The local equities market yesterday closed on a negative note as selloffs on Nigerian Exchange Group Plc and 29 others dragged the capitalisation lower by N74 billion.
The All Share Index (ASI) declined by 130.56 points, representing a decline of 0.13 per cent to close at 97,343.42 points. Accordingly, market capitalisation shed by N74 billion to close at N55.058 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Exchange Group, PZ Cussons Nigeria, UAC of Nigeria (UACN), Zenith Bank and United Bank for Africa (UBA).
As measured by market breadth, market sentiment was negative, as 30 stocks lost relative to 13 gainers. Custodian Investment recorded the highest price gain of 9.63 per cent to close at N10.25, per share. International Energy Insurance followed with a gain of 9.29 per cent to close at N1.53, while Sovereign Trust Insurance rose by 7.89 per cent to close at 41 kobo, per share.
NPF Micro Finance Bank went up by 7.10 per cent to close at N1.96, while Champion Breweries appreciated by 6.11 per cent to close at N3.30, per share.
On the other hand, FTN Cocoa Processors and PZ Cussons Nigeria led the losers’ chart by 10 per cent each to close at N1.44 and N20.25 respectively, while Sterling Financial Holdings Company followed with a decline of 9.89 per cent to close at N4.01, per share.
The Initiates Plc (TIP) depreciated by 9.78 per cent to close at N2.03 and UACN declined by 9.76 per cent to close at N13.40, per share.
The total volume traded declined by 16.0 per cent to 355.554 million units, valued at N7.143 billion, and exchanged in 7,333 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 71.872 million shares valued at N3.038 billion. Custodian Investment followed with 65.466 million shares worth N785.263 million, while Access Holdings traded 24.167 million shares valued at N416.727 million.
Tantalizers traded 21.305 million shares valued at N22.414 million, while Prestige Assurance sold 17.536 million shares worth N8.955 million.
[Leadership]
Nigerian Fuji singer, Adewale Ayuba, also known as Mr Johnson, has shared a moment when Duchess Meghan was spotted dancing to his chart-topping hit, “Koloba Koloba.”
Ayuba shared the video on his Instagram account on Monday with the caption, “Even HRH Meghan and Harry know how to Ta tan de ile, thank you for this moment. ”
In the video, Meghan was spotted rhythmically swaying her shoulders along to the music.
Prince Harry and his wife, Meghan Markle, landed in Nigeria last Friday as part of their promotion of the Invictus Games, the sporting event he founded for wounded military veterans.
Harry’s decision to visit Nigeria followed an invite by the military high command following the nation’s debut appearance at the 2023 Invictus Games, held in Düsseldorf, Germany.
The Invictus Games, founded by Prince Harry in 2014, is an international multi-sport event for wounded, injured, and sick military personnel that offers support, recovery pathways, and rehabilitation for the personnel, post-injury.
Their itinerary included attending a school event focused on mental health and meeting with wounded soldiers during their trip.
On day three of the visit, Prince Harry and Meghan took part in a basketball event with the Giants of Africa Foundation in Lagos, an organisation that helps youths through engagement in the sport.
[Punch]
Media
My girl Meghan was feeling it, look at those shoulders move ? #HarryandMeghaninNigeria pic.twitter.com/9VsiAoiTfy
— Dani | Radical Optimism ? (@ArchLiliHazMeg) May 12, 2024
A chieftain of the All Progressives Congress in Rivers State, Senator Magnus Abe, on Wednesday, defended his decision to work with the Minister of the Federal Capital Territory, Nyesom Wike.
Earlier, Abe, who contested the state governorship election on the platform of the Social Democratic Party in 2023 after losing out to Tony Cole for the party’s ticket, announced his reconciliation with Wike.
He also insisted that anybody he wanted to work with, he must reconcile with the person.
He said, “I’m comfortable working with Wike. I did everything to convince Wike as governor then, to work for Tinubu in Rivers State.
“Wike is my friend. Today, he is working in the APC government as a minister. We must work together.”
Meanwhile, the former lawmaker, speaking on a Channels TV programme, Politics Today on Wednesday night defended his actions.
