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NSE: Stock Market records first gain of the week

Amaka Nliam
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After three days of consecutive losses, trading session at the Nigerian Stock Exchange (NSE) closed positive on Thursday.

 

The market rebounded by 0.78 percent making it the first gain on the market this week.

 

The market capitalization rose by N167 billion to close at N21.456 trillion as against N21.289 trillion on Wednesday.

 

In the same vein, the All-share index appreciated by 0.78 percent to close at 41,014.30, being 318.29 basis points higher than 40,696.01 points recorded on Wednesday.

 

A total of 1.274 million shares valued at N6.39 billion were traded in 6,573 deals on Thursday.

 

The market sentiment, however, remained negative as it recorded 46 losers relative to 7 gainers.

 

Dangote Cement led the gainers’ table after it gained N15.00 to close at N228.00. It was followed by Mutual Benefit, which gained 2k to close at 39k, then Sovrenins closed at 28k after a 1k gain.

 

On the other hand, Livestock lost 25k to close at N2.25k.

 

Linkassure lost 6k to close at 54k, while NAHCO was next with a loss of 23k to close at N2.08k.

 

Livingtrust had the highest volume of trade on Thursday as it sold 796.45 million shares worth N493.801 million, followed by Transcorp with 55,749 million shares valued at N50,534 million.

 

 

Endsars: Nigerian govt warns against repeat of violent protests

Dominica Ijeoma Nwabufo
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The Nigerian government has issued a stern warning against a purported plan to return to the Lekki Tollgate in Lagos South West Nigeria on Saturday with renewed protest.

The Nigerian authorities said that presently, the chances that any peaceful protest will be hijacked are very high. The government revealed that based on the intelligence at its disposal, some Nigerian activists have linked up with others outside Nigeria, including subversive elements, with a view to destabilizing the country.

While addressing a Press Conference in Abuja on Thursday, the country’s Information and Culture Minister, Alhaji Lai Mohammed stated that peaceful protests are the constitutional rights of Nigerians, but violent protests are not.

Alhaji Mohammed affirmed that never again will the Federal Government allow the kind of violence that was perpetrated across the country under the guise of the EndSars last October.

“We therefore strongly warn those who are planning to re-occupy Lekki Toll Gate on Saturday to desist. We know that many of those who have been loudest on social media in advertising the plan to reconvene in Lagos on Saturday are not even in Nigeria.

They are elsewhere around the world fanning the embers of violence and inciting gullible people back home. No one should fall for their antics. Never again will anyone or group be allowed to destroy cities or to kill and maim innocent citizens, including security agents, under any guise.

The EndSars campaign last October started as a peaceful protest against police brutality. As a government that believes in the constitutionally-guaranteed right of citizens to engage in peaceful protests, the Federal Government did nothing to hinder the protests for as long as they remained peaceful.”

The Minister said the trillion-Naira destruction of Lagos, in particular, remains too fresh a wound with hundreds, including the youth, lost their means of livelihoods to the wanton attacks.

“The burnt wreckage of public buses that were wantonly set ablaze by rampaging hoodlums remains in their positions as a sad and gory reminder of the unprecedented attacks. The city is still reeling from the war-like destruction.

For those who are using justice as an alibi for another round of destruction, let me say this: As we speak, the Judicial Panels of Inquiry, set up across the country to receive and investigate complaints of police brutality or related extra-judicial killings, with a view to delivering justice for all victims of the dissolved SARS and other police units, are continuing with the assignments.”

Alhaji Mohammed said in Lagos, the Judicial Panel of Inquiry has an added responsibility of investigating the incident of October 20th at the Lekki Toll Gate which the government expects people to explore that widow to get justice.

“Like we have said many times, anyone who has any information on the alleged shooting or purported massacre at the Lekki Toll Gate, including the names and addresses of those who were purportedly killed, should head to the Panel to give it such information. This is how to enhance the search for justice, not by rabble rousing or engaging in media shows.

However, any further resort to violence in the name of EndSars will not be tolerated this time. The security agents are ready for any eventuality.

