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Cadbury Nigeria Tops Losers’ Chart on NSE After 65 Kobo Loss



Cadbury Nigeria

By Dipo Olowookere

It was a bad day for Cadbury Nigeria Plc at the nation’s stock exchange as its shares depreciated by 65 kobo to close at N7.10 per unit.

The fast-moving consumer goods producer was among the 19 price losers recorded at the close of business on the floor of the Nigerian Stock Exchange (NSE) on Wednesday. The market lost 0.19 per cent when trading activities were paused for the day.

The other major price decliners yesterday were Lafarge Africa, which lost 50 kobo to settle at N13 per unit; NEM Insurance, which declined by 22 kobo to sell for N2.03 per unit; International Breweries, which fell by 20 kobo to quote at N3 per share; and Zenith Bank, which was weakened by 20 kobo to N17 per share.

Business Post reports that Nigerian Breweries was the best-performing stock at the midweek trading session, appreciating by 95 kobo to trade at N42 per share.

Berger Paints gained 45 kobo to end at N6.50 per unit, Union Bank appreciated by 35 kobo to sell for N5.35 per share, CAP improved by 10 kobo to trade at N17.10 per unit, while United Capital gained 10 kobo to finish at N3.11 per unit.

During the session, the volume of trades dropped 13.59 per cent to 211.8 million units from 245.1 million units, while the value of transactions depreciated by 19.76 per cent to N2.4 billion from N3.0 billion, with the number of deals rising by 1.50 per cent to 3,651 deals from 3,597 deals.

It was observed that banking stocks dominate the activity chart on Wednesday, with FCMB emerging as the active after transacting 30.3 million units worth N62.2 million.

Access Bank followed after selling 21.0 million units valued at N139.4 million, UBA traded 18.6 million shares for N109.7 million, Zenith Bank exchanged 18.0 million stocks worth N306.3 million, while FBN Holdings traded 13.5 million equities valued at N67.4 million.

Apart from the energy and consumer goods indices, which appreciated by 0.41 per cent and 0.07 per cent respectively, every other index closed negative with the insurance space losing 1.49 per cent, banking counter down by 0.58 per cent and the industrial goods space down by 0.23 per cent.

The All-Share Index (ASI) went down by 47.65 points yesterday to 25,550.31 points from 25,597.96 points, while the market capitalisation declined by N1 billion to N13.353 trillion from N13.354 trillion.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via


Subsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN




By Adedapo Adesanya

The Independent Petroleum Manufacturers Association of Nigeria (IPMAN) has advised Nigerians to begin to look into the direction of Compressed Natural Gas (CNG) as an alternative energy source to cushion the effect of subsidy removal.

The National President of IPMAN, Mr Chinedu Okorokwo, made this known in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday, as the federal government continues its dialogue with the organised labour over the hike in the price of premium motor spirit (PMS), otherwise known as petrol.

On May 29, 2023, during his inaugural speech, President Bola Tinubu said the payment of subsidy for fuel had ended because there was no provision for it in the 2023 budget beyond June 30.

His announcement triggered the hoarding of fuel by marketers, and when the Nigerian National Petroleum Company (NNPC) Limited increased the price of the product across its retail outlets, prices of food, transportation and services went up, forcing the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to threaten a nationwide strike, which was supposed to start today but was stopped by the National Industrial Court.

At a meeting on Monday night between the government and the labour unions, it was agreed that the adoption of CNG as an alternative fuel would be the best option, and it was agreed that the CNG conversion programme earlier planned in 2021 should be revived.

CNG, which is a gas mainly composed of methane and produces less emission, is the cleanest burning fuel operating today with less vehicle maintenance and longer engine life.

In the interview with NAN, Mr Okoronkwo said bringing CNG, which was cheaper than even firewood, as an alternative energy, would create relief for the government and its citizens.

“We have also discovered that bringing an alternative that is cheaper than even firewood which is CNG, will not only create relief for the government and its citizens but it is environmentally friendly.

