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NGX WEEKLY ROUND UP: Investors lose N139.89bn as equities market crumble

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It was yet another week to forget for investors in the Nigerian equities market following a cumulative loss of N139.89bn in the just ended trading week.
The bourse recorded losses in four of the five trading days making profits on just one trading day.
The market capitalisation fell to N56.44trn from N56.58trn the previous week.same as the All-Share Index (ASI) which recorded declined by -0.35% to close at 99,671.28 points, down from 100,022.03 points recorded the previous week.
The equities market started the week on a negative note as investors recorded a loss of N8bn at the end of trading session on Monday, July 8, 2024.
The trend continued on Tuesday, July 9, 2024 as investors lost another whopping N113bn at the end of trading session.
The negative trend continued on Wednesday, July 3, 2024 as investors recorded a loss of N2.18bn.
Thursday was not different as investors recorded the biggest loss of the week as the equities market shed N188bn at the end of trading session.
READ ALSO:NGX Group’s e-offering platform goes live
Investors breathed a sigh of relief on Friday, July 12, 2024, the last trading session of the week to record a profit of N172bn at the end of trading session.
In terms of volumes of transactions made, MBC SECURITIES led the way with 615m worth of stocks followed by FBN QUEST SECURITIES LIMITED which traded a total of 608m equities valued at N6.810bn.
CARDINALSTONE SECURITIES LIMITED traded 605m volume of shares valued at N12.380bn.
The NGX Banking Index dragged the bourse down by 2.08% while the NGX Oil and Gas Index pushed up the bourse by 1.38%.
PRESCO recorded the biggest share price increase from N354 at the beginning of the week to N369 gaining N14.80 followed by CONOIL which increased its share price from N126.50 to N136.95 gaining N10.45 in the process.
VITAFOAM also increased its share price by N3. 20 from N18.00 to N21.20.
On the flip side, JULIUS BERGER for the second week running recorded the biggest decline in share prices losing N5.10 to close the week at N83.50 from the N88.60 it started the week on followed by GUINNESS which shed N5.00 and ended the week on N65.00 from N70.00 at the start of the week.
PZ also shed N2.20 to close at N19.80 from N22.00 at the beginning of the week.
BY: Babajide Okeowo
The post NGX WEEKLY ROUND UP: Investors lose N139.89bn as equities market crumble appeared first on Latest Nigeria News | Top Stories from TVN.

I did not receive any money for payment of wage award to Abia workers – Otti

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Abia State Governor, Alex Otti, says his government has not received any money from the Federal Government to implement N35,000 wage award for workers in the state.
The governor, however, promised to look into the wage award demands of Abia workers, reiterating his administration’s commitment to enhancing welfare of members of the state workforce.
Otti stated this during a meeting with the leadership of the organized labour in the state during the weekend.
He disclosed that his government will create the Ministry of Labour and Productivity as he is poised to make minimum changes to the structure of government.

According to him, the new Ministry will have its commissioner from the labour fold.
Otti reassured that his administration would continue to honour its promise to pay salaries to Abia workers on the 28th day of every month, noting that his administration has not defaulted on the commitment.
“We promised earlier in the year to raise the take-home pay of our hard working civil servants in the light of the present economic realities.
“Our proposal had been delayed by the difficulty in reaching an agreement on the new minimum wage between the organised labour unions and the Federal Government.
“We are, however, conscious of our promise and as soon as a headway is made, Abia will be amongst the first to pay whatever becomes the new national minimum wage. The patience, understanding and sacrifices of the workers are very much appreciated, and shall never be taken for granted,” he said.

I did not receive any money for payment of wage award to Abia workers – Otti

Bauchi Emirate appoints Gov Bala’s elder brother as council member

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The Bauchi Emirate Council has approved the appointment of Alhaji Adamu Muhammad Duguri, the elder brother to the state governor, Bala Mohammed, as a member of the council representing the district heads.
The appointment, as contained in a letter signed by the Council Secretary, Alh Shehu Mudi Muhammad, stated that the appointment effective from July 11, 2024, fills the vacant position of District Head Representative in the council.
In the letter titled ‘Re-Request for Appointment of Alh. Adamu Muhammad Duguri as Council Member representing the District Heads, the Local Government Service Commission had conveyed its approval to the Emirate Council.
The letter made available to journalists in Sunday reads: ”I am directed to refer to your letter No. BEC/ADM/LGC/2/VOL.D 8th May, 2024 on the above subject matter and convey the Commission’s approval for the appointment of Alh. Adamu Muhammad Duguri (District Head of Duguri) as Council member of the Emirate to fill the vacant seat of representative of District Heads in the Council.
“While congratulating the District Head for a well-deserved appointment, accept the Commission’s esteemed regards, please.”
Bauchi Emirate appoints Gov Bala’s elder brother as council member

Firms partner to improve medical care in Nigeria’s oil rigs

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Nesto Aviation Services, ADAC HEMS Academy Germany and Kasi Healthcare Offshore and Aeromedical Unit have partnered to improve access to emergency medical care for workers in Nigeria’s oil and gas sector.

Nigeria’s oil and gas industry had witnessed several tragic incidents resulting in injuries and loss of life due to factors like aging infrastructure, lack of proper safety protocols, recklessness of operators, and inadequate monitoring and regulation by authorities.

Experts predict that the spate of accidents is likely to continue unless major reforms are implemented to improve safety standards in Nigeria’s oil industry.

To improve access to emergency medical care for workers in Nigeria’s oil and gas industry in offshore areas of the Gulf of Guinea in West Africa, the firms in a statement issued by Nesto Aviation Services (NestAv) General Manager, Ehis Uadiale, to According Online on Saturday, after the launch of a regional air ambulance and Helicopter Emergency Medical Service (HEMS) Service for the oil and gas sector, said the partnership would provide a dedicated critical care aircraft for injured personnel in the golden hour.

The service will also include transport for stroke victims, heart attack patients and traumatic injuries with complications, to those who would otherwise have limited access to emergency services in the golden hour.

Uadiale said the partnership is also focused on servicing in the golden hour medical emergencies occurring at remote locations across West Africa and offshore locations in Gulf of Guinea.

The statement read in part, “The programme will prioritise training local doctors, nurses and paramedics, creating jobs and building long-term capacity within the region.

“The partnership will also launch an Air Ambulance service, utilising a King Air Aircraft operated by NestAV equipped with advanced medical equipment and basic life support and advanced life support trained aeromedical team from Kasi Healthcare Offshore and Aeromedical Unit.”

The statement also quoted the Chairman of Nestoil Group, Dr. Ernest Obiejesi, as saying that, “We are the largest indigenous EPCC service provider for major IOCs in Sub-Saharan Africa. This partnership represents a significant leap forward in providing critical medical care across offshore and remote locations in Gulf of Guinea

“By bringing together our collective strengths, we are establishing a world-class Air Ambulance and HEMS programme that will have a profound impact on the health and well-being of workers in oil industry across the region.”

“ADAC HEMS Academy is proud to conclude the signing of a framework agreement with Kasi Healthcare as medical ops provider and Nest AV as flight ops provider in this groundbreaking project,” said a representative of ADAC HEMS Academy Germany.

Under the agreement “We are committed to establishing in Nigeria a training site linked to the ADAC HEMS Academy that is recognized by the American Heart Association training of selected AHA course formats and qualification of Nigerian instructors.

“We are also Consulting on all aspects of the configuration and establishment of HEMS in Nigeria under this project. Our knowledge and experience in aeromedical training to ensure the success of this programme and empower local healthcare professionals.

“We are also proud to be working with two organizations licensed by the Nigerian Civil Aviation Authority both with a commitment to safety and excellence,” Medical Director, KASI, Dr Dayo Osholowu,” said.

The ceremony featured the signing of a Memorandum of Understanding between the three organisations, paving the way for the development of aeromedical capacity across more than 180 remote oil and gas locations within the Gulf of Guinea.

Meet 20-year-old Thomas Crooks who shot Trump at Pennsylvania rally

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Following an attempt on the life of former United States President Donald Trump at a political rally on Saturday, July 13, 2024, in Pennsylvania, authorities have identified the shooter as 20-year-old Thomas Crooks.

“Thomas Matthew Crooks, 20, of Bethel Park, Pennsylvania, is the subject involved in the assassination attempt of former President Donald Trump on July 13, in Butler, Pennsylvania,” USA Today quoted the Federal Bureau of Investigation as saying in a statement on Sunday.

The bureau added, “This remains an active and ongoing investigation, and anyone with information that may assist with the investigation is encouraged to submit photos or videos online.”

During his campaign rally in Butler, Pennsylvania, Trump – the Republican candidate for the upcoming November 5, 2024, presidential election, was shot at and the Secret Service agents quickly rushed him off the stage into an SUV.

The gunman and a bystander were killed at the rally, while two spectators were critically wounded.

The Service said the shooter “fired multiple shots toward the stage from an elevated position outside the rally” before being “neutralised” by agents, AFP reports.

