Tag: NSE

  • NSE Reaffirms Commitment to Strengthening Engineering Education at Launch of Nigerian Engineering Olympiad

    NSE Reaffirms Commitment to Strengthening Engineering Education at Launch of Nigerian Engineering Olympiad

    By Israel Adamu, Jos

    The Nigerian Society of Engineers (NSE) has restated its commitment to strengthening engineering education by deepening collaboration between academia and industry to foster meaningful national development. NSE President, Margaret Oguntala, made this known on Thursday in Abuja during the inauguration of the maiden Nigerian Engineering Olympiad (NEO).

    The Olympiad is a national initiative designed to identify, train, and commercialize engineering talent in tertiary institutions. It focuses on solving critical national challenges in infrastructure, manufacturing, energy transition, sustainability, and digital technology. The programme aims to develop a new generation of job-creating engineers, problem solvers, and globally competitive innovators.

    The event was organized by Enactus Nigeria in partnership with the NSE, the Nigerian Content Development and Monitoring Board (NCDMB), Renaissance Africa Energy Company (RAEC), and First Exploration and Petroleum Development Company (FIRST E&P).

    In her keynote address, Oguntala said that innovation is central to engineering advancement and national growth. She emphasized that world-changing inventions—from the steam engine to artificial intelligence—began as ideas turned into action.

    “As the foremost engineering professional body, NSE believes that the ideation of new ideas is critical for professional development and community impact,” she said. “Nigeria is brimming with creative minds in our universities. NEO offers a dynamic platform for students to unleash their innovative capacity and thrive.”

    Oguntala, who also chairs the NSE Council, called on government agencies, academic institutions, industry leaders, and the media to prioritize support for NEO to ensure its long-term growth and national impact.

    In his remarks, the Executive Secretary of NCDMB, Omatsola Ogbe—represented by Abayomi Bamidele, Director of Capacity Building—commended the initiative for aligning with the Federal Government’s drive for indigenous innovation and industrial competitiveness. He noted that ongoing NCDMB programmes in petroleum engineering, robotics, digital technology, and advanced technical disciplines would complement the Olympiad’s objectives.

    Ogbe highlighted a pressing skills gap, citing industry surveys that show about 79 percent of engineering graduates lack practical, industry-aligned competencies. He warned that this deficit contributes to a shortage of qualified local engineers, reliance on expatriates, and worsening brain drain.

    “Nigeria has a population exceeding 237 million, nearly half of West Africa, yet only about five percent of our engineering graduates are industry-ready at graduation,” he said. “This Olympiad provides a structured pathway to identify and support young innovators who can design solutions to national challenges.”

    Enactus Nigeria Country Director, Michael Ajayi, stressed that meaningful national impact depends on strong collaboration between government, the private sector, and civil society. He noted that the Olympiad would help students apply classroom knowledge to real-world problem-solving and support them in building engineering-driven enterprises capable of generating jobs and wealth.

    The Nigerian Engineering Olympiad will run a seven-month cycle featuring regional competitions, intensive mentorship, prototype development, and a national grand finale scheduled for April 2026.

    The event also featured goodwill messages from the Minister of Youth Development, Ayodele Olawande—represented by Tech Adviser Ebiho Agun—and Dr. Adebisi Osim, President of the Association of Professional Women Engineers of Nigeria. The occasion concluded with the unveiling of the Olympiad website and a call to action for nationwide participation.

  • NSE to check quacks, prevent further building collapse in A’Ibom 

    NSE to check quacks, prevent further building collapse in A’Ibom 

    By Odo Ogenyi,Uyo

    The Chairman of the Nigeria Society of Engineers (NSE) in Akwa Ibom, Engr Uwem Akpan has said that the society has set up a committee to monitor construction sites in Uyo city and across the State as a measure to check quackery and eliminate further incident of collapsed structures in the state. 

    Akpan told newsmen in Uyo yesterday that the society in Akwa Ibom decided to set up the committee in the wake of the collapsed four storey building in Uyo last September, an incident which  occurred one month after his inauguration.. 

