NUPENG Strike: FG’s Peace Meeting with Dangote, Oil Workers Ends in Deadlock

Hot Source
Hot News
September 9, 2025
0 Comments

•PENGASSAN, NOGASA, NARTO, PETROAN join action

•Labour minister says negotiations may continue today

•NLC, TUC expresses solidarity, may declare dispute

•Nigerians face hardship, shutdown of downstream facilities begin

Emmanuel Addeh and Onyebuchi Ezigbo in Abuja

Downstream oil workers under the auspices of the Nigeria Union of Petroleum and Natural Gas (NUPENG) yesterday night failed to reach a peace deal with Dangote Refinery over their demand for unionisation of staff of the company.

Following the deadlocked talks, NUPENG said that it will continue with the nationwide industrial action, which had already taken its toll in some states, following the shutdown of filling stations in several parts of the country.

Also yesterday, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Natural Oil & Gas Suppliers Association of Nigeria (NOGASA), the Nigerian Association of Road Transport Owners (NARTO), and the Petroleum Products Retail Outlets owners Association of Nigeria (PETROAN) announced that they were joining the strike action in solidarity with NUPENG.

NUPENG is currently locked in a major dispute with the Dangote Petroleum Refinery, over the company’s decision to recruit thousands of drivers for its new fleet of compressed natural gas-powered trucks under a condition it says bars them from belonging to any existing trade union.

In the same vein, the downstream oil workers have argued that if Dangote is allowed to massively import and put his trucks into operation, many of its members will be thrown into the labour market or rendered redundant.

Besides, the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have threatened to mobilise their members across the country to join the strike in solidarity with NUPENG if matters were not amicably resolved.

But at the reconciliatory meeting brokered by the federal government on Monday both Dangote and NUPENG negotiating teams failed to sign a Memorandum of Understanding (MoU) on the issues in dispute.

After several hours of negotiation brokered by the federal government through the Federal Ministry of Labour and Employment, both parties failed to agree on terms and conditions for the unionisation of the employees of Dangote Refinery.

While the Dangote team agreed to allow some categories of the staff to join the union, NUPENG insisted that all workers must be given a chance to register with industry unions.

Speaking to journalists at the end of the meeting that lasted till 11 pm last night, Minister of Labour and Employment, Alhaji Maigari Dingyadi, said that there was no deal, expressing hope that the talks will continue today.

“The issue is that we have not been able to reach a final agreement on this matter because we had a stalemate and we are trying to resolve the issues but it was getting late and we had to call off the meeting.

“We are confident that maybe by tomorrow (today) we will be able to resolve these issues. I want to appeal to everybody to please maintain the peace. By the grace of God, by tomorrow we will be able to get both parties to be able to agree on something that will ensure the strike is called off,” Dingyadi stated.

Also, President of NUPENG, Williams Akporeha, said the union was opposed to any attempt to monopolise the resources of the country and use them as an instrument of enslavement of the people, insisting that the union’s action was for the interest of the country.

“We cannot stand to see an investor whose main purpose is to enslave Nigerians. It cannot take us back to the dark days of slavery. Nigerians have wished him so well than for him to enslave them.

“So it’s unfortunate that at this point in time we are having an investor whose main purpose is to say that there can’t be a union in the establishment. He wants to monopolise the whole system and even the workers, but we say it can’t happen during our time,” he said.

Head of Information and Publicity of the NLC, Mr. Benson Upah, accused the representative of Dangote group of arrogance for walking out on the minister and organised labour.

“So there was no agreement. Even when we bent backwards to his uncompromising behaviour. So we were left with no option than to continue with our strike action,” he said.

On whether there is a possibility for another dialogue to resolve the impasse, Benson said it was not only in the hands of organised labour to decide.

“That is not for labour to decide, it takes more than a party to reach a resolution. Whenever the representatives of the Dangote Refinery group see the need for amenable dialogue, we are ready. We are ready even tonight if he changes his mind,” he noted.

