NEWS AGENCY OF NIGERIA
Stock market opens bullish with N413bn gain
Economy/Business

Stock market opens bullish with N413bn gain

235 total views today
By Taiye Olayemi
The Nigerian Stock Market opened the week on a bullish note on Monday, gaining N413 billion on the Nigerian Exchange Ltd.
Market capitalisation rose by N413 billion or 0.62 per cent and closed at N67.060 trillion compared to Friday’s figure of N66.647 trillion.
Similarly, the All-Share Index (ASI) soared by 655.93 points or 0.62 per cent, reaching 106,698.50 from 106,042.57 recorded earlier.
The positive trend was driven by strong buying interest in medium and large-cap stocks like First Bank Holding Company, Guaranty Trust Holding Company, Access Corporation and more.
Also, the market breadth closed positive, with 35 gainers and 29 losers.
On the gainers’ chart, Beta Glass increased by 9.97 per cent, closing at N120.75 while The Initiates Plc rose by 9.90 per cent, settling at N5.44 per share.
Cadbury Nigeria soared by 9.87 per cent to close at N35.05 and Caverton Offshore Support Group grew by 9.77 per cent, closing at N2.92 per share.
Multiverse Mining also gained by 9.45 per cent, finishing at N6.95 per share.
On the losers’ chart, Ecobank Transnational Corporation declined by 9.62 per cent, closing at N23.50 while Meyer Plc dropped by 6.70 per cent, settling at N8.35 per share.
Custodian fell by 4.72 per cent to close at N17.15 and Mutual Benefits Assurance lost by 4.49 per cent, closing at 85k per share.
Access Corporation shed by 3.88 per cent to close at N21.05 per share.
A total of 569.041 million shares worth N18.934 billion were exchanged across 18,612 deals.
This is in contrast to 573.33 million shares worth N15.254 billion that was traded across 18,554 transactions earlier.
Transactions in the shares of First Bank Holding Company topped the activity chart with 106.04 million shares worth N2.64 billion.
Guaranty Trust Holding followed with 87.184 million shares valued at N5.557 billion while Access Corporation transacted 42.913 million shares worth N919.28 million.
Japaul Gold traded 41.264 million shares valued at N80.55 million and CHAMS Plc sold 23.616 million worth N48.764 million. (NAN)(www.nannews.ng)
Edited by Olawunmi Ashafa
CSCS launches USSD code to enhance investment services accessibility
Economy/Business

CSCS launches USSD code to enhance investment services accessibility

279 total views today

 

 

By Taiye Olayemi

 

The Central Securities Clearing System Plc (CSCS) has launched its Unstructured Supplementary Service Data (USSD) code to enhance the ease and accessibility of investment services for all users.

 

The newly launched code *7270#, which is set to go live on Thursday, May 8, is meant to leverage the network capabilities of MTN Nigeria to bring unparalleled convenience to investors.

 

Haruna Jalo-Waziri, Managing Director and Chief Executive Officer of CSCS, said in a statement that due to the firm’s relentless commitment to innovation, it aimed to revolutionise information access within the Nigerian capital market through the USSD code service.

 

Jalo-Waziri said that the Central Securities Depository (CSD) and the CSCS focused on enhancing investor experiences and providing deeper market insights with unparalleled convenience.

 

He explained that the CSCS USSD code service offered seamless access to essential market information directly from mobile phones, eliminating the need for internet connectivity or specialised trading platforms.

 

He said investors can now effortlessly retrieve Clearing House Number (CHN), check Direct Cash Settlement (DCS) status, view stock positions, account balances, and account status confirmations.

 

“We are excited to launch the *7270# USSD code service, a significant step in leveraging mobile technology to democratise access to account and portfolio information.

 

“This service empowers every investor, regardless of their location or resources, to stay informed about their investments.

 

“At CSCS, we believe that financial inclusivity is key to driving economic growth.

 

“Our partnership with MTN Nigeria on this project represents a significant leap toward a more inclusive financial landscape, leveraging the spread of the MTN network.

 

“This collaboration enhances the investing experience, reinforcing our shared commitment to empowering individuals with the tools they need to manage their financial futures effectively,” he said.