    The chairman said it was a challenge for him to take up the responsibility of ensuring that quacks are completely eliminated in Engineering profession to avoid such carnage in future . 

    ” I was sworn- in on August 2022 as the state Chairman of Nigeria Society of Engineers (NSE) . The unfortunate incident happened in first week of September .When we hear about building collapse , it shows that there is a failure somewhere either structurally or otherwise. 

    ” When I heard about the collapse , I rushed to the scene . The first we did was rescue mission to save the victims.  Later we picked samples of the collapsed building from inside and analysed to see what was the cause of the collapse , was it because of the columns , beams, foundation or whatever? 

    “Once we finished with the analysis, we now came up with the report . I informed the National President of NSE and he arrived Uyo the following day.” 

    Akpan lamented  that some buildings in the state are supervised by quacks without Engineering qualifications but handle high rise building in various parts of the state . 

    ” I saw a highrise building under construction along oron road and when I stopped and asked for the engineer in charge , a man surfaced but once I introduced myself, he escaped.” He said.

    He said the committee would ensure that these quacks are fished out and made to face the wrath of the law.

    Akpan lauded the quality of projects currently executed by the incumbent governor, stressing that from assessment they are of high quality and durable, adding that, “most of the issues of substandard projects are seen in the private sectors where owners are cutting corners owing to the high cost of materials in the market.” 

  • NSE records N140bn weekly loss

    NSE records N140bn weekly loss

    The Nigerian stock market extended its decline last week as investors lost N140bn.

    The Nigerian Stock Exchange All-Share Index and market capitalisation depreciated by 0.69 per cent to close the week at 38,382.39 and N20.08tn respectively.

    All other indices, however, finished higher with the exception of NSE Mainboard, NSE 30, NSE Insurance, NSE Consumer Goods, NSE Lotus II, NSE Industrial and NSE Growth Indices, which declined by 1.68 per cent, 0.99, per cent, 0.01 per cent, 1.46 per cent, 1.51 per cent, 2.62 percent and 0.25 per cent while the NSE Sovereign Bond Index closed flat.

    A total turnover of 2.34 billion shares worth N19.27bn in 20,173 deals were traded last week by investors on the floor of the exchange, in contrast to a total of 1.68 billion shares valued at N23.54bn that exchanged hands in 21,732 deals in the previous week.

    The financial services industry (measured by volume) led the activity chart with 1.89 billion shares valued at N12.45bn traded in 12,019 deals, thus contributing 80.60 per cent and 64.58 per cent to the total equity turnover volume and value respectively.

    The natural resources industry followed with 201.26 million shares worth N41.29m in 27 deals.

    The third place was occupied by the conglomerates goods industry, with a turnover of 62.05 million shares worth N65.67m in 612 deals.

    Trading in the top three equities, namely Unity Bank Plc, Guaranty Trust Bank Plc and Multiverse Mining and Exploration Plc (measured by volume) accounted for 1.47 billion shares worth N7.11bn in 2,317 deals, contributing 62.82 per cent and 36.91 per cent to the total equity turnover volume and value respectively.

    Thirty-three equities appreciated in price during the week, compared with 35 equities in the previous week; 25 equities depreciated in price, compared with 38 in the previous week, while 104 equities remained unchanged, up from 89 recorded in the previous week.

    A total of 435,459 units of Exchange Traded Product valued at N2.35bn was traded last week in 29 deals, compared with a total of 217,600 units valued at N3.69m transacted in six deals in the previous week.

    A total of 295,829 units of bonds valued at N304.86m was traded last week in 20 deals, compared with a total of 9,192 units valued at N10.67m transacted in six deals in the previous week.

  • BREAKING: Nigerian equities records N6.48trn gain in 2020

    BREAKING: Nigerian equities records N6.48trn gain in 2020

    Amid the COVID-19 pandemic and economic recession, Nigerian equities played the full contrarian to close 2020 with net capital gain of N6.48 trillion.

    While the details of global market closing positions are being awaited, there are indications that Nigeria may lead the global return table within the group of tracked, regulated global markets.

