Nigerian Equities Market closes bearish, as ASI SHEDS 0.4%

Salamatu Ejembi, Lagos

Last updated May 17, 2022

The Nigerian equities market on Tuesday extended losses from Monday’s trading session, dipping further into the bear territory.

Consequently, the All-Share Index closed lower by 0.4% or 187.47 basis points than Monday’s close of 52,944.09 basis points, ending today’s trading activities at 52,756.62 basis points.

In the same vein, the market capitalisation shed 0.4% or ₦101.36bn when compared to yesterday’s close of ₦28,543trn to close at ₦28.442trn

The market’s weak performance was driven by sustained profit-taking in MTN NIGERIA COMMUNICATIONS PLC which declined by 1.73%, FLOUR MILLS NIG PLC, which fell 9.20%, and ZENITH BANK PLC which declined by 1.03%.

Analysis of today’s market activities showed a total of 1.32bn units of shares valued at ₦7.72bn were exchanged in 6,449 deals with FCMB GROUP PLC leading both the volume and value charts as 775.09m units traded valued at ₦2.96bn.

Rahila Lassa
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19:40
Attention Online and Desk Editors
Humanitarian Ministry mourns victims of Kano explosion, mobilizes support Rahila Lassa, Abuja The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, sympathizes with the victims and Government of Kano State in North-west Nigeria, following a gas cylinder explosion. The Minister describes the incident which left many people dead, as painful and calamitous. “This is a tragedy. A gas explosion, a collapsed building, death of many victims and persons still trapped

bunmi olukoju
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19:06
Former Senate President Promises Immediate Action if Elected President
Former Senate President Promises Immediate Action if Elected President From Olubunmi Osoteku, Ibadan Former Senate Present, Bukola Saraki has assured Nigerians that, if given the opportunity to lead the country come 2023, his administration would hit the ground running from the first day. Saraki noted that the issues of insecurity, mass unemployment, disunity and poverty would be addressed within a short period of time because he already had a policy plan and programmes, which he described as his contract with Nigerians, before assuming office. He gave the assurance, on Tuesday, while addressing the Oyo State delegates of the ruling People’s Democratic Party (PDP) at the State Party Secretariat, Molete, Ibadan. Noting that he was better prepared and had the capacity, energy and network the people are looking for among those vying for the job, the former Kwara State governor said he was delighted to see the passion with which people are responding to his call for support to clinch the party ticket. He said: “The response has been great. I’m seeing a desire of our delegates to look for someone with capacity, I’m seeing the desire of our delegates to not talk about where you come from because the poverty and insecurity now knows no tribe, no religion and its without limitation. What it knows is who has the capacity to rescue Nigeria, the person who has the energy to fix Nigeria. “I see great passion by a lot of the youths looking for somebody they can connect with and the response I’m getting across the country is very encouraging. There is an energy we are building up. People are looking for somebody who is well prepared, who has shown he has the capacity and who is prepared for the job, not somebody who just want the job for the sake of the job. That is encouraging,” he asserted. Saraki affirmed that he would not take chances but would carry on the work and fight till the last day, as he was convinced that people want somebody who can do the work, saying he could see

justina ifeoma
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18:52
Atten online Editor 17-5-2022.
AFRICAN LEADERS SHOULD ENTRENCH DEMOCRACY IN THEIR COUNTRIES. IFEOMA OWOH , LAGOS . The Nigerian foreign policy think tank, the Nigeria Institute of International Affairs, has called for full democratic dispensation in African countries where people can exercise their civic duties and enjoy human rights. The Director–General of the institute, Professor Egbosa Osaghae said this during a one day conference in Lagos insisting that democracy is a self accessing system and that people should be allowed to enjoy its dividends. The theme of the conference is; DEMOCRATIC CONSOLIDATION AND THE RESURGENCE OF MILITARY COUPS IN AFRICA. According to the Director–General, Africa’s elections are important in democratizing functions; it helps the continent build and sustains effective democratic institutions among others Similarly, a member of the governing Council of the Institute, Professor Warisu Alli said that the constitution and other guidelines of any country have to be well defined and must be complied with. Professor Alli said while elections can help African countries consolidate, deepen, and entrench democracy , it will also help improve leadership. On the other hand, Professor Osaghae said that democracy can also pave the way for sustained majoritarian power to the detriment of the minority in some cases. Meanwhile, a professor at the University of Jos, Professor Victor Adetulu noted that the civil society is fragmented and marginalised in the practice of democracy in Africa . Professor Adetulu urged the west to encourage and and stand up for Liberal democracy in Africa . A member of the Institute of Peace and Conflict Resolution Abuja , Mr Andrew Gwaza noted that there is a rising tension and insecurity in Africa’s democracy generally. He advised African Leaders to open up the space for people to participate fully in democracy. Director-Generl of the Institute of International Affairs, Professor Osaghae also advised African Leaders to entrench democracy in Africa

