Economy
Nigerian Bourse Shrinks 6.67% as Investors Panic Over Scary Economic Forecast
By Dipo Olowookere
The Nigerian bourse fell by 6.67 per cent week-on-week last week after 29 equities came under heavy selling pressure caused by macroeconomic uncertainty.
Last week, investors were faced with a scary economic forecast from Moody’s, which raised doubts over the ability of Nigerian banks to meet their obligations due to the foreign exchange (forex) crisis in the country.
The global rating agency later downgraded the rating of Nigeria over concerns that the government would find it difficult to boost its earnings despite the price of crude oil rising in the global market.
Traders of stocks at the Nigerian Exchange (NGX) Limited reacted to these fears last week, as they quickly trimmed their exposure in the asset class so as not to get their fingers burnt.
Data showed that the All-Share Index (ASI) and the market capitalisation depreciated by 6.67 per cent to 44,396.73 points and N24.182 trillion, respectively.
Similarly, all other indices finished lower except NGX CG, banking, pension, NGX AFR bank, NGX AFR Div Yield, NGX MERI growth, NGX MERI Value, and industrial indices, which appreciated by 0.17 per cent, 0.15 per cent, 0.58 per cent, 2.10 per cent, 2.45 per cent, 1.22 per cent, 3.12 per cent, and 3.22 per cent, apiece, as the ASeM, growth and sovereign bond indices closed flat.
Business Post reports that Customs Street printed 33 price gainers, 29 price losers, and 95 price flatters in the week, in contrast to the 25 price gainers, 24 price losers and 108 price flatters recorded the earlier week.
Airtel Africa was the worst-performing stock as its value went down by 27.10 per cent to N1,312.20, NEM Insurance lost 9.98 per cent to trade at N4.42, Beta Glass also depreciated by 9.98 per cent to N41.50, Royal Exchange fell by 9.78 per cent to 83 Kobo, and MRS Oil lost 9.76 per cent to close at N12.95.
The best-performing stock for the week was Academy Press, which rose by 11.45 per cent to N1.46, Fidelity Bank gained 10.14 per cent to sell for N3.80, United Capital appreciated by 10.13 per cent to N12.50, BUA Cement improved by 9.73 per cent to N62.00, and PZ Cussons stretched by 9.52 per cent to N9.20 per cent.
In the five-day trading week, traders bought and sold 938.020 million shares worth N16.701 billion in 15,700 deals as against the 491.815 million shares worth N11.922 billion transacted in 14,350 deals a week earlier.
Financial equities dominated the activity chart with 501.278 million units valued at N5.080 billion carried out in 8,279 deals, accounting for 53.44 per cent and 30.42 per cent of the total trading volume and value, respectively.
ICT stocks trailed with 316.347 million units valued at N8.729 billion executed in 1,249 deals, while energy shares recorded the sale of 28.244 million units worth N983.561 million in 846 deals.
A breakdown indicated that CWG, GTCO and Fidelity Bank attracted most of the transactions, with 490.324 million units worth N2.905 billion traded in 2,860 deals, contributing 52.27 per cent and 17.39 per cent to the total trading volume and value, respectively.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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