Business
10 Banks Lose N187.81bn In Share Value
Ten of Nigeria’s commercial banks posted stock losses in the first three months of this year as N187.81bn was wiped off their combined market capitalisation, an analysis of data from the Nigerian Exchange Limited has shown.
The affected banks are United Bank for Africa Plc, Zenith Bank Plc, Access Bank Plc, Ecobank Transnational Incorporated, Union Bank of Nigeria Plc, Fidelity Bank Plc, Wema Bank Plc, FCMB Group Plc and Jaiz Bank.
Four banks, namely FBN Holdings Plc, Guaranty Trust Bank Plc, Stanbic IBTC Holding Plc, and Unity Bank Plc saw their market value increase in Q1.
The shares of UBA, Zenith and Access fell by 18.49 per cent, 9.07 per cent and 4.98 per cent respectively in the first quarter of 2021, erasing from each bank’s market value N54.71bn, N70.64bn and N16bn.
Zenith saw its market value fall to N707.99bn on March 31 from N778.63bn at the end of last year as its share price dropped to N22.55 from N24.80.
The market value of Access Bank dipped to N284.36bn at the end of March from N300.36bn as of December 31 as its share price fell to N8 from N8.45, while UBA’s market value dropped to N241.11bn on March 31 from the N295.82bn at which it closed in December.
The market capitalisation of Union Bank dropped by N1.45bn to N154.34bn as its share price fell to N5.30 from N5.35, while Ecobank Transnational Incorpo-rated’s market value declined by N17.42bn to N92.67bn as its share price fell to N5.05 from N6.00.
Sterling Bank Plc saw its share price dip to N1.70 from N2.04, making its market capitalisation reduce by N9.79bn to N48.94bn, while Fidelity Bank Plc’s market capitalisation fell by N3.77bn to N69.25bn as its share price fell to N2.39 from N2.52.
The market value of Wema Bank Plc declined by N4.63bn to N21.99bn as its share price fell to N0.57 from N0.69, while FCMB Group Plc saw its market value reduced by N8.51bn to N57.43bn as its share price dropped to N2.90 from N3.33.
The market value of Jaiz Bank Plc dropped by N890m to N18.56bn as its share price declined to N0.63 from N0.66, while GTB, the country’s biggest bank by market cap, boosted its market value by N14.72bn in the three-month period to N966.81bn. Its share price closed at N32.85 on Mar. 31, up from N32.35 in December.
Stanbic IBTC saw its market value increase to N569.18bn from N489.22bn as its share price rose to N51.25 from N44.05, while FBN Holdings, the holding company of First Bank of Nigeria Limited, boosted its market value to N260.24bn from N256.65bn as its share price rose to N7.25 from N7.15.
Unity Bank Plc’s market value rose by N1.29bn to N8.77bn as its share price increased to N0.75 from N0.64.
Business
Nigeria Loses N17tr Yearly To Abandoned Projects
The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).
He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.
Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services
He cited examples of that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.
The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.
He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.
Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.
He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.
The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.
He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.
Business
Transcorp Power seeks sustained investment across Nigeria’s electricity value chain
Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.
He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.
The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.
“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.
Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.
He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.
He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.
The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.
Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.
On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.
He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.
Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.
“Everything in the value chain has to work,” he said.
He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.
Business
FG generates N33tn revenue in 10 months – Oyedele
This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of N33tn in government revenue collected between January and October 2026.”
The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.
He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.
He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.
The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.
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