ismail omipidan
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18:19
Road Project: ‘You lack basic understanding of how govt works’, Osun APC Campaign Council Replies Accord Party … describes the allegation as public display of incompetence
Road Project: ‘You lack basic understanding of how govt works’, Osun APC Campaign Council Replies Accord Party … describes the allegation as public display of incompetence The Campaign Council of the candidate of the All Progressives Congress, APC, in Osun, Adegboyega Oyetola, has lambasted the state chapter of Accord Party for displaying gross ignorance of what government and governance are all about. Adegboyega Oyetola Campaign Council also expressed disappointment at the leadership of the party for publicly showcasing mediocrity as regards basic understanding of how government works. In a statement signed by its Director-General, Senator Ajibola Basiru, the Campaign Council described the allegation as public display of incompetence. The APC Campaign Council tasked Accord Party to enrol for remedial course in order to be acquainted with necessary rudiments of government and governance. The State Chairman of Accord Party, Pastor Victor Akande, had in a statement accused the ruling party and its candidate of awarding a road project in less than two months to the election and few months to the expiration of the governor’s four-year tenure. According to Akande, awarding a contract only two months to the governorship election is a source of concern. He wondered why an administration whose tenure is expected to end in November 2022 would award contracts for roads proposed to be completed in 2023. Reacting to the spurious allegations, the Oyetola Campaign Council said the statement has further exposed the lack of capacity of the Party and its leadership to lead a highly-sophisticated State like Osun. The APC Candidate Campaign Council wondered how a Party would stoop so low to publicly display shame by going out of its way to condemn a widely-accepted and highly-celebrated project like Osogbo-Okinni-Ilobu-Ifon road that has been in a deplorable condition over the years without a concrete remedy. The Oyetola’s Campaign Council charged Accord Party and its leadership to

Salamatu Ejembi
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18:17
Bearish close as ASI SHEDS 0.4%
Salamatu Ejembi, Lagos The Nigerian equities market on Tuesday extended losses from Monday’s trading session, dipping further into the bear territory. Consequently, the All-Share Index closed lower by 0.4% or 187.47 basis points than Monday’s close of 52,944.09 basis points, ending today’s trading activities at 52,756.62 basis points. In the same vein, the market capitalisation shed 0.4% or ₦101.36bn when compared to yesterday’s close of ₦28,543trn to close at ₦28.442trn. The market’s weak performance was driven by sustained profit-taking in MTN NIGERIA COMMUNICATIONS PLC which declined by 1.73%, FLOUR MILLS NIG PLC, which fell 9.20%, and ZENITH BANK PLC which declined by 1.03%. Analysis of today’s market activities showed a total of 1.32bn units of shares valued at ₦7.72bn were exchanged in 6,449 deals with FCMB GROUP PLC leading both the volume and value charts as 775.09m units traded valued at ₦2.96bn. Market breadth closed negative as 21 stocks gained in comparison to the 27 stocks that declined. Top on the advancers chain is P Z CUSSONS NIGERIA PLC with a ₦1.20k or 9.96% gain on its previous selling price of ₦12.05k per share, closing today at ₦13.25k per share. BERGER PAINTS PLC followed with 0.70k or 9.72% gain on yesterday’s selling price of ₦7.20k per share to close at ₦7.90k per share. And N NIG. FLOUR MILLS PLC was next with a ₦1.05k or 9.63% gain on previous selling price of ₦10.90k per share to close at ₦11.95k per share. Conversely, FLOUR MILLS NIG. PLC. topped the decliners dropping from ₦40.75k per share to ₦37.00, losing ₦3.75k or 9.20%. Next is GLAXO SMITHKLINE CONSUMER NIG PLC declining by 0.60k or 8.39% from ₦7.15k per share to end the day at ₦6.55k per share. Followed by NPF MICROFINANCE BANK PLC losing 0.17k or 8.02% from Monday’s selling price of ₦2.12k per share to close on Tuesday at ₦1.95k per share. Performance across sectors was broadly negative, as the Consumer Goods index fell 0.5%, Banking index

Timothy Choji
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18:02
ATTN: EDITORS
Nigeria Congratulates New Somali Leader By Timothy Choji, Abuja President Muhammadu Buhari has congratulated the newly elected Somali President, Hassan Sheikh Mahmud, “for successfully staging a comeback after being unseated in 2017.” President Buhari said that “the re-election of Hassan Mahmud is a significant indication that the people of Somalia appreciate his efforts to unite and rebuild the country after decades of civil war and terrorist activities.” According to the President, “President Mahmud’s return to power is a resounding vote of confidence in his ability and leadership skills, which he had demonstrated while he was previously in power, but most importantly signifies that Somalians are committed to a democratic process.” President Buhari however noted that “other political parties and leaders in the country should unite and rally round President Mahmud in the difficult task of rebuilding Somalia from the ruins of war and terrorist devastations.” Additionally, he commended the out-going president, Mohamed Abdullahi Mohamed Farmaajo, for his swift acceptance which inevitably will lead to a peaceful transition in the best interest of the people. President Buhari reassured the new Somali leader that “Nigeria will continue its usual support for peace keeping efforts in Somalia,” adding that “African countries must unite against terrorists and other evil forces seeking to disrupt and destroy our territories.”