Before the meeting started, while welcoming the parties, the minister expressed optimism that the issues in dispute will be resolved amicably.

“We are here to try and reconcile our labour unions in the oil industry and the employers in Dangote Group. This is not the first time we are having this kind of dispute and we believe that by the time we sit down with parties involved we should be able to settle them, we should be able to resolve the issues within the limits of what is possible”

The minister appealed to all parties concerned to be peaceful, and to be as accommodating as possible.

“What we are discussing today is very important to the peace and stability of the country and our economy. The oil industry is not a sector that we will play with and it is very important for our country and our people. Please I want to appeal to all of us to try as much as possible to have a listening ear and be ready to contribute to the settlement of this matter.

A representative of the Dangote Group, Sayyu Dantata, could not be reached for his comments as he didn’t wait for an interview with journalists after the meeting.

However, as the strike by the oil workers gain traction, the TUC has expressed solidarity with NUPENG, urging Dangote Refinery to address PENGASSAN and NUPENG’s complaints fully and stop the harassment of their members without delay.

TUC alleged that there were disturbing reports from its affiliate, PENGASSAN and its industry sister union, NUPENG, of persistent anti-labour practices, intimidation, and humiliation of workers within the Dangote Group.

In addition, it said that some other affiliates — the Chemical and Non-Metallic Products Senior Staff Association of Nigeria (CANMPSSAN) and the Textile, Garment and Tailoring Senior Staff Association of Nigeria (TGTSSAN) — have also raised serious complaints of the denial of workers’ rights to unionise, harassment, and continued assault on the dignity of employees.

“We put it on record that the labour movement will not fold its arms while Dangote and its companies treat Nigerian workers as slaves in their own country. No employer, no matter how wealthy or powerful, will be allowed to trample on the rights and dignity of labour,” the TUC stated.

Meanwhile, the Port Harcourt branch of PENGASSAN has directed its members at Cameron/Onesubsea Offshore Systems Nigeria Ltd to commence an indefinite strike from 12:00am, Tuesday, September 9, 2025.

The association said their action followed what it described as management’s refusal to engage in good-faith negotiations.

In a directive issued by the Assistant General Secretary, Port Harcourt Zone, Sere Nwikiabeh, the union accused the company of rebuffing all genuine efforts to resolve grievances related to the 2025 Collective Bargaining Agreement (CBA) negotiations.

“We have exhausted all avenues of negotiation and dialogue, and it has become clear that the Management is not willing to engage with us in good faith. In light of this, we have decided to take a more decisive action to protect and defend our members’ rights,” the union said.

Equally, the Natural Oil & Gas Suppliers Association of Nigeria (NOGASA), the Nigerian Association of Road Transport Owners (NARTO), and the Petroleum Products Retail Outlets owners Association of Nigeria (PETROAN) have announced that they will, from midnight yesterday, join the strike action declared by NUPENG.

NUPENG began an indefinite nationwide strike yesterday. Although it had yet to have much impact in Abuja and Lagos as of yesterday, since the leadership was expected to meet with officials of the federal government, but in some states, the strike action crippled commercial activities.

According to the national PENGASSAN, should the ongoing situation persist without a resolution, it would be left with no option but to join in shutting down the refinery operations as a last resort to “protect our members’ rights and interests.”

A statement signed by PENGASSAN’s General Secretary, Lumumba Okugbawa, stated that the right of workers to organise and collectively bargain was not only a fundamental human right but also essential for promoting fair labour practices.

“We are writing to express our unwavering solidarity with our ally and sister union, NUPENG, in their ongoing efforts to secure the rights of tanker drivers who are currently being hired at the Dangote Refinery. We wish to put on record that Dangote refinery’s management has been resisting potential members of both PENGASSAN and NUPENG from joining the association since its inception,” it added.

PENGASSAN alleged that all diplomatic efforts to persuade the company’s management “have so far not yielded the desired result.” It added: “It is with deep concern that PENGASSAN observe the increasing resistance to unionisation at the Dangote Refinery, as the continued denial of workers’ rights will no longer be tolerated going forward.

“We stand firmly in support of NUPENG’s call for the full unionisation of not just Petroleum Tankers Drivers but all employees of the refinery and its allied companies. This is in accordance with the principles set forth by the International Labour Organisation (ILO) and in line with Nigerian labour laws. The right of workers to organise and collectively bargain is not only a fundamental human right but also essential for promoting fair labour practices, ensuring safety, and upholding dignity in the workplace.

“Should the ongoing situation persist without a resolution, PENGASSAN will be left with no option but to join in shutting down the refinery operations as a last resort to protect our members’ rights and interests.

“We therefore urge all stakeholders to engage in immediate and constructive dialogue to address these pressing issues. Failure to recognise and respect the rights of workers to unionise will have consequences that extend beyond Dangote’s refinery workplace, thereby impacting all facets of our industry.

“In unity, we advocate for the rights of all workers and pledge our support to NUPENG in this vital mission. Together, we will work towards an equitable and just labour environment for all employees at Dangote Refinery.”

Similarly, during a joint briefing in Abuja, yesterday, the National President of NOGASA, Benneth Korie, noted that given the urgency of the matter, the organisation found itself with no other choice, but to consider withdrawing its services nationwide in solidarity.

“NOGASA acknowledges and is proud of the refinery’s role in enhancing Nigeria’s petroleum industry. However, our members have raised concerns regarding the effects of direct supply to end-users such as telecommunication sites, hotels, and construction companies, among others.

“As responsible employers, we are particularly worried about the loss of supply opportunities and job losses that could jeopardise the livelihoods of those involved across the distribution value chain. In light of these concerns, we formally requested a meeting with Dangote Petroleum Refinery to address these issues. Our aim is to seek solutions that would balance the interests of all stakeholders in this sector.

“Regrettably, we have yet to receive a response from Dangote Petroleum Refinery. We strongly believe that such a meeting is vital not only for our members but also for the interest of energy security. As suppliers of petroleum products, we remain committed to protecting our businesses while serving the nation’s interests.

“Given the urgency of this matter, we find ourselves with no other choice but to consider withdrawing our services nationwide in solidarity with NUPENG and other stakeholders if this situation remains unresolved,” Korie added.

Besides, Korie appealed to the President Bola Tinubu, to intervene and facilitate dialogue between NOGASA, downstream distribution stakeholders and the management of the refinery.

“It is hereby directed that all oil and gas suppliers to all construction companies, industries, hotels and telecommunication sites nationwide should withdraw the services with effects from tomorrow September 9, 2025 pending when the matter is resolved,” Korie stressed.

Also, NARTO notified Nigerians of its decision to join the strike action by NUPENG, describing it as a struggle against monopolistic and anti-competition practices.

National President of NARTO, Yusuf Othman, stated that although the organisation appreciates the injection of new trucks and other investments into the petroleum distribution value chain, it strongly and unequivocally rejects any plan for free distribution of petroleum products.

“NARTO wishes to notify all stakeholders and the general public of its firm position in support of NUPENG in the ongoing struggle against monopolistic and anti-competition practices being advanced by the Dangote Group in the downstream oil and gas sector.

“While we recognise and appreciate the injection of new trucks and other investments into the petroleum distribution value chain, we must state categorically that NARTO strongly and unequivocally rejects any plan for free distribution of petroleum products. Such an approach is not only unsustainable but is also a deliberate attempt to undermine and eliminate the thousands of independent transporters who form the backbone of Nigeria’s petroleum distribution network.

“At present, NARTO members collectively operate more than 30,000 trucks across the country, employing thousands of drivers, assistants, and service providers. These operations sustain millions of dependents and are supported by financial commitments from both local and international banks, as well as marketers and depot owners,” NARTO posited.

It explained that any attempt to eliminate the established distribution structure will lead to loss of investment, destruction of livelihoods, threaten energy security, and exploit consumers in the long run.

