By Aduragbemi Omiyale

The embargo earlier placed on the shares of Mutual Benefits Assurance Plc by the Nigerian Exchange (NGX) Limited has been lifted.

The suspension was removed last Thursday, allowing investors to resume trading in the company’s securities.

Recall that on July 8, 2024, trading in the shares of Mutual Benefits on the floor of the NGX was prohibited following the refusal of the board to file the audited financial statements of the organisation for the 2023 fiscal year.

Last week, the company released the outstanding financial statements, prompting the stock exchange to lift the suspension in compliance with the rules.

Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, which provides that if an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will a) send to the Issuer a second filing deficiency notification within two business days after the end of the cure period; suspend trading in the issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.

After submitting the results, the NGX declared that it has removed the restriction in compliance with Rule 3.3 of the Default Filing Rules, which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted.

The Nigerian Exchange in a statement over the weekend confirmed lifting the embargo, saying shareholders and others may begin to trade the shares.

By Adedapo Adesanya

The Nigeria LNG (NLNG) Limited has highlighted its plans to enhance engagement and improve the operational efficiency of its domestic Liquefied Petroleum Gas (LPG) supply to the country through the digitalisation of some of its processes.

The company said in a statement that it plans a new platform designed to streamline regulatory processes, optimise risk management, and enhance the buyer experience.

The platform will feature IT-supported relationship management, automated issue resolution, centralised real-time payments, and improved case management systems, ensuring a seamless supply process despite market shifts and external pressures.

Speaking at the session, the Manager for Commercial Contract Management at NLNG, Ms Tolulope Longe, reiterated that the planned improvements would enable and consolidate NLNG’s resolve to delivering 100 per cent of its LPG supply to the Nigerian market.

She said a strategic roadmap was in play to ensure the achievement of NLNG’s longstanding goals of LPG being accessible and available in the country, aligning with its vision of being a globally competitive energy company, improving lives sustainably.

She also harped on the significance of these improvement initiatives and the Company’s push for LPG utilisation as a clean energy source alternative to kerosene and other fossil fuels.

Ms Longe noted that the company remained focused on growth and sustainability of the LPG market by continuously enhancing its supply processes in collaboration with offtakers. She stressed NLNG’s commitment to collaborating with stakeholders to maintain pricing stability and long-term market viability.

She also acknowledged industry concerns, adding that it is important to have operational efficiency in meeting market demands.

NLNG added that it aims to strengthen stakeholder engagement and improve market efficiency in the LPG sector through enhanced customer interactions, minimised schedule disruptions, timely confirmations and deliveries, and prioritisation of customers with demonstrable capacity.

NLNG noted that it remains committed to driving sustainability and delivering lasting value to Nigerians as it adapts to market realities.

By Dipo Olowookere

A total of 2.902 billion equities valued at N48.064 billion were transacted in 57,044 deals by investors at the Nigerian Exchange (NGX) Limited last, lower than the 3.281 billion equities worth N63.517 billion traded in 60,782 deals in the preceding week.

Data revealed that financial stocks led the activity chart with 2.375 billion units sold for N21.335 billion in 27,053 deals, contributing 81.85 per cent and 44.39 per cent to the total trading volume and value, respectively.

Services stocks trailed with 177.345 million units worth N3.194 billion in 3,829 deals, and consumer goods shares exchanged 104.381 million units valued at N3.305 billion in 5,587 deals.

It was observed that Sovereign Trust Insurance, Jaiz Bank, and Fidelity Bank were the most active stocks in the five-day trading week with 1.497 billion units worth N5.065 billion in 3,662 deals, contributing 51.59 per cent and 10.54 per cent to the total trading volume and value, respectively.

Business Post reports that in the week, 32 shares appreciated versus 38 equities in the previous week, 48 stocks depreciated compared with 46 stocks of the preceding week, and 70 equities closed flat, in contrast to 66 equities a week earlier,

Neimeth gained 20.48 per cent to sell for N3.00, Linkage Assurance appreciated by 13.49 per cent to N1.43, Northern Nigeria Flour Mills expanded by 9.99 per cent to N79.80, Academy Press grew by 9.92 per cent to close at N2.88, and Mutual Benefits rose by 9.84 per cent to 67 Kobo.

However, eTranzact lost 26.15 per cent to end at N4.80, Livestock Feeds depreciated by 1755 per cent to N8.41, Red Star Express tumbled by 16.90 per cent to N4.82, Universal Insurance shed 13.33 per cent to 52 Kobo, and Caverton plunged by 13.00 per cent to N2.61.

When trading activities ended for the week last Friday, the All-Share Index (ASI) and the market capitalisation went down by 0.94 per cent and 0.80 per cent to 104,962.96 points and N65.820 trillion, respectively.

Also, all other indices finished lower except the consumer goods index, which gained 0.06 per cent while the AseM and sovereign bond indices closed flat.