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  • Kogi Govt. tasks youths on accountability, transparency

    Kogi Govt. tasks youths on accountability, transparency

    Task

    By Thompson Yamput

    Lokoja, June 25, 2024 (NAN) Kogi State Government on Tuesday tasked youths on accountability, transparency in all their dealings, so as to be responsible future leaders of the country.

    The Commissioner for Youths and Sports, Mr Monday Anyebe, gave the charge while declaring open, a two-day Youth Social Accountability Lab Training for Young Changemakers in Lokoja.

    The News Agency of Nigeria (NAN) reports that the training was organised by Youth Development and Empowerment Initiative (LYDEI).

    NAN also reports that LYDEI is under the auspices of the Youth Upright Accountability Project (YUA-P), with support from LEAP Africa and Nigeria Youth Futures Fund.

    Anyebe said that the state government was committed to fostering a culture of accountability, transparency, and civic engagement among the youths.

    “As youths, accountability and transparency are so fundamental to your socio-political engagement, in all facets of life and the society.

    “Gov. Usman Ododo’s administration has taken due recognition of the fact that development of the state remained intrinsically linked to the engagement and empowerment of the young people.

    “It is based on this that the youth ministry is actively seeking to cultivate a vibrant youth sector in Kogi, and promote collaboration among youth organisations, foster collective action and building a network of young changemakers across the state.

    “That is why we are delighted to support the Youth Upright Accountability Project (YUA-P), being implemented by the Youth Development and Empowerment Initiative (LYDEI),” he said.

    Anyebe explained that the training was a crucial step at ensuring that the youths were not just passive beneficiaries of government programmes but active participants in shaping policies and holding leaders accountable.

    In his remarks, Asema Haruna, member representing Adavi Constituency at the State House of Assembly, commended organisers of the training and urged the youths to be committed to doing things right.

    Haruna urged the youths to always critically plan towards attaining meaningful positions, to enable them lead.

    According to him, the State Assembly will always give priority to issues that concern youths, their lives and ambitions.

    Earlier in his welcome address, the Executive Director, LYDEI, Mr Aminu Okwutepa, said that the Youth Social Accountability Lab Training for Young Changemakers was a call for action and a beacon of hope.

    Okwutepa said that the training was designed to equip the young changemakers with the skills and knowledge needed for active participation in governance processes.

    He said that it was important to cultivate a culture of accountability and transparency among the youths, as these were essential for fostering ethical governance.

    Dr Funmilayo Oyefusi, a Consultant and Lead Facilitator for the training, said that the training would build the capacity of the youths to know how to be socially accountable and hold leaders to account.

    Oyefusi urged the youths to set manageable goals for themselves and as innovative leaders, improve on themselves, be willing to adapt to changes, not to be scared of failure and be persistent.

    “The training is about how youths can be strategic leaders in their own right, how they need to lead themselves first before leading others.

    “How they can make others to be accountable; and also how to become an innovative leader,” he said.

    In his goodwill message, Seidu Ademu, Chairman of Kogi State Council of the Nigeria Union of Journalists (NUJ), said that LYDEI shared common mandate with the Union in holding leaders accountable.

    Ademu, therefore, urged the youths to, like the journalists, hold duty bearers accountable till the right things were done for the growth and development of the nation. (NAN)(www.nannews.ng)

    TYC/FON/AMM

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

    Edited by Florence Onuegbu and Abiemwense Moru

     

  • Any amount above N62,000, as minimum wage will create job losses -‘NECA

    Jobs

    By Joan Nwagwu

    Abuja, June 25, 2024(NAN) The Nigeria Employers Consultative Association (NECA) says, any amount above N62,000 approved as minimum will create job losses.

    Mr Adewale-Smatt Oyerinde, Director-General of NECA said this, while speaking with journalists on Tuesday in .Abuja .

    He spoke on the sidelines of the third edition of the Nigeria’ Employers Summit with the theme, “Economic Renaissance: Harnessing Government Reforms and Private Sector Agility,”

    Oyerinde said that the organised private sector cannot afford above the N62, 000 as agreed during the tripartite committee negotiation meetings.

