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  • Nigeria equities market rebound by N133bn

    Nigeria equities market rebound by N133bn

    Nigerian equities market on Wednesday rebounded with N133 billion after two days of consecutive downward trend.

    Specifically, the market capitalisation which opened at N13.342 trillion inched N133 billion or one per cent to close at N13.457 trillion.

    Also, the All-Share Index surged 274.57 points or one per cent to close at 27,681.61 against 27,407.04 achieved on Tuesday.

    The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Stanbic IBTC Holdings, Guaranty Trust Bank, MTN Nigeria, Ecobank Transnational Inc. (ETI) and Lafarge Africa.

    Analysts at Afrinvest Limited said that “ in the absence of any major stimulus, we expect a bearish performance for the rest of the week.

    “Nonetheless, we see opportunities for bargain hunting in stocks with sound fundamentals,” they said.

    Market breadth closed positive with 24 gainers against 13 losers.

    Cutix and ETI recorded the highest price gain of 10 per cent, each to close at N1.54 and N8.80 per share, respectively.

    University Press followed with a gain 9.52 per cent to close at N1.15, while Wapic Insurance appreciated by 8.82 per cent to close at 37k.

    Associated Bus Company appreciated by 8.33 per cent to close at 39k per share.

    On the other hand, Champion Breweries led the losers’ chart by 8.80 per cent, to close at N1.14 per share.

    RT Briscoe followed with a loss of 6.90 per cent to close at 27k, while Lasaco Assurance lost 6.67 per cent to close at 28k per share.

    AIICO Insurance lost 5.88 per cent to close at 64k, while Courteville Business Solutions shed 4.76 per cent to close at 20k per share.

    Also, the volume of shares traded rose by 91.64 per cent to 379.51 million shares worth N5.35 billion achieved in 3,923 deals.

    This was in contrast with a turnover of 198.03 million shares valued at N2.89 billion exchanged in 3,830 deals on Tuesday.

    Guaranty Trust Bank topped the activity chart with 98.42 million shares worth N2.83 billion.

    Access Bank came second with 40.73 million shares worth N314.47 million, while FBN Holdings traded 40.08 million shares valued at N216.63 million.

    FCMB Group sold 20.05 million shares worth N33.87 million, while Sterling Bank accounted for 17.58 million shares valued at N38.81 million. (NAN)

  • In the current precarious state of the economy, we need the right direction – Expert

    In the current precarious state of the economy, we need the right direction – Expert

    By Jennifer Y Omiloli

    An economic and financial analyst named David Ibidapo, says the newly-constituted Economic Advisory Council (EAC) should not fail in guiding President Muhammadu Buhari to take right economic decisions that will yield the desired results for the country.

    Ibidapo told newsmen on Wednesday in Abuja that constituting the council was a good initiative and that the members were experts in economic matters.

    He, however pointed out that there is a need for the council members to use their expertise to spur the country’s economic growth.

    “In the current precarious state of the economy, we need the right direction and maybe they (EAC) will be able to let the government know that increasing Value Added Tax (VAT) is not the solution to its revenue challenges.

    “What the government is currently facing is not only revenue challenge, but also bad expenditure administration.

    “The issue that should be tackled is how to improve tax collection and reduce debt burdens. We also need to break out of the stranglehold of using majority of our revenues to service debt and on recurrent expenditure,” he said.

    The financial analyst charged the council to work harmoniously with all the fiscal and monetary agencies to achieve the desire result.

    “It is an advisory board with big brains. Heads of fiscal and monetary agencies too should take recommendations from them”, he added.

    Daybreak.ng reports that Buhari had, on Monday, constituted the EAC mantled with the responsibility of advising him on economic matters.

  • Sen. Longjan vows to attract federal projects to Plateau South

    Sen. Longjan vows to attract federal projects to Plateau South

    Following his victory at the National Assembly Election Petition Tribunal sitting in Jos, Plateau State, which on Tuesday upheld the election of Senator Ignatius Longjan of the All Progressives Congress, APC,representing Plateau South, thesenator has vowed to provide quality legislation to the people of the zone.

