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NGX extends decline on energy, insurance sell-off

NGXThe Nigerian equities market extended its downward trajectory on Wednesday as profit-taking in high-priced energy and insurance equities dragged key market indicators lower.

Negative sentiment dominated trading sessions across major sectors on the Nigerian Exchange Limited, driving the benchmark All-Share Index below the 241,000 thresholds.

At the close of trading, the ASI declined 0.36 per cent, or 860.76 points, to settle at 240,750.47 points, compared with Tuesday’s close of 241,611.23 points. In tandem with the benchmark index, the overall equity market capitalisation contracted by N555.68bn, slipping from N155.97tn recorded in the previous session to close at N155.42tn.

Investor interest was dampened by significant sell-offs in market heavyweights, particularly within the energy space. Aradel Holdings Plc suffered a maximum daily price correction, tumbling 9.99 per cent to close at N1,374.20 per share, from its previous valuation of N1,526.70.

Other energy equities recorded mixed performances, as Japaul Gold & Ventures Plc and Oando Plc recorded modest gains of 0.35 per cent and 0.57 per cent, to close at N2.90 and N35.30 per share respectively, while Seplat Energy Plc and TotalEnergies Marketing Nigeria Plc held firm without price adjustments.

The insurance sector witnessed intense selling pressure, emerging as the biggest underperformer among sub-sectors. International Energy Insurance Plc anchored the losers’ chart, shedding 10.00 per cent to close at N4.77 per share.

Universal Insurance Plc plummeted 9.41 per cent to settle at N0.77 per share, while Royal Exchange Plc dipped 8.62 per cent to N1.06 per share. Sovereign Trust Insurance Plc and Regency Assurance Plc also sustained losses of 7.41 per cent and 5.88 per cent, to close at N1.75 and N0.80 per share, respectively.

Conversely, Haldane McCall Plc spearheaded the gainers’ chart for the session, rising 10.00 per cent to close at N3.52 per share. Coronation Insurance Plc delivered strong capital appreciation with an 8.44 per cent rise to finish at N2.44 per share, while UACN Plc recorded an advance of 6.56 per cent to hit N177.85 per share.

AVA Capital Plc and Caverton Offshore Support Group Plc also recorded strong performances, expanding 6.29 per cent and 5.32 per cent to close at N7.60 and N4.95 per share, respectively.

Banking and financial services equities presented a mixed trading pattern across the board. United Bank for Africa Plc rising 2.22 per cent to close at N46.00 per share, while Zenith Bank Plc appreciated 1.64 per cent to N124.00 per share.

FCMB Group Plc added 1.69 per cent to hit N12.00 per share, and Access Holdings Plc rose marginally by 0.93 per cent to N27.15 per share. However, losses in Sterling Financial Holdings Company Plc, Ecobank Transnational Incorporated, and Guaranty Trust Holding Company Plc, which shed 0.65 per cent, 0.36 per cent, and 0.08 per cent respectively, capped the banking sector’s broader upward movement.

Overall trading activity stayed active across the market floor, with a total of 1.19 billion shares valued across 34,491 deals exchanged on the floor of the bourse. Market participation was heavily driven by transactions in insurance and tier-one banking stocks, as investors rebalanced portfolios ahead of mid-quarter corporate developments.

admin by — August 20, 2026 in Business 0
Zenith Bank secures extension for H1 results filing

Zenith Bank Plc has obtained approval from the Nigerian Exchange Limited to delay the submission of its audited half-year financial statements for the period ended 30 June 2026.

The lender disclosed the development in a notice to the investing public dated 18 August 2026, signed by its Company Secretary, Michael Osilama Otu.

Zenith Bank was initially expected to file the audited results by 29 August. However, following its application, the NGX granted the bank an additional six weeks to complete the process.

The new deadline means the bank could publish its H1 2026 audited financial statements on or before 9 October 2026.

Zenith Bank explained that its Board of Directors had approved the financial statements on 29 July. The results, however, are still awaiting final clearance from the bank’s primary regulator before they can be released to the market.

The lender said the regulatory approval process was responsible for the delay and expressed confidence that the audited accounts would be published before the extended deadline.

The extension comes amid a series of delayed half-year filings by major financial institutions as banks work through regulatory and audit requirements following the completion of their June 2026 accounts.

Access Holdings Plc similarly secured an extension from the NGX for its H1 2026 audited results, with its new filing deadline set for 30 September 2026, subject to the required regulatory approval.

admin by — August 20, 2026 in Business 0
Deep offshore incentive may add 1m barrels crude daily – NUPRC

Deep offshore incentive may add 1m barrels crude daily – NUPRCPresident Bola Tinubu’s new tax incentive for deep offshore oil and gas projects could unlock about $50bn in investments and add nearly one million barrels per day of crude oil and condensate to Nigeria’s production within the next four to five years, the Nigerian Upstream Petroleum Regulatory Commission has said.

The Executive Commissioner for Development and Production at the NUPRC, Enorense Amadasu, disclosed this during an interview on NTA where he represented the Commission Chief Executive, Oritsemeyiwa Eyesan.

According to a statement issued on Wednesday by the NUPRC’s Head of Media and Corporate Communications, Eniola Akinkuotu, Amadasu said the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Executive Order, 2026, recently signed by Tinubu, could accelerate investment decisions on major projects that have already received regulatory approvals.

The statement read, “The Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026 recently signed by President Bola Tinubu has the potential not only to unlock $50bn in investments but can also create an additional one million barrels per day of crude oil and condensate from deep offshore fields.”

The executive order, also known as Executive Order 9, is designed to improve the economics of deep offshore oil and gas projects by providing tax incentives and a more predictable framework for investors.

Amadasu said the reform could open a new phase of investment in Nigeria’s offshore petroleum industry, where projects typically require billions of dollars and take several years to move from discovery to production.

“We are on the right path all thanks to Mr President. It will be a huge leap. As of today, we have mined over 4.6 billion barrels from deep offshore assets. In cargo terms, that is about 5,000 tankers,” he said.

Nigeria currently produces about 1.7 million barrels per day of crude oil and condensate, according to Amadasu, with deep offshore fields accounting for about 24 per cent of the country’s oil production and 19 per cent of gas output.

He said the new framework would create greater opportunities for investment and support the next generation of deep offshore projects. The NUPRC executive commissioner explained that nine projects had already received approved Field Development Plans, leaving the companies to take Final Investment Decisions before development could commence.

“So, where will these volumes be coming from? Nine of these projects have approved FDPs, so the next step expected is the FID in the near to midterm. The $10bn Bonga South will come in 2027, and within the next four to five years, we are expecting almost an additional one million barrels per day,” Amadasu stated.

The potential one million barrels per day addition would represent a major increase to Nigeria’s current production and could significantly alter the country’s oil revenue outlook if the projects proceed as planned.

Amadasu said the executive order would encourage international oil companies and other investors to move faster in taking Final Investment Decisions on the approved projects.

He explained that the reform established a transparent and rules-based investment framework capable of supporting the next generation of deep offshore developments.

The order is particularly significant because deep offshore projects are among the most capital-intensive ventures in the petroleum industry. They require huge investments in drilling, floating production facilities, subsea infrastructure and specialised logistics, making fiscal terms and regulatory certainty critical to investment decisions.

Amadasu added that the anticipated projects could create opportunities across other sectors of the economy, particularly Nigeria’s marine and logistics industries. According to him, the country would need to expand its marine and logistics capacity to support the volume of offshore projects expected under the new investment framework.

“It aims to make Nigeria the regional hub for deep offshore projects,” Amadasu said.

He added that other expected benefits included an increase in Nigeria’s oil and gas reserves, technology and skills transfer, and the creation of new jobs.

The PUNCH reports that Nigeria has been seeking to revive investment in its deep offshore petroleum sector as it targets higher crude oil production and seeks to reverse years of underinvestment in major upstream projects.

The signing of Deep Offshore Oil and Gas Project Incentives forms part of the Tinubu administration’s broader effort to improve the competitiveness of Nigeria’s oil and gas fiscal regime following the Petroleum Industry Act.

With nine projects already holding approved Field Development Plans, the success of the new incentive will largely depend on whether it can translate regulatory approvals into Final Investment Decisions and eventually into new barrels.

For Nigeria, the stakes are substantial: if the projected projects move ahead, the country could secure billions of dollars in fresh investment and add almost one million barrels of crude oil and condensate daily to its production over the next five years.

admin by — August 20, 2026 in Business 0
2027: Kebbi ADC appoints former Deputy Speaker, Sani Tadurga as campaign DG

The African Democratic Congress, ADC, in Kebbi State has appointed a former Deputy Speaker of the House of Assembly, Rt. Hon. Sani Tadurga, as Director-General of its Campaign Council ahead of the 2027 elections.

The appointment was approved by the party’s governorship candidate, Abubakar Malami, SAN, following consultations with stakeholders across the state.

