An intraday rally in GTCO, OANDO Plc, and some other mid-cap stocks boosted the Nigerian Exchange ,NGX, All-Share Index, or the market index, yesterday.

The market opened the trading session on Wednesday strongly with some price uptick in banking and oil and gas names in the local bourse. The industrial index is making an uptrend, and stockbrokers anticipated the Nigerian Exchange could actually reach N79 trillion its highest market cap ever.

Apart from banking stocks, which have become attractive at the respective valuation, investors also show interest in Oando. The energy stock has already attained maximum allowable price surge for the day. Lafarge experienced mild demand, and International Breweries is up.

At midday, the NGX All-Share Index rose by 0.17%, Alpha Morgan Capital Limited told investors in an emailed note, indicating an upward trend. Stockbrokers said this positive movement was driven by investor interest in some mid- to high capitalized stocks.

Top gainers include OANDO ,10.00%, GTCO ,1.47%, ACCESSCORP ,0.69%, UBA ,0.58%, VFDGROUP ,0.56%, INTBREW ,0.50%, ZENITHBANK ,0.21%, WAPCO ,0.06%, among others.

From Ngozi Nwatu in Umuahia

Chief of Staff to the Abia State Governor, Pst. Caleb Ajagba has raised concerns over Nigeria’s skewed trade relationship with Turkey, describing it as a reflection of the country’s failure to add value to its natural resources.

Ajagba made the remarks on Wednesday during the inauguration of the Steering Committee for the Turkey-Abia ,TURAB, Investment Summit and Exhibition scheduled to take place from November 25 to 27, 2025, at the International Conference Centre, Umuahia.

Ajagba, who represented Governor Alex Otti at the event, said that Nigeria’s economic vulnerability is largely a result of its over-reliance on unprocessed exports and the importation of finished products.

“No country will be able to sustain another country, and no economy will be able to sustain another economy if there is no private creation.

“In February this year alone, Nigeria exported crude oil to Turkey worth $4.3 million, but imported goods valued at over $34.5 million. That’s a trade deficit of more than $30 million in a single month. No nation grows when there is no value addition”, he said.

He blamed this trend on the lack of creative economic thinking in many developing countries, particularly in sub-Saharan Africa, stressing that while other countries have maximised their resources, nations like Nigeria have continued to export raw materials.

Ajagba, however, expressed optimism that the Turkey-Abia Investment Summit would mark a turning point for the state, citing the present administration’s focus on industrialisation and infrastructure.

According to him, places like Aba are already witnessing uninterrupted electricity and being repositioned as industrial clusters for textile, garment, and fashion production areas where Turkey has long-established dominance.

“These are some of the things we currently import from Turkey. Now we are setting up the environment to produce them here”, he said.

In his voice, the Chairman of the Steering Committee and Special Adviser to the Governor on Investment Promotion and Public-Private Partnerships ,PPP, High Chief J. N. Green-Amakwe explained that the summit is designed to attract foreign direct investment ,FDI, and promote business collaboration between Abia State and the Turkish business community.

He said the three-day event, being organised in partnership with Vega Growing Global Enterprises, will bring together international and Nigerian investors to explore the economic potential of Abia across sectors such as agriculture, agro-allied processing, textiles, leather, energy, solid minerals, warehousing, and infrastructure.

“We aim to promote export-oriented investments and establish joint venture projects between Abia and Turkey. This is more than a summit. It’s a platform to reset the economic narrative of Abia and connect our local entrepreneurs to global opportunities”, Green-Amakwe stated.

He also said the event would build on Nigeria’s longstanding diplomatic relationship with Turkey, which began shortly after Nigeria gained independence in 1960.

“Turkish businesses enjoy a strong public image in Nigeria. We are leveraging this to build trust, expand trade, and create jobs through investment-driven industrialisation”, he added.

The event is expected to serve as a gateway for broader regional partnerships and attract the interest of neighbouring states, reinforcing Abia’s ambition to become Nigeria’s leading investment destination.

