Economy
Buying Interest in Cement, Bank Stocks Lifts Customs Street by 1.33%
By Dipo Olowookere
Customs Street witnessed the return of the bulls on Wednesday following the 1.33 per cent rebound recorded by the Nigerian Exchange (NGX) Limited.
This was influenced by renewed buying interest in some cement and bank equities by investors looking to make additional profits in the coming days.
Also, the market saw an influx of dividend investors, who want a bite of the interim dividends expected to be announced by a few companies listed on the exchange in their half-year results, which should be coming in a few weeks’ time.
When the bourse closed for the session, the All-Share Index (ASI) grew by 808.53 points to 61,523.57 points from 60,715.04 points and the market capitalisation increased by N440 billion to N33.500 trillion from N33.060 trillion.
From the analysis of the market data, investor sentiment was bullish after 43 equities ended on the gainers’ table and 30 equities landed on the losers’ table, indicating a positive market breadth.
Learn Africa improved its value by 9.97 per cent to N3.20, Golden Guinea Breweries appreciated by 9.95 per cent to N2.21, Chellarams expanded by 9.77 per cent to N1.46, John Holt inflated by 9.62 per cent to N1.14, and Omatek gained 9.52 per cent to trade at 46 Kobo.
Business Post saw a pocket of profit-taking yesterday, especially in the insurance sector, though this did not affect the overall performance of the local stock exchange.
NEM Insurance, Mutual Benefits, Lasaco Assurance and Secure Electronic Technology lost 10.00 per cent each to close at N5.58, 54 Kobo, N2.07, and 27 Kobo apiece, and Coronation Insurance fell by 9.88 per cent to 73 Kobo.
On Wednesday, investors traded 846.3 million shares worth N10.3 billion in 9,815 deals versus the 1.1 billion shares worth N12.2 billion traded in 12,194 deals on Tuesday, representing a decline in the trading volume, value and the number of deals by 23.57 per cent, 15.57 per cent, and 19.51 per cent apiece.
FBN Holdings sold the highest number of equities during the session with 89.2 million units valued at N1.7 billion, followed by Transcorp with 89.2 million units worth N323.5 million. Access Holdings transacted 85.9 million units worth N1.5 billion, FCMB traded 85.0 million units for N477.2 million, and UBA transacted 57.5 million units valued at N749.8 million.
Apart from the insurance sector, which fell by 4.68 per cent, every other sector closed in the green territory in the midweek trading day.
The industrial goods space grew by 3.86 per cent due to the interest in cement equities like BUA Cement and Lafarge Africa. The banking counter appreciated by 1.89 per cent, the energy index jumped 0.18 per cent, and the consumer goods sector posted a marginal 0.07 per cent growth.
By Aduragbemi Omiyale
The duo of Presco Plc and Guaranty Trust Holding Company (GTCO) Plc has listed additional shares on the Nigerian Exchange (NGX) Limited.
The extra equities of these two publicly-listed organisations were admitted to the local stock exchange last Friday, increasing their respective total issued and fully paid-up shares.
For Presco, it listed fresh 166,666,667 ordinary shares of 50 Kobo each on the daily official list of the NGX on Friday, January 30, 2026, increasing its total issued and fully paid-up stocks from 1,000,000,000 units to 1,166,666,667 units.
The additional equities were from the rights issue of the firm allotted to shareholders on the basis of one new share for every existing six ordinary shares held as at close of business on Monday, October 13, 2025.
In a circular issued over the weekend, the NGX said, “Trading licence holders are hereby notified that additional 166,666,667 ordinary shares of 50 Kobo each of Presco Plc were on Friday, January 30, 2026, listed on the daily official list of Nigerian Exchange (NGX) Limited (NGX).
“The additional shares arose from the company’s rights issue of 166,666,667 ordinary shares of 50 Kobo each at N1,420.00 per share on the basis of one new share for every existing six ordinary shares held as at close of business on Monday, October 13, 2025.
“With the listing of the additional 166,666,667 ordinary shares, the total issued and fully paid-up shares of Presco Plc has now increased from 1,000,000,000 to 1,166,666,667 ordinary shares of 50 Kobo each.”
As for GTCO, it listed additional125,000,000 ordinary shares of 50 Kobo each at N80.00 per unit offered through private placement.