Solomon Chung
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18:01
ATTN ONLINE: Don’t Give IPOB Platform To Spread Violence, Nigerian Government Charges Facebook
Don’t Give IPOB Platform To Spread Violence, Nigerian Government Charges Facebook Solomon Chung, Abuja The Nigerian government has asked Facebook and other social media platforms to stop allowing the proscribed Indigenous People of Biafra (IPOB) to use their platforms to incite violence and instigate ethnic hatred in Nigeria. Minister of Information and Culture, Alhaji Lai Mohammed made the demand in Abuja on Tuesday at a meeting with a team from Facebook. He said since IPOB had been proscribed and classified as a terrorist organization, Facebook has no justification for yielding its platform to the organization to further its campaign of hate and destabilization of the country. “I have called this meeting to enable us to discuss the increasing use of Facebook by separatists and anarchists, especially those of them based outside the country, to instigate violence and ethnic hatred in Nigeria. “For whatever reason, they seem to have now chosen Facebook as their platform of choice. And their tools include disinformation, incendiary statements and hate speech. They use Facebook broadcasts to reach their followers, who are in thousands. They tag those opposed to their violent ways as ‘saboteurs’ who must be attacked, maimed and killed. They use both English and their local language as it suits them,” Alhaji Mohammed said. He said the actions of the proscribed group have real-life implications, adding: ”By purveying hate and inciting violence, people are getting killed while private and public property are being attacked and destroyed. Security agencies and other symbols of government are their choice targets.” The Minister said despite the numerous complaints to Facebook on the activities of IPOB, nothing has been done by the company to curtail the group’s excesses on the social media platform. “Our social media people have been monitoring these separatists, anarchists and purveyors of hate, and have been reporting their atrocious actions to Facebook, but all

Bitrus Kozah
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17:57
ATTEN: ONLINE AND EDITORS
NPC to conduct pilot census in June, says Kwarra. By Bitrus Kozah As part of preparations for the 2023 National Population and Housing Census in Nigeria, the National Population Commission in Nigeria, NPC, says it is “proposing a pilot census in June 2022”. The Commission also disclosed that the first and second pre-Census test conducted by the commission was used to assess the methodology for the census. The Chairman of the Commission Mr. Isa Kwarra made this known at a five-day workshop held in Nasarawa State North-central Nigeria, to chart a legal framework for digital census prospects and impediments. Kwarra explained that the 2023 National Population and Housing Census is “designed to produce user-friendly census data that is accurate, reliable and acceptable and that the Census is a national event that every citizen needs to participate in by presenting themselves to be counted.” The NPC Boss also said “the Commission is drawing institutional experience spanning two national censuses and a pool of tested professionals to give the nation a truly scientific census and guide for planning within the context of escalating humanitarian crises, raging epidemic, insecurity, and worsening human development situation. He added that “Effort has culminated in the development of a Census Strategy and Implementation Plan of action detailing a whole range of activities to be carried out in the pre-census, actual census, and post census stages”. He further pointed “The Commission has successfully demarcated 772 Local Government Areas out of the 774 in the country, remaining 2 Local Government Areas, namely, Abadam in Borno State and Birnin Gwari in Kaduna State and the delay in the demarcation of these 2 LGAs is due to security concerns.” Mr. Kwarra added that “arrangements are underway to demarcate the two remaining LGAs before the census.” He reiterated that “Census is a national event and is the responsibility of every citizen to participate by pres

anulika menanya
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17:44
Assar leads Egypt’s contingent to Lagos for Africa Cup
Sent from Yahoo Mail on Android —– Forwarded message —– From: “Media Attf” <mediaattf@gmail.com> To: “durojay@yahoo.com” <durojay@yahoo.com> Cc: Sent: Tue, 17 May 2022 at 10:39 am Subject: Assar leads Egypt’s contingent to Lagos for Africa Cup Assar leads Egypt’s contingent to Lagos for Africa Cup World number 19 Omar Assar will be leading the six-man Egyptian contingent to the 2022 ITTF Africa Cup taking place in Lagos from May 26 to 28 at the Molade Okoya-Thomas Hall of Teslim Balogun Stadium. The tournament which serves as the continental qualifiers for the end-of-the-year WTT Cup Finals will have 28 men and 20 women from 13 countries competing for the singles titles. Assar who recently moved to Germany after playing two seasons in the French league will be championing the North African onslaught alongside defending champion Ahmed Saleh and Mohammed El-Beiali. Assar who is Lagos fans’ favourite will be hoping to regain his top spot in the continent after being displaced by Quadri Aruna in 2020 and the 2019 Africa Cup champion has been warming up for the tournament in Germany. 14-year-old Hana Goda and African champion Mariam Alhodaby will be making their debut at the tournament, women’s defending champion Dina Meshref will be hoping to put the disappointment of 2021 behind her and aiming to hold on to the title she had won for more than six-times. In the list released by the President of Egypt Table Tennis Federation (ETTF) Moataz Ashour, the team will arrive Lagos on May 24 as they are expected to defend their titles against Quadri Aruna-led Nigeria side. The Egyptian team will be coached by their Chinese tactician Zhang Chaoling whose milder touch has brought vibrancy to table tennis in the North African nation. Also in the fray for the title is Senegal’s Ibrahima Diaw who has continued to grow his fans base in Africa following his display at the 2019 Nigeria Open. Players from Ghana, Cote d’Ivoire, Congo DRC, Congo Brazzaville, Tunisia, Alger

