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  • Market capitalisation sheds N38bn as investors sell off banking stocks

    Market

    By Rukayat Adeyemi

     

    Lagos, June 4, 2024 (NAN) Sell-offs in Tier-one banking stocks on Tuesday extended losses on the Nigerian Exchange Ltd. (NGX) stock market capitalisation by 0.07 per cent.

    Notably, investors lost N38 billion or 0.07 per cent, as the market capitalisation which opened at N56.069 trillion, closed at N56.031 trillion.

    The  All-Share Index also closed 0.07 per cent or  68 points lower to settle at 99,051.02, compared to 99,118.86 posted in the previous session.

    Consequently, the Year-To-Date (YTD) return fell to 32.47 per cent.

    Losses in Zenith Bank, FBN Holdings, United Bank For Africa(UBA), Fidelity, Wema Bank, Transnational Corporation, United Capital, among other declined equities underpinned the market’s weak performance.

    In reaction, Analysts at United Capital Plc predicted mixed sentiments amongst investors to persist in the local equities market.

     

    “On one hand, we expect pockets of buy-interests in the market, as market participants take positions in fundamentally sound stock given their low prices.

    “Nevertheless, we still anticipate that the high returns in the fixed-income market will continue to negatively impact the equities market as investors switch,” the analysts added.

    Meanwhile, the market breadth closed negative with 22 losers and 17 gainers on the floor of the Exchange.

    On the losers’ table, Tantalizers led by 10 per cent to close at 45k, International Energy Insurance trailed by 9.71 per cent to close at N1.58 per share.

    UPDC Real Estate Investment lost 9.70 per cent to close at N1.21, Unity Bank shed 9.42 per cent to close at N1.25 and Chams declined by 6.67 per cent to close at N1.40 per share.

    Conversely, Nigeria Breweries led the gainers table by 10 per cent to close at N28.60, Presco Plc followed closely by 9.99 per cent to settle at N293.90 per share.

    Oando Plc rose by 9.65 per cent to close at N14.20, RTBriscoe gained 9.62 per cent to close at 57k and Deap Capital Management and Trust Plc added 9.09 per cent to close at 48k per share.

    Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 46.19 per cent.

     

    A total of 347.39 million shares valued at N7.66 billion were exchanged in 8,122 deals, as against 349.59 million shares valued at N5.24 billion exchanged in 8,082 deals recorded in the previous session.

    Veritas Kapital, again led the activity chart in volume with 59.17 million shares valued at N40.22 million, followed by Fidelity with 48.12 million shares worth N468.23 million.

    Oando sold 27.96 million shares valued at N397.02 million, Unity Bank traded 20.53 million valued at N25.92 million and UBA transacted 19.78 million shares worth N418.86 million to lead the chart in value.(NAN)(www.nannews.ng)

    RUKY/AWA
    ==========
    Edited by Olawunmi Ashafa

     

     

     

  • Zamfara pays N3bn outstanding SSCE exam fees – Commissioner

    Fees

    By Ishaq Zaki
    Gusau, June 4, 2024 (NAN) The Zamfara Government has paid over N3 billion outstanding Senior Secondary Schools Examination (SSCE) fees, left by the previous administration in the state.
    The State Commissioner for Science and Technical Education, Alhaji Wadatau Madawaki, disclosed this to newsmen in Gusau on Tuesday.
    “This is one of the greatest achievements recorded by Gov. Dauda Lawal’s  administration in the education sector, within one year.
    “You know, education is number two among priority agenda of the present administration, considering the fact that education is the bedrock for development of every society.
    “That is why, immediately he assumed office, the governor declared state of emergency in the education sector”, Madawaki said.
    The commissioner added: “We find a situation in the state where our children graduated from secondary schools, but without results.
    “This is simply because the past administration, failed to pay outstanding Senior Secondary Schools Examination fees.
    “The state was owing West African Secondary School Certificate Examination (WASSCE) and National Examination Council (NECO) over N3 billion.
    “This affected the enrolment of our children in tertiary institutions, across the country for the past three years, but this administration, within one year in office, has paid all the outstanding, to the examination bodies, amounting to over N3 billion”.
    The commissioner said the students had secured their results that had been withheld for the past three years, and had enrolled into various tertiary institutions across the country.”
    He added that the present administration had also embarked on addressing other challenges, affecting education sector in the state.
    “We are working, day and night to address various challenges in the education sector in the state”, he explained.
    Specifically, he said the governor was addressing challenges such as, infrastructure decay, non availability of teaching and learning materials in schools, inadequate libraries, laboratories, as well as inadequate qualified teachers.
    “We have also made proper arrangement to enhance capacity building, training and retraining for education staff.
    “We have since embarked on the total renovation of 325 schools across the state, and we are going to construct and renovate laboratories, across schools in the state”, he added.(NAN)(www.nannews.ng)
    IZ/ARIS/ROT
    ===========
    Edited by Idowu Ariwodola/Rotimi Ijikanmi

