Dutse, June 6, 2024 (NAN) The Kirikasamma Local Government Council of Jigawa has established a permanent grain market to boost its revenue drive.
The Information Officer of the council, Alhaji Musa Muhammad, stated this in an interview with the News Agency of Nigeria (NAN), on Thursday in Dutse.
He said the market established Sinamu village would ease transportation difficulties, encourage trade in agricultural produce and boost the council’s revenue base.
“Sinamu village being a fertile land with huge agricultural output during harvest, deserved a permanent market,” he said, adding that it would also ease transaction processes between sellers and buyers.
He said the market is envisaged to be a hub of supply for cereal crops and perishable produce to southern part of Nigeria, Ghana and Niger Republics. (NAN)(www.nannews.ng)
Abuja, June 6, 2024 (NAN) Some financial experts have commnded the Central Bank of Nigeria (CBN) for its proactive action in revoking the operating licence of Heritage Bank Plc in order to save depositors’ funds.
The experts, who spoke with the News Agency of Nigeria (NAN), on Monday in Abuja, said that the action was in the overall interest of the financial system.
According to Uche Uwaleke, a Professor of Finamce and Capital Market, and the president of Capital Market Academics of Nigeria, the revocation is a step in the right direction.
Uwaleke said that the proactive step by the CBN was in the overall interest of financial system stability.
He, however, said that efforts should be made to protect the depositors and employees of the liquidated bank.
“With the Nigeria Deposit Insurance Corporation (NDIC) taking over the liquidation process, efforts should be made to protect the depositors as well as interests of employees using liquidation dividends,” he said.
An economist, Dr Chijioke Ekechukwu, said that Heritage Bank had been struggling over the years to remain afloat, adding that the situation must have become irredeemable for the apex bank to revoke its licence.
According to Ekechukwu, a past president of the Abuja Chamber of Commerce and Industry, some years ago, some of us in the finance sector knew that the bank is struggling to remain afloat.
“For the CBN to revoke its licence, it means that it was irredeemable and probably not marketable to investors,” he said.
He said that there would be an initial setback to all the bank’s customers because it would take a while to verify them for the purpose of compensation and refund of their monies by the NDIC.
“It is, however, better to sanitise the financial system than to allow a sick and weak bank to continue to open its doors to customers,” he said.
Mr Gregory Mmaduakolam, also an economist, said that the action by the CBN was rash and capable of eroding the much needed confidence in the banking system.
Mmaduakolam said that the action would also result in avoidable job loss of staff of the bank, thereby, further exacerbating the country’s unemployment challenge.
“I would have preferred a situation where the CBN supports ailing banks and prevent them from failing than simply withdrawing their licences.
“Such an action does not encourage confidence in the banking system, ” he said.
The News Agency of Nigeria (NAN) reports that the CBN had on Monday, announced revocation of the licence of of the bank witb immediate effect.
It said that the action was in accordance with the apex bank’s mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA).
It said that the board and nanagement of the bank had not been able to improve the bank’s financial performance, a situation which constituted a threat to financial stability. (NAN)(www.nannews.ng)
Anniversary: 1 year too early to assess Tinubu–Don
Economy
By Aisha Gambo
Kaduna , June 5,2024(NAN) Prof. Yusha’u Ango of the Kaduna State University (KASU) on Wednesday says one year is too early to assess President Bola Tinubu’s economic policies aimed at reforming the country’s economy.
Ango, who is a Professor of Finance and Entrepreneurship, made the disclosure during an Interview with the News Agency of Nigeria (NAN) in Kaduna..
“The prescriptions of the Bretton Wood institutions; which means you open your economy and remove subsidies to remove bottlenecks here and there.
“The intention behind the policies is very good, especially the removal of fuel subsidy which was the first one but naturally we know that it would cause inflation.
“It was followed with the decision to allow the naira to find it’s true value, again that further increased the level of inflation in the economy,”,he said.
According to him, life has been quite difficult for ordinary Nigerians in terms of economy and finance due to the policies coming one after the other.
Ango said that the citizens would want to see whether the policies would be effective in helping out the economy following the Presidential Economic Coordination Council set up by the president.
He commended the government for coming up with some palliatives to ease the suffering of the masses, adding that Nigeria needed to strengthen its currency .