Timothy Choji
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17:41
ANOTHER STORY
Calls For Exclusion: Presidency Replies Northern Elders Forum By Timothy Choji, Abuja The Presidency has reacted to the call for separation by the Northern Elders Forum. In a statement, Senior Special Assistant to the President on Media and Publicity, Garba Shehu said the body does not have the power to decide the fat,e of Nigeria. Furthermore, he said only the democratically elected leadership of the country has the right to make pronouncements on what steers the nation. “We are aware of the latest statement from the so-called “Northern Elders Forum. “We wish to reassure Nigerians that it remains their democratically elected leadership which takes the decisions that steer our nation – and no one else. “No self-appointed and unelected group can take this right from Nigerians – no matter how much coverage they might enjoy in the media. Nigerians listen to elected leaders, not opinionated tin-gods who have no traction with any responsible group. “It is a delusional arrogance that would lead such a group to publicly state terms and conditions for the existence of our nation,” he said. The Presidential Spokesperson noted that the group has not authority whatsoever, to call for exclusion or inclusion of any part of the country. “Who gave them the right to ask for the exclusion, or expulsion of any one, group or section of the country from the Federal Republic of Nigeria? “The Nigerian government does not take guidance nor invitations from such groups – only from the Nigerian people who put governments in office. “Any group can refer to themselves as “leaders”, but in Nigeria, if you have not been elected by Nigerians to a leadership role, then you are not – and the government certainly doesn’t recognise you as such. “Like many other countries around the world, Nigeria is feeling the strain of the current period of volatility and uncertainty. Now is not the time to seek to exacerbate divisions amongst Nigerians. Rather, we call on all Nigerians to come tog

hudu yakubu
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17:33
Attention digital media
FCTA laments influx of beggars from states with security challenges By Hudu Yakubu Abuja The Social Development Secretariat, SDS, of the Nigerian Federal Capital Territory Administration, FCTA, has lamented the alarming influx of beggars into the territory in recent times. The Secretariat which blamed the ugly trend on the unending insecurity in some states of the North, described the situation as overwhelming. The Acting Director, Social Welfare Department of the Secretariat, Sani Amar disclosed this on Tuesday when participants of the senior executive course 44, 2022 of the National Institute for Policy and Strategic Studies, Jos visited the FCT Vocational and Rehabilitation Centre, Bwari. Amar also frowned at the United Nation’s human rights act which prohibits the detention of arrested persons beyond three days, noting that such provisions has also served as catalyst for the swelling number of beggars in the city. The Director explained that the secretariat has been struggling to keep the streets of Abuja free of beggars and destitutes lately, but noticed that its efforts has not yielded the desired result. He expressed concerns that before now, its officials usually arrest between 20-25 beggars during their routine sanitation exercise. The situation he added, has changed drastically as officials of the Secretariat now arrest over 100 beggars and destitutes in one single operation. While calling for the need for government and the council of states to act fast by pushing for a legislation that will criminalize begging, he added that if punitive actions are meted at those who hide under the cover of begging to defraud innocent Nigerians, the menace will stop. He therefore called on neighboring states of the FCT, particularly those at its northern borders to put in place policies that will discourage the brewing of street begging as the FCT ends up being at the receiving end of the consequences of the menace. “What we notice, the recent influx of beggars in the ci

helen shok jok
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16:34
ATTENTION DIGITAL MEDIA
Global conference on elimination of child labour opens in South Africa. By Helen Shok Jok. Abuja. As the 5th Global Conference on the Elimination of Child Labour opens in Durban, South Africa, the International Labour Organisation ILO says over 160 million children are still in child labour. According to the ILO, the figure indicates that almost one in ten of all children worldwide are in child labour. According to a statement from the ILO Office in Nigeria, “Numbers are rising, and the pandemic threatens to reverse years of progress. Child labour has grown particularly in the 5 to 11-year-old age group”. The conference is therefore calling for a “strong” urgent action to combat the rising numbers of children in child labour. Speaking at the start of a week of discussions, South Africa’s President Cyril Ramaphosa, called on delegates to commit to taking what he called “far-reaching actions” to make a difference in the lives of children. “We are here because we share a common conviction that child labour in all its facets is an enemy. Child labour is an enemy of our children’s development and an enemy of progress. “No civilization, no country and no economy can consider itself to be at the forefront of progress if its success and riches have been built on the backs of children”, the President said. Speaking in the same vein, the Director-General of the International Labour Organization Mr Guy Ryder, said that some people believe that child labour is an inevitable consequence of poverty and have to be accepted. “But this is wrong. We can never resign ourselves to child labour. We do not have to. “Tackling the root causes such as household poverty is essential but make no mistake, child labour is a violation of a basic human right, and our goal must be that every child, everywhere is free from it. We cannot rest until that happens”, he said. With the 2025 UN Sustainable Development Goals deadline for the elimination of child labour looming,

