By Dipo Olowookere

The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.

This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.

Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.

At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.

Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.

The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.

As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.

By Adedapo Adesanya

Crude ​prices fell by more than 3 per cent on Friday as oil tankers kept exiting the ‌Strait of Hormuz, easing supply concerns the day after a cargo vessel was hit near Oman.

Brent crude futures settled at $71.99 a barrel, down $3.27 or 4.34 per cent, while the US West Texas Intermediate (WTI) finished at $69.23 a barrel, down $2.69 or 3.74 per cent. Week-on-week, the Brent benchmark fell 10.86 per cent while the US WTI fell 9.62 per cent.

Prior to ⁠the agreement on a 60-day ceasefire, markets worried supplies would fall short of demand, but those fears seem to be ​passing.

Crude transits through the Strait of Hormuz rose to the highest weekly tally since the onset of the US-Iran conflict this week, with more than 16 million barrels passing through the waterway this Wednesday-Thursday, raising hopes of a full, gradual reopening.

This happened despite Iran firing at a Taiwanese cargo ship, raising fears that Hormuz transit could be choked off again. Iran’s IRG fired several drones at the Taiwan-owned Ever Lovely cargo ship, reportedly attempting to cross the Hormuz through “unauthorised routes,” damaging the vessel’s bridge some 7 miles off the Omani coast on Thursday.

The attack on the ship prompted the United Nations’ shipping agency to pause its voluntary evacuation scheme ⁠to enable ​hundreds of stranded ships and thousands of seafarers to sail out of the Gulf through the strait.

On Friday, Iran reasserted its right to control shipping through the Strait of Hormuz and warned Gulf states against siding ​with the US.

Many ships have been switching on their public automatic identification system (AIS) ​tracking transponders, but some may have gone undetected due in part to major disruption of AIS signals, as well as ships not showing their movements through the strait. ​That makes it difficult to estimate the complete volume of shipments.

Chinese crude oil imports this month are on course to book an even weaker month than May, according to Kpler data, which sees the daily average at just 6.4 million barrels.

According to media reports, Iraq has considered leaving the Organisation of the Petroleum Exporting Countries (OPEC) if the oil group does not allow it to significantly increase its crude production quotas, currently at 4.378 million barrels per day, a claim which the Iraqi Oil Ministry subsequently denied and called ‘premature’.

By Adedapo Adesanya

Odu’a Investment Company Limited has unveiled an ambitious plan to grow its asset base to N1 trillion by 2030, following a record financial performance that saw the conglomerate post a N23.58 billion Profit Before Tax (PBT) for the 2025 financial year.

The target was announced at the company’s 44th Annual General Meeting (AGM), held on Friday at the newly redeveloped Premier Hotel in Ibadan, where shareholders, representatives of the six South-West states and other stakeholders also witnessed the conclusion of the four-year tenure of the chairman, Mr Bimbo Ashiru.

Presenting the 2025 financial results, Mr Ashiru said the group had been strategically repositioned despite a challenging macroeconomic environment, laying a solid foundation for its long-term growth ambitions.

According to the results, operating revenue increased by 78 per cent to N20.22 billion from N11.34 billion recorded in 2024, while profit before tax surged by 410 per cent to N23.58 billion from N4.62 billion in the previous year.

The impressive earnings were largely driven by N18.81 billion in fair value gains on investment properties and strong gains from the bullish performance of the Nigerian Exchange (NGX), where it trades its stock.

Mr Ashiru described the year as one of significant strategic milestones that have permanently repositioned the investment group.

Among the highlights was the completion of the extensive redevelopment of the historic Premier Hotel, Ibadan, which was commissioned on the eve of the AGM and is expected to commence full operations in the fourth quarter of 2026.

The organisation also marked the 60th anniversary of Cocoa House in July 2025, reinforcing its commitment to preserving iconic assets while unlocking greater commercial value.

In another milestone, Agusto & Co. upgraded Odu’a Investment’s credit rating from A+ to Aa- with a stable outlook, reflecting the company’s improved financial discipline and treasury management.

Speaking at the AGM, the Managing Director, Mr Abdulrahman Yinusa, disclosed that the company has commenced the process of obtaining its first international credit rating from a leading global rating agency, adding that the move would enhance access to international debt capital markets and attract foreign direct investment as part of the group’s long-term growth strategy.

The company also presented its first fully consolidated financial statements, providing shareholders with a comprehensive view of the financial position of the holding company and all its subsidiaries.

The AGM also marked a leadership transition as Mr Ashiru completed his four-year tenure as Group Chairman.

In his valedictory address, he reflected on the transformation achieved between 2022 and 2026, noting that Odu’a Investment had evolved from being “asset rich, cash poor” into a strategy-driven organisation that is both asset and cash-rich.

He thanked the governors of the six South-West states, members of the Board, past and present Group Managing Directors, subsidiary boards and management, and staff for their support throughout his tenure.

Although stepping down as chairman, Mr Ashiru will remain on the board as a director until 2028, providing continuity as the group pursues its vision of building a N1 trillion asset portfolio by 2030.