Economy
Nigerian Exchange Loses 1.49% to Profit-Taking
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Tuesday, declining by 1.49 per cent as a result of selling pressure from investors.
Analysis showed that the exchange crumbled following the desire of traders to liquidate their equities after the barrage of gains recorded in the past few trading sessions.
The strong sell interest cut across the major sectors of the bourse, with the financial segment mostly affected after the banking index declined by 6.73 per cent and the insurance space fell by 6.44 per cent.
Business Post reports the consumer goods counter went down by 2.59 per cent, the energy index depreciated by 0.58 per cent, and the industrial goods counter shrank by 0.39 per cent.
Consequently, the All-Share Index (ASI) depleted by 1,564.52 points to close at 103,110.15 points compared with the previous day’s 104,674.67 points, and the market capitalisation decreased by N856 billion to settle at N56.426 trillion compared with the previous day’s N57.282 trillion.
The NGX was under a massive sell-off yesterday, resulting in 61 equities finishing on the losers’ chart, as only seven equities ended on the gainers’ table, indicating a negative market breadth index and a weak investor sentiment.
Linkage Assurance, Caverton, Sterling Holdings, AXA Mansard, and NASCON depreciated by 10.00 per cent on Tuesday to trade at N1.17, N1.80, N6.30, N5.85, and N68.40, respectively.
However, the share price of UPDC rose by 8.11 per cent to N2.00, Geregu Power improved by 4.61 per cent to N517.80, Wema Bank gained 1.21 per cent to quote at N10.90, Ellah Lakes jumped by 0.99 per cent to N3.05, and UPDC REIT leapt by 0.81 per cent to N6.25.
As for the activity chart, it was in red during the trading day, with the trading volume, value and the number of deals going down by 5.93 per cent, 57.14 per cent, and 8.23 per cent apiece.
A total of 649.0 million shares worth N11.1 billion exchanged hands in 14,579 deals yesterday, in contrast to the 689.9 million shares worth N25.9 billion traded in 15,887 deals a day earlier.
Japaul maintained its position as the most active stock on Tuesday after it posted a turnover of 59.8 million units valued at N179.5 million. Transcorp sold 52.1 million units for N763.2 million, Access Holdings exchanged 46.8 million units valued at N1.2 billion, UBA transacted 44.6 million units worth N1.2 billion, and Oando traded 35.0 million units worth N496.7 million.
Economy
Ibeto Customs, Police Renew Joint Security Pact for Efficiency, Safety
By Adedapo Adesanya
The Nigeria Customs Service (NCS), Ibeto Seaport and Terminals Command, Port Harcourt, and the Nigeria Police Force have renewed their commitment to joint security operations at the nation’s maritime corridors, following a strategic meeting between top officials of both agencies.
According to a statement, the renewed partnership came as the Commissioner of Police, Eastern Port Police Command, CP Shuaibu Audu, paid a working visit to the Customs Area Controller, Comptroller Usman Yahaya, at the Command headquarters on April 17, 2026.
The engagement, according to a statement by the Command’s Public Relations Officer, Chief Superintendent of Customs Tangwa Emmanuel, was aimed at strengthening inter-agency cooperation and boosting operational efficiency within the port environment.
Speaking during the visit, Comptroller Yahaya described the engagement as significant, stressing that sustained collaboration among security agencies remains critical to safeguarding national assets and ensuring seamless port operations.
This visit is timely and highly appreciated. It reflects the importance of sustained cooperation among agencies entrusted with the security of our nation and the protection of critical economic assets,” he said.
He assured the police boss of Customs’ readiness to maintain strong working relations with the Eastern Port Police Command.
“We are fully committed to working with the new Commissioner of Police and giving all necessary support towards the successful discharge of his responsibilities,” Mr Yahaya added.
The Customs Area Controller noted that the synergy between both agencies has continued to play a vital role in maintaining order, facilitating legitimate trade and curbing criminal activities within the port system.
This was contained in a statement shared via the Customs official X handle.
Customs and the Police share common responsibilities in safeguarding the port environment. Synergy remains the cornerstone for achieving our collective mandate,” he stated.