Asked whether Wike has now become a member of the APC, Abe said, “Wike is a minister in the APC government and not a member of the APC.
“He is a minister in our government and we cannot with all proper sense of responsibility as a party ignore the president’s appointee from our own state, who is a minister in our government. It makes no sense.
“So, he does not have to be a member of the APC, but he is an influential figure in the APC government and it is in the interest of the party to work with him and we will do so in the party and nation’s interest and to be able to give our full support to the president (Bola Tinubu).
“He was not a member of the APC when he led the G-5 to support Tinubu’s presidency bid.
“The president didn’t stop him then that he is not a member of the APC so you cannot support me.
“If the president didn’t say that, we too, will not say that he is not an APC member and so we will not work with him.
“We are following the footsteps of our leader, therefore, we’ll work with him.”
He, earlier, from the same interview also spoke on the APC structure in the state.
“The politics of Rivers State, like we all know, for the past few years have been convoluted within the All Progressives Congress, and we’ve looked at the situation with the recent changes in the party.
“And the appointment of the Chairman caretaker committee in the state is necessary,” Abe said.
Grammy-winning Nigerian singer, Damini Ogulu, aka Burna Boy, has opened up about why he is not ready to be a father yet.
According to the 32-year-old, he is not ready to have kids yet because he can’t give them the attention they deserve.
Burna Boy disclosed this while responding to a curious fan during a recent Instagram live session with fans.
He explained that he would have children when he was settled or married.
He said, “Why haven’t I had kids yet? Bro, because I don’t want to have kids yet.
“Have you seen my mum the way she loves me? Have you seen my dad the way he loves me?I know I can’t give that to anyone right now with the life I’m living. So until I’m settled and I can be there for my children everyday, I’m not having no kid.
“I feel like my kids deserved better than I got. And I got both my mum and dad so you understand?”
On the allegations that he is impotent, Burna Boy said, “When I see the bants and the things people say [about me not being able to have kids], I said this is unimportant. Let’s assume that it is true that I couldn’t even have kids, you know that there’s something called IVF? But that is not even true.”
Senator Ali Ndume, the Chief Whip of the Senate, has said that he would not support death penalties for corrupt politicians who steal in millions or billions but for those who steal in trillions.
Ndume pointed out that corruption within Nigerian politics was primarily influenced by individuals.
He suggested that it may not necessitate severe consequences.
The senator acknowledged that politicians engaged in corruption but also distributed resources to the public.
He said, “If you compare us, politicians, to all the corruption, it is very small. Our corruption is people-driven,” he told Channels Television.
“If you steal it, you will go and share it with the people. If you don’t, you are not coming back for four years. There is no reason for stealing.
“I have been to the National Assembly, I can’t say because we are on TV now and not telling the truth.
“If the death penalty is supposed to be included in corruption, I will support it but you don’t go and kill someone that stole one million or one billion, no. But someone who steals one trillion of government money should be killed.”
The Nigerian Correctional Service NCoS has dismissed as untrue, online reports that it has established a hotel in Abuja, urging the public to be wary of misinformation.
Service Spokesman, Abubakar Umar, an Assistant Controller, disclosed this in a statement Wednesday in Abuja.
He said a malicious report making the rounds in some sections of the media has it that the Nigerian Correctional Service NCoS has just built a magnificent hotel.
According to him, the said report is not only misleading, but also targeted at misinforming the public.
He said for the avoidance of doubt, the said hotel was built in 2021 “And it is exclusively owned by the Correctional Cooperative Society COCOS), a Cooperative Society for all personnel of the Service which was formed in the year 1996”.
“The Cooperative Society operates a Microfinance Bank that provides financial soft-landing to both serving and retired personnel with the aim of improving their welfare through the provision of soft loans and other financial services.
“The Cooperative Society also serves as a fallback welfare system for retired and deceased personnel, while those who have been dismissed from Service get back their due entitlements upon disengagement. Presently, all such payments of entitlements to beneficiaries are up-to-date. The Cooperative Society has acquired housing estates, providing personnel, serving and retired, the opportunity to own personal houses without hassles.
