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Stocks Post Highest Daily Loss in 11 Months After CBN’s Rate Hike



stock markets investing Invest in Stocks

By Dipo Olowookere

The decision of the Central Bank of Nigeria (CBN) to increase the monetary policy rate (MPR) to 13.0 per cent from 11.5 per cent on Tuesday after its third Monetary Policy Committee (MPC) meeting for the year had a spiral effect on local stocks.

At the Nigerian Exchange (NGX) Limited yesterday, the action of the central bank in two years further dampened the mood of investors, who, upon receiving the news, embarked on a selling spree.

This put pressure on the exchange as it shed 1.82 per cent, the highest it has lost in a single trading session in almost a year (11 months).

Consequently, the All Share Index (ASI) deflated by 961.87 points to 51,949.64 points from 52,911.51 points, while the market capitalisation shrank by N518 billion to N28.007 trillion from N28.525 trillion.

Analysis showed that the bearish mood was across the key sectors of the market as none closed in the green region. The consumer goods index lost 1.21 per cent, the insurance space fell by 1.09 per cent, the industrial goods counter depleted by 0.61 per cent, the banking sector crashed by 0.39 per cent, while the energy index depreciated by 0.32 per cent.

However, the activity chart was green due to the cross deals witnessed in Ecobank and others, causing the trading volume, value and number of deals to rise by 173.48 per cent, 149.79 per cent and 25.54 per cent respectively.

A total of 720.2 million shares worth N8.9 billion were traded in 6,096 deals compared with the 263.3 million shares worth N3.6 billion traded in 4,856 deals on Monday.

Ecobank recorded the highest trades by volume for selling 257.6 million stocks valued at N3.0 billion, Jaiz Bank traded 78.0 million shares worth N69.7 million, Access Holdings exchanged 60.5 million equities worth N605.0 million, UAC Nigeria transacted 52.2 million shares for N673.1 million, while Transcorp sold 31.4 million equities valued at N39.7 million.

Business Post reports that investor sentiment was weak during the session as there were 39 price losers and 17 price gainers led by Japual, which grew by 10.00 per cent to 33 kobo.

Industrial and Medical Gases rose by 9.89 per cent to N10.00, MRS Oil grew by 9.70 per cent to N16.40, Abbey Mortgage Bank appreciated by 9.09 per cent to N1.80, while Academy Press improved by 8.15 per cent to N1.46.

Conversely, Guinness Nigeria recorded the highest decline after it dropped 10.00 per cent to sell at N88.20, Global Spectrum Energy Services lost 9.77 per cent to trade at N2.77, Axa Mansard depreciated by 9.73 per cent to N2.04, Chams went down by 8.70 per cent to 21 kobo, while Veritas Kapital depleted by 8.70 per cent to 21 kobo.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via


CitiTrust Holdings Sells Commercial Paper for 22%



Cititrust Financial Services Ikechukwu Peter

By Aduragbemi Omiyale

An opportunity has opened for commercial paper investors as CitiTrust Holdings Plc is offering the asset class at a coupon of 22.0 per cent per annum under its N50 billion commercial paper issuance programme.

According to details of the exercise obtained by Business Post, the company, in the financial services sector, is selling the debt instrument in four tenors of 90 days, 120 days, 180 days and 270 days.

The minimum subscription for prospective and potential investors is N5 million and can be purchased through any of the registered stockbrokers.

The 90-day instrument is going for 16.1 per cent, the 120-day paper is being sold for 17.5 per cent, the 180-day note is 19.1 per cent, and the 270-day instrument is going for 22.0 per cent.

The offer commenced on November 23, 2022, and is expected to close on Wednesday, December 7, 2022, with the net proceeds to be used for the company’s general corporate purposes and working capital.

CitiTrust said investors would be paid their interests from the operating cash flows of the organisation, with purchases to be settled via direct debit, electronic funds transfers, NIBBS Instant Payment (NIP), NIBBS Electronic Funds Transfer (NEFT) or Real-Time Gross Settlement (RTGS).

CitiTrust is a leading pan-African financial and investment conglomerate owned by reputable institutional and private investors. The company has a focus on high-end financial products and services for its targeted sectors of the economy, with operations in commercial banking, investment banking, wealth management, pension management, insurance and alternative investment.

The firm is a foremost financial solutions provider and has been an intricate part of the Nigerian economy since 2007. It has grown and evolved over the years into an award-winning market leader in the financial sub-sector of the Nigerian economy, establishing its footprints in 12 African countries: Nigeria, Ghana, Rwanda, Botswana, Liberia, Benin Republic, Malawi, Kenya, Tanzania, Uganda, Cote d’Ivoire, South Africa and the UK.

