Business
Investors Lose N2.4bn Amid Banking Stock Sell-Offs
Investors in the equities market of the Nigerian Exchange Limited lost N2.44billion last Wednesday, a development analysts attributed to the sell-offs of some banking stocks.
The NGX All-Share Index dropped marginally by 0.01 per cent to close at 39,545.67 basis points from 39,550.36bps recorded on Tuesday.
Investors traded more securities as the trading volume increased by 19.17 per cent from 110.77 million shares in 3,305 deals on Tuesday to 132.01 million shares worth N2.67bn in 3,307 deals on Wednesday.
“The domestic bourse trade dmarginally lower today as investors’ selling activities in Tier 1 stocks – FBN Holdings Plc (- 0.7 per cent), Access Bank Plc (-1.1 per cent) and Guaranty Trust Holding Company Plc (-0.9 per cent) triggered a one basis point decline in the ASI,” said analysts at Cordros Capital.”
Atlas Portfolios Limited’s analysts noted that bearish sentiments returned to the Nigerian bourse with market performance indicators both dipping marginally by 0.01 per cent.
“A tepid market saw losses printed on the market by price depreciation in banking tickers as bargain hunting intensifies,” they added.
Analysing by sectors, the insurance (-0.87 per cent) index declined while the consumer goods (+0.12) and banking (+0.08 per cent) indices recorded gains.
The industrial goods and oil & gas indices closed at +0.40 per cent each.
Seventeen equities dropped at the end of trading while 19 saw gains in their share prices.
SCOA Nigeria Plc depreciated the most as its share price dropped by 9.66 per cent to N1.59 at the end of trading on the floor of the NGX on Wednesday.
It was followed by Prestige Assurance Plc, which dropped by 8.33 per cent to close at N0.44 per share.
The other top losers were Regency Alliance Insurance Plc (-6.98 per cent), Mutual Benefits Assurance Plc (-5.71 per cent), and Caverton Offshore Support Group Plc (-5.49 per cent).
Atop the gainers’ chart was Pharma-Deko Plc with a 10.00 per cent gain to close at N1.43 per share. It was followed by BOC Gases Plc, which gained 8.33 per cent to close at N10.10 per share.
Honeywell Flour Mills Plc also saw a 9.72 per cent gain while Courtville Business Solutions Plc and Associated Bus Company Plc rose by 8.00 per cent and 6.06 per cent, respectively.
Business
NCDMB Canvases Pan-African Local Content Synergy For Economic Diversification, Industrial Dev
The position was presented during a strategic engagement in Namibia with focus on African Local Content Opportunities and cross-border partnerships.
Executive Secretary of the Board, Engr. Felix Omatsola Ogbe, represented by Dr. Abdulmalik Halilu highlighted the importance of leveraging African capabilities, harmonizing local content policies, and fostering strategic partnerships among African businesses to maximize value retention within the continent.
Speaking on the theme, “African Local Content Opportunities: Pathway to Economic Diversification and Development,” Dr. Halilu noted that several African countries have established legal and regulatory frameworks for local content development, creating a foundation for greater regional integration and industrial cooperation.
He emphasized that African local content should promote the development and utilization of cross-border capacities and capabilities as a catalyst for the industrialization of the continent.
Ogbe referenced key aspirations of the 2025 APPO Ministerial Council’s Brazzaville Declaration, which encourages African nations to strengthen supplier capacity, support skills development and knowledge transfer, promote joint ventures and partnerships, harmonize local content regulations, and encourage public-private partnerships to enhance African participation in the oil and gas industry.
He further showcased existing African capabilities across fabrication, engineering, manufacturing, subsea services, marine operations, and project execution, demonstrating that the continent possesses significant capacity that can be leveraged through strategic collaboration among African companies and institutions.
Drawing from Nigeria’s local content success story, he highlighted the transformative impact of a data-driven implementation framework, noting the significant growth achieved since the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
The Board’s Scribe emphasized that robust data systems, compliance monitoring, supplier development initiatives, and strategic investments have strengthened local participation and enhanced industry competitiveness.
According to him, the future of African local content lies in practical business-to-business partnerships that enable companies from different African countries to jointly pursue and execute major projects.
He outlined partnership models such as prime-subcontractor arrangements, incorporated local content joint ventures, contractual consortium bids, and reciprocal market access alliances as effective mechanisms for expanding African participation in large-scale energy projects.
The NCDMB boss stressed that realizing a truly integrated African local content ecosystem would require coordinated action across multiple sectors, including regulatory harmonization, trade facilitation, customs cooperation, immigration reforms, and access to sustainable financing.
He also endorsed initiatives aimed at creating a Pan-African supplier database and interactive opportunities platform to aggregate and showcase African capabilities.
“The opportunities available across Africa can only be fully unlocked through deliberate and synchronized efforts that enable cross-border service delivery and industrial collaboration.
“The Brazzaville Declaration represents an important starting point, but implementation, partnership, and policy alignment will ultimately determine the success of Pan-African local content”, Ogbe said.