 A situation in which six soldiers and 37 policemen were murdered in cold blood by hoodlums will not repeat itself. The attack, looting and razing of 269 private and public properties will not happen again. The killing of 57 civilians will not be re-enacted.”

According to the Minister, the Federal Government is also keenly watching the role being played by the various social media platforms in this renewed clamour for violence in the country.

“Recall that the social media platforms that eagerly nudged on the EndSars protesters, until the situation got out of hand, are the same ones that quickly pulled the plug on even their own President when the chips were down in their own country.”

Recalled that last October Nigerian youths embarked on a peaceful nationwide protest against Police Brutality tagged Endsars which was later hijacked by hoodlums and turned violent.

 

 

Dominica Nwabufo

Nigeria: Defence headquarters moves to tackle insecurity

Dominica Ijeoma Nwabufo
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The new leadership of the Armed Forces of Nigeria has vowed to usher in new modus operandi to tackling the security challenges in the Country.

The Coordinator, Defence Media Operations, Major General John Enenche disclosed this at a news briefing in Abuja,  Nigeria’s capital.

Major General Enenche said on assumption of office, “the Service Chiefs immediately hit the ground running by conducting an operational visit to the North East of Nigeria”.

He stated that the Service Chiefs have also visited some operational areas in the country to interact with troops and commanders in the field in the various theatres.

The Coordinator, Defence Media Operations, Major General John Enenche, at the briefing said in this regard, the service chiefs led by the Chief of Defence Staff, Major General LEO Irabor commenced action at all levels.

Major General Enenche said “these include carrying out strategic, administrative, operational and logistics adjustments, changes and reviews, to improve the security situation in the Country”.

According to him, between 21st January 2021 to 11th February, 2021, troops of Operations HADARIN DAJI have continued to sustain their efforts in the North-West Zone of the Country progressively.

He said “the troops within the period in focus carried out several land and air operations in the Zone”. These include clearance and ambush operations as well as aggressive ground and aerial patrols in order to ensure security of lives and property within the Zone.

According to him, in the North East Zone, the Armed Forces of Nigeria working together with other security agencies have continued to sustain the onslaught against the insurgents.

General Enenche noted that within the period under review, troops of Operation LAFIYA DOLE, on various occasions made contact and engaged some Boko Haram/Islamic State West Africa Province criminal elements.

He noted that in the various encounters, more terrorists’ enclaves have been destroyed along with their logistics facilities and scores of their fighters neutralized through ground and air strikes at different locations in the North East Zone.

The Coordinator said that “troops of the Armed Forces of Nigeria and other security agencies operating in the North Central Zone of the Country were also sustaining the fight against armed banditry and other criminal vices in the Zone with remarkable results”.

He added that several combined land and air operations were conducted within the period, which resulted in the neutralization of scores of armed bandits and recovery of caches of arms and ammunition. As the land troops maintain aggressive fighting patrols to dominate the theatre of operation, the air component dominated the airspace with air reconnaissance activities.

In the South-South Zone, the coordinator said that troops of Operation DELTA SAFE have continued to protect and safeguard our coastal and territorial waters through intensive sea and creek patrols.

Additionally, troops conducted anti-crude oil theft and anti-illegal bunkering operations as well as other anti-illegal maritime activities, and in the process, deactivated several illegal refining sites within the period in focus.

General Enenche noted that in the course of the operations, large quantities of stolen crude oil and illegally refined AGO as well as some equipment were recovered.

In the South West Zone, he said “troops have sustained their efforts in the fight against pipeline vandalism and crude oil theft as well as other economic saboteurs through raids and arrests within the period”.

Consequently, several pipeline vandals and smugglers were arrested and handed over to appropriate prosecuting authorities for necessary action.

Also, several bags of foreign parboiled rice and illegally smuggled items and vessels were seized.

He remarked that the Armed Forces of Nigeria have urge Nigerians to support their efforts in tackling security challenges confronting the  nation adding that  collective efforts are essential in the fight against the various security vices in the country.

Meanwhile, the Military High Command has reassured the general public of its untiring dedication towards securing the country as members of the general public are enjoined to continue providing timely information on the activities of criminals in their various localities to the military and other security agencies for prompt and effective action.