He also briefed the visiting Commissioner on the operational relevance of the Ibeto Seaport and Terminals Command, reiterating the Command’s commitment to strengthening maritime security.
On his part, CP Audu said the visit was part of efforts to consolidate existing ties between the Nigeria Police Force and the Nigeria Customs Service.
“My presence here today is to reinforce the cordial relationship between the Nigeria Police Force and the Nigeria Customs Service. No organisation can function effectively in isolation,” he said.
He emphasised the importance of sustained collaboration among security agencies, particularly in securing the nation’s ports, which he described as vital to economic stability.
Synergy among security agencies is essential to addressing emerging threats. Our ports are strategic national assets, and we must work together to keep them secure,” Mr Audu stated.
The police commissioner also sought continued support from Customs officers in advancing shared security objectives.
Economy
Tinubu Removes Wale Edun, Elevates Taiwo Oyedele as New Finance Minister
By Modupe Gbadeyanka
Mr Taiwo Oyedele has become the new Minister of Finance and Coordinating Minister for the Economy after the exit of Mr Wale Edun.
This announcement was made on Tuesday by the Office of the Secretary to the Government of the Federation via a statement signed by Mr Yomi Odunuga, the Special Adviser of Media and Publicity to the Secretary to the Government of the Federation, Mr George Akume.
It was disclosed that President Bola Tinubu approved the removal of Mr Edun as Finance Minister as well his counterpart in the Housing and Urban Development Ministry, Mr Ahmed Musa Dangiwa.
According to Mr Akume, “These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda.”
In approving the cabinet reshuffle, the President has fully exercised his powers as conferred on him by Sections 147 and 148 of the Constitution of the Federal Republic of Nigeria (1999, as amended), he added.
Before this minor cabinet reshuffle in the membership of the Federal Executive Council (FEC), Mr Oyedele the Minister of State for Finance.
Mr Muttaqha Rabe Darma has now been named as the ministerial nominee and minister designate for the Housing and Urban Development Ministry.
Mr Tinubu thanked the outgoing ministers for their services to the nation while wishing them the best in all their future endeavours, reminding others that “the process of reinvigoration shall be continuous.”
Economy
Dangote Eyes Crude Oil Production to Ease Shortfalls
By Adedapo Adesanya
The Dangote Group has announced plans to begin its own crude production, to help cover shortfalls in local crude feedstocks, in the coming weeks through its upstream assets.
According to Mr Devakumar Edwin, the Vice President of the Dangote Group, the company has commenced early testing on crude from its Niger Delta licenses.
In an interview with Platts, part of S&P Global Energy, the official said the company has already begun standard well testing and is preparing to scale up output.
“We have opened a well and begun standard testing, which should be completed in the next three to four weeks, maximum.
“After that point, oil can start to be pumped in larger volumes, and the company can begin work on drilling new wells,” he said.
Also speaking, Mr David Bird, the chief executive officer (CEO) of the Dangote refinery, said the upstream assets could provide a more stable crude supply for the refinery.
“Alongside its upstream interests, the company is seeking to establish its own shipping presence to help reduce logistics costs and improve the reliability of its crude sourcing,” Mr Bird said.
While confirmation has come from the company, the Nigerian government or the Nigerian National Petroleum Company (NNPC) Limited is yet to officially confirm the development.
The 650,000 barrels-per-day facility has been able to get enough feedstock locally under the federal government’s Crude-for-Naira initiative, leading it to source crude from international markets at a premium, which is partly responsible for the high cost of petrol and other fuels.
However, in April 2026, the NNPC said it would increase its crude supply to Dangote Refinery to seven cargoes.
The refinery, on several occasions, has stated it sources the majority of its crude oil outside Nigeria despite being the country’s Naira-for-crude sale deal.
Last month, it said the NNPC only gave it four to five cargoes, which is less than 50 per cent of expected volumes. The majority of Nigeria’s crude is tied to joint ventures with international oil companies.
With the latest development, it would help reduce the dependency on international crude as well as allow Dangote to ease some of its import costs.
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