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Equity Market Loses N83bn in One Week

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The Nigerian Exchange (NGX) experienced a decline of N83 billion last week, with both the All-Share Index (ASI) and market capitalisation falling by 0.15%. The ASI ended the week at 96,433.53 points, and the market capitalisation closed at N55.39 trillion.

Despite the overall downward trend, the NGX Oil and Gas Index saw a 1.52% increase.

Trading activity for the week involved 2.14 billion shares valued at N51.22 billion across 55,603 deals, a decrease from the previous week’s 2.82 billion shares worth N53.048 billion traded in 50,488 deals.

The financial services sector led in trading volume with 1.23 billion shares valued at N19.98 billion, accounting for 57.40% of total equity turnover volume and 39% of total value. The oil and gas sector followed, trading 262.484 million shares worth N18 billion, while the service sector came in third with 155.587 million shares valued at N532.94 million.

The top three equities by volume—Access Holdings Plc, Oando Plc, and Zenith Bank Plc—accounted for 517.336 million shares worth N24.45 billion, contributing 24.16% of total equity turnover volume and 47.75% of total value.

Daily trading showed fluctuations: Monday saw 498.119 million shares worth N11.037 billion, Tuesday had 473.004 million shares valued at N10.411 billion, Wednesday recorded 389.232 million shares worth N8.180 billion, Thursday saw a slight rebound with 388.617 million shares valued at N9.565 billion, and Friday ended stronger with 392.509 million shares worth N12.024 billion.

For the week, 36 equities appreciated, down from 46 the previous week, while 46 stocks declined, up from 26 the prior week. University Press Plc announced a price adjustment following its dividend declaration, with its last close price at N2.51 per share and a declared dividend of N0.025 per share.

Afrinvest’s market review highlighted that the local bourse retreated from the previous week’s gains due to sell-offs on major stocks, with the ASI declining by 15 basis points (bps) to 96,433.53 points. Market capitalisation also dropped by 15 bps (N83.8 billion) to N55.4 trillion, and year-to-date returns decreased to 29.0% from 29.2%. Average volume and value traded weakened by 24.1% and 3.5% to 428.3 million units and N10.2 billion, respectively.

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CBN expresses commitment to FX Code

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The Central Bank of Nigeria (CBN) has reaffirmed its commitment to the Nigerian Foreign Exchange (FX) Code, stating that its operations align with the principles of the code.

 

In a statement signed by Governor Olayemi Cardoso, Deputy Governor of Economic Policy Mohammad Abdullahi, and Director of the Financial Markets Department Dr. Omolara Duke, the apex bank emphasized that its decision follows a review of the FX Global Code and recognition that the code represents a set of principles widely acknowledged as good practice in the foreign exchange market.

 

The statement confirmed that the CBN acts as a regulator to market participants as defined by the code and is committed to overseeing FX market activities in a manner consistent with its principles.

 

“To this end, the Bank has taken appropriate steps, based on the size and complexity of the FX Market, and therefore aligns its roles with the principles of the Code,” the statement added.

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FG launches electronic asset register to boost investment

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The Federal Government has launched a national electronic assets register to provide real-time access to information on government-owned assets, aiming to enhance transparency and attract more investments into the country.

The digital registry was introduced by the Accountant General of the Federation, Dr. Oluwatoyin Madein, during an event that also featured the unveiling of a compendium of FAAC allocations to federal, state, and local governments from 2020 to 2023.

Madein described the initiative as a major milestone in improving public resource management, emphasizing that it is essential for financial sustainability and integrity. She stated that the project aligns with the government’s commitment to transparency and accountability in handling public funds and assets.

She noted that giving citizens access to information about public asset management would increase government accountability. “Whether it is infrastructure, equipment, or other public property, every asset must be accounted for,” she said.

The real-time access provided by the digital register is expected to support policy formulation, budgeting, and planning. Madein explained that by having a clear understanding of the government’s assets and their conditions, policymakers can make more informed decisions on resource allocation, investment management, and potential privatisation or public-private partnerships (PPPs) for underutilized assets.

She added that the initiative also aligns with international best practices, supporting Nigeria’s adoption of the International Financial Reporting Standards (IFRS) and the International Public Sector Accounting Standards (IPSAS). These standards will help strengthen the credibility and integrity of the country’s financial statements.

On the compendium of FAAC allocations, Madein stated that it provides a detailed breakdown of revenue distribution to the three tiers of government and serves as a valuable resource for policymakers, researchers, and the general public.

Minister of State for Finance, Doris Uzoka-Aniete, who officially unveiled the compendium, praised the Accountant General’s efforts in promoting transparency and accountability. She described the electronic asset register as an important tool that will help determine the real value of Nigeria’s assets and create opportunities for local and foreign investment.

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Tariff increase will push available power generation to 7,000MW — Minister

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Minister of Power, Chief Adebayo Adelabu, has stated that the proposed electricity tariff increase will help boost Nigeria’s available power generation capacity to 7,000 megawatts (MW). This comes after the country recorded its highest-ever available power generation of 6,003MW and a peak evacuation of 5,801.84MW last week.

 

In a statement issued by his Special Adviser on Strategic Communication, Bolaji Tunji, Adelabu emphasized that tariff regularization is crucial for unlocking the sector’s full potential and sustaining ongoing improvements in power generation and distribution.

 

“To sustain these improvements, the government would have to pay down the tariff shortfalls of N1.94 trillion for 2024 and address legacy debts of N2 trillion to the GENCOs,” the minister said. He added that continued tariff reforms are necessary to ensure that consumers start paying for the energy they consume.

 

Adelabu reiterated the government’s intention to raise electricity tariffs for customers in Bands B, C, and D as part of efforts to enhance the sector’s liquidity and reduce subsidy obligations. The planned tariff hike is expected to narrow the gap between Band A customers—who currently pay higher rates—and those in lower bands.

 

The minister noted that Nigeria recently set another milestone with a daily maximum energy output of 128,370.75 megawatt-hours (MWh), attributing these achievements to ongoing reforms and infrastructural upgrades in the sector.

 

“We are thrilled to announce these historic milestones in Nigeria’s power sector,” Adelabu stated. “These achievements represent a brighter future where businesses can thrive, households can enjoy uninterrupted power supply, and the economy can grow sustainably.”

 

According to the minister, recent improvements result from collaborative efforts by the Federal Ministry of Power and key stakeholders to address longstanding challenges in the sector. These include the rehabilitation and upgrading of transmission and distribution networks, implementation of innovative technologies to enhance efficiency, and policy reforms aimed at improving accountability and sustainability.

 

While celebrating these milestones, Adelabu called for continued support from state governments, private sector stakeholders, and the general public. He stressed the need for collective action to sustain the momentum and build upon the progress made.

 

With power generation at a record high and tariff reforms on the horizon, stakeholders are hopeful that Nigeria’s electricity supply will see lasting improvements, ensuring stable and reliable power for businesses and households nationwide.

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