    Speaking to newsmen in Jos,Longjang said his senatorial zone was backward in so many things, promising to work to provide dividends of democracy to the people.

    Longjang said he would not take for granted the decision of the people of his constituency to elect him in the 2019 elections, disclosing that he had devised a mechanism to ensure that the dividends of democracy were delivered to members of his constituency.
    “The decision of my people to elect me to represent them at the red chamber will never be taken for granted, as I have devised a mechanism to implement my promises to them,” he said.
    The senator condemned in strong terms the attacks on Nigerians and their businesses in South Africa, saying it betrayed the long-standing relationship between Nigeria and Southern African country, which he said was strengthened by the frontline role played by Nigeria in the apartheid struggle.
    “We appeal to our authorities to accommodate the returnees from South Africa. President Muhammadu Buhari is taking the right step in ensuring the safety of our people especially in sending an envoy to South Africa,” the senator concluded.

  • Emir of Kano commend Buhari’s Economic Advisory Council

    Emir of Kano commend Buhari’s Economic Advisory Council

    By Jennifer Y Omiloli

    Malam Muhammadu Sanusi II, ‎Emir of Kano, ‎has commended President Muhammadu Buhari for constituting an Economic Advisory Council (EAC) comprising first-rate ‎professionals and academics on Wednesday in Kano while briefing newsmen at his Palace.

    The emir, ‎who described the new council as “first class”, said the move was “timely and reflective of Buhari’s determination to re-energise the management of the economy”.

    He said Nigerians were highly desirous of such an effective and knowledge-driven team to provide the lead on the economic front.‎

    According to him, the beauty of the team, apart from the pedigree of its members, is their private sector experience and their independence.‎

    “If you look at the system we operate, if you also look at the United States, every US president always have a council of economic advisers.

    “One of the reasons you have this council is you want independent academics who are able to give you frank and honest ‎advice on how to run the economy and address its problems.

    ‎“What the president has done is to follow that pattern to appoint a team of highly respected professionals to advise him, ‎especially‎ this time when we have economic problems, fiscal issues.

    “When global economy is facing uncertainty due to trade wars, it is important that the president has a high quality advice,” he said.

    Daybreak.ng reports that the president on Monday replaced the Economic Management Team with the EAC.

    The new EAC has Prof. Doyin Salami as its chairman.

  • Tribunal judgment: No grudge against anyone, says Bello

    Tribunal judgment: No grudge against anyone, says Bello

    Gov. Abubakar Bello of Niger on Wednesday says he holds no grudge against any individual or political party that filed petitions against his re-election.

    Bello, who spoke to newsmen in Minna shortly after the election petitions tribunal upheld his re-election, also promised to run an inclusive government.

    The governor added that he would continue to be fair to all parts of the state in the distribution of amenities for the benefit of residents.

    The News agency of Nigeria (NAN) reports that Umar Nasko, the PDP candidate in the March governorship election in the state and his party, had dragged the APC candidate, Bello and his deputy Ahmed Ketso, before the tribunal.

    The petitioners alleged that the duo presented forged academic and declaration of age certificates to the Independent National Electoral Commission, to contest the election.

    But the tribunal dismissied the petition for lack of merit and evidence.

    Bello in his reaction described the tribunal judgment as “a very fair judgment” and called on people to join hands with him to move the state forward.

    “Like I said after I was declared winner in March, that we should all come together because we are all Nigerlites as I am more concerned about the welfare of our people.

    “The judgment has been passed and I hope we can come together as one because I have no grudges against anyone as I am more concerned about the development of our state,” he said.

    The governor, however, commended the people for giving him their mandate, pledging that everyone irrespective of religion and political affiliations would enjoy the dividends of democracy. (NAN)

  • Mobile court convicts 40 Jos motorists for traffic offences

    Mobile court convicts 40 Jos motorists for traffic offences

    A mobile court has convicted 40 motorists over various traffic offences in Jos.

    The motorists were convicted having been arraigned before the court by the Plateau Command of the Federal Road Safety Corps (FRSC).

