Economy
NAICOM Boss Commends Lagos’ Support for Insurance, PILA
By Dipo Olowookere
For supporting the insurance industry, especially the Professional Insurance Ladies Association (PILA), the Lagos State government has been applauded by the Commissioner for Insurance, National Insurance Commission (NAICOM), Mr Sunday Oludare Thomas.
Mr Thomas, while speaking at the commissioning of the multimillion naira PILA House in Lagos, said the support of the state government has made it possible for the sector to improve.
He also praised the leadership of PILA for the giant strides and ground-breaking achievements in the industry, noting that the fact that women are taking up important space in leadership and doing a great job at it was very heart-warming.
“Women are multipliers. Whatever you give to them they make better, and as we have seen with PILA and this beautiful edifice, our women have taken charge and doing great things. You will always have my support,” Mr Thomas, who was the special guest of honour at the event, said.
In his speech, the Lagos State Commissioner for Finance, Dr Rabiu Olowo, reiterated the importance of insurance to the state government.
He commended PILA on their efforts for the insurance industry and that they can count on the support of the Lagos State government at all times.
In his goodwill message, the Chairman, House Committee on Insurance, Mr Darlington Nwokocha, expressed his admiration for the association saying, “I am proud of the Professional Insurance Ladies Association and all they have done. This beautiful Secretariat here is another progressive development for the industry.”
The lawmaker assured the group of the commitment of the lower chamber of the National Assembly to support the association and the industry with the donation of a public address system for the new secretariat.
In her welcome address, the President of PILA and MD/CEO of African Alliance Insurance Plc, Mrs Joyce Ojemudia, thanked God for the success recorded so far as well as the staunch support of the entire members of the group.
“This beautiful edifice is the culmination of many years of planning, pushing and belief. It is a good thing to praise the Lord, our help in ages past and our sustenance at all times,” she stated.
She paid homage to the forebears whose efforts were instrumental to the building, including Oluyomi Onabanjo, who championed the purchase of the landed property upon which the Secretariat stands; Funmi Folarin, who set up a building fund committee that saw to the foundation laying and the late Executive Vice Chairman of IGI, Mr Remi Olowude, who helped the association raise substantial funds which was the seed money with which the foundation of the building was laid in 2012.
PILA is the elite professional association of women in insurance across Africa. Established in 1973, the association has become the rallying point for professional women in the industry.
Recall that earlier in the year, the association hosted a side event at the 47th AIO Conference in Lagos.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further grew by 1.00 per cent on Friday as investors look forward to the rates meeting of the Central Bank of Nigeria (CBN) next week.
The Monetary Policy Committee (MPC) meeting of the CBN begins next Monday and analysts anticipate a rate cut due to the reduction in the country’s inflation rate to 22.22 per cent in June 2025.
At its last meeting in May, the committee retained the Monetary Policy Rate (MPR) at 27.50 per cent to study the markets further.
At the stock market yesterday, investors mopped up financial equities, especially the banking space, with FCMB trading 1.3 billion shares valued at N12.6 billion.
Further, Fidelity Bank transacted 1.2 billion equities worth N23.0 billion, Access Holdings exchanged 113.8 million stocks for N3.1 billion, Chams sold 92.6 million shares valued at N293.9 million, and Zenith Bank traded 50.7 million equities worth N3.7 billion.
At the close of business, the market participants bought and sold 3.4 billion stocks for N62.4 billion in 28,593 deals compared with the 1.2 billion stocks worth N42.8 billion exchanged in 37,418 deals on Thursday, a decline in the number of deals by 23.59 per cent, and a rise in the trading volume and value by 183.33 per cent and 45.79 per cent, respectively.
The trio of NCR Nigeria, Learn Africa, and UPDC chalked up 10.00 per cent each to sell for N6.60, N6.27, and N4.84 apiece, as BUA Cement gained 9.98 per cent to close at N123.40, and Ellah Lakes also appreciated by 9.98 per cent to N10.80.
Conversely, Red Star Express depleted by 9.97 per cent to N12.92, Union Dicon lost 9.62 per cent to finish at N10.80, Academy Press shed 6.67 per cent to quote at N7.00, Sterling Holdings decreased by 4.34 per cent to N6.17, and First HoldCo slumped by 4.10 per cent to N33.95.
