Economy
Unity Bank, GTBank, Others Drive N19bn Investment in Domestic Stocks
By Dipo Olowookere
Last week, on the floor of the local exchange, the volume of transactions increased by 35.29 per cent to 2.3 billion units from 1.7 billion units as a result of interests in stocks in the banking sector.
The market witnessed this rise in the number of traded equities despite the recent decline due to the absence of triggers to propel a buying pressure, though the release of the audited 2020 earnings of GTBank and the completion of the demutualisation of the Nigerian Stock Exchange (NSE) spurred bargain hunting in two of the five-day trading week.
Business Post observed that despite the increase in the trading volume, the value of the investment in domestic stocks reduced by 17.87 per cent as shares worth N19.3 billion exchanged hands in 20,173 deals during the week compared with the N23.5 billion equities transacted in 21,732 deals the preceding week.
Trading in Unity Bank, GTBank and Multiverse Mining and Exploration accounted for 1.5 billion shares worth N7.1 billion in 2,317 deals, contributing 62.82 per cent and 36.91 per cent to the total trading volume and value respectively.
At the close of business, financial stocks led the activity log by volume with the sale of 1.9 billion shares valued at N12.5 billion in 12,019 deals, accounting for 80.60 per cent and 64.58 per cent of the total equity turnover volume and value respectively.
Equities in the natural resources industry recorded 201.3 million units worth N41.295 million in 27 deals, while stocks in the conglomerate sector traded 62.1 million units valued at N65.7 million in 612 deals.
According to data from the exchange, 33 equities appreciated in price during the week, lower than 35 equities in the previous week, while 25 equities depreciated in price, lower than 38 equities in the previous week, with 104 equities closing flat, higher than 89 equities recorded in the preceding week.
Eterna was the biggest price riser as its share price improved by 20.78 per cent to N5.58 and was trailed by SFS REIT, which grew by 9.94 per cent to N68.60.
Northern Nigerian Flour Mills gained 9.73 per cent to close at N6.20, Unity Bank appreciated by 9.09 per cent to trade at 72 kobo, while Smart Products Nigeria rose by 8.33 per cent to 26 kobo.
On the flip side, Neimeth topped the losers’ log after its share price went down by 14.83 per cent to N1.78 and was followed by Africa Prudential, which fell by 10.08 per cent to N5.35.
NCR Nigeria depreciated by 9.71 per cent to N2.79, Linkage Assurance declined by 9.09 per cent to 50 kobo, while Lasaco Assurance dropped 6.92 per cent to N1.21.
When the market closed for the week last Friday, the All-Share Index (ASI) and market capitalisation reduced by 0.69 per cent to 38,382.39 points and N20.082 trillion respectively.
However, all other indices finished higher with the exception of the NSE mainboard, NSE 30, insurance, consumer goods, NSE Lotus II, industrial and growth indices, which declined by 1.68 per cent, 0.99 per cent, 0.01 per cent, 1.46 per cent, 1.51 per cent, 2.62 per cent and 0.25 per cent while the sovereign bond index closed flat.
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.