    According to him, any figure above N62,000, will create two different dynamics – setting the the tone for non-compliance and attendant litigations -.

    He stressed that setting a national minimum wage that will take away the ability to pay will set a stage for litigation and crisis.

    On the allegation of delay in the process, Oyerinde said that there was no delay as the process was ongoing, accordingly.

    “There is no waiting game and I think we have to put all this in context. It is misinformation,’ he said.

    He said after the tripartite committee’s recommendations to the President, a Bill is expected to be sent to the national assembly for legislation.

    He said what the labour can advocate for, is a fast-track of the process..(NAN)(www.nannews.ng)

    JAN/ROT
    ========

    Edited by Rotimi Ijikanmi

  • NMDPRA refutes dirty fuel importation

    Fuel

    By Emmanuella Anokam

    Abuja, June 25, 2024 (NAN) The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says there is no imported dirty fuel in the country.

    The Authority said it would never encourage importation of dirty fuel into the country and ensured that only quality protroleum products are consumed by Nigerians.

    Mr Ogbugo Ukoha, Executive Director, Distribution Systems, Storage and Retailing Infrastructure, NMDPRA, made this known while speaking with newsmen after a meeting with the oil marketers and local refiners on Tuesday in Abuja.

    Dangote Oil Refinery and Petrochemicals had accused the Authority of granting licenses to oil marketers to import dirty fuel into the country.

    The Vice President, Oil and Gas, at Dangote Industries Limited (DIL), Devakumar Edwin, had accused International Oil Companies (IOCs) in Nigeria of doing everything to frustrate the survival of Dangote Refinery.

    Ukoha, while addressing newsmen said the sulphur content in the fuel even in this June was not above the lawful limit.

    “There is no dirty fuel being brought in and I have given you the statistics for June.

    “What we have on the average from the imports have continued to go down from 200 Parts Per Million (PPM) on the average and now we have it far below the 50 PPM that is provided under the law,” he said.

    He recalled that the ECOWAS), Heads of States in 2020 endorsed a declaration, adopting the African Fuel Roadmap that requires that certain products have as a minimum 50PPT per a million litres of sulphur.

    The Executive Director said while it encouraged almost an immediate enforcement, on import to comply with that standard, the same treaty deferred enforcement for local refiners up to Dec. 31, 2024.

    According to him, though the time for enforcement on local refineries is not due, the plants are complying on their own.

    “And with the refineries there is no need to enforce that until the end of this year. But they themselves are already taking steps to see that is also guaranteed,” he said.

    Ukoha noted that the Petroleum Industry Act (PIA) in 2021, Section 318 also captured and upheld the ECOWAS treaty.

    “So as an Authority what have we done since we came into being? We started by engendering compliance. We saw a downward trend up to 2022-2023 December,” he said.

    The Executive Director admitted there was a spike in the sulphur content of imported products between December 2023 and January 2024, which resulted in a vigorous enforcement in February.

    “In December and in January 2024, we noticed a spike in the sulphur content of products being imported. And again now began strong enforcement from Feb. 1,

    “I am happy to tell Nigerians that up until as we speak in June, the average sulphur content in every Automotive Gas Oil (AGO) that is brought into Nigeria is far below what the 50 PPM provision is in the law,’’ he said.

    According to him, the new refineries are even built with plant sulphurisation limit which will reduce it to 10PPM.

    “But we are not very anxious about that because even the new refineries that are coming on have within their design of the plants the sulphurisation limit that we will see in the nearest future going down as low as 10PPM.

    “So, I will like to assure Nigeria that this is a mandate that the Authority takes very seriously and that we are here to guarantee the wellbeing and health of Nigeria and there is no dirty fuel we will encourage to come into Nigeria,” he said.

    Ukoha further said that the meeting with the oil marketers and refiners was aimed at promoting collaboration in a manner that would guarantees energy security within the country.