Ango said, “You don’t throw your currency to the market and allow market forces, especially in countries like Nigeria where people find ways to take advantage of the currency.
“In our own case, we find that from what was reported that some companies that came from outside the country in the form of crypto and other currencies were the ones affecting the Naira.”.
While recommending ways to make Nigeria’s economy bounce back, the don urged the government to ensure food security by further subsidising agriculture.
He explained that rather than remove subsidies,the government should ensure that the right people who need the support get them.
Ango stated that for the country to alleviate poverty, it should have a big plan which would include securing agriculture through the provision of inputs and processing what the farmers produce.
According to him, the government needed to generate more power and ensure adequate supply of it, adding that the power should be made affordable for the masses.
He urged Nigerians not to totally depend on the government as it doesn’t have the capacity to solve all their problems, advising that the youths must embrace entrepreneurship to achieve financial stability.(NAN) (wwww.nannews.ng)
Officials and some students during the tree planting by NNPC Foundation Ltd at the Junior Secondary School, Hajj Camp, Gwagwalada on Wednesday.
Trees
By Lucy Ogalue
Gwagwalada , June 5, 2024 (NAN) The Nigerian National Petroleum Company (NNPC) Foundation Ltd., has reiterated its commitment to restore Nigeria’s landscape and build a greener future for all citizens.
The Foundation’s Managing Director, Mrs Emmanuella Arukwe, said this at the planting of trees at the Junior Secondary School, Hajj Camp, Gwagwalada.
Arukwe, represented by Dr Bala David, the Executive Director, Programme Development, NNPC Foundation, said the importance of tree planting could not be overemphasised.
“We are here to mark World Environment Day, which is celebrated every June 5, and we have come to celebrate it with the pupils of Junior Secondary School, Hajj Camp, Gwagwalada.
“We had a session with the students on the Foundation and what we do. We are mandated to operate in the environment, health and education areas.
“So, being the world’s environmental day, we came here to be able to plant trees that will eventually restore the environment,” she said.
The principal of the school, Hajia Hauwa Aliyu, said collective climate action was needed to protect our environment.
“This day aims at encouraging communities to take action towards protecting their environment.
“As our climate changes and its impact continues to affect us, we must continue to find sustainable ways to protect it for future generations,” she said.
The principal, while commending the group for their efforts in restoring the school’s environment, said she was surprised by the team’s presence.
“I feel great that the NNPC Foundation remembered my school and is here to celebrate this remarkable day with us.
“When I was called yesterday, I did not believe it was real until I saw you here. I am very happy, and the students are equally very happy.
“Your presence today has taught me and the whole school a lot of things that we did not know about the environment and the need for it to be restored,” she said.
The principal then expressed the school’s commitment to ensure that the trees planted were cared for for the benefit of the students and Nigerians.
“I have a team of agricultural science teachers on ground, and I have given them the mandate to ensure the sustainability of this project.
“And I assure you that they will do their best to take care of the trees being planted today,” she said.
Meanwhile, Mr Abe Ajayi, the Vice-President, Association of Flower and Nursery Practitioners Abuja, said tree planting was important because it sustained life.
“Some of these trees have economic and health benefits. So it is key that we plant trees.”
He advised against cutting down trees, saying it was better to trim them instead of cutting them and distorting nature.
A student, Etuka Smile, expressed pleasure at the idea of planting trees in her school.
“I feel great about what is happening here because I want the environment to be clean. “I want to advise those cutting down trees to stop, as it is affecting our climate and living standard.
Another student, Sanusi Alamin, said, ” I am very happy that we got to celebrate World Environmental Day in our school today.”
“There are some areas I know without a single tree where one can have shade, and I wish this kind of exercise would reach such places.
“So that the people will understand the advantages of planting trees, what it signifies and be inspired to plant trees for the good of our environment.” (NAN) (www.nannews.ng)
LCN/EEE
L-R: Mr Stanley Amuchie, Executive Director, Chief Operations and Information Officer, Fidelity Bank Plc, Mr Oladele Sotubo, MD/CEO Stanbic Capital, Dr Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc, Mr Mustafa Chike-Obi Chairman, Fidelity Bank Plc, Ms Ezinwa Unuigboje, Company Secretary, Fidelity Bank Plc, and Jubril Enakele, Chief Executive, Iron Global Markets Ltd., at the signing of the Fidelity Bank Public Offer and Rights Issue in Lagos
Lagos, June 5, 2024 (NAN) Fidelity Bank Plc says it has concluded plans to raise N127.1 billion by way of rights issue to existing shareholders and a public offer, which is a combined subscription.
The bank said this in a statement made available to newsmen on Wednesday in Lagos.
It said that the combined offer was part of the bank’s strategy to increase its share capital base in compliance with the revised minimum capital requirements for commercial banks by the Central Bank of Nigeria (CBN).
The bank expressed optimism that the fresh capital would support its drive for sustainable growth and diversification of its earnings base.
The bank said that the signing ceremony of the combined offer was held in Lagos, revealing
that its shareholders had already approved the rights issue and public offer at its Extra-Ordinary General Meeting held on Aug.11, 2023.
“Under the rights issue, 3.2 billion ordinary shares of 50 kobo each will be offered in the ratio of one new ordinary share for every 10 ordinary shares held as of Jan.5, 2024, at N9.25 per share, totalling N29.6 billion.
“For the public offer,10 billion ordinary shares of 50 kobo each will be offered to the general investing public at N9.75 per share, totalling N97.5 billion.
“Stanbic IBTC Capital is the lead Issuing House to the combined offer, whilst the joint issuing Houses include Iron Global Markets Ltd. and Cowry Asset Management Ltd.
“Others are Afrinvest Capital Ltd., FSL Securities Ltd., Futureview Financial Services Ltd., Iroko Capital Market Advisory Ltd., Kairos Capital Ltd. and Planet Capital Ltd,” Iit added.
According to the bank, the acceptance and application lists for the rights issue and public offer are expected to open on June 20 and close on July 29.
The Managing Director of Fidelity Bank, Dr Nneka Onyeali-Ikpe, said that the proceeds of the combined offer would be channelled to investment in Information Technology infrastructure.
Onyeali-Ikpe revealed that the proceeds would also be invested in regional expansion and product distribution.
She noted that the rights circular for the issue, which contained a provisional allotment letter and the participation form, would be mailed directly to shareholders of the Bank.
The managing director stated that printed copies of the public offer prospectus could be obtained at the offices of Fidelity Bank and the issuing Houses during the public offer application period.
“All existing shareholders and prospective investors said explained, are advised to read documents and consult a Stockbroker, Fund/Portfolio manager, accountants, bankers and solicitors among other professional for guidance, where necessary, ” she said.
The Chief Executive of Stanbic IBTC Capital, Mr Oladele Sotubo, commended Fidelity Bank’s management for their commitment towards executing the combined offer.
He lauded the management for being at the forefront of achieving the CBN’s revised minimum capital requirements for Nigerian commercial banks.
Sotubo thanked the bank for the confidence reposed in Stanbic IBTC Capital to lead and advise on the landmark transaction.
He expressed confidence that the deal would encourage others to tap into the equity capital markets to raise funds to meet their strategic business needs.
Fidelity Bank Plc is a full-fledged commercial bank, operating primarily through branches and service centres across Nigeria, with authorisation from the CBN to operate internationally through branches located in foreign countries.
The bank provides a wide-range banking and other financial services to over 8.3 million corporate and individual customers from 250 businesses in the country with a total asset base of N6.2 trillion, as at Dec.31, 2023.(NAN)(www.nannews.ng)
Some officials of NNPC Foundation and staff of GSS Kuje on Wednesday in Abuja.
Environment
By Lucy Ogalue
Kuje, June 5, 2024 (NAN) The NNPC Foundation Ltd. is partnering with the Ministry of Environment to promote climate resilient environment for citizens.
Mrs Emmanuella Arukwe, the Managing Director of the foundation said this at an event to mark the 2024 World Environment Day (WED) on Wednesday in Abuja.
The News Agency of Nigeria (NAN) reports that the theme of the 2024 WED is “ Land Restoration, Desertification, and Drought Resilience”.
The WED is celebrated globally every June 5.