“The said hotel has been opened for business since its establishment in 2021, and located along Bill Clinton Drive Airport Road, Abuja. In terms of funding and day-to-day administration, the hotel is owned by COCOS and managed as a corporate entity. The hotel has so far provided employment opportunities for many youths, and attracted commendations from dignitaries both within and outside.
“In his familiarization tour of the Service’s National Headquarters upon assumption of office, the Minister of Interior, Dr. Olubunmi Tunji-Ojo commended the Service for the initiative of establishing the hotel and enjoined other institutions to emulate the Nigerian Correctional Service in this regard.
“The Controller General of Corrections (CGC) hereby advises the general public to disregard the said report as it is meant to cause chaos where none exists. He enjoins the public to patronize the hotel as it provides excellent services at competitive prices.
After weeks of depreciation, the Naira recorded its first N61.38 appreciation against the Dollar at the official foreign exchange market.
FMDQ data showed that it appreciated by N1459.02 per Dollar on Wednesday compared to N1520.40 on Tuesday.
This represents a 4.2 per cent gain against the Dollar on Wednesday compared to the previous day.
Similarly, the Naira dropped to N1515 per Dollar in the parallel market section from N1520.
Recall that Bureau De Change operators blamed the depreciation of the Naira on insufficient foreign currency allocation by the Central Bank of Nigeria.
Since mid-April 2024, the Naira recorded a 28 per cent decline against the Dollar.
The development comes as Nigeria’s inflation surged to 33.69 per cent in April 2024.
Kogi, Kwara, and Ondo are the three states in Nigeria with the highest food prices amid worsening hardship.
This is according to the latest National Bureau of Statistics April’s Consumer Price Index and Inflation report.
The report ranked Kogi State with the highest food inflation rate at 48.62 per cent, followed by Kwara (46.73 per cent) and Ondo (45.87 per cent) on a year-on-year basis.
Meanwhile, Adamawa (33.61 per cent), Bauchi (33.85 per cent) and Nasarawa (34.03 per cent), recorded the slowest rise in food inflation.
However, on a Month-to-Month basis, Lagos, Edo, and Yobe are the states in Nigeria with the highest food prices.
Accordingly, Lagos (4.74 per cent), Edo (4.06 per cent), and Yobe (3.99 per cent) recorded the slowest rise in Food inflation.
This development comes as April’s headline and food inflation surged to 33.69 per cent and 40.53 per cent, respectively.
The World Bank has blacklisted 58 Nigerian companies and individuals for engaging in corrupt practices, a move which comes as part of the institution’s ongoing efforts to uphold integrity and transparency in its projects and operations.
Among those affected are 39 Nigerian companies previously debarred by the African Development Bank (AfDB), along with 19 individuals identified by the World Bank under the cross-debarment policy.
The total number of debarments now stands at 58, rendering the implicated entities ineligible to participate in projects and operations financed by institutions of the World Bank Group.
The list which the World Bank updates every three hours, contains a total of 1,210 companies and individuals globally at the time of this report.
A debarment renders firms/individuals ineligible to participate in projects and operations financed by institutions of the World Bank Group.
According to the World Bank report, the sanctions were imposed following an administrative process conducted by the Bank, which allowed the accused firms and individuals to respond to the allegations. This process adhered to the Bank’s procedures for sanctions proceedings and settlements in bank-financed projects.
“Through July 2007, this process was conducted in accordance with the Sanctions Committee Procedures adopted on August 2, 2001. The process is currently conducted in accordance with Bank Procedure: Sanctions Proceedings and Settlements in Bank Financed Projects. For more information on the two-tier sanctions process go to Sanctions,” it stated in the report.
Cross-debarment, as per the Agreement for Mutual Enforcement of Debarment Decisions, was enforced in accordance with the agreement dated 9 April 2010. This agreement has been made effective by several international financial institutions, including the World Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, and African Development Bank.
Cross-debarment in accordance with the Agreement for Mutual Enforcement of Debarment Decisions dated 9 April 2010, which, as of July 1, 2011, has been made effective by the World Bank, Asian Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, and African Development Bank.”
In addition to debarment, the Bank reserves the right to apply other actions to firms and individuals found in violation of its policies, which may not necessarily result in debarment.
