Business
Airtel Africa Loses N752 Billion In Market Valuation In One Week
Airtel Africa Plc, one of the major telecommunications companies quoted on the Nigerian Exchange (NGX) recorded a loss of N752 billion at the end of weekly trading to rank among the top losers of the week, following sustained sell pressure witnessed on the stock.
Checks by Nairametrics show that the telecoms company’s stock dropped by 10% to N1,800 per share, from N2000, which was the opening figure for the trading week.
The market opened for four trading days this week as the Federal Government of Nigeria declared Monday 3rd October 2022 a Public Holiday to mark the nation’s 62nd Independence Anniversary.
Share price drop
The NGX All-Share Index depreciated by 3.41% to close the week at 47,351.43 while Market Capitalization depreciated by 2.50% to close at N25.791 trillion.
- Similarly, all other indices finished lower, with the exception of the NGX ASeM, NGX Growth, and NGX Sovereign Bond indices, which closed flat.
- Eleven equities appreciated in price during the week, lower than twenty-five equities in the previous week. Forty-six equities depreciated at a price higher than thirty-three in the previous week, while one hundred equities remained unchanged, higher than ninety-eight equities recorded in the previous week.
- The market sentiment for the telecom firm has remained very low amidst buy-interests and sell-offs as bears dominated proceedings during the period under review following the build-up to the 2023 general election and interest rate hike.
Airtel Africa
Checks by Nirametrics reveal that Airtel Africa closed its last trading day (Friday, October 7, 2022) at N1,800 per share and N6.764 trillion in market capitalization on the Nigerian Exchange (NGX) as against N2,000 per share and N7.516 trillion in market capitalization at the beginning of trading on October 4, 2022, falling N752 billion or 10% week to date.
- Airtel’s loss of N752 billion in market valuation is larger than the market valuation of GTCO and Zenith Bank which both trade less than N700 billion.
- Among other top losers include Nascon Allied Industry Plc, which shed 13.64% to close at N9.50 per share from N11.00, Presco Plc with a loss of 9.99% to close at N128.35 per share from N142.60 per share, and Okomu Oil Plc that dropped by 9.98% to close at N169.50 per share from N188.30 per share among other losers.
What analysts are saying
Analysts at CardinalStone Partners Limited noted that the build-up to the 2023 election will keep foreign investors at bay and throw up more financial account-related concerns.
- The analysts, while commenting on the state of the nation in their 2022 mid-year outlook themed: ‘Same Challenges, New Shocks’ argued that pre-election year concerns and fears of negative pass-through to inflation will likely limit the magnitude of currency adjustment made at the official market in the current year.
- According to them, akin to the trend witnessed in emerging and frontier markets, Nigeria was also mostly unappealing to foreign capital providers in H1’22.
- They attributed the sentiment to geopolitical uncertainties and hawkish rendition from global central banks.
In addition to these global factors, they pointed out that the lack of market-reflective FX rates, illiquidity, and a backlog of uncleared foreign exchange demand dampened investors’ sentiments.
- Mr. David Adonri, executive vice chairman, of Hicap Securities Limited, said “Right from the penultimate year to the election, the socio-political atmosphere becomes charged. Politicians resort to violent rhetoric and divisive tactics which deepen the country’s socio-political fault lines, in order to establish a competitive edge. During this period, the economy becomes overloaded with money arising from excessive election spending which spikes inflation.
- Historical antecedents indicate that on average, both equities and bonds show positive or negative performance in the penultimate year and immediately after the election. While the drama of general elections can make your imagination run wild, what you need to watch out for is how the unfolding scenario will affect the economy, the capital market, and your portfolio.
- It may be helpful to stick to a long-term strategy, which is longer than any election cycle, as returns in the capital market are made over a full business cycle, which may be longer than even one presidential term. For investors with a low-risk tolerance, the safety of bonds can douse their apprehensions”.
- Adonri said when interest rate rise, investors tend to migrate to fixed-income securities.
- “The hike is capable of migrating financial assets away from equities to fixed income; expect investors to sell down their shares in the near term. Both equities and fixed income operate on yield, with the increase in the interest rate the yield in fixed income will be higher and investors will move there until the price of equities fail to be competitive with the debt market. If microeconomic improves and inflation starts dropping it will then favour the equity market and we will start seeing stabilization”.
