By Taiye Olayemi

The Nigerian stock market continued on a bullish trend on Wednesday, gaining N224 billion and marking a three-day positive trend.

Market capitalisation rose by N224 billion or 0.32 per cent, closing at N71.118 trillion when compared to N70.894 trillion recorded on Tuesday.

Similarly, the All-Share Index (ASI) climbed 354.25 points or 0.32 per cent, reaching 112,781.73 from 112,427.48 recorded on Tuesday.

The upward trend was driven by strong buying interest in medium and large-capitalised stocks, including: Oando, UH Real Estate Trust, Royal Exchange, Legend Internet, Lasaco Assurance and 27 other stocks.

Meanwhile, the market breadth closed positive with 32 gainers and 21 losers.

On the gainers’ chart, Oando soared by 10 per cent, settling at N51.70 while UH Real Estate Trust increased by 9.96 per cent, closing at N50.25 per share.

Royal Exchange rose by 8.64 per cent, ending the session at 88k and Legend Internet gained by 7.27 per cent, finishing at N5.90 per share.

Similarly, Lasaco Assurance climbed by 6.67 per cent, closing at N3.20 per share.

On the losers’ chart, Nigerian Railway Corporation dropped by 9.89 per cent, ending the session at N5.92 while ABC Transport fell by 9.83 per cent, settling at N2.66 per share.

Meyer lost by 9.63 per cent, closing at N8.45 and Academy declined by 9.58 per cent, finishing at N4.53 per share.

Also, Livestock Feeds shed by 6.77 per cent, closing N8.95 per share.

A total of 611.53 million shares worth N16.68 billion were traded across 13,682 transactions.

This is in contrast to 622.64 million shares worth N16.12 billion traded across 17,044 transactions earlier on Tuesday.

Transactions in the shares of Fidelity Bank topped the activity chart with 93.47 million shares worth N1.78 billion.

Guaranty Trust Holding Company followed with 87.20 million shares valued at N5.95 billion while Royal Exchange traded 73.08 million shares worth N64.93 million.

United Bank for Africa sold 57.11 million shares valued at N1.97 billion and Access Corporation transacted 38.76 million worth N854.59 million. (NAN) (www.nannews.ng)

Edited by Olawunmi Ashafa

By Martha Agas

The World Trade Centre (WTC), Abuja, on Tuesday unveiled an export launch pad aimed at boosting Nigeria’s competitiveness in global trade.

The pad was unveiled by its Vice-President, Mr Ahmed Adelaja, alongside the WTC Abuja Trade Desk shortly after its webinar.

The News Agency of Nigeria (NAN) reports that the webinar was on “Navigating Global Uncertainties and Breaking Barriers to Growth”, part of its series on ‘Nigeria’s Trade Competitiveness’.

Adelaja described the pad as WTC Abuja’s flagship business accelerator, designed to empower Nigerian exporters, particularly small and medium-scale enterprises to compete successfully in international markets.

He said that the transformative initiatives were in response to the constraints limiting Nigeria’s competitiveness to global trade which aligned with Nigeria’s economic diversification agenda and the African Union 2063 Agenda, among other policies.

He expressed confidence that the launch pad would provide solutions to concerns such as product packaging, compliance to international standards and access to logistics concerns.

“It will provide export-ready diagnostics, sector-specific market intelligence, packaging and compliance advisory and access to logistics partners, trade finance and verified international buyers.

“It will also serve as a pipeline for African Continental Free Trade Area (AfCFTA) trade, ECOWAS regional integration and global exports, focusing on agriculture, manufacturing, the creative economy and services,” he said.

According to him, the unveiling of the export pad aims to ensure that no viable export idea in Nigeria fails due to a lack of knowledge, access, or support.

While unveiling the WTC Abuja Trade Desk, he said that it would serve as a dedicated liaison and support hub for exporters.

Adelaja said that the services of the desk would also include offering market entry assistance, regulatory support, documentation guidelines, policy issue escalation, and business matchmaking through the global WTC network.