Also speaking, the President of PETROAN, Billy Gillis-Harry, stated that what the Dangote refinery was about to embark on was not sustainable, stressing that it would not be in the interest of the downstream oil and gas sector in the long run.

There was already serious scarcity in some states, including Delta and Sokoto, as NUPENG announced an indefinite strike. While the few motorists and tricycle drivers hiked their fares in Delta, many school children were seen stranded as they trekked long distances.

In a circular distributed to marketers, the unions warned that any filling station found operating during the strike in Delta state would be fined N1 million.

Also, in Sokoto, residents faced transportation challenges as members of the association began shutting down filling stations across the state capital as of yesterday. Union officials were seen closing several petrol outlets and halting the movement of petroleum tankers along major routes.

The post NUPENG Strike: FG’s Peace Meeting with Dangote, Oil Workers Ends in Deadlock appeared first on THISDAYLIVE.

Hot Source

Hot Source
Hot News
October 3, 2025
6 views

Lokpobiri: Oil Sector Divestments Added 200,000 bpd to Nigeria’s Crude Output

•Seeks greater integration amid $4tn in Africa’s domestic capital

•Says continent spends over $120bn annually on hydrocarbons imports

•Highlights people, asset integrity, reliability as growth drivers

Emmanuel Addeh in Abuja

Amid recent divestments by International Oil Companies (IOCs), the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has revealed that the takeover of some assets by indigenous firms has led to the addition of 200,000 bpd to the nation’s crude output.

IOCs such as Shell, ExxonMobil, TotalEnergies, and Eni have recently been reducing or selling off their onshore and shallow-water oil and gas assets in the country, shifting their focus to deepwater operations.

Lokpobiri, who delivered a keynote address on behalf of President Bola Tinubu at the Africa Energy Week (AEW) in Cape Town, South Africa, also highlighted the need for more cooperation among African countries to explore the roughly $4 trillion in domestic capital, including pension and insurance funds.

He outlined the bold policy measures implemented under the current administration, particularly the Petroleum Industry Act (PIA), which provides a clear and predictable fiscal and regulatory environment The PIA, he said, has laid the foundation for licensing transparency, host community engagement, strengthened regulatory oversight, and a fair contractual framework. “What makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering,” the minister said.

A statement yesterday by Lokpobiri’s spokesperson, Nneamaka Okafor, quoted the minister as declaring that Nigeria is “open for business” and actively pursuing policies that prioritise investment, efficiency, and long-term growth in the oil sector.

“This gathering is more than a conference, it is a call to action,” he said, stressing that Nigeria is ready not just to participate in the global energy market, but to lead reform and growth on the African continent.

“Nigeria’s upstream sector is showing signs of strong recovery. The Project ‘One Million Barrels initiative’, launched in October 2024, has raised daily crude oil production to between 1.7 and 1.83 million barrels per day, with a notable increase of 300,000 barrels per day in July 2025 alone.

“Additionally, the number of active drilling rigs has grown from 31 in January to 50 by July 2025, a clear signal that reforms are unlocking value across the sector,” he added.

Besides, Lokpobiri stated that the recent asset divestments by IOCs have unlocked over $5.5 billion in Final Investment Decisions (FIDs) within months.

“These are not just transfers of assets, they are transfers of confidence, capability, and ownership,” he stated. The divestments have already added approximately 200,000 barrels per day to national production, the minister said.

Speaking in the broader African context, Lokpobiri urged the continent to retain more value from its hydrocarbon resources by focusing on infrastructure, industrial development, and localised value chains. He noted that Africa spends over $120 billion annually on hydrocarbons, largely through imports, calling it a missed opportunity for economic transformation.

He advocated for stronger intra-African collaboration and financing, emphasising that Africa holds nearly $4 trillion in domestic capital, including pension and insurance funds. “The question is no longer about the availability of funds, but how we can channel them into productive investments on our continent,” he said.

Addressing the topic of the global energy conversation, the minister called for balance and equity. He insisted that the narrative must shift toward a diverse energy mix, not abandonment of any resource.

