The Nigerian Stock Exchange fell to its worst performance year to date as the All Share Index closed at 32,292.79 basis points, down 3.46% and below the 33,000 mark. Today’s close was the highest daily loss in the last two years.
Year to date, the index is down 15.56%.
The drop was largely due to Dangote Cement falling sharply in today’s trading session. The stock closed at N210, down 5.83%. The stock accounts for about a third of the total market capitalisation on the NSE.
Top Gainers and Losers
Law Union and Rock Insurance Plc was the best performing stock in today’s trading session. The stock closed at N0.60, up 9.09%. Skye Bank Plc followed closely, appreciating by 8.93% to close at N0.61. Jaiz Bank plc rounds up the top three gainers, closing at N0.53, up 6%.
On the flip side, Universal Insurance Plc was the worst performing stock today. It closed at N0.27, down 10%. Cement Company of Northern Nigeria (CCNN) was next, declining by 9.87% to close at N27.85. Fidelity Bank Plc rounds up the top three losers, falling by 9.58% to close at N1.51.
Top Trades by Volume
Access Bank was the highest traded stock by volume as 46.8 million shares valued at N368 million were traded in 157 deals.
FBN Holdings was next with 22.6 million shares valued at N194 million traded in 300 deals.
Transcorp rounds up the top three most traded stocks by volume with 19.6 million shares valued at N22.1 million traded in 140 deals.
Notable Trade: 18.7 million Dangote Cement shares valued at N3.9 billion traded in 59 deals.
Courteville Business Solutions Plc
The Board of Directors of Courteville Business Solutions Plc have unanimously approved the appointment of Afam Edozie as the substantive Chairman of the company’s Board of Directors.
Edozie succeeds Capt. M.O Salami (Rtd), who retired from the board with effect from June 29, 2018.
Notore Chemical Industries Plc
Notore Chemical Industries Plc has announced the appointment of Ohis Ohiwerei as Group Deputy Managing Director (DMD) and Chief Financial Officer (CFO), effective September 17, 2018.
Femi Agbaje, the current Chief Financial Officer, will retire effective September 17, 2018, but remain on the board as a Non-Executive Director.
The company also disclosed that maintenance on its ammonia plant would commence on the 14th of September 2018. The exercise is expected to last between 15-20 days and will enhance the plant’s production capacity.
E-Tranzact International Plc
The Nigerian Stock Exchange has reclassified E-Tranzact International Plc (ETranzact) from a Medium Priced Stock to Low Priced Stock effective today.
The change is in line with the NSE’s amended rules on pricing and par value.
COVID-19 Update in Nigeria
On the 10th of July 2020, 575 new confirmed cases and 20 deaths were recorded in Nigeria.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continue to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 31,323 confirmed cases.
On the 10th of July 2020, 575 new confirmed cases and 20 deaths were recorded in Nigeria, having carried out a total daily test of 3,725 samples across the country.
To date, 31,323 cases have been confirmed, 12,795 cases have been discharged and 709 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 175,656 tests have been carried out as of July 10th, 2020 compared to 171,931 tests a day earlier.
COVID-19 Case Updates- 10th July 2020,
- Total Number of Cases – 31,323
- Total Number Discharged – 12,795
- Total Deaths – 709
- Total Tests Carried out – 175,656
According to the NCDC, the 575 new cases are reported from 18 states- Lagos (224), Oyo (85), FCT (68), Rivers (49), Kaduna (39), Edo (31), Enugu (30), Delta (11), Niger (10), Katsina (9), Ebonyi (5), Gombe (3), Jigawa (3), Plateau (2), Nassarawa (2), Borno (2), Kano (1), Abia (1)
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 12,051, followed by Abuja (2,433), Oyo (1,689), Edo (1,593), Delta (1,348), Rivers (1,343), Kano (1,303), Ogun (1,063), Kaduna (946), Katsina (655), Ondo (606), Borno (586), Gombe (527), Bauchi (519), Ebonyi (508), Plateau (499), Enugu (469), Abia (402), Imo (359), Jigawa (321).
