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Economy

Nigeria stock market opens week with N8bn loss

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The nation’s bourse opened trading for the week on Monday with a loss of N8 billion, the first decline in seven consecutive trading sessions.

Speficially, the market capitalisation which opened at N13.063 trillion dipped N8 billion or 0.06 per cent to close at N13.055 trillion.

Also, the All-Share Index (ASI) lost 14.28 points or 0.06 per cent to close at 25,027.61 compared with 25,041.89 achieved on Friday.

Consequently, the Month-to-Date gain moderated to +1.4 per cent, while the Year-to-Date loss increased to -6.8 per cent.

The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; BUA Cement, UACN, Ecobank Transnational Incorporated (ETI), Zenith Bank and United Bank for Africa.

On market performance for this week, analysts at United Capital Plc said; “We expect to see some profit-taking activities given the bullish performance in the last two weeks.

“However, we expect investors to position for the possibility of interim dividend announcements by tier-one banks who are yet to publish their financial results.”

Also, analysts at Afrinvest Limited expected mixed performance this week as investors may take profit following last week’s bullish run.

Champion Breweries led the losers’ chart in percentage terms, dropping by 9.47 per cent to close at 86k per share.

Honeywell followed with a loss of 8.57 per cent to close at 96k, while UACN shed 4.84 per cent to close at N5.90 per share.

Mutual Benefits Assurance declined 4.76 per cent to close at 20k, while ETI shed 4.71 per cent to close at N4.05 per share.

Conversely, Cornerstone Insurance recorded the highest gain to lead the gainers’ chart, gaining 9.09 per cent to close at 60k per share.

Unilever followed with a gain 7.14 per cent to close at N12, while United Capital rose by 6.93 per cent to close at N3.24 per share.

Guinness garnered 6.38 per cent, to close at N15, while Sunu Assurances appreciated by five per cent to close at 21k per share.

However, the total volume of shares traded rose by 4.9 per cent with an exchange of 175.33 million shares worth N1.43 billion achieved in 4,294 deals.

This was in contrast with a total of 167.14 million valued at N2.01 billion shares traded in 4,036 deals on Friday.

Transactions in the shares of FBN Holdings topped the activity chart with 22.94 million shares worth N116.29 million.

Unilever followed with 17.20 million shares worth N206.39 million, while Guaranty Trust Bank traded 13.98 million shares valued at N344.28 million.

Fidelity Bank accounted for 11.69 million shares worth N21.09 million, while Jaiz Bank transacted 11.329 million shares worth N6.45 million. (NAN)

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Economy

Nigerians to Pay More for Petrol as Fuel Prices Rise Nationwide

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By: Fabian Apechihin

Nigerians are facing yet another spike in fuel prices as premium motor spirit (petrol) now sells for between ₦905 and ₦945 per litre across several filling stations in Abuja.

Checks on Monday, October 6, 2025, revealed that Nigerian National Petroleum Company Limited (NNPCL) retail outlets, along with Empire, AA Rano, and Shema filling stations, adjusted their pump prices upwards. Empire Filling Station in Gwarimpa reportedly sold petrol at the highest rate of ₦945 per litre.

Other stations, including MRS, Emedeb, Ranoil, and Eterna, dispensed petrol between ₦885 and ₦910 per litre.

Marketers Blame PENGASSAN Strike for Price Surge
The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed the sudden hike to disruptions caused by last week’s strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

IPMAN President, Abubakar Maigandi, explained that the price increase was largely due to supply interruptions. He noted that stations receiving supplies from Dangote Refinery were still selling between ₦885 and ₦895 per litre, adding that prices were expected to stabilize soon.

“The feud between Dangote Refinery and PENGASSAN may have triggered panic buying and artificial scarcity. I can assure you that prices will drop and return to normal in the coming days,” Maigandi said.

IPMAN spokesperson Chinedu Ukadike also confirmed that the PENGASSAN strike caused temporary shortages in Lagos and Abuja but expressed optimism that availability would improve as supply chains normalize.

Depot Prices Edge Up
Depot prices have reportedly risen slightly, with Dangote Refinery selling petrol at ₦844 per litre, Ranoil and Aiteo at ₦845, and NIPCO at ₦850 in Lagos.

The fuel price increase comes just days after Dangote Refinery and PENGASSAN resolved their dispute over the alleged mass dismissal of Nigerian workers, which led to a two-day strike. Federal Government intervention helped broker peace between both parties.