In 2019, the organisation upgraded its operations into a reputable financial services provider to align with the strategic vision of its shareholders to build an enduring institution that delivers cross-functional services to its clientele.

The company’s deep knowledge of the market, dexterity, smooth and reliable processes driven largely by technology and the high quality of its personnel puts it on the cutting edge of strategic Importance with its clientele.

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No Individual Should Operate Domiciliary Account in Nigeria—Tope Fasua



domiciliary account in Nigeria

By Modupe Gbadeyanka

An economist and former presidential candidate of the Abundant Nigeria Renewal Party (ANRP) in the 2019 general elections, Mr Tope Fasua, has kicked against the opening of a domiciliary account in Nigeria for an individual, calling it an abnormality.

Speaking on a Channels Television’s Saturday breakfast show, he said only corporate organisations involved in international trades should be allowed to operate a dorm account.

As individuals who need foreign exchange to transact any business transaction, they should be given a credit card or prepaid card, which would be loaded with the value of Dollars they require instead of giving them cash.

According to him, this would limit the demand for FX and strengthen the Naira in the forex market segments.

Mr Fasua made these submissions while reacting to the decision of the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1,000 notes.

“Personal dorm accounts are mostly unnecessary; only companies that are doing international trade transactions or financial market companies should be able to hold dorm accounts because they have a reason to,” the renowned analyst said on the programme monitored by Business Post.

“When I travelled abroad recently, GTBank loaded by card with Dollars, and when I need to spend where I am going, I just use my card,” he added, stressing that, “If you are an exporter, you have export proceeds coming in, you can have a dorm account.

“If you are an importer and you need to pay your customer once in a while, you can have a dorm account as a company, but if every Tom, Dick and Harry can speculate against their own currency, you will never get it out of crises.”

According to him, “The ease at which people move against their currency in this country is too much; it should not be that easy.”

Tope Fasua

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LIBIZFAIR Will Boost Business Opportunities in Lagos



business opportunities

By Modupe Gbadeyanka

The Chairman of Nigeria in Diaspora Commission (NiDCOM), Mrs Abike Dabiri-Erewa, has disclosed that the Lagos Island Business Fair (LIBIZFAIR) will improve business opportunities in the state and also attract more investments.

The former federal lawmaker said this at the opening ceremony of the fair organised by the Lagos Island Connect, in conjunction with the Lagos State Ministry of Commerce, Industry and Cooperatives.

At the programme held at the Tafawa Balewa Square (TBS), Onikan, Lagos, Mrs Dabiri-Erewa, represented by the Head of the Lagos Annex of the agency, Mr Oladipo Odebowale, commended the state government for the initiative.

She noted that the platform provides a unique opportunity for entrepreneurs to showcase their businesses, saying, “This will boost investment and business opportunities in the state.”

The Commissioner for Commerce, Industry and Cooperatives, Mrs Lola Akande, in her remarks, described the empowerment of Micro, Small and Medium Enterprises (MSMEs) as critical to the empowerment of youths.

Represented by the Permanent Secretary in the minister, Mrs Adetutu Ososanya, she noted that building the capacity of youth-oriented enterprises, with the goal of providing opportunities for growth, will lead to an increase in prosperity among Lagos Island youths.

“I believe this platform can leverage socio-economic networking and Information Communication & Technology to provide more interactive opportunities for the teeming youth of Lagos Island and its environs from diverse cultural, religious, social and educational backgrounds to grow their businesses and services, as well as the State’s economy,” she said.

The Commissioner explained that the fair aligns with the policy of Governor Babajide Sanwo-Olu of creating a conducive environment for businesses to thrive, widening access to the market and encouraging networking and collaboration among entrepreneurs.

Also speaking at the event, the Special Adviser to the governor on Sustainable Development Goals & Investment (SDG&I), Mrs Solape Hammond, stressed that the programme was geared towards supporting businesses to thrive at the local government level.

“The study discovered that the youths of Lagos Island are versatile, technologically enabled, driven and willing to be positively engaged, particularly in personal and communal development.

“Though most of them are faced with different challenges yet, there is an enormous zeal to be gainfully engaged rather than being idle, which could contribute to community nuisance.

“Young people in Lagos Island have a brighter vision for the future, and all stakeholders must join together to support them to deliver it,” the governor’s aide said in her presentation on the Lagos Island Youth Needs Assessment Survey.

The co-founder of the Lagos Island Connect, Mrs Yemisi Ransome-Kuti, while addressing participants, noted that the LIBIZFAIR 2022 was geared towards taking businesses in Lagos Island from a local to a global level by investing in the youths and preventing their massive migration to foreign lands.

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