    “Our discussions covered considerable issues, very significant and profound. Issues of pricing, competition have been raised and we will continue to engage with every operator to see that we land at a place that is ultimately beneficial to Nigeria and Nigerians,” he added.

    Also, Gabriel Ogbechie, the Group Managing Director of Rain Oil Limited said the meeting agreed on level playing field for efficient collaboration in the sector. (NAN)(www.nannews.ng)

    ELLA/RSA

    =========

    Edited by Rabiu Sani-Ali

  • Ondo Assembly passes N16bn OSOPADEC appropriation bill

    Ondo Assembly passes N16bn OSOPADEC appropriation bill
    Bill
    By Alaba Olusola Oke
    Akure, June 25, 2024 (NAN) The Ondo State House of Assembly on Tuesday passed the N16 billion Ondo State Oil Producing Areas Development Commission (OSOPADEC) appropriation bill for 2024.
    The appropriation bill sent to the House of Assembly by the state governor, Gov. Lucky Aiyedatiwa, allocated  N3 billion for recurrent expenditure and N13 billion for the capital expenditure for the year.
    The News Agency of Nigeria (NAN) reports that the Clerk of the House of Assembly, Mr Benjamin  Jayeola, presented the bill for third reading before its passage by the lawmakers.
    Mr Oluwatoyin Allen, APC/Ese-Odo,  who submitted a joint report of the House Committee on OSOPADEC and Committee on Finance and Appropriation, said that inputs of stakeholders were included in the report.
    Allen, who is the Chairman of the House’s Committee on OSOPADEC,  said the report asked OSOPADEC to give accelerated attention to the ongoing projects in its mandate areas.
    The committee, he said, tasked the commission not to rely solely on the 40 per cent from the 13 per cent oil derivation fund, but should be more creative and collaborate with local and international organisations in order to realise its mandate.
    According to Allen, the reports also recommends that the commission should as a matter of urgency carry out a critical assessment of all vehicles in its pool with a view to auction unserviceable ones.
    He added that there was need for the commission to train and retrain its staff for optimal  performance to enhance higher productivity.
    Allen read the reporting urging the House of the Assembly to approve the appropriation bill.
    The Acting Majority Leader, Mr Moyinolorun Ogunmolasuyi,APC/Ondo West 1, moved the motion for the bill to be approved and Mr Tope Agbolu PDP / Akoko South West 2 supported the motion.
    Speaking on the bill, Chief Olamide Oladiji, the Speaker of the House of the Assembly, said that the bill when assented by the governor would facilitate the growth and development of the state.
    Oladiji added that the bill would in no doubt  address the sea incursion affecting the economic activities and lives of people of the oil producing areas.
    According to him, the implementation of the budget will enhance infrastructure and strengthen the security architecture in the state.
    He urged the board and management of OSOPADEC to strictly implement the budget  when signed into law by the state governor  for the overall interest of people of the mandate area.
    The speaker commended the state governor for initiating policies and programmes to enhance the welfare of people of the state. (NAN)
    OKEO/AOS
    ===========
    Edited by Bayo Sekoni

  • Tinubu to consult further on new minimum wage

    Tinubu to consult further on new minimum wage

     

    Consultation

    By Salif Atojoko

    Abuja, June 25, 2024 (NAN) President Bola Tinubu will consult further before arriving at a final decision on the new national minimum wage for Nigerian workers.

    Mohammed Idris, Minister of Information and National Orientation, said this at the end of the Federal Executive Council (FEC) meeting in Abuja on Tuesday.

    He said the report of the tripartite committee on the new wage was presented and deliberated on at the FEC meeting, but was stepped down to enable the President consult further.

    Idris said this would allow the President take an informed decision on it before sending its bill to the National Assembly for consideration.

    “We discussed the new minimum wage issue at the council meeting.

    “The new national minimum wage is not just that of the federal government, it is an issue that involves the federal government, the state governments, local governments, and organised private sector.

    “And of course, the memo was stepped down to enable Mr President to consult further, especially with the state governors and organised private sector,” he said.