Dangote Refinery later thanked President Bola Ahmed Tinubu and other mediators for their role in ending the strike.

Shettima, PENGASSAN Trade Words
Meanwhile, Vice President Kashim Shettima, speaking at the 31st Nigerian Economic Summit (NES31) on Monday, criticized PENGASSAN, declaring that “Nigeria is bigger than the union.”

In response, PENGASSAN President Festus Osifo countered, saying the country is also “bigger than Dangote Refinery and the presidency,” emphasizing the union’s commitment to protecting Nigerian workers’ rights.

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Economy

Tourism wearing a new face in Kwara: Commissioner

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  • Urges Kwarans, foreigners to embrace it Stephen Olufemi Oni, Ilorin

Kwara State Government has continued to showcase the beauty of culture and traditional assets and its uniqueness in the daily lives of the citizens, urging the people to embrace it for development.

The State Commissioner for Communications, Hon. Bolanle Olukoju, had earlier in a broadcast, enjoined the people of the State, at home and in the diaspora, to embrace tourism as a tool for developmental progress to sustain transformational growth in line with the policy thrust of Mallam AbdulRahman AbdulRazaq’s-led administration.

The Commissioner made the call to mark the 2025 World Tourism day with the theme, ‘Tourism and Sustainable Transformation’, as declared by the United Nation’s World Tourism Organization(UNWTO).

According to Olukoju, tourism is more than travel, it is actually a way of supporting people, culture, and the environment while driving economic growth, urging all and sundry to explore the various tourist sites around them.

“Tourism is not just travel, it is about building a future where every journey contributes to people, culture and planet, it is about hospitality that opens our heart and also helps to preserve our heritage and create opportunities for growth and development”, She said.

The Commissioner, who was delighted that the Ilorin Emirate Durbar was recently ranked among the top ten festivals in Nigeria, celebrated Hajia Faridah Shagaya, who was recognised among Africa’s top tourism personalities, describing the recognitions as sources of pride for the state.

She commended the administration of Governor AbdulRazaq for investing in tourism and hospitality, citing projects such as the Visual Arts Centre, Flower Garden, and Sugar Factory Film Studios, among others, as commendable efforts.

She also announced that this year’s celebration includes a roundtable with stakeholders to advance discussions on the future of tourism in Kwara State.

“Tourism is wearing a new face, from the Sugar Factory Film Studio, the Visual Arts Centre and the improved road network to Owu Waterfalls and many more which are evident of his work and is gradually opening Kwara to the World”, she added.

The Commissioner, who was represented at the event by the Director, Personnel, Finance and Supply, Hajia Salamat Yahaya, assured that tourism will continue to receive priority attention under the present administration and urged all stakeholders to support the ongoing efforts to make Kwara a leading destination for culture, heritage, and hospitality.

In her remarks, the Secretary, kwara State Hospitality and Tourism Development Board, Hajia Ramat Akanni, applauded the present administration for priority attention given to the Board.

Hajia Akanni expressed optimism towards an enviable tourism and hospitality driven state, which she assured, would attract prospective investors and enhance revenue generation for the state.

She sought support and utmost compliance from hoteliers and relevant stakeholders to achieve the desired goals, pointing out that violators will face the full wrath of the law.

Relevant stakeholders and participants at the one-day event later visited Sobi Hills and the Kwara Sugar Film Factory as part of activities marking the celebration.

End

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Economy

FAAN Rolls Out Cashless Payment System at Lagos, Abuja Airports

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By: Fabian Apechihin

The Federal Airports Authority of Nigeria (FAAN) has introduced a new contactless and cashless payment system, tagged Operation Go Cashless, in partnership with Paystack.

In a statement on Thursday, FAAN announced that the initiative will take effect from September 29, 2025, at Murtala Muhammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja.

“Effective September 29, 2025, all payments at FAAN revenue points, including airport access gates, car parks, and FAAN VIP and protocol lounges, will go cashless. This means we will be phasing out cash collection at these points,” the statement read.

According to FAAN, the new system will provide travellers and airport users with faster, more seamless services through a secure, contactless platform. The agency explained that the shift responds to rising demand for modern, transparent payment methods and aligns Nigeria’s airports with global digital standards.

FAAN added that reducing cash handling will enhance efficiency, strengthen revenue assurance, and improve customer experience. It also noted that the cashless policy will be gradually extended to other airports nationwide.


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