 

Also, Aisha Mumuni, Chief Digital Officer of MTN Nigeria, said, “This collaboration with CSCS on the *7270# USSD service underscores MTN’s commitment to harnessing the power of mobile technology to simplify complex processes for our users.

 

“By making critical investment information available at the touch of a button, we are helping to democratise access to the capital markets and, in the process, enhance investor engagement and market transparency.”

 

The CSCS USSD code service will initially be available to MTN users only.

 

However, CSCS plans to expand this service to other networks soon.

 

This innovative service offers investors streamlined and secure access to critical market information at their fingertips.

 

CSCS serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds (such as the FGN Sukuk and the FGN Savings Bond).

 

Others include Equity-traded Funds, Real Estate Investment Trusts, Mutual Funds, and Commodities.

 

CSCS is licensed and regulated by the Securities and Exchange Commission (SEC).(NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

West Africa IMT 2025: Turning global trade shifts into regional strength
Economy/Business

West Africa IMT 2025: Turning global trade shifts into regional strength

236 total views today

 

By Taiye Olayemi

 

As global trade navigates the complexities of rising international tensions, West Africa is proactively charting a course towards economic empowerment.

 

This is through enhanced regional integration and strategic industrial development.

 

Instead of being sidelined by shifts in global alliances, the region is seizing the moment to strengthen its internal capacity and become a more attractive global partner.

 

The African Continental Free Trade Area (AfCFTA) is providing the framework for this transformation, fostering stronger intra-African trade links.

 

Examples of this progress include Ghana’s projected six per cent increase in regional exports, the growth of Senegal’s textile industry catering to regional demand, and Côte d’Ivoire’s advancements in value-added cocoa processing for wider markets.

 

These initiatives demonstrate the tangible benefits of a unified economic bloc.

 

The Minister of Finance, Mr Wale Edun, had earlier highlighted this opportunity, stating that while the escalating tariff conflicts were serious, “it presents an opportunity for Nigeria”.

 

According to him, it will reposition itself as a competitive trade and investment destination, attract supply chain diversification, and deepen local value addition in key export sectors.

 

The upcoming West Africa Industrialisation, Manufacturing and Trade (West Africa IMT) Summit & Exhibition 2025, with has the theme; “Accelerating West Africa’s Sustainable Industrial Revolution for Economic Prosperity,” will serve as a platform to concretise these solutions.

 

Taking place in Lagos from Oct. 21 to Oct. 23, the summit will convene key stakeholders to develop actionable strategies for regional industrial advancement and trade diversification.

 

Mrs Wemimo Oyelana, Portfolio Director, Africa, dmg events, said that the proactive nature of the event, stating, “The ongoing global trade tensions present a critical opportunity for Africa to reset its trade strategy, prioritising intra-continental partnerships and diversifying its international trade mix.

 

“The West Africa IMT Summit and Exhibition will bring together senior stakeholders from across the continent to chart a course for a resilient and sustainable industrial revolution in the region.”

 

The focus will be on practical solutions such as creating favourable investment climates, mobilising capital for industrial projects, building robust regional and value chains.

 

It will alsi help in accelerating the development of essential infrastructure and sustainable energy sources.

 

The West Africa IMT Summit and Exhibition offers a timely and strategic forum for the region to collectively design and implement solutions for sustainable industrialisation.

 

Through policy roundtables, investment showcases and thematic sessions, delegates will collaborate on strategies to enhance trade, and foster industrial innovation.

 

It will also build resilient infrastructure, leverage digital commerce, and secure necessary financing.(NAN)

 

Edited by Olawunmi Ashafa

Tinubu to meet GenCos leadership over 4trn debt-Minister
Economy/Business

Tinubu to meet GenCos leadership over 4trn debt-Minister

232 total views today

Debt

By Constance Athekame

The Minister of Power, Mr Adebayo Adelabu on Sunday said that a meeting has been scheduled between President Bola Tinubu and the leadership of the  Power Generation Companies(GenCos) over a N4-trillion debt.

Mr Bolaji Tunji, Special Adviser, Strategic Communications and Media Relations  to the minister of power said this in a statement  in Abuja on Sunday.

According to Adelabu, the planned meeting with President Tinubu aims to chart a viable course for resolving the debt

Adelabu assured that the Federal Government would immediately pay a significant portion of the debt, while the balance would be settled using financial instruments such as promissory notes within six months.

“We recognise the urgency of this matter. The government is committed to resolving this debt to stabilise the sector and prevent further crisis,” Adelabu said.

Acknowledging the government’s own role in the sector’s challenges, Adelabu pledged not only to clear the debt backlog but also to implement structural reforms that would remove operational bottlenecks.

He emphasised the need for full liberalisation of the power sector and called for the adoption of cost-reflective tariffs.

“Citizens must pay the appropriate price for the energy consumed.

“The Federal Government will continue to provide targeted subsidies for economically disadvantaged Nigerians, but we must realise that our economy cannot sustain blanket subsidies indefinitely,” he said.

The minister also unveiled plans to review existing regulations to lower levies and enhance market stability.

He urged GenCos to partner with the government in raising public awareness on efficient electricity use and tariff realities.

The GenCos were led by retired Col. Sani Bello, Chairman of Mainstream Energy Solutions, and who is also the Chairman of Association of Power Generating Companies.

Bello warned that persistent liquidity challenges had left GenCos unable to service loans or maintain critical infrastructure.

“Without urgent intervention, the entire power ecosystem could collapse,” he said.

Mr Kola Adesina, Chairman of Egbin Power and First Independent Power Limited, described the situation as a national emergency.

He said that reliable power supply was fundamental to the survival of industries, homes, and health facilities.

Mrs Joy Ogaji, Chief Executive Officer (CEO) of Association of Power Generation Companies,  listed the systemic challenges undermining GenCos, including chronic payment defaults, erratic gas supply, and forex instability.

She lamented the steep depreciation of the naira—from ₦157/$1 in 2013 to ₦1,600/$1 in 2024. saying it had devastated GenCos’ ability to meet maintenance obligations and repay loans.

“GenCos have borne unsustainable risks from grid failures to unproductive taxes while remaining patriotic,” she said.(NAN)(www.nannews.ng)

Edited by Kevin Okunzuwa

Quitting Nigeria won’t clear Meta of liability – FCCPC
Economy/Business

Quitting Nigeria won’t clear Meta of liability – FCCPC

277 total views today

By Ginika Okoye

The Federal Competition and Consumer Protection Commission (FCCPC) has stated that WhatsApp’s threat to exit Nigeria following a recent regulatory order will not absolve the company from any legal consequences.

In a statement issued on Saturday in Abuja, the FCCPC’s Director of Corporate Affairs, Mr Ondaje Ijagwu, stressed that Meta and its subsidiaries must comply with Nigerian laws.

Ijagwu described the threat as a calculated move aimed at inducing negative public reaction and potentially pressuring the FCCPC to reconsider its decision.

He said the recent affirmation of FCCPC’s final order by the Competition and Consumer Protection Tribunal required Meta Parties to stop exploiting Nigerian consumers, change their practices to meet Nigerian standards consistent with international best practices.

The News Agency of Nigeria (NAN) recalls that Ijagwu said the Competition and Consumer Protection Tribunal had awarded 220 million dollars against Meta Platforms Incorporated and WhatsApp LLC as an administrative penalty for the violations.

NAN recalls that the tribunal further awarded 35,000 dollars to the FCCPC as cost of investigation.

”The FCCPC investigated Meta Platforms and WhatsApp (jointly referred to as “Meta Parties”) for allegedly violating the Federal Competition and Consumer Protection Act (FCCPA) and the Nigeria Data Protection Regulation (NDPR).

”The Commission found that Meta Parties engaged in multiple and repeated infringements of the FCCPA (2018) and the NDPR.

”These infringements include denying Nigerians the right to control their personal data, transferring and sharing Nigerian user data without authorisation.

”Others are discriminating against Nigerian users compared to users in other jurisdictions and abusing their dominant market position by forcing unfair privacy policies,” he said.