     

  • FAAN announces one-hour power shutdown at MMIA Wednesday 

    FAAN announces one-hour power shutdown  at MMIA Wednesday

     

    Shutdown

     

    By Itohan Abara-Laserian

     

    Lagos, June 4, 2024 (NAN) The Federal Airports Authority of Nigeria (FAAN) has announced a planned one-hour power shutdown at the Murtala Muhammed International Airport on Wednesday, June 5.

    Mrs Obiageli Orah, Director, Public Affairs/Consumer Protection made this known in a statement on Tuesday, in Lagos.

     

    Orah said that the shutdown, for maintenance, would occur between 1.30 p.m. and 2.30 p.m. at the International Terminal 2 ( ITZ-2).

     

    She said it was as a result of the urgent need to verify the issues affecting the Bus Riser 11K VA high tension (HT) panel on the ground floor, North of the International Terminal 2 (ITZ-2) of the Murtala Muhammed Airport, Lagos.

     

    Orah said that FAAN would ensure that the shutdown of power supply was with  minimal disruption to flight operations and passenger facilitation.

     

    “The identified airlines, namely Rwanda Air (WB), EgyptAir (MS) and Qatar Air (QR) that operate within the maintenance hour will be relocated for check-in and arrival (parking) formalities at the International terminal 1(ITZ-1).

     

    “All intending passengers on these flights should please take note.

     

    “The Authority regrets any inconveniences this might cause our stakeholders and the travelling public,” she noted.

     

    Orah said that FAAN was committed to world-class safety standards and service to all airport users. (NAN) www.nannews.ng

    ITM/SOA

    =========

    Edited by Oluwole Sogunle

  • ECOWAS harmonising framework, policy for its standby force —Commissioner

    Logistics

    By Muhammad Nur Tijani

    Kano, June 4, 2024(NAN) The Economic Community of West African States (ECOWAS) says it is working towards harmonising framework and policy documents for the management of logistics for its Standby Force (ESF).

    The Standby Force constitutes the use of force as a last resort if diplomacy fails.

    Amb. Abdel-Fatau Musah, ECOWAS Commissioner for Political Affairs, Peace, and Security, made this known at a four-day workshop to review the documents, in Kano on Tuesday.

    Musah, who was represented by Dr Cyriaque Agnekethom, Director Peacekeeping and Regional Security, said that the documents spelled out the logistics requirements by the Troop Contributing Countries, ECOWAS, and other partners.

    He explained that the workshop was organised to review and harmonise the documents to address emerging contemporary security challenges.

    He recalled that the Commission had earlier recruited a consultant in 2019 to develop the policy and guiding documents for the management of ECOWAS Logistics Depots (ELDs).

    He explained that the ESF logistics concept was created in 2005 to provide a platform for the coordination of all key logistics support and procedures for the ECOWAS Standby Force.

    According to him, both documents were reviewed during internal expert workshops and are now ready for an independent expert validation.

    “The documents are expected to be rich enough to address contemporary challenges and in tune with international best practices.”

    The commissioner further said that the logistics concept also provided a conceptual understanding of sustained operations, considering that the dynamics of the contemporary security environment and peace support in the region had continued to evolve.

    This, he said, underscores the need to adapt the original ESF logistics concept to accommodate emerging realities.

    He added that to deploy the ESF efficiently, when necessary, ECOWAS had established a Multidimensional Logistics Depot in Lungi, Sierra Leone, and a Humanitarian Logistics Depot in Senou, Mali.

    Earlier, Dr. Sani Adamu, acting Head of ECOWAS Peace Support Operations, decried the challenges of peace keeping operations over the years.

    He said that it was for this reason that ECOWAS decided to put in place an effective framework to enhance the ESF’s deployment capacity.