    The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, also briefed on government finances and debts, including ways and means.

    “When we interrogate the figures over the first quarter of this year, starting from middle of December 2023 and the end of March this year; if we want to be positive, what we will say is that the glass is half full.

    “We are halfway there. If not, we can be negative and try and say the glass is half empty. Why do I say this? The total debt stock of Nigerians in dollars terms fell by 15 per cent, that is very positive.

    “Any rating agency, any creditor, any investor looking at that will see it as a positive move.

    “We are a country that has petrodollar, we have ability to earn in dollars. So it’s highly relevant that we look at what is our exposure in dollars terms,” Edun said.

    According to him, on the other hand, the exchange rates increased by 8 trillion in actual debt issuance, and the total external debt and domestic debt in Naira terms had increased by 25 per cent.

    “That brings me to the foreign exchange movement which can change tomorrow, as we know. Linked to that is the all important question of the government’s capacity to pay its way.

    “Debt is all about the revenue to service it, and of course to use those funds properly, judiciously,  accountably and in a way that gives positive returns.

    “At no time have we gone to Mr President to seek permission to go the the Central Bank to pay anybody, be it external debt service, be it share capital cash calls for any of the liabilities that the government has,” he said.

    Edun explained that as with all agencies, the government was focused on ensuring that the revenue due to it was collected robustly using technology, avoiding blockages associated with manual processing, which he said had led to a very robust revenue effort.

    “Likewise, we are implementing debts or expenditure controls, also very ably empowered by technology.

    “Mr President inherited a legacy of N3.4 trillion in outstanding ways and means which have been securitised on the eve of the entry of President Tinubu’s administration.

    “We are doing a forensic audit, we are interrogating that figure because its a liability which we have to pray interest on. So, any deficit that you might see to the consolidated revenue account, may be automatic debit on a figure that is still being interrogated,” said Edun.

    Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, also said the Council gave approval for the upgrade of key infrastructure in the country’s healthcare system.

    He said that the Council approved the engagement of a transaction adviser to develop a public private partnership (PPP) to expand, modernise and refurbish six teaching hospitals’ equipment.

    The hospitals are: University of Nigeria Teaching Hospital, Enugu, University of Uyo Teaching Hospital, University College Hospital Ibadan, National Hospital Abuja, Abubakar Tafawa Balewa University Teaching Hospital and Usmanu Dafodiyo University Teaching Hospital, Sokoto.

    “That is a massive upgrade of infrastructure. The transaction adviser will develop full business case and then come back to the Council for approval for mobilisation to execute the contract over the next 12 to 20 months.

    “The second item is the expansion of the pathology lab and the mortuary at the University College Hospital, Ibadan. The contract was awarded, and it also includes building hostels for nurses and other health professionals. That is under a PPP arrangement,” said Pate.

    He gave an update on diseases ravaging the country, particularly Cholera, which he said was discussed extensively, in addition to the emergence of yellow fever in Bayelsa.

    He said the National Centre for Disease Control was working with Lagos State, which has a very strong institutional ability to be able to contain the disease.

    The Attorney-General of the Federation (AGF) and Minister of Justice, Mr Lateef Fagbemi, said the Federal Government has approved procurement of Mikano CNG vehicles for the National Drug Law Enforcement Agency (NDLEA).

    He said that council also approved the procurement of two full body scanners for Lagos and Abuja International airports.

    Also, Minister of Works David Umahi gave an update on road projects across the country, assuring that by October, most of the ongoing road construction and rehabilitation would be completed. (NAN) (www.nannews.ng)

    SA/IS 

    ======

    Edited by Ismail Abdulaziz

  • Customs officers wives, group warn students against drug abuse

    President of COWA, Mrs Kikelomo Adeniyi raising a placard against drug abuse, illicit drug trafficking.

     

    Drug

    By Aderogba George/Collins Yakubu-Hammer

    Abuja, June 25, 2024 (NAN) The Customs Officers Wives Association (COWA) and Bridge and Bond Development Initiative (BBDI) on Tuesday urged students to shun drug abuse and stay focused to fulfil their future dreams.