    The Public Education Officer of the command, Mr Andrew Bala, disclosed this to News Agency of Nigeria (NAN) on Wednesday in Jos.

    Bala said the FRSC legal officer was the Prosecuting counsel at the court which sat along Agwan Rukuba-lamingo road in the Jos metropolis, on Wednesday.

    He said the FRSC arraigned 42 offending motorists before the court and court convicted 40 and discharged two others.

    “42 motorists were earlier arrested, but the court discharged 2 and convicted 40.

    “The motorists were convicted over use of expired tyres, seatbelt violation, driver’s license violation, use of phone while driving and underage driving,” he said.

    The official said the court, however, fined the convicted motorists and impounded their vehicles, pending when they would pay the fines.

    He said the command would continue to use the mobile court to compel motorists to comply with traffic rules and regulations, particularly during the ember months.

  • Abandoned Projects: CBN Gov., NDDC Management to appear before Reps C’ttee

    Abandoned Projects: CBN Gov., NDDC Management to appear before Reps C’ttee

    Rep. Nicholas Ossai (ODP-Delta) Chairman, House of Representatives Committee investigating abandoned projects in the Niger Delta, says that the Governor of the Central Bank of Nigeria (CBN) Godwin Emiefele, will appear before the committee on Thursday, Sept. 19.

    In an interview with journalists in Abuja, Ossai said that the Acting Managing Director and all the Directors in the Niger Delta Development Commission (NDDC) would also answer questions on abandoned projects in the oil rich region.

    “Some of the documents we requested from the CBN has come and we are looking forward to receiving him on Thursday by 12 o’clock.

    “I believe we might ask one or two questions from the documents we have received, that is what we are going to do, I know the CBN Governor is a law-abiding citizen.

    “What we did is to protect the interest of the Niger Delta people, who are a part of the people of Nigeria, whose money had been released to do a good job for them by the Federal Government.

    “The investigation we are conducting will unravel a lot of issues and make sure that some of these contractors go back to site to execute those jobs abandoned over the years; that is the essence of summons.

    “So the CBN Governor is going to appear on Thursday including all directors and the Acting MD of NDDC, who is also a Director of a Department,” he said.

    According to the lawmaker, the essence of this thing is to return contractors to site and for us to get documents.

    Ossai said that the committee would make sure that contractors that had collected money without going to site will be made to go back to site or the monies recovered.

    The Rep also said that the committee would ensure that contractors that had executed jobs will be paid by the appropriate authorities.

  • UNIMAID TOP MANAGEMENT DECLARES VARSITY SAFE AND SECURE FOR ACADEMIC ACTIVITIES

    UNIMAID TOP MANAGEMENT DECLARES VARSITY SAFE AND SECURE FOR ACADEMIC ACTIVITIES

    By Dauda R Pam, Maiduguri

    In a fierce attempt by the Boko Haram criminals to cause mayhem and disrupt normal academic activities in the University of Maiduguri,UNIMAID,Sunday, through a lone suicide bomber,was however bostched by security personnel on duty on the fateful day.

    As a result of the failed attempt, the top management committee,TMC,of the ivory tower,has declared the University safe and secured for normal academic activities, particularly, lectures and the on going second semester examinations.

    This was contained in a statement issued by, Professor Danjuma Gambo, the Director UNIMAID Radio and Public Relations and made available to newsmen via a WhatsApp platform,Tuesday in Maiduguri, said while additional measures are being taken for the protection of lives and property, parents, guardians and other stakeholders are hereby assured that the University will do everything possible to ensure the safety and security of all staff students on campus.

    Professor Gambo said: “After a very long period of relative peace and tranquility, the University of Maiduguri has once again, been brought to public attention following the recent security breach on campus by elements suspected to be insurgents.

    “Consequently, the media landscape is replete with reports and analysis of the incident many of which do not reflect the facts on ground.

    “For the avoidance of doubt, on Sunday,15th September, 2019 at 21:45 hours, a lone suicide bomber (male, approximately 24 years old) attempted to inflict maximum harm on innocent members of the University Community.