 

Dominica Nwabufo

 

 

Ebonyi: Federal high court upholds Nwebonyi as PDP Chairman 

Nneka Oyibo Ukachukwu
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The Federal High Court sitting in Abakaliki, Ebonyi State, Southeast Nigeria has upheld Barrister Onyekachi Nwebonyi as the Chairman of People’s Democratic party PDP but sacked the Fred Udeogu-led PDP Caretaker Committee, describing it as illegal.

The presiding Judge, Justice Aluko Akintayo, in a judgement, ruled that the purported dissolution of the Executive Committee of the PDP in Ebonyi State which led to the removal of the plaintiff, was not only absurd, but inconsistent with the provisions of the Party’s constitution as well as the constitution of the federal republic of Nigeria.

Justice Akintayo noted that the party acted harshly without any evidence of wrong doing against the plaintiff, adding that the defection of Governor David Umahi to the APC was in exercise of his fundamental human right of freedom of association and cannot be a justifiable ground to remove the plaintiff from office.

Akintayo held that the PDP failed to prove before the court, its allegations of anti-party activities and attempts to destabilize the PDP levelled against the Ebonyi State Executive Committee of the party.

According to the judge, even if there is truth in the allegations against the Ebonyi state Executive Committee of the party, it was unfair to have dissolved them including the plaintiff, without giving him fair hearing.

Barrister Onyekachi Nwebonyi

Caretaker Committee quashed
The Court also ordered the Independent National Electoral Commission INEC not to recognize the purported Caretaker Committee constituted by the National leadership of the PDP in Ebonyi State.

“The Court maintained that the dissolution of the Ebonyi state Executive Committee of the PDP was illegal and cannot stand”, Akintaye said.

The order followed a suit instituted by Barrister Nnachi Okoro, the Legal Adviser of the Barrister Onyekachi Nwebonyu-led PDP executive in Ebonyi state that was dissolved last year November by the national leadership of the PDP, in the wake of the defection of Governor David Umahi to the All Progressives Congress.

The plaintiff, Okoro, had in the suit, argued that his purported removal from office, as the legal Adviser of the PDP by virtue of the dissolution of the purported State Executive Committee of the Party without fair hearing, was contrary to the Party’s constitution and the constitution of the federal republic of Nigeria, and urged the court to so hold.

“In view of section 2 of the PDP’s constitution, which is subject to the constitution of the Federal Republic of Nigeria, there was no justification for the leadership of the party to have breached its own constitution”, Okoro added.

The Court maintained that the Plaintiff, having been duly elected to serve as the legal adviser of the PDP, had acquired a vested right to occupy the office until his tenure elapsed.

Consequently, the court declared the action of PDP illegal, null, and void, and ordered the party not to recognize any other legal adviser in Ebonyi State, until the expiration of the Plaintiff’s tenure.

Barrister Igbo Michael who appeared for the defendant in an interview said, they would meet and decide on the next action.

Reacting, Barrister Onyekachi Nwebonyi, welcomed the judgment, saying, it is a victory for democracy.

Nwebonyi said by the outcome of the judgment, he remained the authentic chairman of the party in the state.

Barrister Igbo Michael who appeared for the defendant led counsel, Justice Kenneth Njemanze in an interview said, they would meet and decide on the next action.

The legal adviser to the Fred Udeogu-led PDP executive, Barr Mudi Erhenede, said they would appeal the judgment, adding that they would get a stay of execution against the ruling, pending the determination of substantive appeal.

 

 

Nneka Ukachukwu

President Buhari mourns former Lagos State Governor, Jakande

Nneka Oyibo Ukachukwu
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President Muhammadu Buhari says he believes former Governor of Lagos State, Lateef Jakande, lived for the good of others, his state and country.

He said the former Governor’s legacy of standing for all that was right for humanity would be long remembered.

The President, while condoling with family, friends and associates of the elder statesman, affirmed that his imprint on the commercial nerve centre of the country, Lagos State, which was the former National capital, will continue to awe and inspire, reminding everyone of the strength of character and sacrifices of the visionary leader.

