WordPress

Blog

  • Trading continues on NGX amid strike, investors lose N103bn

    Loss

    By Rukayat Adeyemi

    Lagos, June 3, 2024 (NAN)Opening the week, the equity market halted last session’s winning streak as investors lost N103 billion, following sell-offs in Tier-one banking stocks and cautious trading.

    Specifically, sell-offs in FBN Holdings, United Bank For Africa (UBA) and Access Corporation, Fidelity Bank, Transnational Corporation, Nigerian Breweries, WAPCO, ETranzact, among other declined stocks, drove the market’s weak performance.

    Consequently, the market capitalisation which opened at N56.172 trillion, lost N103 billion or 0.18 per cent to close at N56.069 trillion.

    The All-Share Index also shed 0.18 per cent or 112 points, to settle at 99,118.86, as against 99,300.38 recorded on Friday.

    As a result, the Year-To-Date (YTD) return fell to 32.56 per cent.

    However, while investors traded cautiously, the losses recorded on the Exchange were not related to the ongoing indefinite strike embarked upon by workers under the auspices of the Nigeria Labour Congress (NLC) and the Trade Union Congress(TUC).

    Reacting, a Stockbroker with Global View Capital Ltd., Mr Haruna Kebira, said that trading on the Exchange was not usually affected by such national industrial actions, except public holidays declared by the Federal Government.

    Kebira explained that this was because the Exchange Group did not belong to any workers’ union, hence labour union leaders usually did not interrupt trading on the floor of the Exchange during strikes.

    The stockbroker noted that the first week of a new month usually experienced a slowdown of activities that might lead to such losses experienced at the day’s trading.

    He stated that the bullish run that dominated the equity market last week was a result of month-end effect activities.

    “The market is expected to pick up positively by mid-week.

    “The month of June is usually positive for the market because investors who just received their dividends are investing back into the market, so the market will surely bounce back,” Kebira said.

    However, the market breadth closed positive with 23 gainers and 17 losers on the floor of the Exchange.

    On the gainers’ table, Cornerstone Insurance, and Deap Capital Management and Trust Plc led by 10 per cent each to close at N2.09 and 44k per share respectively.

    Oando followed by 9.75 per cent to close at N12.95, Veritas Kapital Assurance rose by 8.47 per cent to close at 64k and RTBriscoe gained 8.33 per cent to close at 52k per share.

    On the other hand, ETranzact led the losers’ table with 9.82 per cent to close at N5.05 while Unity Bank trailed closely by 9.80 per cent to close at N1.38 per share.

    Jaiz Bank declined by 9.65 per cent to close at N2.06, McNichols Plc shed 9.09 per cent to close at N1.00 and Japaul Gold lost 4.78 per cent to close at N1.99 per share.

    Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 38.92 per cent.

    A total of 349.59 million shares valued at N5.24 billion were exchanged in 8,082 deals, compared to 434 million shares valued at N8.58 billion exchanged in 8,525 deals posted in the previous session.

    Veritas Kapital led the activity chart in volume with 57.95 million shares worth N35.94 million, while Guaranty Trust Holding Company (GTCO) followed by N47.63 million shares valued at N47.63 billion to lead in value.

    Access Corporation traded 46.32 million shares valued at N796.32 million, AIICO Insurance transacted 30.71 million shares worth N30.79 million and Regency Alliance Insurance sold 14.55 million shares worth N5.64 million. (NAN)(www.nannews.ng)
    RUKY/AJA
    =========
    Edited by Adeleye Ajayi

  • Export: Afreximbank begins development of quality assurance centre in Imo

     

