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Weekly Review: Nigeria stock market gains N622bn amid decline in trades

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The Nigerian stock market added N622 billion to investors’ wealth during the week, as market capitalisation rose by 0.39 per cent to close at N157.057 trillion.

This is in spite of a 0.14 per cent decline in the Nigerian Exchange Ltd. (NGX) All-Share Index to 243,462.13 points.

The market opened the week with a capitalisation of N156.445 trillion and an All-Share Index of 243,798.76 points.

Sectoral performance was largely positive, with all other indices closing higher except the NGX Main Board, NGX Consumer Goods, NGX Oil and Gas, NGX Lotus II, NGX Industrial Goods, NGX Growth and NGX Sovereign Bond indices.

These declined by 1.54 per cent, 0.15 per cent, 0.11 per cent, 0.40 per cent, 6.26 per cent, 0.09 per cent and 0.33 per cent, respectively, while the NGX Commodity Index closed flat.

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Trading activity weakened during the week as investors traded 2.819 billion shares valued at N182.499 billion in 226,729 deals.

This is compared with 3.648 billion shares worth N220.568 billion exchanged in 251,861 deals in the preceding week.

The Financial Services Industry dominated market activity with 2.006 billion shares valued at N99.697 billion traded in 96,171 deals, accounting for 71.17 per cent of total equity volume and 54.63 per cent of total value traded.

The Consumer Goods Industry followed with 178.863 million shares worth N7.872 billion in 26,637 deals, while the Oil and Gas Industry recorded 151.237 million shares valued at N38.309 billion in 16,879 deals.

The three most-traded equities by volume were First Holdco Plc, FCMB Group Plc and Access Holdings Plc, which jointly accounted for 939.402 million shares worth N57.673 billion in 19,051 deals.

The trio contributed 33.33 per cent of total traded volume and 31.60 per cent of total traded value.

Market breadth weakened during the week as 44 equities advanced, down from 60 in the previous week, while 35 equities declined compared with 28 recorded previously.

A total of 67 equities closed unchanged, higher than 58 in the preceding week.

Leading the gainers’ chart for the week were First Holdco, Thomas Wyatt Nigeria, Fidelity Bank, Learn Africa and United Bank for Africa, which appreciated by N26.75, 66 kobo, N2.85, N1.30 and N4.50, respectively.

READ ALSO: Nigerian stock market ends week with N3.2 trillion gain for investors

On the losers’ table, BUA Cement, Red Star Express, International Energy Insurance, C&I Leasing and PZ Cussons Nigeria recorded the steepest declines, shedding N64.60, N4.55, 84 kobo, 85 kobo and N9.05 respectively.

Meanwhile, the NGX notified trading licence holders that 13.812 billion additional ordinary shares of 50 kobo each of Sterling Financial Holdings Company Plc were admitted to its Daily Official List on 16 July, further boosting the company’s issued share capital.

(NAN)

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Business

Leadway Assurance Sets Bold Post-Recapitalisation Agenda Beyond Compliance

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BY NAECHE-NAECHE-ESEZOBOR—Leadway Assurance Limited said its recapitalised era will be defined not only by regulatory compliance, but by audacious strategic ambition.

The insurer in a statement released recently disclosed this known following the successful completion of its recapitalisation exercise under the Nigerian Insurance Industry Reform Act (NIIRA)

According to statement released by the insurer, that is accelerating a transformation built for the next decade, one that places digital-first service delivery, expanded capacity, and long-term policyholder commitment at the centre of its next growth trajectory.

For Leadway, meeting the National Insurance Commission’s (NAICOM) revised minimum capital requirements affirms that its business is structurally strong, its strategy is resilient, and its obligation to customers extends well beyond any regulatory cycle.

The strengthened capital base now positions Leadway to underwrite larger and more complex risks, champion financial inclusion at scale, and play an active role in Nigeria’s ambition to build a US$1 trillion economy.

According to the insurer its post-recapitalisation roadmap is anchored on three distinct but interconnected growth opportunities.

The first is the high net worth individual and premium segment, where growing personal wealth, asset complexity, and lifestyle sophistication are driving demand for tailored, relationship led insurance solutions. Leadway’s deepened capital position enables it to underwrite larger individual exposures and deliver the bespoke service this segment demands.

The second is critical sector and infrastructure coverage, encompassing major public and private sector projects, energy, manufacturing, and large-scale enterprise risk. With greater underwriting capacity, Leadway is now equipped to anchor complex risk programmes across Nigeria’s most strategically significant industries, serving as the risk backbone for the country’s most consequential investments.

The third is Nigeria’s next generation and a growing population of digitally native, entrepreneurially minded young Nigerians and small business owners who are redefining what they expect from financial services. Leadway is meeting that expectation head on.

