By Dipo Olowookere

Interest in financial stocks at the Nigerian Exchange (NGX) Limited persisted on Tuesday, helping the bourse to remain in the green territory at the close of transactions.

Business Post reports that Customs Street further appreciated by 0.04 per cent yesterday as a result of the strong appetite for local equities by investors.

According to data from the exchange, Access Holdings traded 36.6 million shares valued at N810.9 million, UBA transacted 26.5 million stocks worth N1.0 billion, Universal Insurance sold 22.0 million equities for N12.8 million, Fidelity Bank exchanged 20.5 million shares worth N380.6 million, and Zenith Bank traded 20.1 million equities valued at N970.3 million.

At the close of business, a total of 349.3 million stocks valued N15.1 billion exchanged hands in 12,450 deals compared with thr440.5 million stocks worth N10.5 billion traded in 13,314 deals on Monday, representing a decline in the trading volume and number of deals by 20.70 per cent and 6.49 per cent, respectively, and an increase in the trading value by 43.81 per cent.

During the trading session, the insurance sector gained 1.99 per cent, the banking space appreciated by 1.33 per cent, and the industrial goods index improved by 0.01 per cent.

However, the energy counter went down by 1.69 per cent, the commodity sector depreciated by 0.59 per cent, and the consumer goods industry weakened by 0.10 per cent.

The All-Share Index (ASI) soared by 41.89 points on Tuesday to 105,593.28 points from 105,551.39 points and the market capitalisation jumped by N26 billion to settle at N66.215 trillion compared with the previous day’s N66.189 trillion.

The bourse ended with 29 price gainers and 21 price losers, implying a positive market breadth index and strong investor sentiment.

May and Baker appreciated by 10.00 per cent to sell for N8.80, Mutual Benefits gained 9.59 per cent to trade at 80 Kobo, eTranzact increased by 9.38 per cent to N5.25, Abbey Mortgage Bank surged by 8.86 per cent to N4.30, and Consolidated Hallmark advanced by 8.79 per cent to N3.59.

Conversely, Eterna lost 9.21 per cent to finish at N34.50, Royal Exchange slipped by 7.95 per cent to 81 Kobo, Veritas Kapital shrank by 5.98 per cent to N1.10, Coronation Insurance declined by 5.88 per cent to N2.24, and Oando crashed by 5.66 per cent to N50.00.

By Adedapo Adesanya

The Federation Account Allocation Committee (FAAC) shared a total of N1.678 trillion in March 2025 to the three tiers of government as federation allocation from the revenue generated by the nation in February 2025.

A statement from the Federation Accounts Allocation Committee (FAAC) after its meeting for this month, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed that the amount generated stood at N2.344 trillion, comprising Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), an argumentation of N178 billion and revenues from Solid Minerals.

It was revealed that the federal government was given N569.656 billion, the states received N562.195 billion, the local government councils got N410.559 billion, while the oil-producing states shared N136.042 billion as 13 per cent derivation of mineral revenue.

The statement further disclosed that VAT for the month was N609.430 billion versus N771.886 billion in the preceding month, with the federal government receiving N91.415 billion, the states getting N304.715 billion, and the councils sharing N213.301 billion.

FAAC presented N1.653 trillion as gross statutory revenue for last month, lower than the N1.848 trillion recorded a month earlier, with N61.449 billion used for the cost of collection and N736.249 billion for transfers, intervention and refunds.

When the balance of N827.633 billion was shared, the federal government got N366.262 billion, the states received N185.773 billion, and the councils got N143.223 billion, while the oil-producing states shared N132.374 billion as 13 per cent derivation revenue.

Also, the sum of N35.171 billion from EMTL was distributed, with the federal government receiving N5.276 billion, the states sharing N17.585 billion, and the local government councils getting N12.310 billion, while N1.465 billion was for the cost of collection.

Further, N28.218 billion was generated from solid minerals and the central government got N12.933 billion, the states received N6.560 billion, the LGCs got N5.057 billion, and the oil-producing states shared N3.668 billion.

In addition, from the N178 billion augmentation, the national government received N93.770 billion, the states got N47.562 billion, and the local councils received N36.668 billion.

It was observed that revenues from VAT, Petroleum Profit Tax, Companies Income Tax, excise duty, import duty and CET Levies declined in February, while earnings from EMTL and oil and gas royalty increased significantly.

By Adedapo Adesanya

The 1.7 million barrels of jet fuel exported from the Dangote refinery in Lagos, Nigeria, have arrived at US ports, according to data from ship-tracking service, Kpler.

It was reported that another vessel, Hafnia Andromeda, is set to arrive at the Everglades terminal on March 29 with a load of about 348,000 barrels of jet fuel, the data showed.

US jet fuel imports are set to hit a two-year high in March after the refinery pushed barrels to North America and Europe.

Total US jet fuel imports so far in March stood at around 226,000 barrels per day, the most since February 2023, the data showed.

The development comes amid controversies surrounding the sale and availability of crude oil to the refinery and Premium Motor Spirit or petrol supply to the Nigerian market.

Nigeria’s decision to cancel the Naira-for-crude deal with the refinery has since created panic in the hearts of marketers and consumers alike.

The 650,000 barrels per day refinery has also suspended selling petrol in Naira to marketers.

It lamented that there was a mismatch between its sales proceeds and its crude oil purchase obligations, which it said are currently denominated in US Dollars.

“Dear valued customers, we wish to inform you that the Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars.

“To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the firm announced.

The announcement has since triggered a rise in the cost of loading petrol at private depots in Lagos to about N900 per litre from below N850 per litre before.

The Dangote refinery started production last January after years of construction delays and ramped up to about 85 per cent of capacity in early February, allowing it to sell more fuel to international markets.