The prohibited conduct leading to debarment is defined in the applicable Procurement or Consultant Guidelines, as well as in the World Bank Procurement Regulations for Investment Project Financing Borrowers. The specific guidelines may vary depending on the nature of the project in question.
The World Bank’s actions underscore its commitment to combating corruption and promoting accountability in development projects, ensuring that funds are used effectively for the benefit of the people.
The threat of legal action against the Speaker of the Niger State House of Assembly, Abdulmalik Sarkindaji, by the Minister of Women Affairs, Uju Kennedy Ohanenye, over his plans to sponsor the marriage of over 100 girls in his constituency in Mariga Local Government Area has continued to generate brouhaha across.
Various Islamic groups on Wednesday gave the minister a seven-day ultimatum to withdraw the suit or face legal action.
DAILY POST recalls that the Speaker of the Niger State House of Assembly had decided to sponsor the marriage of about 100 girls who had lost their parents to banditry in his constituency, as well as those whose parents could not afford to foot their marriage expenses.
But the Minister of Women Affairs, suing the speaker, alleged the girls were being married off against their will.
Arising from its meeting today in Minna, the Niger State Imam Forum and other heads of Islamic organisations, in their resolution, described the minister’s action as blackmail and issued a seven-day ultimatum to her to withdraw her statement and the suit on the issue and apologise or face legal action.
The Director General of the Niger State Religious Affairs, Dr Umar Farouk, who gave the ultimatum, insisted that the minister has overstepped her limits and must withdraw her statement of blackmail against the speaker and religious leaders on the matter.
According to him: “The 24th May 2024 date of the wedding remains sacrosanct, as the Imam Forum, in conjunction with the parents of the brides, will go ahead with the ceremony. The Niger State Speaker, Abdulmalik Sarkindaji, has done his part of the donation to ensure the success of the marriage of the 100 orphan women.”
The forum called on President Bola Tinubu to sack the minister from his cabinet for alleged incompetence as well as an attempt to cause religious disharmony in Niger State and Nigeria.
“The minister should also withdraw her statement of blackmail against the speaker, religious leaders and the entire state for saying the women are underage.
“The planned marriage has the blessing of all the religious and traditional leaders from the area. The sponsor of the marriage consulted widely before accepting the responsibility and we are strongly behind him.
“The girls are not underage and they are not being forced into marriage, as the minister has made the public believe. This is what the minister failed to investigate,” Farouk stated.
Calling on philanthropists, well-to-do individuals and politicians to emulate Niger State Speaker Abdulmalik Sarkindaji, Farouk added that the girls are between the ages of 18 and 25, including widows, hence, there is no forced marriage, as six procedures were strictly followed for the selection of the beneficiaries.
Similarly, the Niger State Unit Area of the Muslim Student Society of Nigeria, MSSN, urged President Bola Tinubu to immediately suspend the Minister of Women Affairs over her plan to halt the planned 100 weddings of ophan girls in the state.
MSSN Ameer in the state, Mahmud Lawal Murshid, stated this during a press briefing in Minna.
The society condemned the court action against Niger State Speaker Abdulmalik Sarkin-Daji, adding that Islam accorded much respect to the marriage institution while commending the speaker for sponsoring the mass wedding.
Meanwhile, a source close to the community who spoke on the condition of anonymity told DAILY POST that, so far, about N10 million in cash has been received as donations towards the success of the marriage.
The source said: ” Presently, an individual has donated N100,000 to each of the girls as a way of empowerment for them to start up something after the wedding.”
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The Catholic Bishop of Sokoto Diocese, Bishop Matthew Hassan Kukah, on Wednesday, explained to newsmen why he was with President Bola Tinubu in Abuja.
Meanwhile, he declared that Nigerians were in pains owing to the various policies introduced by President Tinubu.
However, Bishop Kukah expressed the hope that with time such policies would be amended to serve the people’s welfare.
He spoke to state house correspondents after a closed-door meeting with President Tinubu at the Presidential Villa, Abuja.
Villa mission
On his mission at the state house, Kukah said: “I came to see President Tinubu with the Director of the Kukah Centre.