    Benchmark indices at the Nigerian Stock Exchange (NSE) showed average full-year return of 50.03 per cent by the sound of the last closing gong for the 2020 business year. This implies net capital gain of N6.483 trillion. The recent highest return was 42.3 per cent recorded in 2017.

    The All Share Index (ASI)- the value-based common index that tracks all share prices at the Nigerian Stock Exchange (NSE) closed 2020 at 40,270.72 points, 50.03 per cent above 26,842.07 points recorded as opening index for the year.

    Aggregate market value of all quoted equities at the NSE rose to N21.057 trillion as against N12.958 trillion recorded as opening value for the year, an increase of N8.1 trillion. The additional increase in value of market capitalisation, above the ASI percentage change, was due to additional or supplementary listing of shares during the year.


    Through the lockdowns and disruptions occasioned by COVID-19 pandemic, and later the unrests due to protests against police highhandedness, the stock market braced the odds of hyperinflation and economic recession to sustain and build up attractive return since the second quarter.

    While a steep decline of 18.75 per cent in March 2020 had driven the first quarter to a negative return of -20.7 per cent or net loss of N2.68 trillion, the market recovered in the second quarter with positive average return of 14.12 per cent or net capital gains of N1.656 trillion. It continued its rally with average return of 9.61 per cent or net capital gains of N1.23 trillion in third quarter 2020.

    The 2020 recovery is particularly spectacular when viewed against the background of negative performance in recent years. After posting a world-ranking return of 42.3 per cent in 2017, the market had reversed to negative in 2018 with average full-year return of -17.81 per cent. In 2019, investors suffered net loss of about N1.71 trillion with negative average return of -14.60 per cent. Prior to 2017, the stock market had been on a losing streak since 2014. Investors lost N1.75 trillion in 2014 and followed this with another loss of N1.63 trillion in 2015. Against the general expectation that political transition and new government will quicken a rebound, equities closed 2016 with a net capital loss of N604 billion.

    With inflation rate at 14.89 per cent, yield or coupon or interest rate at the fixed-income market ranging from less than one per cent to a little above one per cent for one-year instrument to some seven per cent annual coupon for two decades and a half instrument, Nigerian equities’ return is the most attractive and the only positive-yielding return in 2020, even when adjusted for inflation and cost of capital.

  • NSE donates 50 water pumps to irrigation farmers in Borno

    NSE donates 50 water pumps to irrigation farmers in Borno

    The Nigerian Society of Engineers (NSE) has donated 50 water pumps to be distributed to irrigation farmers in Borno.

    The National President of the society, Mr Babagana Mohammed, announced the donation on Thursday in Maiduguri.

    He was on a condolence/solidarity visit to Gov. Babagana Zulum over the recent killing of some farmers in Zabarmari village, Jere Local Government by insurgents.

    Mohammed said the killing of farmers constituted a serious threat to food security and something urgently needed to be done by those concerned to stop it.

    He lauded the administration’s effort in resettlement of displaced farmers back to their recovered ancestral villages and towns to resume their farming activities.

    Mohammed said security should be everyone’s business, promising that the society would always contribute its quota to support peaceful coexistence.

    “What has happened has happened and we must move ahead.

    “We came with 50 ground water pumps to support farmers in your state. You are one of us as an engineer and we are proud of you,” Mohammed said.

    Responding, Gov. Babagana Zulum thanked them for the concern shown, and assured them that the water pumps would be given to deserving farmers.

    Zulum, who lauded the effective role of engineers in his administration’s rehabilitation and reconstruction programme, said he had five engineers in his cabinet.

    He assured of. his administration’s commitment to continued partnership with the society in areas of infrastructure, water supply and Ag riculture in the state.

  • Stock Exchange suspends six firms

    Stock Exchange suspends six firms

    The Nigerian Stock Exchange (NSE) has suspended trading in six companies over their inability to comply with extant corporate governance rules and best practices that mandate them to submit their financial statements within a specified period.

