Business
‘Stopping Forex Rate Fluctuations’ll Rebound Equities’
Capital market operators said that investors would continue to shy away from equities unless the fluctuations in the foreign exchange market are resolved by the Central Bank of Nigeria.
A cross section of the operators told The Tide source in Lagos that there was an urgent need to stabilise the Forex regime between the licensed Bureau De Change (BDC) and the official rate.
The Tide gathered that on Friday, the naira hit a new low of 516 to the dollar on the unofficial market, versus N305 official rate.
Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., Lagos, said the worsening negative macro-economic indices was a threat to investors’ confidence.
Kurfi stated that the cost of doing business would continue to rise, occasioned by the challenges in Forex market.
He reiterated that this was responsible for the rising inflation and interest rates which had impacted negatively on all sectors of the economy.
The Chief Operating Officer, InvestData Ltd., Lagos, Mr. Ambrose Omordion said that the purchasing power of majority had been weakened due to steady increase in the prices of commodities, thereby affecting equity investment.
According to him, people can only invest when they have enough savings.
Omordion said that the nation’s equities had closed negatively for three consecutive weeks due to low investors’ confidence.
He, however, expressed optimism that the market might witness mixed performances this week due to Nigerian Breweries 2016 audited results being expected to hit the market.
Meanwhile, a turnover of 1.07 billion shares worth N8.61 billion were exchanged by investors in 14,486 deals last week.
This is in contrast to the 1.05 billion shares valued at N8.03 billion transacted in 13,586 deals in the corresponding week.
The Financial Services Industry led the week’s activity chart by 930.38 million shares worth N5.70 billion traded in 8,759 deals.
The sector thus contributed 86.70 per cent and 66.24 per cent to the total equity turnover volume and value respectively.
The Consumer Goods sector followed by 52.48 million shares worth N1.99 billion exchanged in 2,513 deals.
cent or N3.56 to close at N38.39 and Beta Glass grew by10.22 per cent or N3.38 to close at N36.45 per share.
Conversely, Vitafoam topped the losers’ chart in percentage terms by 13.04 per cent or 30k to close at N2 per share.
Fidson Healthcare trailed with a loss of 11.40 per cent or 13k to close at N1.01 while Nigerian Breweries declined by 8 per cent or N10 to close at N115 per share.
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As parts of efforts to promote self-reliance and job creation, the Nigerian Content Development and Monitoring Board, in collaboration with Jake Riley Academy, has trained 250 Lagos youths in different vocational skills.
The month-long intensive training programme aimed at equipping them with full range of skills was also designed to enable them become self-reliant and contribute meaningfully to the industrial development of the country.
The programme was conceived and conducted under the FAST Selling Skills Training Programme, to sharpen the skills of Nigerian youths and equip them with business starter packs that enable them launch out into commercial services.
Speaking at the event, the Director, Capacity Building, Directorate of the Board, Abayomi Bamidele, challenged Nigerian youths to embrace skills acquisition as a viable pathway to self-reliance and national development.
Bamidele, who was represented by the Supervisor, Marine Vessel Categorization and Technical Assistant to the Director, John Barigha, urged the graduands to take full advantage of the opportunity, stressing that their success would largely depend on how effectively they apply the skills acquired.
He cautioned the beneficiaries against trivialising the programme, noting that discipline, dedication and commitment would determine how far they progress in their chosen fields.
He also disclosed that the Board is concluding plans to introduce a new training programme targeted at youths aged 35 years and below, particularly those with engineering backgrounds, to enhance participation and create more opportunities within the oil and gas sector.
He urged beneficiaries to utilise their starter packs effectively, cautioning against selling the equipment provided.
“We are not giving you fish; we are teaching you how to fish.“What we have given you today is the net. It is now left for you to make meaningful use of it,” Bamidele said.
He stressed that the Board invested heavily to ensure the programme delivered lasting impact.
Also speaking, the Chief Executive Officer, Jake Riley Ltd, Mrs Funmi Ogbue, described the graduation as a defining moment for 250 young Nigerians.
