Business

Exchange Moves 1,202bn Shares

Published

10 years ago

February 24, 2016

Vice President Yemi Osinbajo (middle), with delegation from the United Kingdom Trade Mission, during its visit to the Presidential Villa in Abuja, recently

Investors on the floor of
the Nigerian Stock Exchange (NSE) moved a total of 1.202 billion shares, valued at N9.641 billion in 13,712 deals between February 15th -19th, 2016.
The performance of traded equities however depreciated as the turnover was in constrast to the traded total shares of 1.407 billion, worth N17.277 billion which investors exchanged in 14.914 deals.
On Monday 15/2/16, in investor 283.521 million shares, valued at N2.923 billion exchanged hands in 3,030 deals. Tuesday saw the movement of 290.944 million shares, valued at N2.881 billion in 2,934 deals.
Investors traded a total of 335.612 million shares, worth N1.952 billion, in 2,847 deals on Wednesday (17/2/2016). On Thursday, a total of 119,339 million shares, worth N959.773 million exchanged hands in 2,464 deals.
The end of the week on Friday was the lowest performance as only 172.394 million shares, valued at N925.393 million exchanged hands in 2,437 deals.
According to NSE records, the financial services industry led the market activity chart by volume, trading a total of 1.005 billion shares, worth N6.471 billion that exchanged hands in 8,313 deals. These performances represent 84 and 67 percent of the total turnover of equities by volume and value respectively.
The consumer goods industry followed with 54.333 million shares worth N2.114 billion in 2,365 deals. The performance of the financial services sector was boosted by the activities of Zenith International Bank Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc which moved a total of 500.360 million shares valued at N5.449 billion in 4.011 deals.
According to exchange records, the performance of these banks represent 41.63 percent and 56.52 percent of the sector’s turnover volume and value respectively.
ETPs
Investors also traded a total of 93,518 units of Exchange Traded Products (ETPs) worth N1.158 million executed in 48 deals, as against a total of 115.641 units worth N1.285 million transacted last week in 28 deals.
Bonds
The federal government’s 150.000 units bonds worth N169.326 million were also traded in two deals, compared to a total of N39, 340 units of both state (1) and federal government Bond (2), valued at N44.246 million executed the previous week in 3 deals.
Index Movement
The Exchange All-share Index and market capitalisation also depreciated by 1.04 percent closing the week’s performance at 24, 432.51 points and N8.403 trillion respectively.
Naira Crisis
The crisis rocking the financial sector has depend as exchange rate rose to over N370 per dollar.
The foreign reserve also declined by $1.14 billion. Non-performing loans (NPL) in the commercial banks, records revealed averaged 4.7 percent last year and may increase to 10 percent in the medium team by 2016. This is due to the banks explosure to oil and gas sector.
The NPLs in 17 banks currently are estimated at over N9.9 trillion, though World Bank’s loan to Nigeria also stands at over $ 6.29 billion.
At the black market, one US dollar is trading at N385, compared to a year ago when one dollar was exchanged at N160.
The present situation became serious about eight months after the Central Bank of Nigeria (CBN) came up with its foreign exchange restrictions policy on 41 raw material items, the ripple effect has turned out more catastrophic than planned.
Meanwhile the organised private sector and manufacturers are predicting that if foreign exchange available for the import of their raw materials continue to be scare it would lead to the closure of most factories and the movement of some companies to near-by countries, deepening unemployment situation in Nigeria.
Some stakeholders in the financial sub-sector had also urged the president to convene an emergency economic summit to present what they called looming economic recession.

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

2 days ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

2 days ago

January 12, 2026

The Tide

The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

5 days ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi