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Tag: United Bank for Africa (UBA)

  • UBA customers to win N150m cash prizes in Super Savers’ promo

    UBA customers to win N150m cash prizes in Super Savers’ promo

    United Bank for Africa (UBA) Plc has launched the fifth edition of its Supersavers Promo which will enable thousands of promo winners receive N150 million cash prices.

    The nine-month campaign, themed “Season of Progress’, was launched during a press conference which was held at the UBA House, Marina, Lagos, on Friday and is expected to run from September 1, 2025, to May 31, 2026.

    The promo was created  reinforce  the bank’s commitment towards deepening financial inclusion across Nigeria and empowering citizens to achieve their financial goals through disciplined savings.

    The promo is designed to reward both new and existing customers while encouraging a culture of savings that will enable families and individuals to plan for their children’s education, home ownership, business establishment, and other goals.

    Speaking during the launch, UBA’s. Group Deputy Managing Director, Chukwuma Nweke, emphasised the importance of savings in nation-building, as he pointed out that the bank is a partner in development and is committed to ensuring that all citizens across the length and breadth of the country are financially covered.

    Nweke said, ‘This campaign is aimed at deepening the savings’ culture among Nigerians.

    Savings empower families and individuals to take control of their future, whether by securing quality education for their children, acquiring homes, setting up sustainable businesses, or meeting pressing needs at different stages of life.

    Continuing, he said, ‘To support these aspirations, UBA has developed a range of savings products designed to help people achieve both personal and collective goals while promoting financial inclusion. Through these products, more Nigerians are being integrated into the formal banking system, bridging economic gaps, breaking cycles of poverty, and building stronger communities”.

    The Season of Progress promo encourages customers to open Bumper Accounts, which require only a minimum deposit of N5,000 to qualify for the monthly draws, with customers able to increase their chances by depositing in multiples. Other qualifying products include Individual Savings accounts, which require N10,000 monthly deposits for three consecutive months, and Kiddies Accounts, Teens Accounts, and NextGen Accounts for young adults.

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    UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, who highlighted the bank’s five-year journey in incentivizing savings culture in Nigeria, noted that this promo is further testament to the bank’s commitment to reward its loyal customers

    “Last year, in commemoration of our 75th anniversary, we launched a special promo where we rewarded thousands of customers with approximately N150 million in prizes. This year’s Season of Progress promotion is even more ambitious in scope and reach which reflects our unwavering commitment to rewarding our loyal customers who have stood by us through the years, but also our strategic focus on attracting new savers to join the ever-growing UBA family,”  Shamsideen said.

    He noted that a unique feature of this season’s promotion is the inclusion of dormant account holders, who simply need to fund their inactive accounts with N10,000 to qualify for special monthly N35,000 reactivation draws.

    The comprehensive reward structure features quarterly star prizes of N1 million for 27 winners, with other quarterly prizes ranging from N500,000 to N10,000, monthly airtime rewards, targeted cluster draws, and special categories for NextGen, Kiddies, and Teens’ account holders, which ensure savers across all demographics stand a chance to benefit from the promo.

    Group Head, Marketing and Corporate Communications, Alero Ladipo, reinforced that the promo extends beyond prize distribution, explaining that the core reasons UBA has been doing this for the last five years is financial inclusion.

    “We still have significant ground to cover in empowering Nigerian citizens toward financial independence, and we see this promotion as one of the ways to empower Nigerians, improve their financial independence, and introduce them to the innovative, safe, and secure banking solutions that we at United Bank for Africa provide at the highest standard,” she explained.

    The bank has introduced improved accessibility through a new digital onboarding platform, allowing customers to open accounts online in real-time without having to visit branches or meeting staff members, further democratizing access to banking services.

    To ensure transparency and credibility, all draws will be conducted live with oversight from regulatory bodies, with the bank planning extensive nationwide activations in markets, campuses, and rural communities across all states of the federation.