    They made the call during a campaign to celebrate the 2024 International Day Against Drug Abuse and Illicit Trafficking at Government Junior Secondary Schools Garki, Area 11 and Karu, Abuja respectively.

    The News Agency of Nigeria (NAN) reports that the theme for the celebration was: “The Evidence is Clear: Invest in Prevention and Treatment.”

    NAN also reports that the topic for the campaign was: “Dangers of Drug Abuse in a Child’s Life.”

    The event  was organised by BBDI and sponsored by COWA.

    Speaking at the event, the President of COWA, Mrs Kikelomo Adeniyi, admonished the students not to engage in any venture that would make them go down the slop of life or lose their integrity.

    “This is because,  you are bigger and better than who you think you are.  We want you to shun drug abuse. Be friends with people that will bring out the best in you.

    “Always do the right thing.  Don’t succumb to peer pressure; when you notice something going wrong speak out; speak to somebody, your parents, teachers, principal.

    “Don’t do anything that will destroy your life. You are the future of this country. Don’t let drug destroy you. Seek support so that you can achieve your potential in life.

    “Invest in yourself by doing the things that would guide and lead you to your future dreams. Engage in sports and other activities that will help your mental ability and make you stay off drugs.

    “Also,  get a mentor that would always hold your hands and help you to achieve your future goals and dreams. Nevertheless, don’t give up on your dreams, stay focus. You are the great future of Nigeria,” Adeniyi said.

    Adeniyi also called on parents to join in the campaign to curb the menace of drug abuse in the society.

    Officials of COWA, BBDI at the high table during the event.
    Also speaking, the National Coordinator  of BBDI, Mr Festus Onifade, said the  initiative had been on the  campaign to address drug abuse since  2018.

    “This year, we have found a worthy partner in COWA to carry this message far. They are wives and mothers and have decided to sponsor the  event.

    “We must rid our society of drug abuse. And you know, drug use and abuse is closely treated to crime. We want  to solve the issue of crime and criminality. We have to go to the roops to stop the  spread of drug abuse,” Onifade said.

    One of the resource persons, Mrs Tega Amogu, in her presentation, explained to the students that drug would give them fake dreams that would destroy their future.

    “Don’t be deceived, drugs will never bring out the creativity in you. The creativity is already in you. Taking drugs to be creative will only lead to addiction and disaster.

    “Drug will make you forget about your real dream in life,” she said.

    Amogu, a survivor of drug abuse, narrated her life journey through the abuse of drugs and other substances.

    She praised God for helping her to overcome the challenge of drug abuse.

    Cross section of the students while listening to lectures on drug abuse.
    Another resource person, Mr Prosper  Chukwudi, a television and radio host, urged the students to focus on their dreams.

    Chukwudi also cautioned the students against bad friends, peer pressure and internet fraudsters.

    NAN reports that those in attendance include officials of COWA Principals and teachers from the schools and other relevant stakeholders. (NAN) (www.nannews.ng)
    AG/CMY/JNC
    ===========
    Edited by Collins Yakubu-Hammer/Chinyere Joel-Nwokeoma

