The Director General of the Manufacturers Association of Nigeria, MAN, has described the recent exit of some multinational companies from Nigeria as an opportunity for domestic manufacturers to flourish in the country with proper government empowerment.
The Director-General of the association, Segun Ajayi-Kadir, who made this statement said the glitches suffered due to the exit of the multinationals could be turned into an opportunity by placing the spotlight on homegrown manufacturers by the government empowering the domestic manufacturing sector.
“I think there is a strong lesson to be learned here. The big ones leaving are the multinationals, which should send a clear signal to the government.
“We need to be strategic in what we promote. He is unlikely to go anywhere if you have a challenged local manufacturer. That is why we say the foreign direct investment is excellent but it should come secondary to empowering the local investor, the existing manufacturers, because that is what is enduring,” he stated.
Ajayi-Kadir, while restating concerns about the future of the manufacturing sector in Nigeria, called for clear and decisive action from the government to prevent further exits and ensure the sector’s growth.
“The government should also open new windows for us to source our credit at rates that are not lower and that are not higher than five per cent. These are very quick wins that the government can do that can lower the pressure that is upon the manufacturing sector.
“Manufacturing in any economy is a strategic choice and the government must decide if it wants the country to be industrialised. If so, it must take all necessary steps to remove the binding constraints that hinder the sector’s performance. Nigeria has not done so, so we see closures,” he added.
Exit of multinationals, opportunity for homegrown industries to thrive – MAN
Exit of multinationals, opportunity for homegrown industries to thrive – MAN
Prioritise subsidy removal, tackling multiple taxation over salary increase – Finance expert to FG, NLC
A Professor of Financial Economy, Sebastian Urummadu has advised the Federal government to restore the fuel subsidy and end multiple taxation, saying it would stabilize the economy.
This is even as he urged the Nigerian Labour Congress, NLC, to concentrate its demand on the restoration of fuel subsidy and the end of multiple taxation.
Professor Urummadu who is of Michael Okpara University of Agriculture, Umudike, stated this on Sunday while speaking to Journalists in Umuahia.
He suggested that a better subsidy management team should have been constituted by the government to monitor fuel subsidy, than removing it in the first place.
Uremmadu, who decried the level of hunger and suffering among the masses, said the situation has further increased insecurity in Abia and other parts of the country.
“Even if you pay a worker one million naira per month, it will not still solve the workers’ problem. There are many things indirectly built to pay back the workers. Bring back the fuel subsidy so that the cost of transportation and cost of things will reduce”, said the Professor.
He urged the NLC and the federal government to negotiate fuel subsidy returns and end multiple taxation but to concentrate less on high salary demands.
Uremmadu, who knocked the International Monetary Fund, IMF, for its regular influence on the Nigerian economy, made it clear that every country, including the United States of America, practices subsidy.
Professor Urummadu raised the alarm that Nigeria’s border communities have now become more porous for the influx of criminals and illegal arms into the country.
He supported President Bola Tinubu for appointing General Ike Nwachukwu and other non APC members into offices, saying that the president is enlarging his family for the progress of the country.
Prioritise subsidy removal, tackling multiple taxation over salary increase – Finance expert to FG, NLC
SEPLAT, TRANSCORP HOTEL, UCAP, LASACO top list of stocks to watch this week Business/The entities
SEPLAT, TRANSCORP HOTEL, LASACO and UCAP topped the list of stocks to watch in the new week after investors gained N178.05 billion after five days of trading.
The equities market crossed the 100,000 basis points last week as the benchmark All-Share Index (ASI) rose +0.32% to close at 100,057.49 points from 99,743.05 points the previous week.
Similarly, investors in the equities market enjoyed three days of profit making and raked in N178.05 billion as market capitalisation rose to N56.60 trillion from N56.42 trillion the previous week driven by strong performances by stocks like SEPLAT, TRANSCOHOT, and UCAP.
Kindly note that TVN Stocks to watch is not a buy, sell or hold recommendation. It is advisable to consult your financial advisor before making any investment decision.