Kwara state has recorded 311 cases, Bayelsa (299), Nasarawa (238), Osun (212), Sokoto (153), Niger (135), Akwa Ibom (134), Benue (121), Adamawa (100), Anambra (93), Kebbi (86), Zamfara (76), Yobe (62), Ekiti (46), Taraba (27), while Kogi and Cross River state have recorded 5 cases each.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|July 10, 2020||31323||575||709||20||12795||17819||7|
|July 9, 2020||30748||499||689||5||12546||17513||7|
|July 8, 2020||30249||460||684||15||12373||17192||7|
|July 7, 2020||29789||503||669||15||12108||17012||7|
|July 6, 2020||29286||575||654||9||11828||16804||7|
|July 5, 2020||28711||544||645||11||11665||16401||7|
|July 4, 2020||28167||603||634||6||11462||16071||7|
|July 3, 2020||27564||454||628||12||11069||15867||7|
|July 2, 2020||27110||626||616||13||10801||15693||7|
|July 1, 2020||26484||790||603||13||10152||15729||7|
|June 30, 2020||25694||561||590||17||9746||15358||7|
|June 29, 2020||25133||566||573||8||9402||15158||7|
|June 28, 2020||24867||490||565||7||9007||14995||7|
|June 27, 2020||24077||779||558||4||8625||14894||7|
|June 26, 2020||23298||684||554||5||8253||14491||7|
|June 25, 2020||22614||594||549||7||7822||14243||7|
|June 24, 2020||22020||649||542||9||7613||13865||7|
|June 23, 2020||21371||452||533||8||7338||13500||7|
|June 22, 2020||20919||675||525||7||7109||13285||7|
|June 21, 2020||20242||436||518||12||6879||12847||7|
|June 20, 2020||19808||661||506||19||6718||12584||7|
|June 19, 2020||19147||667||487||12||6581||12079||7|
|June 18, 2020||18480||745||475||6||6307||11698||7|
|June 17, 2020||17735||587||469||14||5967||11299||7|
|June 16, 2020||17148||490||455||31||5623||11070||7|
|June 15, 2020||16658||573||424||4||5349||10885||7|
|June 14, 2020||16085||403||420||13||5220||10445||7|
|June 13, 2020||15682||501||407||8||5101||10174||7|
|June 12, 2020||15181||627||399||12||4891||9891||7|
|June 11, 2020||14554||681||387||5||4494||9673||7|
|June 10, 2020||13873||409||382||17||4351||9140||7|
|June 9, 2020||13464||663||365||4||4206||8893||7|
|June 8, 2020||12801||315||361||7||4040||8400||7|
|June 7, 2020||12486||260||354||12||3959||8173||7|
|June 6, 2020||12233||389||342||9||3826||8065||7|
|June 5, 2020||11844||328||333||10||3696||7815||7|
|June 4, 2020||11516||350||323||8||3535||7646||7|
|June 3, 2020||11166||348||315||1||3329||7522||7|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|
Prices of Oil, pepper, tomatoes, rice others jump as low sales hit major markets in Lagos
Prices of major household items such as vegetable oil, tomatoes, pepper, rice and several others have once again spiked across major markets. This is according to the latest household market survey carried out by Nairametrics Research.
The latest household survey conducted by Nairametrics Research Team, revealed that Nigerians may be in for a sustained challenging time due to COVID-19 pandemic as major markets across Lagos state have been hit with low patronage, low sales and rising prices.
A medium-sized bag of pepper that was initially sold for an average of N8,000 in June has now increased by 20% to sell for an average of N10,000. Also, a big basket of oval-shaped tomatoes that was initially sold for an average of N8,500 now sells for an average of N10,000.
The team also found that 25 litres gallon of vegetable oil increased by 4.01% from an initial average of N12,575 to an average of N13,100. Surprisingly, the price of onions increased in the past weeks as a big bag of dry onions now sells for an average of N17,000 from an initial drop reported in June.
The report detailed items that recorded an increase in price, items that decreased in price, items that maintained initial prices, special markets and key insights.
Items that witnessed price increase
Some of the items that recorded an increase in price compared to last month include;
- A big bag of dry onions now sells for an average of N17,000, indicating a 2.94% increase compared to an average of N16,500 recorded a fortnight ago.
- The big basket of oval-shaped tomatoes that was initially sold for an average of N8,500 increased by 15% to sell for an average of N10,000.
- A small basket of oval-shaped tomatoes recorded a 13.3% increase to sell for an average of N7,500 compared to N6,500 recorded last month.