    For more information about the Supersavers Season 5 promo and to open qualifying accounts, customers can visit any UBA branch nationwide, use the new digital onboarding platform, or contact UBA customer service lines.

  • UBA plans second rights issue to complete N500bn capital raise

    UBA plans second rights issue to complete N500bn capital raise

    …As shareholders approve N102bn dividend

    The United Bank for Africa (UBA) has announced plans to embark on a second Rights Issue in the third quarter of 2025 to raise N249 billion, completing the N500 billion required by the Central Bank of Nigeria (CBN) for bank recapitalisation.

    Speaking at the bank’s 63rd Annual General Meeting (AGM) held in Abuja at the weekend, UBA Group Chairman, Tony Elumelu, said the second Rights Issue would serve the best interests of existing shareholders.

    He noted that the final phase of the capital raise would be completed ahead of the CBN’s March 2026 deadline. Proceeds from the exercise will be directed towards investment in digital technologies and business expansion, strengthening UBA’s 75-year track record.

    Speaking to the earlier Rights Issue, Elumelu said it closed in December 2024 with 6.84 billion ordinary shares of 50 kobo each offered to existing shareholders at N35 per share. The offering was oversubscribed by N11.6 billion, and the full amount of N251 billion raised has been verified and approved by the CBN.

    Elumelu assured shareholders that UBA would continue to prioritise their investments by opting for a Rights Issue rather than a public offering, a decision aimed at protecting the value created over decades.

    According to him, “If we were selfish, we would do a public offering. But then someone comes in with N370 billion and owns part of N3.3 trillion that you all have built. That’s not fair.”

    He encouraged shareholders to reinvest dividends through the upcoming Rights Issue, preserving ownership and wealth within the shareholder community.

    At the AGM, shareholders approved a final dividend payout of N102 billion for the 2024 financial year.

    Elumelu announced that UBA delivered a gross revenue of N3.19 trillion and a profit after tax of N767 billion in 2024. He described UBA as a prudent institution committed to reinvestment and sustainable growth rather than focusing on short-term profit distribution.

    “When we declare profit, we don’t end everything and share everything now. We reinvest for the long term,” Elumelu said, adding that this strategy has boosted UBA’s shareholders’ fund to N3.3 trillion, compared to a paid-up capital of N116 billion.

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    He further noted that total deposits grew by 42 percent to N24.65 trillion, up from N17.36 trillion in 2023. The loan book expanded by 35 percent to N7.51 trillion, while total assets closed at N30.32 trillion, and shareholders’ funds rose to N3.42 trillion.

    “These figures reflect the daily effort of our staff, who continue to deliver practical financial solutions across Africa and globally. UBA is supporting consumers, businesses, and governments with secure payments, credit access, and efficient disbursements,” he said.

    The Board had earlier proposed a final dividend of N3.00 per share, bringing the total dividend for the 2024 financial year to N5.00 per share, following an earlier interim dividend of N2.00 per share.

    Group Managing Director/CEO, Oliver Alawuba, said UBA’s gross earnings grew by 53.6 percent year-on-year to N3.19 trillion, while Net Interest Income rose by 116.4 percent to N1.53 trillion — the highest in the bank’s history.

    He attributed the earnings growth to an expanded loan portfolio, improved net interest margins, and increased fees and commissions supported by the bank’s digital banking drive across its markets. UBA also maintained cost discipline, closing the cost-to-income ratio at 49.6 percent, while retaining strong asset quality with a Non-Performing Loan (NPL) ratio of 5.58 percent.

    Looking ahead, Alawuba outlined strategic priorities that include accelerating digital transformation through AI and advanced analytics, expanding into new markets, enhancing customer experience, improving financial inclusion via agency banking, and driving sustainability initiatives.

    “We remain focused on operational efficiency, innovation, and putting our customers at the centre of everything we do. Our growth model is designed to withstand economic challenges while continuing to deliver value,” he said.

