Economy
Nigerian Stocks Rebound by 0.09% as Oppositions Call for Calm
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rebounded by 0.09 per cent on Friday after going through a two-day selling pressure after the Presidential Election Petitions Tribunal on Wednesday upheld the victory of President Bola Tinubu in the presidential election of February 25, 2023.
Before the judgement, there had been tension in the country, with the military and the police threatening to deal with dissenting voices.
The fear gripped stock investors, influencing their decision to book profit. But after the main opposition parties, the Peoples Democratic Party (PDP) and the Labour Party (LP) said they would appeal the judgement at the Supreme Court, urging their supporters to remain calm, the bourse bounced back on Friday.
Bargain-hunting in financial and industrial goods equities supported the growth achieved during the session.
At the close of business, the consumer goods counter rose by 0.18 per cent, the industrial goods sector appreciated by 0.16 per cent, and the banking index grew by 0.14 per cent.
However, the insurance counter depreciated by 0.43 per cent, and the energy counter closed flat despite renewed interest in Oando shares.
Business Post reports that the All-Share Index (ASI) increased yesterday by 61.23 points to 68,143.34 points from 68,082.11 points, and the market capitalisation improved by N33 billion to close at N37.295 trillion versus Thursday’s closing value of N37.262 trillion.
At the exchange, investor sentiment was very strong after Customs Street ended with 30 price advancers and 17 price laggards, indicating a positive market breadth index.
Oando topped the gainers’ chart after its price rose by 10.00 per cent to N7.70, CWG gained 9.89 per cent to N5.78, Neimeth appreciated by 9.80 per cent to N1.68, Ikeja Hotel increased by 8.93 per cent to N3.05, and Cutix jumped by 8.05 per cent to N2.55.
Conversely, Chellarams topped the losers table after it fell by 9.94 per cent to N2.90, Omatek shed 9.38 per cent to 58 Kobo, ABC Transport went down by 8.13 per cent N1.13, Thomas Wyatt depreciated by 7.83 per cent to N2.00, and Red Star Express declined by 7.42 per cent to N2.87.
The busiest equity was FCMB as it traded 116.9 million units valued at N791.4 million, Access Holdings transacted 36.3 million units worth N631.8 million, Oando traded 34.2 million units valued at N260.2 million, UBA exchanged 34.2 million units worth N521.6 million, and Fidelity Bank sold 34.1 million units for N297.4 million.
At the close of business, investors traded 483.5 million shares valued at N8.3 billion in 6,660 deals on the last trading session of the week compared with the 378.1 million shares worth N8.4 billion traded in 8,106 deals a day earlier, showing an increase in the trading volume by 27.88 per cent, a decline in the trading valued by 1.19 per cent, and a drop in the number of deals by 17.84 per cent.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