Ijagwu said that Meta had been fined for similar breaches in Texas (1.5 billion dollars ) and only recently was asked to pay 1.3 billion dollars for violating European Union (E.U.) Data Privacy Rules.

He said that Meta had faced penalties in India, South Korea, France and Australia for similar breaches.

According to him, Meta never resorted to the blackmail of threatening to exit those countries rather, they obeyed.

Ijagwu said that FCCPC remained committed in its pursuit of consumer protection and data privacy toward ensuring a fairer digital market in the country. (NAN)

Edited by Ese E. Eniola Williams

80th Anniversary: Wema Bank eyes return to top tier
Economy/Business

80th Anniversary: Wema Bank eyes return to top tier

310 total views today

 

By Olawunmi Ashafa

 

The Managing Director of Wema Bank, Mr Moruf Oseni, says the bank’s foremost goal is returning to Nigeria’s top tier of banking.

 

 

 

He stated this during the Gala Night in Lagos, celebrating the bank’s 80th anniversary under the theme, ‘80 Years of Impact: The Future of Possibilities”.

 

 

 

“We have a bold vision for Nigeria’s financial future. Our immediate aim is to reclaim our place at the industry’s forefront,” Oseni said.

 

 

 

He added, “We’ll keep innovating, using technology to offer financial services that empower Nigerians and Africans to succeed wherever they are.”

 

 

 

Oseni expressed confidence in the bank’s future, anchored in creativity, innovation, and unwavering customer focus.

 

 

 

He also stressed the bank’s commitment to nurturing future talent, while honouring the role of women in banking’s past and present.

 

 

 

Encouraging unity, Oseni shared the bank’s internal identity: “At Wema, we call ourselves knights skilled, ready to face challenges, and fulfil our God-given potential.”

 

 

 

Earlier, Wema Bank Chairman, Dr Oluwayemisi Olorunshola, reflected on the institution’s long and storied history.

 

 

 

“We celebrate God’s grace, foresight, resilience, hard work, and inclusivity — traditions we proudly uphold,” she said.

 

 

 

She recounted the bank’s founding in 1945 as Agbomagbe Bank, Nigeria’s first indigenous bank during colonial rule.

 

 

 

“It was these values that gave our founder the courage to establish Agbomagbe Bank under colonial rule. What a solid foundation,” she declared.

 

 

 

Olorunshola praised Wema Bank’s resilience through key moments in history, including war, economic booms, and global crises.

 

 

 

“We welcomed information, explored new terrain, and embraced innovation fearlessly.

 

 

 

“We’re not just counting years — we’re celebrating seasons, generations, eras, and transformational milestones,” she said.

 

 

 

The event welcomed dignitaries such as Vice President Kashim Shettima, represented by his Special Adviser on Job Creation & MSME, Mr Temitola Adekunle-Johnson, and philanthropist, Chief Kessington Adebutu.

 

 

 

They applauded Wema Bank’s lasting contributions to Nigeria’s economic progress.

 

 

 

Vice President Shettima noted that Wema Bank had “stood the test of time” and shaped the nation’s financial journey.

 

 

 

Chief Adebutu echoed this, praising the bank’s resilience and foresight from humble roots to major industry presence. (NAN)(www.nannnews.ng)

 

