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Equity market sustains recovery with N577bn gain

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The Nigerian Exchange extended its recovery, gaining N577bn on Thursday, driven by buying interest in Unilever Nigeria, Vitafoam Nigeria, and MTN Nigeria Communications.

The All Share Index appreciated by 1.05 per cent, settling at 98,118.30 points from the previous close of 97,098.98 points, as the year-to-date gain rose to 32.09 per cent, the month-to-date gain to 0.38 per cent, and the week-to-date gain to 0.41 per cent.

Market capitalisation closed at N55.709tn.

Unilever Nigeria, Vitafoam Nigeria, and MTN Nigeria Communications led the gainers, each rising by 10 per cent to close at N18.70, N19.25, and N198, respectively.

Investors traded 791.78 million shares in 9,059 deals, valued at N15.126bn.

The volume of stocks traded declined by five per cent, turnover was up by eight per cent, and the number of deals dipped by seven per cent.

The market breadth closed positive as 33 equities gained while 19 equities declined in share prices. Access Holdings recorded the highest trading volume with 116 million shares, followed by Guaranty Trust Holding with 110 million shares and Abbey Mortgage Bank with 50.7 million shares.

On Wednesday, the Nigerian equity market gained N97bn after two days of consecutive losses. The recovery was driven by the appreciation recorded by Red Star Express, Oando, RT Briscoe, and 24 other stocks.

The All Share Index appreciated by 0.20 per cent, closing at 97,098.98 points, up from the previous close of 96,928.52 points.

Globally, markets also saw a broad recovery after a sharp decline earlier in the week.

According to Reuters, stocks rebounded following a significant drop in the Dow and S&P 500 on Monday.

Sanwo-Olu seeks education, skills for marginalised citizens

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The Lagos State Governor, Babajide Sanwo-Olu, has called for more investment to ensure that marginalised citizens have access to education and vocational skills.

The governor, who was represented by the state Commissioner for Economic Budget and Planning, Ope George, stated this on Thursday during the closeout event of the “Leave No One Behind” initiative held at the Correctional Centre for Girls, Idi-Araba.

The governor noted that the initiative by the Office of the Special Adviser to the Governor on Climate Change and Circular Economy and the Ministry of Youth and Social Development had been targeted to equip 20,000 women and girls in waste recycling skills.

He said, “The Leave No One Behind initiative has set a precedent but our work is far from over. We must continue to advocate and implement policies that support the circular economy.

“We must also continue to invest in education and skill development for marginalised communities and continue to strive for a world where no one is left behind. To the girls and women who have completed the programme, I say this, you are the future of Lagos.”

In his presentation, the Commissioner for Youth and Social Development, Mobolaji Ogunlende, said, “The initiative has impacted the lives of about 100 women and girls in this pilot phase with the potential and we hope to scale up to 20,000 by providing a source of income and skills for business development.”

Also speaking at the event, the Special Adviser to the Governor on Climate Change and Circular Economy, Mrs Titilayo Oshodi, noted that wealth and job creation, as well as reduction of carbon emission, could be achieved through “innovative circular economic practices and ensure that their benefits extend to those who are in marginalised communities.”

The European Institute for Gender Equality describes marginalised people as different groups of people within a given culture, context and history at risk of being subjected to multiple discrimination due to the interplay of different personal characteristics or grounds.

These characteristics include sex, gender, age, ethnicity, religion or belief, health status, disability, sexual orientation, gender identity, education or income, or living in various geographic localities.

Makinde, Ibadan elders visit Ladoja

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The Oyo State Governor, Seyi Makinde, on Wednesday evening, visited the former governor of the state, Senator Rashidi Ladoja, at his Ondo Street private residence in the Ibadan North Local Government Area of the state.

The visit, seen by many as reconciliatory, came after Ladoja, the Otun Olubadan of Ibadanland, agreed to wear the ceremonial beaded crown as Ibadan oba.