    Centre
    By Victor Nwachukwu
    Ngor-Okpala (Imo), June 3, 2024 (NAN) The African Export-Import Bank (Afreximbank) has begun the development of its African Quality Assurance Centre (AQAC) in Imo to ensure quality of export products.
    Prof. Benedict Oramah, President of the bank’s board of directors, said this at the official launch of the AQAC, in the Ngor Okpala council area of Imo, on Monday.
    Oramah, represented by the bank’s Executive Vice-President, Intra-African Trade and Export Development, Mrs Kanayo Awani, said that the centre was the second of its kind in Nigeria.
    The president explained that the AQAC would promote African trade in line with the African Continental Free Trade Agreement.
    According to him, although Africa’s export products represent only 30 per cent of exports in Europe and America, the products can hardly meet global standards, and have, therefore, suffered inhibited access to the global market.
    “With a cargo airport and abundant export products such as agricultural, textile, pharmaceutical and automotive, among others, Imo has the potential to become a major international export hub in Nigeria,” he said.
    He thanked the bank’s technical partners, the Bureau Veritas; the African Organisation for Standardisation, and the Imo government for their support and collaboration which saw the project to fruition.
    “Africa loses an estimated $700m yearly at the export market due to inability to meet global standards, but the Afreximbank is working on accredited facilities for quality assurance and promotion of export trade.
    “This gathering is a testament that our strong political will backed by capital from Africa, represent a powerful force and our best chance as a people to achieve economic emancipation.
    “We are, therefore, pleased at the Afreximbank to announce the commencement of the AQAC project development in Imo to serve the people of Imo, Nigeria and the Gulf of Guinea,” he said.
    Also, Gov. Hope Uzodinma of Imo, thanked the bank for choosing Imo as a ground for “providing home grown solutions to the challenges of export business confronting the African continent “.
    He added that the project aligned with the Nigerian National Development Plan, and pledged his commitment to job creation through stimulation of the economy for a more productive life for Imo people.
    “We thank you for including Imo in the global map.
    “We assure you that with 64 nautical miles to the high sea, your decision to site this project in Imo will be justified through a viable Return on Investment (ROI), and our necessary support for your seamless operation“, he said.
    Earlier, the bank’s Director of Export Development, Mrs Dorothy Oluwaji, restated the bank’s commitment to the strategic initiative, and thanked Uzodinma for his tenacity, drive, support and vision to make Imo an international export hub.
    The News Agency of Nigeria (NAN) reports that the highlight of the event was the official unveiling of the project module. (NAN) (www.nannews.ng)
    VIN/AYO/VIV
    ===
    Edited by Ayodeji Alabi/Vivian Ihechu

  • FirstBank emerges Best SME Bank at Asian Banker Awards

    Awards
    By Grace Alegba
    Lagos, June 3, 2024 (NAN) FirstBank has won two awards by emerging Best SME Bank in both Nigeria and Africa at the Asian Banker Global Excellence Retail Awards 2024.

    FirstBank Group Head, Marketing and Corporate Communications, Ms Folake Ani-Mumuney, in a statement on Monday while expressing her delight, dedicated the two awards to the bank’s SME customers.

    The Excellence in Retail Finance Awards Programme, which includes the Global Excellence in Retail Finance Awards and the Annual Digital Bank Awards recognise exceptional innovation, leadership, management and performance in the financial sector.

    First Bank clinched the awards for meeting needs of medium and small enterprises and offering flexible financing options across the entire lifecycle needs of customer’s business.

    Ani-Mumuney said, “We thank the Asian Banker Awards for the recognition and dedicate these awards to our esteemed SME customers that have progressively impacted the socio-economic growth of not just Nigeria but also the African continent, given their critical role as the engine of any economy.

    “For 130 years, FirstBank has continued to enable the giants in our customers including our SMEs as well as other stakeholders, and we remain committed to delivering the ultimate ‘gold standard’ of value and excellence.”

    She quoted the Asian Banker’s Strategic Business Intelligence for the Financial Services Community to have said “FirstBank demonstrated exceptional performance, notably in its SME sector, by achieving more than 100 per cent revenue growth while maintaining a reduced cost-to-income ratio of 16.5 per cent’’.

    “Small and Medium-sized Enterprises contributed 26 per of overall bank revenue.

    “Furthermore, the institution’s SME customer base grew by 7 per cent reaching a total of more than one million.

    “For its significant growth in the SME business, the award for Best SME Bank in Nigeria and in Africa goes to FirstBank,” she said.

    Ani-Mumuney said FirstBank supported its customers by providing exceptional value proposition around each industry sector to create best in class customer engagement.