  • AITEO, First Bank, UBA unite behind South  West Games 2025

    AITEO, First Bank, UBA unite behind South  West Games 2025

    Top financial and energy institutions, including First Bank, the United Bank for Africa (UBA), and AITEO Group, have thrown their weight behind the South West Games 2025, solidifying the tournament’s status as a force for youth empowerment and regional development.

    President of the Organizing Committee, Akogun Lanre Alfred, stated that the endorsement of these  corporate giants signals a strong  commitment to the development of sports as a vehicle for social and economic advancement.

    “With corporate giants such as AITEO, First Bank, UBA, and Old English Bakery, rallying behind this initiative, the South West Games 2025 is set to reshape the landscape of Nigerian sports,” Alfred said. “Beyond the competitive spirit, the tournament will stimulate investment, create employment opportunities, and elevate Nigeria’s status on the global sporting stage.”

    According to Alfred, the South West Games 2025 will serve as a vital platform for discovering and nurturing young talent while fostering economic vibrancy across various sectors.

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    The COO of Old English Bakery, Adebowale  Odesola , expressed enthusiasm for the partnership, stating that:  “The South West Games 2025 will create opportunities for young athletes while stimulating economic activities across multiple sectors. Beyond the competition, it will drive business opportunities, support local enterprises, and foster youth development.”

    Odesola  noted  that  the inclusion of the Bola Ahmed Tinubu Southwest Alliance Games (BATSWAG) is a visionary initiative that will accelerate grassroots sports development and provide a platform for young Nigerians to achieve global recognition.

     “By nurturing young talent, we are not only promoting sports but also securing a brighter future for the next generation of Nigerian athletes,” he remarked.

    Incidentally, AITEO Group, a leading player in Nigeria’s oil and gas industry, is no stranger to sports sponsorship, having been a major supporter of Nigerian football. By partnering with the South West Games, AITEO Group aims to provide young athletes with world-class training facilities, mentorship opportunities, ensuring that the championships  becomes a breeding ground for future national and international champions.

    In the same vein, First Bank’s involvement aligns with its long-standing commitment to nation-building and youth empowerment.

    As Nigeria’s oldest and most trusted financial institution, First Bank recognizes the power of sports in shaping lives, instilling discipline, and opening new frontiers for economic opportunity.

    By championing this initiative, the bank reaffirms its role in fostering sustainable development through strategic investments in youth-focused programs.

    For  United Bank for Africa (UBA), renowned for its pan-African reach and dedication to community development, their sponsorship underscores its mission of enriching lives and creating platforms for young Nigerians to showcase their talents on a grand scale.

     The bank’s support extends beyond financial backing, as it seeks to empower athletes with financial literacy programs and entrepreneurial opportunities that will secure their futures beyond sports.

  • Experts advise SMEs on documentation at UBA Knowledge Series

    Experts advise SMEs on documentation at UBA Knowledge Series

    Tax experts have emphasized the importance of Small and Medium Scale Enterprises (SMEs) paying close attention to documentation and agreements to ensure they avoid unnecessary tax liabilities.

    This advice was shared during the first edition of the United Bank for Africa (UBA) Knowledge Series webinar, in the year titled “2024 Withholding Tax Regulations: Specific Emphasis on How They Affect SMEs,” held on Thursday in Lagos, where experts discussed the implications of the new withholding tax regulations and provided insights on how businesses can navigate the evolving tax landscape to thrive in 2025 and beyond.

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    Speakers, Babatunde Ajayi, Head, SME Banking, UBA; Adeyemi Adeniran, Financial Analyst at Anderson Consulting; and Vincent Okoukoni, also a Financial Analyst at Anderson Consulting, shared practical insight and strategies for SMEs to comply with the new regulations while minimizing financial burdens and maximizing growth opportunities.

    Explaining the fundamentals of the newly proposed withholding tax regulations, Adeniran noted that the updated system aims to address inefficiencies in the previous regime and ensure timely tax remittances to support government obligations.