“The focus should be on availability, accessibility, and affordability of all forms of energy,” he stressed. He made it clear that Nigeria, like other nations, will continue to utilise its oil resources responsibly while building a diversified and sustainable energy base.

Lokpobiri reaffirmed Nigeria’s role as a leading energy player in Africa. “We are offering opportunities at scale, reform with consistency, incentives with clarity, local participation with respect, and a vision that modernises with purpose,” he declared.

He extended an invitation to global investors, urging them to come to Nigeria and “Be part of the energy revolution.” Lokpobiri explained that with strong reforms, ambitious targets, and an open-door policy, Nigeria is charting a bold path forward in Africa’s energy future.

Also speaking at the event, top officials of Seplat Energy Plc, a leading Nigerian independent energy company, which acquired some Mobil Producing Nigeria Unlimited (MPNU) assets recently, stated that the firm has raised more than $4 billion in debt to develop and grow operations whilst continuing to maintain a low leverage threshold of below 1.5x through the cycle.

Chief Executive Officer of the company, Roger Brown, said Seplat recorded unprecedented growth since it was founded by acquiring divested assets, unlocking value from them, improving efficiency and safety performance of the assets, whilst driving the entire growth process with a world-class and resilient workforce.

Brown, who spoke during a Fireside Chat titled “Assets Acquisition Success Strategies: Seplat Energy”, said the company has successfully integrated major acquisitions in the last decade, each time improving efficiency and safety performance, while at the same time reducing routine emissions.

Speaking on its most recent acquisition of MPNU assets, he said the goal had been to move quickly to re-engage wells and facilities – resulting in the delivery of immediate results; investing early in integrity and reliability – thus reducing downtime while setting a foundation for future growth; and integrating not isn’t just systems, but people.

“We found strong cultural alignment with our new colleagues, and that’s been key to seamless performance. We’ve welcomed their expertise and insights and the entire Group is benefiting from them,” Brown hinted.

According to the Seplat CEO, by combining Seplat’s onshore experience with decades of offshore know-how from new colleagues, the company has built a stronger operation from day one, which is already delivering higher cash flow.

“The recent reserves upgrade shows we have acquired a high-quality asset with significant production potential in both oil and gas, and much of this is within easy reach, close to export infrastructure that we control. We are confident we can increase production and that aligns with the government’s target to increase liquids production to 3 million barrels, and to increase gas production for both domestic energy and export markets,” he added.

Speaking of the company’s strong operator mindset, Brown said Seplat Energy focuses on acquiring assets where its operating capability can unlock hidden value – especially mature fields that benefit from a more agile, entrepreneurial operator.

“We’ve already proven we can acquire assets onshore and bring them up to high levels of production, whilst keeping tight control of costs, and this has helped us build up a strong balance sheet, invest in our future and return a healthy dividend stream to investors,” Brown stressed.

On the company’s clear appetite for success, the Seplat Energy boss said the focus had always been on safety and operational excellence, which are targeted at maximising production and cash flows that strengthen the business.

“We’re a low-cost operator, meaning we can be profitable at good oil prices and we’ve proven we can survive periods of low prices and prolonged lock-ins. We look after our staff, all of whom are very highly qualified, mostly Nigerian, and ensure they are fully aligned with our success, which in turn will bring success for Nigeria’s energy system. We’ve got a deep bench and a strong succession pipeline,” he explained.

In the same vein, Chief Financial Officer (CFO), Seplat Energy Plc, Eleanor Adaralegbe, who spoke during a panel discussion titled: “Financing Upstream Projects for Domestic Energy Security”, said since inception, the company has continued to blaze the trail with a highly successful capital raising history, of which the company had raised more than $4 billion in debt to develop and grow operations.

On the various financing options the company had leveraged since inception, Adaralegbe identified the Initial Public Offer (IPO), Revolving Credit Facility (RCF), Bonds, Advance Payment Facility, as well as other financings like taking over the $110 million RBL, which is currently being refinanced (on Eland acquisition of 2019; and putting in place a $320 million project financing for ANOH, Seplat’s 50/50 JV with the Nigerian Gas Infrastructure Company (a 100 per cent wholly owned subsidiary of NNPC).

