The Nigerian equity market on Wednesday experienced a downturn, losing N673 billion in market capitalisation due to sell-offs in major stocks like MTN Nigeria and Transcorp Hotel

Specifically, the market capitalisation shed 1.20 per cent or N673 billion to close at N55.494 trillion, compared to 56.

The All-share Index also lost 1.

Consequently, the Year-To-Date (YTD) return declined to 31.22 per cent.

Other declined equities, such as FBN Holdings, Cornerstone Insurance, Mutual Benefits Assurance, among others, also affected the market performance negatively.

However, the market breadth closed positive with 22 advanced stocks outnumbering 19 declined others.

On the gainers log, Sunu Assurances, Neimeth International Pharmaceuticals, The Initiative Plc(TIP) led by 10 per cent each to close at N1.21, N1.98 and 1.98 per share, respectively.

Cap Plc followed closely with 9.90 per cent to close at N28.85 and UPDC Real Estate Investment Trust rose by 9.76 per cent to close at N1.35 per share.

On the flip side, Transcorp Hotel and MTN led the losers log by 10 per cent each to close at N87.93 and N201.60 per share, respectively.

Oando trailed closely by 9.90 per cent to close at N9.10, FBN Holdings lost 9.82 per cent to close at N19.75, while FIDSON Healthcare Plc dropped 9.82 per cent to close at N19.75 per share.

Analysis of the market activities also showed trade turnover settled higher relative to the previous session, with the value of transactions up by 22.10 per cent.

A total of 395.75 million shares valued at N9.58 billion were exchanged in 7,907 deals, as against 574.43 million shares valued at N7.84 bilion in 7,324 deals traded previously.

Meanwhile, Guaranty Trust Holding Company Plc (GTCO) led the volume and value chart with 81.41 million shares valued at 2.93 billion, Zenith Bank followed by 46.16 billion shares worth N1.69 billion.

United Bank of Africa(UBA) traded 41.60 million shares worth N953.52 million, FBN Holdings transacted 23.44 million shares valued at N480.99 million and Access Corporation sold 22.30 million shares worth N361.89 million.

Reacting, Mr David Adonri, Vice Chairman, Highcap Securities Ltd., said that the equity market had been undergoing some forms of corrections to realign it with fundamentals of the capital market.

Adonri, in an interview in Lagos, said this was responsible for the recent bearish mood of the market.

According to him, underpinning this correction is the high yield on debt and failure of equities to justify its exuberant rally.(NAN)

Seplat Energy, an independent indigenous energy company, on Tuesday, said it had paid two billion dollars tax contribution to the Federal Government of Nigeria since its listing on the Nigerian Exchange Ltd.(NGX) in 2014.
Mr Roger Brown, Chief Executive Officer(CEO), Seplat Energy, revealed this while delivering a speech at the Closing Gong ceremony in Lagos.

The event was to commemorate the company’s 10 years anniversary of dual listing on the Premium Board of the Nigerian EExchange Ltd.

Brown stated that the oil and gas company, Seplat, also contributed 2.8 billion dollars as tax to the federal government over the past 13 years, after its establishment in 2009.

He explained that the company paid 1.54 billion dollars as royalty to the government, 329 million dollars as Petroleum Profits Tax, 273 million dollars as Value Added Tax, and 259 million dollars as Witholding Tax.

According to him, the energy firm also paid a tax of 276 million dollars to the Nigerian Delta Development Commission (NDDC) and others as well as 126 million dollars as Pay-As-You-Earn(PAYE).

The CEO stated that at post Initial Public Offering(IPO) of the firm, it generated 1.7 billion dollars in Free Cash Flow(FCF) and invested 1.6 billion dollars in Capex.

He also said that the company had paid dividends worth 575 million dollars between 2014 when it became listed and the financial year ended 2023.

Brown noted that the business of the energy firm continued to generate strong cashflows, reflected in its strong FCF and NCFO generation.

He said: “Similarly, we have generated a cumulative 3.3 billion dollars in net operating cash flow post IPO.

“Our strong cash flow generation has supported our ambitions to expand our business, which has seen us spend an aggregate of 1.6 billion dollars in capital expenditure.

“In over 10 years, we invested 57 million dollars in community projects on health, education and empowerment as strong commitment to community development.

“As a leading supplier of gas to Nigeria’s domestic Gas-To-Power Market, at times Seplat gas powered 20 to 30 of Nigeria’s domestic grid in 2023.”

