Business

‘Stopping Forex Rate Fluctuations’ll Rebound Equities’

Published

10 years ago

February 22, 2017

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.

Business

FG Approves 4 New Channel Management Firms For Seaports

Published

3 days ago

October 26, 2026

The Tide

The Federal Executive Council (FEC) has approved four new channel management companies for seaports across the country in a move aimed at improving vessel navigation and port operations.

Speaking at the recently concluded Annual General Meeting of the Nigerian Association of Master Mariners (NAMM), former General Manager, Marine and Operations, Capt. Ebubeogu Ihenacho, disclosed that there would be changes in the ownership of the Lagos Channel Management Company Limited and the Bonny Channel Management Company.

According to Ihenacho, the four channels serving Nigeria’s major port clusters will have different channel management companies as approved by the FEC.

He said a new company had been approved to manage the Lagos port channel, with a change of name, while the Calabar Channel would be managed by the Calabar Channel Management Company.

He added that Bonny Channel Management Company had also undergone a change of ownership.

On the Warri Channel, Ihenacho said the Federal Government had approved China Harbour Engineering Company (CHEC) and two other companies to form a consortium to manage the Escravos Channel.

He said: “For Warri, it was approved for China Harbour Engineering Company, CHEC, and two other companies, who would now form a consortium.

That consortium will now form a Special Purpose Vehicle (SPV) with the Nigerian Ports Authority to manage the Escravos Channel.”

Recall that the management of the NPA had declined to renew the concessions of the Lagos Channel Management Company Limited and the Bonny Channel Management Company, opting instead for six-month extensions of the existing arrangements.

By; Enoch Epelle

Business

RIRS Warns Against Unauthorised Tax Collection

Published

3 days ago

October 26, 2026

The Tide

The Rivers State Internal Revenue Service (RIRS) has warned motorists, transport operators and business owners against paying taxes, levies or charges to Unauthorised persons and organisations, insisting that only the Service and its duly appointed agents are legally empowered to collect taxes on behalf of the state government.

The Service gave the warning in a public notice dated October 21, 2026, signed by its Executive Chairman, Sir Israel O. Egbunefu, FCTI, in which it clarified that the Rivers State Ministry of Transport was not authorised by the state government to collect road tax or any other tax, levy or charge from motorists and transport operators.

RIRS also specifically disowned Explore Strategic Alliance Ltd, located at No. 7 Rumuodaolu Market Road, Port Harcourt, declaring the company had not been appointed or authorised by either the state government or the Service to collect Motor Vehicle Transport (MOT) tickets or any other tax on its behalf.

The revenue agency consequently cautioned members of the public against making payments to the company or any of its staff, stressing that anyone who ignored the warning would do so at their own risk.

It reaffirmed that only the legally authorised agency responsible for tax collection in Rivers State and the appointed agents that would carry out such duties in accordance with the law.

The Service urged taxpayers to demand official identification from anyone claiming to be its tax agent and verify the person’s credentials directly with RIRS before making payments.

It further warned that individuals or groups found impersonating tax consultants, agents or their representatives to collect Unauthorised taxes would be arrested and prosecuted in accordance with the law.

RIRS also called on members of the public to report suspicious persons and activities relating to Unauthorised tax collection to the Service for appropriate action.

The agency advised taxpayers seeking clarification or assistance to visit any of its offices or contact it through its official email address, info@riversbirs.gov.ng.

The Service reiterated its commitment to protecting taxpayers, promoting voluntary compliance and safeguarding the integrity of tax administration in Rivers State.

By: King Onunwor

Business

Bayelsa consumers Groan Over Inflation As Traders Remain Helpless Over Low Patronage

Published

3 days ago

October 26, 2026

The Tide

Consumers and traders at the Swali ultramodern market in Yenagoa, capital of Bayelsa State have continued to groan over high prices of commodities and poor Patronage due to cost-push inflation.

The Tide reports that in the past weeks prices of goods and services in Yenagoa metropolis has experienced increase.

Notable services like transportation have also increased lately due to increase in the pump price of fuel that has recently further exacerbated inflation in the prices of staple foods like rice, beans, garri and others.

Speaking with The Tide on a market survey, a trader, Mrs Tovie Barakabo said a bag of bean which sold between N120,000-N130, 000 now goes for N140,000-N145,000.

Mrs Barakabo also hinted that the only commodities whose price has not gone up was price of millet which sells N60,000, while big bag of garri now sells for N30,000.

The Tide further gathered from other inside Source that 25 litres of Kings cooking oil currently sells N75,000 as against the former price of N57,000.

Other commodities such as delicious vegetable oil now goes for N68,000, Pure vegetable oil currently goes for N66, 000, while spaghetti is now N18,800 per bag.

The market survey also discovered that Sonnia tomato mix sells N75,609, while a big and small basket of fresh tomatoes are sold for N30,000 and N6,500 respectively.

A disappointed custom, Mrs Juliet Domo who fielded questions from The Tide expressed her worries over the inflation, calling on government to take decisive stands against inflation.

By: Ariwera Ibibo-Howells, Yenagoa