Blog

NAN-H-27

Market

By Chinyere Joel-Nwokeoma

Lagos, Nov. 2, 2016 (NAN) The total volume of shares traded on the Nigerian Stock Exchange (NSE) in the month of October dipped by 53.84 per cent, the News Agency of Nigeria (NAN) reports.

Statistics obtained from the exchange in Lagos on Wednesday showed that investors during the period traded 3.67 billion shares worth N32.02 billion transacted in 55,397 deals.

The statistics was lower than 7.95 billion shares valued at N47.39 billion achieved in 65,193 deals in September.

A further breakdown of the statistics indicated that the Financial Service Sector recorded the highest volume of activities, trading 2.59 billion shares worth N12.26 billion transacted in 22,698 deals.

Premium Board Sector came second with a total of 455.26 million shares valued at N4.53 billion achieved in 9,081 deals.

Conglomerates industry trailed with 244.46 million shares worth N434.95 million transacted in 2,326 deals, while Consumer Goods Sector sold 147.59 million shares valued at N7.62 billion in 9,735 deals.

NAN reports that the market capitalisation during the review period dropped by N384 billion or 3.95 per cent to close at N9.349 trillion, against N9.733 trillion achieved in September.

Also, the NSE All-Share Index lost 1,115.31 points or 3.94 per cent to close at 27,220.09 from 28,335.40 recorded in September due to profit taking.

NAN reports that Forte Oil emerged as the worst performing stock during the period under review in percentage terms, dropping by 27.67 per cent or N45.90 to close at N120 per share against the month opening price of N165.90.

NAHCO trailed with a loss of 25.72 per cent or 0.89k to close at N2.57 per share against N3.46 it closed for the month of September.

Ashaka Cement lost 24.65 per cent or N4.01 to close at N12.26 against N16.27 achieved in September, while Glaxosmithkline lost 23.88 per cent or N4.68 to close at N14.92 compared with N19.60 in the preceeding period.

Conversely, Caverton emerged the best performing stock in percentage terms, appreciating by 44.74 per cent to close at N1.10 per share compared with 76k it opened for the month.

Total garnered 16.95 per cent to close at N345 against N295 per share it opened trading for the month of September.

Okomu Oil increased by 13.29 per cent to close at N43.05 compared with N38 in September and Air Space rose by 10 per cent to close at N2.20 against N2 achieved in the previous month.

Some stakeholders attributed dismal performance of the market to unimpressive third results released by most quoted companies due to challenging economic environment.

Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., said that disappointing  third quarter earnings affected the volume and value of shares during the period.

Kurfi said that the results declared by the companies were a true reflection of the economy, noting that Nestle’s inability to declare interim dividend is a reflection of the market downturn.

He stated that the market would likely maintain the negative trend in November because of  loss of confidence.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., described the month of October as a disappointment despite its being an earning season.

“The market performance for October was a disappointment to many investors being an earning season month expected to turn the market around,” Omordion said.

He explained that the poor corporate earnings, weak economic fundamentals and lack of concrete economic plan to pull the nation out of recession contributed to the market lull.

Omordion said that these challenges had led to fear and dwindling confidence of investors in the market which affected demand for equities.

He, however, expressed optimism that fund managers and some investors were expected to reposition their portfolios for year end activities on the strength of some positive third quarter earnings. (NAN)
JNC/MO/

Edited by Morayo Omolade

NAN-HG-3
Women
By Chiazo Ogbolu
Lagos, Nov. 2, 2016 (NAN) An association,  Women in Management, Business and Public Service (WIMBIZ), has urged women to use the current challenges in the nation’s economy to develop themselves.

Mrs Aisha Ahmad, the chairperson of the association, made the plea in a statement in Lagos, saying that the nation’s economy was undergoing a slow, but significant transformation.

“It is important that women remain at the forefront of those changes to recognise and leverage on the opportunities that exist therein,’’ Ahmad said.

She said that the forthcoming 2016 edition of the association’s annual conference was an opportunity for women to discuss some of the opportunities they could leverage upon.

The WIMBIZ chairperson said that those opportunities would be relevant to their businesses, careers and families.

According to her, theme of the conference slated to hold on Nov. 3 and Nov. 4 is: “The Next Frontier… New Landscape, New Possibilities”.

“The theme will explore how women can leverage upon the current changes in the economy, business and career landscape for all-round growth.

“There are new possibilities in business and technology which can be harnessed to achieve business success.

