Business

Bears Dominate NSE Market

Published

13 years ago

June 19, 2013

The bears took dominance of the equity Market of the Nigerian Stock Exchange (NSE) for three days running last week as the twin market indicators finished on negative notes.

Specifically the All Share Index (ASI), the main index at the Nigerian bourse nose dired by 5.85 per cent from its recent high of 40,012.66 basis points on Tuesday of the week under review to close at 37,249.93 points.

The aggregate market capitalisation of listed equities lost N888 billion to close the week at N11.967 trillion, having peaked at N12.855 trillion on Tuesady of the review week.

Market analysts have attributed the decline to profit-taking transactions on highly capitalised stocks such as the consumer goods and industrial stocks.

According to the NSE weekly report, the bearish trend also reflected in all other NSE indices. The NSE 30 Index, the indicator for measuring 30 most capitalised companies on the Exchange fell by 5.86 per cent even as the NSE Consumer Goods Index plunged by 7.05 per cent. The NSE Banking Index fell by 7.23 percent while Insurnace Index shed 2.87 percent.

The NSE Oil and Gas Index dropped 5.82 percent just as the NSE Industrial Goods Index went down by 6.59 percent.

It would be recalled that since the beginning of the year the Equities market has been on the upbeat which has resulted in the NASI having a sustained seven straight weeks gains. The market capitalisation added N2.165 trillion pegging at N12.766 trillion as against its 2008 peak level of N12.640 trillion.

The total market volume stood at 3.725 billion units of shares valued at N75.874 billion exchanged by investors in 39,060 deals at the close of trading last week in comparism with a total of 1.917 billion units of shares worth N25.133 billion exchanged in 32,368 transactions the previous week.

Transactions in the shares of Transnational Corporation of Nigeria Plc, IAS Plc and Dangote Cement Plc accounted for 1.35 billion shares valued at N48.72 billion traded in 1,692 deals contributing 36.19 per cent, 64.22 per cent and 4.33 per cent to the overall equity turnover volume, value and deals respectively.

On sectorial basis, during the review week the financial service sector lead the activity chart recording a traded volume of 1.702 billion units of shares valued at N14.698 billion in 19,826 transactions representing 45.68 per cent, 19.37 per cent and 50.76 per cent of the total traded volume, value and deals respectively.

It was followed by the conglomerates sector with a turnover of 597.153 million units of shares worth N1.052 billion exchanged in 1,410 deals indicating 16.03 percent, 1.39 percent and 3.61 per cent of the total equity turnover volume, value and deals respectively during the week.

The ICT sector emerged third on the week’s activity chart recording a turnover volume of 516.087 million units of shares traded at N1.007 billion in 264 transactions.

The week under review opened with 34 stocks recording price appreciation on Monday while 22 Stocks recorded some level of price erosion even as the price of 56 remained flat.

On second trading day of the review week out of 127 stocks that were traded, 50 recorded value addition while the price of 17 nose dived and 60 remained unchanged.

The third day saw 122 stocks taking part in the market transactions, from which 32 appreciated in value, 36 plunged while 44 remained flat.

On the fourth trading day, 126 stocks partook in the trading activities, just a as a handful of 15 stocks managed to rise in value while 57 stocks eroded in value and 54 remained flat.

A total of 120 stocks were transacted on the last trading day of the week with only 22 recording gains; 66 were flat in price while 32 shed their value.

In all 34 equities added value during the week under review down from the 58 that appreciated the previous week.

Berger Paints Plc led the top 10 gainers’ table with N1.92 price addition having opened at N9.46 to close at N11.38 per share.

The Forte Oil Plc emerged second on the week’s top 10 price gainers’ table with N1.61 price addition to finish at N17.01 from an opening price of N15.40 per share.

Academy Press Plc came third having added 70 kobo to its opening price of N1.75 to close the week at N2.45 per share.

Also on the week’s top 10 gainers’ chart were Paints and Coatings Manufacturers Plc 45 kobo, Neimeth International Pharmaceuticals Plc 40 kobo, Vitaform Nigeria Plc 61 kobo, IPWA Plc 8 kobo , Cutix Plc 25 kobo, Evans medical Plc 31kobo and Champion Breweries Plc 48 kobo.

On the flipside, Nigerian Breweries Plc led the top 10 stocks that finished in the red during the week with N20.49 price depreciation having opened at N178 per share to close at N157.51.

PZ Cussons Nigeria Plc emerged the week’s second highest loser having plunged by N7.98 from an opening price of N52.98 to close at N45 per share.

