Economy
Local Stock Exchange Further Loses 0.09% as Sell Offs Persist

By Dipo Olowookere
The bears tightened their grip on the Nigerian Exchange (NGX) Limited on Wednesday, causing the local stock exchange to further shed 0.09 per cent at the close of trades.
The sustained selling pressure, especially in the financial and energy sectors deducted 45.19 points from the All-Share Index (ASI) as it closed at 49,599.73 points compared with the previous day’s 49,644.92 points as the market capitalisation depreciated by N25 billion to finish at N26.753 trillion in contrast to Tuesday’s closing value of N26.778 trillion.
The consumer goods improved by 0.10 per cent yesterday, while the industrial goods counter closed flat but they could not rescue the market from the claws of the bears due to the 0.32 per cent loss reported by the energy index, the 0.30 per cent decline suffered by the banking sector and the 0.03 per cent fall posted by the insurance space.
It was observed that investors were cautious of their exposure to stocks during the session, resulting in low trading activity as the trading volume, value and the number of deals declined by 7.23 per cent, 38.79 per cent and 19.33 per cent respectively.
Investors exchanged a total of 128.9 million shares worth N1.7 billion in 3,426 deals in the midweek session as against the 139.0 million shares worth N2.7 billion traded in 4,247 deals on Tuesday.
Sterling Bank was still the most active stock as it sold 26.9 million units valued at N39.6 million. Zenith Bank traded 10.2 million units worth N205.2 million, GTCO exchanged 9.3 million units worth N184.5 million, Ecobank traded 7.6 million units valued at N83.8 million, while Fidelity Bank sold 6.2 million units for N21.2 million.
The heaviest price loser for the day was Chams, shedding 10.00 per cent to sell for 27 Kobo and was followed by FCMB, which lost 8.02 per cent to trade at N3.21. McNichols fell by 7.46 per cent to 62 Kobo, FTN Cocoa declined by 6.67 per cent to 28 Kobo, while Cornerstone Insurance went down by 6.06 per cent to 62 Kobo.
Conversely, PZ Cussons ended the session as the best-performing stock after it gained 9.76 per cent to close at N9.00. NPF Microfinance Bank rose by 4.58 per cent to N1.60, UAC Nigeria improved by 3.64 per cent to N11.40, ABC Transport expanded by 3.57 per cent to 29 Kobo, while Japaul crawled by 3.45 per cent to 30 Kobo.
Economy
Senate Summons Edun Over 4% FOB Fees, Gives Customs N10trn Revenue Target

By Adedapo Adesanya
The Senate has directed the Nigeria Customs Service (NCS) to raise its revenue target for 2025 from N6 trillion to N10 trillion.
The upper chamber of the National Assembly on Monday cited the urgent need for enhanced enforcement and surveillance amid rising smuggling and insecurity challenges across the country as rationale for the upward review.
The Chairman of the Senate Committee on Customs, Mr Isah Jibrin, stated this when the NCS’ Deputy Comptroller General Jibo Bello appeared before the committee for its budget defence.
The tariff policy of the government became the crux of the matter as the committee identified gaps, frowning upon the lack of enforcement of a 4 per cent freight on board (FOB) by the agency.
Mr Bello disclosed that customs had been authorised by the Ministry of Finance to halt collection of the 4 per cent freight on board.
Based on this, the chairman of the committee mandated the Minister of Finance, Mr Wale Edun, to appear before it to explain the suspension of the 4 per cent freight on board charges, which they say was an infraction of the law.
The Senate is expected to question the finance minister and key stakeholders at the scheduled appearance on Thursday, as it seeks to ensure accountability, revenue optimisation, and national security enforcement in line with existing legislative frameworks.
Earlier this year, the Customs announced the suspension of the 4 per cent charge and noted that the pause period will enable comprehensive engagement and consultations between the Minister of Finance, Mr Wale Edun and other stakeholders.
The FOB, put at 4 per cent charge on imported goods, was meant to replace an older system where companies like Webb Fontaine handled import inspections for a 1 per cent fee. The move sparked heavy criticism from stakeholders like the Nigeria Employers’ Consultative Association (NECA).
“The suspension period will allow the Service to further engage with stakeholders while ensuring proper alignment with the Act’s provisions for sustainable funding of these modernisation initiatives.” NCS said in February.
NCS also cancelled declarations made during the short-lived implementation.
Economy
DMO Receives N561.17bn for New 7-Year Bond, Allots N98.95bn at 17.95%