    “What this means is that while individuals and companies are required to pay their taxes at the end of the year, the government is saying, through withholding taxes, that it cannot wait until the end of the year to collect these taxes because it has immediate obligations,” Adeniran said.

  • African govts should ratify free trade agreement, says Obasanjo

    Nigeria’s former President, Chief Olusegun Obasanjo, has challenged African leaders, to give priority attention to the signing  of the African  Continental Free Trade Agreement (ACFTA), saying the deal has in its kitty investments worth $27billion for the continent.

    Obasanjo, who spoke on Tuesday in Cairo, Egypt at the opening of the Intra-African Conference prior to the unveiling of the first Intra-African Trade Fair(IATF), said the trade fair was an essential instrument  necessary to actualise ACFTA, “  which he stressed  is vital for Africa and the continent’s transformation. “It is therefore imperative that all African governments, who believe in Africa’s progress, should not only sign the  ACFTA,, but should ratify it at once,” making a way for its implementation.

    He said the IATFA, which is the first of its kind in Africa, is expected to churn out deals worth over $27 billion, pointing out that the event has been designed to drive inter African trade and to support the implementation of the African  Continental Free Trade Agreement. He tagged ACFTA    a landmark agreement in the context of its value in economic integration, transformation  and progress in Africa’s development.

    The trade fair, in his words, “ will give each participant a platform for sharing in the context of African trade, investment and economic integration, leading to the  transformation and  development  of the continent . It will give opportunities to investors to showcase their goods and services  and share with others the trend and market openings.”

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    Obasanjo praised the Africa-Export Import Bank (Afreximbank) and its Chairman, Professor Benedict Oramah for the efforts and contributions towards bringing the IATF dream to fruition.

    As he put it: “When we started planning for the project, we did not have any financial resources  Afreximbank provided significant financial resources, but Professor Oramah and  other senior management members of the bank committed so much of their time and resources with enthusiasm ad conviction that the trade fair would pay-off and would contribute ultimately towards the actualization of the ACFTA, which will play a vital role in driving business and generating employment  across the continent.

    “Afreximbank and the AU have worked tirelessly since the announcement of the trade fair in Kigali in March this year,” he stated.

     Obasanjo said without uninhibited trading among African countries, intra-African trade fair will amount to sham.

    “Africa needs to focus on what trade is needed, where the markets are, the size of the market, and the standards required by those markets, how and where to implement the value chains that serve the market.

    “We also need to fashion out the medium of payment within Africa for intra-African trade expeditions. These factors need to be combined in ensuring that there is commercially viable return and that the markets chosen are sustainable.”

    He said when Africa actualises its potential, it will earn more respect from the human race.

    Professor Oramah said Africa making history at the IATF, by reversing the colonial strategy of divide and rule, saying  the event signaled Africa’s readiness for economic independence. As he put it, “Africa should use the force of history to change the course of history.”

    He said 1,150 exhibitors from 80 countries would participate in the fair, with close to 40 from outside the continent.

    A large number of exhibitors, many of them from Nigeria were at the fair. The Managing Director of the Bank of Industry, Pitan, United Bank for Africa (UBA) Chairman and Founder of the Tony Elumelu Foundation,  Tony Elumelu, The Dangote Group, Fidelity Bank Plc, Executive Director, Small and Medium Enterprises (SMEs) BoI, Waheed Olagunju and several firms from Europe, Turkey, China, Indonesia, among others, are in attendance. The Prime Minister of the Arab Democratic Republic of Egypt, represented the Egyptian President at the opening ceremony.

  • N17.258b judgment debt: Why court froze INEC’s accounts

    Facts emerged Friday why a Federal High Court in Abuja froze accounts owned by the Independent National Electoral Commission (INEC) in banks particularly Central Bank, First Bank and United Bank for Africa (UBA).

    INEC’s accounts in CBN, First Bank and UBA are: 002-01224-42021 and 002-01224-41032 domicile in Central Bank of Nigeria (including all funds held in both accounts).

