Uncategorized
NSE ASI down 1.0%
Nigerian Bourse Starts off in Negative Territory… At the close of trading today, the Equities market extended losses to the 2nd consecutive session as the All Share Index (ASI) fell 1.0% to close at 32,769.82 points, while YTD gain moderated to 21.9%. Consequently, investors lost N120.2bn as market capitalization retreated to N11.3tn. Today’s performance was dragged by losses in market bellwethers such as DANGCEM (-0.9%), GUARANTY (-1.1%) and ZENITH (-1.8%). Also, market activity declined as volume and value traded fell 53.1% and 54.7% to settle at 162.3m units and N1.5bn respectively.
Insurance Index, Lone Gainer
Sector performance was largely bearish as all indices closed in the red save for the Insurance index, up 0.3% due to bargain hunting in AIICO (+3.3%) and MANSARD (+0.9%). The Oil & Gas index led the losers chart, down 1.8% on account of MOBIL (-5.0%), TOTAL (-5.0%) and CONOIL (-4.9%). The Banking index trailed, losing 1.1% as a result of declines in GUARANTY (-1.1%) and ZENITH (-1.8%). Similarly, the Industrial Goods index was down 0.6% – dragged by DANGCEM (-1.5%) – while losses in GUINNESS (-4.9%) and 7UP (-9.5%) ensured the Consumer Goods index closed 0.3% lower.
Market Breadth stayed Soft
Market sentiment remained weak today as market breadth was unchanged at 0.5x – 17 stocks advanced against 29 that declined. The best performing stocks today were HONEYWELL (+9.7%), PZ (+6.2%) and CUTIX (+5.0%) while MAYBAKER (-9.5%), UNITY (-8.9%) and PRESCO (-6.9%) were the worst performers. Today’s negative close is premised on profit taking in counters that had gained in prior sessions. Nevertheless, we anticipate a rebound in subsequent sessions given the positive macroeconomic developments that investors have continued to ride on over the last 3 months.
NASD OTC Exchange Market Activities
In the NASD OTC exchange, three counters traded with total volume and value of transactions closing at 82,600 units and N433,595.0 respectively. AFRILAND (+10.0%), CSCS (+9.9%) closed in the green while AIRLIQ closed the day flat.
Market Statistics Monday, 3rd July 2017
Market Cap (N’bn) 11,331.9
Market Cap (US$’bn) 37.0
NSE All-Share Index 32,769.83
Daily Performance % (1.0)
Week Performance % 2.0
YTD Performance % 21.9
Daily Volume (Million) 162.3
Daily Value (N’bn) 1.5
Daily Value (US$’m) 5.0
*Afrinvest
Uncategorized
Customs seizes multi million-naira petroleum products in Adamawa
The Nigeria Customs Service under ‘Operation Whirlwind’ has seized petroleum products worth N181.6 million in eight weeks between the Nigeria and Cameroon borders.
ACG Kolapo Oladeji, national coordinator of Operation Whirlwind, disclosed this at a news conference on Thursday in Yola. Mr Oladeji said the seizures were made across various smuggling flashpoints in Adamawa in 55 separate operations.
“This operation is geared towards energy and food security to foster economic growth in line with the core mandates of the President of the Federal Republic of Nigeria, Bola Tinubu. In line with these mandates, the Operation Whirlwind Zone ‘D’ had repositioned all its machinery across the area of its responsibilities and ensured that the border became airtight,” he said.
He warned the smugglers to stop such acts and solicited the continued support and cooperation of all stakeholders in the state’s socioeconomic development. “We will ensure that the supply chains of these economic wreckers are truncated in accordance with enabling laws. This fight has no doubt helped in transforming the nation’s economy and strengthening the security of our borders,” he said.
He further said that the seized petroleum products would be auctioned to the public. Abidemi Adewumi-Aluko, assistant legal adviser of the attorney general of the federation, described the auction as a symbol of reclaiming resources to ensure that the benefit of petroleum remained in Nigeria. She said that such offences attracted life imprisonment because they threatened national security. NAN
Uncategorized
Chevron to join Nigeria oil licence auction, plans rig deployment in 2026
Chevron said on Friday it will participate in Nigeria’s next oil licensing round and plans to deploy a drilling rig in late 2026 as it seeks to expand operations in Africa’s top energy producer.
