Business
NSE market indices record further depreciation
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LAGOS – The market indicators of the Nigerian Stock Exchange (NSE) on Friday recorded further depreciation dropping by 0.33 per cent as a result of sell pressure.
The News Agency of Nigeria (NAN) reports that the All-Share Index declined by 126.69 basis points or 0.33 per cent to close at 38,738.15 against 38,864.84 posted on Thursday.
The market capitalisation, which opened at N12.430 trillion, lost N40 billion or 0.33 per cent to close at N12.390 trillion due to price losses by some blue chip equities.
An analysis of the price movement chart indicated that Nestle led the losers’ chart with a loss of N25 to close at N1,175 per share.
Nigerian Breweries came second with N2 to close at N162, while Mobil Oil lost N1.80 to close at N118.20 per share.
Unilever dipped by 95k to close at N59.61, while Livestock Feeds dropped 24k to close at N4.42 per share.
Conversely, Lafarge Wapco topped the gainers’ chart, gaining N3.05 to close at N103.95 per share.
Okomu Oil Palm garnered N1 to close at N44, while Union Dicon Salt rose by 63k to close at N6.83 per share.
African Prudential increased by 24k to close at N2.69, while National Salt improved by 22k per share.
NAN reports that Unity Bank for the second consecutive day remained the most traded stock, accounting for 157.23 million shares worth N83.46 million.
Wapic Insurance recorded a turnover of 87.43 million shares valued N86.61 million, while Transcorp sold 45.94 million shares valued N193.14 million.
Custodian Insurance accounted for 44.29 million shares worth N88.49 million, while Nem Insurance sold 18.18 million shares valued N10.55 million.
In all, a total of 512.01 million shares worth N3.18 billion were traded by investors in 4,271 deals against the 484.64 million shares valued at N3.73 billion traded in 5,877 deals on Thursday.
– BUSINESS DAY
Business
Court Restrains CBN, Other Agencies From Withholding Kano LG Allocations
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A Kano State High Court has ruled in favor of the 44 Local Government Areas (LGAs) in the state, issuing a perpetual injunction that restrains the Attorney General of the Federation (AGF), the Central Bank of Nigeria (CBN), the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), and other key bodies from withholding or delaying their monthly allocations.
The case, which was filed by the Chairman of the National Union of Local Government Employees (NULGE), Ibrahim Muhd, and others including Ibrahim Uba Shehu, Ibrahim Shehu Abubakar, Usman Isa, Sarki Alhaji Kurawa, and Malam Usman Imam, sought to prevent delays in the disbursement of essential funds required for local governance in Kano.
Their counsel, Bar. Bashir Muhammad, filed an ex-parte motion on November 1, 2024, arguing that the withholding of allocations would harm the functioning of the LGAs.
SEE ALSO: SERAP Orders CBN To Withdraw Illegal, Unfair ATM Transaction Fees Within 48 Hours
In his judgment, Justice Ibrahim Muhammad ruled in favor of the applicants, affirming that they had made a strong case for the disbursement of the funds.
“I resolve in the affirmative that all the reliefs sought by the applicants are granted,” Justice Muhammad stated, referring to a Supreme Court ruling in Attorney General of Abia State and 35 others (SC/CV/343/2024) as the basis for his decision.
The court emphasized that the AGF, CBN, and RMAFC must ensure that the monthly allocations are duly disbursed to the 44 Kano LGAs in line with the 2022 Kano State Local Government Council Electoral Laws.
Justice Muhammad declared that withholding these allocations would be a violation of the constitutional rights of the people living in these areas, citing sections of the 1999 Constitution of Nigeria and the African Charter on Human and Peoples’ Rights.
Counsel for the applicants, Bar. Bashir Muhammad, argued that withholding the funds would prevent the LGAs from fulfilling their duties and serving their communities effectively.
Counsel for the 44 LGAs, Ibrahim Isa-Wangida, representing Eyitayo Fatogun, SAN, expressed no opposition to the application, highlighting the importance of uninterrupted allocation disbursements.
However, CBN’s counsel, Ganiyu Ajape, filed a preliminary objection, urging the court to strike out the CBN from the case, asserting that it had no jurisdiction in the matter.
Similarly, legal representatives for United Bank for Africa (UBA), Keystone Bank, and Guarantee Trust Bank sought to have their clients’ names removed from the suit, claiming no involvement in the allocation process.
Despite these objections, Justice Muhammad ruled in favor of the applicants, reinforcing that the AGF, CBN, and RMAFC are legally bound to ensure the proper and timely distribution of funds to the 44 LGAs, marking a significant victory for local governance in Kano.
Business
Dangote Group Loud At 46th Kaduna Int Trade Fair
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. . . Tinubu Applauds DIL
The Federal Government has added to the Dangote Group’s loud presence at the ongoing Kaduna International Trade Fair, by declaring that the conglomerate has a pivotal role in Nigeria’s push towards industrialization.
Acting Permanent Secretary in the Ministry of Industry, Trade and Investment, Dr. Dafang I. Sule, who represented President Bola Ahmed Tinubu and the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, thanked the company for “doing a good job” in Nigeria.
Biztellers reports that the Dangote Group is one of the sponsors of the 46th Kaduna International Trade Fair, declared open by President Tinubu on Saturday.
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The Federal Government’s accolade came on the heels of numerous commendations from stakeholders around the world.
Dr. Sule also informed participants that his ministry has been partnering with the Dangote Group to drive government policies and programmes, one of which is the Backward Integration Programme.
“The quality of Dangote products is not in doubt and that is why people patronize them. You can see that the company is growing every day. I think it is doing a very good job,” he added.
Meanwhile, the Kaduna Chamber of Commerce, Industry, Mines, and Agriculture (KADCCIMA) has acknowledged its partnership with the company, describing it as the unique selling point, and a major competitive advantage of the 46th Kaduna International Trade Fair.
The Director General of the Chamber, Usman Saulawa, defined the Dangote Group as a conglomerate that is helping to drive the Nigerian economy.
According to him, the company has not only made a significant positive impact on the business community in Kaduna State but has also contributed immensely to the growth of both the Nigerian, and global economy.
He pointed out that no fewer than five countries are participating in the fair that has as its theme: Promoting Efficiency in Manufacturing, Trade, and Agriculture through Digital Transformation.
He added, “Our selling point is the joint collaboration and full involvement of Kaduna State Government, Dangote Group and other companies.”
The Director General hailed the symbiotic partnership between KADCCIMA and the Dangote Group, commending Aliko Dangote, the Group’s President, as an unwavering benefactor of Chamber.
He said through the consistent sponsorship and participation of its Strategic Business Units; the Dangote Group has supported economic development in the state.
Business
Shell Outlines Steps To Boost Local Content In Oil & Gas Operations
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With the belief that strategic partnerships, capacity building and adherence to regulations would help Nigeria to derive more value from the participation of local business in such operations, Shell has identified key enablers for boosting local content in the oil and gas industry.
The remark was made by the General Manager, Nigeria Content Development of The Shell Petroleum Development Company of Nigeria Limited (SPDC) Olanrewaju Olawuyi, at a panel session on “on “Local Content Private Sector” at the ongoing Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos.
Drawing lessons from the experience of Shell Companies in Nigeria, Olawuyi said it was necessary to encourage indigenous companies to form partnerships to deliver major work scopes. “By awarding contracts worth $1.98 billion to Nigerian businesses in 2023, Shell has bolstered the capabilities of local firms, enabling them to become regional contractors,” he said.
ALSO READ: NCDMB, Starzs Gas, Upbeat About Industrialisation At Integrated CNG Project Groundbreaking Ceremony
According to him, there is also the need to improve the expertise of local companies through training and provision of resources. “At Shell, we have implemented projects like the Nigerian Diving school to increase divers capacity in Nigeria, domestication of 3D printing technology and research work to develop synthetic base fluid for drilling. These are among many efforts to develop the capacity of suppliers.”
He said compliance with local content policies was essential as this had helped to ensure Shell’s operations benefit the local economy while at the same time fostering trust and collaboration with host communities.
Olawuyi explained that “Shell has learnt that the local content race is not a sprint, but a marathon and it makes a lot of business sense and creates value long term. As the energy sector evolves, local content strategies will shift from simple compliance to value-driven partnerships, technology adoption, and sustainable economic impact. Companies that invest in innovation, digital transformation, and workforce development will lead in shaping the next phase of local content growth.”