the March 1, 2026 deadline.

This was announced in a statement signed by the Director Public Affairs and Consumer protection, Henry Agbebire and made available to the Tide last Friday in Portharcourt.

According to the statement, Go-Cashless cards is at all FAAN commercial offices and access gates of Airports in the country .

The release further stated that cards will also be available at designated branches of Fidelity Bank Plc from March 16, 2026.

FAAN in the statement said the cashless policy followed the Federal Government directive mandating all Ministries, Departments and Agencies (MDAs) to transition to a cashless system to enhance transparency and reduce revenue leakages as well improve transaction traceability in the Aviation sector.

FAAN reiterated its commitment to full compliance with the directive, appealing to the public for their understanding and cooperation during the transition period.

FAAN also inform that the Go-Cashless cards can still be obtained at the designated points after the March 1, deadline.

The Authority assures airport users that the initiative will promote faster, safer, and more convenient transactions across its airports nationwide.

By: Enoch Epelle

Business

Fidelity Bank To Empower Women With Sustainable Entrepreneurship Skills, HAP2.0

Published

3 days ago

February 27, 2026

The Tide

Leading financial institution, Fidelity Bank Plc, has announced the launch of the second edition of its flagship women-empowerment initiative, the HerFidelity Apprenticeship Programme 2.0 (HAP 2.0).

According to the report, the programme is designed to equip women with practical, income?generating skills and structured pathways to entrepreneurship.

Accordingly, the HAP 2.0 will build on the success of its inaugural edition held in 2023.

During media chat with journalists to herald the launch of HAP 2.0, the Divisional Head, Product Development, Fidelity Bank Plc, Osita Ede, explained that the initiative has been enhanced to deliver greater impact.

He said HerFidelity Apprenticeship Programme 2.0 reflects their commitment to continuous improvement, having evaluated feedback from the first edition, they have returned with stronger partnerships and deeper mentorship programmes to ensure that women acquire not just skills, but sustainable economic opportunities.

Mr Ede, who said the programme is guided with real?world learning, also said that participants will undergo intensive apprenticeship training under reputable institutions and industry experts across selected fields such as hair styling, shoe making, auto mechatronics, and interior decoration.

Additionally, he said HerFidelity Apprenticeship Programme 2.0 goes beyond skills acquisition by offering participants a wide range of business advisory services.

These include business and financial literacy training, mentorship support throughout the apprenticeship journey, access to Fidelity Bank’s women?focused and SME financial solutions, as well as guidance on business formalisation and growth strategies.

Emphasizing the bank’s vision further, Ede said: “By integrating structured mentorship with entrepreneurial development, Fidelity Bank is positioning women not just as trainees, but as future employers, innovators, and economic contributors within their communities.

This aligns with our mandate to help individuals grow, businesses thrive, and economies prosper”.

It is noteworthy that interested participants are encouraged to indicate their interest by visiting https://bit.ly/Apprenticeshipbyherfidelity.

It is important to note that Fidelity Bank Plc is ranked among the best banks in Nigeria, with a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, with 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

It is reported that the Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards, the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

By: Nkpemenyie mcdominic, Lagos