Blog

NAN-HE-25
Shares
By Chinyere Joel-Nwokeoma
Lagos, Nov. 9, 2016 (NAN) Activities on the Nigerian Stock Exchange (NSE) on Wednesday remained on a bearish posture with the market indices dropping by 0.72 per cent, amidst profit taking.

The News Agency of Nigeria (NAN) reports that the All-Share Index lost 190.58 points or 0.72 per cent to close at 26,173.69 compared with 26,364.27 posted on Tuesday.

Also, the market capitalisation which opened at N9.075 trillion shed N65 billion or 0.72 per cent to close at N9.010 trillion.

Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., said that the loss was not due to the emergence of Donald Trump as the newly elected U.S. president.

Kurfi said the Nigerian equity market had remained on a negative territory in the past one week, adding that the loss was not spectacular.

“The market has lost more than this marginal in the past and there is nothing spectacular about the loss.

“The downward trend being experienced in our market is due to economic uncertainties and poor liquidity,” he said.

A breakdown of the price movement chart indicated that PZ Cusson led the losers’ table, shedding N1.51 to close at N16.49 per share.

It was followed by Flour Mills with a loss of 95k to close at N18.05, while Guaranty Trust Bank lost 75k to close at N20.65 per share.

Glaxosmithkline also depreciated by 75k to close at N15 and the Nigerian Breweries dropped 50k to close at N143.50 per share.

Conversely, Guinness led the gainers’ table, gaining N1.50 to close at N90 per share.

CAP Plc followed with a gain of N1.38 to close at N35.40 and Dangote Sugar added 18k to close at N6.30 per share.

Redstare appreciated by 10k to close at N4.30, while UPL increased by 10k to close at N3.90 per share.

NAN reports that Chams for the second consecutive days emerged the most traded equity, exchanging 40.10 million shares worth N20.05 million.

GT Bank followed with 18.34 million shares valued at N378.71 million, while United Bank for Africa traded 14.08 million shares worth N59.59 million.

FBN Holdings sold 13.94 million shares worth N42.30 million, while Access Bank traded 7.53 million shares valued at N39.09 million.

In all, investors bought and sold a total of 146.11 million shares worth N1.04 billion transacted in 3,039 deals.

NAN reports that this was against a turnover of 189.01 million shares valued at N1.60 billion transacted in 3,434 deals on Tuesday. (NAN)
JNC/GOK
Edited by Olagoke Olatoye

NAN-DS-12

Campaign

By Angela Atabo

Abuja, Nov.9, 2016 (NAN) The Federal Road Safety Commission (FRSC) on Wednesday in Abuja cautioned motorists against driving under the influence of alcohol.

Mr Sunday Oghenekaro, Sector Commander, FRSC, FCT command, gave the warning at the “Don’t Drink and Drive’’ campaign at the Jabi motor park, Abuja.

Oghenekaro said drinking had been identified as being responsible for a great percentage of preventable road crashes around the world.

He said apart from the mechanical and environmental causes of crashes, the human factor was the most critical and exhibited in speed, drunk driving, indiscipline, poor vehicle maintenance and lack of concentration, among others.

“ Motorists in order to ensure personal safety and safety of other road users must refrain from the listed behaviours to avoid crashes and its consequences.

“The Ember Months are here; volume of traffic is increasing and the weather conditions are also to be considered as the harmattan with its poor visibility due to haze, is paramount,’’he said.

The Corps Marshal of the FRSC, Dr Boboye Oyeyemi, said the commission had been collaborating with the Nigerian Breweries in creating road safety awareness against drunk driving.

Oyeyemi, who was represented by Mr Kingsley Agomoh, FRSC Zonal Commanding Officer, said that the campaign was deliberately structured into the Ember Months due to increased festivities during the period in order to curb crashes.

He said the collaboration was necessary because safety was not a one man’s business.

Mr Nico Vervelde, Managing Director, Nigerian Breweries PLC, said the campaign was an important part of the company’s sustainability agenda tagged: “Brewing a Better World”.

Represented by Ms Adeola Odunaiya, Government Affairs Manager, Vervelde said that the strategy aided the company to identify ways to contribute positively to the society as a way of giving back to the society.

Mr Ibrahim Gaji ,Deputy State Chairman, National Union of Road Transport Workers (NURTW), appealed to the FRSC to extend the campaign to other parts of the country.