Speaking on financing challenges and what Seplat Energy had done to overcome them, she said: “Corporates are always looking to access low-cost financing for development and growth, more so, Nigerian energy companies, as Nigerian banks have a high USD cost of borrowing. As such, we knew that we had to become a first mover and shape our credit profile to appeal to a wider group of banks and investors. We are the first and only dual listed Nigerian oil and gas company.”

On the company’s key credit highlights, the Seplat Energy CFO listed: Balanced assets with substantial production; portfolio diversification through gas business; uniquely positioned to capture future growth; strong financials and well-tested risk management; well managed liquidity; focus on tax efficiencies; experienced management and strong governance; and leading indigenous and ESG-focused operator.

“Seplat Energy has repeatedly been able to refinance to extend maturities and bring down our cost of debt while keeping leverage moderate. We have been able to do this because we are focused on things that lenders are focused on – asset diversification, steady production, strong financials, low leverage, focus on tax efficiencies, strong leadership,” Adaralegbe explained.

On the importance of financing, she said Nigeria’s energy security depended heavily on upstream oil and gas, which fuels both domestic consumption and foreign exchange earnings; declining investment in upstream projects due to global energy transition pressures and perceived risks; and rising domestic demand for gas and power requires urgent expansion of upstream activity, particularly gas exploration and production.

“Until utility-scale renewables, storage, and transmission are materially larger, Nigeria’s ability to keep lights on, vehicles moving, industries running, and households cooking cleanly is fundamentally constrained by upstream oil and gas development, output and associated midstream delivery – that is upstream development is a direct lever on national energy security,” she advised.

According to Adaralegbe, a stable and predictable fiscal framework is the single most powerful enabler of upstream financing; of which consistent application of PIA provisions, timely JV cash-call settlements, and clarity on commodity pricing policies are essential to de-risk projects and crowd in long-term capital.

•Seeks greater integration amid $4tn in Africa’s domestic capital •Says continent spends over $120bn annually on hydrocarbons imports •Highlights people, asset integrity, reliability as growth drivers Emmanuel Addeh in Abuja

Hot Source
Hot News
October 3, 2025
7 views

Capital Market Operators Seek Review of Proposed 30% Capital Gains Tax to 25%

•Mukuru: New law lacks equity, will put enormous pressure on NGX, increase cost of Nigerian equities

•Investors’ return on stock market rise to N27.82 trillion in nine months

James Emejo in Abuja and Kayode Tokede in Lagos

Operators in the Nigerian capital market have urged Chairman of Presidential Committee on Fiscal Policy and Tax Reforms (FPTR), Mr. Taiwo Oyedele, to reconsider the proposed introduction of a 30 per cent tax on capital gains from the disposal of shares.

In an open letter to Oyedele, which was dated October 2, 2025, the operators said the rate, expected to take effect from January 2026, will “put a lot of pressure on the NGX until the end of the year, as domestic and foreign institutional investors look to realise gains under the current tax regime”.

However, the average investors’ return on the stock market section of the Nigerian Exchange Limited (NGX) appreciated to N27.82 trillion, driven by the federal government’s foreign exchange reforms, among others, that boosted confidence.

Measuring the performance by market capitalisation, it was revealed that the stock market opened for trading in 2025 at N62.763 trillion, gained 44.3per cent or N27.82 trillion to close September 30, 2025 at N90.581 trillion.

In September 2025, the market capitalisation added 2.04 per cent or N1.81 trillion, from N88.769 trillion, it closed for trading in August 2025 from N90.581 trillion.

Nonetheless, the letter to the FPTR chairman, signed by Chief Executive, Emerging and Frontier Capital (EFC), Mr. Kato Mukuru, stated that the new CGT regime was “not in keeping with the seventh guiding principle of the FPTR”.

