Economy
DMO Increases Coupon Rates of 10-year, 20-year, 30-year Bonds
By Ashemiriogwa Emmanuel
The coupon rates of the three bonds offered for sale by the Debt Management Office (DMO) at the last primary market auction (PMA), Wednesday, October 20, 2021, was raised, Business Post reports.
High net-worth individuals (HNIs) and institutional investors who participated in the exercise got more than they might have bargained for as the debt office hopes to keep the demand for the investment tool high.
Before the bond sale, the DMO had said it planned to auction N150 billion worth of the papers in three maturities of 10 years, 20 years and 30 years, all re-opening, at N50 billion each.
However, investors showed significant interest in two of the notes, staking N49.05 billion on the 10-year paper, N80.92 billion on the 20-year note and N120.74 billion on the 30-year bond.
From the analysis of the bond sales, investors offered N250.71 billion on the N150 billion brought to the market, representing 67.14 per cent of over-subscription.
A further breakdown showed that the 12.98% FGN MAR 2050 note was oversubscribed by 141.5 per cent, the 16.2499% FGN APR 2037 paper was oversubscribed by 61.8 per cent and the 12.50% FGN JAN 2026 was under-subscribed by 1.9 per cent.
It was gathered that the debt office allotted N44.80 billion worth of the 10-year note to 36 successful bids at 11.65 per cent, higher than 11.60 per cent at the last exercise, which was a month ago. A total of 44 bids were received for this tenor with the range of bids between 10.50 per cent and 13.00 per cent.
As for the 20-year bond, it allotted N52.72 billion to 61 investors from the 96 offers it received and the coupon rate cleared at 12.95 per cent, higher than the 12.75 per cent of the preceding sale. The range of bids for this maturity was between 12.00 per cent and 14.00 per cent.
A look at the allotment for the 30-year paper showed that the DMO sold N95.24 billion to 54 investors from the 79 bids it received and this cleared at 13.20 per cent compared with the previous 13.00 per cent and the range of bids was from 12.70 per cent to 13.99 per cent.
It can be deduced that during the exercise, the debt office sold a total of N197.76 billion of the FGN bonds to investors, higher than the N150.00 billion it initially wanted to sell.
Economy
46 Stocks Gain Weight, 53 Equities Lose on NGX in One Week
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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