READ ALSO:Zenith Bank, UBA, AccessCorp, Total top list of stocks to watch this week
SEPLAT • 3,794.90 0.00
The current share price of Seplat Petroleum Development Co. (SEPLAT) is NGN 3,794.90. SEPLAT closed its last trading day (Friday, June 28, 2024) at 3,794.90 NGN per share on the Nigerian Stock Exchange (NGX). Seplat Petroleum Development began the year with a share price of 2,310.00 NGN and has since gained 64.3% on that price valuation, ranking it 11th on the NGX in terms of year-to-date performance. Shareholders can be optimistic about SEPLAT knowing the stock has accrued 22% over the past four-week period alone—21st best on NGX.
Seplat Petroleum Development Co. is the 100th most traded stock on the Nigerian Stock Exchange over the past three months (Mar 21 – Jun 28, 2024). SEPLAT has traded a total volume of 4.25 million shares—in 2,684 deals—valued at NGN 13.5 billion over the period, with an average of 67,537 traded shares per session. A volume high of 802,545 was achieved on May 17th, and a low of 73 on April 16th, for the same period.
By: Babajide Okeowo
The post SEPLAT, TRANSCORP HOTEL, UCAP, LASACO top list of stocks to watch this week Business/The entities appeared first on Latest Nigeria News | Top Stories from TVN.
Police foil kidnapping attempt, rescue two victims in FCT
The FCT Police Command’s anti-kidnapping unit has rescued two female victims, Mart Ojadi, 15, and Evelyn Chinaza, 12, who were kidnapped by gunmen in Guto village, Bwari, on June 30, 2024.
This was made known in a statement by the state Police Public Relations Officer, SP Josephine Adeh, on Sunday.
Adeh disclosed that the police, in collaboration with DSS officials, tracked the kidnappers to Gauraka Forest, Niger State, and engaged them in a fierce gun battle, forcing the criminals to flee with injuries.
The victims were rescued unharmed and have since been reunited with their families.
Thw statement reads, “In response to the sudden attack by unknown gunmen in Guto village, Bwari, earlier today, June 30, 2024, at about 01:30 p.m., where two female victims, Mart Ojadi, 15 years old, and Evelyn Chinaza, 12 years old, were kidnapped and forcefully taken to an unknown location, the operatives of the FCT police command from the anti-kidnapping unit swiftly mobilised to the scene.
“Displaying remarkable bravery, the police, in synergy with DSS officials, trailed and advanced on the assailant, tactically ambushing them at Gauraka Forest, Niger State, bordering FCT.
“This led to an intense gun duel as the kidnappers were overwhelmed by the operatives, forcing them to scamper to safety through the nearby bushes with varying degrees of bullet injuries, and the two kidnapped victims were rescued unhurt.
“While the victims have since been reunited with their family, the Commissioner of Police, FCT, CP Benneth C. Igweh, reaffirms the command’s unflinching commitment to maintaining peace and security in the nation’s capital.”
Igweh also urged residents to remain vigilant and report suspicious activities to the police emergency lines.
Don’t repeat Buhari’s mistakes, nepotism – Shehu Sani to Tinubu
Former Kaduna Central Senator, Shehu Sani, has cautioned President Bola Tinubu against repeating the mistake of his predecessor, former President Muhammadu Buhari in the area of appointments.
Sani said, unlike Buhari, Tinubu’s appointments should be based on competence.
Featuring on Channels Television’s Sunday Politics, the former lawmaker accused Buhari of nepotism while in office.
Stressing that nepotism was at its peak, Sani wondered why some Ministers were in office for eight years under Buhari.
According to Sani: “I will advise President Tinubu to be careful not to make the mistakes of President Buhari, and I believe he is experienced to understand this.
“Under President Buhari, you have ministers that were appointed into office for the whole of eight years; they were with him for the first tenure and the second tenure, and there was no cabinet reshuffle, no removal.
“Even if there was a removal, it takes three to four months to replace a minister. That was the way the country was governed.