“We came to discuss with the President an invitation to have a conference we had earlier extended, which we renewed.
“We would like him to be in attendance. It is addressing the theme of national cohesion. So, that’s really what we came to discuss.”
Assesses Tinubu’s administration
Asked to assess Tinubu’s administration as it prepares to celebrate the first anniversary, Kukah said: “I’m sure many people will tell you that one year is not enough to make a judgment.
“However, from where we all stand, we know that we are all in a very difficult situation.
“Nigerians are in various levels of pains, and they are pains that are unintended. But they are the results of certain policy decisions that, hopefully, with time, can be amended in order to serve the welfare of the people.
“Because I believe that the essence of government is to guarantee the welfare and security of ordinary citizens.
“I believe that the times that we are in now are very difficult and nobody should be under any illusion. But they are also times for renewal.
“We just need to commit ourselves to the fact that building a good society takes a lot of time. It’s not something that is done in one lifetime.
“And for me, the most important thing is to continue on the building blocks of the things that we think are being done well.
“My argument has always been that the government needs to, very quickly, improve the quality of communication so that Nigerians can at least get a sense of how long is it going to be before food is ready.”
… on Rivers’ crisis
Fielding questions on the political crisis in Rivers state, the cleric who was reluctant to comment on it, said: “We ordinary people cry more than the bereaved.
“The important thing is politicians will fix their problems.
“Rivers State is a place that is very dear to me, because I have been associated with them for a very long period of time.
“But look, when politicians fight, don’t get carried away because they have their capacity to fix their quarrel.
“And I hope and pray that Rivers State will sooner rather than later reposition because it is not an insignificant part of Nigeria.”
The Trade Union Congress (TUC) has rejected the N48,000 proposed by the Federal Government as the new minimum wage, saying it does not make any sense.
The TUC President, Festus Osifo berated the FG’s proposal while speaking in an interview on Channels Television’s Politics Today on Wednesday.
Osifo said the federal government was not being serious in the negotiation with the workers.
According to Osifo, the least federal workers are already earning up to N77,000, saying proposing N48,000 at the moment is ‘abysmal.’
He said, “Before President Muhammadu Buhari left office, the last person in the federal ministry was actually earning N42,000.
“If you now factor in the wage award of N35,000 that was given, N42,000 plus N35,000 will give us N77,000, so as of today what the least federal government worker earns is N77,000.
“So, the question that we now ask is that if the least federal government worker is earning N77,000, why are you now coming to present N48,000? It does not just make any sense,” he said.
Osifor challenged the Federal Government to come forward with data backing the N48,000 proposal and convince the union members on how that amount reflect the reality of the average Nigerian worker.
Recall that earlier on Wednesday, the labour unions walked out of the ongoing minimum wage negotiations with the government and the Organised Private Sector following what the union leaders described as a ridiculous offer by the government.
The TUC leader said that at the meeting, the labour unions proposed a N615,000 minimum wage which they gave a breakdown of how it was arrived at.
He said that the government on its part presented N48,000 with no breakdown of how it can cater for the needs of the Nigerian workers.
According to Osifo, failure to back the N48,000 proposal up with data shows unpreparedness on the part of the government which was why the union leaders walked out of the meeting.
He said that the union members still maintain that all conversations around a new national minimum wage must be concluded by the end of May.
…He was illegal occupant— ACP Dangana
LAGOS—A team of policemen from the Works Department of the Force Headquarters, in Lagos, has stormed the senior police officers’ quarters at the Government Reserved Area, GRA, Ikeja and allegedly looted and vandalised the residence of a retired Commissioner of Police, Chucks Enwonwu.
Eyewitnesses said the team of policemen numbering over 10 came to the retired officer’s residence at Quarter 33, Flat 2, Oba Akinjobi Street, G.R.A., Ikeja and embarked on massive vandalization and looting of the property inside the residence of the retired Commissioner of Police, who was absent at the time the operation was being carried out.