Some prominent Ibadan indigenes, led by the Asiwaju of Ibadanland, Chief Bode Amao, alongside the President General of the Central Council of Ibadan Indigenes, Niyi Ajewole and other executive members also visited Ladoja at his residence on Thursday.

Others who visited were the Are Musulumi of Yorubaland, Edo and Delta states, Daud Akinola;  the Babaloja of Oyo State, Yekini Abass; the compound heads, popularly called Mogajis, led by their President, Chief Asimiyu Ariori; Chairperson of the Broadcasting Corporation of Oyo State, Dotun Olaitan, and a host of others.

Makinde and Ladoja enjoyed a smooth relationship in the past, culminating in their opposition to the beaded crown when it was first introduced by the late Governor Abiola Ajimobi administration.

Riding on the wave of the ill-treatment meted to the late Olubadan of Ibadanland, Oba Saliu Adetunji, by the Ajimobi administration, Makinde, backed by Ladoja in 2019, defeated the then-governorship candidate of the All Progressives Congress backed by Ajimobi, Chief Bayo Adelabu.

Before the late Oba Lekan Balogun could get approval to become the Olubadan of Ibadanland, Makinde forced all the Obas crowned by Ajimobi to drop their crowns and reversed to high chiefs as previously recognised.

The relationship between Makinde and Ladoja became frosty in the build-up to the 2023 election, as the governor approved the wearing of beaded crowns by the high chiefs, against the stand of Ladoja.

On Sunday, Ladoja, at a live programme on Fresh FM 105.9 in Ibadan, the state capital, made a U-turn and publicly announced that he would accept the ceremonial crown.

He, however, said his decision to accept the crown did not make him an oba, as the Olubadan of Ibadanland remained the only recognised monarch in Ibadan.

He said the gazette unveiled during the coronation ceremony for Oba Owolabi Olakulehin as the Olubadan of Ibadanland was to make him become an Olubadan.

Makinde, who had since Monday, August 5, 2024, embarked on an annual leave, transmitted power to the Deputy Governor, Bayo Lawal, in a letter sent to the state House of Assembly.

Sources privy to Wednesday’s meeting confided in our correspondent on Thursday that, “Governor Makinde arrived at Ondo Street around 6:00 pm yesterday (Wednesday). They held a closed-door meeting and they both came outside and discussed for a few minutes before the governor took his leave.

“They discussed at length, especially about the progress of Ibadanland in particular and the state in general. They also discussed the ceremonial beaded crown.”

Another source said, “We were excited to receive him (Makinde) yesterday. The governor and Otun Olubadan are on good terms. Forget about what people are saying. The visit was like a son coming to greet his father.”

A source told our correspondent that Amao, who spoke on behalf of others during the visit, thanked Ladoja for accepting the crown and for the way and manner he handled the radio interview on Sunday.

Amao was quoted to have said, “Some of us were disturbed and not happy because Ladoja rejected the crown initially. With his decision to accept it now, he (Ladoja) deserves to be commended.”

Another source privy to the meeting said, “The visitors all praised him. They congratulated him on the bold step. They said his decision not to accept the crown may destroy Ibadanland and for accepting it, they showered encomium on him. Ladoja was full of joy.”

Responding, Ladoja was said to have appreciated them for the visit and assured them that he would continue to contribute his quota to the growth and development of the town in particular and the state in general.

When contacted, one of Ladoja’s aides, Adeola Oloko, confirmed the visit and declined further comment.

“Yes, they were all here this evening. The delegation was led by the Asiwaju of Ibadanland, Bode Amao,” he said.

It was further gathered that plans were already concluded for Ladoja to wear the crown.

The presentation of the beaded crown, which ought to have taken place this week, was said to have been postponed till next week, after the meeting of Olubadan-In-Council at the ultramodern palace at Oke-Aremo, Ibadan.

Ogun cancels N10,000 job application fee, orders refund

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Ogun State Governor, Dapo Abiodun, on Thursday, cancelled the collection of N10,000 administrative fee from applicants seeking employment in the state’s civil service.