The fresh equities taken to Customs Street have raised the total issued and fully paid-up shares of GTCO from 36,425,229,514 to 36,550,229,514 ordinary shares of 50 Kobo each.
By Adedapo Adesanya
A total of N1.969 trillion was shared to the federal government, the 36 state governments and the 774 local government councils from the gross revenue of N2.585 trillion generated by the nation in December 2025.
The money was disbursed to the three tiers of government at the January 2026 Federation Account Allocation Committee (FAAC) meeting held in Abuja.
In a statement issued on Monday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), Mr Bawa Mokwa, it was stated that the FAAC allocation comprised statutory revenue of N1.084 trillion, distributable Value Added Tax (VAT) revenue of N846.507 billion, and Electronic Money Transfer Levy (EMTL) revenue of N38.110 billion.
“Total deduction for cost of collection was N104.697 billion, while total transfers, refunds, and savings were N511.585 billion,” the statement partly read.
It was also revealed that from the N1.969 trillion total distributable revenue, the federal Government received the sum of N653.500 billion, and the state governments received N706.469 billion, the local government councils received N513.272 billion, and the sum of N96.083 billion was shared with the benefiting state as 13 per cent derivation revenue.
He said of the N1.084 trillion distributable statutory revenue, the central government received N520.807 billion, the state governments got N264.160 billion, the local councils were given N203.656 billion, and N96.083 billion was shared to the benefiting states as 13 per cent derivation revenue.
FAAC noted that from the N846.507 billion distributable VAT earnings, the federal government got N126.976 billion, the state governments received N423.254 billion, and the local government councils got N296.277 billion.
From the revenue from EMTL, Mr Mokwa explained that the national government was given N5.717 billion, the state governments got N19.055 billion, and the councils collected N13.338 billion.
He added that the companies’ Income Tax (CIT)/CGT and STD, Import Duty and Value Added Tax (VAT) increased significantly in December, while oil and gas royalty, CET levies and fees increase marginally, with excise duty, Petroleum Profit Tax (PPT)/Hydrocarbon Tax (HT), and EMTL considerably down.
By Adedapo Adesanya
Nigeria’s oil exports will drop in February following the shutdown of the Bonga Floating Production Storage and Offloading (FPSO) vessel scheduled for turnaround maintenance.
Shell Nigeria Exploration and Production Company (SNEPCo) Limited confirmed the development in a statement issued, adding that gas output will also decline during the maintenance period.
This comes as SNEPCo begun turnaround maintenance on the Bonga FPSO, the statement signed by its Communications Manager, Mrs Gladys Afam-Anadu, said, describing the exercise as a statutory integrity assurance programme designed to extend the facility’s operational lifespan.
SNEPCo Managing Director, Mr Ronald Adams, said the maintenance would ensure safe, efficient operations for another 15 years.
“The scheduled maintenance is designed to reduce unplanned deferments and strengthen the asset’s overall resilience.
“We expect to resume operations in March following completion of the turnaround,” he said.
Mr Adams said the scope included inspections, certification, regulatory checks, integrity upgrades, engineering modifications and subsea assurance activities.
“The FPSO, about 120 kilometres offshore in over 1,000 metres of water, can produce 225,000 barrels of oil daily.
“It also produces 150 million standard cubic feet of gas per day,” he said.
He said maintaining the facility was critical to Nigeria’s production stability, energy security and revenue objectives.
Mr Adams noted that the 2024 Final Investment Decision on Bonga North increased the importance of the FPSO’s reliability. He said the turnaround would prepare the facility for additional volumes from the Bonga North subsea tie-back project.
According to him, the last turnaround maintenance was conducted in October 2022.
“On February 1, 2023, the asset produced its one billionth barrel since operations began in 2005,” Mr Adams said.
SNEPCo operates the Bonga field in partnership with Esso Exploration and Production Nigeria (Deepwater) Limited and Nigerian Agip Exploration Limited, under a Production Sharing Contract with the Nigerian National Petroleum Company (NNPC) Limited.
The last turnaround maintenance activity on the FPSO took place in October 2022. On February 1, the following year, the asset delivered its 1 billionth barrel of oil since production commenced in 2005.
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