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Economy

NSE market indices open week with 1.46% growth

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The Nigerian stock market opened new week on Monday on an upward trend with key indicators appreciating by 1.46 per cent.

Specifically, the All-Share Index (ASI), which opened at 24,427.73 points, rose by 355.88 points or 1.46 per cent to close at 24,783.61, compared with 24,427.73 on Friday.

Similarly, the market capitalisation increased by N186 billion at N12.928 trillion to close at N12.742 trillion on Friday.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are: Dangote Cement, Guaraty Trust Bank, Lafarge Africa, Zenith Bank and United Bank for Africa.

Analysts at the United Capital Plc said that half-year results would determine performance of the local market.

Also, analysts at Imperial Asset Managers Limited said: “We expect the current volatility (up and down movement) to continue this week.

“However, buying interests are expected to continue in the tier-one banks and resurface in some blue-chip companies that usually pay interim dividend for half-year,” they said.

The analysts urged investors with long-term investment goal to continue to build their portfolios in fundamentally viable stocks.

A breakdown of the price movement chart shows Unity Bank led the gainers’ chart in percentage terms, rising by 9.62 per cent to close at 57k per share.

Lafarge Africa followed with 9.59 per cent to close at N12, while Guaranty Trust Bank rose by 7.62 per cent to close N23.30 per share.

Neimeth grew by 7.14 per cent to close at N1.50, while Dangote Cement appreciated by 5.66 per cent to close at N141.80 per share.

Conversely, AXA Mansard Insurance and UAC Property led the losers’ chart in percentage terms, dropping by 10 per cent each to close at N1.44 and 81k per share, respectively.

Seplat followed with a decline of 9.99 per cent to close at N312.70 per share.

Berger Paints lost 9.84 per cent to close at N5.50, while CAP shed 9.76 per cent to close at N17.10 per share.

Transactions in the shares of Flour Mills topped the activity chart with 30.47 million shares valued at N518.06 million.

Lafarge Africa followed with 28.07 million shares worth N335.84 million, while FBN Holdings traded 9.95 million shares valued at N49.77 million.

Guaranty Trust Bank traded 8.98 million shares valued at N201.60 million, while UBA transacted 8.27 million shares worth N50.41 million.

In all, the total volume of shares decreased by 2.41 per cent with an exchange of 169.99 million shares valued at N2.39 billion traded in 4,336 deals.

This was in contrast with 174.19 million shares worth N2.38 billion transacted in 3,723 deals on Friday. (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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