Mukuru said, “This principle, which calls for the equitable treatment of all stakeholders, ‘including investors and businesses, both local and foreign, and all tiers of government – federal and subnational’ is not being met with the proposed guidelines, in our opinion.

“We say this because: It provides retail investors with a N150 million (cUSD101k) annual exemption threshold, which is expected to cover 99.9 per cent of all domestic retail investors. It also provides PFAs and potentially other large sources of domestic liquidity with an exemption.

“However, there is no exemption threshold for domestic and foreign institutional investors. They are forced to reinvest their funds in other listed or unlisted equities to be exempt. How is this equitable?”

The EFC chief executive said the proposed CGT could be reduced to 25 per cent when proceeds from share sales were reinvested in fixed income securities or other non-equity assets, adding that while the lower rate is appreciated, “how is this fair for funds that can only invest in equities?”

Mukuru added, “The chairman recently recognised that it looks ‘unfair’ to use the purchase price at the time of acquisition as the reference cost, even if the shares were bought several years ago.

“If you recognise that this is unfair, particularly for investors who bought the shares over the past 10 years, then why not offer an exemption period and start all of this on the implementation date (1 January 2026)?”

The correspondence further stated that there was no consideration for foreign investors, who will now have to price in the CGT on top of their FX risk.

It stated, “Does the FPTR not recognise that this will increase the cost of equity for Nigerian equities. A higher cost of equity means that Nigerian businesses will have to make higher sustainable returns to attract foreign capital.

“Nigeria is one of many potential investment destinations for foreign allocators of capital and this makes the country far less competitive.

“Aside from not being equitable to all shareholders, the new 30 per cent tax rate on gains that is set to take effect on January 2026, will put a lot of pressures on the NGX until the end of the year, as domestic and foreign institutional investors look to realise gains under the current tax regime.”

Mukuru said, “While temporary, it should be noted that bringing back this capital will be challenging and this is clearly not in the long-term interest of the NGX and its companies, that drive growth, jobs, and long-term economic development for Nigeria.”

Meanwhile, the NGX All-Share Index (NGX ASI) closed nine months of 2025 at 142,710.48 basis points, about 38.65 per cent or 39,784.08 basis points from 102,926.40 basis points the stock market had closed for trading in 2024.

Analysts attributed the stock market 38.65 per cent investors average return to stability in the foreign exchange market, companies recovering from foreign exchange losses, market liquidity, capital inflow, dominance of domestic investors, increasing portfolio investment, banking sector recapitalisation by Central Bank of Nigeria (CBN), and insurance sector reforms, which had played a critical role in overall stock market performance in the period under review.

So far in 2025, the stock market had seen Monetary Policy Committee of the CBN reducing Monetary Policy Rate to 27 per cent, marking the first cut since the COVID-19 pandemic in 2020; inflation rate moving to 20.12 per cent, as of August 2025; companies announcing impressive corporate earnings and half year ended 2025 interim dividend pay-out to shareholders; listing by introduction of Legend Internet Plc; and listed banks announcing the outcome of fresh capital raising on the exchange.

Equally, the yield on Nigerian Treasury Bills (NTB) dropped to 15 per cent, as of September 17, 2025, from 18 per cent.

In the nine months under review, several stocks listed on the NGX recorded strong month-to-date appreciation, reflecting heightened foreign investor confidence driven by improved macroeconomic indicators and robust corporate earnings.

Capital market analysts stated that the corporate earnings report of H1 2025, among other factors, encouraged investors seeking high returns in a volatile macro environment.

Managing Director, Globalview Capital Limited, Mr. Aruna Kebira, in a chat with THISDAY, said the stock market in the nine months of 2025 witnessed the tanking of inflation figures and CBN cutting interest rate to 27 per cent, from 27.50 per cent.

Kebira stated, “Those parameters alone gave the capital market investors a moment of respite in the nine months of 2025.

“The yields in the money market are not looking as attractive as they were in 2024, making discerning investors in search of better yields to consider the capital market as their investment destination.”