    She said the bank’s integrated platform not only helped businesses grow and reduced operational costs but also facilitated expansion into regional and overseas markets through its Sub-Saharan Africa subsidiaries. (NAN)(www.nannews.ng)
    GA/AJA
    =======
    Edited by Adeleye Ajayi

  • NLC strike won’t disrupt ongoing WASCE in Rivers, says official

    NLC strike won’t disrupt ongoing WASCE in Rivers, says official

    Examination
    By Desmond Ejibas
    Port Harcourt, June 3, 2024 (NAN) The Commissioner for Education in  Rivers, Dr Ovy Chukwuma, has given an assurance that the ongoing nationwide strike will not disrupt the West African School Certificate Examination (WASCE).

    Chukwuma gave the assurance in a statement issued in Port Harcourt and made available to the News Agency of Nigeria (NAN) on Monday.

    He stated that the examination would proceed in the state, notwithstanding the notice of an indefinite strike by the organised labour to press home its demand for a new minimum wage.

    “While the ministry understands the concerns of the NLC and TUC, we also acknowledge the ongoing WASCE across the West African countries.

    “Disrupting the process in the state would affect the future and result of our candidates; hence, WAEC has resolved to go on with the examination.

    “Therefore, all school principals and supervisors are enjoined to continue with the conduct of the exam, while candidates are advised to continue their exams notwithstanding the strike,” Chukwuma added. (NAN) (www.nannews.ng)

    DES/USO
    Edited by Sam Oditah

  • Olumba Olumba hails Nigeria’s reversion to old anthem 

     

    Olumba Olumba hails Nigeria’s reversion to old anthem

     

    Anthem

    By Uchenna Eletuo

    Lagos, June 3, 2024 (NAN) The Brotherhood of the Cross and Star (BCS) on Monday  halied  Nigeria’s reversion to its old National Anthem, saying that the old anthem  preached  love, peace, justice and faith.

    BCS, also known as Olumba Olumba Obu, made the commendation during a  courtesy visit to the Lagos Office of the News Agency of Nigeria (NAN).

    The Leader of the team, Prof. David Irerin, said that the reversion was God’s will.

     

    He said, “Part of it that says ‘In Brotherhood we Stand’ is in total submission to will of God in mapping out the area known as Nigeria.”

    Irerin said that peace, love, justice  and forgiveness were necessary for societal growth.

    He called on Nigerians to respect, honour and love one anther irrespective of tribe and religion.

    “The reversion to the former anthem has divine a connotation with the vision of God for Nigeria, Nigeria’s development and her influence on the comity of nations,” he said.

    A member of the team, Archbishop Okey Asoluka, said that BCS was committed to preaching love,  holiness and justice to  eliminate wickedness, corruption, idolatry, oppression, greed and other sinful acts.

    He said that any  society obeying God would develop.

    He added that the reversion to the old anthem would do Nigeria good.

    “With the infusion of the brotherhood into our national life, a re-orientation is coming,” he said.

    Asoluka said that there was the need for the citizens to pray for their leaders.

    “It is our obligation as citizens to continue to pray for our leaders to be consciously linked to God  to remain on track.

    “Respect all persons regardless of social status; love all, for it is God you are seeing in others,” he said.

    Earlier, while receiving the team, the Head of Lagos Office of NAN, Mr Adeleye Ajayi, said that the agency  was a leading news purveyor with global reach.

    Ajayi said that the agency provided timely,  balanced and accurate news and news material to diverse clientele.

    NAN reports that President Bola Tinubu, on Wednesday, signed the National Anthem Bill 2024 into law, reinstating Nigeria’s old National Anthem:  “Nigeria, We Hail Thee”.(NAN)

    EUC/IGO

    ========

    Edited by Ijeoma Popoola

  • NDIC begins liquidation of Heritage Bank

    Liquidation

    By Grace Alegba

    Lagos, June 3, 2024 (NAN) The Nigeria Deposit Insurance Corporation (NDIC) says it has started the liquidation process of Heritage Bank with immediate verification and payment of insured deposits to bank depositors.

    The News Agency of Nigeria (NAN) reports that the CBN revoked Heritage Bank’s license on Monday.

    Mr Bashir Nuhu, Director of Communications and Public Affairs, NDIC, in a statement, said that relevant laws necessitated immediate actions to safeguard depositors’ funds.