Samuel Isaiah
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16:22
Re: CRICKET: England Cricket Board boss to step down by June.
Attached is the featured image Samuel Chimezie Isaiah (SHAWA SHAWA master) @samuelcisaiah1 Get SAMUEL ISAIAH Music on👇 www.samuelisaiah.com.ng

akanbi tunde
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16:13
News from Kwara
Ex -Security Chief eyes House of Reps seat in Kwara By Tunde Akanbi, Ilorin Ahead of upcoming People’s Democratic Party (PDP) primaries; an Ex- Security Chief, Alhaji Ibrahim Mohammed Ajia, the aspirant for Asa/Ilorin West Federal Constituency has declared his mission and vision to uplift Kwara State if given the opportunity to serve. Ajia, a philanthropist and 2019 gubernatorial aspirant, pointed out that his mission is to attract federal government presence and patronage to Asa/Ilorin West Federal Constituency; facilitate juicy federal employment opportunities for young people; and as well mobilize the entire constituency for rapid development without leaving any stone untouched. A statement he personally signed and released to journalists in Ilorin on Tuesday reads: “As a young person, I am active in the circle of young people in Nigeria. I have had the privilege, by the grace of Almighty Allah, to come in contact with influential people and institutions in both the public and private sectors of our country. I want to partner with them for the development of our people. “In my over fifteen years of service in the Nigerian Police Force, I served as Security Aide to Governor of Yobe State, Senator Mamman B. Ali (of blessed memory); I served as Chief Security Officer to former Governor of Gombe State, Alhaji Hassan Ibrahim Dankwanbo; I served as ADC to former Secretary to the Government of the Federation (SGF), Senator Anyim Pius Anyim, and also served as pioneer Police Force Liaison Officer to Federal Government of Nigeria during the tenure of Inspector General of Police, M.D. Abubakar. “Preparatory to the 2019 Presidential Election, I served as the Chief Security Officer of the PDP Presidential Campaign Council where I successfully coordinated the Security for the Campaign Activities in the 36 States and FCT. In all of these positions and more that I have served, “I have come to understand how government works, and that knowledge of the system and extens

salihu ali
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16:07
ATTENTION DIGITAL MEDIA
Anti – Corruption: ICPC arraigns Professor over $40,000 Bribe By Salihu Ali, Abuja An Anti – Corruption agency in Nigeria, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned one Professor John Kester Ifeanyichukwu over allegations of bribery and inducement of officers of the Commission. In a single-count charge brought before Honourable Justice A.O. Otaluka of the Federal Capital Territory (FCT), High Court 12, sitting in Apo, Abuja, ICPC is accusing the Professor of issuing a cheque valued at $40,000 to a staff of the Commission. The cheque was part of the $50,000 and a house in Abuja, promised to the officer to compromise investigation by retrieving the accused person’s devices, MacBook S/N CIML8BUGDTY3, MacBook S/N W80204J7ATN and iPhone pro11 which were in the custody of ICPC for investigative activities. John Kester Ifeanyichukwu had earlier been reported to the Commission by the Presidency for alleged acts bordering on corruption, extortion and money laundering. ICPC, in a Charge No: CR/025/2022, informed the court of how the defendant induced one of its operatives to smuggle out a particular iPhone and a laptop and to replace them with a dummy that was to be provided by his personal assistant. The accused person’s action is contrary to Section 18 (b) and punishable under Section 18 (d) of the Corrupt Practices and Other Related Offences Act, 2000. He pleaded not guilty to the charge when it was read to him. He was therefore admitted to bail in the sum of N10 million and two sureties in like sum. The sureties must be resident within the jurisdiction of the court and one of them must have a landed property in Abuja. The trial judge also ordered that the Defendant’s international passport and other valid travel documents be submitted to the court before the next adjourned date otherwise his bail will be revoked. The case has been adjourned to the 21st of June 2022 for commencement of hearing.

Ismail Umar
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16:04
ATTENTION DIGITAL MEDIA EDITORS
APC in Zamfara State United, Strong Ahead of 2023 General Elections – Governor Matawalle By Ismail Umar, Sokoto The Zamfara State Governor, Bello Muhammad Mutawalle, said Zamfara State All Progressive Congress, APC is Uunited, strong to sweep all elective seats in the forthcoming 2023 general elections. Governir Mutawalle gave the assurance shortly after arriving the Sultan Abubakar the III International Airport, Sokoto. He explained that their reconciliation with all party bigwigs was ordained by God. Governor Mutawalle who arrived Sokoto in company of all his perceived former political foes like Senator Kabiru Marafa, former Governors Ahmed Sani Yarima (Yariman Bakura) and Mamuda Shinkafi, as well as top political heavyweights from Zamfara State. He added that God miraculously intervened in the seemingly unending internal crisis that had rocked the APC in Zamfara state leading to an amicable resolution, expressed happiness that they are now one big family. “The reconciliation was an act of God hence only Allah alone designs and directs human affairs”. “Now that we are one big family in the APC, I can assure you that with God on our side, I am 100 percent optimistic that the APC is going to win the State again come 2023”. The Governor said.