Also appointed are three Deputy Directors-General representing the state’s three senatorial districts: Arch. Bala Sani Kangiwa for Kebbi North, Hon. Shehu Aliyu Sambawa for Kebbi Central and Alh. Aliyu Jibrin Bagaruwa for Kebbi South.

Barr Aminu Bunza was named Secretary of the Kebbi State Campaign Council.

According to the party, the appointments are aimed at strengthening its campaign structure and enhancing coordination ahead of the 2027 elections.

With the new structure, the party said its appointees are expected to deploy their leadership experience and grassroots networks to mobilise support and advance the ADC’s political objectives across the state.

It urged the new appointees to approach their responsibilities with commitment, unity and dedication as preparations for the 2027 polls intensify.

admin by — August 19, 2026 in News 0
Osun election: APC, Accord at war over alleged attacks on members

Osun State chapter of the All Progressives Congress, APC, and the ruling Accord Party have exchanged accusations over alleged attacks on their members following Saturday’s governorship election.

The APC alleged that supporters of the Accord Party launched attacks on its members and supporters after Governor Ademola Adeleke was declared the winner of the election by the Independent National Electoral Commission, INEC.

Accord, however, rejected the allegation and accused the opposition party of being responsible for attacks on its own members.

In a statement issued on Tuesday, Osun APC Director of Media and Information, Kola Olabisi, condemned what he described as a growing wave of post-election violence allegedly perpetrated by Accord supporters across the state.

Olabisi claimed that incidents of attacks on APC members began shortly after Adeleke was declared the winner of the governorship poll on Sunday.

He also alleged that local government chairmen aligned with the ruling party had moved into various council secretariats despite what he described as their “illegal sit-at-home” status.

The APC spokesperson further alleged that some members of the state executive of the National Union of Road Transport Workers (NURTW) had used suspected thugs to gain access to motor parks across the state.

The party warned that the alleged attacks could undermine public peace and potentially trigger retaliatory violence if not brought under control.

The APC called on the Osun State Police Command to strengthen security measures and protect its members and supporters from further attacks.

However, Osun State Accord chairman, Victor Akande, dismissed the allegations, insisting that the party was committed to peaceful political engagement.

“Accord is not known for hooliganism,” Akande told journalists when contacted by telephone.

He instead alleged that APC supporters had been behind attacks on Accord members, claiming that the police had also been used to target members of the ruling party before, during and after the election.

According to him, several Accord supporters were allegedly attacked and unlawfully detained.

Akande described the APC’s allegations as propaganda and urged the public to disregard them.

“They are known for their propaganda. They are the ones attacking our members. I didn’t know any of our members attacking their members,” he alleged.

He maintained that Accord was a peace-loving party and attributed Governor Adeleke’s electoral victory to what he described as the overwhelming support of Osun residents.

admin by — August 19, 2026 in News 0
EFCC recovers N4.48bn diesel allegedly converted by oil firm in Lagos

The Economic and Financial Crimes Commission, EFCC, has recovered 2.3 million litres of Automotive Gas Oil, AGO, commonly known as diesel, valued at approximately N4.485 billion, allegedly diverted from Prudent Energy and Services Limited by Mamemo Ibru of Ibafon Oil and Gas in Lagos.

The recovery followed an investigation launched by the anti-graft agency after Prudent Energy and Services Limited petitioned the EFCC over an alleged shortage of petroleum products it had entrusted to Ibafon Oil and Gas for storage.

EFCC spokesperson, Dele Oyewale disclosed the development in a statement, saying the petitioner alleged that its products stored at the depot had been unlawfully withdrawn, resulting in a substantial deficit in its stock.

According to the agency, the company claimed that repeated withdrawals from the stored products continued until its outstanding stock stood at 2,574,031 litres.

However, a subsequent physical inspection and reconciliation of the products reportedly showed that only 206,761 litres remained in the storage tanks, leaving a shortfall of 2,367,270 litres.

The EFCC said its investigation established that Ibafon Oil and Gas is engaged in the purchase and sale of diesel and also operates a storage facility where its products are kept alongside petroleum products belonging to customers.

The commission further alleged that Ibru, who owns the company, exploited his position to authorise the movement of petroleum products.

The EFCC said the excess products allegedly belonged to Prudent Energy and were converted for Ibru’s personal use.

Following the intervention of the anti-graft agency, the commission said the suspect surrendered the recovered petroleum products to Prudent Energy and Services Limited.