    “Following the revocation of the banking license of Heritage Bank Plc by the Central Bank of Nigeria (CBN) today, June 3, 2024 and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator, pursuant to Section 12(2) of BOFIA, 2020,

    “The corporation wishes to announce to depositors of the bank in particular and the banking public in general, as follows:

    “The NDIC has commenced the Liquidation of Heritage Bank Plc in accordance with Section 55 sub-section 1 & 2 of the NDIC Act 2023

    “The corporation has also commenced the liquidation process of the failed bank with immediate verification and payment of insured deposits to the bank depositors.”

    He explained the payment options to various categories of the bank’s depositors.

    “Depositors of the bank that have alternate accounts within the industry will be paid up to the insured amount of N5 million per depositor using their Bank Verification Number (BVN) to locate their alternate account.

    “While depositors with funds in excess of N5 million will be paid liquidation dividend upon realisation of the bank’s assets and recovery of debts owed to the bank,” he said.

    Nuhu advised all depositors of the defunct bank without alternate bank accounts in the industry to visit the nearest branch of the bank with proof of account ownership, and verifiable means of identification.

    He listed the required documents to include a driver’s license, permanent voter’s card, National Identity Card, together with an alternate account and BVN for the verification of deposits and subsequent payment of insured sums.

    He added that depositors could also file online claims by visiting the NDIC website claims page on www.ndic.gov.ng/claims/claims, download and fill the claims forms and upload the required documentation.

    He advised creditors to visit the nearest branch of the bank to file their claims or via the online platform.

    “Please note that the process of payment of creditors will commence immediately after all depositors have been paid,” Nuhu said.

    He advised debtors who had not completed repayment of loans to contact the Corporation’s Asset Management Department (AMD).

    “Visit the NDIC website for more details. The NDIC wishes to assure the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks.

    “As such, depositors are urged to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound,” he said. (NAN)

    GA/AWA

    ==========

    Edited by Olawunmi Ashafa

  • Striking workers shut Abuja airport

    Airport

    By Gabriel Agbeja

    Abuja, June 3, 2024 (NAN) Aviation activities were shut down at the Nnamdi Azikiwe International Airport (NAIA), Abuja on Monday following the nationwide strike declared by organised labour over minimum wage.

    Mr Samuel Wuyep, Chairman of Air Transport Services Senior Staff Association of Nigeria (ATSSAN), Abuja chapter,  confirmed this to  News Agency of Nigeria (NAN) in Abuja

    According to him, The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) had declared the strike action to press home their demand on implementation of new minimum wage for workers.

    He said the NLC and TUC had directed aviation service providers, airline operators and all aviation workers nationwide to embark on strike from early hour of June 3.

    “The strike has a lot of impact here. Airport is not a place you are going to joke about, at all.

    “All airports all over the federation are shutdown. Though, we don’t have a clear dichotomy between military and civil aviation but the civil aviation operators have shutdown their services.

    “Passengers that came into the airport were stranded outside. They were not allowed to gain access into the terminal building.  Even if they come in, nobody is there to attend to them, “ he said.

    Wuyep said that all the service providers were closed down and services of aviation workers had been temporarily stopped.

    He added that other affiliates and the assistant agencies within and outside the airport were equally observing the strike.

    “So, we are on top of the game. We are hoping that the government will do something so that everybody will go back to his working place and everything will be normalised,“ he said.

    According to him, medical workers in NAIA were equally gradually shutting down their services.

    Wuyep said that some staffers that went to the clinic  were sent back, adding  that all agencies under the NLC and NTC were in total compliance with the strike.

    He said the passengers that came were calm and observed the rules of the game, as nobody harassed or chased  them away.

    Wuyep, however said that only the international flights were given the leverage to land for now.

    “ Right now, the international flights are given the leverage to land. Already, they are coming from far destinations, and the time difference between Nigeria and such countries is something you cannot reverse.

    “Most of them were airborne in Nigerian airspace before the commencement of the strike. Therefore, we will definitely allow them to land. They are landing and departing.