“The theme seeks to position women appropriately to navigate and deflect the impact of these changes on their business and careers.

“It will also open them up to significant opportunities which are present in the face of this short-term economic strife.

“The conference, which is in its 15th year, is WIMBIZ’s flagship event and would attract no fewer than 1000 women from across the country and many industries,” Ahmad said. (NAN)
CAN/COF/GOK
Edited by Oluyinka Fadare/Olagoke Olatoye
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NAN-S-1
Support
By Kemi Ajayi
Lagos, Nov. 2, 2016 (NAN) Monday Emoghawve, the President of the Nigeria Paralympics Committee (NPC), has urged corporate organisations and government to support the activities of para-sports federations, ahead of the World Disability Day on Dec. 3.
The News Agency of Nigeria (NAN) reports that Dec.3 was set aside by the United Nations in 1992, to celebrate people with disability around the world.
Emoghawve told NAN in Lagos  on Wednesday that various para-sports bodies in the country usually organised competitions and seminar to celebrate the Day.
He stressed that such support would go a long way to encourage para-athletes and also entice more physically challenged persons to sports.
“Everyday is a special day but Dec.3, is more special for people with disability around the world including Nigeria.
“Almost all the federations under the NPC will be having events on that day and they all need any form of support they can get.
“Para-power lifting, para-swimming, para-badminton, para-table tennis but to mention a few are all having programmes on that day.”

The president noted that para-athletes performance at the Rio Paralympics was an attestation to their “ability in disability’’.
He advised physically challenged persons to always forge ahead in every area of their endeavour in spite of the challenges before them.
NAN reports that the Nigeria won eight gold, two silver and two bronze medals at the 2016 Paralympics. (NAN)
KOA/ERO/MO/
========= Edited by Emmanuel Okara/Morayo Omolade

PDP endorses ambassadorial-nominee from Taraba
NAN-H-24
Endorsement
By Nabilu Balarabe
Jalingo, Nov. 2, 2016 (NAN ) The Taraba Chapter of the Peoples Democratic Party(PDP), on Wednesday endorsed the appointment of Malam Mustapha Jaji as an ambassadorial-nominee from the state.
The State’s PDP Chairman, Mr Victor Bala, announced the endorsement at a news briefing in Jalingo.
According to him, President Muhammadu Buhari has the right to give political appointment to any qualified Nigerian irrespective of party affiliation.
“The President has the right to appoint every qualified Nigerian into any available office. Therefore, I am very happy with this appointment.
“Look, if you ask me which political party Mustapha belongs to, I will tell you I don’t know.
“But I do know that he neither belongs to the state nor the zonal executives of the PDP.
“If they say he is a member of our party at the local level, then may be it is the ward officials that can know that.
“Mark my words it is a well-deserved appointment because Mustapha has all the necessary academic qualifications and experience to hold such an office.
“You will recall that he did well when he was the Executive Secretary of TETfund. So there can never be anything wrong with this kind of appointment, “ he said.
On the upcoming local government election, Bala said the party would use its popularity to win the election.
“Look, the PDP is the ruling party in this state since 1999, there is no opposition in Taraba.
“I assure you we will win this election come February 2017, using our popularity and, of course, our firm belief in internal democracy,“ he said. (NAN)

NB/MOL/AFA
Edited by Mustapha Lamidi/Felix Ajide
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NAN-H-23
VSF
Maiha (Adamawa) Nov. 2, 2016 (NAN) The Executive Director, Victims Support Fund, (VSF), Prof. Sunday Ocheche, said the organisation had earmarked N120 million to support 7,000 widows and other vulnerable women affected by Boko Haram insurgency.

Ocheche made this known at the inauguration of the project held in Maiha Local Government Area of Adamawa on Wednesday.

He said that the beneficiaries were those in Adamawa, Borno and Yobe states.

Ocheche said that the development was to assist improve livelihood and create business opportunity for the widows who lost their husbands to Boko Haram insurgency.

“As part of the organisation’s humanitarian intervention in Adamawa, Borno and Yobe, about 7, 000 widows and other vulnerable women would be assisted with unconditional cash grant.

“Each beneficiary will receive N20, 000 cash to restart a small business of her choice,” Ocheche said.

The executive director said that the programme started last year with 1,000 Internally Displaced Women living in some camps in Maiduguri.

He added that after the successful outcome result of the exercise, the organisation decided to expand it to reach more women and cover additional affected states.