“Under Buhari, we have seen nepotism at its peak where people were appointed into office and left there even if they did nothing.
“Service chiefs were retained in office despite their failures, and by retaining them, you destroyed the careers of those behind them. For many years, many officers were retired to appoint one person.”
Don’t repeat Buhari’s mistakes, nepotism – Shehu Sani to Tinubu
Demand minimum wage of not less than N200,000, mobilise for strike – Group to NLC
A group under the aegis of the Campaign for Democratic and Workers’ Rights, CDWR, has urged the Organised Labour to quickly mobilise and declare a nationwide strike over the minimum wage and the recent hike in electricity tariff.
This is contained in a statement by its National Publicity Secretary, Chinedu Bosah.
The group recalled that organized labour had been at loggerheads with the government and private sector over a new minimum wage, and negotiation had been deadlocked for over three weeks and still counting.
It stressed that the Government and Private Sector insistence on paying N60,000 provoked the declaration of an indefinite strike which started on June 3rd 2024 but was suspended on the 4th of June, 2024.
The group urged the Nigeria Labour Congress, NLC, and Trade Union Congress of Nigeria, TUC, to declare and mobilise widely for a 48-hour general strike and mass protest to ask for the reversal of all anti-poor policies and a minimum wage of not less than N200, 000.
It argued that “The mass protest of mostly young people has just forced the Ruto-led government in Kenya to withdraw the IMF/World Bank-inspired tax increment policy. This example shows that it is also possible for Nigerian working people and youth to force the Tinubu-led government to reverse the prices of petroleum products, electricity tariffs, fee hikes in public schools, and all other neo-liberal capitalist policies, policies which would give some immediate respite to most Nigerians.
“CDWR calls on the leadership of NLC and TUC, as the next step in the minimum wage struggle, to declare and this time mobilise widely for a 48-hour general strike and mass protest to demand a minimum wage not less than N200,000 and the reversal of all anti-poor policies (privatization, deregulation, subsidy removal, electricity tariff hike etc).
“However, given the recent failures of the NLC and TUC to seriously mobilise trade unionists and activists must themselves take steps to organise a campaign at the grassroots level to both build support for the struggle and for the trade unions to have leaders who take their responsibilities seriously.
“Amongst the immediate demands should be the call for the inclusion of a demand that the minimum wage must be automatically adjusted in line with the rate of inflation and the rising cost of living, minimum wage need not wait for four or five years before adjustment.”
The group added that the declaration of the strike may forestall needless long negotiations and ensure wages do not fall behind the inflationary rate and poverty line.
“We should add that it will require a serious struggle to force the capitalist elite to agree to this and actually implement it as they will try to take back any concessions they have been forced to make,” it added.
Demand minimum wage of not less than N200,000, mobilise for strike – Group to NLC
CPPE demands extension of executive order to agric, energy, others
The Centre for the Promotion of Private Enterprise (CPPE) has urged the Federal Government to replicate the recent Executive Order that eliminates import duties, Value Added Tax (VAT) and excise duty on pharmaceutical raw materials to agriculture, energy, and other sectors.
The Chief Executive Officer of CPPE, Dr. Muda Yusuf, made the call in a statement on Sunday.
He said the measure would help to address supply-side challenges in the economy, particularly inflationary pressures driven by supply constraints.
The statement read: “CPPE commends the recent Executive Order removing import duties, VAT, Excise duty on pharmaceutical raw materials, intermediate products, medical diagnostic equipment and machineries.
“These fiscal policy measures would boost domestic production of pharmaceutical products, reduce the cost of medications, improve access to healthcare and impact positively on the well-being of citizens. It would also revitalize our pharmaceutical industries and create more jobs.
“Fiscal policy measures have much better prospects of addressing supply side challenges in the economy, if well targeted. Boosting production is very vital to fixing the current inflationary pressures, driven largely by supply side challenges in the economy. Fiscal policy measures are potent tools for the realization of this objective.
“We recommend that these fiscal policy measures should be replicated to boost production in other segments of the real sector.