    “But, the grace of today is given to them. After today, by tomorrow, all their services too will be grounded. So we expect the Federal Government to do something, “ he said.(NAN)(www.nannews.ng)

    FGA/CHOM/ROT

    ==============

    Edited by Chioma Ugboma/Rotimi Ijikanmi

     

     

     

  • End strike, return to negotiating table – FG urges Labour

     

    FG appeal to Labour to call off strike, return to negotiating table
    Minister of Information and National Orientation, Alhaji Mohammed Idris, (2nd Left) Minister of State for Labour, Mrs Nkiruka  Onyejiocha (1st Left) and the Special Assistant to President Bola Tinubu on Information and Strategy, Mr Bayo Onanuga (3rd Left) during the news conference on Monday in Abuja.
    Appeal
    By Collins Yakubu-Hammer
    Abuja, June 3, 2024 (NAN) The Federal Government has appealed to the NLC and  TUC  to call off the ongoing strike and return to negotiation table to arrive at befitting minimum wage for workers.
    The Minister of Information and National Orientation, Alhaji Mohammed Idris, made the appeal at a news conference on Monday in Abuja.
    The briefing was addressed by Idris in company of the Minister of State for Labour, Mrs Nkiruka  Onyejiocha and the Special Assistant to President Bola Tinubu on Information and Strategy, Mr Bayo Onanuga.
    According to Idris, the Tripartite-Committee comprised of the governments, organised labour and the private sector but it was only the organised labour that opted out to embark on strike.
    He explained that, the country belongs to all Nigerians, and that “power grid does not know political party, tribe or religion, adding that when it is shut down, it affects all Nigerians” .
    “We are making a heartfelt and deeply considered appeal to the labour unions to continue along the path of negotiations with the federal and state governments, under the auspices of the tripartite committee.
    “As government, we are desirous of a peaceful outcome, and we will do everything to make this happen.
    “Yesterday, the leadership of the National Assembly met with the Unions. Today, we have offered another invitation to the unions, to meet with us and continue our discussions.
    “We will continue to engage, and make ourselves very available in the context of these negotiations on behalf of the Nigerian people
    “Let me make it clear, that we are not opponents on this negotiating table. We are united by the fact that we want the best for Nigeria and for all 200 million citizens of the country,” Idris said.
    He further explained that the tripartite committee has a responsibility to strike a measured and realistic balance, in the effort to arrive at a new minimum wage for Nigerians.
    According to him, the minimum wage is not only for public sector workers alone, stressing that It will be binding on the private sector as well.
    The Minister added that this reality must be factored into the negotiations.
    “As I have explained earlier, labour’s current proposal of N494,000 is an increase of 1,547 per cent on the existing wage, and translates into an annual wage bill of N9.5 trillion Naira for the federal government alone.
    “This is apart from its cost implications for sub-national governments and private sector employees. Such a wage bill would cripple the Nigerian economy, by leading to massive job losses, especially in the private sector.
    “The National Consumer Credit Scheme and the Nigerian Education Loan Fund (NELFUND) are additional significant demonstrations of a determination to bring relief to the people of Nigeria.
    “We want the labour unions to understand that the relief that Nigerians are expecting, and that they fully deserve, will not come only in the form of increased wages.
    “It will also come as efforts to reduce the cost of living, and to ensure that more money stays in the pockets of Nigerians.
    “The President is firmly committed to doing what is right, reasonable and sustainable regarding these minimum wage negotiations.
    “We call on the labour unions to reciprocate this gesture in the interest of the nation,” Idris said. (NAN) (www.nannews.ng)
    CMY/EBI/ROT
    ============
    Edited by Benson Iziama/,Rotimi Ijikanmi

  • Army hands over 8 rescued students to Kogi Gov.

    Army hands over 8 rescued students to Kogi Gov.

    Rescue
    By Sumaila Ogbaje
    Abuja, June 3, 2024 (NAN) The Nigerian Army on Monday handed over eight students of Confluence University of Science and Technology Osara, Kogi State, who were rescued on Sunday, to Gov. Ahmed Ododo, at Army Headquarters Abuja.

    The handing over was conducted by the Deputy Chief of Operations (Army), Maj.-Gen. Emmanuel Emekah, on behalf of the Chief of Army Staff (COAS), Lt.-Gen. Taoreed Lagbaja.