He said that the trade desk would also work with relevant organisations such as the chambers of commerce, trade agencies, international partners, stating that the WTC was determined to become a bridge to global opportunity.

He said the trade desk would also work with relevant organisations such as chambers of commerce, trade agencies and international partners, emphasising the determination of the WTC to become a bridge to global opportunities.

The keynote speaker, Prof Jonathan Aremu, said that Nigeria’s trade competitiveness was facing both global uncertainties and domestic barriers to growth, such as global volatility, weak oil prices and infrastructure deficits.

Aremu, a professor of International Economics Relations, said that navigating uncertainty and breaking barriers to enhance Nigeria’s trade competitiveness involved a multi-faceted approach from both the public and the private sector.

He said that the approaches include forming strategic partnerships, embracing digital transformation, diversification, local sourcing and regional import substitution, sequencing and negotiating Nigeria’s trade agreements and reordering the priorities of trade formulation and negotiation.

He said that the range of products or services offered in Nigeria should be expanded to help businesses reduce their reliance on any single revenue stream.

“Exploring new markets, either within Nigeria or internationally, can help businesses spread risk by targeting different customer segments or expanding into new geographical areas.

“Diversifying investments across different asset classes and currencies can help protect against inflation and currency devaluation,” he said.

Mr Kevin Oye, the President, National Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA), said that the private sector plays a vital role in export competitiveness.

Represented by the Director of the Abuja Liaison Office, Mahmud Ahmed, Oye said that competitiveness could be achieved through driving product and process innovation, powering production infrastructure, strengthening supply chains, and promoting global marketing. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

By Taiye Olayemi

The stock market began the week on a positive note on Monday as investors gained N173 billion and performance indices soared by 0.25per cent.

Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation climbed by N173 billion, rising to N70.635 trillion from N70.462 trillion on Friday.

The All-Share Index also increased by 273.95 points or 0.25 per cent to close at 112,015.96, compared to 111,742.01 recorded on Friday.

This uptrend was driven by investors’ interest in medium and large capitalised stocks like: Multiverse Mining, Livestock Feeds, Lasaco Assurance, Neimeth International Pharmaceutical, Royal Exchange and 18 other stocks.

However, the market breadth ended negative with 33 losers and 23 gainers.

On the losers’ chart, Legend Internet declined by 9.90 per cent, settling at N5.55 while Secure Electronic Technology lost by 9.84 per cent, closing at 55k per share.

ETranzact dropped by 9.56 per cent, finishing at N6.15 and University Press fell by 9.32 per cent, ending the session at N5.35 per share.

Mc Nicholas shed by 7.31 per cent, closing at N2.41 per share.

On the gainers’ chart, Multiverse Mining rose by 9.87 per cent, finishing at N8.35 while Livestock Feeds soared by 9.57 per cent, settling at N10.30 per share.

Lasaco Assurance climbed by 8.11 per cent, ending the session at N2.80 and Neimeth International Pharmaceutical increased by 8.06 per cent, settling at 3.35 per share.

Also, Royal Exchange gained by 7.50 per cent, closing at 86k per share.

A total of 517.95 million shares worth N10.07 billion were exchanged across 17,019 transactions.

This is in contrast with 1.9 billion shares valued at N64.15 billion traded across 18,653 deals earlier recorded.

Transactions in the shares of Fidelity Bank topped the activity chart with 98.81 million shares worth N1.88 billion.

Royal Exchange followed with 58.45 million shares valued at N50.24 million while Access Corporation transacted 55.17 million shares worth N1.21 billion.

Cutix sold 32.26 million shares valued at N101.05 million and United Capital traded 27.18 million shares worth N534.38 million. (NAN) (www.nannews.ng)

Edited by Olawunmi Ashafa

By Vivian Emoni

The Head of Civil Service of the Federal Capital Territory (FCT), Mrs Grace Adayilo, says the MSMEs One Stop Shop initiative will enhance and strongly support small businesses in the country.

Adayilo said this at the 5th Abuja Enterprise Small and Medium Enterprises (SMEs) Expo in Abuja.

