Headlines
Nigeria’s Stock Market Shrugs Off Insecurity Worries, Gains N3.02trn in Q1

By Derrick Bangura – The market capitalisation of the Nigerian Exchange Limited (NGX) gained N3.02 trillion in the first quarter (Q1) of 2022, notwithstanding the growing insecurity concerns in the country.
The market performance was buoyed by impressive corporate earnings by major listed companies that saw some of them delivering robust dividend payout to shareholders.
Precisely, the market capitalisation gained N3.02 trillion to close on March 31, 2022, at N25.312 trillion, higher than the N22.297 trillion it opened for trading activities on January 4, 2021.
The NGX All-Share Index (ASI), which tracks the general market movement of all listed companies on the Exchange, also rose by 9.95 per cent to close at 46,965.48 basis points in the first Q1 2022.
Data compiled by THISDAY revealed that the sectoral performance of the NGX was bullish, as most indices closed the period on uptrend as at March 25, 2022.
For instance, the NGX Oil & Gas Index appreciated the most by 28.12 per cent. It was closely followed by the NGX Banking Index, which recorded a gain of 8.55 per cent, while the NGX Premium Board Index rose by 6.34 per cent.
Others were the NGX Pension, NGX Industrial Goods, NGX 30, and NGX Lotus II that went up by 6.34 per cent, 5.63 per cent, 5.39 per cent, 4.37 per cent, and 1.18 per cent, respectively.
On the other hand, the NGX Insurance and NGX Consumer Goods recorded year-to-date decline of 6.35 per cent and 4.21 per cent respectively, as at March 25, 2022.
On a monthly review, the Nigerian bourse witnessed positive price movements leading to a bull-run throughout January 2020, during which it closed with a 9.1 per cent month-on-month growth in the All-Share Index, and extended the gains by 1.7 per cent in February. During the period, BUA Foods got listed, boosting the market capitalisation by N720 billion.
Speaking on the market performance in Q1 2022, Chief Operating Officer of InvestData Consulting Limited, Ambrose Omordion, said the stock market sustained positive sentiment and uptrend due to the influx of corporate actions and 2021 audited financials, as players reacted to the released numbers and dividend declared for year-end 2021 earnings.
Omordion said that was expected to support an uptrend during the earnings season, amid the oscillating oil prices, just as the market continues to interpret economic data in relationship with crude oil price and other factors, in the midst of profit-taking and portfolio rebalancing.
“This resulted in market players targeting fundamentally sound and dividend-paying stocks, as 2021 Q4 GDP was up at 3.98 per cent, while the International Monetary Fund called for a hike in the interest rate and further devaluation of the naira,” he added.
On the market outlook, Omordion projected mixed sentiment trading by investors in April and beyond, saying all eyes would be on the performance of the economy and how the country’s economic managers would navigate challenges, which included insecurity and activities externally.
According to him, investors would also be concerned about on-going war in Ukraine, energy supply chain distortion that had been one of the major factors driving inflation, insecurity, among other factors that have pushed cost of production, goods and services higher.
He added, “To invest profitably in this changing environment, you need investment education, trading plans and trading tools/software. These will help manage risk associated with volatility and unstable markets.”
An analyst at PAC Holdings, Mr. Wole Adeyeye, said investors priced in the dividend payout out by the listed companies, which according to him drove market performance.
Adeyeye said, “Investors have already priced in the dividend in January and February and that is why the market maintained positive growth during the period. However, there was profit-taking in March as most investors did not bother to wait for the dividend payment date.”
He predicted that in April, the stock market might witness cautious investors’ trading due to the uncertainties surrounding the economy.
Headlines
NNPC Foundation Trains Over 3,000 Southwest Farmers in Climate-Smart Agriculture