  • “Kids Say the Darndest Things” to host 3rd edition in Africa

    Chichi Nwoko, Chief Executive Officer, What Media Group, and Lauren Marriott, SVP, Content Partnerships and Brand Strategy, Paramount Global Content Distribution.
    Show
    By Taiye Olayemi
    Lagos June 25, 2024 (NAN) “Kids Say the Darndest Things”, a television family show, is set to begin its third season in celebration of African children as well as their unique voices and perspectives.
    Chichi Nwoko, Chief Executive Officer of What Media Group, in a statement on Tuesday said the show was set to deliver its unique blend of humour and authenticity to audiences in the forthcoming edition.
    Nwoko said the show would be hosted in partnership with Paramount Global Content Distribution and What Media Group.
    “Kids Say the Darndest Things Africa is bringing more laughs, more surprises, and more heartwarming moments.
    “This season marks a groundbreaking partnership between the iconic show and two entertainment powerhouses, Paramount Global Content Distribution and What Media Group.
    “Opening up the show across the African continent will allow kids and parents alike to watch this hilarious reimagined format together as a family,” she said.
    She noted that the show was committed to celebrating the diversity and originality of African kids
    “With the support of Paramount, we are setting the stage for a season like no other.
    “We are dedicated to maintaining the show’s essence, where the candidness of our young stars takes centre stage.
    “In the past, the show focused on kids from Nigeria, but this year we are excited to open it up to kids from across the African continent.
    “Our aim is to keep the content fresh, engaging, and true to the experiences of today’s connected and vibrant generation,” she said.
    According to her, Kids Say the Darndest Things Africa brings the unfiltered brilliance and humour of Africa’s children to the forefront.
    “The new season promises a diverse cast of children from across Africa, sharing their spontaneous and often hilarious insights on life.”
    Nwoko noted that in keeping with the show’s tradition, the children to be involved are not professional actors, and not rehearsed.
    “This ensures that their responses remain genuine and unpredictable as we never know what they are going to say.”
    She said casting calls would be announced shortly, inviting children aged four to 11 from all over Africa to share their unique perspectives.
    Also, Lauren Marriott, SVP, Content Partnerships and Brand Strategy, Paramount Global Content Distribution, said: “We are thrilled to be working with What Media Group to bring the Kids Say the Darndest Things format to audiences across Africa.”
    The U.S. version of “Kids Say the Darndest Things” is produced by CBS Studios in association with Anvil 1893 Entertainment and She Ready Productions.
    Paramount Global Content Distribution licenses the format rights. (NAN) (nannews.ng)
    PTB/FAA
    ========
    Edited by Folasade Adeniran

  • Former senator advocates additional state for South East

    State

    By Deji Abdulwahab

    Abuja, June 25, 2024 (NAN) Sen. Chris Adighije, a former lawmaker who represented the Abia Central in the 2nd National Assembly, has called on the Federal Government to adopt the doctrine of necessity to create additional state in the South East.

    Adighije made the call in a statement in Abuja on Tuesday.

    According to him, if the additional state is created for South East, making the region to have six states, it will reflect the meaning and understanding of the old national anthem reintroduced to the polity.

    He emphasised the second stanza of the national anthem that: “Our flag shall be a symbol that truth and justice reign”.

    He said that he aligned with others, especially  the Apex Southeast socio-cultural group, Ohaneze Ndigbo that had been advocating the creation of Anioma State

    According to him, the creation of Anioma state will bring to six, the number of states in the South East.

    It would be recalled that the creation of an additional state in the South East has taken a center stage in the National Assembly, with different groups suggesting different names.

    Also, the constitutional provision, especially Chapter 1, Section 8&9 has always been a major issue in the debate for the creation of additional state in the South East.

    Adighije said, “the Federal Government should over look the provisions of the 1999 constitution as amended and create an additional state in the South East with the doctrine of necessity.

    ”For truth and justice, and to build a nation where no zone is oppressed, the doctrine of necessity becomes expedient and ought to be invoked as has been in the case in the past when we had a constitutional crisis.

    “The creation of such state in the South East will bring to bare the meaning and understanding of the old national anthem reintroduced to the polity. It is here that the issue of truth and justice would make meaning.

    “And l also believe that the Anioma state is more apt for the South East in geography and culture.” (NAN) (www.nannews.ng)

    ADA/IAA

    =========

    Edited by Isaac Aregbesola

  • Reps demand NCAT director, auctioneer’s arrest over 2 choppers sale

    Reps demand NCAT director, auctioneer’s arrest over 2 choppers sale

    Arrest

    By Femi Ogunshola

    Abuja, June 25, 2024 (NAN) The House of Representatives has demanded the arrest of an alleged unlicensed auctioneer and Director, Quality Control, Nigeria College of Aviation Technology (NCAT), Zaria, for providing false information on oath.

