Economy
26 Stocks Drag Nigerian Market Slightly Lower by 0.06%
By Dipo Olowookere
Trading at the local stock market started off on a bearish note on Monday with 26 equities recording various price declines.
Beta Glass topped the laggards’ chart at the close of transactions today with N7.80k of its share price lost to profit taking to close at N78 per share.
Following Beta Glass on the log was Okomu Oil, which went down by N2.90k to finish at N73.10k per share, and Nigerian Breweries, which depreciated by N2.10k to end at N100.90k per share.
Flour Mills declined today by N1.40k to finish at N24.60k per share, while Dangote Cement fell by N1 to settle at N228 per share.
Business Post reports that the market breadth ended negative as only 21 equities appreciated at the close of business on Monday.
The top gainers’ table was mounted by Lafarge after adding N2.50k to its share value to close at N30.50k per share.
This was followed by Ecobank, which rose by 90 kobo to finish at N22 per share, and United Bank for Africa (UBA), which improved by 25 kobo to end at N9.70k per share.
Oando gained 15 kobo to settle at N5.75k per share, while Forte Oil also appreciated by 15 kobo to finish at N23.55k per share.
It was observed that the mood at the Nigerian Stock Exchange (NSE) on Monday was mixed despite the loss recorded.
Business Post reports that investors were not too happy with the half year earnings of Zenith Bank released today.
The lender posted a sharp decline of over 15 percent in its gross earnings, but its profit appreciated by over 8 percent. The Tier-1 bank also declared an interim dividend of 33 kobo per share, which some said was enough to pacify shareholders.
At the close of transactions today, the stock market marginally closed 0.06 percent lower with the Year-to-Date (YtD) returns closing at -4.61 percent.
The All-Share Index (ASI), which closed at 36,499.67 points last Friday, depreciated on Monday by 20.25 points to settle at 36,479.42 points, while the market capitalization finished at N13.315 trillion after reducing by N7 billion.
A look at the sector performance showed that the NSEIND gained 2 percent, NSEINS10 rose by 1.03 percent, NSEBNK10 appreciated by 0.86 percent and NSEOILG5 increased by 0.42 percent.
However, the only sector that recorded a loss today was the Consumer Goods sector (NSEFBT10), which went down by 0.93 percent. This was mainly influenced by the losses recorded by two of the big boys in the arm, Nigerian Breweries and Flour Mills.
Business Post reports that the volume and value of shares transacted by investors on Monday depreciated by 31.57 percent and 52.21 percent respectively.
While the volume of share went down to 182.3 million from 266.4 million, the value declined to N2 billion from N4.3 billion.
The trades were dominated by financial stocks, which accounted for 126.6 million units worth N958 million, while the equities in the Healthcare sector followed with 14.5 million shares exchanged for N8 million.
United Bank for Africa topped the activity chart with a total of 21.7 million shares worth N208.1 million exchanging hands during the day’s trading.
It was followed by United Capital, which sold 20.4 million units valued at N58.3 million, and Regency Alliance Insurance, which transacted 16.9 million shares worth N4 million.
Access Bank traded 13.9 million equities for N138.7 million, while Union Diagnostic & Clinical Services exchanged 12.7 million shares valued at N4.6 million.
With the market recorded a slight loss today, investors would be hopeful that the bulls will resurface tomorrow.
By Adedapo Adesanya
The chief executive of HBM Nigeria Plc (formerly Lafarge Africa), Mr Lolu Alade-Akinyemi, said the cement producer is expected to add 4.5 million tonnes to its production capacity by January 2027.
HBM Nigeria Plc is positioning itself for stronger long-term competitiveness, market leadership and job creation as it accelerates expansion projects.
The transition to HBM Nigeria marks a new phase of growth, driven by operational excellence, sustainability, innovation, and infrastructure development, while maintaining its long-standing commitment to Nigeria’s construction sector.
Mr Alade-Akinyemi, speaking recently in Lagos, said the ongoing expansion of the company’s Ashaka and Sagamu plants would significantly boost local production, create employment opportunities, and support businesses across its value chain.