    Others are: 2022050942 and 2022050904 in First Bank (with balances of N1, 578,696,848.84 and N600, 270,638.00); and 1005393548 in United Bank for Africa (with balance of N52, 000,000.00).

    The temporary freezing order was made by Justice John Tsoho upon an ex-parte motion filed by a Lagos-based firm – Bedding Holding Limited (BHL) – for a ganishee order nisi.

    The Federal High Court had on January 28, 2014 gave a judgment against INEC, its then Chairman, Prof Attahiru Jega, the Attorney General of the Federation (AGF) and three others in a suit marked: FHC/ABJ/CS/816/2010, filed by BHL.

    Other defendants in the suit were Haier Electrical Appliances Corporation Limited, Zinox Technologies Limited and Avante International Limited, who were contractors to INEC, engaged to supply equipment that it deployed for voters’ registration prior to the 2011 elections.

    BHL had sued, accusing INEC, Jega and other defendants of infringing on its exclusive “Patent Rights “No: RP16642 and Copyrights Design No: RD13841 in and over Electronic Collapsible Transparent Ballot Boxes (ECTBB) and Patent Rights No: NG/P/2010/202 – Proof of Address System/Scheme (PASS) – Embedded with the Concept of the Coded Metal Plate.”

    The firm claimed that the inventions, which its exclusive patent and copy rights covered, were deployed by INEC and the other defendants “for the production of voters’ register for the 2011 general elections, among other elections, without its prior license, consent and authorisation.”

    In a judgment on January 28, 2014, then Chief Judge of the Federal High Court, Justice Ibrahim Auta, agreed with BHL’s claims and granted all its declaratory and monitary reliefs against the defendants.

    Justice Auta ordered among others, that BHL “is entitled to 50 per cent of the total contract sum of N34, 517,640,000.00,(which is N17,258,820,000.00) being the minimum reasonable royalty accruable to the plaintiff for the production, procurement, supply, acquisition, importation, purchase, receipt, sale of the Direct Data Capturing Machine, laptops and/or any other equipment ancillary to, or associated with the process and application of the said products for the registration of voters and or the collation/compilation and production of the voters’ register for the 2011 general elections and any other elections by the defendants, without first seeking and obtaining the consent of the plaintiff.”

    BHL’s ex-parte motion for ganishee order nisi, granted by Justice Tsoho on May 24, 2018 was in furtherance of the execution of the January 28, 2014 judgment.

    Former President of the Nigerian Bar Association (NBA) Wole Olanipekun (SAN), who saw merit in BHL’s case, led a team of lawyers, including two other Senior Advocates – Assam E. Assam and Karina Tunyan – to argue the ex-parte motion on May 24, 2018.

    Olanipekun, while arguing the motion, told the court that BHL had, since January 28, 2014 when the judgement was given, notified the judgment debtors and written the AGF on the issue.

    He said parties to the judgment had held several meetings on the judgment, but which have remained inconclusive, a development that informed the motion aimed at executing the judgment.

    BHL, in a supporting affidavit, said mediation meetings held on two occasions, by parties to the judgment, under the chairmanship of the Solicitor General of the Federation/Permanent Secretary of the Ministry of Justice, “could not be concluded because the 1st judgment debtor (INEC) failed, refused and/ or neglected to attend subsequent meetings.”

    Although BHL”s motion for garnishee order nisi had all the six judgment debtors listed, it chose to proceed against only INEC and the AGF. It discontinued against Jega, Haier, Zinox and Avante.

    Justice Tsoho has adjourned to July 2 this year for the garnishee ( the 23 banks listed in the application) to show cause why the garnishee order nisi should not be made absolute (why the temporary freezing order should not be made permanent, compelling the banks to pay to the judgment creditor -BHL- the judgment sum).

  • UBA shareholders approve 2017 final dividend of N22.23bn

    United Bank for Africa ( UBA ), on Monday endorsed the payment of N22.23 billion final dividend declared by the board for the financial year ended Dec. 31, 2017.