The development, according to the EFCC, forms part of its ongoing efforts to investigate allegations of economic crimes and recover assets obtained or diverted through unlawful means.

admin by — August 19, 2026 in News 0
Kebbi: ASUU declares two-week warning strike over unresolved issues

The Academic Staff Union of Universities, ASUU, Federal University of Agriculture Zuru, FUAZ, has declared a two-week warning strike over the alleged failure of the university’s Governing Council to address outstanding issues relating to the 2025 Federal Government–ASUU agreement.

The decision was contained in a statement signed on Tuesday by Comrade Danbauchi Ishaq Sanchi, branch chairperson of ASUU, following the expiration of a 21-day ultimatum earlier issued by the union to the Governing Council.

According to the union, no positive response or concrete action had been received from the Council towards resolving the issues raised.

Consequently, the union said its emergency meeting on Tuesday resolved to commence the warning strike from midnight on August 18.

During the strike, all academic activities at the university will be suspended, including lectures, examinations, continuous assessments, supervision of students’ projects and theses, as well as Senate and Faculty Board meetings.

The union said the decision was not taken lightly but had become necessary to draw the attention of the Governing Council to the unresolved issues affecting academic staff welfare and the smooth running of academic programmes.

ASUU expressed regret over the inconvenience the action may cause students and other members of the university community.

It, however, said it remained open to dialogue during the strike, stressing that meaningful engagement and concrete action by the relevant authorities could resolve the dispute.

admin by — August 19, 2026 in News 0
Sanwo-Olu seeks Lagos Assembly approval to reorder 2026 budget

Lagos State governor, Babajide Sanwo-Olu, has approached the House of Assembly with a request to review and reorder the 2026 Appropriation Law, tagged the “Budget of Shared Prosperity.”

The governor’s request was presented to lawmakers during plenary on Tuesday after the Clerk of the House, Adenike Oshinowo, read the communication before the chamber.

The letter highlighted the administration’s priorities and the reasons behind the proposed adjustment to the budget.

Speaking on the proposal, Chairman of the House Committee on Economic Planning and Budget, Olumoh Sa’ad, disclosed that the 2026 budget had recorded about 69 per cent implementation.

He said the proposed reordering would help redirect available funds towards areas considered more critical.

Sa’ad also suggested that the review could give the governor an opportunity to reconsider the proposed N200 billion bond recently forwarded to the Assembly for approval.

Contributing to the debate, Aro Moshood described the proposed adjustment as one of the benefits of democratic governance, expressing optimism that it would enable the government to respond more effectively to the needs of residents across the state.

Another lawmaker, Gbolahan Yishawu commended the level of budget implementation but called for funds to be redirected towards projects that were progressing steadily and were close to completion.

He stressed that funding should reflect the scope and stage of each project to ensure that resources were deployed efficiently.

Yishawu noted that while some capital projects had achieved considerable progress, others remained under construction and required continued financial support to reach completion.

Kehinde Joseph, meanwhile, urged the government to prioritise environmental concerns, particularly drainage and flood-management projects.

He called for adequate funding for measures aimed at reducing flooding and improving living conditions for Lagos residents.

Following the deliberations, Speaker of the House, Mudashiru Obasa, referred the governor’s request to the Committee on Economic Planning and Budget for consideration.

Obasa directed the committee to submit its report to the House within two weeks.

admin by — August 19, 2026 in News 0
NLC warns Nigerian govt of fresh health sector strike

The Nigeria Labour Congress (NLC) has asked the Federal Government to urgently resolve the ongoing salary dispute with the Joint Health Sector Unions (JOHESU) warning that another strike could happen if talks do not resume.

The NLC made the call in a letter dated August 6, 2026, and signed by its President, Joe Ajaero. The letter was addressed to the Minister of Labour and Employment.

The development followed a July 31 letter from JOHESU, which complained about the slow progress in resolving its demands, especially the adjustment of the Consolidated Health Salary Structure (CONHESS).

The NLC said several agreements reached between the government and health workers over the years had not fully addressed their concerns.

“We are similarly concerned that years after signing MoUs, terms of agreement and CBAs (Collective Bargaining Agreements) in addition to promises and assurances from appropriate authorities, members of JOHESU have been ignored or abandoned,” Ajaero said.

NLC urged the Labour Minister to intervene immediately and ensure that negotiations with the unions resume. It also called on him to engage the Presidential Committee on Salaries over the issue.

“Honourable Minister, in light of the above, we strongly urge that you do all that is within your power to ensure immediate resumption of the collective agreement negotiation as well as nudge the Presidential Committee on Salaries to do the needful,” the letter stated.

