By Dipo Olowookere

A marginal 0.06 per cent was recorded by Customs Street at the close of business on Wednesday, extending the dominance of the bulls for another trading session.

The uptick printed by the Nigerian Exchange (NGX) Limited was despite weak investor sentiment after reporting 30 price gainers and 36 price losers, representing a positive market breadth index.

Livestock Feeds gained 10.00 per cent to close at N9.35, Deap Capital expanded by 9.86 per cent to N5.35, Abbey Mortgage Bank appreciated by 9.78 per cent to N12.35, Vitafoam grew by 8.25 per cent to N210.00, and FTN Cocoa chalked up 6.54 per cent to finish at N9.45.

On the flip side, Neimeth lost 10.00 per cent to trade at N9.00, International Energy Insurance slipped by 9.92 per cent to N7.90, John Holt shrank by 9.73 per cent to N13.45, Union Homes REIT declined by 8.56 per cent to N70.00, and eTranzact went down by 8.06 per cent to N16.55.

Though activity level contracted yesterday, it remained on the high side, as market participants transacted 1.2 billion equities worth N38.8 billion in 54,193 deals compared with the 1.3 billion equities valued at N57.9 billion traded in 59,956 deals on Tuesday, indicating a shortfall in the trading volume, value, and number of deals by 7.69 per cent, 32.99 per cent, and 9.61 per cent, respectively.

Sterling Holdings sold 565.3 million shares valued at N4.5 billion to emerge as the busiest during the session. FCMB transacted 122.1 million equities for N1.5 billion, Access Holdings sold 49.5 million stocks worth N1.3 billion, Jaiz Bank exchanged 34.9 million shares valued at N313.8 million, and Universal Insurance traded 32.4 million stocks worth N35.6 million.

Business Post reports that the banking and industrial goods sectors respectively lost 0.79 per cent and 0.09 per cent yesterday as a result of profit-taking.

However, the consumer goods index rose 0.42 per cent, the energy counter increased by 0.14 per cent, and the insurance segment improved by 0.03 per cent due to bargain-hunting.

As a result, the All-Share Index (ASI) went up by 154.59 points to 244,852.21 points from 244,697.62 points, and the market capitalisation soared by N99 billion to N157.043 trillion from N156.944 trillion.

By Aduragbemi Omiyale

A strategic non-equity capital of N2 billion has been pumped into one of Nigeria’s emerging integrated agribusiness companies, Zichis Agro Allied Industries Plc.

Chilla Entertainment is one of the promoters of Zichis. The capital injection reaffirms the investor’s confidence in the company’s vision, growth prospects, and long-term value creation strategy.

In a note to the Nigerian Exchange (NGX) Limited, the funds will be a long-term liability in the company’s balance sheet to be redeemed at a future date in terms of debt conversion to equity during a public offer or rights issues.

It is designed to transform Zichis into one of Nigeria’s leading agro-industrial enterprises with a fully integrated value chain spanning feed production, poultry farming, palm cultivation, and agro-processing.

The newly injected capital will primarily be deployed towards expanding the firm’s operational capacity and strengthening its working capital position.

Key areas of investment include a significant increase in poultry production capacity, strengthening of the company’s integrated livestock value chain, and enhancement of operational efficiency and output levels.

In addition, the N2 billion would be used to increase the procurement of raw materials to support higher production volumes, grow the supply chain for the organisation’s feed mill operations, and position the business to meet growing demand within Nigeria’s livestock and poultry sectors.

Also, Zichis will accelerate the cultivation of its newly acquired 2,000-acre agricultural land in Ogun State to significantly increase its agricultural asset base and future revenue-generating capacity.

Zichis is strategically positioning itself to capitalise on these opportunities through its diversified agribusiness model, expanding production footprint, and disciplined execution strategy.

The endgame is to enhance shareholder value, expand operational capacity, build sustainable competitive advantages, and deliver long-term returns to investors.

Recently, the board and management visited the Nigerian Institute for Oil Palm Research (NIFOR) in Edo State for a strategic partnership on the acquisition of high-yield oil palm seedlings and the implementation of modern cultivation techniques across its expanding palm estate.

This collaboration is expected to enhance productivity, improve long-term yields, and support the company’s objective of becoming a major participant in Nigeria’s growing palm oil value chain.

Zichis reaffirmed its commitment to maintaining the highest standards of corporate governance, transparency, accountability, and regulatory compliance.

By Adedapo Adesanya

The Manufacturers Association of Nigeria (MAN) has called for stakeholder engagement over the Senate’s request for a ban on the import of textile materials.

The Director-General of the association, Mr Segun Ajayi-Kadir, said such a policy without proper engagement will only lead to failure.

“I want to appeal to the National Assembly: let us not go down this route the same way again. The failure of policy in Nigeria has principally been due to a lack of stakeholder engagement. You cannot shave a man’s head in his absence,” he said on Channels TV breakfast show on Wednesday.

“We pass resolutions, introduce policies, and enact laws that do not substantially reflect what is happening on the ground. That is why well-intentioned moves fail to achieve their objectives.

“We need stakeholder engagement. We need to bring all the existing textile industries to the table and ask them, ‘When, how, and where can you scale?’ We have an idea of the national demand, and we know the reasons why they are operating below 30 per cent of installed capacity. The question is, does the government have the political will to do what it takes to help them deliver?”

On Tuesday, the Senate asked the federal government to ban the importation of textile materials in a bid to boost local production and revive the country’s struggling textile industry.

It urged the federal government, through the Ministries of Agriculture and Trade and Investment, to take urgent steps to resuscitate textile manufacturing across the country, particularly along the Kaduna-Kano industrial corridor, citing its potential to create jobs and address rising youth unemployment and insecurity.

Mr Ajayi-Kadir said the country can meet its textile needs, but believes revival of the industry has to go beyond “passing” resolutions.

“It needs to be actively supported by measures that we have consistently recommended but have not yet been implemented,” the MAN chief said.

“For instance, are we going to enforce the patronage of made-in-Nigeria textiles within the government? When the National Assembly passed this resolution, how many of them were wearing made-in-Nigeria garments? If you look closer, how many of us are driving cars assembled in Nigeria?

“If you legislate a ban on textile imports, it must go hand-in-hand with the diligent implementation of Executive Order 003 and a ‘Nigeria First’ mindset. Are we going to enforce it from the Presidency to the National Assembly, the military, uniformed agencies, and even schools? Are we ready to enforce a ‘Nigeria Day’ where everyone is obliged to wear what is made in Nigeria?

“Is the government going to do its bit? Are we going to reject textile, garment, or uniform items in the budget unless they show a direct connection to local production? Are we going to muster what it takes to effectively implement the 30 per cent Common External Tariff (CET) on imports from third countries? Are we going to secure our borders so that the ban does not come to nought?

“A major conversation needs to take place for us to be serious about enforcing an import ban. It is not just by fiat,” he said on the show.