He explained that due to the dynamic nature of the project, it would be extended to cover other affected states in the region in the future.

In her remark, Prof. Nana Tanko, the Director of the Programme of VSF, said that Borno had the highest number of beneficiaries of 3,500 and would be given N50 million grant.

She said that Adamawa with the total of 2,000 widows would follow with N40 million while Yobe with 1,500 beneficiaries would have N30 million.

Tanko said that the beneficiaries were contacted and intensively selected through their local cooperative groups by some recognised Civil Society Organisations (CSOs) working in the three affected states.

She said that in Adamawa four local government areas: Maiha, Mubi South, Mubi North and Michika were selected by the state government to participate in the programme.

She said that Borno had five local government areas: Chibok, Askira-Uba, Gubio, Mafa and Kaga, while in Yobe, Gujba and Gulani local government areas were selected.

In their separate responses on behalf of the beneficiaries, Govs.Muhammadu Jibrillah and Kashim Shettima of Adamawa and Borno respectively, thanked the VSF for the wonderful ‘’humanitarian assistances.’’

They were represented by Hajiya Maisaratu Bello and Hajiya Fanta Baba-Shehu, Adamawa Permanent Secretary, ministry of Women affairs and Borno commissioner of Women Affairs respectively.

The two governors, however, warned the beneficiaries to judiciously use the fund for the purpose intended to better their lives. (NAN)
AMA/DUA/AFA
Edited by Dada Ahmed/Felix Ajide
========================

NAWOJ calls for prosecution of 2 rapists in Nasarawa
NAN-H-3
Rapists
By Sunday John
Lafia, Nov. 2, 2016 (NAN) The Nasarawa State Chapter of Nigerian Association of Women Journalists (NAWOJ) has called for the prosecution of two men, including a policeman, for allegedly defiling two minors.
In a statement by the NAWOJ chairperson in Nasarawa State, Tina Cyril, the association expressed disgust over the alleged defilement of the nine-year-old and five-year-old minors by the suspects.
NAWOJ said it would monitor the handling of the two cases to logical conclusions and expressed its commitment to the protection of the rights of women and children.
She advised parents to monitor the movement of their wards and report any case of abuse to relevant authorities.
She lamented the increasing cases of rape of young girls across the country and urged authorities to bring the suspects to justice.
Cyril said that NAWOJ would continue to collaborate with others in the fight against child and women abuse in the country. (NAN)
SDJ/OSA/WOJ
(Edited by Shittu Obassa / Wale Ojetimi)
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NAN-HG-1
Girl-child
By Ajibola Olaniyi
Osogbo, Nov. 2, 2016 (NAN) An NGO, Girl-Child Rights Awareness Initiative, has called on government at all levels to protect the girl-child against all forms of abuse.

Mrs Tope Awe, the Executive Director of the initiative, made the call in an interview with the News Agency of Nigeria (NAN) on Wednesday in Osogbo.

Awe, commenting on the spate of human
trafficking in Africa, particularly in Nigeria, said that the menace, as it affects girl-child was regarded as a crime against humanity.

According to her, many callous and unscrupulous elements now found a
good business in trafficking young girls abroad to be used as sex slaves and subject them to other inhuman treatment.

“It is indeed a paradox that those who needed to be protected and treated with care are now being treated with disdain and callousness all in the name of money.

“It is unfortunate that many of the young girls are now vulnerable to sex slavery and hard labour in the hands of those criminals that posed as their messiah and promised them better life.

“Our society is so polarised that instead of increasing the degree of exportation of domestic goods to boost the economy, it is the exportation of innocent children that some individuals do as business.

“Until governments rise up against this madness and use appropriate legislation to deter the perpetrators, there is looming danger ahead as the nation’s motherhood is being destroyed.

“Every nation that worth its salt jealously protect its motherhood for the purpose of continuity and nation-building.

“It is one issue that needs to be taken seriously by the governments,’’ she said. (NAN)
DOO/GOK
Edited by Olagoke Olatoye

NAN-H-2
Restriction
By Sunday John
Lafia, Nov. 2, 2016 (NAN)The Nasarawa State judiciary has directed all area courts in the state and magistrates’ courts in Mararaba, Gurku and Karu Local Government Areas to stop issuing statutory affidavits.

Mr Enoch Maku, the Public Relations Officer of the state High Court Headquarters, said on Wednesday that issuance of the affidavits had been abused in those courts.

