Economy
Oando Gains 60.47% in One Week as Demand Spikes
By Dipo Olowookere
The share price of Oando Plc witnessed a 60.47 per cent week-on-week rise at the Nigerian Exchange (NGX) Limited last week amid rising appetite for the company’s securities by investors.
Oando, which was selling at about N5 some months ago due to the issues it had with the capital market regulator, the Securities and Exchange Commission (SEC), gained 60.47 per cent last week to close at N40.60 compared with the previous week’s N25.30.
The company, which some investors avoided like a plague in the past, has now become the darling of traders, with demand rising by the day at the stock market because of the recent acquisition of Eni oil assets in Nigeria by Oando.
It topped the gainers’ chart in the week under review, followed by RT Briscoe, which appreciated by 51.19 per cent to N1.27, and Japual, which rose by 35.80 per cent to N2.39. Academy Press increased by 34.58 per cent to N2.88, and United Capital advanced by 31.28 per cent to N15.95.
On the flip side, Champion Breweries lost 15.03 per cent to quote at N2.77, BUA Cement fell by 9.99 per cent to N128.90, University Press declined by 9.92 per cent to N2.18, Union Dicon shed 9.88 per cent to N7.30, and Deap Capital dropped 9.62 per cent to 47 Kobo.
Business Post reports that when trading activities ended for the week last Friday, the bourse recorded 46 price advancers versus 40 in the preceding week, 38 price decliners versus 40 in the previous week, and 67 equities closed flat versus the 71 equities recorded a week earlier.
The renewed confidence of investors propelled the NGX to a week-on-week growth of 0.87 per cent, with the All-Share Index (ASI) closing higher to 98,592.12 points, and the market capitalisation rising to N55.978 trillion.
All other indices finished higher apart from the NGX Main Board and industrial goods indices, which moderated by 0.09 per cent and 3.67 per cent, respectively, while the ASeM and sovereign bond indices closed flat.
In the week, traders traded 2.679 billion shares worth N49.017 billion in 47,451 deals compared with the 3.393 billion shares worth N52.304 billion transacted in 44,814 deals in the preceding week.
Financial stocks dominated the activity chart with 1.982 billion units valued at N31.985 billion in 23,467 deals, contributing 74.00 per cent and 65.25 per cent to the total trading volume and value, respectively.
Energy shares sold 229.680 million units worth N7.441 billion in 4,021 deals, and ICT equities transacted 113.887 million units for N3.059 billion in 4,260 deals.
Access Holdings, Veritas Kapital Assurance, and UBA accounted for 756.035 million shares worth N10.726 billion in 6,985 deals, contributing 28.22 per cent and 21.88 per cent to the total trading volume and value, respectively.
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.