“I was shot with a bullet that pierced the upper part of my right ear. I knew immediately that something was wrong in that I heard a whizzing sound, shots, and immediately felt the bullet ripping through the skin. Much bleeding took place, so I realised then what was happening,” Trump narrated after the incident.

After being killed at the scene, the special agent in charge of the FBI’s Pittsburgh field office, Kevin Rojek, said Crooks had no means of identification on him, so agents had to “run his DNA and get biometric confirmation,” CNN reports.

Here are five things known about Crooks:

  1. Crooks graduated in 2022 from Bethel Park High School, according to the Pittsburgh Tribune-Review.
  2. State voter records revealed that Crooks was a registered Republican, Reuters said.
  3. Crooks lived about an hour away from where the shooting took place in Butler.
  4. When he was 17, Crooks made a $15 donation to ActBlue, a political action committee that raises money for left-leaning and Democratic politicians, according to a 2021 Federal Election Commission filing.
  5. Crooks received a $500 “star award” from the National Math and Science Initiative, Pittsburgh Tribune-Review stated.

When reached by CNN on Saturday night, the shooter’s father, Matthew Crooks, said he was trying to figure out “what the hell is going on” but would “wait until I talk to law enforcement” before speaking about his son.

A resident who lives down the road from Crooks’, John Wolf said he was in contact with other worried neighbours, saying, “People are scared.”

Tinubu celebrates ThisDay publisher, Nduka Obaigbena, at 65

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President Bola Tinubu has congratulated the publisher of ThisDay Newspaper, Nduka Obaigbena, on his 65th birthday.

The President felicitated Obaigbena in a statement issued on Sunday by his spokesman, Ajuri Ngelale.

Tinubu noted the enterprising spirit of the media mogul and prayed for greater achievements for the renowned publisher.

The President also commended Obaigbena’s philanthropic efforts, especially in education, which, he said have demonstrated his passion for human development.

The statement added, “President Tinubu notes the enterprising spirit of the former President of the Newspaper Proprietors’ Association of Nigeria (NPAN), who founded ThisWeek Magazine, and later, THISDAY Newspapers, Arise Magazine, and The Arise News Channel.”

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Controversies trail Customs seizure of guns at Onne Port as suspect’s family alleges cover-up

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The recent seizure of 844 guns at Onne Port in Rivers State has ignited a storm of controversies, with allegations of a cover-up and selective justice swirling around the Nigeria Customs Service.
The guns discovered within a shipment handled by Max Logistics, were recovered at the premises of the private terminal operator at the port, prompting questions about how such a significant cache of firearms could slip through customs clearance unnoticed.
Mr. Maxwell Orogodo, the manager of Max Logistics, finds himself at the center of this unfolding drama. His family alleges that he has been unfairly targeted while those higher-up evade accountability. According to a relative of Orogodo, who spoke to TVN on condition of anonymity, the sequence of events leading to Orogodo’s detention raises serious concerns about procedural integrity within the Customs Service.
“When the cargo arrived about three weeks ago, there was no indication of firearms during the initial inspection,” Orogodo’s relative stated. “Customs cleared the container, believing it contained iron doors and furniture. It was only later, during a subsequent inspection, that the guns were discovered at Max Logistics private terminal.”
The family contends that Orogodo cooperated fully with authorities once the firearms were found, facilitating inspections and providing access as required. However, instead of being treated as a cooperative party aiding the investigation, Orogodo was reported detained while his employer, Mr. Ajala Ojo Wahab, the CEO of Max Logistics, remained allegedly free.
“It’s clear there was a breakdown somewhere,” Orogodo’s nephew continued. “The guns didn’t magically appear at the private terminal. They passed through customs inspection at the port. The question is, who cleared the container? Who were the customs officers involved?”
The family alleges that Wahab’s influence shielded him from detention, despite his company’s central role in the incident. They claim the Customs even had the audacity to task Wahab with tracking down the importer of the firearms, a duty they argue falls outside his purview
“Mr. Wahab acts with impunity,” Orogodo’s nephew asserted. “He ignored pleas from my the family and his lawyer, refusing to engage with them while Orogodo languished in custody. This selective justice reeks of corruption and favoritism.”
Further complicating matters, the family revealed that Orogodo was abruptly transferred to the State Criminal Investigation Department (CID) without notification to his lawyer or family. Attempts to visit him have been repeatedly denied, raising concerns about his welfare and legal rights.
READ ALSO:Suspected smuggler kills Customs officer in Jigawa
“We don’t even know if he’s eating or how he’s faring,” Orogodo’s relative lamented. “Meanwhile, those truly responsible seem to be evading justice.”
According to him, Wahab, facilitated the release of the two other employees of Max Logistics who were arrested alongside Orogodo because he did not want to incur the wrath of the local people.
He further revealed that the family learnt that one of the importers had been apprehended and moved to Abuja. He, however, alleged that a powerful individual from Anambra State is trying to secure his release.
The family’s frustration is palpable as they struggle to understand why Orogodo, a mere employee, faces prolonged detention while those in positions of power walk free. They question the motive behind keeping Orogodo isolated, and voice suspicions that a few customs officials may be protecting their own interests.
“We demand transparency,” Orogodo’s relative insisted. “If customs officers were involved in clearing the guns, they must be held accountable. Mr. Wahab cannot escape scrutiny simply because of his wealth and connections.”
As the investigation unfolds, with the suspects now reportedly transferred to Abuja, Orogodo’s family remains steadfast in their pursuit of justice. They hope that shedding light on these alleged improprieties will lead to a fair resolution and accountability for all involved parties.
Calls to Mr Wahab’s known phone number went unanswered while WhatsApp messages sent to him were not responded to.
Efforts to also get reactions from the Nigeria Customs Service were unsuccessful.
The unfolding saga at Onne Port serves as a stark reminder of the challenges facing regulatory oversight and judicial fairness in Nigeria, where the influence of wealth and power often casts a shadow over the pursuit of justice.
The post Controversies trail Customs seizure of guns at Onne Port as suspect’s family alleges cover-up appeared first on Latest Nigeria News | Top Stories from TVN.