    The suspended companies include: FTN Cocoa Processors Plc; Medview Airline Plc; Niger Insurance Plc; R.T. Briscoe (Nigeria) Plc; Union Dicon Salt Plc and Capital Oil Plc.

    The NSE suspended trading on the shares of the companies with effect from Tuesday September 1, 2020 over their failure to “file their audited financial statement for the year ended December 31, 2019”.

    Listing and regulatory rules at the capital market require all quoted companies to submit their annual audited report and financial statement not later than 90 days after the end of the financial year.

    More than 85 per cent of quoted companies, including all banks, insurers, major manufacturers, oil and gas companies and conglomerates use the Gregorian calendar year ending December 31 as their business year.

    Thus, the deadline for the submission was Monday, March 30, 2020.

    Read Also: Stock Exchange places caveat on 13 companies
    However, with the disruptions caused by the COVID-19 pandemic, the NSE and Securities and Exchange Commission (SEC) extended the deadline for submission of annual report and accounts by 60 days to May 29, 2020.

    The NSE stated the companies were suspended after the expiration of the “grace” period and many notifications demanding the submission of the financial statements.

    “In accordance with the rules set forth above, the suspension of trading in the shares of the above listed companies will only be lifted upon the submission of the relevant accounts and provided the Exchange is satisfied that the accounts comply with all applicable rules of the Exchange,” NSE stated.

    The NSE, in July 2020, warned investors to be wary when dealing with shares of 13 companies after they failed to meet regulatory deadlines for the submission of their financial statements without any explanation.

    The 13 companies were: Aso Savings and Loans Plc; Deap Capital Management & Trust Plc; DN Tyre & Rubber Plc; FTN Cocoa Processors Plc; Goldlink Insurance Plc; International Energy Insurance Plc; Medview Airline Plc; Resort Savings & Loans Plc; Staco Insurance Plc; Standard Alliance Insurance Plc; UNIC Diversified Holdings Plc; Union Dicon Salt Plc and Union Homes Savings and Loans Plc.

    “Investors are advised to trade with caution on the securities of these companies in the absence of up to date financial information on them,” the NSE stated.

    The Exchange warned that it may suspend trading on the shares of the companies if they fail to comply with extant rules within the specified period.

    Head, Listings Regulation Department, Nigerian Stock Exchange (NSE), Godstime Iwenekhai stated the NSE had issued deficiency filing notice to the companies notifying them of their violations and mandating them to make public disclosure regarding the violation, the reasons for the violation and possible date for publication of the outstanding financial statement.

    According to the Exchange, the defaulting companies failed to comply with the directives in the deficiency filing notice.

  • NSE closes for Eid-el-Kabir celebration with 0.18% growth

    NSE closes for Eid-el-Kabir celebration with 0.18% growth

    The Nigerian Stock Exchange (NSE) ended the week on Wednesday ahead of Eid-el-Kabir celebration with a growth of 0.18 per cent on bargain hunting.

    Speficially, the All Share Index (ASI) improved by 43.57 points or 0.18 per cent to close at 24,693.73 against 24,650.16 posted on Tuesday.

    Similarly, the market capitalisation which opened at N12.858 trillion rose by N23 billion to close at N12.881 trillion.

    The News Agency of Nigeria (NAN) reports that the stock market has closed for the week with Federal Government’s declaration of July 30 and July 31 as public holidays to mark Eid-el-Kabir celebration.

    The upturn was largely boosted by capital appreciation recorded in the shares of Seplat, BUA Cement, UACN, PZ Cussons and GlaxoSmithKline.

    Consequently, the market breadth closed positive with 18 gainers and 14 losers.

    Cornerstone Insurance and Seplat led the gainers’ chart in percentage terms, increasing by 10 per cent each, to close at 55k and N310.20 per share, respectively.

    Prestige Assurance followed with a gain 8.70 per cent to close at 50k per share.

    PZ Cussons garnered 5.13 per cent to close at N4.10, while Mutual Benefits appreciated by 4.55 per cent to close at 23k per share.

    Conversely, NPF Microfinance Bank led the losers’ chart in percentage terms, losing 9.92 per cent to close at N1.18, per share.