The third on the losers’ chart was Guaranty Trust Bank Plc which lost N3.29 to drop at N24.91 from an opening price of N28.20 per share.

Others were Portland Paints & Products Nigeria Plc which lost 82 kobo, Eterna Plc 66 kobo, Oando Plc N2.32, Ikeja Hotel Plc 12 kobo, Livestock Feeds Plc 69 kobo, Transnational Corporation of Nigeria Plc 15 kobo and Custodian and Allied Insurance Plc 19 kobo.

The week saw 1,770 units of federal Government of Nigeria (FGN) bond being traded at the value of N194,830 in 15 deals as against 1,100 units worth N123,765 recorded in 7 transactions the previous week.

A breakdown shows that 1,270 units of 15.10 per cent FGN April 2017 bond were traded in 11 deals at N136,595 while 400 units of 16,00 percent FGN June 2019 bond were exchanged in three transactions at the value of N45,485. Hundred units of 16.39 per cent FGN January 2022 bond were sold at N12,750 in one trade.

Business

RIVERS NUJ BACKS BONNY TOURISM, TASKS MEDIA ON DEVELOPMENT REPORTING

Published

2 days ago

August 17, 2026

The Tide

The Nigeria Union of Journalists (NUJ), Rivers State Council, has thrown its weight behind efforts to reposition Bonny Island as a major tourism destination, urging journalists to move beyond crisis reporting and deliberately promote the state’s investment, tourism and development potentials.

The Chairman of the NUJ Rivers State Council, Comrade Paul Bazia, said this at a press briefing held at the Ernest Ikoli Press Centre in Port Harcourt, recently.

Bazia said Rivers State was endowed with enormous natural and economic resources, stressing the media must gradually shift its attention from conflict-oriented reporting to development communication capable of attracting investors, tourists and other economic opportunities to the state.

He said the tourism potential of Bonny Local Government Area was enormous and could compete favourably with attractions found in Caribbean countries, urging journalists to tell the story of Bonny in a way that would attract global attention.

“If we don’t blow our own trumpet, people won’t know that we have our trumpets. Most of the people that travel to the Caribbean, Bonny is more than that. Bonny is more than just the hydrocarbon headquarters. Bonny is beautiful. Bonny environment is therapeutic,” he stated.

The NUJ chairman stressed that tourism could provide a sustainable source of income without the environmental consequences associated with some extractive economic activities, adding that the media must help to market the tourism products available in Rivers State.

“Our role is to ensure that our stories market the product that we have,” Bazia said, urging journalists across the state to consciously promote its tourism and investment opportunities.

He warned that failure to develop and promote tourism destinations such as Bonny could contribute to economic stagnation and insecurity, stressing that businesses and communities would ultimately suffer where legitimate economic opportunities were neglected.

“It is better for us now to get into it and sell the product that we have so that it will be a win-win for everybody,” he added.

Also speaking, the President of the Bonny Chamber of Commerce and Executive Director of the Discover Bonny Initiative, Mrs. Constance Nwokejiobi, Ph.D., said the initiative was a three-year strategic programme designed to transform Bonny Island into a premier tourism destination.

Nwokejiobi disclosed that Bonny Island Tourism & Investment Summit 2026, scheduled for August 18 to 20, would feature a Tourism Concierge Platform, multi-tier partnership arrangements ranging from Platinum to Community Tourism levels, as well as a privately driven Tour

She stressed that sustainable tourism could not depend solely on government, but required entrepreneurship, private investment and strategic partnerships, noting that Bonny already contributes an estimated four per cent of Nigeria’s national GDP, largely through oil and gas, while efforts were underway to develop a second and more sustainable economy based on tourism, heritage and hospitality.

Nwokejiobi said the initiative enjoyed strong support from His Majesty King Edward Asimini William Dappa Pepple III, Perekule XI, Amanyanabo of Grand Bonny Kingdom, who, she noted, had consistently promoted the island’s rich heritage and hospitality potential alongside its energy and industrial strengths.

She called on Nigerians to embrace domestic tourism by visiting Bonny and also invited international visitors and investors to discover the island as an authentic West African destination.