- The price of a bag of 50kg Mama Gold rice increased marginally by 1.17% to sell for an average of N21,375
- Mama’s Pride rice (50kg) also increased marginally by 0.59% to sell for an average of N21,125.
- A 50kg bag of Foreign rice now sells for an average of N28,500 compared to an initial average of N27,500 indicating a 3.51% increase in price.
- A big bag of melon increased by 15.38% to sell for an average of N39,000 compared to N33,000 recorded in June 2020.
- The price of a big bag Bush mango seed (Ogbono) currently sells for an average of N75,000. This is a 9.33% increase compared to N68,000 recorded two weeks ago.
- 1 loaf of Butterfield bread increased by 5.7% as it now sells for an average of N438 compared to an initial average of N413.
- A 5kg cylinder of household cooking gas is currently filled across the four markets for an average of N1,400 compared to an initial average N1,375 recorded two weeks ago. This indicates a 1.79% increase.
Items that recorded decrease in price
Despite the increase in the price of most of the items, some items however recorded marginal decrease in price.
- A big tuber of Abuja yam now sells for an average of N838, compared to an initial average of N930, which indicates a 13.4% reduction in price.
- Also, a smaller tuber of yam recorded a 12% reduction in price from an initial average of N700 to an average of N625.
- The price of 1 big Titus fish now sells for an average of N563 compared to an initial average of N575.
Items that maintained initial price
Household items that maintained their initial prices include milk, cocoa beverages, bread, and flour.
- A 400g Peak Powdered (Tin) milk continues to sell for an average of N1,213 while 900g still sells for an average of N2,375.
- A big basket of sweet potatoes still sells for an average of N8,000 while a small basket of the same items continues to sell for an average of 600.
- 5kg of household cooking gas (Refilling) continues to sell for an average of N3,375 while 5kg cylinder is still filled for an average of N1,375.
- A bag of yellow maize still sells for an average of N17,250 while White maize also maintains average of N17,500.
- 500g and 900g Milo Tin still sell for an average of N1,038 and N2,075 respectively across the four markets.
- The price of Kote and Titus fish continues to sell for N563 and 575 respectively.
- A bag of 50kg beans (Oloyin) still sells for an average of N12,750, white beans sells for an average of N21,125 and brown beans sells for an average of N20,625.
- A big nylon of crayfish increased by 15.4% in July to sell for an average of N15,000 compared to N13,000 recorded in June 2020.
- Round shaped tomatoes are yet to be sold in the markets due to the raining season. Meanwhile, oval-shaped tomatoes popularly regarded as Yoruba tomatoes is being sold in the major markets visited in Lagos. However, the price of the oval-shaped tomatoes is high due to the scarcity of the commodity. We found that a big basket is sold for an average of N10,000 while a small basket is sold for an average of N7,500.
- Big sized bag of pepper was not sighted by Nairametrics team at Mile 12 market and traders of the commodity explained that no truck conveying pepper arrived from the north in recent times, and this has forced the price of the limited stock to rise in the last two weeks. A medium-sized bag sells for an average of N10,000 at Mile 12 market.
Sellers at various markets who spoke to Nairametrics research revealed that sales have dipped in recent weeks due to increase in price, traffic situation and alternate opening of the market.
According to a trader at Daleko market, “sales have dropped significantly in the past month as the price of food items keeps increasing with markets only opening on specific days of the week. I think the increase in price of goods has discouraged consumers from purchasing as much as they do before which is affecting our revenue at the end of the day.”
Another trader interviewed at Mushin market by Nairametrics research team explained that, “Our goods are spending more time on display now compared to pre-COVID period, which has affected our turnover in recent times.”
