Headlines
Nigeria’s Stock Market Sustains Bullish Trend, Gains N5.64trn in First Half 2022

Following improved corporate earnings by companies, low yield in fixed income market, among other factors, the stock market segment of the Nigerian Exchange Group (NGX) added N5.64 trillion in the first half (H1) of 2022.
Precisely, the market capitalisation in H1 2022 appreciated by N5.64 trillion or 25.3 per cent to close at the end of the first half of 2022 at N27.935trillion, from the N22.297 trillion it opened for trading activities on January 4, 2021.
Consequently, the overall market performance, the NGX All-Share Index (ASI), which tracks the general market movement of all listed companies on the Exchange, rose by 21.31 per cent or 9,101.15 basis points to close at 51,817.59 basis points in H1 2022, the highest performance in 14 years, from 42,716.44 basis points it opened for trading.
The stock market in H1 2022 maintained positive momentum with domestic investors raising their stake amid rising inflationary pressure and the challenging business environment.
Data gathered by THISDAY revealed that, sectors performance on the NGX was mixed on the backdrop of investors’ sentiment.
For instance, with the rise in global oil prices, the NGX Oil & Gas Index outperformed other indices on the bourse, gaining 58.06 per cent to 545.34 basis points in H1 from 345.01 basis points it opened trading. It was closely followed by Industrial Index that rose by 7.7 per cent to 2,152.24 basis points from 2,008.30 basis points it closed in 2021.
On the flipside, the NGX Banking Index suffered a decline of 2.04 per cent in H1 to 397.79 basis points as of June 30, 2022 from the 406.07 per cent it opened for trading, just as the NGX Insurance Index depreciated by 9.98 per cent to 178.33 basis points in H1 2022 from 198.11 basis points it opened for trading this year.
Stocks that contributed to growth in the market performance included Seplat Energy Plc that appreciated by N650 per share from December 31, 2021 to N1,300 per share as of June 30, 2022, while Airtel Africa gained 81.4 per cent to N1,732.20 per share from N955 per share it opened for trading.
Airtel Africa in the first H1 2022 appreciated by N2.9 trillion in terms of market capitalisation to contribute about 23.3 per cent or N6.91trillion to overall market capitalisation of listed stocks on the NGX.
Others were: MTN Nigeria with a 17 per cent increase in stock price to N230 per share from the N197 per share it closed in 2021, while Dangote Cement gained seven per cent in stock price to close at N275 per share from N257 per share.
The stock market in the first quarter of 2022 had gained N3.02 trillion on the backdrop of impressive corporate earnings by major listed companies that led to robust dividend pay-out to shareholders.
Also, the overall market performance, the NGX ASI had risen by 9.95 per cent to close at 46,965.48 basis points in the first Q1 2022.
Capital market analysts said H1 2022 was positive for the domestic market and urged investors to trade the stock market with caution over political uncertainty.
Analysts at Cordros Securities, in a report titled, “Heightened uncertainties amid great policy unwind,” noted that while emerging (EM) and Frontier (FM) markets had been rattled by the impact of policy normalisation and inflationary pressures occasioned by the Russia-Ukraine conflict, the performance of the Nigerian financial market was relatively strong, stressing that the volatility in the Fixed Income (FI) market has also been uncharacteristically muted.
The report stated the fixed income market return settled at +eight per cent, which was below the return in the prior year (H1-21: 10.1per cent), but was a stark difference from the market performances in peer countries, where investors significantly reduced exposure to risk assets as central banks across the globe raised benchmark interest rates in response to spiralling inflation.
They attributed the growth in stock market performance to resilience rooted in the exodus from the market due to Foreign Exchange (FX) liquidity issues.
According to the report, “This situation also limited inflows from investors and resulted in: the market being dominated by domestic investors and foreign investors’ inability to repatriate funds, leading to the re-investment of dividends in the market.
“To buttress these points, domestic investors accounted for an average of 86.6per cent of all transactions in five months of 2022, while the market performance in Q2-22 was 10.1per cent (Q1-22: 10per cent; H1 2022: 21.per cent.”
Analyst at PAC Holdings, Mr. Wole Adeyeye attributed the stock market performance to impressive financial reports for full year 2021 and dividend pay out to shareholders in the first half of 2022 by listed companies.
He added that, “Thus, investors positioned themselves for dividend payment during the period. In addition, investors patronised the equities market as yields in the fixed income market were not encouraging, especially in the first quarter of 2022.”
Going forward, he said, “Bears may dominate equities market in the second half of 2022 due to the expectation of improved yields in fixed-income market, upcoming elections and uncertainties surrounding the economy.”
The Vice president, Highcap Securities Limited, Mr, David Adonri said, “NGX ASI surged at the beginning of the second quarter due to the impressive 2021 full year and Q1 2022 results.
“The rising crude oil price also enhanced the performance of equities. However, the market slowed down in June due to unfavorable domestic factors which the rising crude oil market could not off set.
“These were the rising inflation rate, hike in interest rate and excruciating energy crisis. As the political risk associated with the 2023 general election heightens and possibility of further hike in interest rate looms, economic fundamentals may not be strong enough to engender further market growth in H2 2022.”
Speaking with THISDAY the Managing Director, ARM Securities Ltd, Mr. Rotimi Olubi, also said, “We continue to see improved participation by local investors in the market which is boosting the performance of the ASI as foreign investors maintain the side-lines.
“Strong earnings from some stocks in the consumer goods and industrial goods as well as some banks also buoyed investor sentiment.”
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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