Jim Swartz, chairman and managing director of Chevron Nigeria/Mid-Africa Business Unit, said the company aims to grow its footprint in Nigeria, citing improved regulatory clarity under the Petroleum Industry Act, PIA.
“We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” Swartz told reporters after meeting the upstream regulator. Nigeria’s licensing rounds are part of efforts to attract investment and boost output after years of underinvestment. The 2025 round will offer 50 fields through a digital platform, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said. TotalEnergies has also expressed interest in joining an auction.
Chevron recently agreed to acquire a 40% stake in two offshore exploration licences, PPL 2000 and PPL 2001, from TotalEnergies and is seeking regulatory approval to accelerate development.
Swartz said it plans to bring in a rig in late 2026 to drill a newly discovered resource near Agbami and extend leases on existing assets. Swartz added that Chevron had recorded no oil theft or sabotage in the past year, the longest period without disruptions in its Nigerian operations, a sign of improved security in the sector. Reuters
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Don’t patronise touts, immigration personnel available 24/7—CGIS
Comptroller General of the Nigeria Immigration Service NIS, Kemi Nandap, on Friday urged Nigerians to shun touts and middlemen when applying for passports or other immigration services, insisting that the Service operates round-the-clock channels to assist citizens directly and transparently.
Nandap made the call in Abuja while delivering the keynote address at the fourth-quarter Nationwide Sensitization Campaign against corruption and for improved service delivery.
The campaign, themed “Innovating for Transparency and Efficiency: Strengthening Service Delivery and Combating Corruption Through Reforms,” highlights the NIS’ ongoing efforts to modernize its operations and eliminate corrupt practices.
Addressing participants, the Immigration chief said the era of relying on agents or informal handlers should be over, as the Service has put in place fully digital, citizen-focused systems that allow applicants initiate and track their processes from the comfort of their homes.
She stressed that the NIS has functional 24-hour call lines, an active call centre, constantly monitored emails and social-media channels, all designed to ensure citizens are attended to promptly and without intermediaries.
“You don’t have to go to a tout, you don’t have to go to an agent. You can sit in the comfort of your home and apply for most of our facilities. Once you avoid putting yourself at the mercy of someone, you stay in control of your application and can always reach us at any time”, she stated.
Nandap noted that recent reforms, including automated passport application processes, biometric-based verification, expanded digital architecture and streamlined service-centre operations, have significantly reduced delays, improved transparency and minimised opportunities for extortion.
She explained that passport processing timelines have improved across multiple commands following the rollout of automated scheduling and digital communication platforms.
The Comptroller General also emphasized that transparency remains the foundation of effective immigration management.
She highlighted enhanced internal audits, stricter enforcement of ethical codes and redesigned workflows as key elements of the NIS’ anti-corruption strategy.
With digital payments and automated checkpoints reducing cash interactions, she said the Service is committed to stamping out malpractice at all levels.
Nandap further disclosed that the NIS has deepened collaboration with sister agencies, civil-society groups, international partners and the diplomatic community to align operations with global border-management standards.
These partnerships, she said, are helping to harmonise processes, promote accountability and support ongoing reforms.
She appealed to citizens to familiarise themselves with official procedures, follow approved channels and use the Service’s feedback platforms—including suggestion boxes, hotlines and online desks—to report challenges or offer recommendations. “We are here for Nigerians. Tell us how to serve you better,” she said.
The Immigration CG also paid tribute to officers who lost their lives in the line of duty in Mogolu, Tuga, Tula and Niger State, calling their deaths a painful reminder of the risks faced daily by immigration personnel.
She urged Nigerians and officers alike to embrace positive change, adding that sustainable reform depends on individual commitment and collective responsibility. “The change we want starts with each and every one of us,” she said.
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