|Items||Brand||Unit||MUSHIN (2/07/2020)||DALEKO (2/07/2020)||OYINGBO (2/07/2020)||MILE 12 (2/07/2020)||Average||MUSHIN (18/06/2020)||DALEKO (18/06/2020)||OYINGBO (18/06/2020)||MILE 12 (18/06/2020)||Average|
|Bag of Rice||Basmati||5kg||NA||NA||NA||NA||NA||NA||NA||NA||NA||NA|
|Bag of Rice||Mama Gold||10kg||NA||4000||NA||NA||4000||NA||4000||NA||NA||4000|
|Bag of Rice||Royal Stallion||50Kg||28500||NA||28000||29000||28500||28000||NA||27000||27500||27500|
|Bag of Rice||Rice Master||10kg||NA||3500||NA||4000||3750||NA||3500||NA||4000||3750|
|Bag of Rice||Mama Gold||50kg||22000||21500||21000||21000||21375||22000||21500||21000||20000||21125|
|Bag of Rice||Caprice||50kg||28000||NA||27500||27500||27666.666666667||28000||NA||27500||27500||27666.666666667|
|Bag of Rice||Mama's Pride||50kg||21500||21000||21000||21000||21125||21000||21000||21000||21000||21000|
|Bag of Rice||Falcon||25kg||NA||NA||NA||NA||NA||NA||NA||NA||NA||NA|
|Bag of Beans||Oloyin||50kg||13000||12500||13000||12500||12750||13000||12500||13000||12500||12750|
|Bag of Beans||White||50kg||22000||20500||21000||21000||21125||22000||20500||21000||21000||21125|
|Bag of Beans||Brown||>50kg||20500||19500||21500||21000||20625||20500||19500||21500||21000||20625|
|Tuber of Yam||Abuja||1 Big Size Tuber||850||800||800||900||837.5||1000||900||900||1000||950|
|Tuber of Yam||Abuja||1 Medium Size Tuber||650||600||600||650||625||650||700||750||700||700|
|Carton of Noodles||Indomie||305g (Belle full)||2900||2900||2900||2900||2900||2900||2900||2900||2900||2900|
|Carton of Noodles||Indomie||200g (Hungry man)||3200||3200||3200||3200||3200||3200||3200||3200||3200||3200|
|Carton of Noodles||Chikki||100g||2000||2200||2100||2100||2100||2000||2200||2100||2100||2100|
|Carton of Noodles||Minimie||70g||1600||1650||1700||1650||1650||1600||1650||1700||1650||1650|
|Carton of Noodles||Golden Penny||70g||1400||1400||1400||1400||1400||1400||1400||1400||1400||1400|
|Bag of Garri||Ijebu||80kg||13000||13500||13000||14000||13375||13000||13500||13000||14000||13375|
|Bag of Garri||White||50kg||11000||11500||11500||11000||11250||11000||11500||11500||11000||11250|
|Bag of Garri||Yellow||50kg||12000||12500||12000||12500||12250||12000||12500||12000||12500||12250|
|Basket of Potato||Sweet||Big Basket||8000||8000||8000||8000|
|Basket of Potato||Sweet||Small Basket||700||600||600||633.33333333333||700||600||600||633.33333333333|
|Basket of Potato||sweet||Smallest Basket||200||200||200||200||200||200||200||200|
|Basket of Potato||Irish||Biggest Basket||20000||20000||20000||20000|
|Basket of Potato||Irish||Small Basket||2000||2000||2000||2000||2000||2000|
|Basket of Potato||Irish||Smallest Basket||1700||1500||1500||1566.6666666667||1700||1500||1500||1566.6666666667|
|Packet of Pasta||Golden Penny||500g||4300||4400||4300||4200||4300||4300||4400||4300||4200||4300|
|Packet of Pasta||Dangote||500g||4100||4100||4200||4100||4125||4100||4100||4200||4100||4125|
|Packet of Pasta||Power (1 pc)||500g||220||220||220||220||220||220||220||220||220||220|
|Packet of Pasta||Bonita (1 pc)||500g||230||200||230||220||220||230||200||230||220||220|
|Gallon of Palm Oil||Local||5 Litres||2200||2100||2100||2100||2125||2200||2100||2100||2100||2125|
|Gallon of Palm Oil||Local||25 Litres||11000||11000||11000||11000||11000||11000||10500||11000||10500||10750|
|Gallon of Vegetable Oil||Local||5 Litres||2400||2200||2300||2200||2275||2200||2200||2200||2200||2200|
