Economy
Stock Market Sheds 0.31% as DSS-Emefiele Crisis Scares Investors
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited lost 0.31 per cent on Monday as news of operatives of the Department of State Services (DSS) invading the headquarters of the Central Bank of Nigeria (CBN) in search of its Governor, Mr Godwin Emefiele, rattled investors.
For the past few weeks, investors at the local stock market had closely watched how the secret police have made moves to arrest the central banker over alleged terrorism financing.
However, things turned awry yesterday after it was reported that the security officials were at the CBN office in Abuja, disrupting their activities.
The apex bank later in the day released a statement that Mr Emefiele, whose whereabouts before now had been a subject of speculations, resumed duty after a vacation abroad.
He left Nigeria with President Muhammadu Buhari last month for the US-Africa Summit in Washington, DC, but did not return with his boss after the programme.
There are no indications if Mr Buhari would wade into the matter to reassure investors, especially offshore, that the rule of law would be allowed to play because of the wrong signal the matter is beaming to the world.
At the stock exchange yesterday, investors traded cautiously, which led to selling pressure, causing the trading volume, value and the number of deals to rise by 2.16 per cent, 26.92 per cent, and 13.68 per cent, respectively.
A total of 221.9 million shares worth N3.3 billion exchanged hands in 5,219 deals on Monday, compared with the 217.2 million shares worth N2.6 billion transacted in 4,591 deals last Friday.
UBA sold the highest number of stocks yesterday, 22.9 million units, followed by GTCO, which transacted 20.0 million units. Transcorp traded 14.6 million units, FBN Holdings exchanged 14.1 million units, and Zenith Bank transacted 13.5 million units.
From the analysis of the market data by Business Post, the banking sector suffered the heaviest fall as its index depreciated by 3.39 per cent. The industrial goods counter fell by 0.18 per cent, the consumer goods space depleted by 0.08 per cent, while the insurance and the energy sectors appreciated by 0.39 per cent and 0.09 per cent, respectively.
At the close of business, the All-Share Index (ASI) fell by 163.66 points to 52,348.82 points from 52,512.48 points, as the market capitalisation reduced by N89 billion to N28.513 trillion from N28.602 trillion.
Investor sentiment was weak yesterday as the market breadth ended negative, with 23 price losers and 20 price gainers.
Chellerams declined by 9.70 per cent to N1.21, Prestige Assurance lost 8.70 per cent to trade at 42 Kobo, Livestock Feeds went down by 7.69 per cent to N1.20, Mutual Benefits decreased by 6.25 per cent to 30 Kobo, and Honeywell Flour shrank by 6.22 per cent to N2.26.
However, the share price of Presco grew by 9.67 per cent to N150.80, Coronation Insurance expanded by 9.52 per cent to 46 Kobo, FTN Cocoa gained 7.14 per cent to sell at 30 Kobo, ABC Transport went up by 6.90 per cent to 31 Kobo, as RT Briscoe also rose by 6.90 per cent to 31 Kobo.
By Adedapo Adesanya
Seplat Energy Plc has completed the conversion of its operated onshore oil and gas assets to the fiscal regime of Nigeria’s Petroleum Industry Act (PIA), marking a major regulatory milestone for the company.
In a statement issued on Tuesday, the dual-listed Nigerian energy firm said its subsidiaries, Seplat West Limited and Seplat East Onshore Limited, finalised the conversion from the former Petroleum Profits Tax framework to the PIA regime following the fulfilment of all technical and regulatory requirements.
The PIA, signed into law in August 2021, was introduced to modernise governance, improve transparency, attract investment, and make Nigeria’s petroleum fiscal framework more competitive globally.
The conversion covers assets previously held under Oil Mining Leases (OMLs) 4, 38, 41 and 53. During the first nine months of 2025, these assets recorded an average working interest production of 42,591 barrels of oil equivalent per day, accounting for approximately 31 per cent of Seplat’s total output.
According to the company listed on both the Nigerian Exchange Limited and the London Stock Exchange, the PIA framework is expected to support increased investment, production growth and improved operational efficiency. The anticipated impact of the conversion had already been factored into Seplat’s medium-term guidance presented at its Capital Markets Day in September 2025.