She commended the efforts of the Management of Abuja Enterprise Agency (AEA) for organising the expo, adding that the commitment has sustained the territory’s development.

According to her, this is in line with the President Bola Tinubu’s Renewed Hope Agenda, being championed in FCT by the Minister, Nyesom Wike.

She said that the MSMEs One Stop Shop was an initiative of the government to support MSMEs, with the aim of providing easy interaction between regulatory agencies and MSMEs across the country.

She said that the SME Expo had explored partnerships and created opportunities to enhance investment across the country.

Adayilo, who was represented by her Personal Assistant, Mrs Olaide Yongo, said that over the years, AEA had served as FCT’s special purpose vehicle for various SME initiatives like the expo.

She said that the AEA had also successfully implemented the FCT-CARES programme, under Nigeria’s COVID-19 economic recovery efforts, as well as engaged the One Village, One Product (OVOP) initiative.

The News Agency of Nigeria (NAN) reports that theme of the expo was, “Leveraging Financial Opportunities and Strategies to Mobilise Funding for Sustainable Growth”.

According to Adayilo, the theme is both timely and strategic.

“It focused on financial tools, investment strategies and collaborations to unlock capital and promote sustainable development.

“Beyond funding, the expo is a vibrant space to build networks, explore partnerships, and connect with distributors, customers and export markets,” she said.

Adayilo urged participants at the expo to fully engage and ensure that the programme enhanced their businesses.

She appreciated the FCT minister, corporate partners and sponsors for their unwavering support in making the event a success.

She said that their steadfast commitment to enterprise development, youth empowerment and inclusive economic growth had impacted greatly on SMEs in the FCT.

The Acting Managing Director, AEA, Dr Chudi Ugwuada-Ezirigwe, said that the expo was planned to improve the competitiveness of Nigerian SMEs and promote industrialisation.

Ugwuada-Ezirigwe said that it had also stimulated investment in digital technologies and strategically positioned made-in-Nigeria products in the African and global markets.

He said that the theme reflected the increasing need to empower SMEs with information, tools and strategies to access funding.

According to him, harnessing these opportunities demands a collaborative commitment from all stakeholders in the SME ecosystem which is made up of financial institutions, investors, policymakers and development partners.

“It is only through collective effort that we can create an enabling environment that promotes entrepreneurship and sustainable growth.

“The spirit of this expo is that it helped to gather various people together. At this time that we are together, we should be able to strategically position ourselves to run the expo quarterly,” he said.

Ugwuada-Ezirigwe said that the agency had successfully organised four previous editions with over 1,200 enterprises showcasing their goods and services to an estimated 11,000 visitors.

“The ongoing edition, just as the past ones, has featured impactful activities such as business clinics, symposia, interactive panel discussions and business advisory sessions,” he said.

He called on the exhibitors and participants to see the expo as an opportunity to expand their markets, work and cross fertilise ideas and innovations. (NAN) (www.nannews.ng)

Edited by Esenvosa Izah/Kadiri Abdulrahman

By Grace Alegba

Bureau De Change Operators (BDCs) on Monday appealed to the Central Bank of Nigeria (CBN) to further extend the recapitalisation deadline and review license requirements to save jobs.

The BDCs, under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON), made the appeal in an interview with the News Agency of Nigeria (NAN) in Lagos.

ABCON President, Dr Aminu Gwadabe, told NAN that a further extension and review would give more members opportunities to meet the new capital threshold.

NAN reports that the CBN in May 2024 issued new operational guidelines for BDCs, which became effective on June 3, 2024, directing all existing BDCs to reapply for new licenses.

BDCs with Tier 1 licenses were expected to have a capital base of N2 billion, while Tier 2 licenses needed N500 million, with non-refundable license fees of N5 million and N2 million respectively.

Both Tier 1 and Tier 2 BDCs were given six months to meet the minimum capital requirement of the license category applied for.

However, the apex bank later extended the recapitalisation deadline by an additional six months, which will lapse on Tuesday, June 3.

