Economy
CBN’s Monetary Policies Boosted Economy, Stock Market—Elumelu
By Dipo Olowookere
Chairman of United Bank for Africa (UBA) Plc, Mr Tony Elumelu, has heaped praises on Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.
According to the Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation, the fiscal and monetary policies put in place by the apex bank when Nigeria was in recession in 2016 helped in the putting back the economy on its feet.
Mr Elumelu further said the interventions of the CBN also buoyed the performance of the stock market last year, which closed over 40 percent higher, making it among the top five performers in the world in 2017.
Speaking in an interview with ThisDay, the serial entrepreneur, who is presently in Davos, Switzerland for the World Economic Forum (WEF), disclosed that he has a huge confidence in the nation’s economic recovery especially with the equities market sustaining its gains.
As at the close of business on Tuesday, January 23, 2018, the Nigerian stock market has risen by 16.07 percent this year alone and analysts believe the market will close 2018 higher than last year.
Mr Elumelu praised the Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, saying “their commitment to governance and market integrity has increased investors’ confidence in the market.”
He said further that, “Consolidating on the 42 percent rally in 2017, the benchmark All Share Index has gained 18 percent year-to-date, an unprecedented return in recent times, driven by renewed local and foreign investor confidence in the Nigerian economy and markets.
“The valuation of the Nigerian market, which is currently on a 14.5x P/E, still trades at a discount to its frontier market peers and more so, at a gross undervaluation to emerging market peers, especially when we take the improving fundamentals of the economy in perspective.
“Further reinforcing prospects for the equities market, is the moderating yield on fixed income securities, given the lower interest rate outlook. I fully expect fund managers to continue to allocate increasing money to Nigerian equities.”
Speaking further, the Chairman of Transcorp Plc said, “The fruits of patient and judicious central bank interventions are being rewarded by increasing local and international investor confidence, demonstrated by the recent unprecedented performance of the Nigerian equities market and the broader improvement in the domestic macroeconomic environment.”
According to him, “Nigeria’s external reserves, which are now at almost a five-year-high, have grown to over $40 billion, just as trade and current account balances are now positive. This strong performance underpins the naira today and will indeed ensure its stability in the near and medium term.
“Inflation, which peaked at 18.7 percent a year ago, has continuously trended downwards to 15.37 percent in December 2017, with a benign outlook of further moderation, as both food and core inflation ease.
“These impressive positive developments are a clear demonstration of effective monetary policy management and businesses across Nigeria need to recognise the role of the CBN governor.”
“I salute the unwavering tenacity and enterprise of the CBN governor, Godwin Emefiele, for his initiative in creating the Investors’ and Exporters’ (I&E) window and, more importantly, the commitment of the governor in ensuring the efficient functioning of this market.
“The I&E window has attracted over $15 billion to Nigeria, enhanced the liquidity of the FX market, reduced speculative demand for foreign currency, stabilised the naira and provided the vital foundation for renewed local and foreign investors’ confidence in the Nigerian market,” Mr Elumelu said.
He also commended President Muhammadu Buhari the clear and coherent policy-making framework put in place his administration, including “the positive engagement with the Niger Delta people, which has returned calm to this oil-producing region of the country leading to the current daily production of 2.2 million barrels of oil equivalent.”
However, Mr Elumelu cautioned that Nigeria must translate these recent improvements into a long-term strategy of ensuring economic success for all.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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