Business
Union Bank’s Union Cares Initiative Celebrates Academic Excellence at Pacelli School for the Visually Impaired Graduation
Union Bank of Nigeria proudly participated in the graduation ceremony of the Pacelli School for the Visually and Partially Sighted on 23 July 2025, honouring the resilience and academic achievements of visually impaired students.
The event, held on the school premises, highlighted the importance of inclusivity and determination in education.
As a 108-year-old institution committed to social responsibility, Union Bank’s involvement reflects its enduring support for Persons With Disabilities (PWD) and its dedication to fostering equitable access to education.
The Bank’s Chief Brand and Marketing Officer, Olufunmilola Aluko, expressed her admiration for the graduating students:
“Union Bank proudly stands as a champion of inclusiveness and equitable representation. Through our UnionCares corporate social responsibility initiative, we are committed to supporting vulnerable and underrepresented communities.
We celebrate the incredible achievements of these students and reaffirm our dedication to empowering them to reach their full potential.”
UnionCares is Union Bank’s CSR Arm focused on creating sustainable social impact in key areas, including:
• Support for Vulnerable Groups: Empowering persons with disabilities and other marginalised communities through inclusive initiatives.
• Education and Skill Development: Facilitating access to education and practical skills that promote self-reliance and opportunity.
• Community Well-Being: Enhancing the overall quality of life of communities through health, education, and social welfare projects.
Union Bank remains honoured to collaborate with institutions dedicated to uplifting less-recognised members of society. The Bank remains dedicated to championing initiatives that inspire positive change, and foster a more inclusive, enlightened community across Nigeria.
Kevin Ugwuoke, Executive Director and Chief Risk Officer of Fidelity Bank Plc, has formally assumed office as President of the Chartered Risk Management Institute of Nigeria (CRMI).
His leadership promises a reform-focused era anchored on policy advocacy, ethical standards, and digital innovation to deepen risk governance across sectors in the country.
Speaking during the presidential handover ceremony in Lagos over the weekend, Ugwuoke — who also doubles as acting President of the Federation of African Risk Management Associations (FARMA) — described his election as “a call to action.”
He pledged to reposition CRMI as a thought leader and institutional partner in shaping the future of risk management in Nigeria’s national development.
“Our mission is more than just certification; it’s about strengthening the culture of risk governance across sectors. We will collaborate with regulators, raise awareness, and provide practical tools to help organizations embed risk discipline at all levels.”
Ugwuoke outlined a five-pronged strategy to guide his administration: strengthening professional education and certification; deepening policy and regulatory engagement; accelerating digital transformation; integrating ESG and climate risk into corporate strategies; and mentoring the next generation of risk practitioners.
He explained that CRMI will align its initiatives with key policy institutions — including the Nigerian Economic Summit Group, the National Assembly, and sub-national governments — to help embed robust risk frameworks into economic development plans.
“We must integrate risk thinking into how we plan, govern, and invest. We will advocate for more inclusive regulations to empower small and medium enterprises, improve macroeconomic stability, and foster institutional resilience.”
Ugwuoke also announced plans to revise the Institute’s curriculum, introduce specialized certifications to reflect emerging risks, and implement a new National Risk Observatory to provide real-time risk data to both the public and private sectors.
“Digital innovation will be central to how CRMI operates going forward. We are automating our backend, delivering more virtual training, and employing technology to scale our impact across the country and beyond.”
In his remarks, the outgoing President of CRMI, Ezekiel Oseni, challenged the new leadership to consolidate on the achievements made under his tenure — from securing chartered status and strengthening partnerships to gaining greater international recognition — and take the Institute to the next level.
Also speaking on the occasion, Chukwuma Nweke, deputy managing director of United Bank for Africa (UBA), delivering a goodwill message on behalf of Group Managing Director, Oliver Alawuba, described Ugwuoke as a worthy successor. “As Professor Oseni hands over the baton to Kevin Ugwuoke — a well-respected leader in the risk management ecosystem — we are assured CRMI is poised for greater achievements under his watch.”
Nweke stressed that growing economic uncertainties — from inflation and exchange rate volatility to growing debt — underscore the need for a more strategic view of risk. “Risk must be recognized not as a compliance obligation or a cost center but as a key enabler of resiliency and growth. Institutions that embed risk into their strategies will absorb shocks more effectively, unlock value, and inspire investor confidence.”