    Adamu said that the overall objective of the workshop was to review and harmonise the policies in line with UN and AU standards of procedures.

    He said that the participants would review the logistics concept, existing statutes, policies, and other strategic instruments relating to ESF’s objectives as an instrument for conflict prevention and management.

    “It was also organised to update, harmonise, and finalise the policies on ECOWAS logistics bases, in line with AU and UN principles.

    “It was also to review and adopt a standard organogram for the ELD, among others,” he explained.

    A participant, Mr Francis Babatunde, said the two documents, if reviewed, would enhance the deployment capacity of ESF for strategic roles towards a formidable regional security framework. (NAN) (www.nannews.ng)

    MNT/YEN/FDY

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    Edited by Mark Longyen and Philip Yatai

  • Energy Crisis: Lafia Varsity holds symposium to proffer solution

     

    Energy

    By Sunday John

    Lafia, May 4, 2024 (NAN) The Federal University of Lafia (FULafia) on Tuesday held an Energy Transition Research Symposium, with the theme, ‘Unlocking Nigeria’s Energy Potential through Policy and Innovation’ to proffer solution to the country’s energy crisis.

     

    Speaking at the event in Lafia, Prof. Emmanuel Kwon-Ndung, Director, Centre for Energy Studies of the institution, said that the event brought together energy researchers, captains of industry, policy makers and students among others.

    The director said that Nigeria was blessed with abundant natural resources. However, realising its potential required visionary policies, innovative technologies and collaborative efforts across all sectors.

    He further said that as a research institute, they were ready to contribute their part towards addressing the challenges faced in the energy sector head-on.

    “We intend to explore and identify sustainable pathways that can lead to more resilient and conclusive energy future for the country.

    “Effective policy framework are fundamental and are the bedrock of any successful energy transition to unlock the country’s potential, ” he said.

    According to him, the symposium will provide a platform for dialogue between policy makers, industry leaders, academics and other stakeholders to forge policies that are ambitious, pragmatic and align with national goals.

    Kwon-Ndung maintained said that innovation was the driver of the energy sector capable of turning potential into reality as witnessed in advanced economies of the world.

    Similarly, Prof. Shehu Abdul-Rahman, Vice Chancellor (VC) of the University appreciated the participants and organisers of the symposium and said  that it was a way of contributing to issues of energy access.

    The VC added that the institution had placed strong emphasis on research and innovation that addresses local and global challenges through different research centres and directorate, saying that the energy centre was one of such centres.

    He said, already, the global energy landscape was undergoing a profound transformation and Nigeria with its abundant natural resources and vibrant human capital would be in the forefront of the transition.

    “As a university, we understand that by fostering collaboration between academia, industry and government, we can create a robust framework that supports innovation solutions and sound policies.

    “The transition to more sustainable and resilient energy future is not a choice but an imperative for the wellbeing and prosperity of the nation.

    “Our centre will continue to drive this transition to enable the country to harness the renewable energy sources, promote efficiency and build a more sustainable energy ecosystem,” the VC added.

    Prof. Abubakar Sambo, the keynote speaker said the country has the capacity to export energy to other countries of the world if its potentials in different areas were properly harnessed. (NAN)(www.nannews.ng)

    SDJ/BEN/IU
    ==========

    Edited by Benson Ezugwu / Isaac Ukpoju

  • Strike: Operations restart at Abuja airport

    Operations

    By Gabriel Agbeja

    Abuja, June 4, 2024 (NAN) Aviation workers have restarted operations at the Nnamdi Azikiwe International Airport (NAIA), Abuja, following the suspension of the indefinite strike by the organised labour.

    Mr Samuel Wuyep, Chairman of Air Transport Services Senior Staff Association of Nigeria (ATSSAN), Abuja chapter, told the News Agency of Nigeria (NAN) on Tuesday that passengers had started coming into the domestic wing to check-in.

    It would be recalled that labour had declared an indefinite nationwide strike, midnight of June 2, to press home its demands of  non conclusion of national minimum wage fixing and non reversal of hike in  electricity tariff.

    However, in a communiqué jointly issued by the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC), the organised labour said it had relaxed the strike for one-week, to allow continuation of negotiations

    Wuyep, told NAN that following the suspension of the strike, normalcy had returned to the airport and it was fully opened for operations.

