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Economy

Nigerian Stocks Sustain Growth by 0.31% Despite More Price Losers

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Investment in Nigerian Stocks

By Dipo Olowookere

Transactions on the floor of the Nigerian Stock Exchange (NSE) remained bullish on Tuesday despite the market printing more price losers than gainers.

A total of 14 equities depreciated in value during the session compared with nine price risers. The performance of these gainers sustained market growth by 0.31 per cent at the close of business.

Consequently, the All-Share Index (ASI) increased by 80.55 points to 25,654.90 points from 25,574.35 points, while the market capitalisation grew by N42 billion to N13.408 trillion from N13.366 trillion.

Business Post observed that the market was quite busy yesterday and this could be attributed to renewed interest in the market by retail investors, who are again seeing value in the investment tool.

A total of 262.0 million shares worth N4.4 billion exchanged hands in 3,254 deals compared with the 196.1 million shares worth N1.7 billion traded in 3,542 deals the previous day.

This indicated a 33.61 per cent increase in the volume of shares traded by investors, a 154.61 per cent rise in the value of the transactions and an 8.13 per cent decline in the number of deals.

Further analysis of the activity chart showed that Zenith Bank was investors’ darling yesterday, emerging the most active after trading 45.9 million stocks worth N766.3 million.

FBN Holdings dropped to the second spot after trading 24.1 million shares valued at N119.5 million, Transcorp sold 21.0 million equities worth N12.6 million, FCMB transacted 20.5 million shares for N42.3 million, while GTBank traded 20.3 million units worth N516.4 million.

A look at the price movement chart showed MTN Nigeria leading with a price appreciation of N2.90 to quote at N123 per share and was trailed by Red Star Express, which gained 29 kobo to sell for N3.25 per unit.

Dangote Sugar appreciated by 10 kobo to settle at N12.10 per unit, FBN Holdings grew by 10 kobo to close at N5 per share, while Trans-Nationwide Express gained 7 kobo to close at 82 kobo per unit.

At the other end, Presco topped the losers’ log after shedding 40 kobo to close at N49.50 per share and was followed by Union Bank, which depreciated by 35 kobo to settle at N5 per unit.

Dangote Cement decreased in value by 30 kobo to finish at N134.70 per unit, International Breweries lost 10 kobo to end at N3.30 per share, while UAC Nigeria dropped 10 kobo to close at N6.30 per unit.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Economy

SEC Suspends Centurion Registrars for Capital Market Infractions

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Centurion Registrars Limited

By Adedapo Adesanya

The Securities and Exchange Commission (SEC) has announced the suspension of Centurion Registrars Limited, including its directors and sponsored individuals from the capital market.

The suspension was announced by the commission in a statement titled Additional Enforcement Measures on Erring Capital Market Operators.

The SEC stated, “All clients of Centurion Registrars are advised to contact Africa Prudential Plc for guidance.”

This is not the first time Centurion Registrars has had issues with the Nigerian government as it was convicted in 2022 by a Special Offences Court in Lagos over fraud involving N206.5 million stocks after it was arraigned by the Economic and Financial Crimes Commission (EFCC).

The latest action of the SEC on the company is part of the agency’s broader efforts in 2025 to crack down on capital market operators it deems illegal to sanitise the investment environment in Nigeria.

Recall that the regulator revoked the registration of Mainland Trust Limited as a capital market operator, citing regulatory non-compliance and outstanding complaints against the company.

In a related development, the commission also said it would publish the names of Capital Market Operators who violate market regulations in its Name and Shame journal.

The SEC said the decision reflects a zero-tolerance policy for infractions in the capital market and aligns with newly revised enforcement strategies.

According to the notice, “The publication will be in addition to the sanctions and penalties for the respective infractions prescribed in the ISA 2007 and the SEC rules and regulations.”

Business Post had reported that the SEC listed mainstreaming the Nigerian capital market into the economy as its top priority in 2025.

Mr Emomotimi Agama, the Director General of SEC, said this in his New Year 2025 message to the capital market community on Monday.

He also said the commission would intensify efforts to eliminate Ponzi and pyramid schemes, thereby fostering an environment for genuine investment opportunities to thrive in 2025.

He said that protecting investors remained a cornerstone of the commission’s mission.

Mr Agama also said that the commission would prioritise key initiatives aimed at deepening market integrity, enhancing investor confidence and driving economic growth.