For Nigeria’s next generation, it means accessible, mobile-led entry points into insurance for a demographic that expects digital as a baseline.

For HNIs and corporate clients, it means seamless, data-driven service with the depth and sophistication their portfolios require. For SMEs and agricultural businesses, it opens a path to affordable, appropriately structured coverage. Leadway’s digital focus is also directly aligned with the NAICOM Implementation Working Group’s vision of accelerating digitalisation and deepening financial inclusion across the Nigerian insurance sector, a vision Leadway is not merely endorsing but actively building.

Speaking on the above its managing Director/ CEO of Leadway Assurance, Gboyega Lesi, said, “We have spent the last several years building a business that is technically stronger, digitally tuned, and strategically positioned to serve Nigeria at a level this industry has not seen before. What recapitalisation gives us is the impetus to pursue that ambition at full scale, underwriting the risks that matter to Nigeria’s biggest enterprises, to design products that speak to a generation that will drive this economy for the next generation, and to honour every commitment we have made to our policyholders with the full weight of a well-capitalised institution behind us. Leadway is not entering a new chapter because a regulator asked us to; we are entering it because we are ready.”

“We commend NAICOM for providing a clear, forward-looking regulatory framework, welcome the discipline it demands and the confidence it instils across the market.”

Leadway’s expanded capacity also positions it as a natural partner for national development. With the ability to anchor major risk programmes, support infrastructure projects, and deepen enterprise coverage across finance, energy, agriculture, and technology, Leadway is building the institutional strength required to serve as Nigeria’s insurance backbone as the economy grows. Across every segment it serves, individual, commercial, and institutional, the message is consistent: the company is here for the long term, and the long term starts now.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s leading insurance companies, with over 55 years of experience delivering a comprehensive range of financial protection services, including life insurance, general insurance, and diversified financial solutions.

A member of the Leadway Group, the company is committed to innovation, superior service, and long-term value creation for customers, partners, and stakeholders across Nigeria and beyond.

The post Leadway Assurance Sets Bold Post-Recapitalisation Agenda Beyond Compliance appeared first on Business Today NG.

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Tax Ombud braces for digital asset tax disputes, seeks greater public awareness

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The Office of the Tax Ombud said it is strengthening its capacity to handle disputes arising from digital asset taxation as part of efforts to improve fairness and transparency in Nigeria’s tax system.

The Tax Ombud and Chief Executive of the Office of the Tax Ombud, John Nwabueze, disclosed this on Thursday at a media parley in Lagos, where he outlined the office’s achievements and future priorities.

According to him, the office has expanded the capacity of its accountants and legal experts to handle complex tax matters, including disputes involving digital assets, should such cases arise.

He also said the office plans to establish offices in all six geopolitical zones to improve taxpayers’ access to its services.

Mr Nwabueze said the Office of the Tax Ombud has enhanced access to its services through a digital complaints portal, a case management system, a toll-free call centre and SMS callback services, making it easier for individuals and businesses to lodge complaints and obtain timely resolutions.

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According to him, the office received more than 20 ‘genuine’ complaints within its first three months of operation, most of them involving state revenue services.

“Within three months, the Office received over 20 genuine complaints, most of them involving state revenue services.

“Of these, eight have been successfully resolved, all within the statutory 14-day resolution period, with provision for an additional seven days where necessary,” Mr Nwabueze said.

The Tax Ombud said the office is also expanding engagement with professional bodies, the media, revenue authorities and other stakeholders, while preparing a nationwide public awareness campaign to address issues such as multiple taxation.

“The Office has expanded the capacity of its skilled accountants and legal experts to handle complex tax matters, including disputes relating to digital asset taxation, should such cases arise.

“We are also enhancing accessibility at the grassroots through plans to establish offices across all six geopolitical zones,” the tax ombud CEO said.

He further noted that multiple taxation, particularly at the state and local government levels, remains a major concern, adding that the federal government is working with relevant stakeholders, including the Joint Revenue Board, state governments and local government authorities, to develop lasting solutions.

ALSO READ: Oyedele unveils Tax Ombud website, digital portal to strengthen taxpayer protection

Mr Nwabueze said the Office of the Tax Ombud was established to provide impartial mediation between taxpayers and revenue authorities, promote voluntary tax compliance and strengthen public confidence in Nigeria’s tax administration.

“Multiple taxation is an endemic issue that we are determined to address by engaging all relevant stakeholders, including the Joint Revenue Board, state governments, and local government authorities.

“Through collaboration and policy engagement, we are working towards sustainable solutions,” the Tax Ombud stated.

He called for support in terms of public awareness of its services, noting that many taxpayers are still unaware of their rights and the avenues available for resolving tax disputes.


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