Arukwe, represented by the foundation’s Executive Director, Programme Development, Dr Bala David, said the aim of the foundation was to support environmental sustainability.
According to her, one of the ways of doing this is by planting of trees which is the reason for the gathering at the Government Secondary School (GSS) Kuje.
She said: “today being the World Environment Day, we are running this type of programme together with three planting in Bauchi, Enugu, Benin, Lagos and three schools in FCT.
The theme of this year’s event calls for the need to restore our environment and the importance of tree planting was to regulate climate, biodiversity support and soil protection among others.
Representing the Ministry of Environment and the Abuja Environmental Protection Board, Mr Sampraise Itomo, urged Nigerians and the World at large to treat the environment as its neighbour.
“Environment is everything around us inclusive of living and non-living things. As humans, we need to know and interact with our environment.
“And the environment around us is our neighbour and they contribute to our longevity, happiness, and joy so we should have regard for it and try to preserve it,’’ he said.
While reiterating the advantages of tree planting in our environment, Itomo said it was our responsibility to restore the environment for our safety and that of our future generation.
Also speaking, Mr Sani Adamu, the Manager Education of the foundation, restated that the environment was ours and there was the need for us to take care of it.
“There are various ways of taking care of our environment and one of such ways is tree planting and that is the essence of why we are here today.
“As the vice principal has rightly said, when you cut down a tree you should plant two more as a replacement
“We must take our environment very seriously so that the eco climate can be achieved and by so doing, we will live longer,’’ he said.
Similarly, the Vice-Principal Administration, Government Secondary School, Kuje, Muhammad Muhammed expressed the commitment of the school to safe guard the trees planted.
“We have gone ahead to make a protector around the plant to ensure it is protected from being eaten by animals or being destroyed
“We will make sure that morning and evening, we water them so that we can see them grow well and serve its purpose.
“Also, where ever we see encroachment or desertification, we should try as much as possible to grow trees in such areas, deforestation should be afforestation,’’ he said.
Meanwhile, the students of the school commended the foundation for including them in the WED celebration and thanked them for the knowledge impacted on them. (NAN)(www.nannews.ng)
Kano, June 5, 2024 ( NAN) Gov. Abba Yusuf of Kano State on Wednesday, empowered 465 street hawkers with N50,000 each to support vulnerable groups, particularly youths and women.
The News Agency of Nigeria (NAN) reports that Yusuf at the presentation of cash to the beneficiaries, said that the empowerment programme is targeted at nine clusters within Kano metropolis.
He said that the exercise main aim is to enhance the beneficiaries’ trades and skills, promoting self-sufficiency and dignity.
The beneficiaries, who specialises in hawking various items like car decorations, accessories and kitchen utensils, were commended by the Governor for their resilience and determination to earn a decent living.
Yusuf emphasised his administration’s priority to support vulnerable groups, including youths and women to improve their socio-economic status.
“This initiative followed a previous empowerment programme for 5,200 women, who received N50,000 each, equivalent to N26 million.
“The programme has yielded positive results with beneficiaries experiencing increased socio-economic status.
The Governor urged the beneficiaries to utilise the funds judiciously, expanding their businesses to generate a positive multiplier effect in the community.( NAN)( www.nannews.ng)
Lagos, June 5, 2024 (NAN) The performance indicators of the stock market rebounded by 0.24 per cent on Wednesday.
Specifically, the market capitalisation opened at N56.031 trillion and closed at N56.163 trillion, representing 0.24 per cent or N132 billion gain.
The All-Share Index also strengthened by 0.24 per cent or 233.4 points, to close at 99,284.38 compared to 99,051.02 posted on Tuesday.
As a result, the Year-To-Date (YTD) return rose to 32.78 per cent.
Gains in Zenith Bank, FBN Holdings and Stanbic IBTC, Fidelity Bank, Wema Bank, Nigerian Breweries, Nestle Nigeria, among other advanced equities were the primary drivers of the market index’s recovery.
However, market breadth closed negative with 24 negative equities outnumbering 18 positive ones.
Oando led the losers’ table by 9.86 per cent to close at N12.80, Linkage Assurance followed by 9.41 per cent to settle at 77k, Sovereign Trust lost 8.70 per cent to close at 42k per share.
