Connect with us

Business News

Nigerian Stock Market Extends Losing Streak, Drops 0.07%

Published

on

Share

Trading activities on the nation’s bourse extended losing streak on Tuesday, declining further by N16 billion due to profit taking on 21 stocks.

Specifically, the All-Share Index lost 30.75 points or 0.07 per cent to close at 41,051.

63, from 41,082.38 posted on Monday.

Consequently, month-to-date and year-to-date returns moderated to 1.

9 per cent.

In the same vein, the market capitalisation lost N16 billion to close at N21.474 trillion compared with N21.490 trillion recorded on Monday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Ardova Plc, BUA Cement, UACN, Access Bank and Red Star Express.

Analysts at Afrinvest Limited said: “Following two consecutive days of losses, we expect investors to take position in bellwethers.”

Japaul Gold and Ventures led the losers’ chart in percentage terms with 9.86 per cent to close at N1.28 per share.

Ardova followed with 8.63 per cent to close at N18 per share.

FTN Cocoa Processors and Honeywell Flour Mill shed 8.33 per cent each to close at 66k and N1.10, while Chams lost 6.67 per cent to close at 28k per share.

Conversely, Afromedia, Guinea Insurance, NEM Insurance, Prestige Assurance, Union Diagnostic & Clinical Services and Wapic Insurance drove the gainers’ chart in percentage terms, gaining 10 per cent each, to close at 22k, 22k, N2.53, 55k, 33k and 66k per share, respectively.

Livestock Feeds followed with 9.91 per cent to close at N2.55, while AIICO Insurance rose by 9.85 per cent to close at N1.45 per share.

Transcorp topped the activity chart with an exchange of 42.94 million shares valued at N50.24 million.

Japaul Gold and Ventures followed with 39.59 million shares worth N50.87 million, while Zenith Bank traded 28.53 million shares valued at N745.99 million.

BUA Cement sold 25.69 million shares worth N2.05 billion, while Courteville Business Solutions transacted 21.97 million shares worth N5.33 million.

In all, the total volume of shares traded dropped by 28.9 per cent as investors bought and sold 525.01 million shares worth N5.34 billion in 5,965 deals.

This was in contrast with a turnover of 738.52 million shares valued at N4.17 billion transacted on 7,396 deals on Monday. (NAN)

Business News

Budget Office Defends Tax Reform Acts, Seeks Due Process

Published

on

Share

By Tony Obiechina, Abuja 

The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.

In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.

According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.

However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.

The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.

On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.

The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.

 At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.

From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.

To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.

Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.

“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.

The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.

The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.

Continue Reading

Business News

Tinubu Congratulates Dangote on World Bank Appointment

Published

on

Share

By Jennifer Enuma, Abuja

President Bola Tinubu has congratulated Alhaji Aliko Dangote, the President of Dangote Group, on his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with promoting investment and job creation in emerging economies.

In a statement by Special Adviser on Media and Publicity, Bayo Onanauga, the President described the appointment as apt, given Dangote’s rich private sector experience, strategic investments, and many employment opportunities created through his Dangote Group.

The Dangote Group became one of Africa’s leading conglomerates through innovation and continuous investment.

Dangote Group’s business interests span cement, fertiliser, salt, sugar, oil, and gas. However, the $20 billion Dangote Petroleum Refinery and Petrochemicals remains Africa’s most daring project and most significant single private investment.

“President Tinubu urges Dangote to bring to bear on the World Bank appointment his transformative ideas and initiatives to impact the emerging markets across the world fully” the statement said.

The World Bank announced Dangote’s appointment on Wednesday, as part of a broader expansion of its Private Sector Investment Lab. The lab now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.

The CEO of Bayer AG, Bill Anderson, the Chair of Bharti Enterprises, Sunil Bharti Mittal, and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian, are on the Private Sector Investment Lab with Dangote.

The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies, supporting the Bank’s focus on job creation as a central pillar of global development.

Continue Reading

Business Analysis

Nigeria Customs Generates over N1.75trn Revenue in 2025

Published

on

Share

By Joel Oladele, Abuja

The Nigeria Customs Service (NSC) has generated an impressive N1,751,502,252,298.05 in revenue during the first quarter of 2025.

The Comptroller-General (CG) of the Service, Bashir Adeniyi, disclosed this yesterday, during a press briefing in Abuja.

According to Adeniyi, the achievement not only surpasses the quarterly target but also marks a substantial increase compared to the same period last year, reflecting the effectiveness of recent reforms and the dedication of customs officers across the nation.

“This first quarter of 2025 has seen our officers working tirelessly at borders and ports across the nation.

I’m proud to report we’ve made real progress on multiple fronts—from increasing revenue collections to intercepting dangerous shipments,” Adeniyi stated.

He attributed this success to the reforms initiated under President Bola Tinubu’s administration and the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.