As part of the day’s ceremonies, 11 distinguished practitioners were conferred with the Fellow of Chartered Risk Manager (FCRMI) award, while 21 new members were formally inducted as Chartered Risk Managers (CRM).
Furthermore, a new Governing Council was inaugurated to oversee the affairs of the Institute for the 2025–2027 term, marking a decisive step forward in institutional renewal and policy direction.
L-R: Registrar/Chief Executive, Chartered Risk Management Institute of Nigeria (CRMI), Victor Olannye; Divisional Head, Risk Management Securities and Exchange Commission (SEC), Grace Abioye; Immediate Past President, CRMI, Ezekiel Oseni; President, CRMI and Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; Director, Enterprise Risk Management, Nigeria Deposit Insurance Corporation (NDIC), Amal Haruna; and Rep. Keynote speaker, Deputy Group Management Director, United Bank of Africa (UBA), Chukwuma Nweke; at the CRMI Conferment Handover/Sent-Forth ceremony, held in Lagos recently.
One of Africa’s leading financial institutions, Zenith Bank has reaffirmed its dedication to employee welfare by announcing the promotion of over 4,000 staff members and implementing salary increases ranging from 20% to 30% across various employee grades.
This bold initiative, under the leadership of Managing Director/CEO Dame Adaora Umeoji, its aimed at boosting staff morale and productivity.
With over 8,000 employees, this significant investment in human capital reflects Zenith Bank’s belief that its workforce is its most valuable asset. The salary adjustments, effective January 1, 2025, aim to reward performance, alleviate financial pressures, and ensure enhanced customer service delivery. Promotions for top management are also expected as part of the bank’s ongoing commitment to excellence and growth.
Dr. Umeoji emphasized the importance of maintaining a motivated workforce, stating that the bank’s dedication to its employees will translate into superior service experiences for customers. She highlighted the organization’s commitment to setting industry benchmarks through innovative solutions and exceptional service delivery.
Zenith Bank’s continued leadership in the Nigerian financial sector is underscored by numerous awards, including Best Bank in Nigeria 2024 by Global Finance and recognition as the Biggest Bank in Nigeria by Tier-1 Capital in 2024 by The Banker. These accolades complement its reputation for innovation, sustainability, and corporate governance.
By prioritizing employee welfare during challenging times, Zenith Bank not only strengthens its internal operations but also sets a standard for other financial institutions in the region, reinforcing its position as a leader in Africa’s banking landscape.
As a major player in Nigeria’s financial landscape, under its managing director/chief executive officer, Adaora Umeoji, the bank has embraced a holistic approach to growth that integrates environmental, social and governance (ESG) principles with its core business objectives.
At the heart of Zenith Bank’s strategy is a focus on buoying economic inclusion, supporting small and medium-sized enterprises (SMEs) and driving technological innovation to enhance customer experiences. The bank’s proactive investments in renewable energy, sports, digital transformation and impactful community initiatives exemplify its dedication to creating long-term value for its stakeholders while addressing global sustainability challenges.
Zenith Bank’s continued success is driven by a combination of strong financial performance and an unwavering commitment to its stakeholders.
Zenith Bank’s growth trajectory is underpinned by a robust expansion strategy. With operations in several countries, including the UK, UAE, China, and most recently, France, the bank continues to expand its geographical footprint.
As usual, the bank’s efforts in 2024 did not unnoticed as the lender clinched several local and international awards in recognition of its outstanding performance.
In 2024, the bank won the Best Bank in Nigeria at the annual Global Finance award in Washington, DC, NY.
The bank also emerged the Biggest Bank in Nigeria by Tier-1 Capital, 2024 by The Banker; Best Commercial Bank, Nigeria 2024 – World Finance; Best Corporate Governance, Nigeria 2024 – World Finance; Most Sustainable Bank, Nigeria 2024 – International Banker; Bank of the Year, 2024 – Business Day; Retail Bank of the Year, 2024 – Business Day; Bank of the Year 2024- The Banker.
It also clinched the Most Responsible Organization in Africa 2024 – SERAS; Best in Gender Equality & Women Empowerment 2024 – SERAS and Best in Transparency & Reporting 2024 – SERAS
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