Ogbue said the programme reflected NCDMB’s expanding role in local content development, with youth empowerment central to economic transformation.
She described the programme as a strategic investment in Nigeria’s future, noting that NCDMB continues to demonstrate that human capital development is central to national growth.
“Today celebrates not just achievement, but a national vision positioning young people as drivers of Nigeria’s economic future,” Ogbue said.
Ogbue described the initiative as a strategic human capital investment aligned with President Bola Tinubu’s inclusive growth agenda adding that the training prioritised market-ready skills capable of generating immediate income across growth sectors.
“What these graduands have received is not charity, but capability,” she said.
Ogbue noted that beneficiaries underwent transparent selection and intensive foundation training before advancing into seven specialised skill tracks of solar installation, fashion design, catering, digital freelancing, textile and Adire making, electrical installation and GSM phone repair.
“These skills were chosen to meet market demand and expand employment opportunities nationwide,” Ogbue added.
She commended NCDMB leadership, especially Director of Capacity Building, Bamidele Abayomi, for championing demand-driven training.
Ogbue also praised trainers, facilitators and Jake Riley Academy for blending technical excellence with entrepreneurship.
A beneficiary, Anuba Chidera, a solar installation trainee, described the training as life-changing with strong real-world focus.
The Nigeria Union of Journalists NUJ,Rivers State Council has reiterated its commitment to interpreting new Policies to empower citizens, not just report them.
The Chairman of Council Comrade Paul Bazia -Nsaneh made the commitment while responding to the Executive Chairman of the Rivers State Internal Revenue Service, Sir Israel Egbunefu when his team paid a courtesy visit to the Council.
Comrade Paul Bazia -Nsaneh emphasized the media’s role in interpreting policies for citizens in crucial economic changes like the new tax reforms .
He stressed that educating journalists about the New 2025 Nigerian Tax Laws by conducting trainings and workshops is paramount, focusing on how these reforms affect Journalists and the public.
According to the NUJ Chairman ” journalists are trained to look at the facts, if we must look at the facts , it will come from authorities like yours, hence it is very important that we are trained so we can properly inform members of the public”
” If journalists are properly equipped, they will in turn ensure that the people are educated” he added.
The Chairman who asked them to send their personnel to the upcoming Congress to speak to members assured them that the NUJ will play it’s role to ensure that the people are educated on the new tax law .
Earlier , the Executive Chairman of Rivers State Internal Revenue Service who was represented by his Special Adviser on Special Duties, Dr Emmanuel Legbosi said the Agency is poised to educate the citizens on the operations of the tax laws.
Dr Emmanuel Legbosi who stated that the visit to the Council is necessitated by Agency’s ongoing advocacy, said they are willing to partner with NUJ to ensure that the people are educated on the New Tax Regime, to ensure they get the information to the common man.
He noted that the new tax law signed into law by President Bola Tinubu in 2025 came with worries in the mind of the citizens, stating that their mission is to douse tension.
According to him, part of their mandate and with law that established the body is to ensure that the people are not duped by people who will pretend to be tax collectors ” we notice that people come from neighbouring states to harass citizens in the name of tax collectors”
” Our people need to identify what the law is and what the law is not, identify what is tax clearance and what is not a tax clearance”
” We want to work with you to see that all these are forestall, with NUJ being the forth estate of the realm , the news will be closer to the people” he added.
Dr Legbosi however, used the opportunity to commend the Executive Governor of Rivers State, Sir Siminalayi Fubara for tying projects such as the Port Harcourt ring road and the trans kakabari road to internally generated revenue.
[1/22, 5:01 PM] King Onunwor: Council Chairman Bars Street Trading At Oil, Its Environs
The Chairman of ObioAkpor Local Government Area had banned all forms of market and street trading within and the Rumuokwurusi Market popularly known as Oil Mill Market.
This was contained in a statement signed by the Council Chairman, Dr. Gift Worlu and made available to the public in Obio /Akpor Local Government Area within the week.
