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Banking Sector Takes A Hit On Weekly Overview Of Nigerian Equities From September 11-15, 2023

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Banking Sector Takes A Hit On Weekly Overview Of Nigerian Equities From September 11-15, 2023....KINDLY READ THE FULL STORY HERE▶

In the dynamic realm of Nigerian equities, each week unfolds fresh opportunities for investors. In this weekly roundup, Nairametrics spotlights the pivotal developments that influenced the performance of Nigerian stocks in the past week, providing insightful analysis and highlighting significant trends.

Read Also A Journey Of Purpose: Sharing My Chevening Story Of Impact And Hope

From shifts in market indices to sectoral performances, here is a comprehensive overview of the events that transpired in Nigerian equities during the past week.

Market Recap

The Nigerian equities market experienced a blend of volatility and stability during the week of September 11th to 15th, 2023. The week commenced with substantial selloffs in response to FTSE Russell, the global index provider, downgrading the Nigerian Stock Exchange from “Frontline” to “Unclassified Market.” This reclassification, scheduled to take effect on September 18, 2023, triggered immediate selloffs, resulting in a decline in the All-Share Index.

Despite some recovery in equity prices throughout the week, the local bourse ultimately concluded the week on a negative note. In summary, the NGX All-Share Index and Market Capitalization depreciated by 1.10%, closing the week at 67,395.74 points and N36.886 trillion, respectively.

Sectoral Performance

Banking Sector: The banking sector had a challenging week, with the index experiencing a notable loss of -3.24%. The primary driver of this poor performance was the FTSE downgrade, which had a particularly adverse impact on banking stocks. Zenith Bank, in particular, led the FUGAZ group to a negative outlook for the week, with a significant -10% decline in its value.

Oil & Gas Sector: Despite the ongoing uptick in crude oil prices, with Brent crude reaching $94 per barrel in the international market, the oil and gas sector encountered losses of -2.02%.

Consumer Goods Sector: Investors in the consumer goods sector reacted negatively, with the sector’s index declining by -1.84% during the week.

Winners and Losers:

Winners: The top-performing stocks of the week included OANDO (42.86%), CHELLARAMS (32.76%), CWG (29.76%), CORNERSTONE INSURANCE (12.90%), and NNFM (12.03%).

Losers: The week saw significant losses for ABC TRANSPORT (-33.63%), OMATEK (-31.03%), ETRANZACT (-26.50%), GUINEA INSURANCE (-19.44%), and TANTALIZERS (-17.39%).

AGM Watch

During the week under review, several companies announced their upcoming Annual General Meetings (AGMs). On Wednesday, September 13th, CORONATION INSURANCE Plc disclosed that its 65th Annual General Meeting would be held virtually on October 5, 2023, at 10:00 a.m. Other companies, such as RED STAR EXPRESS, UNIVERSAL INSURANCE, and NIGERIAN ENAMELWARE, also announced their AGMs.

Insider Trading

Notable insider trading activities occurred during the week, with Mohammed Garuba, a Non-Executive Director of Nigerian Exchange Group Plc, acquiring 10,000,000 units of shares in the company worth N225 million.

Market Outlook

Looking ahead, it will be intriguing to observe how the Nigerian equities market responds to the nomination of a new CBN Governor. President Bola Tinubu recently nominated Dr. Olayemi Michael Cardoso for the role of Governor of the Central Bank of Nigeria (CBN), pending confirmation by the Senate. The market had previously responded positively to the suspension of the former CBN Governor, Godwin Emefiele. Nairametrics will closely monitor equities’ reactions to Michael Cardoso’s nomination as his successor.

Furthermore, the downgrade reclassification by FTSE Russel takes effect on Monday, September 18th, and market watchers will be attentive to its impact on equities.

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When Men Mount: Esosa Iyawe Steals the Spotlight at APC South-South Stakeholders Meeting in Benin(Video)

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When Men Mount: Esosa Iyawe Steals the Spotlight at APC South-South Stakeholders Meeting in Benin(Video)

In a room charged with political energy and elite presence, Hon. Esosa Iyawe, Member representing Oredo Federal Constituency, emerged as one of the most talked-about figures at the APC South-South Stakeholders Meeting held in Benin City.....KINDLY READ THE FULL STORY HERE▶

With Senate President Godswill Akpabio, Governor Monday Okpebholo, Comrade Adams Oshiomhole, Engr. Abubakar Momoh FNSE, Chief Timipre Sylva, Senator Ifeanyi Okowa, alongside state governors, senators, and top APC chieftains from across the South-South in attendance— the atmosphere was rich with leadership.

Amid it all, Hon. Esosa Iyawe distinguished himself with calm confidence, a composed presence, and the kind of poise that quietly resonated throughout the gathering.

