Economy
Access Bank, Dangote Cement, Others Declare Closed Periods
By Modupe Gbadeyanka
As the market enters earnings season this month, some companies trading their shares on the Nigerian Stock Exchange (NSE) have announced their closed periods.
Business Post reports that a closed period is the time frame between the completion of financial statements of a company listed on the stock exchange and the release of these results to the investing public.
The period normally lasts about two months and according to the market rules, insiders, who are majorly people with sensitive information about the firm that could trigger the price of the stock at the market, are prevented from trading on the company’s share.
The reason for this is to stop any insider from using the vital information in his possession to affect the price of the stock, especially to his advantage.
On September 30, 2018, most firms listed on the NSE ended their third quarter and by the NSE rules, they should release their results on or before October 31, 2018 to the investing public.
Last week, some companies announced their closed periods as well as meeting of their boards to consider the Q3 results before releasing them to the exchange.
However, some of them will first get approvals from regulators of their various sectors, especially for banks and insurance companies, before releasing them to the NSE and the general public.
Last Friday, Access Bank informed the NSE that its board would meet on Tuesday, October 30, 2018, to consider and approve the lender’s Unaudited Financial Statements.
The financial institution also declared a “closed period in respect of transaction on its securities from October 6, 2018 to such date as will be subsequently announced in compliance with Rule 17.2 of the Amendment to the Listing Rules of the NSE.”
“Accordingly, no director, employee, person discharging managerial responsibility, adviser of the company and their connected persons may directly or indirectly, deal in the securities of the company in any manner during the closed period,” the notice said.
Also last week, Dangote Cement, another firm trading its equities on the NSE, disclosed that it has entered a closed trading period from October 4, 2018 until 24 hours after the release of its financial statements for the period ended September 30, 2018.
Dangote Cement explained that the closed period was “application to directors, senior manager and other interested parties may at any time possess sensitive information that may materially affect the price of the securities of the company.”
On its part, Berger Paints said its Board of Directors would be meeting on Thursday, October 25, 2018, to consider the company’s 2018 Q3 Unaudited Financial Statements (Accounts) and consequently declared “a closed period from Wednesday, October 10, 2018 till October 26, 2018, being 24 hours after the Accounts are to be filed with the Nigerian Stock Exchange (NSE), in line with Rules 17.17 & 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015).”
For Chemical and Allied Products (CAP) Plc, a meeting of its board has been fixed for Friday, October 19, 2018 to consider and approve the financial results for the third quarter ended September 30, 2018.
The firm announced a closed period from October 4 to 31, 2018 and barred any of its employees, directors and others from trading on its shares at the stock market until “24 hours after the release of the unaudited financial results for the period ended September 30, 2018 to the NSE.”
By Aduragbemi Omiyale
Analysts at Coronation Research are projecting the inflation rate for February 2026 to moderate by 0.98 per cent to 14.12 per cent from the 15.10 per cent recorded in the preceding month.
The National Bureau of Statistics (NBS) is expected to release the inflation numbers today, Monday, March 16, 2026.
In a note released over the weekend, Coronation Research disclosed that the fall in the average prices of goods and services for last month would be impacted by a decline in the prices of food items.
“Our projection is supported by favourable base effects, easing food price pressures, and slight appreciation of the Naira,” a part of the report sighted by Business Post read.
The organisation revealed that the ongoing government interventions in the agricultural sector to improve food supply conditions are beginning to ease pressures within the food component of the consumer basket.
It further stated that “appreciation of the Naira to N1,363.40/1$ from N1,386.55/1$ in January is expected to reduce the cost of imported food items.”
However, it stressed that the ongoing US/Israel-Iran war was capable of reversing the deflationary trends because of the rising global energy prices.
“Also, the $200 million financing approved by the African Development Bank (AfDB) Group to scale up priority agricultural investments is expected to be disbursed in March, but its impact is likely to materialise in the medium to long term, with limited immediate effects on food supply and prices,” it said.
Coronation Research also disclosed that the recent energy market developments could keep core inflation sticky in the near term, as average Bonny Light crude oil prices rose to $72.33 per barrel in February 2026 from $68.04 per barrel in January.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an investigation into the alleged N5.9 billion rebranding cost of the old Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company (NNPC) Limited.
In a Sunday statement, SERAP urged Mr Tinubu to direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, alongside anti-corruption agencies, to look into the matter.
The group further urged the President to direct the panel to identify and invite officials who authorised the payment and contractors who handled the project for questioning.
“We’ve urged President Bola Tinubu to urgently direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly investigate the alleged expenditure of about ₦5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).
“We also urged him to direct the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to identify the officials who approved and paid the amount, and the contractor(s) who collected the money, and to invite them for questioning,” the organisation stated.
SERAP further alleged that the NNPC reportedly paid N2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services (NAPIMS) also charged N2.9 billion against crude oil revenue for the same purpose.
The group argued that the total cost was valued at about N5.9 billion, which was spent by the NNPCL for the rebranding.
“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL.”
SERAP emphasised that Nigerians have the right to know who approved the expenditure, who received the money, and whether due process was followed.
“Any investigation into the rebranding project should determine whether the N5.9 billion represents value for money, lawful spending of public funds, and compliance with transparency and accountability requirements,” the statement concluded.
Business Post reports that NNPC became a limited liability company on July 1, 2022, under the Companies and Allied Matters Act (CAMA) in line with the implementation of the Petroleum Industry Act (PIA), which was signed into law on August 16, 2021, by late President Muhammadu Buhari.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.
The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.
When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.
Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.
Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.
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