By: King Onunwor

Business

Jonathan, Diri, Others Laud Firm’s Milestone in Bayelsa …Says Project Will Drive Industrialisation, Create Jobs

Published

2 days ago

August 17, 2026

The Tide

Nigeria’s ex-First lady, Dame Patience Jonathan, Governor of Bayelsa State, Senator Douye Diri, and the Managing Director of the Niger Delta Development Commission(NDDC), Chief Samuel Ogbuku, have commended a Bayelsa-based firm, Azikel Group for its commitment towards industrialising the state and the Niger Delta region.

They spoke while inspecting the Crude Distillation Unit (CDU) and other facilities recently at the Azikel Refinery in Obunagha Community of Yenagoa Local Government Area of the state.

They pledged continued support for the successful completion of the multi-billion naira refinery project.

In his remarks, Governor Diri represented by his deputy, Dr Peter Akpe, expressed satisfaction with the progress made so far by the company, describing the refinery project as a major step towards industrialising the state, creating employment and opening new economic opportunities for the people.

He congratulated the President of the Azikel Group, Dr Azibapu Eruani and his team on the successful procurement of the CDU, which is the most critical component of a refinery, describing the feat as a significant milestone towards completing the project.

He said industrialisation remains an integral part of his Prosperity Administration’s agenda, noting that government’s responsibility was to create an enabling environment for businesses and investments to thrive.

According to him, the state government’s ongoing road projects were designed to improve connectivity and provide easier access to industrial investments, including the refinery.

The governor urged Bayelsans to take advantage of the opportunities that would emerge from the project, particularly employment and skills development, and warned the people against commercialising opportunities meant for them.

“The Prosperity Government, which is the agenda that we propagate, has industry and industrialisation as one of the major things. As a government, our business is to provide or enhance ease of doing business.

“Our universities have got graduates that can fit into most of the levels that will be available”, he said.

The State Chief Executive urged the people of the local communities to develop the capacity to participate meaningfully in the investment.

Also speaking, former First Lady, Dame Patience Jonathan, applauded the Bayelsa State Government for supporting the project, particularly through infrastructure development and improved road access to the refinery.

She said the investment was significant because Bayelsa had traditionally depended heavily on government, stressing that sustainable development depended more on investments that create wealth than totally relying on monthly salaries and allocations.

Dame Jonathan described the refinery as an investment that should receive the collective support of government, communities and other stakeholders, saying its benefits would extend beyond the company to the wider economy.

According to her, “It is not the amount of money you get at the moment, but the investment you put on ground that matters.

What we are doing is not for you alone; it is for all of us.”

In his remarks, the Managing Director of the Niger Delta Development Commission, Dr. Samuel Ogbuku, stressed that the refinery would have a multiplier effect on Bayelsa’s economy, particularly through job creation and increased business activities.

Dr. Ogbuku maintained the project could also boost traffic at the Bayelsa International Airport by attracting investors, contractors and other business interests into the state.

The NDDC helmsman stressed the need for Bayelsans, particularly young people not to be spectators to the investment but rather prepare and position themselves to benefit from the opportunities it would create.

He also lauded the state government for improving road access to the refinery, saying the infrastructure had helped to make the investment more accessible and demonstrated that the state was preparing for the economic opportunities associated with the project.

On his part, the President of Azikel Group, Dr. Azibapu Eruani, described the project as a major industrial milestone for Bayelsa and Nigeria, saying the refinery had reached a critical stage with the arrival of the CDU.

He disclosed that the refinery, with a capacity of 25,000 barrels per day and an investment value of about one billion dollars, would produce petrol, diesel, aviation fuel, kerosene, LPG, naphtha and heavy fuel oil.

Dr. Eruani said the arrival of the CDU represented the culmination of eight years of work and marked a significant step towards actualising the refinery project.

He explained that the CDU took more than three years to build in South Korea before being transported to Nigeria on a specially chartered vessel.

Chairman of the Bayelsa State Traditional Rulers Council, King Bubaraye Dakolo, former Chief Operating Officer, Refinery and Petrochemical of the NNPC, Mr. Mustapha Yakubu, among other dignitaries also delivered goodwill messages at the event.

By: Ariwera Ibibo-Howells, Yenagoa

Business

AKG To Purchase More Aircraft —-Targets 10 Fleets this Year

Published

2 days ago

August 17, 2026

The Tide

The Akwa Ibom State Government has announced plans to expand the fleet of its state-owned airline, Ibom Air, with the acquisition of an Airbus A220-300 aircraft.

The Commissioner for Information, Dr Aniekan Umanah, disclosed this to newsmen recently in Uyo, saying the state government would travel to Montreal, Canada, to finalise documentation for the purchase.