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Economy

MTN Anticipates Higher Earnings from Nigerian Operations After Tariff Hike

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MTN Subscribers

By Adedapo Adesanya

The MTN Group expects its Nigerian subsidiary, MTN Nigeria Plc, to witness a significant increase in revenue after the federal government, through the Nigerian Communications Commission (NCC), approved a 50 per cent hike in tariffs for data, voice, and SMS.

In a statement on Monday, the telecommunications group said it experienced increases across its service revenue, earnings, cash flow and leverage all improved in the second half of last year.

However, across the entire Africa spread, it reported a loss after tax of 11.2 billion Rand for its 2024 financial year, a significant decline from the 4 billion Rand profit in 2023, attributing this to the devaluation of the Naira and impairments relating to the conflict in Sudan.

Meanwhile, service revenue rose by 14 per cent in constant-currency terms but was down 15 per cent in reported Rand terms.

According to the numbers, MTN Nigeria’s service revenue was up by 35.6 per cent and is expected to increase in 2025 after tariff adjustments were implemented in February 2025.

Recall that following the approval granted by the Nigerian Communications Commission (NCC) in January, MTN revised prices last month, even going beyond the approved 50 per cent in some of its increments.

For internet data, MTN’s 1.8GB monthly plan is now 50 per cent higher than the previous rate at N1,500. Before now, the package was 1.5GB priced at N1,000.

In addition, the company has raised its 15GB plan to N6,500 from N4,500, while its 20GB plan has been adjusted to N7,500, up from N5,500.

Customers who use larger bundles will pay more comparatively as the 365-day 1.5TB plan jumped by 60 per cent from N150,000 to N240,000, and the 600GB 90-day plan also increased by 60 per cent from N75,000 to N120,000.

In Nigeria, the group said it renegotiated tower lease contracts, which allowed MTN Nigeria to better manage adverse macroeconomic impacts on the business.

“This underscores our dedication to transformation and creating shared value and remains integral to our future success,” the MTN Group President and CEO, Mr Ralph Mupita said.

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Economy

NECA Kicks Against Hike in Private Firms Levies

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5 Strategy Ideas for Your Company's Finances

By Adedapo Adesanya

The Nigeria Employers’ Consultative Association (NECA) has condemned the Financial Reporting Council of Nigeria over the imposition of high annual dues on private and non-quoted companies.

According to a statement, NECA warned that the move could cripple businesses and stifle economic growth, noting that the new policy significantly increased the annual dues of private firms from N1 million to as high as N100 million, depending on their turnover.

“This outcry follows the implementation of the Financial Reporting Council Amendment Act 2023 (FRC Act), which expanded the scope of companies under the FRC’s regulatory oversight,” the statement said.

Business Post reports that publicly listed companies’ dues remain capped at N25 million.

In a statement, NECA’s Director-General, Mr Adewale-Smatt Oyerinde, denounced the move as unjust and contradictory to the federal government’s efforts to enhance Nigeria’s business environment, attract investment, and create jobs.

He warned that the increased financial burden on private firms, already struggling with multiple taxation, regulatory bottlenecks, and rising operational costs, could force many to shut down or downsize.

“This policy is a direct contradiction to the Ease of Doing Business agenda and sends a negative signal to investors,” Mr Oyerinde stated.

“Many companies, especially in manufacturing, trading, and essential services, operate on thin margins. Adding such arbitrary financial demands increases the risk of layoffs, business closures, and an economic downturn,” he added.

Mr Oyerinde further noted that regulatory unpredictability discourages both local and foreign investments, weakening Nigeria’s global competitiveness.

“If regulatory agencies can impose arbitrary levies without due consultation, it erodes investor confidence and pushes businesses to the brink,” he added.

NECA urged the federal government and the National Assembly to immediately suspend the enforcement of the new levies and revert to the previous N1 million fee structure pending a comprehensive review.

Mr Oyerinde also called for an urgent legislative amendment to the FRC Act to eliminate ambiguities and ensure fair and transparent oversight.

He called for dialogue between the federal government, the Ministry of Industry, Trade and Investment, and key stakeholders, including NECA, the Manufacturers Association of Nigeria (MAN), and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), to establish a more sustainable and justifiable compliance framework.

“The private sector is the backbone of our economy, and policies that hinder its growth will ultimately harm national development. The government must prioritize economic sustainability over excessive regulation.

“With growing discontent from businesses over multiple taxation and excessive levies, pressure is mounting on the federal government to reconsider the FRC’s new financial demands to avoid worsening Nigeria’s already fragile economic climate,” Mr Oyerinde warned.

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