Men mount, and Esosa Iyawe stood tall—carrying the pride of Oredo with class, clarity, and a political sharpness that quietly echoed long after the cameras stopped rolling.

Osigwe Omo-Ikirodah reporting from Benin City for iReporteronline.

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Economic Jitters: Dollar Soars to ₦1,605 as Lagos APC Gears Up for LG Elections

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What Is the Dollar to Naira Exchange Rate at the Black Market (Aboki FX)?....KINDLY READ THE FULL STORY HERE▶

Below is the black market (parallel market) exchange rate for the U.S. Dollar to Naira as of Wednesday, June 25, 2025. These are the rates at which you can exchange your dollars for naira.

Black Market Dollar to Naira Exchange Rate Today (Aboki FX)

At the Lagos Parallel Market, also known as the Black Market, Bureau De Change (BDC) operators buy 1 USD at ₦1,590 and sell at ₦1,600, according to market sources.

Note: The Central Bank of Nigeria (CBN) does not officially recognize the black market. It has advised all forex transactions to be conducted through licensed financial institutions.


Summary of Exchange Rates – June 25, 2025

Dollar to Naira (USD to NGN) Exchange Rate
Black Market Buying Rate ₦1,590
Black Market Selling Rate ₦1,600
CBN Highest Rate ₦1,553
CBN Lowest Rate ₦1,548
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One Lawmaker, Eleven Motions, Ten Bills—From Gele-Gele Seaport to Free WAEC and 1,000 Streetlights, Esosa Iyawe is Getting the Job Done

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One Lawmaker, Eleven Motions, Ten Bills—From Gele-Gele Seaport to Free WAEC and 1,000 Streetlights, Esosa Iyawe is Getting the Job Done....KINDLY READ THE FULL STORY HERE▶

The streets of social media are buzzing—and for all the right reasons. Hon. Engr. Esosa Iyawe, the dynamic lawmaker representing Oredo Federal Constituency, is making history, not headlines. With a legislative record that reads like a federal policy roadmap and community projects that are transforming lives, Nigerians are saying one thing loud and clear: this is what true representation looks like.

“We’ve never had it this good in Oredo,” said a community lawyer in Benin City, Oredo’s capital. “Esosa Iyawe is not just present—he’s working like a man on a mission.”

In less than a full term, Iyawe has moved 11 bold motions on key national issues, touching everything from maritime infrastructure to financial transparency and citizen welfare. Notably, he called for the revitalization of Gele-Gele Seaport—a game changer for Edo’s economy. He took on Multichoice, demanding an investigation into their arbitrary subscription hike. He exposed alleged irregularities in the NHIA, demanded a probe into abandoned properties, and pushed for the transition to renewable energy in MDAs.

“He’s like a watchdog, a reformer, and a patriot wrapped in one,” one Abuja insider remarked.

Beyond motions, he is sponsoring 10 strategic bills, including the groundbreaking National Public Asset Management Agency Bill, the Digital Health Services Bill, and the much-anticipated Ride-Hailing and Smart Mobility Bill, which aims to modernize Nigeria’s transport technology landscape.

From the dusty corners of New Benin to the vibrant schools of Evbodia, Esosa Iyawe’s impact is visible and measurable. He has donated over 70 mini buses to empower youths, installed more than 1,000 streetlights across Oredo to enhance security, and distributed free food palliatives to over 4,000 constituents monthly for 10 consecutive months. He has sponsored free JAMB and WAEC registration for more than 1,000 students annually, provided full university scholarships, and supported skills acquisition through the donation of sewing machines and makeup kits.

He facilitated free eye surgeries for over 50 people, donated 41 computers and a solar power system to New Era School, and organized an annual cultural quiz competition across public schools in Oredo. Through his intervention, Odia College in Evbodia Community has been fully renovated, with new classroom blocks and modern toilets constructed. His support for the Muslim community through annual palliative distribution and the hosting of the HIFOT football tournament for youth engagement further underscores his commitment to inclusive development.

Clips of Iyawe’s speeches, project launches, and grassroots engagements continue to trend online with captions like “Oredo’s Blueprint of Hope,” “This is not politics—it’s performance,” and “This is the kind of representative every Nigerian constituency deserves.”

While many lawmakers vanish after elections, Esosa Iyawe is visibly writing a new story for Oredo—one powered by education, innovation, transparency, and youth empowerment. His blend of engineering discipline and legislative boldness is setting him apart.

“Oredo used to ask for attention. Now, Oredo is giving the nation direction,” a local observer noted.

Whether in the hallowed chambers of the National Assembly or the narrow streets of Ugbowo, Esosa Iyawe has shown that service isn’t about volume—it’s about value. And if this is what one man can do in such a short time, imagine what the future holds if his kind of leadership becomes the national norm.

Osigwe Omo-Ikirodah is the Principal and CEO of Bush Radio Academy

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