Economy
Stock Market Sheds 0.31% as DSS-Emefiele Crisis Scares Investors
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited lost 0.31 per cent on Monday as news of operatives of the Department of State Services (DSS) invading the headquarters of the Central Bank of Nigeria (CBN) in search of its Governor, Mr Godwin Emefiele, rattled investors.
For the past few weeks, investors at the local stock market had closely watched how the secret police have made moves to arrest the central banker over alleged terrorism financing.
However, things turned awry yesterday after it was reported that the security officials were at the CBN office in Abuja, disrupting their activities.
The apex bank later in the day released a statement that Mr Emefiele, whose whereabouts before now had been a subject of speculations, resumed duty after a vacation abroad.
He left Nigeria with President Muhammadu Buhari last month for the US-Africa Summit in Washington, DC, but did not return with his boss after the programme.
There are no indications if Mr Buhari would wade into the matter to reassure investors, especially offshore, that the rule of law would be allowed to play because of the wrong signal the matter is beaming to the world.
At the stock exchange yesterday, investors traded cautiously, which led to selling pressure, causing the trading volume, value and the number of deals to rise by 2.16 per cent, 26.92 per cent, and 13.68 per cent, respectively.
A total of 221.9 million shares worth N3.3 billion exchanged hands in 5,219 deals on Monday, compared with the 217.2 million shares worth N2.6 billion transacted in 4,591 deals last Friday.
UBA sold the highest number of stocks yesterday, 22.9 million units, followed by GTCO, which transacted 20.0 million units. Transcorp traded 14.6 million units, FBN Holdings exchanged 14.1 million units, and Zenith Bank transacted 13.5 million units.
From the analysis of the market data by Business Post, the banking sector suffered the heaviest fall as its index depreciated by 3.39 per cent. The industrial goods counter fell by 0.18 per cent, the consumer goods space depleted by 0.08 per cent, while the insurance and the energy sectors appreciated by 0.39 per cent and 0.09 per cent, respectively.
At the close of business, the All-Share Index (ASI) fell by 163.66 points to 52,348.82 points from 52,512.48 points, as the market capitalisation reduced by N89 billion to N28.513 trillion from N28.602 trillion.
Investor sentiment was weak yesterday as the market breadth ended negative, with 23 price losers and 20 price gainers.
Chellerams declined by 9.70 per cent to N1.21, Prestige Assurance lost 8.70 per cent to trade at 42 Kobo, Livestock Feeds went down by 7.69 per cent to N1.20, Mutual Benefits decreased by 6.25 per cent to 30 Kobo, and Honeywell Flour shrank by 6.22 per cent to N2.26.
However, the share price of Presco grew by 9.67 per cent to N150.80, Coronation Insurance expanded by 9.52 per cent to 46 Kobo, FTN Cocoa gained 7.14 per cent to sell at 30 Kobo, ABC Transport went up by 6.90 per cent to 31 Kobo, as RT Briscoe also rose by 6.90 per cent to 31 Kobo.
By Aduragbemi Omiyale
The founder and chief executive of Austin Laz and Company Plc, Mr Asimonye Austin Lazarus Azubuike, has sold off about 52.24 million shares of the organisation.
The stocks were offloaded in 11 tranches at an average price of N4.36 per unit, amounting to about N227.8 million.
The transactions occurred between December 2025 and January 2026, according to a notice filed by the company to the Nigerian Exchange (NGX) Limited on Friday.
Business Post reports that Austin Laz is known for producing ice block machines, aluminium roofing, thermoplastics coolers, PVC windows and doors, ice cream machines, and disposable plates.
The firm evolved from refrigeration sales to diverse manufacturing since its incorporation in 1982 in Benin City, Edo State, though facing recent operational halts.
According to the statement signed by company secretary, Ifeanyi Offor & Associates, Mr Azubuike first sold 1.5 million units of the equities at N2.42, and then offloaded 2.4 million units at N2.65, and 2.0 million units at N2.65.
