admin, Author at seemberg.com

All Posts in "admin"

NGX begins week in red, sheds N10.9bn

The Nigerian Exchange started the week on a bearish note as the market capitalisation fell by N10.9bn at the close of trading on Monday.

Data released by the exchange showed that a total of 629.57 million shares were traded in 57,840 deals, valued at N14.75bn. This represents a 17 per cent increase in trading volume, a 12 per cent decline in turnover, and a 21 per cent rise in the number of deals compared with the previous trading day, Friday, 16 January 2026.

The All-Share Index also dipped slightly, closing at 166,112.50 points, down from 166,129.50 points recorded last week, while the total market capitalisation declined from N106.353tn to N106.342tn.

A total of 130 equities were traded on Monday, with 44 gainers and 24 losers. Leading the gainers were NCR Nigeria, Champion Breweries, and Learn Africa, each recording a 10 per cent increase in share prices.

Triple Gee & Co. followed closely with a 9.94 per cent gain, while Neimeth and Morison rose by 9.90 per cent and 9.89 per cent, respectively.

On the losing side, Industrial & Medical Gases led with a 9.95 per cent drop in share price, closing at N34.85 per share. Haldane McCall and LivingTrust Mortgage Bank fell by 9.88 per cent and 9.57 per cent, respectively, while Ikeja Hotel and Union Dicon declined by 7.28 per cent and 5.26 per cent.

Notably, Nigerian Breweries lost 4.01 per cent, closing at N80.15.

In terms of volume, Secure Electronic Technology led with 83.3 million shares traded, followed by Access Holdings with 52.9 million shares, Jaiz Bank with 39.7 million shares, and Tantalizers with 34.2 million shares.

Meanwhile, the top five equities by value of trades included Zenith Bank with N1.57bn, Aradel with N1.52bn, Access Holdings with N1.21bn, GTCO with N1.21bn, and UBA with N0.70bn.

Analysts said Monday’s performance reflected cautious investor sentiment at the start of the week, despite active trading in several blue-chip stocks.

by admin — January 20, 2026 in Business 0

SEC capital hike to spur mergers, squeeze smaller operators

The Securities and Exchange Commission’s revised minimum capital requirement for capital market operators is expected to trigger mergers and acquisitions in Nigeria, with smaller players likely to exit the market, experts say.

In a phone interview with The PUNCH on Monday, the Chief Economist and Managing Editor of Proshare, Teslim Shitta-Bey, explained that fund managers and asset managers operate differently from banks. “Fund managers take money from third parties. They don’t invest their own money. If I’m managing assets that are in excess of N500 bn, but it’s not my money, why should I be capitalised at N2 bn or N3 bn?” he asked.

Shitta-Bey stressed that capitalisation requirements designed for banks may not be appropriate for capital market operators. “Banks lend money to third parties, so they need a capital buffer in case loans go bad. Fund managers manage assets on behalf of clients; most of the money they use is not their own. It is intended to purchase assets with a market value that are tradable. So, the nature of capitalisation is different,” he said.

He noted that many top-tier operators have already exceeded the required capital thresholds. “Many of them already have skin in the game. They have traded on their own accounts. If you value the assets under management, their own assets are far in excess of N2 bn. These are fairly liquid assets that are tradable on an exchange. So, I’ve already met the requirements,” Shitta-Bey said.

Warning about the potential market impact of overcapitalisation, he added: “If you have N2bn and you don’t know what to do, you could decide to buy equities. Now, if everybody is buying equities at the same time, you are likely to push up the value of any particular stock. And once the stock becomes overvalued, you are generating a potential for market correction.”

Shitta-Bey also highlighted the implications for smaller operators. “For marginal players, yes, there might be some challenges. Well-run smaller ones may merge to meet the capital requirement. Others will gradually exit the system. You will see a lot of mergers and acquisitions going on, but the lesser, smaller ones will just melt out of the system,” he said.

The SEC recently issued a circular revising minimum capital requirements across all regulated capital market entities. The move targets core and non-core operators, market infrastructure institutions, fintechs, virtual asset providers, and commodity market intermediaries. For instance, full-scope portfolio managers are now required to maintain a minimum capital of N5bn, while brokers handling client execution only must hold N600m. Compliance is expected by 30 June 2027, with transitional arrangements considered on a case-by-case basis.

Also commenting, the National Coordinator of the Independent Shareholders Association of Nigeria, Moses Igbrude, criticised the policy, saying it risks concentrating market power and excluding ordinary investors. “Stockbrokers do not lend money and therefore do not require massive capital buffers. They receive money from investors to buy shares and manage custody. That is their job,” he said.