    “However, following a hot pursuit by the ever-vigilant security men on duty, the bomber hurriedly entered a disused building at the extreme end of the campus (to the east) and detonated his Improvised Explosive Device (I.E.D.), thereby dying alone.

    

    “Unfortunately, while the building was damaged, a female student sustained a minor injury in an attempt to escape from the general area. She has already been treated and discharged from the University Clinic.”

    According to the statement,since the unfortunate incident, the University Management has been receiving messages of sympathy and solidarity from individuals and organisations, particularly His Excellency. Professor Babagana Umara Zulum, the Executive Govemor of Borno State.

    “He has already visited the scene of the explosion, commiserated with the community and reiterated the commitment of the State Government to substantially support the University in reinforcing its already existing security arrangements.

    “Following a careful review of the situation, the Top Management Committee (TMC) has decided that the campus is safe and secure and that normal academic activities, particularly lectures and the on-going Second Semester Examinations, should be concluded in line with the Senate-approved Calendar of Events.

    

    “Therefore, while additional measures are being taken for the protection of lives and property, parents, guardians and other stakeholders are hereby assured that the University will do everything possible to ensure the safety and security of all staff and students alike on campus.

    “Management appreciates the sympathy, solidarity and enormous support of the Federal Government, the Government and people of Borno State, all security agencies and services, community and religious leaders, our great alumni, the media and the entire university Community “, the statement added.

  • Judicial Recklessness Threatens Outcome Of Suit Seeking Custody Of Children In Abuja

    Judicial Recklessness Threatens Outcome Of Suit Seeking Custody Of Children In Abuja

    The Judiciary has in recent time come under serious criticism by some Nigerians in the way and manner justice is dispensed following some high profile cases that made headlines in most national dailies. However, the development does not mean all is well with cases that attracted little or no reportage following erroneous and reckless handling of low profile cases.
    In this piece, an independent investigator divulges to AljazirahNigeria’s judiciary correspondent what could be best described as judicial recklessness dissipated by the Upper Area Court sitting at Gwagwalada, Abuja, under the watchful eyes of Shariah court of Appeal Gudu, Abuja. An act of misconduct in respect of case No.: CV/90/2019 between Amina Usman vs Abubakar Rahmat Salihu.
    Narrating the outcome of his investigation on a case seeking to keep custody of children of Abubakar Rahmat Salihu and his estranged wife, Amina Usman, he had these revelations to make;
    “Abubakar Rahmat Salihu is the defendant in the abovementioned suit which was heard before His Worship the judge of the upper area court sitting in Gwagwalada.
    “The suit was initially before the Area Court in Kubwa before it was transferred by the head of the Sharia court from Kubwa Area Court to the Gwagwalagda Area Court.
    According to the investigator, “The suit borders on the custody of the defendant’s children whose mother was granted temporary custody of the children by the former judge sitting in Kubwa.

    “The order was appealed by the respondent to the Sharia court of appeal during which an outcome of the appeal was being awaited. The defendant appealed the awaited decision of the Sharia Court of Appeal and duly informed the judge through a motion and a letter of the need to wait for the decision of the court of appeal A motion was filed for the restraining order against the judge and others to stop the warrant of arrest he has issued against the defendant on the civil matter.

    “ Our findings revealed that the Gwagwalagda Upper Area Court Judge issued the said arrest warrant without jurisdiction and was trying to make use of the vacation to overreach the appeal by enforcing the judgement appealed against.
    “Furthermore, the investigation revealed that the head of the upper area court in gwagwalada was heard making utterances against the Defendant that he must jail him since he had written a petition against his masters at the sharia court to NJC for misconduct. To us this seems like the ruling of the gwagwalada upper area court on this, is a vendetta against the defendant.

    “ Our further trail on the petitions written by the defendant shows that the above reasons and many other attitude exhibited by the judge in gwagwalada led to the petition by the defendant.
    “According to a source in the court, the judge in gwagwalada gave an order that no submission be received at the court from the defendant. It is despicable that a judge of his caliber will always descend that way during and after court proceedings.

