Economy
Stock Market Loses N147b as Political Tension Heightens
By Modupe Gbadeyanka
The first trading day of the month of August 2018 started on bearish note with the political tension in the country gradually taking its toll on the stock market.
In the past few days, politicians in the ruling All Progressives Congress (APC) had been defecting to the opposition Peoples Democratic Party (PDP) with the Senate President, Mr Bukola Saraki, announcing his defection last night and the Governor of Sokoto State, Mr Aminu Tambuwal, announcing his today.
With this cross-carpeting heating up the polity ahead of the 2019 general elections, investors are trading cautiously so as not to be caught unawares.
Business Post reports that on the floor of the Nigerian Stock Exchange (NSE) on Wednesday, investors embarked on profit-taking, leaving the market pointing south at the close of business.
Our correspondent reports that the local stock market depreciated today by 1.09 percent with the Year-to-Date (YtD) returns closing at -4.26 percent.
In addition, while the All-Share Index (ASI) decreased on Wednesday by 404.95 points to close at 36,612.83 points, the market capitalization reduced by N147 billion to settle at N13.263 trillion.
Like in the previous session, the market breadth finished negative with 22 stocks appreciating in value as against the 24 equities, which depreciated at the close of transactions on Wednesday.
Nestle Nigeria led the price losers’ table today after shedding N40 to finish the day at N1560 per share.
It was followed by International Breweries, which fell by N3.60k to close at N33.40k per share, and CAP, which declined by N3.50k to end at N31.50k per share.
Dangote Cement depreciated by N3 to close at N231 per share, while Nigerian Breweries lost N2 to settle at N103 per share.
On the other side, it was a rewarding session for Total Nigeria as the stock appreciated by N7 to settle at N190 per share.
Okomu Oil gained N6.30k to end at N81 per share, while Beta Glass increased by N1.05k to move up to N78 per share.
Lafarge went up by 50 kobo to close at N28 per share, while Ecobank garnered 25 kobo to finish at N20.80k per share.
Business Post reports further that at the close of trading today, the volume of shares bought and sold by investors decreased by 1.94 percent, while the value increased by 10.91 percent.
A total of 240.2 million exchanged hands today in 3,494 deals worth N5 billion compared with the 245 million equities worth N4.5 billion transacted yesterday at the stock market.
Like it happened on Tuesday, financial stocks dominated the activity chart on Wednesday with 191.9 million shares sold for N2.8 billion, while stocks in the Consumer Goods space followed with 22.7 million units transacted for N1.8 billion.
A further breakdown showed that Zenith Bank shares emerged the most traded at the market today with a total of 94.9 million units traded for N2.2 billion.
It was followed by United Bank for Africa (UBA), which exchanged 28.7 million units valued at N271.9 million, and Nigerian Breweries, which traded 15.1 million units worth N1.6 billion.
Fidelity Bank sold 12.6 million shares for N23.6 million, while Sterling Bank transacted 8.2 million equities worth N11.7 million.
A look at the performances of the sectors in the market showed that while the NSEFBT10 lost 2.31 percent, the NSEBNK10 went down by 0.66 percent and the NSEIND declined by 0.42 percent.
By Adedapo Adesanya
The Senate Committee on Banking, Insurance and Other Financial Institutions has called for stronger collaboration among financial sector regulators and other stakeholders to strengthen Nigeria’s financial system and support sustainable economic growth.
The committee made the call during an expanded stakeholders’ engagement in Lagos, attended by the leadership of the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM), among other industry stakeholders and financial experts.
Chairman of the committee, Mr Adetokunbo Abiru (Lagos East), who was represented by Mr Osita Izunaso (Imo West), said stronger legislative reforms and regulatory collaboration were necessary to reposition Nigeria’s financial architecture for long-term economic prosperity.
Mr Abiru said the financial sector remained critical to investment, job creation, business expansion and macroeconomic stability, stressing that its ability to mobilise savings, channel credit to productive sectors, facilitate investment and manage risks was fundamental to sustainable economic growth.
He said the current economic realities required closer collaboration between the legislature and financial regulators, noting that challenges confronting the sector were interconnected and could not be effectively addressed through isolated interventions.
The lawmaker identified inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration and the need to diversify Nigeria’s export base as some of the challenges requiring coordinated policy responses.
He said the engagement was aimed at generating practical solutions to strengthen the country’s financial architecture and support sustainable economic growth.