In a message, President Buhari noted the contributions of the first civilian Governor of Lagos State and former Minister of Works to the growth of democracy and good governance in the country, describing him as a patriot, whose wisdom will run through generations, especially in putting people first in development plans.

The President joins the government and people of Lagos State, Nigerian Union of Journalists, and Nigerian Guild of Editors, in mourning the veteran Journalist, praying that the almighty God will receive his soul and grant him eternal rest.

 

Nneka Ukachukwu

Ban on Crypto currency: Senate invites CBN and SEC Chiefs

Nneka Oyibo Ukachukwu
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Nigerian Senate on Thursday resolved to invite the Central Bank of Nigeria CBN Governor, Mr. Godwin Emefiele and the Director General of the Securities and Exchange Commission SEC, Mr. Lamido Yuguda, for briefing  on the opportunities and threats of the Crypto currency on the nation’s economy and security, following the apex bank’s recent directive stopping all financial institutions from transacting in Crypto currencies.

They are to appear before the joint Committees on Banking, Insurance and other Financial Institutions; ICT and Cybercrime and Capital Market, chaired by Senators Uba Sani, Yakubu Oseni, and Ibikunle Amosun, who are to report back findings within two weeks.

The resolution was sequel to a motion titled, “CBN’s decision to stop Financial Institutions from transacting in Crypto currencies and matters arising there from” jointly sponsored by Senators Istifanus Gyang and Adetokunbo Abiru.

Senator Gyang presented the motion and noted that the CBN took the decision and followed its earlier directives in January 2017 and February 2018 which forbade banks not to use, hold, trade and/or transact in Crypto currencies.

According to him, “Crypto currency is both an opportunity and a threat, hence the Senate has a responsibility to ensure that the nation and citizens do not miss out on the opportunities that Crypto currency offers and in the same vein, mitigate and prevent likely consequential effects on the nation’s economy and security.”

He, however, added that “the decision of the CBN is said to have been predicated on the need to safeguard the Nigerian economy from the adverse effects of the Crypto currency regime which are unregulated digital or virtual currencies that are issued by anonymous entities and secured by cryptography.”

In her contribution to the motion, Senator Biodun Olujumi said Nigeria did not create crypto currency and therefore could not possibly kill its operation. She said Nigeria should not exclude itself from global technological developments shaping the world.

“We can regulate and manage crypto currency transactions in Nigeria. We cannot kill it because some of our youths are working hard and doing great in technology”, she said.

Also, Senator Solomon Adeola said the CBN’s ban on crypto currency was shying away from its oversight duties. He said it was important to invite the CBN governor to find out the regulations put in place to regulate the activities of those operating in crypto currency in Nigeria.

In his remarks, the Senate President, Dr.Ahmad Lawan, said that the CBN needs to educate Nigerians more on the issues of crypto currency transactions in Nigeria especially as to how it impacts the  economy and security.

He said the Senate wants to be briefed to have more information and be guided on next line of action, noting that the motion may not be the last on crypto currency as the issues are still developing.

 

Nneka Ukachukwu

Covid-19: Kano State distributes 10m Facemasks to residents

Nneka Oyibo Ukachukwu
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The Kano State Government has distributed over 10 million pieces of facemasks to residents in the state to stem the spread of Covid-19 pandemic in the ancient city.

The state Commissioner for Environment, Dr Kabiru Ibrahim- Getso said the facemasks were distributed to residents since the outbreak of the pandemic in the state.

Fumigation of public places
He said the state government through the ministry of environment had fumigated public places such as markets, schools, offices, religious places of worship, motor parks, suspected houses and other strategic locations to curb transmission of the virus.

“The ministry had recently fumigated premises of the Kano State University of Technology (KUST), Wudil, and the NYSC Orientation Camp, Kusalla in Karaye Local Government Area of the state.

The exercise is still in progress as more communities would be fumigated to protect residents against the virus”, the Commissioner said.

Deployment of sanitation vanguards
Getso said the ministry has also deployed 2,000 sanitation vanguards to create awareness on environmental sanitation and personal hygiene, to stem spread of the pandemic.

“The sanitation vanguards were part of the Covid-19 Marshals deployed to enforce use of the facemasks and promote compliance with Covid-19 safety protocols in the state”, he said.

