By Dipo Olowookere

The All-Share Index (ASI) and the market capitalisation of the Nigerian Exchange (NGX) Limited moved in different directions on Monday.

Data showed that while the benchmark index depreciated by 0.04 per cent, the market capitalisation appreciated by 0.73 per cent as a result of the listing of 9.67 billion ordinary shares of Zenith Bank on the NGX during the session.

Business Post reports that the All-Share Index (ASI) was down by 41.70 points to 105,891.33 points from 105,933.03 points, while the market capitalisation was up by N477 billion to N66.069 trillion from N65.592 trillion.

It was observed that the banking sector came under selling pressure yesterday, causing its index to close lower by 0.95 per cent.

However, the others ended in the green territory on Monday due to the sustained buying interest, with the insurance space chalking up 1.53 per cent.

Further, the consumer goods industry improved by 0.10 per cent, the energy counter jumped by 0.09 per cent, and the industrial goods index appreciated by 0.08 per cent.

Investor sentiment remained strong during the trading day after Customs Street finished with 44 price gainers and 25 price losers, implying a positive market breadth index.

Stanbic IBTC gained 10.00 per cent to settle at N68.20, Smart Products Nigeria surged by 10.00 per cent to 22 Kobo, Beta Glass also grew by 10.00 per cent to N95.15, Honeywell Flour advanced by 9.98 per cent to N10.47, and Eterna soared by 9.96 per cent to N40.30.

On the flip side, International Energy Insurance shed 10.00 per cent to quote at N2.25, RT Briscoe crumbled by 9.63 per cent to N2.44, Julius Berger slipped by 8.44 per cent to N128.00, Deap Capital weakened by 8.26 per cent to N1.00, and DAAR Communications cracked by 7.41 per cent to 75 Kobo.

A total of 567.3 million stocks worth N10.4 million were transacted in 17,843 deals on the first vtrading day of the week versus the 468.2 million stocks valued at N13.2 billion traded in 12,612 deals last Friday.

This showed that the value of transactions declined by 21.21 per cent and a rise in the trading volume and number of deals by 21.17 per cent and 41.48 per cent, respectively.

Secure Electronic Technology sold 84.1 million shares worth N55.2 million to lead the activity chart on Monday, followed by Fidelity Bank with 67.8 million equities sold for N1.4 billion. Access Holdings exchanged 40.2 million stocks valued at N1.1 billion, UPDC traded 36.7 million equities worth N103.8 million, and AIICO Insurance transacted 27.2 million shares valued at N47.5 million.

By Adedapo Adesanya

The Manufacturers Association of Nigeria (MAN) has expressed concerns over the proposed 15 per cent increase in port-related charges by the Nigerian Ports Authority (NPA), making it unattractive for many who may opt for alternative routes.

The association, via its Director General, Mr Segun Ajayi-Kadir, in a statement noted that the manufacturing sector was already beguiled by many challenges.

He faulted the timing of the move saying it was inimical, particularly as businesses struggled with the rising cost of operations, high rate of foreign exchange among general economic uncertainties.

The NPA last Thursday disclosed its decision to begin review of its tariff across rates and dues to ensure it met current demands in port operations.

The authority cited infrastructural development and all round competitiveness as reasons for the review which was its first since 1993.

The MAN director-general added that Nigeria’s current economic climate is characterised by rising inflation, foreign exchange challenges, and declining industrial capacity utilisation.

He noted that ports as the gateway to international trade, played a crucial role in the efficiency and cost-effectiveness of business operations.

“According to the United Nations Conference on Trade and Development (UNCTAD), 80 per cent of Nigeria’s traded goods are transported by sea, with 70 per cent of total imports and exports in West and Central Africa destined for Nigeria.

“This underscores the critical role Nigerian ports play in facilitating trade and industrial productivity.

“For manufacturers, port-related charges constitute significant indirect costs, as most raw materials and industrial machinery are imported through these ports.

“Any increase in charges will have a ripple effect, leading to higher production costs, increased inflationary pressures, and reduced competitiveness of locally manufactured goods.”

The MAN director-general stated that many businesses are experiencing worrying downturn due to unsustainable operating costs.

He said that increasing port tariffs was ill-timed and could signal a departure from government’s avowed efforts and commitment to the ease of doing business.

According to him, it is inevitable that this additional strain on industrial activities will ultimately lead to reduce capacity utilisation and possibly job losses.

“Furthermore, Nigeria must remain competitive in regional trade.

“Neighboring countries with more efficient and cost-effective ports will become far more attractive alternatives, leading to increased cargo diversion.

“This will not only reduce revenue for the Nigerian government but will encourage smuggling and other untoward trade practices that weaken our economy,” he said.

Mr Ajayi-Kadir said that alternative approaches to port revenue generation such as reducing turnaround time for vessels, improving cargo clearing processes, tackling bottlenecks and infrastructural development were critical.

“While we acknowledge the need for revenue generation, increasing port tariffs can be counterproductive in the long run.

“MAN implores the NPA to shelve the proposed 15 per cent tariff increase and instead, collaborate with stakeholders to explore sustainable alternatives for revenue generation,” he stated.

By Modupe Gbadeyanka

An unauthorised Bureaux De Change (BDC) operator, Mr Faruk Umar, has been convicted and sentenced to six months imprisonment by Justice Chukwujekwu Aneke of the Federal High Court sitting in Ikoyi, Lagos.

Justice Aneke on Wednesday, February 5, 2025, held that Mr Umar was guilty of the offence levelled against him by the Economic and Financial Crimes Commission (EFCC).

The judge also pronounced a fine of N50,000, in lieu of the prison sentence, which should be paid into the Consolidated Revenue Account of the Federation. His phone was also forfeited to the Federal Government of Nigeria.

Mr Umar’s road to the correctional centre began when he was arrested by operatives of the EFCC for dealing in foreign exchange transactions without a requisite licence from the Central Bank of Nigeria (CBN).

He pleaded guilty to a one-count charge raised against him, which read, “That you, Faruk Umar, sometime in August 2024 at Eko Hotel Area, Victoria Island Lagos State, within the jurisdiction of this court, engaged in a foreign exchange transaction other than through the official foreign exchange market and you thereby committed an offence contrary to Section 11(1) (a) of the National Economic Intelligence Committee Establishment, (ETC) Act, 1994 and punishable under Section 11(2) of the same Act.”

The convict, alongside others, was arrested on August 26, 2024, following intelligence on the activities of illegal BDC operators at the Eko Hotel area of Victoria Island, Lagos.

He was subsequently arraigned by the Lagos Zonal Directorate of the agency on a one-count charge bordering on fraudulent foreign exchange transactions.

After he pleaded guilty, the prosecution counsel, C.C.Okezie, sought to present an investigative officer of the EFCC, Hamisu Sanni, to review the facts of the matter.

Sanni narrated that the convict confessed to being involved in buying and selling of foreign currency without a licence from the Central Bank of Nigeria, CBN.

He told the court that Mr Umar’s phone was subjected to forensic examination, adding that “It revealed over 40 conversations related to forex transactions with other individuals.”

Thereafter, Okezie, through Sanni, tendered in evidence the confessional statements of the convict as well as findings from the investigation. He, therefore, prayed the court to convict him as charged and also sentence him accordingly.