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Economy

NSE market capitalisation gains N107bn Thursday

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The bulls continued to dominate trading on the nation’s bourse with the market capitalisation appreciating further by N107 billion on Thursday, amid gains by blue chips.

Speficially, the market capitalisation inched higher by N107 billion or 0.79 per cent to close at N13.581 trillion from N13.474 trillion achieved on Wednesday.

Also, the All-Share Index grew by 204.12 points or 0.79 per cent to close at 25,987.14 against 25,783.02 recorded on Wednesday.

The upturn was impacted by gains recorded in large and medium capitalised stocks, among which are; Nigerian Breweries, Mobil, Dangote Cement, Lafarge Africa and Guaranty Trust Bank.

Analysts at United Capital Plc said that the market was reacting to the monetary policy action.

“As expected, interest for equities improved and reactions at the bond market also mirrored expectations. We expect to see continuous flow of funds into the equities markets, especially from local investors.

“The banking names remain our preferred pick given the impressive H1, 2020 results as well as the increasingly cheap cost of deposits, which should keep profit margin buoyant,” they said.

Analysts at Afrinvest Limited said “We expect the market to close the week in the green as investors continue to buy low-priced stocks.”

Market sentiment closed positive with 25 stocks in contrast with seven losers.

Nigerian Breweries led the gainers’ chart in percentage terms, gaining 10 per cent to close at N47.85 per share.

Union Diagnostics with eight per cent to close at 27k, while Royal Exchange rose by 7.41 per cent to close at 29k per share.

Lafarge Africa garnered 6.82 per cent to close at N14.10, while C & I Leasing appreciated by 6.33 per cent to close at N4.20 per share.

On the other hand, Ardova dominated the losers’ chart in percentage terms, dropping 9.65 per cent to close at N10.30 per share.

DAAR Communications followed with 9.09 per cent to close at 30k, while Red Star Express lost 7.69 per cent to close at N3 per share.

Wapic Insurance shed 7.69 per cent to close at 36k, while Unilever Nigeria depreciated by 5.56 per cent to close at N13.60 per share.

However, the volume of shares traded decreased by 13.24 per cent as investors bought and sold 359.31 million shares worth N3.87 billion in 3,576 deals.

This was against a total of 414.16 million shares valued at N6.28 billion exchanged in 3,793 deals on Wednesday.

Sterling Bank topped the activity chart with an exchange of 71.89 million shares valued at N83.41 million.

Guaranty Trust Bank sold 51.73 million shares worth N1.35 billion, while Zenith Bank traded 44.54 million shares valued at N759.12 million.

Fidelity Bank accounted for 37.05 million shares worth N67.02 million, while Flour Mills transacted 29.42 million shares valued at N588.34 million. (NAN)

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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