General News
Nigeria Sinks Below Zimbabwe Stock Valuations
Nigeria’s Islamist insurgency, tumbling oil revenue and a looming presidential election have turned the nation’s stocks into Africa’s biggest laggards, according to Bloomberg.
The country’s main equity index lost 25 percent this quarter after tumbling to a 22-month low, the continent’s largest retreat.
The Nigerian measure dropped to 8.1 times estimated earnings Dec. 11 in Lagos, falling below Zimbabwe for the first time since Bloomberg started tracking the southern African nation in 2010.
Bloomberg reported that tension in Africa’s largest economy is escalating before polls in February pitting southern Christian President Goodluck Jonathan against former military ruler Muhammadu Buhari, a northern Muslim, with attacks by the Islamist militant group Boko Haram killing at least 450 people in November.
Crude’s plunge below $65 a barrel has deepened the rout as Nigeria needs a price of $126 to balance its budget, more than any other major developing-nation producer bar Venezuela and Bahrain, according to Deutsche Bank AG.
“The government situation is somewhat chaotic,” Mark Mobius, who oversees about $40 billion as the executive chairman of Templeton Emerging Markets Group, said by phone from Bangkok on Dec. 9.
“You’re going to get a lot of hesitation on the part of investors” until after the polls, he said.
The Nigerian Stock Exchange All Share Index decreased 3.5 percent to 31,062.03, the lowest level since January 2013. The gauge has dropped 28 percent from this year’s high in July.
It is the fourth-biggest fall among 93 stock gauges tracked by Bloomberg worldwide this quarter through Dec. 11.
The last time Nigeria held general elections in 2011, stocks declined 1 percent in the six months before the April poll to end the year 16 percent down.
Jonathan’s victory triggered riots across the north that killed more than 800 people and led to the burning of churches, mosques and homes and was challenged by the runner-up.
Investors are more concerned this year as increased attacks by Boko Haram “make these elections particularly fraught,”
Nnamdi Obasi, a senior analyst for West Africa at Brussels-based International Crisis Group, a conflict resolution organization, said in a report last month.
Consumer and energy shares have been among the biggest drags on the benchmark index. Dangote Cement Plc, controlled by the continent’s richest man, Aliko Dangote, has dropped 28 percent this year.
The stock makes up about a quarter of the gauge’s $62 billion market capitalization. FBN Holdings Plc, owner of the country’s biggest lender, fell 47 percent amid higher capital requirements.
The estimated price-to-earnings ratio for Nigeria is the lowest of nine of the largest markets in sub-Saharan Africa and compares with 8.14 times for the main measure of the stock exchange in Zimbabwe, where a decade-long recession that began in 2000 reduced the size of the economy by half.
Kenya’s Nairobi All Share Index is valued at 11.4, while Russia’s Micex Index is at 4.6 times estimated earnings as the economy teeters on recession amid international sanctions against the world’s biggest energy exporter. Brazil’s Ibovespa Index is valued at 10.3, while the MSCI Frontier Markets Index measures 9.1.
The selloff in some consumer stocks and banks has been extreme even after accounting for a more difficult business environment amid lower oil prices, Joseph Rohm, who helps manage about $2 billion in Africa for Investec Asset Management, said by phone from Cape Town Dec. 10. “It’s a better environment now for stock-pickers with a long-term horizon.”
Nigerian securities will rebound in 2015 if the political environment improves, Mobius said. The $1.8 billion Templeton Frontier Markets Fund hasn’t reduced its exposure to Nigeria during the recent downturn, he said.
The latest data from Nigeria’s stock exchange show foreign investors have been net sellers of the nation’s shares and bonds on the whole. They pulled $273 million from the country in October, the most since February when central bank Governor Lamido Sanusi was suspended.
Oliver Bell, a money manager at T. Rowe Price Group Inc. in London, said last month that the firm’s Africa and Middle East fund has cut holdings of Nigerian shares to the lowest level since the fund’s inception in 2007, even as he predicts the country’s long-term investment case will stay intact.