    It is also on good authority that
    “On August 1, 2019 he signed a subpoena that the defendant should produce the children in court when the defendant is fully aware that subpoenas are only issued to witnesses. According to a staff of the court, the defendant’s counsel informed the court that they have since filed a notice of appeal challenging the order at the Sharia court of appeal but yet he turned a deaf ear since he already has a mission to accomplish.
    Our findings further showed that the defendant approached the High court to remove the case from the Gwagwalagda court, and to call the said judge to order.

    In our effort to know the details and merits of the defendant’s petition submitted to various offices, we found out that the above submission was reported by the defendant through a petition to the Executive Secretary, National Judicial Council, Supreme court, of Nigeria complex, the secretary FCT Judicial Service committee, Gudu High court and the Director of Area Court, Sharia Court of Appeal. The investigation also traced to know if there has been responses from the offices where the petition were reported, but found out that yet no feedback from the authorities, which suggest that the petitions has merits.

    Accordingly, the investigation further revealed that “On the 6th of September 2019, a Certiorari court order with motion No FCT/HC/M/8287/19 quashing the entire proceedings, subpoena ad testificandum et du cess tecum, ruling of 1st August 2019 and warrant of arrest of 7th, August, 2019 was obtained by the defendant from the High court of the Federal Capital Territory, Nyanya, Abuja. The said orders were duly served to the respondent’s counsel and the sole judge upper area court sitting at Gwagwalagda.

    At this juncture attempt by the investigators to interact with Abubakar Rahmat Salihu (defendant) and Amina Usman (respondent) was abortive, as defendant’s contact phone was not reachable and the respondent’s number was reached but refused to interact with the investigators.

    Additionally and based on findings around the court environment, revealed that the Sharia Court of Appeal under the leadership of its Head attempted serving the defendant another warrant of arrest on 12th of September, 2019 at his office, despite the existing Court of Appeal of Nigeria restraining order with appeal number CA/A/688/S/2019 from the court of Appeal and Certiorari court order with Motion No FCT/HC/M/19 staying all action or steps towards the proceedings of the respondent.
    In synopsis, the investigator frowned at the observations portraying the judiciary which serves as the hope of the common man as a tool for what could be regarded as judicial recklessness on the part of the Area Court Judge in Gwagwalagda under the watch of the shariah court of appeal. According to our sources, the respondent counsel is still seen around the Sharia court of appeal attempting to influence the court to carry out further action where they have no jurisdiction. This urgently begs for concern an sincere interpretation from all stakeholders, on whether it is right for an upper area court to overrule a restraining order of the court of appeal and if also the shariah court has the power to attend to a matter before the court of appeal. i

    The above submission from the investigators begs for an answer to avoid any ambiguity in the standards of the nation’s judicial system.

  • Nigeria to seek global support to combat terrorism

    Nigeria to seek global support to combat terrorism

    By Jennifer Y Omiloli

    Geoffrey Onyeama, the Minister for Foreign Affairs, has said that the Nigerian Government would use the Forum of the UN General Assembly (UNGA) to seek global support in fighting terrorism and increasing Foreign Direct Investments (FDI).

    Onyeama disclosed this in Abuja during a Pre-UNGA briefing with newsmen on Tuesday stating the expectations of the Nigerian government during the high level summit from Sept. 17 to Sept. 30.

    According to Onyeama, Nigeria would take advantage of its position as President of the 74th UN General Assembly to project the country and articulate priorities of the country, what it seeks to achieve and areas for global support.

    He said that President Muhammadu Buhari will be lead the Nigerian delegation which would include Members of his cabinet and some Ministries, Departments and Agencies (MDAs) to ensure Nigeria have the best technical resources.

    Onyeama listed other priority issues of the country to be discussed at the summit to include: issues of Peace and Security, the Sustainable Development Goals (SDG ) which covers socio-economic, education, humanitarian issues regarding child’s right.

    Other issues are: poverty eradication, illicit financial flows, recovery of stolen assets.