In another tranche, he sold another 2.0 million units at a unit price of N2.91, and then 5.0 million units at N3.52, as well as about 4.5 million at N3.87 per share.
It was further disclosed that the owner of the company also sold 9.0 million shares at N4.25, and offloaded another 368,411 units at N4.66, then in another transaction sold about 6.9 million units at N4.67.
In the last two transactions he carried out, Mr Azubuike first traded 10.0 million units equities at N5.13, with the last being 8.5 million stocks sold at N5.64 per unit.
By Dipo Olowookere
ASO Savings and Loans Plc has been delisted from the daily official list of the Nigerian Exchange (NGX) Limited.
This action followed the revocation of the operating licence of the company by the Central Bank of Nigeria (CBN) in December 2025.
In a circular on behalf of the NGX Regulation (NGX RegCo) by Ugochi Eke, it was disclosed that the effective date of the delisting is today, Friday, January 16, 2026.
Already, the company has been notified of this development, according to the notice obtained by Business Post.
Before ASO Savings lost its operating licence, it had failed to meet some post-listing requirements, a part of the disclosure from the NGX RegCo stated.
“The board of NGX Regulation Limited via its decision dated January 1, 2026, approved that the step below should be taken pursuant to the process for regulatory delisting of issuers.
“The board has approved the delisting of ASO Savings and Loans Plc from the Nigerian Exchange Limited’s daily official list effective January 16, 2026.
“ASO Savings is hereby notified of this enforcement action and is advised to direct any communication in respect of the foregoing to [email protected].
“NGX RegCo was engaging the listed entity, concerning its outstanding post-listing obligations. However, due to the revocation of the operating license of ASO Savings by its primary regulator, the Central Bank of Nigeria (CBN) effective December 16, 2025; NGX RegCo will delist the entity from the daily official list effective January 16, 2026.
“In view of the foregoing, NGX RegCo has proceeded with publishing the name of the Company in the national dailies.
“The company has been duly notified of this enforcement action, and this publication serves as notification to the investing public, particularly shareholders of the company and investors in the Nigerian capital market,” the statement read.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has issued a stern warning to oil and gas investors that petroleum licences in Nigeria are strictly for active development, not asset hoarding or speculative holding, declaring that operators must drill or risk losing their rights.
He made this admonition while delivering his message at the 2025 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Licensing Bid Round Conference in Lagos, where he outlined the government’s hardline stance on asset utilisation and investor accountability.
“The oil assets in portfolio are not mere symbols or souvenirs,” Mr Lokpobiri said, adding that, “Holders of licences are obligated to drill, drill and drill for a shared benefit for the Government, Nigerians and the operators.”
He stressed that the administration is determined to ensure petroleum assets are translated into tangible economic value, noting that licences are time-bound rights granted solely for productive use.
“These assets belong to the Federal Government, and licences are granted strictly for a defined period for productive use, not passive ownership,” the minister said. “Our licensing framework is designed to eliminate speculation and ensure that only serious, capable investors participate.”
Mr Lokpobiri also issued a strong caution to bidders seeking to participate in the 2025 licensing round, urging them to fully understand the process and obligations before submitting bids.
“As prospects take part in this bid round, a clear understanding of the modus operandi guiding the process is essential,” he said, recalling previous bid rounds where some winners attempted to reverse their commitments.
“Past experiences have shown instances where some winning bidders sought refunds based on unmet expectations or perceived asset limitations,” Lokpobiri stated. “Such actions are untenable, as there is no provision in law for the refund of a bid already won.”
According to him, the conference was convened to remove ambiguity and protect the integrity of the licensing system, stressing that the government would strictly enforce all contractual obligations arising from the process.
“This conference serves to provide clarity upfront,” he said. “Participants must be fully informed, deliberate and committed, as the Government will uphold the sanctity of the process and enforce all obligations.”
The minister’s remarks reinforce the Federal Government’s broader push to accelerate upstream development, boost production and attract only technically and financially capable investors into Nigeria’s oil and gas sector, amid renewed licensing activity under the Petroleum Industry Act (PIA).
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