Economy
Price Declines in Penny Stocks Crumble NGX Index by 0.15%
By Dipo Olowookere
The first trading session of the new week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note on Monday with a 0.15 per cent decline.
Sell-offs in penny stocks and others were the major drivers of the poor performance of the local bourse yesterday as investors were trying to be cautious with politicians already focusing on the 2023 general elections.
Business Post reports that the market breadth was at equilibrium on Monday as the stock exchange ended the session with 18 price gainers and 18 price losers.
Learn Africa was the worst-performing stock, losing 9.68 per cent to settle at N1.96, followed by Unity Bank, which depreciated by 8.16 per cent to 45 kobo.
Caverton went down by 7.09 per cent to trade at N1.18, FCMB depleted by 6.89 per cent to sell for N3.11, while Transcorp decreased by 6.54 per cent to quote at N1.00.
On the flip side, Beta Glass ended the trading session as the best-performing stock as it gained 9.92 per cent to settle at N58.20, PZ Cussons rose by 9.68 per cent to close at N10.20, Livestock Feeds grew by 9.03 per cent to N1.69, Linkage Assurance improved by 8.00 per cent to 54 kobo, while Jaiz Bank appreciated by 6.06 per cent to 70 kobo.
At the market yesterday, investors transacted 359.9 million stocks valued at N2.6 billion in 5,163 deals in contrast to the 177.1 million stocks valued at N4.2 billion exchanged last Friday in 3,873, showing an increase in the trading volume by 103.22 per cent, a decrease in the trading value by 37.54 per cent and an increase in the number of deals by 33.31 per cent.
Transcorp ended the day as the most active stock with the sale of 92.0 million units valued at N92.8 million, Sterling Bank transacted 50.7 million units worth N76.6 million, Fidelity Bank exchanged 46.7 million units for N153.6 million, Linkage Assurance sold 30.5 million units for N15.3 million, while Access Holdings traded 15.5 million units worth N156.4 million.
During the session, the consumer goods and industrial goods sectors closed higher by 0.18 per cent and 0.06 per cent respectively, while the banking, insurance and energy counters closed lower by 4.42 per cent, 0.30 per cent and 0.12 per cent apiece.
Due to the significant profit-taking in financial and energy stocks yesterday, the All-Share Index (ASI) crumbled by 70.37 points to 46,893.86 points from 46,964.23 points, while the market capitalisation depreciated by N38 billion to N25.273 trillion from N25.311 trillion.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
By Aduragbemi Omiyale
The names of about 100,000 companies registered by the Corporate Affairs Commission (CAC) are about to be deleted for inactivity, especially for failing to file their annual tax returns, Business Post reports.
This information was disclosed by the CAC via a notice signed by its management on Wednesday, July 15, 2026.
The list contains organisations like the Nigeria-Poland Chamber of Trade Invest Ltd, Alariwo of Afrika Ltd, Ovation Sports International, First Union Pension Fund Administrators, Investopedia Limited, Baptist High School Abuja Ltd, and Yobe Aluminium Manufacturing Industries Ltd, amongst others.
In the statement, the commission said its decision to strike off the names of the affected firms from the register aligns with the provisions of Section 692(3) (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
However, the affected companies can still salvage the situation by filing all outstanding annual returns and regularising their records within 90 days.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the register without further notice,” it declared, expressing its continued commitment to providing prompt and efficient registration and regulatory services to the satisfaction of its valued customers.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange gained 1.75 per cent on Wednesday, July 15, pushing the NASD Security Index (NSI) up by 74.20 points to 4,316.51 points from 4,242.31 points, as the market capitalisation added N44.54 billion to finish at N2.590 trillion compared with the preceding session’s N2.546 trillion.
During the session, there was an 11.5 per cent rise in the value of transactions at midweek to N72.7 million from the preceding session’s N65.2 million, as there was a 3.7 per cent growth in the number of deals to 28 deals from the previous session’s 27 deals, while the volume of securities slumped by 64.5 per cent to 4.9 million units from 13.7 million units.
At the close of trades, Great Nigeria Insurance (GNI) Plc ended as the most active security by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, with the second spot occupied by Infrastructure Credit Guarantee (Infracredit) Plc after selling 2.3 billion units valued at N6.5 billion, and the third position was taken by Central Securities Clearing System (CSCS) Plc, which exchanged 74.3 million units for N5.3 billion.
GNI Plc also finished the trading day as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units traded for N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
Business Post reports that the market breadth index was negative yesterday, as there were two price gainers and three price losers.
11 Plc added N22.36 to its value to close at N250.00 per share versus N227.64 per share, and CSCS Plc improved by N7.95 to N90.35 per unit from N82.40 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc lost N1.37 to end at N150.00 per share versus N151.37 per share, UBN Property Plc depreciated by 6 Kobo to N1.75 per unit from N1.81 per unit, and Food Concepts Plc dropped 1 Kobo to close at N2.49 per share versus N2.50 per share.