Veritas Kapital declined by 8.70 per cent to close at 63k and Wapic Insurance dropped 8.50 per cent to settle at 64k per share.
On the other side, Eterna Plc led the gainers’ table by 9.80 per cent to close at N13.45, Red Star Express Plc trailed by 9.76 per cent to close at N3.71 per share.
Stanbic IBTC advanced by 9.62 per cent to close at N57, Fidelity Bank added eight per cent to close at N10.80, while International Breweries rose by 7.84 per cent to close at N3.99 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 36.49 per cent.
A total of 308.14 million shares valued at N4.86 billion were exchanged in 7,690 deals,compared to 347.39 million shares valued at N7.66 billion exchanged in 8,122 deals recorded in the previous session.
Meanwhile, Fidelity Bank led the activity chart in volume and value with 84.05 million shares worth N883.22 million, Oando followed with 52.52 million shares valued at N710.81 million.
Veritas Kapital sold 19.40 million shares valued at N12.45 million, Unity Bank transacted 11.98 million shares worth N15.38 million and Transnational Corporation traded 11.13 million valued at N117.66 million.
The News Agency of Nigeria(NAN) reports that in its weekly outlook, Analyst at Cowry Asset, had predicted that bullish trend is expected to persist at the domestic bourse.
They explained that this would be driven by profit-taking and portfolio rebalancing following a new trading month.
“Market pullbacks are anticipated to enhance the index’s upward potential, supported by the ongoing dividend earnings season.
“However, we continue to advise investors to trade on companies’ stocks with sound fundamentals,” the analysts noted.(NAN)(www.nannews.ng)
Damaturu, June 5, 2024 (NAN)The Managing Director, Damaturu International Cargo Airport, Mr Muhammad Surajo, says the Airport will commence commercial operations soon.
Surajo said this known while briefing newsmen at a media tour to some state government’s projects across the state on Wednesday in Damaturu.
He said that the airport was not in fully operational to satisfy the commercial need of the people.
According to him, when fully operational, the Airport will create more job to the people especially the state indigenes and contribute to its economy.
Also speaking, the Permanent Secretary, Ministry of Transport and Energy , Engr Isyaka Lawan, said that N39 billion was spent to execute the project in 2007.
“Ninety five per cent of the project had been completed which include a terminal building, runway, control tower, fire station, powerhouse, administrative block, and maintenance office,’’ he said.
He added that the airport’s runway is among the longest and well-constructed in the country.
“It stretches 3.3 kilometers with 250-meter buffers on either end, bringing the total length to 4.1 kilometers,” Lawal said.
The permanent secretary explained that the decision to construct the cargo airport stemmed from the absence of such facilities in the North-East region.
“Being an agrarian state, Yobe is expected to benefit significantly from the airport’s ability to boost economic activities.
“An abundance of exportable crops like beans, groundnut, and sesame seeds are produced in the state,” he said.
He, however, said that neighboring states could utilise the airport to transport goods to other parts of the world. (NAN) (www.nannews.ng)
AIA/AH/IAA
Yobe Sesame Cleaning, Packaging and Processing Factory in Machina.
Sesame
By Nabilu Balarabe
Machina (Yobe State), June 5, 2024 (NAN) Yobe Government has completed the construction of a six-tonne per hour capacity sesame cleaning and processing factory in Machina town.
The Commissioner for Commerce, Alhaji Kaigama Umar, made this known in Machina on Wednesday while conducting journalists round the facility.
He said three other sesame cleaning, packaging and processing factories are at various stages of completion in Nguru, Potiskum and Damaturu.
He explained that “the idea behind the establishment of sesame seed cleaning, processing and packaging factories was conceived by Gov. Mai Mala Buni shortly after assuming office.
“He believes that factories like this accelerate industrialisation, which will help our farmers and enhance our Internally Generated Revenue.”
According to him, Yobe is the largest producer of sesame in the country, noting that the grain is cultivated in commercial quantity in Geidam, Yunusari, Nguru and Machina, among others.
He said sesame farmers in the areas would no longer have to travel to Kano to process their crop as the factory would be at their doorsteps.
“We are also inviting sesame farmers outside the state to come and take advantage of the facility,” he said.(NAN)(www.nannews.ng)