Igbrude questioned the rationale behind requiring N1bn for stockbrokers. “Why do we need people to come and buy penny stocks or small amounts when I have N2bn at my disposal to trade, pay staff, and run operations efficiently?” he asked.

He warned that the new requirements could create an elitist market. “You are creating an elitist investment, cutting off a group of people. If you want to grow an economy of over 270 million people, you don’t cut off your people from the system,” Igbrude said.

He argued that the policy appears to concentrate business in the hands of a few. “The Commission is deliberately forcing consolidation. They are trying to remove some categories of investors from the system. It’s only for the big money holders. The Nigerian economy is not only made for the big boys. It’s made for everybody,” he said.

by admin — January 20, 2026 in Business 0

Geregu posts N27.25bn profit

Geregu Power Plc has reported a profit after tax of N27.25bn for the year ended 31 December 2025, underscoring the power generation company’s ability to sustain earnings growth amid rising operating costs and a challenging macroeconomic environment.

According to its audited financial statements, Geregu Power recorded revenue of N184.94bn in 2025, up from N137.13bn in the previous year, driven by increased power generation and improved capacity utilisation. Cost of sales rose to N110.73bn from N74.40bn, resulting in a gross profit of N74.21bn, compared with N62.73bn in 2024.

Operating profit stood at N48.15bn, up from N42.95bn a year earlier, despite higher administrative expenses and impairment charges. Other income also improved to N1.80bn from a loss of N583.77m recorded in the prior year.

Profit before tax was N41.99bn, marginally higher than N41.27bn in 2024, while income tax expense increased to N14.73bn from N13.84bn

Earnings per share stood at N10.90, slightly below the N10.97 recorded in the previous year.

On the balance sheet, total assets rose to N305.01bn as at 31 December 2025 from N243.47bn in 2024, reflecting growth in trade and other receivables as well as sustained investment in operations.

Total equity increased to N58.63bn from N52.56bn, supported by higher retained earnings.

The company also reduced its non-current liabilities to N32.21bn from N47.53bn, driven by lower borrowings and bond obligations, while current liabilities rose to N214.16bn from N143.37bn.

by admin — January 20, 2026 in Business 0

Uncertainty over Kano Gov’s planned APC defection as Kwankwaso camp mounts pressure

Governor Abba Kabir Yusuf’s planned defection from the New Nigeria Peoples Party, NNPP, to the ruling All Progressives Congress, APC, has become one of Kano’s most talked about political puzzles following the uncertainty surrounding the move.

DAILY POST reports that the defection, which was hitherto slated for the first week of January 2026, was pushed to January 12, 2026.

The much anticipated event was again stalled as the governor continued his consultations with National Assembly members, state legislators and key figures in the ruling party amid warnings from his political godfather and 2023 presidential candidate of the NNPP, Rabiu Kwankwaso.

The delay, however, has been ascribed to the split in NNPP and the governor’s tough demand from his prospective new party.

Governor Yusuf’s tough demand

An insider source familiar with the unfolding political occurrences in Kano State told DAILY POST that the governor has insisted on an automatic ticket for the 2027 election as a condition to join the ruling party.

According to the source, the top leadership of the ruling party has been unable to grant the request, placing it on hold waiting for President Bola Tinubu’s return from his foreign trip.

“The governor does not want to blindly join the APC and then later have people like the former national chairman of APC, Abdullahi Ganduje coming up with their own anointed candidate.

“You know that immediately he joins the party, he will stop enjoying the support he gets from His Excellency Rabiu Kwankwaso so if he doesn’t have the support of people like Ganduje or Kwankwaso, 2027 is going to be very tough for him.

“But if Kwankwaso had agreed to also follow the governor to APC, the whole thing would have been easier for the governor but Kwankwaso himself is not ready to move to APC, at least not yet.

“Now that Mr President is back to Nigeria, things will become clearer in the coming days, hopefully, the governor’s request will be granted but mind you, he is not the only governor seeking re-election”, he said.

Split in NNPP

Prior to the governor’s move to dump the perceived fastest-growing political platforms in the country, there has been a cold war among leadership of the party.

According to reports, the internal wrangling birthed the decision of the governor to shift his alliance to the ruling party.

The crisis reportedly began with a contentious change of the party’s logo, as the Kwankwaso-led faction replaced the basket of fruits with a book and graduation cap.

But the governor’s camp insisted that the previous logo must be maintained.

The development, DAILY POST gathered, sparked legal battles that have since thrown the party into uncertainty, deepening internal fragmentation.

While the governor has the Speaker of the Kano State House of Assembly, Hon Jibril Ismail Falgore, some Local Government Chairmen in his camp, the deputy governor, Comrade Aminu Abdussalam Gwarzo and some members of the state cabinet remain loyal to Kwankwaso.

Remain in our party, no clear road in APC – NNPP former Chairman

In an exclusive interview with DAILY POST on Sunday, the immediate past Chairman of NNPP in Kano State, Hashimu Dungurawa urged the governor to shelve his planned defection.

Dungurawa pointed out that while Governor Yusuf’s re-election under NNPP is sure, the road is not clear for him if he defects to APC.

He said, “It is still my prayer that the governor doesn’t leave our party because leaving the party will cause a lot of vacuum that will be difficult to fill.

“Staying with NNPP will help him because where he is going is a camp of his enemies.

“We are here supporting him in the NNPP, nobody is fighting him and there is nobody that is not wishing him well.

“If he remains in our party, he will automatically return as governor for his second term. There is no clear road in where he is going so the best thing for him is to remain with us.

“Definitely, we will all work for his victory in 2027 if he remains in our party. I don’t see any reason why he should be jumping to another when he is comfortable where he is.

“In 2027, NNPP is going to defeat the so-called APC and PDP in Kano State”.

Governor Yusuf under pressure to remain in NNPP

There has been intense pressure from Kwankwaso’s supporters known as the Kwankwassiyya Movement, aiming to stop the governor’s alliance with APC.

This comes with the threat that the governor will be asked in 2027 if he ignores the warnings.

It was gathered that Hon Mustapha Kwankwaso, the first son of the NNPP leader and other Yusuf’s cabinet members loyal to Kwankwaso, will immediately quit their jobs when the governor officially joins APC.

by admin — January 19, 2026 in News 0

Fubara impeachment plot: Suspend Rivers lawmakers now – Onoh urges APC

Former South-East Spokesman to President Bola Tinubu, Denge Josef Onoh, has asked the All Progressives Congress (APC) to immediately suspend all its lawmakers in the Rivers State House of Assembly allegedly involved in moves to impeach Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu.

Onoh made the call in a statement issued to newsmen on Sunday in Abuja.

The Chairman of the Forum of Former Members of the Enugu State House of Assembly described the renewed impeachment attempt by the Rivers State House of Assembly, led by Speaker Martin Amaewhule, as legislative rascality and a calculated, self-serving coup against constitutional order and democratic governance.

He added that the impeachment move, reportedly based on allegations of gross misconduct, including the non-presentation of the 2026 Appropriation Bill, fails to acknowledge the existence of a nationally approved budget running until August 2026 under earlier emergency provisions.

According to him, the current effort marks the third attempt to impeach Governor Fubara since 2023, with the latest escalation occurring in January 2026.

He stated that the lawmakers involved defected from the Peoples Democratic Party (PDP) to the APC on December 5, 2025, just days before Governor Fubara’s own defection to the ruling party.

“The simultaneous targeting of the governor and his deputy exposes a clear agenda to seize power through the back door. The APC should suspend all its lawmakers involved in this act of legislative rascality,” Onoh said.

by admin — January 19, 2026 in News 0

EFCC recovers N64.8m, hands over to businessman

The Ag. Zonal Director, Benin Zonal Directorate, Deputy Commander of the EFCC, DCE Sa’ad Hanafi Sa’ad on Tuesday January 13, 2026 handed over a draft of N64,800,000 to Uzoechina Vincent Anene, being funds recovered by operatives of the Commission for him.

Anene, 59, a dealer in petroleum products had petitioned the Commission that in October 2024 one Adegboyega Adebanbo defrauded him of N65,700,000 under the pretence that he could supply him with 90,000 litres of Neptha (condensate). However, upon transfer of the money, the products were not supplied and efforts to recover the money proved abortive.

During investigation, the Commission discovered that Adebanbo had travelled out of the country but transferred the sum of N64,800, 000 to the account of the wife of his business associate Ekundayo Akinseye, who in turn transferred the same to other accounts. The Commission traced the various accounts and recovered the money.

Presenting the draft, the Ag Zonal Director cautioned Nigerians to be circumspect to avoid falling victim to fraudsters. “The Commission will continue to discharge its responsibilities professionally and bring fraudsters to book. We also use this opportunity to caution Nigerians to be alert of fraudsters who parade themselves as business men and suppliers of products, people should be careful of them because some of them are fraudsters.”

Anene, who was filled with joy, commended the Commission for its intervention. According to him, he was dazzled by the professionalism exhibited by operatives of the Commission. “Your character is worthy of emulation”, he saida

The suspects have been charged to court.

by admin — January 19, 2026 in News 0

AEDC reconnects FCT Water Board, restores Water supply, gives reason for disconnection

Why we disconnected power supply to FCT Water Board – AEDC - Vanguard News

The Abuja Electricity Distribution Plc. (AEDC) acknowledged the concerns and spirited appeals from residents of the Federal Capital Territory following the disruption to water supply arising from the recent disconnection of electricity to the FCT Water Board over unpaid electricity bill.

AEDC clarifed that the disconnection followed the accumulation of over one year of outstanding electricity debt by the FCT Water Board, despite several notices, engagements and opportunities provided to regularise the account, in line with applicable regulatory provisions.

However, in recognition of the critical importance of water supply to public health and community wellbeing, and following widespread concerns expressed by residents, the Acting Managing Director/Chief Executive Officer of AEDC, Engr. Chijioke Okwuokenye, has directed the immediate reconnection of electricity supply to the FCT Water Board, in order to enable the prompt restoration of water services across affected areas of the FCT.

This decision underscores AEDC’s commitment to the welfare of the communities it serves and reflects the company’s belief that access to essential services must be safeguarded, particularly where public health and safety are concerned.

The reconnection is, however, granted on a conditional basis. AEDC has formally issued the FCT Water Board a two-week timeline within which to present and begin implementing a credible payment plan towards the settlement of its outstanding electricity obligations.

While AEDC remains open to engagement and collaborative solutions, it must be stated that failure to meet this obligation within the stipulated period will regrettably leave the company with no alternative but to reapply service disconnection, in accordance with regulatory guidelines.

AEDC reiterates that disconnection remains a measure of last resort and assures residents of its continued commitment to transparent engagement, regulatory compliance and the delivery of sustainable electricity services in the Federal Capital Territory.

by admin — January 19, 2026 in News 0

Court orders interim forfeiture of $150,000 linked to Vetifly Global Boss

Justice Yellim Bogoro of the Federal High Court sitting in Ikoyi, Lagos, on Wednesday, January 14, 2026, ordered the interim forfeiture of the sum of $150,000.00 (One Hundred and Fifty Thousand Dollars) linked to one Emmanuel Okoh, Director, Vetifly Global Inc.

The Judge gave the order, following a motion ex parte filed and argued by the Economic and Financial Crimes Commission, EFCC,through its counsel, A.M.Dambuwa.

Moving the application for the interim forfeiture, Dambuwa stated that the petitioner, sometime in February, 2022, invested the sum of $1,500,000.00 ( One Million, Five Hundred Thousand United States Dollars) in the aviation business of Vetifly Global Inc.

He stated that the parties agreed that Return on Investment (ROI) would be 100 percent of the investment sum, which would be paid exactly 365 calendar days from the date of issuance.

He also told the court that Okoh, however, reneged on the terms of agreement and also travelled out of the country, with the investment sum of $1.5m.

According to him, “ All efforts by the petitioner to reach Okoh were unsuccessful, hence he approached the EFCC.

“ Investigation conducted on the “Aircraft Service Agreement” between Velifly Limited and Zejet Limited led to the invitation of the Managing Director of the Xejet Limited, and one Emmanuel Ayuba Iza, who reported and volunteered a statement.

“ In his statement to the Commission, Iza said that Okoh needed Air cargo and he approached Xejet Limited for a partnership through a letter written in July, 2021 for the purpose of cargo air service.

“An agreement named “Aircraft Services Agreement” was later executed between Vetifly Limited and Xejet Limited.

“The aircraft service agreement between Emmanuel Okoh and Xejet Limited is to the effect that Vetifly Limited will provide funding for an air cargo service operation while the Xejet Limited is to provide cargo aircraft and handle the regulatory, operation and technical aspect of the service.

“ On March 2, 2022, the sum of $1,499,990.00 One Million, Four Hundred and Ninety-Nine Thousand, Nine Hundred and Ninety Dollars) was lodged by one REMX Capital Limited belonging to Vetifly Limited.

“The lodgement made to the First Bank account of Vetifly Limited on March 2, 2022 ( the sum of $1,499,990.00 (One Million, Four Hundred and Ninety-Nine Thousand, Nine Hundred and Ninety Dollars) is in correlation with the Swift document submitted by the petitioner.”

He, therefore, prayed the court to grant the application seeking an interim forfeiture of the property, which is reasonably suspected to be proceeds of unlawful activities.

In her ruling, Justice Bogoro granted the application, and also directed the Commission to publish the interim order in a national newspaper for any interested party to show cause why the final order of forfeiture should not be made in favour of the Federal Government of Nigeria.

The Judge adjourned the case till February 11, 2026 for a report of compliance.

by admin — January 19, 2026 in News 0

NiMet Secures Approval for Revised Conditions of Service in Major HR Reform

The Nigerian Meteorological Agency (NiMet) has finalised a comprehensive review of its Conditions of Service (CoS), marking a key milestone in the Agency’s efforts to modernise its human resource framework and align it with current public service standards and NiMet’s expanding operational responsibilities.

The review was achieved through close collaboration between NiMet Management and recognised staff unions, with both sides engaging in sustained dialogue and broad consultations. This cooperative approach ensured that the revised Conditions of Service address priority issues such as staff welfare, career progression, professionalism, and institutional efficiency, while supporting NiMet’s mandate of delivering timely and accurate weather and climate services.

Supported by the current administration, the revised document was processed through the appropriate statutory channels and has now received formal approvals from relevant oversight bodies. These include the Federal Ministry of Aviation and Aerospace Development and the Office of the Head of the Civil Service of the Federation (OHCSF), among others, officially validating the new Conditions of Service for implementation.

The updated framework provides clearer and more structured guidelines on appointments, promotions, career advancement, and disciplinary procedures. It also strengthens provisions on staff welfare, leave entitlements, and work–life balance, while standardising processes to promote fairness, transparency, and accountability in line with Federal Civil Service rules and best practices.

The revised CoS are expected to boost staff morale and motivation, leading to improved productivity and more efficient service delivery across the Agency. The reform underscores NiMet’s commitment to fostering a supportive work environment, strengthening human capital development, and equipping its workforce to meet the growing demand for reliable meteorological information critical to national development and public safety.

Management has encouraged all employees to familiarise themselves with the revised document, describing it as a comprehensive guide to their rights, responsibilities, and career development within the Agency.

NiMet reaffirmed its commitment to continuous institutional reforms aimed at enhancing efficiency, staff welfare, and excellence in service delivery, as part of its broader mission to support Nigeria’s socio-economic development through dependable and timely meteorological services.

by admin — January 19, 2026 in News 0

FCMB Secures National Licence, Eyes Global Scale

FCMB Group Plc has secured a national banking licence for its flagship banking subsidiary after completing a major capital raise, positioning the lender to maintain domestic operations while pursuing the higher capital threshold required for international status under Nigeria’s ongoing banking sector recapitalisation programme.

The development comes as the Central Bank of Nigeria’s (CBN) recapitalisation exercise, introduced in 2024, continues to expose differing strategies among lenders ahead of the March 31, 2026 deadline. Under the new framework, banks operating with international licences are required to maintain a minimum paid-up capital of N500bn, while national banks must meet a N200bn threshold.

Regulatory filings show that FCMB crossed the national requirement following the successful completion of a N147.5bn public offer in 2024, enabling it to secure the national licence for its banking subsidiary.

The move places the group ahead of the minimum requirement for domestic banking operations and provides operational continuity as the recapitalisation process unfolds.

The group is now targeting the international licence benchmark through further capital raising initiatives.

These include a N160bn offer launched in late 2025 and a shareholder-approved capital raising programme of up to N400bn, subject to regulatory approvals.

If completed, the additional funds would lift FCMB above the N500bn threshold, expanding its operational scope beyond national borders.
Several tier-one banks, including Access Bank, Zenith Bank, Guaranty Trust Bank, United Bank for Africa, Fidelity Bank and First Bank of Nigeria, have already announced transactions that place them above the international capital requirement.

In contrast, other lenders such as Stanbic IBTC Holdings and Wema Bank are expected to retain national licences, reflecting varied balance-sheet positions and strategic priorities.
Market analysts say the divergence in approaches underscores differences in capital strength, risk appetite and timing rather than regulatory pressure. According to one fund manager, the recapitalisation framework allows flexibility in execution, noting that the key risk lies in missing the deadline rather than the pace at which capital is raised.

The recapitalisation exercise is also reshaping the broader banking landscape through mergers, asset divestments and strategic realignments. Smaller lenders are increasingly opting for regional or niche licences, while non-interest banks have largely met their capital requirements.

For FCMB, analysts say the outcome remains optional rather than existential. The national licence ensures business continuity, while securing an international licence would enhance strategic flexibility and growth prospects.

With market conditions still volatile, the final phase of the recapitalisation programme is expected to test execution capabilities across Nigeria’s banking sector.

by admin — January 19, 2026 in Business 0