Speaking to reporters on the destruction carried out in the building, the distraught police officer told Vanguard: “It was my official quarters while I was in service. I had yet to move to the property I bought from Police Cooperative at Bank Anthony Way. The place is yet to be linked with electricity. I went several times to access the flat but I was frustrated.
A flat I paid for in tranches since 2019, so, I could not have dragged the GRA flat since it was to be demolished anytime.
“That particular day, they invaded the flat, I got calls from another retired officer saying that a Superintendent of Police, from the Works Department, led Mallams to eject me from the flat in GRA. I told him to hand over the phone to the officer leading the demolition exercise and I appealed to the officer to wait for me to send two SPOs to see him and pack my things to the new house at Bank Anthony.
“Unfortunately, he did not use his initiative and he went ahead to break into the flat and they began massive looting and vandalism of my items.
“In the end, all my valuables—cash, jewellery, clothes, property documents, NYSC and degree certificates were stolen before the two SPOs I sent to the place could pack my things. The modest estimate of my loss is over N15 million.
“When I tried to speak with the man in charge of the Works Department, he did not pick up my calls. However, he later claimed that he was sick and begged that I should forgive the officers who carried out the exercise.
“It is pertinent to point out that before the willful massive looting and vandalization of my property, no one served any notice on me. I don’t live there but have my loads there since I have yet to access the Cooperative Unit of the police because they are yet to connect light there.
“I have served the Police Force in different capacities and many places, including Commissioner of Police, Oyo State; Commissioner of Police, SPU and retired at 60 years after I was denied the exalted rank of Assistant Inspector General of Police, AIG, by former Inspector General of Police, because of ethnicity.”
He was illegal occupant —ACP Dangana
However, when Vanguard spoke with an officer said to be in charge of the Police Works Department in Lagos, ACP Dangana, he said: “I was the person that signed the eviction notice. Adebisi Adesola, a Superintendent of Police, led our men to the location. The directive came from the police high command to eject illegal occupants. The person in question retired two years ago which makes him an illegal occupant.
“He was supposed to leave the building six months after retirement but did not and moved to the East leaving his property locked up in the building. He told me that his valuable documents and jewellery got misplaced in the process but I was not aware of it because I was not around on the day officers went to the building.”
A District Court in the United States, has sentenced a Nigerian man, Victor Uzor, to four years in prison, for his involvement in a $1.1 million business email compromise scheme.
In the judgment handed down by Judge Kelley Brisbon Hodge on Tuesday, the sentence went with three years of supervised release and over $1 million in restitution.
United States Attorney Jacqueline C. Romero disclosed this in a statement on the Department of Justice website on Tuesday.
Romero said, on January 2, 2024, the defendant pleaded guilty to one count each of conspiracy to commit wire fraud, wire fraud, and aggravated identity theft.
The scheme typically involved another member of the conspiracy disguising as a legitimate vendor and sending a false invoice to the victim organisation.
As reported on the website, Uzor’s involvement in the offence entailed opening a sequence of bank accounts under the identities of innocent individuals unrelated to the crime.
Another accomplice planned for the victims to transfer money to the accounts established by Uzor.
Subsequently, Uzor promptly withdrew these funds and transferred them to other accounts to avoid detection before the scam was detected.
In all, Uzor aided in the theft of approximately $1.1 million from the victimised businesses and individuals.
In the same vein, he made an attempt to steal another $400,000, which became unsuccessful.
One of the victims of the scheme was a nonprofit mental health care provider situated in Doylestown, PA.
“First, Victor Uzor victimised the people whose identities he stole to facilitate this scheme,” said Romero.
“Then he helped prey upon the primary targets of the business email compromise, including a nonprofit organisation in Bucks County dedicated to providing behavioural health care for the underprivileged and underserved — a safety net for those in need of care.
“In stealing from this provider, he shortchanged its employees, patients, and the community. My office is committed to holding accountable anyone involved in such a clear-cut case of fraud,” said the U.S. attorney.
Special Agent in Charge of FBI Philadelphia, Wayne A. Jacobs, said, “The FBI works each and every day to dismantle fraud schemes that affect our citizens.
“Alongside our partners, we will continue to bring to justice criminals who orchestrate these scams, and protect the hard-earned assets of our citizens.”