Connect with us

Economy

Value of Nigerian Stocks Now N28.486trn as ASI Hits 52,838.45 points

Published

on

Nigerian Stocks1

By Dipo Olowookere

The bearish sentiment witnessed on the floor of the Nigerian Exchange (NGX) Limited on Tuesday was reversed on Wednesday after buying pressure lifted the market by 1.99 per cent.

The growth was driven by strong demand for Nigerian stocks amid global uncertainties caused by the ongoing Russia-Ukraine war and the resurgence of COVID-19 in China, which is threatening demand for crude oil.

Yesterday, the value of equities on the exchange increased by N557 billion to N28.486 trillion from N27.929 trillion as the All-Share Index (ASI) skyrocketed by 1,033.04 points to 52,838.45 points from 51,805.41 points.

Business Post reports that growth was seen across the key sectors of the market, with the consumer goods, industrial goods, insurance, energy and banking indices expanding by 1.48 per cent, 1.41 per cent, 0.94 per cent, 0.10 per cent and 0.03 per cent apiece.

Data obtained from the bourse indicated that the bullish sentiment was relatively strong at the midweek session as there were 43 price gainers and 27 price losers.

CWG and Okomu Oil topped the gainers’ chart as they gained 10.00 per cent each to trade at 99 kobo and N205.70 respectively. Champion Breweries appreciated by 9.93 per cent to N4.43, McNichols rose by 9.90 per cent to N1.11, while IMG gained 9.88 per cent to trade at N9.45.

On the other end, BUA Foods and Ikeja Hotels topped the losers’ chart as they lost 10.00 per cent each to finish at N56.70 and N1.17 respectively. Eterna depreciated by 9.92 per cent to N6.54, Northern Nigerian Flour Mills fell by 9.50 per cent to N9.05, while RT Briscoe declined by 8.70 per cent to 63 kobo.

A look at the activity log revealed that the level of transactions improved on Wednesday as the trading volume rose by 25.90 per cent to 417.4 million units from 331.5 million units, the trading value increased by 45.58 per cent to N7.3 billion from N5.0 billion, while the number of deals appreciated by 8.46 per cent to 7,255 deals from 6,689 deals.

The most traded stock yesterday was Jaiz Bank as it sold 40.4 million units worth N34.9 million, Transcorp exchanged 35.4 million units valued at N42.6 million, International Breweries transacted 25.4 million units valued at N224.9 million, Unilever Nigeria traded 24.6 million units worth N362.6 million, while Fidelity Bank sold 21.0 million units for N74.1 million.

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 dipo.olowookere@businesspost.ng

Economy

Nigeria’s Crude Oil Refining Capacity to Hit 1.2 million bpd in 5 Years—NCDMB

Published

on

Diesel Refining Capacity

By Adedapo Adesanya

The Nigerian Content Development and Monitoring Board (NCDMB) has expressed optimism that in the next five years, crude oil refineries in the country would be able to refine not less than 1.2 million barrels per day.

The Executive Secretary of the organisation, Mr Simbi Wabote, while speaking at the maiden NCDMB Nigerian Content Midstream/Downstream Oil & Gas Summit in Lagos themed Towards Maximizing Potentials in the Midstream and Downstream Oil & Gas Sector – A Local Content Perspective, said, “About 400,000 barrels per day is expected from the rehabilitation of NNPC refineries in Port Harcourt, Warri, and Kaduna using target performance of not less than ninety per cent of nameplate capacity.

“The Greenfield element of the roadmap covers the mechanically complete 650,000 barrels per day Dangote Refinery in Lagos and the 200,000 barrels per day BUA Refinery in Akwa Ibom state.”

He disclosed that the NCDMB has partnered with major operators in the industry such as NNPC, Waltersmith, Azikel, and Atlantic Refinery among other stakeholders to help grow domestic refining capacity.

Mr Wabote also said that Nigerian content is targeted to achieve 70 per cent in the Nigerian oil and gas industry by the year 2027.

“Based on our 10-year strategic roadmap to achieve 70 per cent Nigerian Content target in the Nigerian oil and gas industry by the year 2027, the midstream and downstream sectors of the industry represent key areas to derive and extract value to meet our set target,” he said.

According to Mr Wabote, there is an opportunity to maximize potential in the midstream and downstream sectors of the oil and gas industry, especially in the area of employment, entry barriers for businesses, and profit margin in the LPG value chain, energy security and social impact.

“It is important to highlight that this development goal goes beyond the oil and gas but has linkage to other sectors of the economy covering construction, ICT, agriculture, Research and Development, Education, and others.

“NCDMB is serving as a catalyst to enhance the realization of the refining roadmap,” the NCDMB boss stated.

He also emphasized the importance of the completion of projects undertaken by the board and partners, saying, “There is no doubt that these giant strides in the midstream and downstream sectors of the oil and gas industry are indeed the envy of many African countries. It is however important that we finish off the projects under development so that the associated values and opportunities could be realized.”

”The need to share investment and skills across the borders within Africa, indigenous research and development, funding structure for hydrocarbon projects, and others were key factors identified as focus areas to ensure our readiness to take our destiny in our hands.