    “There are few scheduled flights that will be operated in the remaining hours of the day, so they have started checking-in  passengers.

    “Though, the traffic is very low, a lot of people came in the morning and observed that the locked -up exercise was still ongoing, so they decided to go back.

    “Some who managed to wait, got their flights rescheduled, and were told when to come back, “ he said.

    According to him, many cabin crew and pilots we nore seen working toward the expected arrival of airplanes in order to continue normal flying to other airports.

    Wuyep mentioned Value Jet, Ibom Air, Air peace and United Nigeria Airlines , among local flights that had arrived Abuja today.

    The union leader said the strike could not affect the international flights as the strike was called off before the end of the time given.

    “In the international wing, since the frame time that we gave to them would elapse today ,being June 4, the international airlines came in the morning, disembarked their passengers.

    “While they were disembarking their passengers, coincidentally, the strike was called off and some of them that were on ground decided to check-in the passengers, and normal businesses continued.

    “Everything is okay. The airport has returned to its normal businesses.  The international Airlines that arrived in the morning were Ethiopia airline, Egypt Air, among others at the international wing,“ he said.

    According to him, more international airlines are expected later in the day as the skies were opened, and the processes of check-in were on.

    Wuyep advised passengers that had scheduled flights to contact the airline toward processing their travelling documents for the  trip. (NAN) (www.nannews.ng)

    FGA/ROT

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    Edited by Rotimi Ijikanmi

     

  • Nasarawa: First Lady distributes food items to 1,200 vulnerable, displaced persons

     

    Food

    By Joan Nwagwu

    Lafia, June 4, 2024(NAN) Nigeria’s First Lady, Sen. Oluremi Tinubu, has distributed food items to no fewer than 1,200 vulnerable, internally displaced and people living with disabilities in Nasarawa State.

    Tinubu inaugurated the symbolic distribution of the Food Outreach Scheme for Persons with Disabilities and the vulnerable groups on Tuesday in Lafia.

    Represented by Hajiya Nana Shettima, Wife of the Vice President, the first lady  said that the gesture was part of the Renewed Hope Initiative (RHI) Food Outreach Scheme, as part of the Social Investment Programme.

    According to her, the food outreach scheme is specially designed to provide support to the under privileged in line with the resolve of President Bola Tinubu to leave no one behind.

    “This is also to ensure food security and sufficiency in the country.

    “Under this scheme, a trailer load of  assorted food items is donated to the state government for onward distribution to identified groups,”she said.

    She added that the Federal Capital Territory,  Kaduna and now Nasarawa states have benefited from the scheme under the special programme of RHI.

    She, however, said that Benue would be next while other states would also benefit in due course.

    The first lady also noted that in addition to the Social Investment Programme, the RHI also have other programmes that focuses on health, agriculture, education and economic empowerment to better the lives of people in the country.

    She said that the Federal Ministry of Agriculture in collaboration with RHI had concluded plans to donate a truck load of fertilisers and bags of rice to each state of the federation.

    She added that Nasarawa State would be first to benefit from the collaboration.

    “The Renewed  Hope Initiative has also graciously approved a grant of N50,000 to 1,000 women in each state as part of our women economic empowerment programme, ”she said.

    To the beneficiaries, she assured them of continued support and encouraged them to be steadfast, especially those in vulnerable communities.

    She, therefore, commended  states government for their support  for the Renewed Hope Initiatives.

    Some of the beneficiaries who spoke to the News Agency of Nigeria(NAN) expressed gratitude for the support.

    Blessing David, a beneficiary from Nassarawa Eggon Local Government Area, commended the federal government for seeing reasons to extend helping hand to the poor  masses.

    “Now we have gotten what will sustain us for some time and we appreciate them greatly. May God bless them to do more.

    Also, Halima Musa, from Doma Local Government Area, appreciated the federal government for the items.

    “I do not have hands, I cannot work, so it has not been easy. I am so happy to be  part of those that benefited from these food items.

    “I am very happy, God should bless them more for them to remember more people like us,”she said.(NAN)(www.nannews.ng)
    JAN/IU

    ========

    Edited by Isaac Ukpoju

  • Naira depreciates by 0.05% against dollar at official market

    Naira

    By Grace Alegba

    Lagos, June 4, 2024 (NAN) The Naira on Tuesday recorded loss at the official market, trading at N1,476.95 to the dollar.