|Gallon of Vegetable Oil||Local||25 Litres||13100||13000||13300||13000||13100||12600||12400||12900||12400||12575|
|Gallon of Vegetable Oil||Kings||5 Litres||3000||3000||3000||3000||3000||3000||3000||3000||3000||3000|
|Gallon of Vegetable Oil||Wesson||5 Litres||3900||3900||3900||3900||3900||3900||3900||3900||3900||3900|
|Gallon of Vegetable Oil||Mamador||3.8 Litres||2500||2450||2500||2400||2462.5||2500||2450||2500||2400||2462.5|
|Gallon of Vegetable Oil||Power||3 Litres||1800||1800||1800||1800||1800||1800||1800||1800||1800||1800|
|Bunch of Plaintain||Plaintain||1 Big Bunch||500||400||450||500||462.5||500||400||450||500||462.5|
|Bag of Flour||Dangote||50kg||11200||11200||11000||11000||11100||11200||11200||11000||11000||11100|
|Bag of Flour||Honey well||50Kg||11200||11200||11200||11200||11200||11200||11200||11200||11200||11200|
|Bag of Flour||Mama Gold||50kg||11000||11300||11000||11000||11075||11000||11300||11000||11000||11075|
|Milk||Peak Powdered (Tin)||400g||1250||1200||1200||1200||1212.5||1250||1200||1200||1200||1212.5|
|Milk||Peak milk (Refill)||500g||1050||1000||1000||1000||1012.5||1050||1000||1000||1000||1012.5|
|Milk||Dano Powdered (Tin)||500g||1000||1000||1000||1000||1000||1000||1000||1000||1000||1000|
|Milk||Three Crown (Refill)||380g||720||700||750||700||717.5||720||700||750||700||717.5|
|Milk||Loya Powdered (Tin)||400g||1000||1000||1000||1050||1012.5||1000||1000||1000||1050||1012.5|
|Cocoa Beverages||Milo (Tin)||500g||1000||1100||1050||1000||1037.5||1000||1100||1050||1000||1037.5|
|Cocoa Beverages||Milo (Tin)||900g||2000||2100||2100||2100||2075||2000||2100||2100||2100||2075|
|Cocoa Beverages||Milo Refill||500g||900||900||900||900||900||900||900||900||900||900|
|Cocoa Beverages||Bournvita Refill||500g||950||1000||950||900||950||950||1000||950||900||950|
|Cocoa Beverages||Bournvita (Plastic)||900g||2000||2000||2000||2000||2000||2000||2000||2000||2000||2000|
|Cocoa Beverages||Ovaltine Refill||500g||800||800||850||850||825||800||800||850||850||825|
|Tea||Lipton Yellow label||52g||310||290||300||300||300||310||290||300||300||300|
|Sugar||St' Loius Sugar(Cube)||500g||500||550||550||550||537.5||500||550||550||550||537.5|
|Sugar||Golden Penny Sugar (cube)||500g||350||350||350||400||362.5||350||350||350||400||362.5|
|Bottled Water (Refill)||Cway||Refill||600||600||650||600||612.5||600||600||650||600||612.5|
|Juice||5 Alive||1 litre||600||550||550||600||575||600||550||550||600||575|
|Tomatoes||Big Basket||round shaped||NA||NA||16000||16000|
|Medium Basket||round shaped||NA||NA||9500||9500|
|Small Basket||round shaped||NA||NA||6000||6000|
|Big Basket||Oval Shaped||8500||10000||8500||8500|
|Small Basket||Oval Shaped||6500||7500||6500||6500|
|Fish||Kote (Horse Mackerel)||1 big Fish||550||600||550||500||550||550||600||550||550||562.5|
|Fish||Titus (Mackerel)||1 big Fish||550||550||550||600||562.5||550||600||550||600||575|
|Onions||Big bag||Dry Onions||17000||17000||16500||16500|
|Onions||Big bag||New Onions||NA||NA||NA||NA|
|Bush mango seed||(Ogbono)||1 big bag||75000||75000||68000||68000|
About Nairametrics Food Price Survey
The Nairametrics Food Price Watch is a bi-weekly household market survey that covers the prices of major food items, with emphasis on five major markets in Lagos – Mushin Market, Daleko Market, Oyingbo Market, Idi-Oro Market and Mile 12.
Top 10 highest earning CEO’s in Nigeria
The figures only refer to their annual remunerations as the highest-paid directors.