    The alleged false information was in respect of the sale of two helicopters for $1.2 million.

    The lawmakers want the duo to be arrested by the police in the National Assembly.

    Rep. Ademola Kuye, Chairman, Committee on Public Assets, said this was part of the resolutions of the committee after interacting with the management of NCAT and other relevant bodies in Abuja on Tuesday.

    He called on the Inspector-General of Police, Mr Kayode Egbetokun, to take over the investigation into the alleged illegal sale of the two choppers by NCAT.

    In December 2023, the House commenced an investigation into the state of public assets in the country.

    He said the committee’s mandate was to recover assets and moribund public assets within and outside Nigeria.

    This, he said, said the aircraft was sold without the approval of the Federal Executive Council.

    Kuye expressed worry that the two choppers bought at $2.4 billion were sold at $1.2 billion without following due process.

    “We requested documents of any kind of joint venture; there has been no response to that, whether you have one or not.

    “We requested a list of assets, including a comprehensive description and specification of all your listed assets, rented apartments, including acquisition dates and methods, and the current status and conditions of such assets.

    “We cannot specifically say that you have satisfied all of these requests. Though you tried to answer some of them, your responses are not adequate,” he said.

    The lawmakers also queried the use of an unlicensed auctioneer who failed to provide the needed response to inquiries.

    Mr Musa Alkali, Coordinator of Nigerian Army Aviation, said urged the recovery of the two helicopters. (NAN)www.nannews.ng
    ODF/KUA
    =======

    Edited by Uche Anunne

  • Investors lose N49bn as stock market continues downward trend

    Market

     

    By Rukayat Adeyemi

     

    Lagos, June 25, 2024 (NAN) The domestic bourse continued its downward trend on Tuesday as investors sold off banking, consumer and industrial stocks.

     

    Consequently, Nigeria Exchange Ltd. (NGX) market capitalisation shed N49 billion or 0.09 per cent to close at N56.126 trillion, having opened at N56.175 trillion.

     

    The All-Share Index also dropped 0.09 per cent or 87 points to close at 99,217.60, compared to 99,304.12 recorded on Monday.

     

    As a result, the Year-To-Date (YTD) slipped to 32.69 per cent.

     

    Sell pressures in Zenith Bank, United Bank For Africa (UBA), Access Corporation, Dangote Sugar, Honeywell Flour and Nigerian Breweries were the primary drivers of the market’s decline.

     

    However, market breadth closed positive with 27 gainers and 23 losers on the floor of the Exchange.

     

    On the gainers’ chart, Okomu Oil led with a 10 per cent gain to close at N291.50 per share.

     

    John Holt trailed with a 9.79 per cent increase to close at N3.14, and Consolidated Hallmark Holdings gained 9.43 per cent to close at N1.74 per share.

     

    Secure Electronic Technology Plc rose by 9.09 per cent to close at 60k, and Regency Alliance Insurance added 7.14 per cent to close at 45k per share.

     

    Conversely, Oando led the losers’ chart, dropping 9.75 per cent to close at N12.50.

     

    UPL followed with a 9.09 per cent decline to close at N2.50, and Academy lost 8 per cent to close at N1.84 per share.

     

    Honeywell Flour declined by 7.94 per cent to close at N3.13, and UPDC Real Estate Investment Trust went down by 7.86 per cent to close at N1.29 per share.

     

    Analysis of market activity showed that trade turnover settled 68.09 per cent lower than the previous session.

     

    Investors traded 361.57 million shares valued at N6.16 billion in 8,511 transactions, compared to 973.62 million shares worth N19.32 billion in 9,941 deals posted in the previous session.

     

    Transnational Corporation led the activity chart by volume with 47.51 million shares. GTCO followed with 37.85 million shares valued at N1.65 billion to lead the chart by value.

     

    Veritas Kapital sold 34.95 million shares worth N31.38 million, FBN Holdings traded 27.40 million shares worth N548.26 million, and Access Corporation transacted 26.98 million shares worth N504.36 million. (NAN)(www.nannews.ng)

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