Gaji also urged the Nigerian Breweries to, like tobacco companies, inscribe warnings on their products to caution consumers on the dangers of consuming alcohol. (NAN)
ATAB/JPE/AMY

Edited by Joseph Edeh and Abdullahi Yusuf
================

NAN-H-82
Farewell
By Deborah Ogedemgbe
Benin, Nov. 9, 2016 (NAN) The Edo State Executive Council held a valedictory session in Benin on Wednesday preparatory to handing over to new government on Saturday.
Gov. Adams Oshiomhole who presided over the session appreciated the council members for their selfless service to the people of the state.
Oshiomhole said he was convinced that the council did and gave it best for the people as there were evidences that the members were the least paid in the country but worked the hardest.
He stressed that the development in the state was as a result of the collective industry and commitment of all.
The governor lamented the death of his Principal Private Secretary, Olaitan Oyerinde, in 2012.
The governor, who became very emotional and shed tears, said he also regretted the death of his wife, Clara.
He said she was irreplaceable as she was the only woman who agreed to marry him when he was anonymous, adding, “I miss her.’’
He described her as a counselor and the person who thought him to pray, adding that she was with him in 2008 during his swearing in, but sadly won’t be around when he hands over to a new administration.
He urged the council to take a solemn moment to pray for the continued repose of their souls.
The exco members took turn to express their experiences in working with the governor.
Mr Osarodion Ogie, Commissioner for Works, said he was a pioneer student of what he called Oshiomhole’s school of governance.
He said he learnt courage and being positive from the governor.
He added that “although Oshiomhole is a hard personm but he was very humane.’’
Mr Henry Idahagbon, Attorney General and Commissioner for Justice described the governor as a pacesetter, path finder and a beacon of development.
He said it was difficult to work with him because “he is a perfectionist.’’
Mr John Inegbedion, Commissioner for Finance described the governor as God sent to the state adding that the situation on ground when the administration assumed office eight ago financially could not support what was on ground today.
He said the governor took a bold decision and that had kept state afloat.
His Information counterpart Kassim Afegbua, advised the governor to work on his temper and learn to manage time.
Commissioners for Budget and Planning, Lawrence Aghedo, Water Resources, Washinton Osifo, Head of Service Mrs Gladys Idaho, SSG Julius Ihonvbere, and Deputy Gov. Pius Odubu also spoke. (NAN)
DCO/FF/IEA
==========

Edited by Fela Fashoro/Idahosa Asowata

NAN-H-80
Suit
By Suleiman Shehu
Ibadan, Nov. 9, 2016 (NAN) The Chief Judge of Oyo State, Justice Munta Abimbola,  on Wednesday withdrew from the suit filed by Chief Adebayo Oyediji challenging the installation of Oba Saliu Adetunji as  the Olubadan of Ibadanland.

Abimbola said that he was withdrawing because Oyediji and other claimants had written  a petition to the National Judicial Council (NJC) alleging that he was present during the  installation ceremony of Adetunji.

The News Agency of Nigeria (NAN) reports that the chief judge had been  presiding over the suit filed by Oyediji at an Oyo State High Court sitting in Ibadan.

Abimbola  said that the NJC had invited him, adding that he was shocked that it was over the petition against him.

“ I have replied the petition and I thank God, NJC has absolved me because no specific allegation of misconduct was mentioned in the petition.

“ I was not present at the installation ceremony of Olubadan, I was in my office on that day.

“ No body has ever written a petition against me since my long years of service both at the bar and the bench and I wonder why someone will want to tarnish my image.

“ I have few years to spend in service and I don’t want anything that will tarnish my image,’’ Abimbola said.

The judge, however, said that he had no grudge against anybody and was transferring the case to the administrative judge for reassignment.

NAN  reports that Oyediji of Seriki Chieftancy line and other claimants had instituted the suit, claiming that it was their  turn to produce the next Olubadan after Oba Samuel Odunlana’s demise.

NAN also reports that among the respondents in the suit are the Oyo State Government, Adetunji and the Olubadan-in-Council. (NAN)
SYS/OJO
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(Edited by Mufutau Ojo)

NAN-HE-10
Fair
By Taiye Baiyerohi
Lagos, Nov. 9, 2016 (NAN) Goods belonging to some illegal participants at the ongoing 30th Lagos International Trade Fair were on Wednesday impounded by some officials of Kick-Against-Indiscipline (KAI) Brigade.

Mr Ayo Ogungbiye, the head of the task force disclosed to the News Agency of Nigeria (NAN) that goods worth thousands of naira had been seized by his officials so far, ,at the fair.

He said this was as a result of the directive from the Lagos Chamber of Commerce and Industry (LCCI), Organisers of the fair, for offcials of the KAI Brigade to impound goods belonging to hawkers and illegal occupants of the tents.

Ogungbiye said that some legal occupants were sub-letting part of their pavilions to others, which is contrary to the agreement the organisers reached with exhibitors at the fair.

“There was an agreement that no occupant should accommodate any other company but this has been breached and they must be sanctioned.