The responsibility of piloting a firm’s affairs and ensuring profitability often rests squarely on the shoulders of the Chief Executive Officer (CEO). Agreed, running a company is never a task that can be accomplished by just one person. But that notwithstanding, CEOs are the ones at the helm of affairs. As such, they take most of the blame for the lows, just as much as they take the credit for the highs.
It goes without saying that CEOs are also the highest-paid staff of every company. In Nigeria, the CEOs of the major companies are remunerated handsomely for their efforts. However, just as much as these companies have ranks in terms of asset size and profitability, so also do their CEOs’ earnings have ranks.
This article, therefore, looks at the highest-paid CEOs of companies listed on the Nigerian Stock Exchange. The focus here is on how much they earned in 2019.
Do note that the figures given here do not include what the CEOs might earn in dividends as shareholders of their respective companies. The figures only refer to their annual remunerations (executive compensation) as the highest-paid directors.
Ferdinand Moolman, MTN Nigeria, N586 million
Ferdinand Moolman is Chief Executive Officer (CEO) of one of Nigeria’s biggest, non-oil foreign direct investment – MTN Nigeria Communications Plc. He was promoted to the position of CEO on December 1, 2015, as part of a major reshuffling of the telco’s operating structure which was aimed at strengthening operational oversight, leadership, governance, and regulatory compliance.
Before then, he was the Chief Financial Officer (CFO), a position he occupied immediately he was transferred from MTN Iran cell where he was the Chief Operating Officer (COO).
It makes a lot of sense that the CEO of the biggest company listed on the Nigerian bourse should be the highest-paid CEO in Nigeria.
Moolman earned N586 million in 2019, 2.5% up from the N571 million he took home in 2018.
Austin Avuru, Seplat, N440 million
Augustine Avuru, the co-founder and CEO of Seplat Petroleum Development Company Plc, is the highest-paid director in his company, and second highest in Nigeria for the year 2019.
Prior to becoming the Chief Executive Officer of Seplat in May 2010, he was Managing Director at Platform Petroleum Limited, a company he founded. He had spent over a decade at Nigerian National Petroleum Commission (NNPC), holding different positions including that of wellsite geologist, production seismologist, and reservoir engineer.
He had also worked as an exploration manager and technical manager with Allied Energy Resources in Nigeria, a pioneer deepwater operator, where he spent ten years before starting Platform Petroleum Limited in 2002. He is also a director of MPI, which is listed on NYSE Euronext Paris.
Avuru received N440 million as his remuneration in 2019, a shortfall of N44 million when compared to his 2018 earnings.
Recall that Seplat had announced Roger Brown as the incoming CEO that will take over when Avuru retires on July 31, 2020.
Segun Agbaje, GTBank, N400 million
Segun Agbaje joined Guaranty Trust Bank as a pioneer staff in 1991 and rose through the ranks to become the Managing Director and Chief Executive Officer in 2011 after Tayo Aderinokun, the previous CEO, passed on.
As CEO, Agbaje took N400 million home in remunerations for the year 2019. This shows an increase of N16 million from his N384 million remuneration in 2018, and given the impressive results that the bank showed for the year, we can say that it was duly justified.
He was recently elected an independent member of the Board of PepsiCo, the American owners of popular beverage drinks Pepsi and Moutain Dew. As Nairametrics reported, Agbaje will officially assume his duties as a board member and audit committee member at PepsiCo by mid-July.
Yaw Nsarkoh, formerly with Unilever Nigeria Plc, N330 million
Yaw Nsarkoh has had a long career within the Unilever Group, occupying top positions like the African Regional Brand Manager, Production Manager for Unilever Ghana, among others.
He headed several regional headquarters of the global manufacturing company, especially in Africa. He also served as a Strategic Assistant to Unilever’s President for Asia, Africa, Central, and Eastern Europe.
He resigned from his position as Managing Director in December 2019, to take up new roles within the Unilever group across Europe. He was succeeded by Carl Raymond Cruz in January 2020. Prior to his departure, he earned N303 million in 2019, 8% less than the N330 million he earned in 2018.
Michael Puchercos, formerly with Lafarge Africa Plc, N272 million
For the financial year ended December 31st, 2019, Michael Puchercos earned N272 million, marking an 18.7% increase when compared to the N229 million he earned in 2018.
