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Banking, Energy Stocks Drive Customs Street’s 0.31% Rebound

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Customs Street Nigerian Stock Exchange

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited recorded its first gain in five straight trading sessions on Thursday with a rebound of 0.31 per cent, mainly driven by buying interest in banking, energy, and consumer goods stocks.

Customs Street had been in the bears’ territory since last Friday due to weak investors, triggered by profit-taking despite encouraging economic data and positive half-year results by GTCO, Zenith Bank, Stanbic IBTC and others.

Data from the bourse showed that there pockets of profit-taking, especially in the insurance counter as its index went down by 0.41 per cent.

This was offset by the banking space, which gained 1.02 per cent, the energy sector, which appreciated by 0.74 per cent, and the consumer goods industry, which rose by 0.31 per cent. The commodity and the industrial goods sectors were flat yesterday.

At the close of business, the All-Share Index (ASI) moved up by 441.39 points to 141,157.49 points from 140,716.10 points and the market capitalisation increased by N279 billion to N89.343 trillion from N89.064 trillion.

Business Post reports that there were 34 appreciating equities and 22 depreciating equities during the session, indicating a positive market breadth index and strong investor sentiment.

Mecure topped the gainers’ chart after chalking up 9.89 per cent to trade at N26.10, Oando improved by 9.50 per cent to N49.00, McNichols appreciated by 9.31 per cent to N3.64, Chams jumped by 9.24 per cent to N3.43, and Legend Internet soared by 9.18 per cent to N5.35.

On the flip side, Eterna led the losers’ log after it gave up 10.00 per cent to sell for N27.90, Sovereign Trust Insurance depleted by 4.84 per cent to N2.95, The Initiates weakened by 3.84 per cent to N12.02, Caverton slipped by 3.76 per cent to N6.40, and Fidson lost 3.72 per cent to finish at N41.40.

The  NGX recorded a significant spike in trading activity on Thursday, with Unity Bank selling 4.0 billion shares worth NN12.7 billion to lead the activity chart.

Aradel Holdings transacted 693.3 million stocks valued at N388.2 billion, Consolidated Hallmark exchanged 333.2 million equities for N1.3 billion, Sterling Holdings sold 104.9 million shares worth N771.8 million, and Zenith Bank traded 45.5 million stocks valued at N3.1 billion.

When the market closed for the session, the turnover stood at 5.5 billion equities worth N419.7 billion executed in 20,399 deals versus the 442.6 million equities valued at N17.0 billion traded in 21,684 deals a day earlier, showing a surge in the trading volume, and value by 1,142.66 per cent, 2,368.82 per cent, respectively, and a decline in the number of deals by 5.92 per cent.

Economy

Ibeto Customs, Police Renew Joint Security Pact for Efficiency, Safety

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Nigeria Customs Service

By Adedapo Adesanya

The Nigeria Customs Service (NCS), Ibeto Seaport and Terminals Command, Port Harcourt, and the Nigeria Police Force have renewed their commitment to joint security operations at the nation’s maritime corridors, following a strategic meeting between top officials of both agencies.

According to a statement, the renewed partnership came as the Commissioner of Police, Eastern Port Police Command, CP Shuaibu Audu, paid a working visit to the Customs Area Controller, Comptroller Usman Yahaya, at the Command headquarters on April 17, 2026.

The engagement, according to a statement by the Command’s Public Relations Officer, Chief Superintendent of Customs Tangwa Emmanuel, was aimed at strengthening inter-agency cooperation and boosting operational efficiency within the port environment.

Speaking during the visit, Comptroller Yahaya described the engagement as significant, stressing that sustained collaboration among security agencies remains critical to safeguarding national assets and ensuring seamless port operations.

This visit is timely and highly appreciated. It reflects the importance of sustained cooperation among agencies entrusted with the security of our nation and the protection of critical economic assets,” he said.

He assured the police boss of Customs’ readiness to maintain strong working relations with the Eastern Port Police Command.

“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities,” Mr Yahaya added.

The Customs Area Controller noted that the synergy between both agencies has continued to play a vital role in maintaining order, facilitating legitimate trade and curbing criminal activities within the port system.

This was contained in a statement shared via the Customs official X handle.