Members of the TURAB 2025 Steering Committee:

High Chief J. N. Green-Amakwe – Chairman

Mr Kingsley Chibueze Nwokocha – Honourable Commissioner for Trade and Commerce

Mr Chinedu Chijioke – Vice Chairman

Mrs Igwe Jane – Permanent Secretary, Ministry of Trade and Commerce

Mrs Abalogu Lois Kelechi – Secretary (Head of Department, Investment, Ministry of Trade and Commerce)

Pastor John Onyekachi – Vega Project Partner Group

Prince Eniola Ojajumi – Managing Director, Vega Growing Global Enterprises

Engr. Cletus Ogboms Epko – Abia Chamber of Commerce, Industry, Mines and Agriculture (ACCIMA)

SA Agbonma Ukaobasi – Entrepreneurship and Opportunities Development Office ,E.O.D.

Madukairo Uzoma F.C. – Ministry of Justice ,MOJ.

Akpa Morrison Udo – Nigerian Export Promotion Council ,NEPC.

Ajagba, however, charged the committee to work closely with both local and international stakeholders to deliver a successful summit that will stimulate job creation, technology transfer, and industrial growth across the state.

“The government of His Excellency is solidly behind this collaboration. With the calibre of individuals in this committee, I am confident you will deliver creative ideas that will drive Abia’s next industrial phase,” he affirmed.

Nigerian Copyright Commission ,NCC, has warned Disc Jockeys ,DJs, to stop performing other people’s music publicly without a license or the owner’s authorisation, threatening to prosecute defaulters in a case that could lead to a N1 million fine or a 5-year jail term upon conviction by a court.

Dr John Asein, Director-General of NCC, disclosed this in an advisory issued on Wednesday in Abuja.

The NCC stressed that its attention has been drawn to the practice of some DJs, who publicly perform music without obtaining the requisite copyright licences from rights holders or their approved Collective Management Organisations ,CMOs.

Asein explained that based on sections 9 and 12 of the Copyright Act, 2022, it is only the owner of copyright in a musical work or sound recording who has the exclusive right to reproduce, perform, or communicate it to the public.

“Engaging in any of these acts without the owner’s authorisation constitutes an infringement under the Act. 

“Such infringement may constitute a civil wrong or a criminal offence under section 44 (7), punishable upon conviction by a fine of not less than N1 million or imprisonment for a term of not less than five years or both. 

“The public performance of music by a DJ, whether at hotels, event centres, clubs, gardens, or recreational facilities, constitutes both a public performance and a communication to the public of the musical work and sound recording, as provided for under the Act”, he stressed.

The D-G highlighted that the commission would “not hesitate to investigate, arrest, and prosecute any DJ found to be in contravention of the law”.

He advised DJs to obtain appropriate licences and pay royalties to the approved Collective Management Organisation ,CMO, before engaging in such performances.

“For the avoidance of doubt, the approved CMO for musical works and sound recordings in Nigeria is the Musical Copyright Society, Nigeria ,MCSN. 

“The Commission is aware that the Disc Jockey’s Association of Nigeria ,DJAN, as the umbrella body representing DJs in Nigeria, has entered into a Memorandum of Understanding with MCSN. 

“Under the arrangement, DJAN is authorised to work with MCSN to facilitate the payment of royalties by DJs nationwide, based on the tariff that DJAN had negotiated with MCSN”, he added.

He stated that henceforth, the commission would be collaborating with other relevant authorities to support the initiative of DJAN, to ensure that DJs carry out their trade in compliance with the Copyright Act.

By Charles Ebi

Nigerian Exchange Group says it is working assiduously to ensure the Nigerian capital market contributes to actualising President Bola Tinubu’s proposed $1 trillion economy by 2030.

Dr Umaru Kwairanga, Chairman of NGX while speaking to journalists yesterday, said that the NGX Group is strategically positioning the capital market to support Nigeria’s economic transformation through several initiatives.

According to him, these initiatives were through NGX’s investment to expand retail access to the Nigerian market; strengthening market oversight and through diversified capital formation.