Samuel Isaiah
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16:04
CRICKET: England Cricket Board boss to step down by June.
CRICKET: England Cricket Board boss to step down by June. Former England captain and women’s cricket managing director Clare Connor will take over on an interim basis amid a turbulent period for English cricket. This is coming after it was announced that the current England and Wales Cricket Board chief executive Tom Harrison will step down from the role in June. Harrison who was appointed in 2014 and oversaw the introduction of The Hundred, which started last year. England men’s cricket has already undergone an extensive overhauling in the past three months after the heavy defeats in Australia over the winter. According to Harrison: “he had tried his best and is now the right time to bring in fresh energy”. Brendon McCullum has taken over as men’s Test coach, with Ben Stokes replacing Joe Root as Test captain and Rob Key appointed managing director. The England and Wales Cricket Board (ECB) is still searching for a new chairman following the departure of Ian Watmore in October. Harrison’s tenure since replacing former chief executive David Collier has been connected to alot of controversies. In 2017 he oversaw the signing of a £1.1bn TV rights deal with Sky Sports and the BBC that runs until 2024, and England won the men’s and women’s 50-over World Cups during his term, in 2019 and 2017 respectively. But the introduction of The Hundred has been contentious, some questioning its impact on the wider game and domestic schedule, and in recent years there has been a decline in the fortunes of the men’s Test side. They have only won one of their past 17 Tests and and none of the past nine. Harrison also spoke in front of MPs at the Digital, Culture, Media and Sport select committee amid the Azeem Rafiq racism scandal which engulfed English cricket in November. Harrison said testimony: the ECB was “fit for purpose” but apologised to those who had suffered abuse and said “we know we may have let you down”. In 2020 the ECB cut 62 jobs as a result of the impact of the coron

hudu yakubu
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16:04
Attention digital media
Abuja council Chairman advocates for true autonomy for local governments By Hudu Yakubu Abuja The Council Chairman of Bwari Area Council of the Federal Capital Territory (FCT), John Gabaya has called on the State governments all over the country to release their grip against the ideal running of local governments, where local governments are muscled and squeezed into a near state of oblivion. The Chairman laid the charge in Bwari, Abuja, on Tuesday at the Council Secretariat, during the occasion of the ongoing study tour of the council by participants of the senior executive course 44, 2022 of the National Institute for Policy and Strategic Studies Kuru, Jos. The Chairman who was represented by the council secretary, Eli Peter, said the action of muscling local governments by State Governments is constituting serious hindrances and impediments to the attainment of true democracy and good governance in Nigeria. He therefore, called on NIPSS and the course to add more weight to the cry and quest for true autonomy for local governments in the country. According to Gabaya; “The role of local government in the roots and fabrics of good and people oriented governance cannot be overemphasized. It is the government closest to the grassroots, ‘The People’. Aside this, local government councils perform a number of unique and indispensable functions, such as: providing services and development activities at the grassroots in response to local wishes and initiatives; facilitate the exercise of democratic self-government close to the grassroots; mobilize the enormous human and material resources at the grassroots for national development; as well as serving as a two-way channel of communication between the grassroots and government at the State and Federal level. “The present practice whereby local governments councils are muscled and squeezed into a near state of oblivion by States Governments all over the country constitute serious hindrances and impediments to the attainment

akanbi tunde
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16:02
News from Kwara
KWACCIMA urges Nigerian Govt to reopen Kwara, Niger borders Tunde Akanbi, Ilorin The Kwara state Chamber of Commerce, Industry, Mines and Agriculture (KWACCIMA) has appealed to the Nigerian Government to reopen the Chikanda and Barbara borders located along Kwara and Niger states, North Central Nigeria to promote trade along the corridors. It would be recalled that the Nigerian Government recently reopened four more borders hitherto closed due to security and economic reasons. Speaking with journalists in Ilorin on Tuesday on the sideline of the planned 62nd Annual General Meeting/conference (AGM/conference) of the National Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA) in Ilorin between May 25-27, 2022, the KWACCIMA President, Olalekan Ayodimeji, said that traders and people in the affected communities are groaning, adding that their means of livelihood are daily being impacted by the border closure. The KWACCIMA president, who said that the federal government could better assess the border closure based on reasons for the closure, added that the border closure had impacted negatively on the business community. “We were told that the border was closed because of security and that arms and ammunition were being pushed into Nigeria through our borders and thus the need to curtail the situation and close the borders. The federal government also said that some people take PMS ( Petrol) at cheaper cost across Nigeria border to sell at higher cost outside the country, thereby jeopardizing the nation’s economy because the fuel sellers get subsidy from federal government. So, the federal government is in the best position to analyze the success of the closures. But for all of us in the business community, of course, closing the border would affect us, because our people do a lot of trans border businesses on those corridors. And some of them are mainly informal, which we appeal to government to help us formalize and even help the government b