    Arbico followed with a loss of 9.74 per cent to close at N1.39, while Studio Press dipped 9.55 to close at N1.80 per share.

    NAHCO dropped 4.76 per cent to close at N2, while Japaul Oil shed 4.35 per cent to close at 22k per share.

    Transactions in the shares of Guaranty Trust Bank topped the activity chart with 10.87 million shares valued at N49.14 million.

    FBN Holdings followed with 9.72 million shares worth N49.14 million, while United Bank for Africa traded 9.45 million shares valued at N58.59 million.

    ETI sold 6.08 million shares worth N25.43 million, while Sterling Bank transacted 5.87 million shares valued at N6.99 million.

    However, the total volume of shares traded declined by 32.45 per cent with a total of 101.59 million shares valued at N973.64 million achieved in 3,685 deals.

    This was against 150.39 million shares worth 150.39 million shares worth N1.98 billion recorded in 3,780 deals on Tuesday. (NAN)

  • Nigeria stock market loses N70bn, amid losses by blue chips

    Nigeria stock market loses N70bn, amid losses by blue chips

    The nation’s bourse returned to negative territory on Tuesday with the market capitalisation shedding N70 billion due to losses by some blue chips.

    The market capitalisation was down 0.54 per cent to close at N12.858 trillion compared with N12. 928 trillion on Monday.

    Also, the All-Share Index (ASI) dipped 133.45 points or 0.54 per cent to close at 24,650.16 against 24,783.61 recorded on Monday.

    The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Seplat, Total, MTN Nigeria Communications (MTNN), Julius Berger and Guaranty Trust Bank.

    Analysts at Afrinvest Limited believed the performance of the market this week would be largely dictated by the trend in earnings released in the market.

    Market breath remained negative with 14 gainers in contrast with 17 losers.

    Total dominated the laggards’ chart in percentage terms, dropping by 9.95 per cent, to close at N87.80 per share.

    Seplat came second with a loss of 9.82 per cent to close at N282, while NPF Microfinance Bank 7.75 per cent to close at N1.31 per share.

    UACN shed 6.85 per cent to close at N6.80, while Julius Berger depreciated by 6.25 per cent to close at N15, per share.

    Conversely, Berger Paints and Mutual Benefits Assurance led gainers’ chart in percentage terms, gaining10 per cent each, to close at N6.05 and 22k per share, respectively.

    Unity Bank followed with a gain 8.77 per cent to close at 62k per share.

    Okomu Oil improved by 6.31 per cent to close at N74.95, while Oando appreciated by 5.58 per cent to close at N2.27 per share.

    Also, the volume of trade dropped by 11.53 per cent as investors bought and sold 150.39 million shares worth N1.98 billion exchanged in 3,780 deals.

    This was in contrast with a total of 169.99 million shares valued at N2.39 billion achieved in 4,336 deals on Monday.

    Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 26.92 million shares worth N5.56 million.

    FBN Holdings accounted for 17.04 million shares valued at N84.16 million, while Access Bank traded 11.24 million shares worth N69.79 million.

    Lafarge Africa transacted 10.61 million shares valued at N130.78 million, while Guaranty Trust Bank transacted 8.45 million shares worth N190.44 million. (NAN)

  • NSE market indices open week with 1.46% growth

    NSE market indices open week with 1.46% growth

    The Nigerian stock market opened new week on Monday on an upward trend with key indicators appreciating by 1.46 per cent.

    Specifically, the All-Share Index (ASI), which opened at 24,427.73 points, rose by 355.88 points or 1.46 per cent to close at 24,783.61, compared with 24,427.73 on Friday.

    Similarly, the market capitalisation increased by N186 billion at N12.928 trillion to close at N12.742 trillion on Friday.

    The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are: Dangote Cement, Guaraty Trust Bank, Lafarge Africa, Zenith Bank and United Bank for Africa.

    Analysts at the United Capital Plc said that half-year results would determine performance of the local market.

    Also, analysts at Imperial Asset Managers Limited said: “We expect the current volatility (up and down movement) to continue this week.