    The shareholders gave the approval at the bank’s 56th Annual General Meeting held in Lagos.

    The final dividend translated to 65k per share when compared with final dividend of 55k paid in the corresponding period of 2016.

    The dividend was in addition to the 20k per share paid as interim dividend earlier.

    Speaking at the meeting, Mr Boniface Okezie, the National Chairman, Progressive Shareholders Association of Nigeria ( PSAN ), commended the board and management for the dividend in spite of unfriendly operating environment.

    Okezie lauded the bank for the enhanced dividend and its great work as well as achievements in the continent.

    He said that the bank had showed that good things could come from Africa, noting that the bank would continue to showcase the strength of Africa.

    The shareholder activist urged the board and management of the bank to live up to the desired expectation.

    Okezie , however, called on the shareholders to leverage on the Securities and Exchange Commission ( SEC ) e-dividend initiative in order to bring down the bank’s unclaimed dividend totaling about N7 billion.

    Mr Nona Awo, a shareholder urged the bank’s management on investors’ enlightenment on the benefits of e-dividend.

    Awo said that the bank should engage the company secretary and the registrars to tackle the unclaimed dividend figure.

    He also commended the bank’s subsidiaries for improved contribution to the company’s performance indicators.

    Mr Timothy Adesiyan, Grand Patron, Nigerian Shareholders’ Solidarity Association, appreciated the bank for the dividend and achievement during the year under review.

    Adesiyan said that the bank should conform to regulatory rules and regulations to avoid payment of unnecessary fines.

    Responding, Mr Tony Elumelu, the bank’s Chairman, assured the shareholders of enhanced returns in the years ahead.

    Elumelu said the bank had opened a banking license few months ago to operate UBA London, noting that it would continue to increase its footprint across the globe.

    On unclaimed dividends, he said that the bank would continue to create e-dividend awareness in partnership with APR Registrars to reduce the figure.

    Mr Kennedy Uzoka, the bank’s Group Managing Director, said that the bank would leverage its Pan-African platform to deepen and formalise intra-Africa trade through cross border synergies across its group operation.

    Uzoka said that the bank would focus on growing its market share and would remain committed to sustainable banking principles and risk management practices.

    “Notwithstanding the ever increasing competition from traditional peers and emerging Fintechs, we are approaching 2018 with strong optimism,’’ he said.

    Uzoka said that the bank had made a lot of investment in technology to drive business operations.

    He assured the shareholders that the bank would ensure efficient service delivery in its operations.

    The company posted profit before tax of N105.26 billion during the period compared to N90.64 billion in the previous year.

    Its profit after tax stood at N78.59 billion in contrast with N72.26 billion in the comparative period of 2016.

    NAN

  • NSE moves 403.14m shares worth N9.14bn

    NSE moves 403.14m shares worth N9.14bn

    Investors on the Nigerian Stock Exchange ( NSE ) on Friday traded 403.14 million shares valued at N9.14 billion exchanged in 4,570 deals.

    This was against a turnover of 371.25 million shares worth N4.87 billion achieved in 4,570 deals on Thursday, an increase of 8.6 per cent.

    United Bank for Africa ( UBA ) drove the activity chart accounting for 74.17 million shares valued at N977.38 million.

    It was followed by Zenith Bank, which traded 44.33 million shares worth N1.39 billion, while GT Bank sold 38 million shares valued at N1.84 billion.

    Transcorp exchanged 24.09 million shares worth N47.82 million and FBN Holdings achieved a turnover of 21. 98 million shares valued at N247.96 million.

    Seplat for the second day running recorded the highest price gain to lead the gainers’ table growing by N25.10 to close at N700.10 per share.

    Total followed with a gain of N11.50 to close at N242.50, while Presco grew by N2.75 to N72.75 per share.

    Lafarge Africa garnered 90k to close at N51, while NASCON improved by 85k to close at N23.80 per share.

    As a result, the All-Share Index rose by 32.85 points or 0.08 per cent to close at 42,876.23 compared to 42,843.38 posted on Thursday.