According to him, the state government also distributed Personal Protective Equipment (PPE) and other items to private and public hospitals as well as schools, adding that the measure is part of proactive strategies adopted to control the pandemic.

 

Nneka Ukachukwu

Commission alerts Nigerians on cloned Facebook account

Dominica Ijeoma Nwabufo
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The Nigerian Communications Commission (NCC) has alerted Nigerians on the existence of fraudulent Facebook account with the name: “Nigerian Communications Commission – NCC – Info Zone”
websites in circulation.

The Commission says the fake account try to capitalise on the Covid-19 pandemic to defraud unsuspecting Nigerians.

In a statement issued by the Director, Public Affairs, NCC Dr. Ikechukwu Adinde noted that in the course of its regular online surveillance aimed at protecting telecoms consumers and industry stakeholders, the Nigerian Communications Commission (NCC) has discovered a spurious Facebook Account purporting to be that of the Commission.

“We have since contacted Facebook Team to take down the fake account.
The fraudulent Facebook account with the name: “Nigerian Communications Commission – NCC – Info Zone” was opened by unidentified individuals, ostensibly to deceive and defraud unsuspecting members of the public, some of whom, as NCC believes, may have inadvertently signed on to the fake Facebook account”

He said it was “important to emphasize that the official and authentic Facebook account of the Commission is: “NIGERIAN COMMUNICATIONS COMMISSION” with over 192,193 followers and the Commission strongly advises the general public and telecom consumers to beware of this cloned Facebook account, as the NCC has no affiliation whatsoever with it” Adinde emphasised

Adinde explained that “this was a typical case of profile cloning often used to create a fake profile identical to an original one, for the purpose of misleading and defrauding unsuspecting general public.Members of the public are advised to disregard the Facebook Page and its content in their entirety” He stated.

He added that NCC, as a responsible organisation, will continue to take measures towards protecting telecoms consumers and industry stakeholders.

 

Dominica Nwabufo

President Buhari offers automatic employment, scholarship to outstanding Corps members

Dominica Ijeoma Nwabufo
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President Muhammadu Buhari has offered automatic employment to 110 ex-corps members in the Federal Civil Service and scholarships for the pursuit of post-graduate studies up to doctoral level in any university in Nigeria.

On Thursday at the virtual 2018/2019 President’s National Youth Service Corps (NYSC) honours award ceremony held at the State House Conference Centre, Abuja, President Buhari, also announced cash rewards for the ex- corps members.

He directed the relevant government agencies to ensure timely implementation of all the incentives for the award recipients.

Urging the honourees to sustain the patriotic zeal that earned them the award, the President said:

‘‘It is noteworthy that the young men and women being honoured have excelled in the four cardinal programmes of the Scheme, namely: Orientation Course, Primary Assignment, Community Development Service and Winding-up/Passing-out, which formed the basis of assessment for the Honours Award.

‘‘On behalf of the Government and the good people of Nigeria, I heartily congratulate those honoured on standing out from their peers in order to merit the honour being bestowed upon them.

 ‘You have proved yourselves worthy ambassadors of your respective families and the National Youth Service Corps. I am very proud of you and confident that the Award shall spur you to greater service to the Nation and humanity.’’

Unifying Factor

The President also used the occasion to commend the founding fathers of the 48-year-old scheme, notably General Yakubu Gowon, who joined the occasion virtually.

President Buhari stressed that NYSC has remained a bastion of national unity and integration by exposing the youth to diverse cultures and traditions, thereby making them appreciate the similarities and diversities that thrive in the country.

‘‘Through the Scheme, walls of ethnic stereotypes are pulled down, and bridges of unity built, especially with enduring friendships and relationships resulting from healthy interactions during the service year. 

‘‘This has strengthened the mileage covered in our quest to be a nation with one common vision and destiny despite our plurality,’’ he said.

On efforts to sanitise the mobilisation process of the Scheme, the President directed the NYSC management to ensure that only those who meet the required criteria participate in the one-year national service.

President Buhari praised Nigerian youths on National Service for frontally confronting and remaining at the forefront of the war against COVID-19 pandemic.