In a bid to promote food security and sustainable agricultural practices, the NNPC Foundation has successfully trained more than 3,000 farmers in the South-West geopolitical zone on climate-smart and modern farming techniques.
The training, which concluded on Friday in Ikorodu, Lagos, marked the end of the Southwest phase of the foundation’s pilot programme aimed at empowering local farmers and boosting agro-productivity.
Speaking at the closing ceremony, Managing Director of the NNPC Foundation, Mrs. Emmanuella Arukwe, described the initiative as a milestone in the lives of thousands of farmers.
“Today marks the formal conclusion of the first phase of a national journey that speaks to resilience, food security, and economic empowerment,” Arukwe said.
“What began as a bold decision to support small holder farmers has translated into tangible action across three geopolitical zones (South-East, South-South, and South-West) in Southern Nigeria.”
She disclosed that a total of 3,860 vulnerable farmers across 10 locations in the three regions were trained in sustainable farming practices that improve productivity and market access.
“This achievement is not just a number, but a milestone in the lives of real people and real communities. We were able to strengthen farmers’ capacity to adapt to climate change,” she added.
“Through the training, we were able to improve access to markets, promote inclusive agriculture and especially gender representation. We also trained them on enhancing food production through sustainable techniques.”
Arukwe noted that the programme would now move to the North-West, North-Central, and North-East zones as part of its next phase, saying the foundation is committed to supporting livelihoods nationwide.
“This is only Phase One. We will now turn our focus to the North-West, North-Central, and North-East zones. What we have achieved in the South will inform and strengthen our next steps,” she said.
“The NNPC Foundation will continue this mission, to support livelihoods, build resilience, and empower the hands that feed our families and beyond.
We have decided that most times you get a lot of requests from people asking us to give them palliatives and all kinds of things to help them.
But we think it is much better to teach people to fish than just give them fish so they can continue,” Arukwe explained.
Chairman of Ikorodu Local Government, Mr. Wasiu Adesina, while commending the initiative, urged the beneficiaries to apply the knowledge gained to boost productivity and profitability.
“As we all know, agriculture is the bedrock of any nation. Without agriculture, there will not be a nation, because there will be no food to eat,” Adesina stated.
“It is the farmers that produce our food, and it is important that we train our farmers with new techniques in agriculture, and that is exactly what the NNPC Foundation is doing.
“To the farmers, you have to take advantage of this training and face the farming squarely. In some great countries like the United States and the United Kingdom, farmers are the most richest people in those countries.
“This is because they make a lot of money from farming. We need to inculcate that habit in Nigeria and develop ideas in farming. Even after my tenure, I am going back to farming, so, maybe I will ask the NNPC Foundation to train me so that I also join you to be a farmer.”
He appealed to the foundation to provide further empowerment for the trained farmers to help them kickstart their agricultural ventures.
“If the farmers have land for farming, I believe the foundation will provide financial aid to keep their farms running,” Adesina added.
Also speaking at the event, the Lagos State Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, represented by the Director of Fisheries, Mrs. Osunkoya Daisi, lauded the Foundation’s efforts in bolstering the state’s food security.
“On behalf of the Lagos State Government, we would like to express our sincere appreciation to NNPC Foundation for training our farmers and for training all the farmers all over the country,” she said.
“Definitely, the training will help improve food production. We can see the impact of climate change effects in agriculture. I am sure farmers have been equipped with climate-smart agriculture techniques to improve production.”
The NNPC Foundation Ltd/Gte is the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company (NNPC) Limited. It was incorporated in February 2023 to manage the company’s CSR initiatives and enhance Nigeria’s socio-economic development.
Education
NUC grants ESUT full accreditation for Law, 7 other programmes

The National Universities Commission, (NUC), has given full accreditation to the Enugu State University of Science and Technology (ESUT), for her Law programme.
According to the Public Relations Officer of ESUT, Mr Ikechukwu Ani, this is contained in a letter addressed to the institution’s Vice Chancellor, Prof. Aloysius Okolie, on Wednesday in Enugu by the NUC.
Ani said that in the letter, the Executive Secretary of NUC, Prof. Abdullahi Ribadu said the report was contained in the result of the October/November 2024 accreditation of academic programmes in Nigerian universities.
Ani disclosed that other programmes in the institution accredited by the NUC include Master of Science in Business Management; Education Computer Science; Education Physics and Agricultural Engineering.
Other accredited programmes he said were Quantity Surveying; Urban and Regional Planning; and Applied Microbiology.
He said that the letter quoted Section 10 (1) of the Education National Minimum Standard and Establishment of Institutions, Act CAP E3, Laws of the Federation of Nigeria 2004 as empowering the NUC to lay down minimum academic standards for all academic programmes taught in Nigerian universities.
He said the session also empowers the NUC to accredit such programmes.
Crime
Court remands 2 over alleged attempted murder

An Ikeja Magistrates’ Court, Lagos, on Wednesday, remanded two persons, Olaitan Fasasi and Kehinde Tobiloba in a correctional facility over alleged attempted murder.
Fasasi, 40, and Tobiloba, 26, whose addresses were not provided, are being charged with conspiracy, attempted murder and membership of a secret society.
The Magistrate, Mr L.A Owolabi, did not take the plea of the defendants for want of jurisdiction.
Owolabi directed the police to forward the case file to the Director of Public Prosecution for legal advice.
He thereafter adjourned the case until May 31 for mention.
The Prosecutor, Josephine Ikhayere, told the court that the defendants committed the offences at about 5.02p.m on Feb. 15, at Mushin, Lagos.
She said that Fasasi, Tobiloba and others now at large, attempted to commit murder by shooting at a resident, Alfred Ademola.
“They armed themselves with a locally made gun. They belong to Eiye Confraternity, a group proscribed by law,”, she said.
Ikhayere said that the offences contravened Sections 230(1) and 411 of the Criminal Law of Lagos State, 2012.
He said that the actions of the defendants also contravened Section 2(3)(a)(b)(c)(d) of the unlawful societies and Cultism Law of Lagos State Law.
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