    “However, buying interests are expected to continue in the tier-one banks and resurface in some blue-chip companies that usually pay interim dividend for half-year,” they said.

    The analysts urged investors with long-term investment goal to continue to build their portfolios in fundamentally viable stocks.

    A breakdown of the price movement chart shows Unity Bank led the gainers’ chart in percentage terms, rising by 9.62 per cent to close at 57k per share.

    Lafarge Africa followed with 9.59 per cent to close at N12, while Guaranty Trust Bank rose by 7.62 per cent to close N23.30 per share.

    Neimeth grew by 7.14 per cent to close at N1.50, while Dangote Cement appreciated by 5.66 per cent to close at N141.80 per share.

    Conversely, AXA Mansard Insurance and UAC Property led the losers’ chart in percentage terms, dropping by 10 per cent each to close at N1.44 and 81k per share, respectively.

    Seplat followed with a decline of 9.99 per cent to close at N312.70 per share.

    Berger Paints lost 9.84 per cent to close at N5.50, while CAP shed 9.76 per cent to close at N17.10 per share.

    Transactions in the shares of Flour Mills topped the activity chart with 30.47 million shares valued at N518.06 million.

    Lafarge Africa followed with 28.07 million shares worth N335.84 million, while FBN Holdings traded 9.95 million shares valued at N49.77 million.

    Guaranty Trust Bank traded 8.98 million shares valued at N201.60 million, while UBA transacted 8.27 million shares worth N50.41 million.

    In all, the total volume of shares decreased by 2.41 per cent with an exchange of 169.99 million shares valued at N2.39 billion traded in 4,336 deals.

    This was in contrast with 174.19 million shares worth N2.38 billion transacted in 3,723 deals on Friday. (NAN)

  • NSE sustains negative sentiment, ASI down 0.39%

    NSE sustains negative sentiment, ASI down 0.39%

    Activities on the Nigerian Stock Exchange (NSE) on Tuesday maintained negative sentiment, with the All-Share Index (ASI) declining further by 0.39 per cent.

    Specifically, ASI, which opened at 24,269.58, dipped 95.13 points to close at 24,174.45.

    Similarly, the market capitalisation shed N50 billion or 0.39 per cent to close at N12.610 trillion compared with N12.660 posted on Monday

    In spite of the downtrend on the first two trading days of the week, analysts expected the continued release of half-year results to spur reactions in the equities market.

    The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Dangote Cement, Chemical and Allied Products, International Breweries, Eterna and Cutix.

    An analysis of the price movement chart showed that Eterna led the losers’ chart in percentage terms, dropping 10 per cent, to close at N1.80, per share.

    Prestige Assurance trailed with 9.26 per cent to close at 49k, while International Breweries dropped 9.21 per cent to close at N3.45, per share.

    Cornerstone Insurance lost 9.09 per cent to close at 50k while CAP declined by 8.23 per cent to close at N18.95, per share.

    On the other hand, Linkage Assurance led the gainers’ table in percentage terms, gaining 8.57 per cent, to close at 38k per share.

    Vitafoam came second with 7.88 per cent to close at N5.75, while Royal Exchange increased by 7.41 per cent to close at 29k, per share.

    Unity Bank rose by 6.12 per cent to close at 52k, while Transcorp appreciated by 4.84 per cent to close at 65k, per share.

    A breakdown of the activity table indicated transactions in the shares of FBN Holdings topped the activity chart with 82.20 million shares valued at N407.57 million.

    Custodian Investment followed with 30.29 million shares worth N146.89 million, while Sterling Bank accounted for 27.99 million shares valued at N34.29 million.

    Flour Mills sold 20.28 million shares worth N344.84 million, while Nigerian Breweries transacted 20.21 million shares valued at N626.59 million.

    The total volume of trade decreased by 0.3 per cent with an exchange of 304.19 million shares, worth N3.27 billion transacted in 3,500 deals.

    This was in contrast with 305.10 million shares valued at N2.10 billion exchanged in 3,258 deals on Monday. (NAN)