With the new deadline in sight, Gwadabe expressed fears of mass job losses, noting that less than 10 per cent of his members had complied with the new capital threshold.

He estimated that over three million jobs and livelihoods were at risk.

“The way forward to mitigate this is an appeal for further extension and a deliberate review of the financial requirements as some members strive to achieve them.

“The CBN should continue their stakeholder collaboration during the time of the extension to douse the anxiety, pressures, and tension currently enveloping the sector.

“Finally, there is the acceleration of the licensing process to give hope, clarity, and direction to the investors who have met the requirements and the prospective investors,” he said.

He explained measures by the association to curb job losses, including continued engagements with the Central Bank of Nigeria and lobbying of other relevant agencies.

He added that there were ongoing strategic sessions among ABCON members towards identifying frameworks like mergers, investor acquisition, and seeking a “No Objection” from the CBN.

The ABCON boss added that this was to allow members to establish public limited liability companies across clusters for more participation and inclusiveness.

“The plans for mergers include identifying like minds in five, 10, 15, 20 entities to come together and float a new entity.

“As earlier mentioned, we have also applied to the CBN for ‘No Objection’ on our plans to float public limited liability with capacity to absorb many of our members but met a holding response from the CBN,” he said. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

By Ginika Okoye

Some retired cooperative members of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Lagos State Branch, have decried alleged misappropriation of their funds by the management committee of the multipurpose society.

Speaking at a media briefing in Abuja, the members said that they were yet to access their monies after years of retirement.

They called for a forensic audit of the NNPC Ltd. Lagos State cooperative account for transparency, justice and accountability.

Elder Ante Ante, the Leader of the Group and an NNPC Ltd. retiree, said that their colleagues were yet to receive their dividends and monies contributed for 10 years.

According to him, the essence of a cooperative society is to provide assistance, immediate or emergency solution to financial crisis of members.

Collaborating the misappropriation claim, he said that the cooperative society declared N96 million as surplus in 2021 but recorded a loss of N806 million by 2022.

“For up to 10 years, we have not received the normal dividend from this cooperative and yet, people have been and are still contributing on monthly basis.

“Those who run the societies just use our funds as if it is free money.

“Those who retired, who have needs, to even pull out their savings, were unable to because the money is not there.

“If you go for loan, they will tell you, wait, you want to withdraw, you cannot get withdrawal, no dividend is paid,” he said.

Ante said that the current Caretaker Committee of the Lagos State Chapter of the cooperative society was constituted illegally without due process of a congress and Annual General Meeting (AGM).

He said that the cooperative was marred with crisis and misappropriation of funds.

He appealed to the management of NNPC Limited and the Lagos State Government to work with the group in the interest of the cooperative members.

“We want to tell the world that all is not well with this cooperative society.

“We want the management of NNPC Limited, Lagos State government, Ministry of Industry, Trade and Investment to cooperate with us.

“Monies have been wasted, our savings have been depleted just for people to keep themselves in office and we have documents to back all these things up,’’ he said.

Mr Odey Ochicha, an NNPC Limited retiree and a former President of the Lagos State Chapter of the cooperative society, said that the group was on a rescue mission.

Ochicha, who said that the management committee was yet to hold an AGM since 2023, called for transparency, accountability, due diligence and justice to save cooperators funds.

He said that his over N10 million contributions to the cooperative was yet to be accounted for.

Mr Bob Manuel, a member of the group, said that he retired from NNPC Ltd. since 2020 but was yet to access his over N15 million.

“We have seen a lot of squandering of cooperatives investment. We are not here to witch-hunt anybody,’’ he said.

Mrs Bola Babalola, another NNPC Ltd. retiree and member of the group, frowned at alleged unfettered access to the cooperative funds by the members and misuse of members’ savings without proper accountability.

Babalola, who retired in 2021, said that the management committee of the cooperative was illegally constituted.

“The caretaker committee has been running the cooperative with impunity and without proper information and concern for the members,’’ she alleged. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman