Economy
N14b Stocks Exchange Hands in One Week as Index Sheds 2.64%
By Dipo Olowookere
A total turnover of 1.265 billion shares worth N14.074 billion in 19,278 deals were traded last week by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 1.647 billion shares valued at N8.413 billion that exchanged hands the previous week in 14,773 deals.
This was as the All-Share Index (ASI) and market capitalisation depreciated by 2.64 percent to close the week at 29,830.70 points and N11.124 trillion respectively.
Similarly, all other indices finished lower with the exception of the NSE Industrial Goods index that rose by 1.00 percent while the NSE ASeM index closed flat.
During the week, the Financial Services industry (measured by volume) led the activity chart with 1.072 billion shares valued at N8.795 billion traded in 12,287 deals, contributing 84.73 percent and 62.49 percent to the total equity turnover volume and value respectively.
The Conglomerates sector followed with 83.595 million shares worth N155.485 million in 750 deals, while the third place was Consumer Goods industry with a turnover of 50.537 million shares worth N3.432 billion in 2,576 deals.
Trading in the top three equities; Diamond Bank, FBN Holdings and Custodian Investment (measured by volume) accounted for 465.000 million shares worth N2.044 billion in 2,448 deals, contributing 36.75 percent and 14.53 percent to the total equity turnover volume and value respectively.
During the week, 22 equities appreciated in price, the same with 22 in the previous week, while 44 equities depreciated in price, lower than 45 of the previous week, and 103 equities remained unchanged, higher than 97 equities recorded in the preceding week.
Business Post reports that Julius Berger topped the gainers’ chart with 22.15 percent rise to close at N28.40k per share.
Diamond Bank followed with a growth of 12.22 percent to end at N2.02k per unit, and Transcorp, which gained 11.21k to settle at N1.29k per share.
WAPIC rose by 10 percent to finish at 44 kobo per unit, while Cornerstone Insurance also appreciated by 10 percent to finish at 22 kobo per share.
On the other side, NEM Insurance emerged the biggest price loser, going down by 33.46 percent to settle at N1.73k per share.
Resort Savings & Loans depreciated by 26 percent to end at 37 kobo per unit, while Unity Bank declined by 17 percent to close at 83 kobo per share.
Custodian Investment fell by 13.11 percent to close at N5.30k per share, while Flour Mills went down by 11.67 percent to settle at N19.30k per unit.
Also traded during the week were a total of 15,288 units of Exchange Traded Products (ETPs) valued at N236,445.40 executed in 4 deals compared with a total of 395 units valued at N816,344.70 that was transacted the previous week in 13 deals. In addition, a total of 17,996 units of Federal Government Bonds valued at N18.426 million were traded in the week in 10 deals compared with a total of 7,209 units valued at N6.958 million transacted a week earlier in 8 deals.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
By Aduragbemi Omiyale
The names of about 100,000 companies registered by the Corporate Affairs Commission (CAC) are about to be deleted for inactivity, especially for failing to file their annual tax returns, Business Post reports.
This information was disclosed by the CAC via a notice signed by its management on Wednesday, July 15, 2026.
The list contains organisations like the Nigeria-Poland Chamber of Trade Invest Ltd, Alariwo of Afrika Ltd, Ovation Sports International, First Union Pension Fund Administrators, Investopedia Limited, Baptist High School Abuja Ltd, and Yobe Aluminium Manufacturing Industries Ltd, amongst others.
In the statement, the commission said its decision to strike off the names of the affected firms from the register aligns with the provisions of Section 692(3) (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
However, the affected companies can still salvage the situation by filing all outstanding annual returns and regularising their records within 90 days.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the register without further notice,” it declared, expressing its continued commitment to providing prompt and efficient registration and regulatory services to the satisfaction of its valued customers.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange gained 1.75 per cent on Wednesday, July 15, pushing the NASD Security Index (NSI) up by 74.20 points to 4,316.51 points from 4,242.31 points, as the market capitalisation added N44.54 billion to finish at N2.590 trillion compared with the preceding session’s N2.546 trillion.
During the session, there was an 11.5 per cent rise in the value of transactions at midweek to N72.7 million from the preceding session’s N65.2 million, as there was a 3.7 per cent growth in the number of deals to 28 deals from the previous session’s 27 deals, while the volume of securities slumped by 64.5 per cent to 4.9 million units from 13.7 million units.
At the close of trades, Great Nigeria Insurance (GNI) Plc ended as the most active security by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, with the second spot occupied by Infrastructure Credit Guarantee (Infracredit) Plc after selling 2.3 billion units valued at N6.5 billion, and the third position was taken by Central Securities Clearing System (CSCS) Plc, which exchanged 74.3 million units for N5.3 billion.
GNI Plc also finished the trading day as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units traded for N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
Business Post reports that the market breadth index was negative yesterday, as there were two price gainers and three price losers.
11 Plc added N22.36 to its value to close at N250.00 per share versus N227.64 per share, and CSCS Plc improved by N7.95 to N90.35 per unit from N82.40 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc lost N1.37 to end at N150.00 per share versus N151.37 per share, UBN Property Plc depreciated by 6 Kobo to N1.75 per unit from N1.81 per unit, and Food Concepts Plc dropped 1 Kobo to close at N2.49 per share versus N2.50 per share.