The President noted that the inherent innovation and resilience of Nigerian youths, which members of the Service Corps demonstrated through the production of face masks, hand sanitizers, liquid soap, and several fabricated machines, contributed towards curtailing the spread of the pandemic.

‘‘The enormous contributions members of the Service Corps are making to the improvement of our education, health and social sectors as well as rural development remain a shining testament to the Scheme. 

‘‘This has portrayed successive generations of Corps members as veritable agents of development,’’ he said.

Commending the Federal Ministry of Youth and Sports Development and NYSC for the dogged implementation of the self-reliance programme of government for the youths, the President urged them to sustain the tempo of their activities in this direction.

‘‘It is critical that our youths benefit from the N75b Nigeria Youth Investment Fund.  They should also be encouraged to key into other youth empowerment programmes of Government such as Youth Empowerment and Development Initiative, Youth Initiative for Sustainable Agriculture in Nigeria, Presidential Youth Empowerment Scheme, and Young Farmers Scheme among others,’’ he said.

Youth Participation

Declaring that his administration has abiding faith in the Nigerian youth, the finest part of which Corps members belong, the President said he had demonstrated this belief by signing the “Not too Young to Run” bill into law, so as to accommodate youth in the political landscape.

‘‘I wish to remind our youth, who have the greatest stake in the future of our country, Nigeria, and of course the generality of Nigerians to embrace our initiatives on value reorientation, as this is essential for the achievement of a country we shall all be proud to bequeath to future generations,’’ he said.

President Buhari also urged Nigerian youth to avoid all economic and social vices that are contrary to the wellbeing and progress of the country, admonishing them to adopt a collective approach, premised on sound values to build a great nation.

‘‘As young men and women, I recognize the extreme peer pressure you experience; it is my plea to you to be wary of those who would like to exploit your youth, intelligence and positive energy by channeling you into wrong paths. 

‘‘Avoiding such acts honours not just your families who have sacrificed to see you attain greater heights, but also brings pride to your fellow citizens,’’ he said.

Highpoint at the combined Presidential Honours Award was the reading of citations and presentation of certificates and plagues to the best awardees for each service year.

For the 2018 set, Anyaogu Onyeyirichi Rejoice, who emerged first, served in Taraba State.

Anyaogu won the National Council of Women Societies (NCWS) Award for the Best Female Corps Member in Community Development.

Dr. Eze Sunday Victor, who served in Jigawa State, came first in the 2019 set while Odion Jessica Eseohen took the 2nd position in NCWS Award for Best Female Corps Member in Community Development.

 

Dominica Nwabufo

Kwara Govt tasks University on research and innovations

Dominica Ijeoma Nwabufo
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The Kwara State Government has charged the State University (KWASU) to break new grounds in research and innovation.

The Deputy Governor, Mr Kayode Alabi, gave the charge during a facility tour of Kwara State University (KWASU), Malete.

Mr Alabi reiterated the need to unearth hidden talents in the students through its Entrepreneurial Development Centre.

This, he said, will help the students apply the knowledge acquired to solve problems, create businesses and prepare them for life after school.

Mr Alabi lauded KWASU’s initiative on diversifying its revenue generation by proposing to harness some natural resources in the State to boost tourism and revenue in the state.

The Deputy Governor also charged the University Management to liaise with corporate bodies to attract investment into the institution’s innovative business ideas and support through Corporate Social Responsibilities.

Earlier, Acting Vice-Chancellor of the institution, Professor Omololu Fafojuwo expressed the KWASU management, staff and students’ appreciation to the state government for what it’s done.

Professor Fafojuwo solicited government’s support on the institute’s proposed tourist sites to boost the institution and the state’s tourism and revenue generation.

The acting Vice Chancellor also solicited the support and approval of the state government for KWASU to host a Dance summit with the theme “Unlocking the Lockdown through our Dances” in collaboration with the State Government and Association of Dance Scholars and Practitioners of Nigeria (ADSPON) that is coming up in April.

The deputy governor also visited the Art Gallery, Malete Dam and the institute’s Solar Farm.

 

 

Dominica Nwabufo

 

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