“The CNG is abundantly available in Nigeria than anywhere in Africa.

“In the Niger Delta region, you see billions of tonnes of gas flare being wasted daily, these are huge amounts that should be accruing to our GDP, but we are wasting it because there is no market for it.

“So, we are asking the government to create the market. How do you create the market?

“What Egypt and India did was to give soft loans to be paid back within stipulated periods; from there, you can get vehicles to use gas instead of fuel,” he said.

“There’s a franchise for the bottling of CNG so that an average woman in the kitchen can use it,’’ he added, noting that the introduction of CNG would cushion the effect occasioned by the high price of fuel currently as a litre of CNG would not cost more than N130.

He advised that repairing the local refineries as well would reduce the impact of the removal as it would eliminate the cost of importation and exportation.

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Nigeria Upgrades Tax-to-GDP Ratio to 10.86% From 6%



tax-to-GDP ratio

By Modupe Gbadeyanka

The National Bureau of Statistics (NBS) has disclosed that Nigeria’s tax to Gross Domestic Product (GDP) ratio has been upwardly reviewed to 10.86 per cent from the 6 per cent earlier reported to reflect better data sources and improved estimation using the Organisation for Economic Co-operation and Development (OECD) manual.

The OECD manual is an improvement over the System of National Accounts (SNA 2008) classification of taxes.

Although the System of National Accounts conceptual framework and its definitions of the various sectors of the economy are reflected in the OECD’s classification of taxes, the OECD classifications provide the maximum disaggregation of statistical data on what is generally regarded as taxes by tax administrations.

In a disclosure, the statistics office said the country’s total tax revenue compared with its GDP was at that level in 2021, higher than 8.40 per cent in 2020, which was impacted by the COVID-19 pandemic.

In the previous year, the ratio was 10.20 per cent, marginally lower than the 10.36 per cent recorded in 2018 but higher than the 9.02 per cent in 2017.

The NBS said the revised computation considered more comprehensive coverage of data at the federal, state, and local government levels and revenue items not previously included in the computations, particularly relevant revenue collected by other government agencies.

The review of the tax-to-GDP ratio was initiated by the Federal Inland Revenue Service, which collaborated with the Federal Ministry of Finance and the NBS for better measurement of the ratio.

The data used were sourced from the Office of the Accountant General of the Federation (OAGF), FIRS, NBS, the Nigeria Customs Service (NCS), the Joint Tax Board (JTB), and other relevant agencies of government that collect revenue.

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VFD Group to Join Nigerian Exchange After Exit From NASD



VFD Group

By Adedapo Adesanya

VFD Group Plc has announced its intention to list its shares on the Nigerian Exchange Group (NGX) after leaving the NASD Over-the-Counter Securities Exchange, where it has been trading its stocks for the past three years.

This development, according to analysts, is a strategic move that would allow the company to gain access to public equity markets, increase its visibility, and strengthen its financial position.

VFD Group Plc is a leading proprietary investment company with a proven track record of generating attractive returns for its investors through a variety of investment strategies.

The company has a diverse portfolio of investments in various sectors, including banking, technology, media, energy, and real estate. The group has been listed on the NASD OTC Securities Exchange since 2020.

Speaking on this big step, Mr Nonso Okpala, Group Managing Director of VFD Group, stated, “We are excited to take this next step in the evolution of our company.”

“Listing on a major stock exchange will give us access to a larger pool of investors, enhance our profile, and provide superior returns to our investors,” he added.

With the intention of listing on the NGX, the company will delist from the NASD and is subject to regulatory approvals and market conditions.

VFD Group noted that it would provide additional updates as the listing process progresses.

At the close of business on Tuesday, the securities of the organisation closed on the NASD OTC exchange at N244.88 per unit, the same rate they finished in the preceding trading session.

Business Post reports that the NASD was created to provide an avenue for public companies to transition smoothly into the country’s main stock exchange.

However, it has witnessed the movement of firms from the NGX to the NASD, especially due to the very strict regulatory requirements by the former.

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