The market breadth index was positive during the trading session after the bourse ended with 46 price gainers and 25 price losers, implying a strong investor sentiment.
Business Post reports that the All-Share Index (ASI) increased by 1,301.80 points to 131,585.66 points from 130,283.86 points and the market capitalisation expanded by N823 billion to N83.241 trillion from N82.418 trillion.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed the last trading session of the week higher by 0.03 per cent on Friday, July 18.
This was buoyed by the gains recorded by the duo of Central Securities Clearing System (CSCS) Plc and Lagos Building Investment Company (LBIC) Plc.
According to data from the alternative stock exchange, CSCS Plc rose by N4.50 to close at N38.00 per share compared with the preceding day’s N36.80 per share, and LBIC Plc appreciated by 4 Kobo to N3.12 per unit from N3.04 per unit.
However, the price of FrieslandCampina Wamco Nigeria Plc went down by N3.94 to end at N61.00 per share versus Thursday’s value of N64.94 per share, and Acorn Petroleum Plc weakened by 13 Kobo to finish at N1.20 per unit compared with the preceding day’s N1.33 per unit.
At the close of transactions, the market capitalisation of the trading platform surged by N630 million to N2.043 trillion from N2.042 trillion and the NASD Unlisted Security Index (NSI) soared by 1.07 points to 3,488.74 points from the 3,487.67 points it ended a day earlier.
Yesterday, there was a 49,784.9 per cent increase in the volume of securities to 125.9 million units from 252,312 units, just as there was 1,783.6 per cent rise in the value of securities to N125.9 million from N21.4 million, while the number of deals declined by 4 per cent to 24 deals from 25 deals.
Impresit Bakolori Plc was the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.8 million, trailed by Air Liquide Plc with 507.2 million units sold for N4.2 billion, and Geo-Fluids Plc with 277.2 million units traded for N516.3 million.
Okitipupa Plc also remained the most traded stock by value on a year-to-date basis with 153.9 million units transacted for N4.9 billion, followed by Air Liquide Plc with 507.2 million units worth N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 42.3 million units valued at N1.8 billion.
By Adedapo Adesanya
A marginal loss of 10 Kobo or 0.01 per cent was suffered by the Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, July 18.
According to data obtained from the Central Bank of Nigeria (CBN), the exchange rate closed at N1,533.32/$1 compared with the N1,533.22/$1 it ended on Thursday.
Similarly, the Nigerian currency depreciated further against the Pound Sterling in the official market during the trading session by N3.56 to trade at N2,060.08/£1 compared with the previous day’s N2,056.52/£1 and lost N8.60 against the Euro to finish at N1,785.02/€1 versus the N1,776.42/€1 it was exchanged a day earlier.
The further decline in the local currency came amid concerns about the sustainability of the currency defense strategy of the central bank as well as the weak state of oil earnings, subdued foreign portfolio investment inflows, and uncertainties around external financing.
Meanwhile, there are positives that the Naira may latch onto including improved crude output as well as enhanced foreign portfolio investment (FPI) inflows amid slowdown in import trade-related outflows.
In the black market, the Nigerian Naira closed flat against the Dollar yesterday at N1,535/$1.
The cryptocurrency market succumbed to profit-taking after President Donald Trump fulfilled part of his vow to establish US crypto regulations on Friday, signing legislation into law that formally established rules for stablecoin issuers.
The milestone marked a first step that the digital assets industry hopes will end with the more important regulatory regime governing the wider crypto markets.
The GENIUS Act will now be forwarded to the federal financial and banking agencies that must implement its various provisions. That will include formalizing the definitions for what kind of firms make acceptable issuers of stablecoins.
Litecoin (LTC) dropped 5.9 per cent to sell at $102.48, Cardano (ADA) lost 5.9 per cent to trade at $0.8244, Solana (SOL) declined by 3.8 per cent to close at $176.55, Ripple (XRP) fell by 3.5 per cent to $3.44, Ethereum (ETH) tumbled by 2.2 per cent to $3,575.00, Binance Coin (BNB) depreciated by 1.9 per cent to $732.95, and Bitcoin (BTC) slumped by 1.8 per cent to $118,218.96.
However, Dogecoin (DOGE) jumped by 1.8 per cent to $0.2511, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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