“You can see that their goods have been seized, so they will have to pay a ransom before they can re-gain possession of their goods,’’ he said.

Mr Remi Giwa, the representative of the LCCI, said that before the commencement of the fair, the exhibitors had been warned against accommodating illegal occupants.

Giwa said that the chamber was shocked to have seen such atrocities being perpetrated by some exhibitors, hence it had to engage the KAI Brigade.

“The decision was taken to avoid any disorganisation at the fair,’’ he said.

The 10-day fair ends on Sunday, Nov. 13. (NAN)
PTB/FF/PIO
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Edited by Fela Fashoro/Idonije Obakhedo

NAN-H-78

Dredging

By Aisha Cole

Calabar, Nov. 9, 2016 (NAN) The Chairman, Nigerian Ports Authority (NPA), Mr Emmanuel Adesoye, says the Federal Government plans to dredge the  Calabar Port to enable large vessels to berth and do business.

Adesoye made this known in an interview with the News Agency of Nigeria (NAN) in Calabar on Wednesday.

Cue in audio

“We have seen most of these facilities. They are excellent facilities. They are opportunities waiting to be tapped.

“We know that these are areas that can really help Nigeria in terms of incomes, especially foreign currencies, if properly developed.

“There are also challenges. For example, the one we see is the draft situation in this area; it’s a little bit shallow; we need to do a lot of dredging.

“We need to make it accessible for big ships that can come here and do business with us.

“So, these are the kinds of the challenges we need to take on and try to resolve as we go on in this business.”

Cue out audio

Adesoye expressed the hope that the dredging of the Calabar channel would begin as soon as possible. “One of the greatest incentives is to make sure that the draft line is okay for ships to come in here.

He said: “That is the greatest, because when is there, there are business people that are willing to trade with us.

“We want to trade with the others and we are going to have to do a lot of information sharing so that people will now know that this place is ready for ships to come on board here.

“That is one of the things we are going to do and then security wise, I think we are going to work on the security also to make people believe that this area is safe to transact business.

“If you read my acceptance speech during the inauguration, I think the passage of that bill is one of the cardinal points we mention in that thing.

“That this board will be willing to work with the National Assembly to make the passage of the bill as quickly as possible.

“We are going to work on it definitely.’’

The NPA chair stressed the need to go back to the drawing board  as quickly as possible to make the Calabar  port more viable economically. (NAN)

AIC/AJA/OSA/YEE

Edited by Adeleye Ajayi/Shittu Obassa/Emmanuel Yashim

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NAN-H-75
Cases

By Sunday John

Wamba (Nasarawa State), Nov. 9, 2016 (NAN) The Chief Judge of Nasarawa State, Justice Suleiman Dikko, has advised state counsel to desist from abandoning criminal cases in courts.

Dikko gave the advice on Wednesday at Wamba Prison, Wamba Local Government Area, at the continuation of his four-day working tour of prisons across the state.

Dikko spoke when he discovered that some state counsel prosecuting criminal cases at High Court I in Akwanga had not been to court over three times when their matters were mentioned in the court.

“In the cause of reviewing cases of some inmates awaiting trial in this prison, I discovered that some state counsel have stopped coming to prosecute their matters in court.

“There is no way a judge can go on and conclude a criminal case without a prosecuting counsel hence the need to call on the state counsel and the police prosecutors to be up and doing,’’ the judge said.

He, however, commended the Nigeria Bar Association and judges of lower courts in Akwanga, Nassarawa/Eggon and Wamba local government areas for living up to their responsibilities.

He said the judges’ attitude was the reason that there were few inmates in the prison that served the areas.

He attributed the delay of justice administration in the state to the action and inaction of some stakeholders in the judicial system.

He emphasised the need for judges to rise up to their responsibility by avoiding delays in order to decongest the prisons.

Dikko said he was on the visit to ensure that inmates wrongly sent to prison were set free in accordance with the relevant laws.

He urged the police, prison authorities and other stakeholders to rise up to their responsibilities in order to sanitise the system and ensure speedy administration of justice in the state.

He promised to forward the report about the bad state of facilities in the prison to the state government and other relevant authorities.

Earlier, Mr Bulus Tari, the Superintendent of Prisons in charge of Wamba Prison, said the facility, built to house 68 inmates, currently had 77 inmates.

He added that out of the 77 inmates, 25 were  awaiting trial while 52 had been convicted and serving various jail terms.

He appealed to the state government to assist the prison by building modern structures and equipping them. (NAN)

SDJ/JCE
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Edited by Chukwudi Ekezie

NAN-H-23

NAHCO

By Adekunle Williams/Solomon Asowata

Lagos, Nov.9, 2016 (NAN) The Nigerian Aviation Handling Company Plc (NAHCO), says it is still firmly in control of the majority market shares in the aviation ground handling business.