“The Nigerian capital market has keyed into President Bola Tinubu’s vision for Nigeria to achieve a one trillion dollar economy by 2030 and has been making efforts to ensure that the vision is realised.

“As a concrete example of that, the Nigerian Exchange Group and the capital market has been fully represented in President Tinubu’s interactions with various investing blocs locally and abroad in order to attract much needed investment into the country.

“I was in New York last year with the President where we met with foreign investors at Nasdaq and it was a very successful outing.

“Also last month, I was in the United States of America with the CBN Governor to meet with potential foreign investors as well as our Nigerians in diaspora”, he said.

According to Kwairanga, the NGX is currently working with the consciousness that no country achieves sustainable economic transformation without a vibrant and inclusive capital market.

He said the capital market is meant to mobilise long-term capital, provide transparent investment platforms, and promote accountability and investor confidence.

He explained that countries that have crossed key economic thresholds have relied on robust capital markets to allocate resources efficiently.

He noted that the capital market’s fundamental role is to bridge the gap between people and institutions who have funds for investment and institutions that need funds for new projects or expansion of existing projects.

According to him, the NGX had been fully involved in this. “By playing that primary role, the capital market is boosting savings in the economy, and at the same time creating or enhancing businesses and making it possible to increase factors of production.

“These are proven strategies that will increase the Gross Domestic Product of Nigeria.

“One important way in which the capital market is playing its role in increasing Nigeria’s GDP is by funding infrastructure.

“The capital market players have funded critical infrastructure in power, telecommunications, transportation and so many sectors for private sector players, the Federal Government and sub nationals through various equity and debt issues.

“By doing that, we are helping to build the physical capital required to accelerate GDP growth.

“A recent example was the Federal Government’s seven year sukuk for road infrastructure which I understand witnessed huge oversubscription”, he said.

Kwaranga noted that the capital market is heavily involved in funding tech companies either through private equity funds or through direct listings on public markets. He said this had a dual impact on GDP.

 “First, many of these companies will come up with innovative ideas and technologies that will enable Nigeria to experience quantum leaps in productivity and GDP.

 “Secondly, these companies use such funds to scale up, employ more Nigerians and boost their enterprise value and when such values are captured into the GDP, we are on track to the 2030 target.

The Chairman commended President Tinubu for introducing transformative economic reforms which had reignited investors’ confidence.

He said the fuel subsidy removal had unlocked over $10 billion annually while the exchange rate unification restored credibility to the FX market.

He noted that the enactment of the Investments and Securities Act (ISA) 2025, which is the first major update in nearly two decades, enhanced investor protection.

According to him, the gazetting of Nigeria’s AfCFTA tariff schedule strengthened regional trade access.

 “These reforms have sent strong signals to investors. Since mid-2023, Nigeria has attracted over $50 billion in FDI commitments.

 “Foreign portfolio investment through the capital market surged by 126.8 per cent, from N174.82 billion in 2023 to N396.41 billion in 2024. FDI also increased from $1.87 billion to $2.6 billion within the same period”, he said

By Henry Ibya, Makurdi

Benue Links Nigeria Limited has denied a viral social media report claiming that one of its vehicles was hijacked and its passengers kidnapped in Owukpa, Benue State. 

The company in a statement signed by Johnson Ehi, Information Officer, made available to journalists yesterday in Makurdi, and described the report as “false and misleading”.

The company in the statement explained that the vehicle in question ,PP 471, has been undergoing a complete engine overhaul for the past four weeks and has not been in operation. 

Benue Links warned that spreading unverified and malicious content is a criminal offense under the Cybercrimes Act and relevant provisions of the Criminal and Penal Codes.

The company assured the public of its commitment to providing safe, comfortable, reliable, and affordable transport services, but equally threatened to seek legal redress against individuals or groups who intentionally attempt to damage the company’s reputation.

While appreciating the support of the public, the company appealed to everyone including their teaming customers to rely on verified channels for authentic information regarding its operation, urging members of the public to disregard the misleading report.