hudu yakubu
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15:59
Attention digital media
FCTA Woos Private Sector Entities To Tackle Housing Deficit By Hudu Yakubu Abuja Indications have emerged that the Federal Capital Territory Administration is ready to woo private sector entities to address the housing deficit confronting the nation’s capital. FCT Minister of State, Dr. Ramatu Tijjani Aliyu, gave this indication at the official launch of the Oak Homes brand and the groundbreaking ceremony of the maiden development of The Oak Villas and Victor’s Court held in Abuja. The minister who was represented by the Special Assistant on Technical Matters, Tpl. Mubdiyu Mustapha, identified high cost of land registration and irregularity of land titles, policy implementation somersaults, licencing issues, inadequate funding as some of the challenges facing the housing sub-sector. Aliyu, however, assured that the FCT Administration was working assiduously to address some of these challenges so that private sector entities could feel encouraged to invest more in affordable housing provision “In this wise, the Administration is willing to engage in Public-Private-Partnerships that can guarantee accelerated delivery through the provision of land and on-site infrastructure. “With these costs borne by the Administration, it is expected that developers such as Oak Homes are able to bring cheap funds to the table for the construction of the houses, thereby guaranteeing unit selling prices that are affordable to the target market segment. We shall therefore continue to work with the private sector and development partners to ensure that continuous progressis made in this direction,” she said. While pledging the dedication and commitment to national development and sustainable provision of housing as mandated by President Muhammadu Buhari, she however acknowledged that housing provision was a fundamental socioeconomic right and a key pillar upon which the effort to lift millions out of multidimensional poverty, shall be judged. Earlier, the Chief Executive Officer of Oak H

Eme Offiong
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15:58
Group Commend Otu’s Endorsement as Cross River Governorship Candidate
Group Commend Otu’s Endorsement as Cross River Governorship Candidate Eme Offiong, Calabar A group of young people known as Fusion 196 has commended the All Progressives Congress, APC, for endorsing Senator Bassey Otu as the Cross River State governorship candidate of the party. The group, which has membership across the 196 political wards in Cross River State, south-south Nigeria, also appreciated the governor, Professor Ben Ayade for his honesty to the people of the southern senatorial district. The Director General of Fusion 196, Mr. Dermott Akpoke, who spoke on behalf of others, said “we thank the governor for being consistent and deliberate in his back to south advocacy and endorsing Senator Bassey Otu in agreement with other stakeholders to fly the party’s gubernatorial flag. The governor has demonstrated that he is a man whose word is his bond.” Akpoke described the endorsement of the aspirant as a response to the yearnings and concerns of the people, noting “the APC’s endorsement of Senator Otu is a strategic masterstroke and a milestone, apt and timely. “In the political trajectory of Cross River State, this is one of the most resounding political decisions ever taken in the interest of the people. We use this opportunity to felicitate with Senator Otu for the huge responsibility given him. He has the requisite sociopolitical capacity and personality to shoulder such task,” he said. The group’s leader lauded the other aspirants for conceding to the consensus arrangement and urged those still having reservations to accept the aspirations of the people. Also speaking, one of the local government representatives of Fusion 196, Mr. Fidelis Enok eulogized the consensus candidate as a man with the capacity and clout to transform the state into a haven of socioeconomic prosperity. He said, “as a member of Nigeria’s House of Representatives, Bassey Otu empowered more than 100 thousand people with different vocational skills and as senator of

Timothy Choji
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15:50
ATTN: EDITORS
Reactivation of Refineries Will Help End Aviation Fuel Scarcity-Aviation Minister By Timothy Choji, Bauchi By Timothy Choji, Bauchi The Nigerian Government has expressed hope that the Port Harcourt Refinery as well as the newly built Dangote refinery when fully operational, will end the perineal scarcity of aviation fuel (JET A1). The Minister of Aviation, Hadi Sirika, stated this while fielding questions from State House Correspondents, after he led Secretary General of International Civil Aviation Organization (ICAO), Mr Juan Carlos Salazar, and his delegation to meet with President Muhammadu Buhari, at the presidential villa, Abuja. The Minister who reiterated that the high cost and scarcity of Jet A1 in Nigeria is linked to the high demand for crude oil, and the ongoing Russian-Ukraine war, said Nigeria is not the only country hit by the crisis. In the past few weeks, domestic airlines have complained about the spike in the price of aviation fuel and had threatened to withdraw their services. Speaking on plans to address the scarcity, Sirika said: “Well, so we explained that the scarcity and high cost of Jet A1 in civil aviation is not peculiar to Nigeria. It is a global phenomenon driven by many factors. Some of them include even low capacity to refine the product. “It’s also high demand around the world, it has increased activity and increased number of airplanes out there and users of this jet A1. Plus also the Ukraine crisis and many more. It’s a time when crude itself is so expensive. “Today, it is in hundreds of dollars per barrel and not only the high cost of Jet A1 product in Nigeria. Also the peculiarity of the fact that we’re not refining the product, so to speak. “I did address the press a couple of days ago, saying that, by the grace of God, perhaps once the Dangote refinery is online or if the government fixes the Port Harcourt refinery, which is now ongoing, we will begin to refine this product and sell it. As a stopgap measure, there’s an ag