The News Agency of Nigeria (NAN) reports that Mr Norbert Bielderman, Managing Director, NAHCO made the disclosure while briefing newsmen on Wednesday in Lagos.

He spoke against the backdrop of allegations that the company’s fortunes were taking a downturn.

Bielderman said despite the economic recession in the country, the firm had 80 per cent of domestic airlines in its fold and 90 per cent of international market, comprising big international carriers.

He said:”We have 80 per cent of the domestic carriers. Only Arik and Medview we do not handle.

“We are opening stations all over the country and have 1, 744 staff strength. We have over 300 casuals and members of National Youth Service Corps (NYSC) and others.

“We have 90 per cent of international market and we are still growing. Those we don’t handle are South African Airways and Etihad. Every other airline is handled by NAHCO.

“This year, we have RwandaAir, Mid African Airlines, Mainstream Aviation, Cronosand and others we took over without losing any customer.”

Bielderman said though the recession had impacted on their operations, the gap left by one of its customers, Aero Contractors, which had left, had been filled by other carriers.

“It is just that we have to be realistic in our expectations. The truth is that the Nigerian economy is generally not doing very well.

“The current recession is not going to isolate anyone. As you may have noticed, many airlines are pulling out of Nigeria. A lot more are reducing the number of their flights into the country.

“Only recently, the Federal Government had to come out to beg departing foreign airlines to come back. This is not the best of times for the aviation sector in Nigeria,” he said. (NAN)

WAC/ASO/SOA

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

Edited by Oluwole Sogunle

NBET’s indebtedness to GenCos affecting liquidity in power sector – Association

NAN-HE-22

Liquidity

By Kingsley Okoye

Abuja, Nov. 9, 2016 (NAN) The Independent Energy Watch Initiative (I-WIN) has said that the failure of the Nigerian Electricity Bulk Trading Company (NBET) to  pay the  accrued money due to the Generating Companies (GenCos) has affected liquidity in the sector.

Mr Ogbonna Onwumere, Head Research and Development, (I-WIN) revelealed this  in statement made available to the  News Agency of Nigeria(NAN) in Abuja on Wednesday.

Onwumere said the non-payment of the monies owed GenCos by NBET had also resulted in the inability of the GenCos to buy  the needed gas for generation.

He said that the non-payment had also resulted in the inability of the GenCos to pay the salaries of  their staff, maintain and operate facilities.

“I think it is obvious that if all the monies are paid, the GenCos will be able to perform their duties generally, because  they will be able to manage their machines, purchase gas from the suppliers.

He said it was obligatory on NEBRT to keep to the terms of the agreement, noting that the GenCos were only demanding for their legitimate right as stated in the terms of contract between it and NBET.

He said that since the inception of privatisation of the power sector, the GenCos had never been paid  complete, noting that GenCos had been receiving less than 20 per cent of their invoices  from NBET.

“NBET is not keeping to their side of the contract they signed.”

He said that the GenCos had threatened to stop producing energy and shut down production, if their entitlements  was not paid by NBET.(NAN)

KC/IA

Edited by Idris Abdulrahman

NAN-H-77
Empowerment
By Blessing Odega
Jos, Nov.9, 2016 (NAN) The Minister of Women Affairs and Social Development, Mrs Aisha Alhassan, has advised women in Plateau to empower themselves by embracing Federal Government’s Enterprise and Empowerment Programme (GEEP).

She gave the advice on Wednesday when she paid advocacy visit to Jos to sensitise women on the benefits of availing themselves of the programme.

She said that GEEP was aimed at reducing poverty amongst women, adding that it would also help to rebuild the economies of rural areas.

She said: “ GEEP will help rebuild the Nigerian economy; it will complement other economic empowerment strategies of the federal and state governments.

“It has four objectives which includes the provision of skills development training and provision of micro-credit loans.

“ The loans are interest free and no collateral is required.

“The forms to apply for the loan is absolutely free of charge; each beneficiary can get a loan ranging from N10,000 to  N100,000 and is repayable in six months.

“The loan will be paid directly into each beneficiary’s individual account.

“As such account and BVN numbers are to be provided by each applicant for the loan,’’ she said.

The minister said that men could also take advantage of the GEEP as the programme was meant to provide assistance for artisans, farmers, market women and entrepreneurs

She said that her ministry is working with development partners to provide financial literacy and skills training for beneficiaries of the programme.

In her remarks, the wife of Plateau governor, Mrs Regina Lalong, urged women to embrace the opportunity offered by the programme to improve their well being.

She said that the empowerment of a woman translated to empowering the whole family. (NAN)

UBO/VIV/AEA
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Edited by Vivian Ihechu/Archibong Asyquo