    Also, the market capitalisation which opened at N15.374 trillion inched N29 billion to close at N15.403 billion.

    On the other hand, Nestle Nigeria topped the losers’ chart dropping by N42 to close at N1, 400 per share.

    Mobil Nigeria Plc trailed with a loss of N7 to close at N177, while Guinness was down by N5.20 to close at N99.70 per share.

    PZ Industries shed 85k to close at N23.30, while International Breweries depreciated by 65k to close at N57 per share.

    NAN

  • Deals on Nigerian Stock Exchange hit N97.08 billion in July

    Deals on Nigerian Stock Exchange hit N97.08 billion in July

    Investors on the Nigerian Stock Exchange (NSE) exchanged 8.66 billion shares valued at N97. 08 billion transacted in 89,911 in July, the News Agency of Nigeria (NAN) reports.

    A monthly data obtained by NAN from the NSE showed that the turnover increased by 12.32 per cent when compared with 7.71 billion shares worth N77. 92 billion traded in 100,895 in June.

    The Financial Services sector was the toast of investors with 7.45 billion shares valued at N68. 24 billion transacted in 51,991 deals.

    United Bank for Africa (UBA) was the most active in the sector having accounted for 2.96 billion shares worth N28 billion in 5,814 deals.

    It was trailed by FBN Holdings with 597.61 million shares valued at N3.57 billion transacted in 7,816 deals.

    A further breakdown of the month’s activity chart indicated that conglomerates industry came third with a turnover of 432.97 million shares worth N895.02 million in 4,249 deals.

    Transcorp was the toast of investors in the sector, accounting for 412.99 million shares valued at N601.78 million achieved in 3,276 deals, while UACN sold 17.11 million shares worth  N290.42 million in 833 deals.

    Consumer Goods sector traded 346.18 million shares worth N15.02 million in 14,083 deals.

    Transactions on NSE in July 2017

    Dangote Sugar Refinery was the toast of investors in the sector with 64.94 million shares valued at N606.24 in 1,156 deals and Dangote Flour Mills transacted 56.08 million shares worth N291.27 million in 1,944 deals.

    Oil and Gas sector trailed with 124.08 million shares worth N3.56 billion exchanged in 8,407 deals.

    Oando dominated activities in the sector with a turnover of 87.56 million shares valued at N659.72 million in 2,886 deals, while Eterna sold 13.12 million shares worth N49.49 million in 599 deals.

    NSE in July 2

    Also, the All-Share Index during the period inched 2,730.27 points or 8.24 per cent to close at 35,847.75 against 33,117.48 achieved in June.

    NSE in July 3

    In the same vein, the market capitalisation which opened at N11.452 trillion rose by N901 billion or 7.87 per cent to close at N12.353 trillion.

    NSE in July 4

    Commenting on the market performance, Mr Ambrose Omordion, the Chief Operating Officer,  InvestData Ltd., attributed the growth to increased confidence of foreign and domestic investors on the strength of improving economic and market fundamentals.

    Omordion said that the fundamentals were driven by the sustained intervention of the Central Bank of Nigeria (CBN) in the nation’s foreign exchange market.

    He said that the creation of foreign exchange products, the import and export, small and medium-scale enterprises windows among others helped to support the continued appreciation of the Naira, thereby ensuring stable exchange rate.

    Omordion, however, called for urgent implementation of the Economic Recovery and Growth Plan (ERGP) to complement CBN’s effort at boosting productivity to create employment and sustain the ongoing recovery.

    Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., said that the seeming positive data that supported the recovery move in the system for the past five months would likely continue with sustained foreign exchange intervention.

    Kurfi said that the apex bank sustained intervention in foreign exchange had boosted liquidity and confidence in the economy.

    Kurfi said that the market outlook for the new month remained mixed as less quarterly and full year were expected.

    He said that the economic recovery needed to be strengthened with the implementation of 2017 budget.