The governor directed the Chairman of the state’s Civil Service Commission to stop the collection forthwith and also make a refund to job applicants who already paid.

The development was disclosed in a statement on Thursday by the Secretary to the State Government, Tokunbo Talabi.

Talabi said Abiodun extended the gesture considering the prevailing harsh economy in the country.

He pointed out that the job application fee had been in place for decades and was “charged by the Civil Service Commission on behalf of third-party independent examiners who administer and supervise the CBT test and centres.”

The SSG said, “The state government, as a gesture of good faith and in acknowledgment of the current economic situation in the country, also taken into consideration the ultimate aim of the recruitment exercise, which is to alleviate the suffering of the citizens and create employment in the state, and instructed the immediate refund of fees paid along with a waiver for any new applications.”

The Permanent Secretary of the Civil Service Commission, Mrs. Roseline  Jacobs, had in a statement on Monday  indicated the readiness of the state government to fill vacancies across ministries, departments and agencies.

The vacancies include medical personnel, accountants, civil, mechanical and electrical Engineers, architects,town planning officers, among others.

 “The applicants must be from reputable universities and polytechnics and are to obtain tellers from Room A261 at the Civil Service Commission, Oke-mosan , Abeokuta for Application Form on payment of a non-refundable fee of N10,000,” Jacobs had said.

The statement urged applicants to submit their fully completed application forms alongside their credentials on or before Thursday, August 8, 2024.

Our correspondent gathered that about 500 applicants are being targeted for these job opportunities.

LGs won’t have difficulty paying N70,000 wage – Chairman

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The Chairman of the Ajeromi-Ifelodun Local Government Area of  Lagos State, Fatai Ayoola, has said no local government should have difficulty paying the newly-approved N70, 000 minimum wage.

Speaking in an interview with the News Agency of Nigeria in Lagos on Thursday, Ayoola said with the newly-granted financial autonomy and increased allocation to the LGs, paying the new minimum wage would be no problem.

According to him, local governments have recorded 100 per cent increase in federal allocation under the present administration of President Bola Tinubu.

“There is no reason councils should not be able to pay the minimum wage, with direct federal allocations to them.

“Ajeromi-Ifelodun pays more than the minimum wage in terms of allowances added to the salaries of our members of staff.

“Paying the minimum wage will not pose any issue to us and will not affect our ongoing and future projects,” the council chairman said.

He added that the council regularly gave palliatives to its staff and community members.

“We buy a trailer of rice on a monthly basis and we bag the rice into 10kgs and sell for less than N7,000 to people in our communities.

“We also distribute portions of cow meat, we take care of security outfits that support in protecting our environment,” he said.

He commended President Tinubu for facilitating financial autonomy for local governments.

He said local governments should make more impact on their communities and ensure accountability.

Ayoola added that local council officials should make necessary sacrifices for the good of the people at the grassroots.

He told NAN that the council’s management, including councillors, donated their three months’  salaries for the rebuilding of the council’s secretariat burnt by hoodlums during the 2020 #EndSARS protest.

“When our premises were gutted by fire during the #EndSARS protest, we lost 84 vehicles, 26 of which were brand new.

“The Federal Government did not give us anything but the Lagos State Government gave us six vehicles,” he said.

Ayoola urged Nigerians to hold their local government chairmen accountable.

Trump, Kamala Harris to face off in high-stakes September 10 debate

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Former President Donald Trump and Vice President Kamala Harris are set to engage in a highly anticipated debate on September 10, ahead of the U.S. presidential election.

This will be the first direct confrontation between the two candidates, following Harris’s decision not to participate in the proposed Fox News debate on September 4.

“ABC News will host qualifying presidential candidates for a debate on September 10. Both Vice President Harris and former President Trump have confirmed their attendance,” the network announced in a statement.

The September 10 debate is particularly significant as it was initially agreed upon by Trump and former President Joe Biden before Biden withdrew from the race.

Harris had also previously committed to this date.