“We recently announced the expansion of the Sagamu plant in Ogun State and the Ashaka plant in Gombe State. Hopefully, in January 2027, we will commission both plants, adding 4.5 million tonnes to our capacity. Traditionally, building a new plant takes about three years, but this is one of the benefits of belonging to the Huaxin Group,” he said.
According to him, the projects will generate employment, create opportunities for young people and women, strengthen local suppliers and contractors, and contribute further to Nigeria’s economic growth.
“There are many vacancies we are trying to fill in Sagamu and Ashaka. Beyond direct employment, we are creating opportunities for small businesses, developing suppliers and supporting local contractors. This is an exciting period because it will deliver significant benefits to Nigeria,” he said.
Mr Alade-Akinyemi noted that while the company’s corporate identity had changed following its acquisition by Huaxin Building Materials Group, its core values and commitment to customers, host communities, employees and shareholders remain unchanged.
He said HBM Nigeria traces its roots to 1959 as West African Portland Cement Company (WAPCO), with its first cement plant commencing operations in Ewekoro, Ogun State, in 1961.
Since then, he said, the company has grown into one of Nigeria’s leading building solutions providers with integrated plants in Ewekoro, Sagamu, Ashaka and Mfamosing.
He added that the company, which became publicly listed in 1979, has continued to expand through acquisitions and transformation while maintaining high product quality, innovation and responsible operations.
Highlighting the strengths of its parent company, Alade-Akinyemi described Huaxin Building Materials as a globally recognised building materials manufacturer founded in 1907 and headquartered in Wuhan, China, with operations across 16 regions in China and 14 countries worldwide.
He said Huaxin’s engineering expertise and focus on research and development would strengthen HBM Nigeria’s operations and help close engineering skills gaps in the country.
“As HBM Nigeria, we are strategically positioned for long-term competitiveness and stronger market leadership while reinforcing our commitment to supporting Nigeria’s infrastructure development and economic progress after more than six decades of industry leadership,” he said.
He also said sustainability would remain central to the company’s operations, noting that it had introduced lower-carbon products and continued to invest in environmentally friendly production processes.
By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) distributed about N2.550 trillion from the revenue generated by the nation in June 2026 to the three tiers of government after its July meeting in Abuja.
A statement signed by the Director of Press in the Office of the Accountant General of the Federation, Mr Bawa Mokwa, “The N2.550 trillion total distributable revenue comprised N1.809 trillion in distributable statutory revenue and N740.724 billion in distributable Value Added Tax (VAT) revenue.”
It was gathered that a total gross revenue of N4.500 trillion was available in June 2026, with deductions for the cost of collection amounting to N160.744 billion, and transfers and refunds at N1.789 trillion.
According to a communiqué after the gathering, gross statutory revenue of N3.700 trillion was received in June 2026, N1.049 trillion higher than the N2.651 trillion received in the preceding month, while gross revenue of N799.746 billion was generated from VAT, N56.058 billion higher than the N743.688 billion recorded in May 2026.
It was stated that from the N2.550 trillion total distributable revenue, the federal government received N923.438 billion, the state governments got N838.208 billion, while the local government councils were given N591.390 billion, with N197.610 billion allocated to the benefiting states as 13 per cent of mineral derivation revenue.
From the N1.809 trillion distributable statutory revenue, the federal government went away with N849.366 billion, states shared N430.810 billion, local councils took N332.136 billion, while the benefiting states got N197.610 billion as derivation revenue.
From the N740.724 billion distributable VAT earnings, the central government got N74.072 billion, the states received N407.398 billion, and the local government councils were allocated N259.253 billion.
The communiqué further stated that in June 2026, collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), Petroleum Royalties, Gas Flare Penalties, Rent, Mineral Oil Royalties (MOR), Value Added Tax (VAT), Import Duty, and Common External Tariff (CET) Levies increased significantly, while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Mineral Royalties, and Fees declined considerably. Excise Duty recorded only a marginal increase.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