According to him, monetary policy, financial safety nets, banking institutions, the insurance industry and export finance were interdependent components of a stable financial system and must therefore be strengthened collectively.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, said the Nigeria Insurance Industry Reform Act (NIIRA) 2025 had contributed significantly to stabilising and repositioning the insurance sector.
Mr Omosehin disclosed that 43 insurance companies had successfully recapitalised, describing the development as a major milestone for the industry.
He commended Abiru and members of the committee for their role in advancing insurance sector reforms and urged the House of Representatives to expedite action on the relevant insurance reform bill to enable it to receive presidential assent and become operational.
Representatives of the CBN Governor and the Managing Directors of AMCON, NEXIM and NDIC also commended the Senate committee for its oversight and legislative support, saying its interventions had strengthened the agencies’ capacity to discharge their statutory mandates.
The engagement, held under the theme, Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria, also featured presentations by Professor Uche Uwaleke, President of Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant, B. Adedipe Associates Limited; and Dr Tilewa Adebajo, Chief Executive Officer of CFG Advisory.
The experts presented policy recommendations on key issues affecting Nigeria’s financial system, with emphasis on financial stability, investment and sustainable economic growth.
Mr Abiru said the Senate would continue to engage financial regulators and other stakeholders to deepen financial inclusion, strengthen public confidence in financial institutions and improve regulatory effectiveness.
He said the broader objective was to position Nigeria’s financial system to compete more effectively in the global economy while remaining resilient and responsive to the country’s economic transformation agenda.
By Aduragbemi Omiyale
The first six months of 2026 were not too good for Caverton Offshore Support Group Plc, as it suffered an N8.7 billion loss compared with the N2.1 billion net profit it recorded in the same period of 2025.
This occurred as the company posted a 10.91 per cent decline in earnings between January and June 2026, according to its financial statements for the period ended June 30, 2026.
Analysis of the results showed that the revenue generated in the period under review stood at N14.7 billion versus the N16.5 billion printed in the corresponding period of last year.
Business Post observed that the revenue was negatively impacted by a decline in earnings from helicopter charter and helicopter/airplane contract.
Further analysis of the financial results indicated that operating profit went down by 22.34 per cent to N7.3 billion from N9.4 billion, with administrative expenses jumping to N7.9 billion from N4.7 billion.
But Caverton believes things will get better, noting that the clearest driver of the recovery is Caverton Marine.
Through its relationship with Stena Bulk, one of the world’s leading tanker operators, the organisation now participates in three Suezmax tankers trading a rare source of foreign-currency revenue for a Nigerian-listed company.
It noted that the relationship is being deepened through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company (NNPC) Limited and Stena Bulk that pairs the state-owned oil firm’s national position and Stena Bulk’s fleet with Caverton’s indigenous operating platform
Closer to home, the firm’s OMIBUS platform, developed with Shanghai-based electric-propulsion OEM Explomar, is bringing battery-electric passenger ferries to Lagos waterways. A prototype is already in service, and Caverton holds a firm order from Lagos State for ten vessels, an early-mover position in clean inland-water transport that the group believes can be replicated across other states as the fleet enters service and ferry operations mature into steady, recurring revenue.
In aviation, the institution said the recovery is anchored on its partnership with NHV, a Belgium-based international helicopter operator, with the restructuring of charter operations targeted for the second half of 2026.
“The first half of the year tested us, but the direction of travel is now visible in the numbers.
“Quarter on quarter, we are working to build up our revenue to narrow losses. Our marine business units, from international tankers to electric ferries, are scaling.
“Meanwhile, our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years. There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact,” the chief executive of Caverton, Mr Olabode Makanjuola, stated.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) have issued new guidelines clarifying the taxation of virtual assets in Nigeria.
The guidelines provide an administrative framework for the taxation of virtual assets and specify the tax obligations of individuals and businesses operating in the sector.
According to a public notice issued by the two agencies, the framework covers registration, reporting and record-keeping requirements, valuation principles and the tax treatment of virtual asset transactions.
It applies to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other persons engaged in virtual asset-related activities.
The NRS and JRB said the guidelines were developed in line with the provisions of the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025.
The two bodies said the release was aimed at providing clarity, certainty and consistency in the administration of Nigeria’s tax laws as the country’s virtual asset ecosystem continues to evolve.
The agencies added that the framework would promote voluntary compliance, enhance transparency and support the development of a fair and efficient tax system for digital asset transactions.
They urged all affected taxpayers and stakeholders to familiarise themselves with the guidelines and ensure compliance with the applicable tax obligations.
The guidelines are available on the official websites of the two agencies.