The NLC said failure to resolve the dispute could have serious effects on healthcare services and industrial relations.

Although the NLC said it was not issuing a threat, it promised to support JOHESU if the union decided to resume industrial action.

admin by — August 19, 2026 in News 0
Naira gains as reserves surpass $52.5bn – CBN

CBNAs the naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing to below two per cent, Nigeria’s foreign reserves remained above $52.5bn as of July 17, 2026, marking a 17-year high and surpassing the Central Bank of Nigeria’s yearly target.

This feat was supported by sustained inflows and renewed investor confidence and participation across asset classes in Nigeria.

The acting Director, Corporate Communications and Investor Relations Department at the CBN, Hakama Sidi-Ali, stated this on Tuesday in Lafia, the Nasarawa State capital, during a fair organised by the Apex Bank, which had participants from across various sectors of the state in attendance.

She explained that over the past 34 months, the Governor of the CBN, Olayemi Cardoso, had led bold reforms to establish the much-needed foundation for Nigeria’s next economic phase, promoting inclusive growth and job creation to alleviate poverty.

Sidi-Ali mentioned some of the reforms to include the unification and greater transparency of the foreign exchange market; successful banking sector recapitalisation, which, according to her, has fundamentally strengthened the resilience, capacity and competitiveness of the Nigerian banking industry.

Others are the launch of the non-resident BVN to connect Nigerians abroad with local banking services; the B-Match System for forex trading; unveiling of the Nigeria Payments System Vision 2028; and introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to enhance liquidity management and curb inflationary risks, among other reforms.

“The latest data from the National Bureau of Statistics indicate that headline inflation fell slightly from 15.91% in June to 15.43% in July 2026. Core and food inflation also eased over the same period, reflecting the effects of disciplined monetary tightening, exchange-rate unification, and improved market transparency,” she explained.

Speaking about the theme of the fair: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, the CBN acting director said it was carefully chosen to highlight the connections that drive critical activities for the desired monetary, price and financial system stability, which is at the heart of the Central Bank of Nigeria.

According to her, the fair is one of the Bank’s platforms strategically designed to engage the public on the bank’s policies and initiatives, noting that its objective is to promote sustainable economic growth and development across the country.

She used the opportunity to urge the participants to uphold the cleanliness and respect of the naira, while emphasising that it is prohibited to spray, hawk, mutilate or counterfeit the naira, as it is not only the indispensable national emblem of Nigeria, but also the source of our collective pride as a nation.

“Under the leadership of Mr Olayemi Cardoso, the bank’s management remains strongly committed to maintaining monetary and price stability and to performing other essential functions of the Central Bank of Nigeria, as outlined in the CBN Act, 2007, as amended.

“These efforts are already yielding positive results, evidenced by the moderate decline in inflation, ongoing growth in our foreign reserves, and the current stability in the foreign exchange market,” she added.

On her part, the Branch Controller, CBN Lafia, Njideka Nwabukwu, said one of the key objectives of the fair is to enlighten the public about various initiatives of the Central Bank of Nigeria, while also providing a platform for valuable feedback to help the bank improve its service delivery and policy implementation.

She said the theme, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” could not be more apt, as it underscores the Central Bank of Nigeria’s unwavering commitment to leveraging innovation and technology to bring more Nigerians into the formal financial system and stimulate sustainable economic growth.

Nwabukwu narrated that over the years, the Bank has recorded notable milestones in deepening financial inclusion through alternative payment channels, from expanding agent banking and Point-of-Sale (POS) networks nationwide to promoting mobile money, QR payments, internet banking and instant payment platforms.

She said these initiatives have significantly improved access to financial services for millions of Nigerians. “Today, I therefore urge every participant here to become an ambassador of financial inclusion. I encourage our entrepreneurs and traders to embrace digital payment solutions in their daily transactions.

“I encourage our youths to leverage technology responsibly to create value and opportunities. I encourage financial institutions and payment service providers to continue innovating while maintaining the highest standards of customer protection and service delivery.

“Together, we can reduce reliance on cash, improve efficiency, expand economic opportunities, and unlock the immense potential of our local and national economy,” she said.

Our correspondent further reports that participants at the CBN fair, including members of the National Youth Service Corps, students and other residents of the state, pledged to embrace digital banking and other alternative payment channels in order to reduce the stress of regular visits to banks and to make transactions easier and faster.

admin by — August 19, 2026 in Business 0