“I am delighted that APPO has signed an MOU with Afrexim Bank to set the ball rolling in addressing the funding challenge,” he added.

Continue Reading

Economy

Identity Management System Will Reduce Unclaimed Dividends—SEC

Published

on

Unclaimed Dividends

By Aduragbemi Omiyale

The Securities and Exchange Commission (SEC) has expressed confidence that the identity management system being developed for the Nigerian capital market will reduce the problems of unclaimed dividends.

The high unclaimed dividends in the system have been a source of worry for the regulator, prompting the introduction of the e-dividend mandate, which made it possible for shareholders to receive their cash rewards directly into their bank accounts.

One of the issues discovered to be fuelling the fallow dividends is the identity management crisis and to eliminate this, SEC is coming up with an initiative to allow investors to regularise their shares bought with different identities into a single account.

Over the weekend, the Director-General of SEC, Mr Lamido Yuguda, received members of the Committee on Identity Management for the capital market in Abuja and he described identity theft as a fraudulent practise of using another person’s name and personal information to obtain shares, credit and loans, among others.

He added that the commission decided to engage relevant stakeholders in a bid to resolve issues of identity management to tackle the problem of unclaimed dividends.

According to him, the problem of unclaimed dividends has to do with identity management, hence, the efforts to harmonize various databases of investors and facilitate data accuracy in the market as well as increase investors’ education to stem the trend.

Mr Yuguda, who expressed satisfaction with the work of the committee so far, added that stakeholder engagements would commence in earnest to ensure the success of the project.

While thanking the members of the panel for lending their support and resources to the project, he also expressed confidence in the success of the scheme that it would build a greater Nigeria and impact unborn generations.

In his remarks, the Chairman of the team, Mr Aigboje Aig-Imoukhuede, commended the agency on the recent release of Rules on Issuance, Offering Platforms and Custody of Digital Assets, saying that it was a step in the right direction.

Mr Aig-Imoukhuede said the committee’s work had exposed the need for standardization of systems within the Nigerian capital market that would support Open Finance which the SEC can drive, adding that the SEC could leverage on the committee to develop the framework for the Nigerian capital market.

According to him, “The committee had clearly defined the task ahead in a roadmap and also identified that the project would be carried out in stages supported by a consultant with recourse to the SEC on a regular basis.

“The committee is committed to ensuring that the customer journey for investors is such that would cause a revolution in the Nigerian capital market, thereby making our market attractive to the tech-savvy and younger generation.”

Continue Reading

Economy

LBS, NowNow Unveil Financial Literacy Initiative

Published

on

NowNow financial literacy initiative

By Modupe Gbadeyanka

A financial literacy initiative designed to drive financial inclusion growth in Nigeria has been unveiled by the Lagos Business School (LBS) and NowNow, a leading African B2B and B2C fintech company.

The LBS is embarking on this project through its Sustainable Inclusive Digital Financial Services (SIDFS). The fintech will use this programme to ensure smart financial planning and reach its customers, especially those who do not have bank accounts.

“We strongly believe that financial inclusion should be complemented by financial education. In this regard, we are excited to partner with the SIDFS of the LBS to provide financial literacy directly to Nigerians.

“Our partnership with SIDFS is critical to moving the financial inclusion needle to ensure citizens have the necessary knowledge and skills to use financial services,” the Partnership Director of NowNow Digital Services, Mr Lekan Akinjide, stated.

The Programme Lead at SIDFS, Olayinka David-West, disclosed that; “Since 2016, LBS’ Sustainable and Inclusive Digital Financial Services has supported the financial services ecosystem with rich evidence-based insights, particularly about women, youths, and rural dwellers, who are the most excluded groups.

“Research shows that financial literacy is a driver of financial inclusion and providing financial education can produce outstanding results in the quest to integrate excluded people into the formal financial system.

“We are excited to work with NowNow to improve financial literacy among Nigeria’s most excluded demography and look forward to the impact and outcome of our collective efforts.”

The LBS, with the support from Bill and Melinda Gates Foundation, launched the Sustainable Digital Financial Services Project in Nigeria in 20152016.

The initiative engages in research and advocacy projects with the goal of creating an inclusive ecosystem for financial services and understanding.

The SIDFS supports the development and promotion of sustainable solutions to Nigeria’s financial inclusion challenges and helps more Nigerians access financial services.

In partnership with SIDFS, NowNow will adapt the content into an easily digestible format for specific audiences. The fintech company aims to bridge the gap between the banking system and the unbanked population by providing educational content through different channels to raise awareness and establish financial inclusion.

NowNow’s mission is to deliver best in class financial services to SMEs, banking agents and consumers, and provide financial empowerment to Africans. The long-term partnership would be in phases with the initial offering focused on women before expanding to youths and then to other sub-categories.

The strategy to focus on women at the initial stage is informed by the statistics that they form a greater percentage of the financially excluded groups and are more excluded from the formal sector in comparison to the other groups.

Continue Reading

Latest News on Business Post

Like Our Facebook Page

%d bloggers like this: