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NGX-ASI declines for second day running, as market closes bearish

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The NGX All-Share Index (ASI) declined for the second day running.

The NGX-ASI has been declining since the Easter holidays ended with the market continuing a bearish movement.

The ASI dropped 336.82 points to close at 104,181.32 points, down from the previous session’s close of 104,518.14 points.

The total market capitalisation saw a significant decline of N190.45 billion, finishing at N58.905 trillion, which is a 0.32 percent decrease from the previous value of N59.095 trillion.

The decline recorded on Wednesday was primarily due to the underperformance of Nigeria’s most capitalised Stocks also known as SWOOTs.

The banking sector witnessed a downturn in earnings, with FBN Holdings experiencing a 5.02 percent fall, and both GTCO and Zenith Bank seeing their stock values diminish by 1.23 percent.

Conversely, the bulk of the SWOOT group, encompassing entities such as AIRTELAFRI, BUA Cement, BUAFOODS, DANGCEM, GEREGU, MTNN, SEPLAT, TRANSCOHOT, and TRANSPOWER, showcased resilience by keeping their stock prices constant despite market volatility.

Universal Press Plc (UPL) emerged as the leader among 21 advancing stocks, with its share price increasing by 9.84 percent.

INTENEGINS and CAVERTON were among the most impacted, with their shares falling by 10 percent each, amidst 32 declining stocks.

Meanwhile the volume of transactions in the market fell to 10,364 deals, a reduction from the 12,925 transactions recorded in the previous trading session.

ACCESSCORP was at the forefront of trading volume, with an impressive 50 million units, closely tailed by UBA with 49.01 million units. Other stocks that stood out included TRANSCORP with 45.95 million, ZENITHBANK with 41.88 million, and GTCO with 29.70 million units traded.

In terms of market value, the decline persisted at 39.04 percent, translating to a N5.71 billion reduction, ending the session at N8.91 billion, down from N14.61 billion in the last session.

ZENITHBANK was the major contributor to this total, with shares amounting to N1.86 billion, followed by GTCO at N1.57 billion, UBA at N1.37 billion, ACCESSCORP at N1.24 billion, and TRANSCORP contributing N612.79 million.

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Digital Economy: FG unveils SPV to improve internet penetration, GDP growth

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…To build 3rd longest terrestrial fibre optic backbone in Africa

…Targets 1.5% GDP growth, 70% broadband penetration

By Blessing Emmanuel, Abuja

The Federal Government has unveiled the launch of a Special Purpose Vehicle (SPV) that will boost the country’s digitisation drive to increase the contribution of the digital economy to GDP growth.

Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani made this known on Tuesday.

Noting that it was an outcome of the Federal Executive Council meeting (FEC) presided over by President Bola Ahmed Tinubu, the minister said that the FEC also approved the establishment of the Nigeria Startup House in San Francisco.

He said the two projects would attract the attention of local tech ecosystem players and investors as key indicators of the government’s commitment to addressing the country’s connectivity and startup funding objectives.

He averred that the project, upon delivery, will become Africa’s 3rd longest terrestrial fibre optic backbone, after Egypt and South Africa.

According to him, “This extensive coverage will enable us to optimise the unique benefit of having eight submarine cables already landed in Nigeria and therefore drive uptake of the data capacity that the cables offer beyond the current usage level of 10 percent.”

“Building on our existing work with the Broadband Alliance, this increased connectivity will help plug the current non-consumption gap by connecting over 200,000 educational, healthcare, and social institutions across Nigeria, ensuring that a larger section of our society can enjoy the benefits of internet connectivity.”

The Minister also added that the SPV will support the delivery of an additional 90,000km of fibre optic cable to complement our existing connectivity infrastructure and deliver a stronger national backbone for universal access to the internet across Nigeria.

“Over the last few months, we have  put in extensive groundwork to set up this SPV which will be modelled in governance and operations similarly to some of the best Public-Private Partnership setups in Nigeria, such as NIBSS and NLNG.

“Working with partners and stakeholders from the government and private sector, this SPV will build the additional fibre optic coverage required to take Nigeria’s connectivity backbone to a minimum of 125,000km, from the current coverage of about 35,000km. Upon delivery, this will become Africa’s 3rd longest terrestrial fibre optic backbone, after Egypt and South Africa.

“This extensive coverage will enable us to optimise the unique benefit of having 8 submarine cables already landed in Nigeria and therefore drive an uptake of the data capacity that the cables offer, beyond the current usage level of 10 percent,” He explained.

Enumerating some of the immediate benefits, Tijani said it will increase internet penetration in Nigeria to over 70 percent, reduce potentially the cost of access to the internet by over 60 percent, inclusion of at least 50 percent of the 33 million Nigerians currently excluded from access to the internet.

He also added that the SPV will aid in delivering up to 1.5 percent of GDP growth per capita raising GDP from $472.6 billion (2022) to $502 billion over the next 4 year.

The Minister also applauded the President’s directives compelling MDAs to procure Compressed Natural Gas (CNG) powered vehicles.

Tijani noted that the directive offers a number of opportunities in the value chain that, if properly harnessed by the tech startup ecosystem, will provide a boost to the economy.

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Removal of APC logo, Tinubu portrait from Aregbesola’s office fuels mixed reactions

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By Jeleel Olawale

The removal of all paraphernalia of the All Progressives Congress (APC) from the campaign office of former Osun State Governor, Rauf Aregbesola has sent shivers across political gladiators in the state.

Political analysts anticipate the former Governor’s next move noting that this may be a sequence to many surprising events that may unfold in the build up to the Osun 2026 gubernatorial elections.

The campaign office which is domiciled inside the four-storey building at Ayinke Towers, rechristened Oranmiyan House is located along the Gbongan-Ibadan road in Osogbo, the state capital.

The highrise building served as Aregbesola’s campaign office and later the office of The Osun Progressives, TOP, before its dissolution in 2022.

The white-coloured building which hitherto wore the colours of APC and with several poles bearing flags of the party and the National flags adorning its frontage, has been given a distinctly new look.

This development is coming as preparations are being set in motion for the 2026 gubernatorial election in the state.

The insignia and identity of APC and the gigantic photos of Asiwaju Bola Ahmed Tinubu, former governor and later APC National Chairman, Bisi Akande and the ex-President Muhammadu Buhari which formerly adorned the building have been removed.

It was observed that they have been replaced with equally large size images of the late sage, Chief Obafemi Awolowo, the late Chief Bola Ige and with the former Minister of Interior, Raid Aregbesola’s picture inserted in the middle.

Also, the huge inscription of the APC logo has finally been replaced with that of the Omoluabi Progressive Caucus.

It was gathered that the same remodelling was carried out at Aregbesola’s campaign office in his Ilesa hometown.

Reacting to the development, a member of the Omoluabi Progressive Caucus in Ilesa, Kazeem Olanrewaju said, they are trying to return to the progressive ideas that led to the creation of the APC.

Olanrewaju posited that, “Tinubu and Akande have both derailed from the progressive ideas, saying the progressive politics which started with Awolowo and Bola Ige, is not about power, but about about impacting lives.”

He condemned Tinubu’s government for having “no achievement in a year of running Nigeria. What is progressive about running Nigeria for a year without achievement.”

Olanrewaju, however, assured that the APC logos and banners would be brought back later.

In his words: “We will bring back banners later.”

Aregbesola fell out with Tinubu following his outburst against the president in January 2022.

He was also observed to be visibly absent during all the APC rallies across the country before the 2023 presidential election.

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Nigeria gains additional 16,300sqkm maritime territory

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The Federal Government of Nigeria has gained an additional 16,300sqkm maritime territory.

This was revealed when President Bola Tinubu received the report of the High Powered Presidential Committee (HPPC) on Nigeria’s Extended Continental Shelf Project.

The President receiving the committee commended the team of experts who worked hard over the years to advance the project, which aims to extend Nigeria’s maritime boundaries in accordance with the United Nations Convention on the Law of the Sea (UNCLOS), 1982.

The President expressed his appreciation on Tuesday in Abuja after listening to technical presentations by Professor Larry Awosika, a marine scientist and member of the Committee, and Surveyor Aliyu Omar, Secretary of the HPPC.

The experts have been involved in the project since Nigeria’s initial submission to extend its continental shelf to the United Nations Commission on the Limits of the Continental Shelf (CLCS) in 2009.

They informed the President that the UN has approved Nigeria’s submission, granting sovereignty over additional square kilometres of maritime territory.

‘’When the HPPC briefed former President Muhammadu Buhari in 2022 on the status of the project, the United Nations Commission on the Limits of the Continental Shelf (CLCS) was still considering Nigeria’s submission and having technical interactions with the HPPC.

‘’These interactions and consideration have now culminated in the approval for Nigeria to extend its continental shelf beyond 200M (200 nautical miles).

‘’As it stands now, the area approved for Nigeria is about 16,300 square kilometres, which is about five times the size of Lagos State,” Surveyor Omar told the President.

He added that the official notification of the decision was conveyed to Nigeria by the UN Nations Commission on the Limits of the Continental Shelf (CLCS) in August 2023, shortly after President Tinubu assumed office.

Omar outlined the available options for Nigeria following the approval:

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