Burna Boy, love of my life

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British rapper and singer, Stephanie Allen, popularly known as Stefflon Don, has stated that award-winning Nigerian singer, Damini Ogulu, also known as Burna Boy, is the love of her life.

Stefflon Don made the claim in an interview with Fernando Halman on the Netherlands music platform, Real Talk, which was released on social media on Saturday.

When asked if Burna Boy still held a special place in her heart, the Jamaica-born singer responded with an unequivocal, “Yes!, with dreamy eyes and a voice softened by fond memories.

As the conversation continued, Stefflon Don didn’t shy away from revealing that she is currently in a relationship, but failed to reveal the identity of her current beau.

When asked if she is about to be married, Stefflon Don debunked any marriage rumours, making it clear that when she decides to walk down the aisle, the world will undoubtedly hear about it.

In 2022, Burna Boy released the breakout hit “Last Last” which is certified Platinum in the US. The song was rumoured to be about his relationship with Stefflon Don which ended in 2021.

When asked about a song written about her, Stefflon Don stated that Burna Boy admitted the song was about her.

“He has actually said that the song is about me,” she said.

Stefflon Don is just about the most celebrated girlfriend of the Nigerian singer and their love life was even more celebrated.

When the couple broke up three years ago, it was a rude shock to their fans as they appeared to be smitten by each other.

There were even rumours of the couple coming back together but it never panned out.

Police confirm eight female bodies recovered from Kenya dumpsite

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A total of eight bodies, all of them female, have been recovered so far from a dumpsite in a Nairobi slum, Kenya’s acting police chief, Douglas Kanja, said on Sunday.

“They were severely dismembered in different states of decomposition and left in sacks,” Kanja told a press conference, adding that investigations into the gruesome find are ongoing.

Kanja said the first six corpses were found on Friday and body parts of another two women were found on Saturday.

“I would like to assure the public that we are committed to conducting transparent, thorough and swift investigations,” he added.

Kanja also called for public cooperation in the investigation “so that we bring the perpetrators of these heinous acts to book”.

Kanja took up his post only this week after the resignation of national police chief Japhet Koome in the wake of public fury over the deaths of dozens of protesters during anti-government demonstrations last month.

AFP

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NDLEA intercepts cocaine, tramadol hidden in shoes, custard containers

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The National Drug Law Enforcement Agency has uncovered parcels of cocaine hidden in the soles of shoes bound for Europe.

In a separate discovery, tramadol pills were found concealed in custard containers.

The agency’s Director of Media and Advocacy, Femi Babafemi, shared videos of the seized contraband on X com on Sunday.

The agency warned travelers to be cautious when accepting luggage or items from others to deliver, as they may be unaware of the contents.

Sharing the videos he wrote, “First video reveals moment #ndlea_nigeria officers discovered parcels of cocaine in soles of shoes going to Europe while the second one shows how tramo pills hidden in custard containers were uncovered.

“Another reason why you must be careful with any bag given to you to deliver.”

Watch Video Below

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