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NGX All-Share Index ends the first week 2023 down 0.06% w/w

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Closing the week, the Lagos bourse recovered losses from the previous session, bringing the All-Share Index up by 0.70% to close at 51,222.34 points. The market’s performance was bolstered by renewed investor interest in AIRTELAFRI (+3.33%) and DANGCEM (+0.38%) offsetting losses in NESTLE (-1.82%) and ZENITHBANK (-0.41%). Despite having gained in three (3) of four (4) trading sessions this week, the ASI recorded a 0.06% decline w/w, eroding the prior week’s gains.

Over the course of the week, AIRTELAFRI (-5.20% w/w), BUACEMENT (-1.79% w/w), NESTLE (-1.82% w/w) were the major drivers of the week’s loss. As a result, the year-to-date (YTD) return stood at -0.06%, while the market capitalisation shed ₦15.64bn w/w to close at ₦27.90trn. Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 307.38%. A total of 195.74m shares valued at ₦7.45bn were exchanged in 3,650 deals. FBNH (+1.36%) led the volume chart with 41.90m units traded while BUACEMENT (+0.00%) led the value chart in deals worth ₦2.90bn. Market breadth closed negative at a 1.07-to-1 ratio with declining issues outnumbering  advancing ones. PZ (-9.09%) led fifteen (15) others on the laggard’s log, while NEIMETH (+8.39%) topped fourteen (14) others on the gainer’s table.

The Stock Market closed the first trading week of 2023 on a negative note as the benchmark index dipped 0.1% w/w to 51,222.34 points following price decline in AIRTELAF (-5.2%), BUACEMENT (-1.8%) and NESTLE (-1.8%). Likewise, market capitalisation declined ₦15.6bn to ₦27.9tn while YTD return settled at -0.1%. Activity level was mixed as average volume traded fell 59.0% to 230.5m units while value traded rose 22.1% to ₦6.8bn. The most traded stocks by volume were BUACEMENT (132.5m units), FBNH (69.2m units) and GTCO (56.1m units) while BUACEMENT (₦12.8bn), AIRTELAF (₦4.2bn) and GTCO (₦1.3bn) led by value.

Performance across sectors under our coverage was positively skewed as 4 of the 6 indices advanced w/w. The Consumer Goods and Banking indices led the gainers, up 6.4% and 4.3% respectively following price uptick in NB (+14.6%), BUAFOODS (+14.6%), FIDELITY (+9.2%), and UBN (+8.6%). Trailing, the Insurance and Oil & Gas indices rose 2.7% and 0.1% sequentially as AIICO (+8.5%) and ETERNA (+7.6%) advanced. Conversely, the AFR-ICT and Industrial Goods indices fell 3.0% and 0.6% respectively due to sell-offs in AIRTELAF (-5.2%) and BUACEMENT (-1.8%).

Investor sentiment as measured by market breadth waned to 0.2x from 0.3x as 37 stocks gained, 17 lost and 98 closed flat. JOHNHOLT (+20.5%), NAHCO (+15.6%) and NB (+14.6%) led the top gainers while CHAMPION (-15.6%), CHIPLC (-10.4%) and CHELLARA (-9.8%) led the decliners. In the coming week, we anticipate a positive performance as investors seek bargain hunting opportunities.

Find below key highlights of market activities

IndicatorsCurrentChange (%)YTD
All-Share Index51,222.340.70-0.06
Market Cap. (₦ ‘trillion)27.900.70-0.06
Volume (millions)195.7441.11
Value (₦ ‘billion)7.45307.38

Dividend Information for 2022

CompanyDividend (Bonus)Closure DatePayment Date
SEPLAT$0.025 (interim)11-Nov-226-Dec-22
ACCESSCORP₦0.20 (interim)28-Sep-2212-Oct-22
GTCO₦0.30 (interim)21-Sep-2230-Sep-22
UBA₦0.20 (interim)22-Sep-2229-Sep-22
STANBIC₦1.50 (interim)7-Sep-2221-Sep-22
ZENITHBANK₦0.30 (interim)7-Sep-2213-Sep-22
SEPLAT$0.025 (interim)15-Aug-229-Sep-22
CUSTODIAN₦0.10 (interim)26-Aug-221-Sep-22
OKOMU OIL₦7.00 (interim)26-Aug-2229-Aug-22
MTNN₦5.60  (interim)19-Aug-2226-Aug-22
BUAFOODS₦3.5014-Jul-224-Aug-22
AIRTELAF$0.03 (final)23-Jun-2222-Jul-22
BUACEMENT₦2.6015-Jul-2221-Jul-22
FBNH₦0.3514-Jun-2221-Jun-22
NESTLE₦25.503-Jun-2230-Jun-22
TOTAL₦18.20 (final)29-Apr-2217-Jun-22
DANGSUGAR₦1.002-Jun-2215-Jun-22
NB₦1.20 (final)16-Mar-2222-Apr-22
WAPCO₦1.00 (final)8-Apr-2221-Apr-22

Source: Coronation Securities

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Customs seizes multi million-naira petroleum products in Adamawa

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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

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Chevron to join Nigeria oil licence auction, plans rig deployment in 2026

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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

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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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