Business
Forte Oil Remains Worst Performing 2017 Stock On NSE
For the second year running, Forte Oil maintained its leadership as the worst performing stock on the Nigerian Stock Exchange (NSE) in 2017 in percentage terms.
Statistics obtained by The Tide source from the exchange indicated that the stock, which opened trading in 2017 at N84.43, dropped by 48.50 per cent to close the year at N43.48 per share.
Forte Oil had also emerged the worst performing stock in 2016 in percentage terms having dropped by 74.42 per cent.
The stock, which opened trading in 2016 at N330, depreciated by 74.42 per cent to close trading at N84.43 per share.
University Press followed with a loss of 46.23 per cent to close at N2.28 compared with N4.24 it opened for the year.
MRS Oil shed 36.49 per cent to close at 27.46 against N43.24, while Mobil Oil lost 30.25 per cent to close at N194.60 in contrast with the year’s opening price of N279 per share.
Julius Berger dipped 27.42 per cent to close at N28 against N38.58 and Conoil, which opened for 2017 at N37.48, decreased by 25.42 per cent to close at N28 per share.
Total trailed with a loss of 23.09 per cent to close at N229.95 against the year’s opening price of N299, while Trans-Nationwide dipped by 22 per cent to close at 78k in contrast with N1 posted in 2016.
7UP which opened the year at N129 declined by 20.95 per cent to close at N101.97, while Nigeria Enamelware lost 20.80 per cent having closed the year at N23.33 against N29.33, among others.
The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, attributed Forte Oil’s loss for two straight years to non-payment of dividend in 2016 financial year and weak earnings.
Omordion said that mixed performance posted by the company in 2017 and unclear business plan or direction to investing public on the happenings in the company or where it was heading to, contributed to the development.
He also attributed the University Press depreciation to dwindling dividend payout and unimpressive numbers, as increasing cottage industries operation continued to affect its bottom line.
Conversely, Dangote Sugar was the best performing stock in percentage terms during the review period.
Stanbic IBTC improved by 176.69 per cent to close at N41.50 in contrast with N15, while May & Baker garnered 176.60 per cent to close at N2.60 against 94k it opened for the year.
FBN Holdings increased by 162.69 per cent to close the year at N8.80 per share against N3.35, while C & I Leasing rose by 158 per cent to close at N1.29 compared with the opening year’s figure of 50k.
Omordion linked Dangote Sugar growth to improved numbers and 50k interim dividend as a result of backward integration that reduced operating cost due to sugarcane farms.
He also attributed the International Breweries gain to its merger with Intafact Beverages Ltd and Pabod Breweries Ltd as the major factor that move the price as earnings remained weak
He said that infusion of the three major players would boost numbers as market share increases.
Omordion said that Fidelity Bank’s growth was due to oversubscription of its Eurobond, which boosted investors’ confidence and as well improved positive numbers.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
-
Opinion4 days ago
Ozoro Festival: Tradition or Tyranny?
-
News5 days agoRSG Reiterates Commitment To Youth Dev
-
News2 days ago
Decentralizing Pipeline Surveillance Poses Greater Dangers To Niger Delta …. Group Warns
-
Politics2 days agoAPC Resumes Electronic Membership Registration Nationwide
-
Rivers2 days agoCourt Rules Out Interim Administration In Jumbo House, Bonny
-
Oil & Energy5 days agoTranscorp Energy, Renewvia Partner On Renewable Energy Gap
-
Politics4 days ago
RIVERS WOMEN RALLY SUPPORT, CONTINUOUS PRAYERS FOR TINUBU
-
Politics4 days ago
AKPABIO, DIRI, OBOREVWORI, OTHERS VOW TO REELECT TINUBU …AS GIADOM RETAINS APC ZONAL CHAIR