By Dipo Olowookere
Investors demonstrated strong appetite for the new seven-year FGN sovereign bond auctioned at the primary market by the Debt Management Office (DMO) on Monday.
Business Post reports that the debt office, on behalf of the federal government, was at the market yesterday to seek N100 billion from bond investors.
The agency asked investors for the funds in two different bonds, a re-opening five-year paper and a new seven-year note at N50 billion each.
However, the DMO ended up allotting about N98.95 billion of the longer tenor to subscribers and N1.05 billion for the shorter note.
Details of the exercise showed that the seven-year paper was sold to investors at a coupon rate of 17.95 per cent, with bids worth N561.17 billion, showing a siginificant oversubscription, indication the strong confidence investors have in the ability of the government to service the debt.
It was observed that the debt office received a total of 209 bids, but only 41 bids were successful, according to results of the auction released by the DMO.
As for the five-year paper, which has an actual 3 years and 10 months to maturity, it got 30 bids from subscribers, with only two cleared by the DMO.
The value of its subscription was N41.69 billion sold at a coupon rate of 17.75 per cent. This paper was first sold by the Nigerian government about two years ago at 19.30 per cent.
According to the note released by the debt office, the settlement date for this latest bond issuance is Wednesday, June 25, 2025.
It was offered to investors at a unit price of N1,000 subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter.
FGN bonds are tax-free as they qualify as government securities within the meaning of Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for tax exemption for pension funds, among others.
After the sale, the bonds will be listed on the Nigerian Exchange (NGX) Limited and the FMDQ Securities Exchange for trading at the secondary market.
Economy
Unlisted Securities Exchange Gains 0.64%

By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.64 per cent on Monday, June 23, on the back of renewed investor confidence.
During the session, the NASD Unlisted Security Index (NSI) increased by 21.19 points to settle at 3,342.19 points, in contrast to last Friday’s 3,320.91 points.
In the same vein, the market capitalisation went up by N12.45 billion to close at N1.957 trillion compared with the N1.944 trillion it ended last Friday.
Yesterday, Newrest Asl Plc chalked up by N3.79 to end at N41.76 per unit compared with the preceding session’s N37.97 per unit, Okitipupa Plc gained N2.87 to trade at N221.87 per share versus N219.00 per share, and Central Securities Clearing System (CSCS) Plc appreciated by N2.50 to N31.50 per unit from N29.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc lost N1.38 to finish at N68.00 per share compared with last Friday’s price of N69.38 per unit, and UBN Property Plc improved by 21 Kobo to trade at N2.03 per unit, in contrast to the preceding session’s N2.24 per unit.
In the opening session of the week, there was a 111.4 per cent rise in the volume of securities to 471,471 units from the 223,039 units recorded in the previous trading day.
However, the value of transactions dropped by 30.2 per cent to N10.6 million from N15.2 million, while the number of deals jumped by 100 per cent to 42 deals from 21 deals.
When the market closed for the day, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 536.9 million units valued at N524.7 million, trailed by Air Liquide Plc with 507.2 million units sold for N4.2 billion, and Geo-Fluids Plc with 268.5 million units worth N475.8 million.
Also, Okitipupa Plc remained the most traded equity by value (year-to0-date) with 153.7 million units valued at N4.9 billion, followed by Air Liquide Plc with 507.2 million units worth N4.2 billion, and FrieslandCampina Wamco Nigeria Plc traded 40.5 million units for N1.7 billion.
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