“We’re not seeing this as a buying opportunity at all,” David Wickham, director of frontier and emerging-market equity at HSBC Global Asset Management, which has $850 million in frontier market shares, said by phone from London Dec. 10.
“It’s a pretty challenging period. Most investors, unless they’re extremely contrarian, will sit back and wait.”
While Jonathan will probably win the elections, he is weakened by Boko Haram’s Islamist attacks along with his administration’s failure to curtail corruption and by senior party member defections to the opposition, Sebastian Spio- Garbrah, managing director at New York-based consultancy DaMina Advisors LLP, said last month.
Nigeria’s economy, which relies on oil for more than 90 percent of exports and 70 percent of government revenue, is getting buffeted by Brent crude’s more than 40 percent plunge since June to the lowest level in more than five years.
The finance ministry, which had projected 6.35 percent economic growth in 2015, may reduce that forecast by about one percentage point next week, spokesman Paul Nwabuikwu said by phone Dec. 10 from the capital, Abuja.
The central bank raised interest rates to a record 13 percent last month in a bid to stem capital outflows and defend the local currency, which dropped to a record low against the dollar on Dec. 2 and is heading for its biggest annual decline since 2008. The naira weakened 0.3 percent to 181.82 per dollar as of 9:50 a.m. in Lagos, extending losses this quarter to 9.9 percent.
“In the next 30 years, it’s a fantastic place to be,” said HSBC’s Wickham. “Right now, it’s a different story.”
Corporate Affairs Commission (CAC) has warned Nigerians against dealing with 15 unregistered entities using company names and registration numbers that are not in the commission’s records.
In a public notice signed by CAC Management, the commission said it had discovered the use of purported company names and RC numbers that are not registered with the CAC, urging the public to disregard them and verify all business information directly from its portal.
“The CAC remains committed to protecting the integrity of the Companies Register, upholding the law, and ensuring a safe and transparent business environment in Nigeria,” the CAC said.
According to the notice, the following are the entities not registered with the CAC:
Famas Services Nigeria Limited (RC: 216312)
Promo Dutch Investment Limited (RC: 396654)
Dialack Concept Nig. Ltd (RC: 297772)
Purpleheart Construction and Real Estate Mgt. Co. Ltd (RC: 1210548)
M/S Loktu Enterprises (BN: 373466)
Loktu Enterprises (BN: 400390)
Badatoyak Ltd (RC: 521322)
Johson Nats Limited (RC: 198492)
Peoples Club Nigeria International (CAC/IT/41191)
Jiba Enterprise (BN: 577523)
Civil Engineering Solutions Nigeria Limited (RC: 33001)
Gabdoff Hotel Ltd (RC: 112409)
Amoka Group (BN: 545221)
BEEC Nigeria Limited (RC: 30143)
- Adetunji (BN: 657466)
Explaining the reason for the commission’s publication, the statement noted that it aligns with its statutory role of maintaining an accurate and reliable companies register, protecting investors, and preventing fraudulent activities in the business environment.
The commission urged Nigerians to always confirm the status of any company or business name through its official portal.
General News
IHS Nigeria Leads Gender Based Violence Awareness Walk, Reaffirms Zero Tolerance with Advocacy Seminar
Demonstrating unwavering commitment to a safe and dignified workplace, IHS Nigeria held an awareness walk followed by a high-impact seminar as part of activities to commemorate the global 16 days of activism to End Gender-Based Violence against women and girls.
The initiative underscored the organisation’s ongoing efforts to sensitize the community, educate employees, strengthen internal safeguards, and reinforce its zero-tolerance policy for all forms of harassment and abuse.
After the walk along Adeola Odeku and Idejo Streets on Victoria Island, employees convened for a seminar at the IHS Nigeria corporate head office, where Bukola Konkwo, Associate Director, Operations Excellence IHS Nigeria and one of the leaders of the Women in IHS Network (WIIN), reiterated the organisation’s position on gender-based violence in her opening remarks:
“Violence does not discriminate, and neither should our compassion. At IHS Nigeria, boldness is not just a value on paper, it is a call to action. We are intentional about ensuring every employee feels safe, respected, and empowered.”