He expressed delight over the feat, reiterating Seplat Energy’s commitment to leading Nigeria’s energy transition.

According to him, the power of indigenous companies is to bring growth and prosperity to their home countries and the people.

“One example of how Seplat Energy is making an enduring difference to Nigeria and host communities where we operate is that nearly 50 million dollars had been invested by our Joint Venture partnerships in communities since our inception to date,” Brown said.

“Truly, Seplat Energy has delivered significant value by enhancing strategic, operational and financial achievements in 10 years as a listed company,” he added.

In his comments, Mr Temi Popoola, Chief Executive Officer (CEO), NGX Group, emphasised the significance of Seplat Energy’s decade of dual listing.

He said, “If we were to look back to our market and tried to find landmarks, the last major landmark you will find in the last ten years is this transaction that we are celebrating today, and the market is very grateful for that.”

Congratulating Seplat Energy on this milestone, in his welcoming remarks, Alhaji Umaru Kwairanga, NGX Group Chairman, highlighted the importance of partnerships between the NGX and companies like Seplat Energy in driving economic growth and development.

He stated that “Seplat’s journey symbolises resilience, innovation, and a commitment to excellence, making them a beacon of corporate governance and operational expertise.

“Seplat Energy has emerged as a leading indigenous energy company, deeply integrated into Nigeria’s economic landscape and the NGX Group remains committed to supporting companies like Seplat Energy as they drive economic growth and contribute to our nation’s prosperity.”

Reflecting on the significance of the decade of dual listing, Mr Udoma Udo Udoma, Board Chairman, Seplat Energy, remarked, “Seplat Energy is committed to driving Nigeria’s transition to sustainable and affordable energy, harnessing its power to improve lives by transforming the economy.

“We have ambitious goals. We are investing in Nigeria. We will support the federal government’s energy transition policy, and we will partner with FG in whatever area they want us to do.

“That is our commitment. We will grow Seplat while also maintaining the highest standard of corporate governance.”

Also commending Seplat Energy on the decade of listing, Mr Jude Chiemeka, Acting CEO, NGX, stressed the importance of the capital market in helping companies raise funds and create wealth for all.

Chiemeka said, “Seplat Energy was listed at N576 at listing and yesterday it closed at 3,370, which is an increase of over 484 per cent.

“The figures show that in the last 10 years, the company has paid out 575 million dollars  in dividend payments to shareholders in Nigeria and London where they are also listed.

“So, this company has given investors a huge opportunity to really participate in wealth creation.

“Reports show that Nigeria would be among the top 20 countries in the next 25 years, and I think Seplat is poised to be one of the institutions driving growth, prosperity, and inclusion in our nation.”

Also, gracing the Closing Gong ceremony was Sen. Heineken Lokpobiri, Minister of State, Petroleum Resources (Oil), who commended the company on it laudable achievements.

“I am happy to be part of today’s celebration and Seplat’s exceptional performance in the last ten years and as Minister of State, Petroleum Resources,

“I assure you that we will partner with Seplat to expand their investments, not only for the benefit of its shareholders, but also for Nigeria.

“The least the government can do anywhere in the world is to create an environment where companies like Seplat continue to thrive.”(NAN)

No Fewer than 34 states in the country failed to honour invitation to attend the just-concluded 35^th Enugu International Trade Fair.

Reports says that only the Federal Capital Territory (FCT), Abuja; Ebonyi State and the host state, Enugu State, graced the 11-day international goods, services and idea showcasing fiesta.

The fair, which began on April 5 and ended on Monday, April 15, was themed: “Promoting made-in-Nigeria products for global competitiveness.

Reacting, the Director-General of Enugu Chamber of Commerce, Mr Uche Mbah, said that the chamber followed due diligence in the invitation of all states to the fair.

Mbah noted that official letters were sent and official follow-up on the letters were made to ensure their presence and availability.

According to him, “we did everything to get them to add colour and increase the showcasing of products from different parts of the country and their investment viability.

“We did put in spirited efforts to see that all states participated, as most of them do previously.

“But it is unfortunate that many did not respond after receiving official letters, phone calls and interpersonal follow-ups were made.

“We got clear assurances from Kano State but they did not show up.

“We pushed harder to get Abia State but in the end, we were told that the governor did not approve,” he said.

Reports says that over 100 organisations were at the fair, which included: over 50 private companies as well as over 45 Federal and State government ministries, agencies and departments. (NAN)