    Emekah said the troops of the Nigerian Army in synergy with operatives of the Nigeria Police Force and other security agencies, successfully rescued the abducted students who were taken hostage by terrorists.

    He said the rescue operation took place in a dense forest near Oro Ago Village in Kwara following an intense clearance mission.

    He added that the operation was still ongoing to apprehended the perpetrators of the dastardly act and bring them to book.

    In his remarks, Gov. Ahmed Ododo thanked God Almighty for making it possible for the rescue of the students, adding that it was a mixed feeling for him as two of the 31 abducted students were murdered.

    Ododo said that 29 of the students were successfully rescued while appreciating the efforts of President Bola Tinubu and the military for the fight against insecurity in the country.

    He also thanked the National Security Adviser (NSA) for making the country’s security apparatus more effective, efficient and technology driven.

    “At this level, I have come to realise that the Nigerian army has all it takes to stamp out kidnapping, banditry and all forms of criminal activities from our land.

    “Because the level of synergy, the level of understanding, collaboration and coordination carried out by them professionally is highly commendable and I sincerely appreciate you and your men.

    “I want to promise that Kogi State will always be there to partner with you and we are ever ready to answer your call at any point in time and fighting crimes and criminality in our land.

    “We have all it takes in terms of equipment and we will continue to collaborate and synergise with your agencies to make sure our land is free of all these criminalities,” he said.

    Ododo assured the student that the government would continue to support them to ensure that they succeed in their aspiration and educational pursuits.

    According to him, Kogi is a state that is well known to be well blessed with mineral deposits and that deposit must work for the state.

    He said the criminals had now known that Kogi was not a safe heaven for them, assuring that no criminal that entered the state would be spared.

    The governor commended the army for its efforts and display of professionalism in carrying out the rescue operation. (NAN) (www.nannews.ng)

    OYS/SH

    ======

    edited by Sadiya Hamza

  • Airlines sign agreement to contribute schedules data to IATA programme

     

     

    Airlines

    By Itohan Abara-Laserian

     

     

    Lagos, June 3, 2024 (NAN) The International Air Transport Association (IATA) has said that 40 airlines have signed an agreement to contribute their schedules data to the IATA Schedule Data Exchange Programme.

    The Director-General of IATA, Mr Willie Walsh, made this known  in a statement made available to newmen in Lagos on Monday.

    He said  that additional 40 airlines were  preparing to join.

    Walsh noted that work on the programme began in October 2023 with the first release planned in March 2025.

    He said: “The early and strong support for the IATA Schedule Data Exchange Programme bodes well for its success.

    “Coverage is growing with each new airline that comes on board, and we encourage all airlines, IATA members and non-members, to join this strategic industry effort.

    “The Schedule Data Exchange Programme will collect schedules, capacity and minimum connecting time  data used in several IATA products and services, supporting network development, revenue management, slot coordination and interline agreements.

    “IATA is not creating a commercial product aimed at replacing or competing with entities currently distributing schedule data. Participating airlines will have access to the data on a give-to-get principle,” he said.

    Walsh also said that the programme was open to both IATA and non IATA-member airlines.

    He added that participating airlines would submit their data to IATA with the same format, frequency and transmission method they used to distribute their schedules.

    He said that the data sharing principles and data release policy of the programme were determined by an advisory group comprising participating carriers.

    “The IATA Board of Governors had set a strategic priority for IATA to be the most authoritative source of industry data across a wide range of topics.

    “There is also an industry interest in ensuring that industry data has the potential to be provided through several sources.

    “Airlines are all too familiar with the detrimental impacts of having limited competition in their supplier communities,” Walsh said.

    In another development, Walsh announced that Mr Pieter Elbers, Chief Executive Officer of IndiGo, has assumed  duties as the Chair of the IATA Board of Governors.

    He said that Elbers’s one-year term began at the conclusion of the 80th IATA Annual General Meeting in Dubai, United Arab Emirates, on Monday. (NAN) (www.nannews.ng)

    ITM/CHOM/IGO

    ==============

    Edited by Chioma Ugboma/Ijeoma Popoola