The seminar featured two leading voices in Gender Based Violence advocacy. Titiola Vivour Adeniyi, the Executive Secretary of the Lagos State Domestic and Sexual Violence Agency and Nwanne Okafor, Victimologist and Gender Based Violence Advocate. Speaking during the seminar, Titilope stressed the urgency of prevention and education:
“Gender-based violence is not a special-class problem. Anybody can be a victim. Our responsibility is to know the signs, protect one another, and intervene early. When we know better, we do better.”
She also encouraged organisations to prioritise consent education, confidential reporting, and background checks, practices IHS Nigeria has already integrated through its Safe Zone Committee, a confidential support system for staff.
Nwanne Okafor, also spoke on the role of colleagues in recognizing and responding to abuse in the workplace:
“Many victims don’t need you to fix their situation, they need your support, your sensitivity, and your discretion. Speak up when necessary. Silence gives violence permission.”
Her session included real-life cases that underscored how abuse affects workplace productivity, mental health, and safety.
The awareness walk, saw both male and female staff members from across various departments marching in solidarity with survivors and advocates worldwide and served as a public declaration of IHS Nigeria’s commitment to building a culture rooted in respect, safety, and accountability.
Reinforcing IHS Nigeria’s stand, during her closing remarks, Titilope Oguntuga, Director, Sustainability, IHS Nigeria, captured the spirit of the event:
“This conversation doesn’t end today. Now that we know better, we must all do better, by advocating, supporting, and actively contributing to a workplace free of violence in any form.”
IHS Nigeria continues to strengthen its internal systems, policy frameworks, training programs, safe reporting channels, and continuous awareness sessions, to ensure that every employee is protected and empowered. The organisation reaffirms its zero-tolerance policy for any form of harassment, abuse, or violence, and remains committed to leading the corporate sector in progressive, people-centered safety standards.
Nigeria’s economy expanded by $3.98$ per cent in the third quarter of 2025, according to the latest Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) on Monday.
GDP
This growth rate marks a slight improvement from the $3.86$ per cent recorded in the same period of 2024.The report highlights a mixed but generally positive recovery across key sectors. Aggregate GDP in real terms stood at ₦57.03 trillion, up from ₦54.85 trillion in Q3 2024.
The Services sector remained the largest contributor to overall output at $53.02$ per cent, followed by Agriculture at $31.21$ per cent. Key growth drivers included crop production, telecommunications, real estate, trade, and financial services.
The non-oil sector continued to be the main engine of the economy, expanding by $3.91$ per cent. This strong performance outpaced both Q3 2024 ($3.79$ per cent) and Q2 2025 ($3.64$ per cent). Agriculture grew by $3.79$ per cent, driven predominantly by crop production.
The Information and Communication Technology (ICT) sector posted a particularly strong real growth of $5.78$ per cent, with its contribution to real GDP rising to $9.10$ per cent. Furthermore, Financial and Insurance Services recorded a significant real growth of $19.63$ per cent.
In contrast, real growth in the Manufacturing sector slowed to $1.25$ per cent, down from $1.74$ per cent in the previous quarter.
The oil sector posted a real growth of $5.84$ per cent, a marginal increase from $5.66$ per cent in Q3 2024. This growth was linked to an average crude oil production rise to $1.64$ million barrels per day (mbpd), up from $1.47$ mbpd a year earlier.
Despite this positive change in output, the sector’s contribution to real GDP remains modest at **$3.44$ per cent$.Statistician-General of the Federation, Prince Adeyemi Adeniran, noted that while most sectors sustained positive momentum, growth remains uneven.
Strong gains in ICT, finance, agriculture, and trade were crucial in stabilizing overall output. This data aligns with projections from the International Monetary Fund (IMF), which, in October 2025, revised Nigeria’s 2025 growth outlook upward to $3.9$ per cent, citing higher oil production, stronger investor confidence, and a supportive fiscal stance as key drivers.
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