The NCDMB’s helmsman further emphasized that the Board believes that leveraging the African Continental Free Trade Area (AfCFTA) framework and strengthening cooperation among African institutions and businesses will create new opportunities for indigenous companies to compete, collaborate, and deliver world-class projects across the continent.
Meanwhile, during the first panel session, the Director, Monitoring and Evaluation, Mr. Esueme Dan Kikile, Esq., shared his views on Global Best practices, perspectives on strategies for strengthening local participation and maximizing in-country value in the oil and gas industry.
Mr Kikile further Namibians to explore practical approaches to supplier development, skill transfer, enterprise growth and sustainable local content with discussions highlighting lessons from successes of other oil producing countries and their various relevance to building a resilient and sustainable oil and gas sector.
Similarly, at the exhibition tour at the Namibian Oil and Gas Conference (NOGC), Vice President of Namibia, Mrs. Lucia Witbooi, Vice President of Namibia, visited the Nigerian Content Development and Monitoring Board (NCDMB) exhibition stand.
A Statement from the Division of Corporate Communications of the NCDMB has it that the Namibian Vice President was warmly received by Mr. Esueme Dan Kikile, Esq., Director of Monitoring & Evaluation of the Board, alongside other staff.
The Statement adde that Kikile highlighted the Board’s mandates and activities, emphasizing the significance of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and its transformative impact on Nigeria’s oil and gas industry.
He also underscored the importance of regional collaboration and knowledge exchange in advancing sustainable growth across Africa’s energy sector.
By: Ariwera Ibibo-Howells, Yenagoa
Business
Bayelsa Denies Delays In Infrastructure Project Execution… Task Journalists On Factual Reportage
The State’s Commissioner for Information, Orientation and Strategy, Mrs. Ebiuwou Koku-Obiyai gave the charge midweek during the State’s monthly Transparency briefing in Yenagoa, the State capital.
Speaking against the backdrop of alleged delays of work at the Igbogene new stadium in Yenagoa which recent reports have allegedly attributed to a pending federal government funding, the Commissioner described the claim as false and misinforming.
“There is no truth in that. That is all false. Work at the Stadium which is a world-standard, FIFA-standard stadium, is ongoing.
“The prosperity government remains fully committed to delivering a world-class facility for our youth. We are not waiting for anyone,” she stated.
Mrs. Koku-Obiyai said the administration of Governor Douye Diri remains focused on completing the stadium and other projects as part of efforts to develop the State and engage youths.
She described the media as a critical partner in governance and commended journalists for bringing government policies and projects to public domain
“With the election season approaching, I urge the press to remain professional and impartial in their reportage.
“Report facts. Hold government accountable. But do not become partisan players, or elevate personal issues above developmental concerns”, she said.
“I want to call on Bayelsans and friends of the state to participate in activities marking “30th creation anniversary of the State, the Glory of All Lands.
“The anniversary is an opportunity to celebrate the state’s achievements and project its future”, she added.
By: Ariwera Ibibo-Howells, Yenagoa
Saturday PUNCH found that N74.48bn paid by manufacturers accounted for 13.82 per cent of the N538.91bn total local Company Income Tax collected during the period, according to data from the National Bureau of Statistics.
However, the sector’s tax remittance fell by 30.98 per cent year-on-year from N107.90bn in Q1 2025, highlighting the changing tax landscape as the four new tax laws introduced a simplified framework for businesses from January 1, 2026.
The Federal Government and the Manufacturers Association of Nigeria agree that the reforms should ensure that manufacturers meet their tax obligations without facing the multiple assessments, levies and administrative costs that previously burdened the productive sector.
Following a recent presentation to manufacturers, the Executive Secretary of the Joint Revenue Board, Olusegun Adesokan, said the new tax framework fundamentally changed manufacturers’ position within the tax system.
“The new law reframes the Nigerian manufacturer from an endlessly assessed target to a protected taxpayer. The law provides stronger safeguards than ever before. Our shared responsibility is to ensure these safeguards are consistently applied across every level of government,” Adesokan said.
He urged manufacturers to hold valid Tax Identification Numbers, maintain accurate records, file employees’ returns on time, pay undisputed assessments and raise valid objections where necessary.
Adesokan also urged manufacturers to comply with the Model Taxes and Levies Law, reject cash transactions for tax payments and use available dispute-resolution channels.
“The success of tax reform will ultimately be measured not by the taxes we impose, but by the businesses we enable to grow, the jobs we enable to create, and the prosperity we enable to share,” he said.
He said the four new tax laws had created an opportunity to reposition taxation as a strategic tool for growing the productive sector.
“In more recent times, the issue of tax has generated a lot of attention, both from the government and the private sector. And the four new tax laws that took effect from 1st of January 2026 have so far been a bigger platform for engaging and for deciding whether tax should support productivity or it should continue to burden the productive sector,” Ajayi-Kadir said.
He said manufacturers previously paid between 120 and 160 taxes and levies, which increased operating costs and created uncertainty for businesses.
The MAN DG said the Tax Ombud would provide manufacturers with a formal avenue for resolving disputes over assessments and other tax-related grievances.
“And we have a recourse in the tax ombudsman where we can address our grievances, our disagreements, and we’ll be sure to have a dispassionate settlement,” he said.
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