Nokai Origin
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15:48
SECURITY SEMINAR – MINISTER OF DEFENCE TASK NDC
SECURITY SEMINAR – MINISTER OF DEFENCE TASK NDC TO SUSTAIN TRAJECTORY OF ROBUST INTELLECTUAL SUPPORT TO NATIONAL DEFENCE NOKAI ORIGIN The Minister of Defence, Retired Major General Bashir Magashi (rtd) has reiterated the commitment of the present administration under President Muhammadu Buhari to tackling national security challenges. General Magashi stated this in a remark as special guest of honour at the National Defence College (NDC) Security Seminar held in Abuja. He said national security is key to the growth of nations and regional stability. The Defence Minister said the upsurge in the dynamic criminal activities of the Non- state actors make the theme of the seminar: “Emerging Security Threats in West Africa: Implications for Regional Security and Stability” very relevant, timely and appropriate. The Special guest of honour at the occasion expressed concern with the rise in violent conflicts in West africa which he blamed on youth bulge and rising unemployment that are fueling terrorists activities in Nigeria and in the Sub-region. While Commending the Commandant National Defence College, Rear Admiral MM Bashir and his management team for the giant strides recorded by the institution, he assured them that the ministry of defence will always support them at all times. In a remark the Chief of Defence Staff, General Leo Irabor thanked the Management of the NDC for organising the seminar aimed at proffering workable solutions to national and regional threats to peace and stability. The Commandant National Defence College Rear Admiral MM Bashir had earlier set the tone for the Lecture which he said would interrogate myriad of coups in Burkina Faso, Guinea and Mali as well as security challenges facing the sub – region and Nigeria. Rear Admiral Bashir assured the participants that the findings and recommendations at the end of the seminar will be transmitted to the appropriate authorities for considerations according to the ministry.

salihu ali
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15:45
ATTENTION DIGITAL MEDIA
NDLEA arrests wanted drug baroness, seals her mansion, drug bunks in Delta By Salihu Ali, Abuja A wanted drug baroness Bridget Oghenekevwe Emeka, a.k.a Mama 59 have been arrested by Nigeria’s Anti-narcotic agency, the National Drug Law Enforcement Agency NDLEA at her palatial mansion where she cooks and distributes Crack Cocaine, Methamphetamine and other illicit substances in Delta State, Southern Nigeria. Bridget is believed to be the backbone of a major cartel distributing drugs in Delta and adjourning states was arrested on Sunday 15th May 2022. The Director media and advocacy NDLEA headquarters Abuja, Mr Femi Babafemi disclosed this in a press statement. The statement said, Nine members of her staff and associates were also, arrested along with her in coordinated simultaneous operations at her expansive residence. “Apart from various quantities of Crack Cocaine, Methamphetamine, Molly, and Loud seized from her home and drug bunks; a pump action gun, 15 cartridges, documents, two cars, mobile phones, drug paraphernalia such as sodium bicarbonate and polythene wrappings were also recovered, for further investigation.” Four of her associates were equally arrested at her drug bunks in other parts of the town during the raids by Strike Force officers of NDLEA supported by the military.” The statement explained. The drug baroness has been under surveillance for weeks after her identification as a major distributor of illicit drugs in the South South state. “Bridget cooks Cocaine into Crack Cocaine for local distribution and consumption in drug joints.” “Some of the paraphernalia for making Crack recovered from her house include: sodium bicarbonate, which is the main adulterant and recipe for making crack cocaine, as well as transparent nylon used in wrapping the finished product.” The statement said. The Chief Executive of NDLEA, Brig. Gen. Mohamed Buba Marwa (Retd) commended the officers and men involved in all the processes leading to the eventual execution of the

Bearish close as ASI SHEDS 0.4%

Salamatu Ejembi
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von nigeria
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17 May at 18:17
Salamatu Ejembi, Lagos

The Nigerian equities market on Tuesday extended losses from Monday’s trading session, dipping further into the bear territory.

Consequently, the All-Share Index closed lower by 0.4% or 187.47 basis points than Monday’s close of 52,944.09 basis points, ending today’s trading activities at 52,756.62 basis points.

In the same vein, the market capitalisation shed 0.4% or ₦101.36bn when compared to yesterday’s close of ₦28,543trn to close at ₦28.442trn.

Market breadth closed negative as 21 stocks gained in comparison to the 27 stocks that declined.

Top on the advancers chain is P Z CUSSONS NIGERIA PLC with a ₦1.20k or 9.96% gain on its previous selling price of ₦12.05k per share, closing today at ₦13.25k per share.

BERGER PAINTS PLC followed with 0.70k or 9.72% gain on yesterday’s selling price of ₦7.20k per share to close at ₦7.90k per share.

And N NIG. FLOUR MILLS PLC was next with a ₦1.05k or 9.63% gain on previous selling price of ₦10.90k per share to close at ₦11.95k per share.