READ ALSO:CPPE tasks CBN on management of banks’ recapitalisation to avoid economic disruption
“We need similar executive orders for agriculture, agrochemicals and Agro-allied industries to curb the surging food inflation; we need similar intervention in the energy sector, to promote energy security and incentivize private investments in the sector.
“There is need for similar support for Iron and steel sector to aid the construction industry and reduce construction costs for housing and infrastructure.
“We also need fiscal policy protection to support domestic investments in petroleum refineries to conserve foreign exchange, create jobs, and deepen backward integration.
“There is a groundswell of economic nationalism globally and we should respond by strengthening our domestic production capabilities across all sectors. Fiscal policy measures have proven to be more impactful on real sector performance than monetary policy.
“The real sector of the economy deserves to be effectively protected and incentivized to improve production and ensure sustainability investments in that space. The Nigeria economy cannot afford to submit to a regime of complete trade liberalization in the light of the challenges faced by domestic manufacturers.
“We need to stem the tide of deindustrialization of the Nigerian economy, the exit of foreign direct investors and the rising mortality rate of domestic industries. We believe that stepping up fiscal policy interventions would facilitate the realization of this objective. But we must be ready to trade off some revenue in the short term.
“The economy would be better off in the medium to long term, with regard to growth in domestic production, less import dependence, heightened prospects of disinflation, higher job creation and better economic resilience.”
By: Babajide Okeowo
The post CPPE demands extension of executive order to agric, energy, others appeared first on Latest Nigeria News | Top Stories from TVN.
Soun of Ogbomoso barred me from palace activities since February – Chief Imam
The Chief Imam of Ogbomoso, Sheikh Teliat Yunus Ayilara has revealed that the Soun of Ogbomoso, Oba Afolabi Ghandi Olaoye barred him from entering the palace since February this year.
The Chief Imam also said the traditional ruler had barred him from performing palace services and activities.
Ayilara made the claims while speaking with TVN on Sunday.
TVN reports that the traditional ruler and the cleric have been at loggerheads in the last few months.
The cleric in a telephone conversation with TVN noted that the monarch barred him in February this year through a letter.
Ayilara noted that all efforts to reach the monarch have proved abortive since then.
“Do you know that the Soun barred me from entering the palace? He has barred me from participating in palace activities and services.
“All efforts to reach him have proved to be abortive. He has barred me from calling him. He has excommunicated me. No avenue to reach him. So, how will I reach him?”.
Soun in the letter dated 14th February 2024, urged the cleric to refrain from the palace.
The letter was made available to TVN on Sunday.
The letter reads; “Letter of notification. Sequel to the case you instituted in the court of law against me and the Soun-in-Council, you are hereby notified that you should refrain from Ogbomoso Palace services and activities till court resolution.
“I believe and understand that distance during this period will bring a lasting peace. I hope you will respect my decision and do as directed”.
Soun of Ogbomoso barred me from palace activities since February – Chief Imam
Top 10 stories from across Nigerian Newspapers, Monday, July 1, 2024
Here are the top 10 stories making headlines across the country.