Edited by Kamal Tayo Oropo

FG disburses N1.48bn loan to 29,000 businesses in Imo
Economy/Business

FG disburses N1.48bn loan to 29,000 businesses in Imo

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By Victor Nwachukwu
The Federal Government (FG) says it has disbursed the sum of N1.48 billion in loans to 29,000 small business owners in Imo.
The Managing Director of the Bank of Industry, Dr Olasupo Olusi said this at a town hall meeting on the FG’s loan scheme for Micro, Small and Medium Enterprises (MSMEs) in Owerri.
Olusi, represented by the bank’s Divisional Head, MSME South, said that the loan scheme was intended to address challenges facing businesses in the state, such as access to finance and cost of doing business.
He said that business owners could access up to N5million each at an interest rate of 9 per cent per annum with a three months moratorium and a tenure of up to three years.
He added that the disbursed funds were part of FG’s N200 billion Special Intervention Fund in line with President Bola Tinubu’s prosperity agenda.
He, therefore, urged business owners to take advantage of the opportunity to grow their businesses.
He also urged stakeholders such as the National Association of Small and Medium Enterprises (NASME) and the Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA) to mobilise their members to be able to access the loan.
“Application is open to the public and the Bank of Industry facilitates the verification of applicants’ data to facilitate disbursement.
“We, therefore, call on all stakeholders – MSME owners, community leaders, youth groups, women associations, and Local Government authorities to be active advocates of the scheme.
“It is our shared prosperity and we need to empower our young people to be architects of their own future,” he said.
Speaking, the Secretary of NASME in Imo, Mr Ugochukwu Ohaegbu, called on owners of registered businesses to identify with the association for optimal benefits.
One of the beneficiaries, Chief Nduka Norbert, a pig farmer, thanked the bank for a grant of N50,000 which he had earlier received, adding that it provided a major boost to his business at a time when some of his animals were dying.
The News Agency of Nigeria (NAN) reports that a highlight of the meeting was the visual display of a documentary about the success stories of beneficiaries of the FG’s grants and loans. (NAN)(www.nannews.ng)
Edited by Vivian Ihechu
Stock market gains N151bn on buying interest
Economy/Business

Stock market gains N151bn on buying interest

199 total views today

By Taiye Olayemi

The Nigerian Exchange Ltd. (NGX) closed on a positive note on Friday, as the stock market gained N151 billion, driven by strong investor interest in select equities.

The market capitalisation rose by N151 billion or 0.23 per cent to close at N66.647 trillion, up from N66.496 trillion recorded on Wednesday.

Similarly, the All-Share Index (ASI) appreciated by 241.72 points or 0.23 per cent to close at N106,042.57, compared to 105,800.85 in the previous session.

The rally was largely supported by buying interest in stocks such as Access Corporation, United Bank for Africa, CHAMS Holding Plc and more.

However, the market breadth closed negative with 41 losers and 29 gainers.

On the losers’ chart, FG132036S2 declined by 20 per cent, closing at N20.00 while DAAR Communications fell by 10 per cent, to close at 54k per share.

Vitafoam dropped by 9.94 per cent, to close at N47.55 and Multiverse shed by 9.93 per cent, settling at N6 35 per share.

Similarly, Eterna lost by 9.91 per cent, to close at N45.00 per share.

On the gainers’ chart, Cadbury Nigeria increased by 10 per cent, to finish at N31.90 while the Nigerian Aviation Handling Company also soared by 10 per cent, to close at N82.50 per share.

The Initiates Plc rose by 10 per cent, ending the session at N4.95 and Beta Glass grew by 9.96 per cent, closing at N109.80 per share.

Also, Caverton Offshore Support Group gained by 9.92 per cent, to close at N2.66 per share.

A total of 573.33 million shares worth N15.254 billion were traded across 18,554.

This is in contrast with 392.99 million shares worth N12.755 billion exchanged across 17,519 transactions earlier.

Transactions in the shares of Access Corporation topped the activity chart with 52.82 million shares worth N1.157 billion.

CHAMS Holding Plc followed with 51.56 million shares valued at N108.86 million while United Bank for Africa sold 35.98 billion shares worth N1.26 billion.

First City Monument Bank traded 34.52 million shares valued at N314.64 million and Guaranty Trust Holding Company transacted 31.86 million shares worth N2.05 billion. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

NCS records 69 currency declarations with deployment of e-CDF
Economy/Business

NCS records 69 currency declarations with deployment of e-CDF

262 total views today

By Martha Agas

The Nigeria Customs Service (NCS) said it has recorded a total of 69 currency declarations with the deployment of its Electronic Currency Declaration Form (e-CDF) at the Nnamdi Azikiwe International Airport, Abuja.

The spokesman of the service, Abdullahi Maiwada, announced this in a statement on Friday in Abuja.

‘During the pilot period, the e-CDF system recorded a total of 69 currency declaration transactions.

“Outbound declarations accounted for 51 transactions with a total declared value of $1,200,281.22

“ Inbound declarations stood at 18 with a total declared value of $177,786.88,” he said.