Maku spoke with the News Agency of Nigeria (NAN) in Lafia.

According to him, it has come to the knowledge of the management of the high court of justice in the state that the process of issuing some legal documents has been abused.

He listed the documents to include affidavits for declaration of age, marriage declaration, change of name and loss of documents.

Maku told NAN that the management had restricted some courts from issuing the documents in order to streamline the process.

“The restricted court are not authorised to issue them any longer.

“If any staff from the restricted courts is caught issuing these documents, he or she will be severely sanctioned,” he said.

He said that investigations revealed that some judicial workers unlawfully issued the affidavits to unsuspecting members of the public without official receipts from the courts.

The spokesman added that some non-judicial workers also participate in the illegal issuance.

He regretted that the illegal acts had jeopardised revenue collection efforts of the state government.

According to him, the approved fees for the affidavits are: declaration of age, N500; marriage declaration, N200; loss of documents, N600; and change of name, N1000.

He urged members of the public to request for official receipts for the documents. (NAN)

SDJ/IGO
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(Edited by Ijeoma Popoola)

NAN-HG-6

Polio

Bauchi, Nov. 2, 2016 (NAN) The Journalists Against Polio (JAP) Bauchi State Chapter on Wednesday says it will hold town hall meetings with vulnerable communities in the state to address the resurgence of polio in the zone.

The JAP Chairperson in Bauchi, Miss Elizabeth Carr, told the News Agency of Nigeria (NAN) that the communities would be chosen from reports made after the rounds of immunisation across the state.

Carr explained that Bauchi has been polio free for the past three years, adding that the organisation would continue its campaigns to maintain the status quo.

She said that JAP would expand its horizon from polio to other areas like routine Immunizations, Anti natal clinics and related health challenges encountered by Nigerians.

“As soon as we have any report of areas that are not complying, especially since the people are aware that earlier on we were listed among those that were declared polio free, so some people will tend to use that and refuse to comply.

“But so far, there is no information from the agency in-charge on any non-compliance community. JAP will continue to monitor the Immunizations Plus Days (IPD’s) to ensure that the targeted population get immunized.

“We will continue to discharge our responsibilities as journalists towards creating mass awareness since our neighbouring states were found with some cases,” she said.

Carr called on the general public to comply with the immunization exercises to ensure that children remain free of the virus. (NAN)

AE/IS

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Edited by Ismail Abdulaziz

NAN-H-123

Engineers

By Monday Ijeh

Abuja, Nov. 1, 2016 (NAN) The Minister of Power, Works and Housing, Mr Babatunde Fashola, has blamed Nigerian engineers for creating the vacuum that made the Federal Government to patronize foreign contractors.

Fashola said this on Tuesday in Abuja when a delegation of the Nigerian Society of Engineers (NSE) led by its President, Mr Otis Anyaeji, paid him a courtesy visit.

He said that the failure of Nigerian engineering firms to bid for government projects was responsible for the patronage of foreign contractors.

“If there was no vacuum, there would not be foreign engineering consultants and contractors in Nigeria.

“Unless we honestly stand up and accept that there is a vacuum, we look in the mirror and tell ourselves that we honestly do not like what we see, it will not change.

“I can tell you from experience when I was a state governor, that when I advertised for rail project, no Nigerian firm bidded for it.

“Government will not stop the development of the country, if you are not ready.”

According to him, while we point a finger at government, we must also point the same fingers at ourselves because foreign companies doing business in Nigeria are privately owned.

He advised Nigerian engineers to accept their deficiencies and build their capacities to be able to compete with foreign firms.

Meanwhile the minister decried what he called the over legislation of procurement process and called for a review, to enhance speedy development of infrastructure in the country.

“In a developing economy like Nigeria, I think that we have over-legislated our procurement process.

“Some of the fast track procurement systems that we need, given also our weather circle, are still in the way of project intervention to deliver infrastructure.

“Let us do a review and see what we have delivered and look back at 20 years ago when all these procurement laws were not there what we achieved and measure them.

“I think that in my personal view, we have over-legislated procurement process to our detriment,” he added.

In his remark, Anyaeji called for patronage of local engineers and the use of indigenous materials for the  execution of government projects.

He pledged the commitment of the society to partner the Federal Government to deliver on its mandate to Nigerians. (NAN)

IMC/NKO/NKO

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Edited by Nkechi Okoronkwo