By Dipo Olowookere

The bulls tightened their grip on the local bourse by 1.08 per cent on Thursday as investors mopped up shares selling at attractive prices.

On Wednesday, the Nigerian Exchange (NGX) rebounded after enduring a series of losses due to a special interest of the United States in the incessant attacks on Christians in the country by some alleged Islamic terrorists.

However, clarity in the implementation of the controversial capital gains tax (CGT) by the Minister of Finance, Mr Wale Edun, on Tuesday, triggered a fresh round of buying pressure.

Yesterday, apart from the industrial goods space, which lost 0.09 per cent and the commodity index, which closed flat, every other sector ended in green.

The insurance counter appreciated by 4.58 per cent, the banking industry improved by 3.80 per cent, the consumer goods space rose by 1.73 per cent, and the energy sector grew by 0.65 per cent.

Consequently, the All-Share Index (ASI) went up by 1,577.34 points to 146,981.17 points from 145,403.83 points and the market capitalisation soared by N1.003 trillion to N93.481 trillion from N92.478 trillion.

Linkage Assurance advanced by 10.00 per cent to N1.76, Custodian Investment also surged by 10.00 per cent to N38.50, Oando increased by 9.97 per cent to N43.55, Legend Internet expanded by 9.96 per cent to N5.74, and NAHCO jumped by 9.96 per cent to N106.55.

Conversely, Austin Laz lost 9.96 per cent to sell for N2.35, Union Dicon declined by 9.68 per cent to N7.00, Sterling Holdings shed 5.81 per cent to N7.30, NGX Group crashed by 5.31 per cent to N52.60, and Guinness Nigeria depleted by 5.14 per cent to N166.00.

Business Post reports that 55 equities ended on the advancers’ chart and 10 equities finished on the decliners’ table, indicating a positive market breadth index and strong investor sentiment.

However, the level of activity was lower than the preceding session as the trading volume, value, and number of deals went down by 25.63 per cent, 53.32 per cent and 3.40 per cent, respectively.

This was because traders transacted 599.7 million shares worth N22.7 billion in 23,675 deals during the trading day versus the 806.4 million shares valued at N50.8 billion traded in 24,509 deals at midweek.

Wema Bank was the busiest yesterday with 98.4 million units sold for N2.0 billion, UBA transacted 53.0 million units worth N2.2 billion, Access Holdings exchanged 50.9 million units valued at N1.2 billion, Fidelity Bank traded 41.2 million units for N784.0 million, and Zenith Bank transacted 40.8 million units valued at N2.6 billion.

By Aduragbemi Omiyale

The decision of the federal government to suspend the implementation of the 15 per cent import duty on Premium Motor Spirit (PMS) and diesel imports has not gone down well with the Ogun State Chamber of Commerce, Industry, Mines and Agriculture (OGUNCCIMA).

The group faulted the federal government’s decision to set aside the policy, warning it could slow down the nation’s progress toward energy independence and weaken investor confidence in the refining sector.

“The suspension of the 15 percent fuel import tariff is disappointing. The policy was a step in the right direction to promote local refining, reduce dependence on imports, conserve foreign exchange, and create a fair competitive environment for domestic producers.

“Its reversal sends a wrong signal to investors who have shown confidence in Nigeria’s energy sector,” the president of OGUNCCIMA, Mr Niyi Oshiyemi, stated.

On Thursday, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the suspension of the controversial policy.

For OGUNCCIMA, this is a setback to Nigeria’s economic reform drive and a missed opportunity to protect local refiners, particularly the Dangote Refinery and other modular refining initiatives.

According to Mr Oshiyemi, the tariff would have helped to stabilize the Naira by curbing excessive demand for foreign exchange used in fuel importation, adding that local refineries need firm policy backing to thrive, warning that continuous reliance on imported fuel would make the economy vulnerable to external shocks.

“The Dangote Refinery alone has the capacity to meet Nigeria’s domestic fuel needs and even export to other African countries. Supporting such investments with protective policies like the import tariff is not just economic common sense; it is a matter of national interest,” he stated.

The OGUNCCIMA leader urged the central government to reconsider its decision and reintroduce the policy after consultations with key stakeholders in the oil and gas industry, emphasising that sustainable industrial growth requires consistency in policy direction, noting that frequent policy reversals discourage private sector participation and hinder long-term development.

While acknowledging the government’s concern about potential short-term price increases, Mr Oshiyemi maintained that the long-term gains including job creation, forex savings, and increased energy security far outweigh any temporary inconvenience, reaffirming the organisation’s commitment to advocating policies that protect local industries and promote economic diversification.

“We believe in reforms that empower Nigerian investors and strengthen our productive base. The 15 percent tariff was one of such reforms, and we urge the government to revisit it in the national interest,” he said.

By Modupe Gbadeyanka

An ambitious N500 billion is being targeted by the Ogun Stte government in the 2026 fiscal year by leveraging its strategic proximity to Lagos State and its vast landmass of over 16,000 square kilometres.

At the Treasury Board meeting on the 2026–2028 Medium-Term Expenditure Framework (MTEF) and the 2026 Budget, the Governor of Ogun State, Mr Dapo Abiodun, also said by the time he would be leaving office in 2027, the aim is to have reached N750 billion.

At the gathering on Tuesday at the Obas Complex, Oke-Mosan, Abeokuta, he noted that as Nigeria’s industrial hub, Ogun State “has no business generating less than N500 billion a year, and that has to be our target.”

“By the time we are leaving in 2027, Ogun State’s revenue should rise to about N750 billion. That is what ambition looks and feels like,” he declared, specifically tasking the Ogun State Internal Revenue Service (OGIRS) to contribute N250 billion of the total target, while other key revenue-generating agencies—such as the Ogun State Property and Investment Corporation (OPIC), the Bureau of Lands, the Ministry of Education, Science and Technology, and the Ministry of Housing—were directed to scale up their efforts.

Mr Abiodun emphasized that every Ministry, Department and Agency (MDA) had a critical role to play in achieving the goal, describing them as “pieces of a jigsaw that must fit together to complete the bigger picture.”

“Our comparative advantage was not fully harnessed by previous administrations. Our strength lies in providing what Lagos cannot offer. I expect every MDA to prepare an ambitious budget—aim for the stars, and if we miss, we’ll at least land on the moon,” he said.

The Governor urged agencies to adopt creativity and innovation in their revenue drive, commending those that had already demonstrated commendable results.

On the deplorable condition of Kara, near Isheri, Governor Abiodun reiterated his administration’s commitment to urban renewal, stressing that the area would be cleared and redeveloped.

“The new Ogun State cannot allow that place to continue to wear that look. You cannot be entering the new Ogun State and what you see first is an eyesore. There is no better time to act than now—we can’t leave it as an albatross for the next administration,” he added.

He revealed that an inter-ministerial team comprising officials from the Ministries of Environment, Physical Planning and Urban Development, the Bureau of Lands, and other relevant agencies had been set up to handle enumeration, compensation, and relocation efforts necessary for the corridor’s transformation.