Maiwada described the deployment as part of NCS’s ongoing digital transformation and modernisation initiatives aimed at strengthening border controls and enhancing transparency in financial disclosures.

The News Agency of Nigeria (NAN) reports that NCS had stated it would deploy e-CDF as part of its anti-money laundering measures for travellers carrying cash into and out of Nigeria.

According to the spokesman, the implementation of the pilot scheme started on April 9 without issues, demonstrating the system effectiveness.

“It showcased the system’s effectiveness in digitally capturing both inbound and outbound currency declarations, offering a more secure, efficient, and accountable process for cross-border travellers,” he stated.

The epokesman explained that the e-CDF platform was developed to align with the best international practices in anti-money laundering (AML) and counter-financing of terrorism (CFT) protocols.

He highlighted that the form provides real-time data that supports intelligence gathering and inter-agency cooperation.

Maiwada stated that the NCS was determined to leverage on technology to enhance its operations and ensure the integrity of Nigeria’s borders

“The NCS under the leadership of the Comptroller-General, Adewale Adeniyi , remains committed to leveraging technology to improve compliance, facilitate legitimate travel and trade, and ensure the integrity of Nigeria’s borders.

“Following the success of this pilot phase, plans are underway to replicate the deployment of the e-CDF system at other international airports and border posts across the country,” he said. (NAN)(www.nannews.ng

Edited by Bashir Rabe Mani

FG disburses N107bn to 900,000 MSMEs across six geo-political zones
Economy/Business

FG disburses N107bn to 900,000 MSMEs across six geo-political zones

284 total views today

By Bosede Olufunmi

The Federal Government has disbursed over N107 billion to no fewer than 900,000 beneficiaries across Nigeria’s six geo-political zones.

The News Agency of Nigeria (NAN) reports that the disbursement is under the Presidential Grant and Loan Scheme for Micro, Small, and Medium Enterprises (MSMEs).

The Managing Director of the Bank of Industry (BOI), Dr Olasupo Olusi, made this known during a sensitisation event for the programme held on Friday in Kano State.

Olusi, represented by Aminu Yusuf, BOI’s Regional Manager in Kano, revealed that Kano State alone accounted for 51,033 beneficiaries, with disbursements valued at over N12.54 billion.

He stated that N50 billion from the intervention fund was being allocated to support one million nano businesses, including market women, vulcanisers, food vendors, tailors, and others, with N50,000 grants across all 774 local government areas in Nigeria.

More loans, he assured, would be made available to MSMEs to help grow their businesses and stabilise the economy.

Olusi explained that the disbursements were part of the N200 billion Presidential Intervention Fund, a flagship initiative of President Bola Tinubu’s administration aimed at empowering MSMEs and revitalising Nigeria’s manufacturing sector.

According to him, the programme offers loans of up to N5 million at a 9 per cent single-digit interest rate per annum, with a three-year tenure and no collateral required.

“This initiative is more than a policy directive; it’s an investment in Nigeria’s future.

“It’s a commitment to fostering inclusive economic growth by unlocking the potential of our most dynamic business segments,” he said.

According to him, MSMEs accounts for 96 per cent of all businesses in Nigeria, provide 84 per cent of employment, and contribute nearly 50 per cent to the nation’s GDP.

“In Kano, we see firsthand how MSMEs bring life to the local economy. They create jobs, provide livelihoods, and drive innovation,” he added.

Olusi acknowledged ongoing challenges faced by MSMEs, including limited access to finance and high operational costs, noting that the intervention fund is designed to address these hurdles.

He also highlighted the remaining N75 billion under the Manufacturing Sector Fund (MSF), targeted at tackling challenges faced by Nigerian manufacturers such as rising input costs, infrastructure gaps, and supply chain disruptions.

On his part, Bashir Jafa, State Manager of the Kano office of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), said the agency was actively sensitising business owners on how to access the grants and loans.

One of the beneficiaries, Hauwa Ali, a fashion designer, praised the initiative and encouraged other small business owners to take advantage of the opportunity to grow their enterprises. (NAN)(www.nannews.ng)

Edited by Remi Koleoso/Kevin Okunzuwa

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