He also stated, “In the last MPC, the MPR was reduced, including other metrics. This is sending positive signals that as the inflation figure and money market yields are downward looking, the MPC would have a reason to tinker the MPR further downward. Which is not always fixed income friendly.

“If the various issuers demonstrate a performance higher than the corresponding period of 2024 and declare an impressive interim dividend, the stock market will move to appreciate their prices.”

•Mukuru: New law lacks equity, will put enormous pressure on NGX, increase cost of Nigerian equities •Investors’ return on stock market rise to N27.82 trillion in nine months James Emejo

Hot SOURCE News

Or check our Popular Categories...

Hot SOURCE News

Or check our Popular Categories...

NUPENG Strike: FG’s Peace Meeting with Dangote, Oil Workers Ends in Deadlock

Related

Hot Source

Related Posts

Lokpobiri: Oil Sector Divestments Added 200,000 bpd to Nigeria’s Crude Output

Capital Market Operators Seek Review of Proposed 30% Capital Gains Tax to 25%

Leave a Reply Cancel reply

Business & Economy

How Dangote offered to pay sacked workers 5 years salaries without work – Sources

Credit to private sector drops to N75.8 trillion in August 2025

PenCom N20 billion recapitalisation may discourage PFAs, PFCs growth – Renaissance Capital

First LNG-powered Containership, MV Sapphire, Berths at APM Terminals

Stakeholders: How Dry Lease Will Save Domestic Airlines N26.6bn Annually

Dantsoho: Abuja’s Centrality, Agro-allied Potentials Strategic to Boosting Non-oil Revenue

Buy nterests in GTCO, Others Lift Stock Market by N1171bn

How Stanbic IBTC is Harnessing the Transformative Potential of Technology-driven Environmental Solutions

Revamping Maiduguri’s Airport for International Operations

Ground Handling Companies Hamstrung with Over Bloated Workforce

Africa Posts Strongest Growth as Global Air Cargo Demand Climbs

Finchglow Partners Other Agents to Tackle Challenges, Boost Travel Demand

NIIRA 2025: Omosehin Highlights Major Changes to Insurance Sector

Cornerstone Insurance powers N25 billion trade as NGX starts October green

SEC DG urges West Africa to fast-track Capital Market Integration

NAFDAC destroys fake and expired drugs worth N15 billion in Ibadan

Impact Investors Foundation unveils $8 billion inclusive capital roadmap for Nigeria

PenCom DG reveals monthly pension payments hit N14.837 billion in June 2025

Falcon Aero secures $10 million facility for VivaJets to retire debt, expand fleet

BREAKING: CBN to take full control of Fixed Income Market from November 2025

Nigeria’s money supply expands as government borrowing declines 25.74% YoY

Nigeria’s oil output drops by 16% during PENGASSAN’s strike – NNPCL

Nigeria’s box office sales drop to N900 million, second lowest of 2025

Lagos govt removes illegal structures obstructing Jebba/Kano collector in Ebute Metta

PZ Cussons post profit before tax of N21.541 billion in Q1 2025/26, beating last full year’s profit

Nigeria’s top 10 best-performing stocks on the NGX in September

Zenith Bank appoints Abdulazeez Kanya as independent director

Beyond P2P: Why Africa needs automated Crypto swaps

Stanbic IBTC announces new Group CEO, Chukwuma Nwokocha

Stanbic IBTC appoints Group Chief Executive

Nigeria’s money supply rises to N119.52 trillion in August 2025

Beyond Recapitalization: Premium Trust Bank’s historic achievement signals industry transformation

Netflix stock dips after Elon Musk subscription controversy

Keeping Nigeria Moving: Ardova, Shell Lubricants, and the Power of GTL Technology

Gaming Advisory Africa list 6 best countries to start a gaming business

External debt servicing slows to $2.86 billion in eight months – CBN

Keeping Nigeria Moving: Ardova, Shell Lubricants, and the Power of GTL Technology