The CG noted that the revenue collection for Q1 2025 exceeded the quarterly benchmark of N1,645,000,000,000.00 by N106.5 billion, achieving 106.47% of the target. This performance represents a remarkable 29.96% increase compared to the N1,347,705,251,658.31 collected in Q1 2024.

Adeniyi highlighted the month-by-month growth, noting that January’s collection of N647,880,245,243.67 surpassed its target by 18.12%, while February and March also showed positive trends.

 “I’m pleased to report the Service’s revenue collection for Q1 2025 totaled N1,751,502,252,298.05.

“Against our annual target of N6,580,000,000,000.00, the first quarter’s proportional benchmark stood at N1,645,000,000,000.00. I’m proud to announce we’ve exceeded this target by N106.5 billion, achieving 106.47% of our quarterly projection. This outstanding performance represents a substantial 29.96% increase  compared  to  the  same  period  in  2024,  where  we  collected N1,347,705,251,658.31.

“Our month-by-month analysis reveals even more encouraging details of this growth trajectory,” Adeniyi said.

In addition to revenue collection, Adeniyi said the NCS maintained robust anti-smuggling operations, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7,698,557,347.67.

He stated that rice was the most seized commodity, with 135,474 bags intercepted, followed by petroleum products and narcotics.

“From rice to wildlife, these seizures show our targeted approach,” Adeniyi remarked, noting the NCS’s commitment to combating smuggling and protecting national revenue.

Adeniyi also highlighted key initiatives, including the expansion of the B’Odogwu customs clearance platform and the launch of the Authorized Economic Operators Programme, which aims to streamline processes for compliant businesses. The NCS’s Corporate Social Responsibility Programme, “Customs Cares,” was also launched, focusing on education, health, and environmental sustainability.

Despite these achievements, the CG noted that the NCS faced challenges, including exchange rate volatility and non-compliance issues. Adeniyi acknowledged the need for ongoing adaptation and collaboration with stakeholders to address these challenges effectively.

Looking ahead, the NCS aims to continue its modernization efforts and enhance service delivery, ensuring that it remains a critical institution in Nigeria’s economic and security landscape.

“Results speak louder than plans; faster clearances through B’Odogwu, trusted traders in the AEO program, and measurable food price relief from our exemptions. We’ll keep scaling what works,” he concluded.

Continue Reading

Advertisement

Top Stories

NEWS11 minutes ago

FG Moves to Automate Teachers’ Awards, Ends Manual Selection Process

ShareBy Tony Obiechina, Abuja The federal government has digitalised the selection process for the 2026 President’s Teachers’ and Schools’ Excellence Awards (PTSEA),...

NEWS14 minutes ago

Utsev Leads Nigerian Delegation to World Water Congress in Glasgow

ShareBy David Torough, Abuja Minister of Water Resources and Sanitation, Engr. Prof. Joseph Terlumun Utsev, will on Saturday, October 3,...

Entertainment/Arts/Culture13 hours ago

BBNaija Season 11: Keivo Becomes Second Housemate to be Disqualified

ShareKeivo has become the second Big Brother Naija housemate to be disqualified from Season 11. This follows his physical altercation...

Entertainment/Arts/Culture13 hours ago

Mofe-Damijo Envisions Bright Future for Nigeria at 66

ShareVeteran actor and public speaker, Richard Mofe-Damijo, has expressed optimism about Nigeria’s future, describing the country as a work in...

Entertainment/Arts/Culture13 hours ago

My Wife Paid $20k for Her Surgery Herself, Peller Fires Back at Carter Efe

ShareNigerian content creator and streamer, Peller, has fired back at Carter Efe after the streamer compared their relationships while praising...

Entertainment/Arts/Culture13 hours ago

I Didn’t Want to be in the Spotlight – Tems

ShareGrammy-winning Nigerian singer Temilade Openiyi, popularly known as Tems, has revealed that despite wanting musical success, she was uncomfortable with...

Uncategorized13 hours ago

Nigeria at 66: Which Way Nigeria?

ShareBy Tochukwu Jimo Obi Sixty six years after independence, Nigeria should be asking itself a question that can no longer...

NEWS14 hours ago

Nigeria at 66: Booming Banks, Struggling Nation, Where Is the Promised Prosperity?

ShareBy Blaise Udunze As Nigeria celebrates 66 years of independence, it must ask whether the country has delivered the prosperity...

FEATURES14 hours ago

Nigeria at 66: Leaders are Human, But Accountability is Non-negotiable

ShareBy Aderonke Ojediran As Nigeria marks its 66th Independence anniversary, the debate over leadership, public trust and accountability remains central...

NEWS14 hours ago

Oborevwori Orders Julius Berger to Fix Washed-Out East-West Road at Agbarho

ShareFrom Francis Sadhere, Delta Delta State Governor, Rt. Hon. Sheriff Oborevwori, has directed Julius Berger Nigeria Plc to immediately commence...