    Data from the official trading platform of the FMDQ Exchange revealed that the Naira lost 83 kobo.

    This represents a 0.06 per cent loss when compared to the previous trading date on Monday when it traded at N1,476.12 to the dollar.

    However, the volume of currency traded increased to $236.99 million up from $121.87 million recorded on Monday.

    Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,500.00 and N1,362.15 against the dollar. (NAN)

    GA/AWA

    ==========

    Edited by Olawunmi Ashafa

  • Uganda National Oil Company partners PTI on human capital dev

    Development

     

    By Edeki Igafe

     

    Warri (Delta), June 4, 2024 (NAN) The Uganda National Oil Company (UNOC) has sought for partnership with the Petroleum Training Institute (PTI), particularly, in the aspect of human capital development.

     

    The Chief Human Resource Officer of UNOC, Catherine Tumusiime, disclosed this during Tuesday’s facility tour of the institute in Effurun, Uvwie Local Government Area of Delta.

     

    Tumusiime, who led a delegation from Uganda on the tour, said there were many areas of collaboration Uganda could benefit from Nigeria.

     

    She said that her country could learn much from Nigeria’s oil and gas industry.

     

    While underscoring the strength of expertise in the PTI, Tumusiime said the knowledge could be shared with the people of Uganda.

     

    “We are here to learn from them. Oil has been here for quite some years, and we know there is a lot of national content value retention in Nigeria.

     

    “The government is intentional to build the capacity of their people and prevent capital flight out of the country.

     

    “So, we have learnt a lot in terms of value retention, the national content policy and reparation.

     

    “Through investment into their own country and making sure there is less capital flight out of Nigeria,” she said.

     

    Tumusiime said that UNOC was ready to participate in seminars, workshops and other knowledge-based activities of the PTI to gather more experiences.

     

    She thanked the management of the PTI for the reception as well as the Nigerian Content Development and Monitoring Board (NCDMB) for facilitating the visit.

     

    In his remark, NCDMB Executive Secretary, Felix Egbe, said the board received a notice from UNOC, seeking collaboration with oil and gas organisations in Nigeria.

     

    The executive secretary was represented at the visit by NCDMB General Manager, Midstream, Tassalla Tersugh.

     

    “The board identified PTI as a very important partner and critical stakeholder in the oil and gas manpower development, hence we said they must come to the institute,” he said.

     

    In his welcome remark, Dr Samuel Onoji, the acting Principal and Chief Executive Officer of PTI, said the institute had produced over 50,000 graduates since its inception 52 years ago.

     

    Onoji, represented by PTI Director of Research and Development, Dr Tina Isichei, says the institute operates in line with its core values of providing middle-level manpower for the nation’s oil and gas sector.

     

    He promised to collaborate with the UNOC in the areas of manpower development, assuring that it was the beginning of greater things among the trio of PTI, NCDMB and UNOC. (NAN)(www.nannews.ng)

     

    EDI/MAS

     

    Edited by Moses Solanke

  • North-East – TCN completes  reconstruction of 4 vandalised towers

    Power
    Constance Athekame
    Abuja, June 4, 2024 (NAN) The Transmission Company of Nigeria (TCN), says it has completed the rehabilitation and re-stringing of the four vandalised towers along the Jos–Gombe 330 Kilo Volt (kV) transmission line.
    Mrs Ndidi Mbah, TCN’s General Manager, Public Affairs in a statement in Abuja on Tuesday, said that the towers supplied bulk power to substations in the North- East.
    Mbah said that the re-stringing of the conductors was completed on Monday, adding that the contractors had reconnected the jumper on tower 282, making it ready for the transmission of bulk electricity.
    ”Recall that when the vandalised towers were discovered on April 22, TCN promptly mobilised contractors and its supervising engineers to the site of the incident to immediately commence repairs.
    ”Initially, TCN had promised to complete the repairs and restore supply by May 27, however, the collapse of the fourth tower during the re-stringing process delayed the completion.
    ”The four towers have since been completed, and the line is now ready for bulk power transmission,” she said.
    Mbah said that TCN appreciates the patience and support of the governors and people in the North Eastern part of the nation during the period of the tower reconstruction. (NAN)(www.nannews.ng)
    COA/EBI/EEE
    ===========
    Edited by Benson Iziama/Ese E. Eniola Williams