Customs and the Police share common responsibilities in safeguarding the port environment. Synergy remains the cornerstone for achieving our collective mandate,” he stated.

He also briefed the visiting Commissioner on the operational relevance of the Ibeto Seaport and Terminals Command, reiterating the Command’s commitment to strengthening maritime security.

On his part, CP Audu said the visit was part of efforts to consolidate existing ties between the Nigeria Police Force and the Nigeria Customs Service.

“My presence here today is to reinforce the cordial relationship between the Nigeria Police Force and the Nigeria Customs Service. No organisation can function effectively in isolation,” he said.

He emphasised the importance of sustained collaboration among security agencies, particularly in securing the nation’s ports, which he described as vital to economic stability.

Synergy among security agencies is essential to addressing emerging threats. Our ports are strategic national assets, and we must work together to keep them secure,” Mr Audu stated.

The police commissioner also sought continued support from Customs officers in advancing shared security objectives.

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Economy

Tinubu Removes Wale Edun, Elevates Taiwo Oyedele as New Finance Minister

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swear in taiwo oyedele

By Modupe Gbadeyanka

Mr Taiwo Oyedele has become the new Minister of Finance and Coordinating Minister for the Economy after the exit of Mr Wale Edun.

This announcement was made on Tuesday by the Office of the Secretary to the Government of the Federation via a statement signed by Mr Yomi Odunuga, the Special Adviser of Media and Publicity to the Secretary to the Government of the Federation, Mr George Akume.

It was disclosed that President Bola Tinubu approved the removal of Mr Edun as Finance Minister as well his counterpart in the Housing and Urban Development Ministry, Mr Ahmed Musa Dangiwa.

According to Mr Akume, “These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”

In approving the cabinet reshuffle, the President has fully exercised his powers as conferred on him by Sections 147 and 148 of the Constitution of the Federal Republic of Nigeria (1999, as amended), he added.

Before this minor cabinet reshuffle in the membership of the Federal Executive Council (FEC), Mr Oyedele the Minister of State for Finance.

Mr Muttaqha Rabe Darma has now been named as the ministerial nominee and minister designate for the Housing and Urban Development Ministry.

Mr Tinubu thanked the outgoing ministers for their services to the nation while wishing them the best in all their future endeavours, reminding others that “the process of reinvigoration shall be continuous.”

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Dangote Eyes Crude Oil Production to Ease Shortfalls

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Crude Oil Production

By Adedapo Adesanya

The Dangote Group has announced plans to begin its own crude production, to help cover shortfalls in local crude feedstocks, in the coming weeks through its upstream assets.

According to Mr Devakumar Edwin, the Vice President of the Dangote Group, the company has commenced early testing on crude from its Niger Delta licenses.

In an interview with Platts, part of S&P Global Energy, the official said the company has already begun standard well testing and is preparing to scale up output.

“We have opened a well and begun standard testing, which should be completed in the next three to four weeks, maximum.

“After that point, oil can start to be pumped in larger volumes, and the company can begin work on drilling new wells,” he said.

Also speaking, Mr David Bird, the chief executive officer (CEO) of the Dangote refinery, said the upstream assets could provide a more stable crude supply for the refinery.

“Alongside its upstream interests, the company is seeking to establish its own shipping presence to help reduce logistics costs and improve the reliability of its crude sourcing,” Mr Bird said.

While confirmation has come from the company, the Nigerian government or the Nigerian National Petroleum Company (NNPC) Limited is yet to officially confirm the development.

The 650,000 barrels-per-day facility has been able to get enough feedstock locally under the federal government’s Crude-for-Naira initiative, leading it to source crude from international markets at a premium, which is partly responsible for the high cost of petrol and other fuels.

However, in April 2026, the NNPC said it would increase its crude supply to Dangote Refinery to seven cargoes.

The refinery, on several occasions, has stated it sources the majority of its crude oil outside Nigeria despite being the country’s Naira-for-crude sale deal.

Last month, it said the NNPC only gave it four to five cargoes, which is less than 50 per cent of expected volumes. The majority of Nigeria’s crude is tied to joint ventures with international oil companies.

With the latest development, it would help reduce the dependency on international crude as well as allow Dangote to ease some of its import costs.

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