Seplat noted that it executed Conversion Contracts with its joint venture partners in February 2023 and has since worked closely with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to complete the process. New Petroleum Mining Lease (PML) and Petroleum Prospecting Licence (PPL) numbers have now been issued, with PIA-based operations expected to commence from January 1, 2026, subject to regulatory guidance.
Commenting on the development, Chief Executive Officer Roger Brown said the successful conversion reflects the company’s commitment to regulatory compliance and value creation.
“Conversion to the PIA fiscal regime has been an important focus for Seplat, and we are delighted to have delivered, alongside our respective joint venture partners, the conversion of our onshore operated assets within the timeline outlined at our recent Capital Markets Day,” Mr Brown said.
He added that the transition positions the company for improved profitability and stronger cash flow margins in its onshore business.
Seplat also disclosed that it is continuing efforts to convert its offshore assets to the PIA regime, with a target completion date of 2027.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.16 per cent on Monday, December 22 as investors showed hunger for unlisted stocks.
Trading data showed that the volume of securities traded at the session surged by 532.9 per cent to 12.6 million units from the previous 1.9 million units, as the value of transactions jumped by 64.3 per cent to N713.6 million from N80.3 million, though the number of deals moderated by 13.5 per cent to 32 deals from the 37 deals recorded in the previous trading session.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, followed by Okitipupa Plc with 178.9 million units worth N9.5 billion, and MRS Oil Plc with 36.1 million units transacted for N4.9 billion.
InfraCredit Plc also finished the trading day as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with the sale of 1.2 billion units for N420.7 million, and Impresit Bakolori Plc with a turnover of 537.0 million units valued at N524.9 million.
The unlisted securities market printed a price loser, FrieslandCampina Wamco Nigeria Plc, which dropped 20 Kobo to sell at N53.80 per share versus last Friday’s closing price of N54.00 per share.
However, the loss was offset by the trio of NASD Plc, Golden Capital Plc, and UBN Property Plc.
NASD Plc gained N5.00 to close at N60.00 per unit versus N55.00 per unit, Golden Capital Plc appreciated by 77 Kobo to N8.45 per share from N7.68 per share, and UBN Property Plc improved by 22 Kobo to N2.43 per unit from N2.21 per unit.
As a result, the market capitalisation increased by N3.38 billion to N2.125 billion from N2.121 trillion, and the NASD Unlisted Security Index (NSI) grew by 5.65 per cent to 3,552.06 points from 3,546.41 points.
By Dipo Olowookere
The bulls remained on the floor of the Nigerian Exchange (NGX) Limited on Monday, rallying by 0.26 per cent at the close of transactions.
This was buoyed by the gains recorded by 34 equities on Nigeria’s stock exchange, which outweighed the losses posted by 20 equities, indicating a positive market breadth index and strong investor sentiment.
Aluminium Extrusion gained 9.72 per cent to quote at N13.55, International Energy Insurance improved by 9.69 per cent to N2.49, Mecure Industries rose by 9.64 per cent to N60.30, Royal Exchange expanded by 9.60 per cent to N1.94, and Austin Laz grew by 9.50 per cent to N2.65.
On the flip side, Custodian Investment depleted by 10.00 per cent to N35.10, ABC Transport crashed by 10.00 per cent to N3.15, Prestige Assurance weakened by 7.41 per cent to N1.50, and Guinea Insurance slipped by 7.38 per cent to N1.13.
During the session, investors traded 451.5 million shares worth N13.0 billion in 33,327 deals compared with the 1.5 billion shares valued at N21.8 billion transacted in 25,667 deals in the preceding session, showing spike in the number of deals by 29.84 per cent, and a decline in the trading volume and value by 69.90 per cent and 40.37 per cent apiece.
The first trading session of the Christmas week had Tantalizers as the most active with 50.2 million units sold for N127.5 million, First Holdco transacted 32.6 million units worth N1.5 billion, Access Holdings exchanged 27.3 million units valued at N562.3 million, Custodian Investment traded 22.1 million units for N857.8 million, and Chams transacted 21.3 million units valued at N71.1 million.
When the closing gong was struck at 2:30 pm to end trading activities, the All-Share Index (ASI) was up by 401.69 points to 152,459.07 points from 152,057.38 points and the market capitalisation went up by N256 billion to N97.193 trillion from N96.937 trillion.
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