Before his appointment as Lafarge Africa Plc’s CEO, he worked in various capacities within the cement industry for two decades. He was the President & Chief Executive Officer of Lafarge Halla Cement; Director of Strategy and Systems at Lafarge Gypsum; Chief Executive Officer of Bamburi Cement and Hima Cement; and Chairman of Mbeya Cement in Tanzania.
He resigned from Lafarge in January 2020 to join competitor brand, Dangote Cement Plc and was succeeded by Mr. Khaled Abdelaziz El Dokani, the former country CEO of Lafarge Holcim Iraq.
Jordi Borrut Bel, Nigerian Breweries Plc, N271 million
Jordi Borrut Bel is the Chief Executive Officer and Managing Director of Nigerian Breweries Plc. Mr Bel is an experienced manager and has served in Heineken’s different subsidiaries across different countries. He was Managing Director at Brarudii SA, Manager-Project Distribution at Heineken Slovensko AS, Brand Manager at Heineken France SAS and Director-Sales & Distribution at Heineken España SA. His last position prior to coming to Nigerian was that of the Managing Director of Heineken Burundi.
Bel’s earnings experienced a quantum leap from N190 million in 2018 to N271 million in 2019, an increase of about 42%. He was the sixth highest-paid CEO in 2019.
Mauricio Alarcon, Nestle Nigeria Plc, N218 million
Seventh on the list is Mauricio Alarcon, the Chief Executive Officer of Nestle Nigeria Plc. Alarcon was appointed CEO in 2016, after a progressive 17 years career with the Nestle brand. He started as Area Sales Manager with Nestle Mexico and later became a Senior Brand Manager.
He worked as Marketing Advisor at Nestle Headquarters in Switzerland, Country Manager at Nestle Cote d’Ivoire and later became Managing Director of Nestle Atlantic Cluster between June 2016 and September 2016, overseeing Senegal, the Gambia, Guinea, and Cote d’Ivoire.
Alarcon earned N218 million in 2019, a slight increase from the N210 million in 2018 he earned in 2018, placing him 7th place in the list.
Lars Richter, Julius Berger Nigeria Plc, N217 million
Presently, Lars Richter occupies the position of Managing Director & Director at Julius Berger Nigeria Plc, a position he was appointed to in 2018.
Before this appointment, he had garnered over 16 years’ experience in the construction industry, with 10 years spent in Nigeria, in different positions including Division manager, Project manager, and Project engineer.
Richter places 8th on this list, with an income of N217 million in 2019. This is quite a significant reduction from the N319 million he received in 2018 although there is no obvious justification for this.
Emeka Emuwa, Union Bank of Nigeria, N172 million
Emuwa earned an annual net income of N172 million in 2019, the same as he did in 2018. He was appointed CEO of Union Bank of Nigeria in November 2012, after a progressive 25-year banking career at CitiBank across several African countries.
He started out as a Management Assistant at Citibank Nigeria Limited and was later promoted to the position of Country Head, Cameroon. At this time, he was also overseeing all the bank’s activities in the Central African region, including Congo and Gabon.
He occupied strategic positions in the company across several countries like Tanzania, Ghana, Niger, and Nigeria, serving as the CEO between 2005 and 2012, before he took up the appointment with Union Bank Plc.
Imrane Barry, Total Nigeria Plc, N163 million
Total Nigeria Plc has Imrane Barry as its Managing Director. Imrane is not new to the Total group as he had previously served as Managing Director of Total Uganda in 2013, Total Cameroon SA in 2015 and Total Nigeria Plc in 2018. He also worked with other Total affiliates in Kenya and Ivory Coast, at SEP-Congo as the Technical and Transport Director, and in Paris as the Strategy and Development Senior Officer.
He was appointed Deputy Executive Vice-President of Total Africa & Middle East in 2012,
Before joining Total, Imrane worked in several capacities in Engineering and Construction Companies in Guinea Conakry, Cote d’Ivoire and Gabon.
Imrane took home N163 million as remunerations in 2019, 41% more than his 2018 earnings of N115 million.
Note that these figures were sourced from the companies’ FY 2019 audited financial statement. As such, the figures represent these CEOs’ income for the year 2019. As was explained in the article, a couple of the CEOs no longer occupy their positions, but since there has not been a full year financial statement explaining what their successors might be earning, these figures are the most recent.