1. Shariah Centre warns Sokoto govt to stay away from Sultan
The Centre for the Promotion of Sharia (CPS) has warned the Sokoto State Government not to tamper with the Sultanate Council as that will bring about devastating consequences.Read more
2. Ondo: APC chieftain slams Aiyedatiwa on nullification of LCDAs, urges appeal
A chieftain of the All Progressives Congress (APC) in Ondo State, Omo’ba Abayomi Adesanya, has criticized Governor Lucky Aiyedatiwa for not appealing the nullification of the newly created 33 Local Council Development Areas (LCDAs) in the state.Read more
3. SERAP to CBN: You have 7 days to ‘account for missing N100bn dirty notes,other public funds’
The Socio-Economic Rights and Accountability Project (SERAP) has called on the Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso “to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.”Read more
4. Bandits kill one, kidnap four in Abuja community, as residents condemn lack of security response
A group of over 30 terrorists attacked the Guto area of Bwari Area Council in Abuja on Sunday morning, killing one person and kidnapping four others.Read more
5. Olu Jacobs alive, well: Betty Irabor, family debunk death rumors
Contrary to rumors circulating on social media, veteran Nollywood actor Oludotun Jacobs is alive and well.Read more
READ ALSO:Top 10 stories from across Nigerian Newspapers, Friday, June 29, 2024
6. Turkey Embassy denies placing visa ban on Nigerians
The Turkish Embassy in Nigeria has denied reports that the country has placed a visa ban on Nigerian passport holders, saying the reports were false and should be disregarded.Read more
7. FGN Bond Vs Land Banking
An FGN (Federal Government of Nigeria) Bond is a debt security issued by the Nigerian government to raise funds from the public. These bonds are considered low-risk investments as they are backed by the government’s credit.Read more
8. Minister wants Nigeria to send fears to opponents in buildup to W’Cup qualifiers
Nigeria’s sports minister John Enoh has said that it would do the Super Eagles a lot of good if their opponents in the 2026 World Cup qualifiers are in fear before the games.Read more
9. Spain set up Euro quarter-final meeting with hosts Germany
Spain have secured their spot in the quarter-finals of the ongoing European Championship after beating Georgia 4-1 on Sunday.Read more
10. Euro ’24: England fight back against Slovakia to set up Swiss Q’final clash
Three Lions of England have advanced to the quarter-finals of the European Championship following a 2-1 last-16 win over Slovakia after extra time.Read more
The post Top 10 stories from across Nigerian Newspapers, Monday, July 1, 2024 appeared first on Latest Nigeria News | Top Stories from TVN.
US Supreme Court rules on Trump’s immunity Monday
The US Supreme Court is expected to rule Monday on the most highly anticipated decision of its term — a ruling “for the ages” on whether Donald Trump, as a former president, is immune from prosecution.
Even if the ruling is likely to reject Trump’s claim he should enjoy absolute immunity, the decision will be key in whether his trial for conspiring to overturn his 2020 election loss can go ahead before this year’s election, in which he is the Republican candidate.
“We are writing a rule for the ages,” said conservative justice Neil Gorsuch, who was appointed by Trump, as arguments were heard in April.
“This case has huge implications for the presidency, for the future of the presidency, for the future of the country,” added Justice Brett Kavanaugh, another Trump appointee.
Trump’s original trial date in the election case had been March 4, well before his November rematch with President Joe Biden.
But the Supreme Court dominated by conservatives, including the three appointed by Trump during his term in office — agreed in February to hear his argument for presidential immunity, putting the case on hold while they considered the matter in April.
That means the trial has already been considerably delayed.
The court is unlikely to rule that Trump has complete immunity. During the April arguments, the justices appeared largely skeptical of his claims, with some questioning whether it meant a president could “commit crimes with abandon.”
However, the scope and wording of the decision could further postpone the trial — shrinking the odds that Trump will face prosecutors before the November 5 vote.
For instance, justices could send the case back to lower courts to sort out which of the special counsel’s allegations against 78-year-old Trump concern official acts, and thus could be immune from prosecution.
That would inevitably further push back the trial, a complicated undertaking which, regardless of the ruling, will take months of preparation to get back on track.
Facing four criminal cases, Trump has been doing everything in his power to delay the trials at least until after the election.
On May 30, a New York court convicted Trump on 34 felony charges of falsifying business records to cover up a sex scandal in the final stages of the 2016 presidential campaign, making Trump the first former US president ever convicted of a crime. His sentencing will take place on July 11.
The New York hush money case was considered the weakest of the four cases by many legal experts, but likely the only one that will see trial before the vote.
By filing many pre-trial motions, Trump’s lawyers have managed to put on hold the three other trials, which deal with his attempts to overturn the 2020 election results and hoarding top-secret documents at his home in Florida.
If re-elected, Trump could, once sworn in as president in January 2025, order the federal trials against him closed.
AFP