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Investors Lose N40bn As Market Capitalisation Dips By 0.02%

Investors at the Nigerian stock exchange lost N40 billion as the market capitalisation fell to N19.59 trillion at the close of business on Monday.

This was 0.20 percent lower than the N19.63 trillion recorded on Friday.

All Share Index was also down by 73.01 basis points to settle at 37,658.26 from 37,585.25 achieved on Friday.

Investors traded 163.50 million shares valued at N3.43 billion in 3,562 deals on Monday.

This was lower than the 202.71 million shares valued at N2.40 billion that exchanged hands in 3,630 deals on Friday.

Ikeja Hotel led the gainers’ chart after gaining N0.10kobo to move from N1 to N1.10kobo per share.

Fidson gained N0.44kobo during trading to increase its share price from N5.56kobo to N6 per share.

Linkage Assurance share price rose by 7.69 percent to end trading at N0.70kobo from N0.65kobo per share.

Chams share price was up by 5 percent to move from N0.20kobo to N0.21kobo per share at the end of trading.

FCMB share price increased by N0.10kobo to end trading with N3.10kobo from N3 per share.

BOC Gas topped the losers’ chart after shedding N1.05 from its share price during trading to drop from N10.55kobo to N9.50kobo per share.

Royal Exchange share price declined from N0.63kobo to N0.58kobo per share following a loss of 7.94 percent in its share price.

Unity Bank share price plunged by 5.17 percent to end trading at N0.55kobo from N0.58kobo per share.

Mutual Benefit share price declined from N0.42kobo to N0.40kobo per share after losing 4.76 percent in share price during trading.

Honeywell Flour completed the list as its share price fell by 4.52 percent to end trading at N1.48kobo from N1.55kobo per share.

First Bank was the most active stock as investors traded 18.14 million shares worth N130.42 million.

UBA shares were traded at a volume of 13 million and valued at N94.23 million.

GTCO was next with 11.84 million shares traded at a cost of N355.40 million.

MTN Nigeria reported 9.20 million shares worth N1.50 billion, while Zenith Bank recorded over 8.81million traded shares at a value of N208.62 million.

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Business

MTN under attack as hackers breach network

MTN Nigeria on Friday, April 25, confirmed that it was recently targeted in a cyber attack but has moved to calm concerns, assuring customers, partners, and stakeholders that its key systems and customer data were not compromised.

The telecoms giant in a statement released on Thursday, April 24, revealed that it had detected unauthorized activity within its network, and had acted swiftly to isolate and neutralize the threat.

The Chief Executive Officer of MTN Nigeria, Karl Toriola disclosed that the attackers had sough to disrupt operation, but their attempts were unsuccessful.

He emphasized that the incident did not affect Nigeria specifically, and critical infrastructure, including customer information and core business functions, remained secure.

“We take cybersecurity very seriously and have robust systems in place to detect, isolate, and neutralize threats. Although this attack attempted to breach our defenses, our security protocols worked as intended, and our core infrastructure remains secure,” Toriola stated.

The telecom giants did not however reveal the nature or origin of the cyberattack on its systems, cybersecurity analysts warn that telecom companies across Africa are becoming prime targets for cybercriminals. This growing threat is linked to the sector’s vast subscriber base and the continent’s rapidly expanding digital economy.

An internal source within MTN confirmed that the breach did not affect operations in Nigeria, reinforcing the company’s earlier statement that local infrastructure and services remain intact.

The attack comes at a time when Nigeria is accelerating its digital transformation agenda, an ambitious effort that places increased responsibility on service providers to strengthen their cybersecurity protocols.

MTN has pledged to work closely with cybersecurity experts and government authorities to conduct a thorough investigation of the incident. The company also affirmed its commitment to bolstering its systems and defenses to prevent future breaches and safeguard customer trust.

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Business

Air Peace to resume flight operations nationwide

Lagos to Abuja now costs N100,000 as operators list challenges

Air Peace has said that it will resume flight operations on Friday following suspension of strike by the Nigerian Meteorological Agency (NiMET) workers.

The airline’s Head of Corporate Communications, Dr Ejike Ndiulo, made the disclosure in a statement on Thursday night in Lagos.

According to Ndiulo, Air Peace is grateful to its customers and the general public for patience, understanding and support throughout the period of the strike.

”Your resilience and trust in our brand mean the world to us

“We commend the active and decisive intervention of the Minister of Aviation and Aerospace Development, Mr Festus Keyamo (SAN), whose leadership and commitment were pivotal in resolving the impasse and restoring normalcy within the aviation industry,” Ndiulo said.

He noted the minister’s swift engagement with aviation stakeholders, his transparent approach and his dedication to the stability and progress of the aviation sector.

According to him, Keyamo’s efforts not only facilitated timely resolution of the industrial dispute but also underscored his broader vision for a safer, more efficient and investor-friendly Nigerian aviation industry.

Ndiulo reaffirmed Air Peace’s commitment to providing safe, reliable and world-class services.

NAN reports that NIMET workers on Thursday shelved the strike which began on April 22 following Keyamo’s intervention.

The workers downed tools in protest of alleged poor working conditions, including non-implementation of the 2019 Consequential Adjustment to the National Minimum Wage (affecting at least 30 staff).

They are also demanding a 25/35 per cent salary increase, 40 per cent hardship/peculiar allowance, and annual staff trainings.

Keyamo had promised to find lasting solutions to the problems.

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Business

BREAKING: Air Peace suspends flight operations nationwide

Lagos to Abuja now costs N100,000 as operators list challenges

Air Peace Ltd. has announced the suspension of all flight operations nationwide due to the ongoing strike embarked upon by the Nigerian Meteorological Agency (NiMET).

This is contained in a statement signed by the Head of Corporate Communications, Air Peace, Dr Ejike Ndiulo, on Wednesday in Lagos.

According to Ndiulo, the decision is necessary because NiMet is the agency responsible for issuing CNH (Current Nowcast of Hazardous Weather) reports, critical for safe landings, especially during this season of heavy rainfall and thunderstorms.

He said without these reports from the control tower, flight safety could not be guaranteed.

“As a safety-first airline, we have chosen to act responsibly by suspending operations until NiMet resumes full service.

“We understand this may cause inconvenience, and we sincerely apologise. Passengers will be contacted with updates and options for rescheduling,” he said.

The staff of NiMET on Tuesday commenced an indefinite strike over the condition of service and other demands.

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