Umanah said the aircraft is expected to arrive at the Victor Attah International Airport on August 30, 2026, bringing Ibom Air’s fleet to 10 aircraft.

He described the planned acquisition as a milestone for the state’s aviation sector, adding that it supports the government’s ambition of positioning Akwa Ibom as a major aviation hub for business, tourism and investment under its ARISE Agenda.

The commissioner also identified tourism as a major driver of the state’s economy outside crude oil revenues, saying the government remained committed to developing the sector.

He said the expansion of Ibom Air would improve connectivity and create opportunities for young people seeking careers in aviation, while strengthening links for businesses and families.

According to him, the arrival of the Airbus A220-300 would further demonstrate the state government’s commitment to improving connectivity and supporting economic growth.

Apapa Customs Command Regs N323 Bn Revenue In July

(1)

Nkpemenyie Mcdominic, Lagos

The Nigeria Customs Service (NCS), Apapa Area Command, has posted an unprecedented revenue collection of ?323 billion in July 2026, the highest monthly figure ever recorded by the Command.

The landmark performance further underscores the strong results achieved under the leadership of Comptroller Emmanuel Oshoba, who earlier guided the Command to another record haul of ?304 billion in October 2025.

Comptroller Oshoba disclosed this during the monthly meeting with Deputy Comptrollers of Terminals and Unit Heads held on Tuesday, 11 August 2026.

He attributed the record collection to the combined impact of policy support, operational reforms and improved compliance across the Command.

In a press statement issued by the Public Relations Officer of the Command, Chief Superintendent of Customs (CSC) Isah Sulaiman, the Customs Area Controller specially commended the Comptroller-General of Customs, Bashir Adewale Adeniyi, MFR PhD and the Service management team for their commitment to the ongoing modernisation of the Nigeria Customs Service.

“We recognise and acknowledge the CGC’s devotion and dedication to the modernisation project of the Nigerian Customs Service.

“The management team has introduced several innovations that have streamlined our activities and given us clear direction,” he said.

Comptroller Oshoba noted that the reforms are already delivering measurable results. He highlighted the improved performance of the B’Odogwu system, which had earlier faced challenges but has since been enhanced and is now producing strong outcomes.

He also commended the One-Stop Shop (OSS) initiative for accelerating cargo delivery time and creating a more predictable business environment that encourages legitimate importation.

“Another important development is the Authorised Economic Operator (AEO) framework, which currently has more than 200 beneficiaries. This has positively impacted the revenue profile of the Command,” he added.

Intelligence-driven enforcement operations, he said, have further strengthened compliance where officers and men of the Command have intensified interventions that detect false declarations and ensuring compliance with the Service valuation principles to protect national revenue.

The CAC also specifically credited the enabling business environment created by President Bola Ahmed Tinubu, GCFR, particularly the relative stability in the foreign exchange mmarket.

He explained that a more predictable forex regime has allowed business operators to plan better, make informed decisions and conduct trade with greater confidence while challenging officers to examine their individual contributions beyond routine revenue generation.

“In your Area of Responsibility, you must ask yourself, apart from the normal revenue generated by your Unit, what is your own contribution in terms of intervention? What have I added?” he asked.

The CAC stressed the continued importance of trade facilitation and ease of doing business describing the current operating environment as more predictable and conducive to growth.

He directed that disputes should be resolved promptly where consignments require further scrutiny, officers must follow proper documentation and the Post Clearance Audit (PCA) process.

On stakeholder relations, Oshoba issued a clear directive, “When you interact with stakeholders, let them leave your office with hope rather than despair. As a leader, do not allow anyone who comes to you to depart feeling hopeless or depressed. Give people hope.”

He acknowledged the valuable cooperation of stakeholders and sister agencies, noting that their support has improved compliance and restored greater sanity to the business environment. Officers, he said, must continue to build trust through professionalism, respect and collaboration.

Comptroller Oshoba further urged personnel to uphold transparency and discipline, work smart, remain up to date with evolving digital processes and consult more experienced colleagues when necessary.

He described effective leadership as a collective responsibility, calling on Staff Officers to support Deputy Controllers in reinforcing discipline and fostering a healthy work environment rooted in compassion, empathy, teamwork and genuine concern for the welfare of subordinates.

The CAC called for heightened security consciousness, proper supervision, continuous in-house training and full compliance with approved procedures.

He charged all Units to sustain the current momentum, deepen professional development and remain focused on productivity and service delivery.

By: Enoch Epelle