The statement stressed that the ban was total and applied at all times, being enforced 24 hours, day and night, Monday through Sunday, including weekends and public holidays.
” There will be no exceptions, waivers, or designated trading periods within the affected areas. No one is allowed to trade in the affected areas at any time”, it said.
This decisive action, according to the statement, became necessary following persistent disregard for Council directives by some individuals who have continued to engage in illegal trading activities within this corridor.
Their actions have rendered the area unconducive, obstructed free vehicular and pedestrian movement, posed safety and security risks, and caused undue inconvenience to residents and commuters who make daily use of this important roadway.
Consequently, all traders, hawkers, and roadside vendors operating within the affected areas are directed to vacate immediately.
It also warned that any defaulter will be arrested and prosecuted in accordance with the law, without exception.
“All security agencies within Obio/Akpor Local Government Area are hereby mandated to enforce this ban strictly, in collaboration with the Council Task Force, to ensure full compliance and restore order to the area. No individual or group is exempt from this directive”, it said.
The Chairman through the statement, called on members of the public to cooperate with the Council in maintaining a clean, safe, and orderly environment that reflects the dignity of the LGA and promotes the collective well-being of all residents.
The statement further revealed that the ban takes immediate effect and should be treated as bithyfinal notice and warning.
By: King Onunwor
Nigeria was the 7th country in 2024, which filed the most schenghen visa to France, with a total of 111,201 of schenghen visa applications made in 2025, out of which 55,833, about 50.2 percent submitted to France
Although 2025 data is unavailable, these figures from Schengen Visa Info implies that France is not merely a preferred destination, but has been a dominant access point for Nigerian short-stay travel into Europe.
France itself has received more than three million Schengen visa applications, making it the most sought-after Schengen destination globally and a leading gateway for long-haul and third-country travellers. It was the top destination for applicants from 51 countries that same year, including many without visa-exemption arrangements with the Schengen Zone, and the sole destination for applicants from seven countries.
Alison Reed, a senior analyst at the European Migration Observatory said, “France’s administrative reach shapes applicant strategy, but it also concentrates risk. If processing times lengthen or documentation standards tighten in Paris, the effects ripple quickly back to capitals such as Abuja.”
The figures underline that this pattern is not unique to Nigeria. In neighbouring West and Central African states such as Gabon, Benin, Togo and Madagascar, more than 90 per cent of Schengen visas were sought via French authorities in 2024, with Chad, Djibouti, the Central African Republic and Comoros submitting applications exclusively to France.
“France acts as the central enumeration point for many African and Asian applicants,” said Manish Khandelwal, founder of Travelobiz.com, which reported the consolidated statistics. “Historical ties, language networks and established diaspora communities all play into that concentration. But volume inevitably invites scrutiny, and that affects refusal rates and processing rigour.”
That scrutiny is visible in the rejection statistics. Of the more than three million French applications in 2024, approximately 481,139 were denied, a rejection rate of about 15.7 per cent. While this rate is lower than in some smaller Schengen states, the sheer volume of applications means France contributes significantly to the total number of refusals within the zone.
For Nigerian applicants and policymakers, one implication is the need to broaden engagement with other Schengen consular hubs. “Over-reliance on a single consulate creates what one might call administrative bottleneck effects,” said Jean-Luc Martin, a professor and expert in European integration and mobility law at Leiden University. “If applicants from Nigeria default to France without exploring legitimate alternatives in countries like Spain, Germany or the Netherlands, they expose themselves to systemic risk
Martin added that the broader context of Schengen visa policy is evolving, with the European Commission’s preparing roll-out of the European Travel Information and Authorisation System (ETIAS) aimed at harmonising pre-travel screening across member states.
For Nigerians seeking leisure, business or educational travel to Europe, these trends suggest that strategic planning and consular diversification could become as important as the completeness of documentation and financial proof. Governments and travel consultancies in Abuja, Lagos and beyond are already advising clients to explore alternative consular pathways and to prepare for more rigorous screening criteria across all Schengen states
By: Enoch Epelle
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