Earlier, Trump held a rare press conference at his Mar-a-Lago residence in Palm Beach, Florida, where he expressed his eagerness to participate in multiple debates with Harris.

“I think it’s very important to have debates,” Trump stated.

He also addressed his health, mentioning that he was “pretty much recovered” from a recent assassination attempt that left him with a wound to his ear.

Trump voiced his enthusiasm for the upcoming debates, saying, “I look forward to the debates because I think we have to set the record straight.”

He also mentioned that some “minor details,” such as audience size and locations, were still being finalised.

AFP

 

 

 

 

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Why Ese cycled with ‘borrowed’ German bike — Sports minister

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The Minister of Sports Development, Senator John Enoh, has hinted on the reasons behind cycler Ese Ukpeseraye, cycling with ‘borrowed’ track bike from German team in the ongoing Olympics in Paris, France.

Enoh said the track race was reallocated to Team Nigeria after a team was disqualified and that it would need the usage of special equipment which, if paid for, would take months to be delivered.

The minister disclosed this on his X handle on Thursday while reacting to the post by the cycler, who claimed that the German team offered her a bicycle to participate in the competition.

He wrote, “My attention has been called to a post on social media by Ese Ukpeseraye. After reading the post and some follow-up comments, I swung into action. Ese’s post seems to have been grossly misunderstood, perhaps also because it didn’t seem to give proper context to the matter in perspective. It is important i make some clarifications.

“Abinitio, Team Nigeria qualified for one road race in cycling and prepared for it in terms of training and the appropriate competition equipment. Team Nigeria was fully prepared for this road race until two weeks ago after the Cycling team with the rest of Team Nigeria had already left for the Olympics, that a communication from the Union Cycliste Internationale (UCI) was received reallocating additional slots to the Cyclist Federation of Nigeria (Kerin and individual sprint). This reallocation to Nigeria was due to the disqualification of a country, leaving Nigeria as the next eligible to make the list of qualified countries to compete. Unfortunately, this additional slot required the use of different competition equipment in terms of biking.

Details later…

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Tinubu directs security agencies to intensify crackdown on illegal miners

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President Bola Tinubu has directed the security agencies to intensify their crackdown on illegal miners, which he called “exploiters and scavengers” in Nigeria’s mining sector.

Tinubu said his administration will ensure that companies engaged in mineral exploration prioritise the health and safety of Nigerians as well as the host communities.

He also expressed concern over the well-being of those living near mining areas and called for safe exploration.

The President gave the new marching orders when he received a presentation titled, ‘Harnessing the Mining Industry for Enhanced National Security and Development: Strategic Options for Nigeria by 2035,’ by Course 32 participants of the National Defence College on Thursday in Abuja.

This was contained in a statement signed Thursday by Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale.

The statement is titled, ‘President Tinubu mineral resources exploration must prioritise health and safety of Nigerians.’

“We have challenges of scavengers and exploiters around the country.

“We must nip that in the bud, and you military officers understand this better than the civil society.

‘‘We expect that through your command, we will have more resources that we need to make sure we have a stable economic environment,” Ngelale quoted him saying

The Course 32 Participants were tasked with researching topical national issues, and their findings during their 11-month study focused on the mining industry’s potential to contribute to national security and development.

Responding to the presentation delivered by Colonel Olajide Bello on behalf of the delegation, Tinubu commended their work and reiterated the importance of diversifying Nigeria’s economy.

‘‘I have listened carefully to your presentation on the theme. Aside from your knowledge of war and security, I could see the intellectual depth of the work done to help the nation, and I must say thank you to all of you.

‘‘I recognise the need for the diversification of the economy, and we have been pushing hard on this. Your involvement will equally promote a better understanding of the issues,’’ the President said.

Tinubu assured the delegation that his administration would ensure the completion of the NDC headquarters in Abuja.

Addressing the health implications of exploration activities during an interactive session, the President expressed concern over the well-being of those living near mining areas.

‘‘We must pay attention to that at the outset by providing medical centres and other facilities that will protect the lives, property and health of Nigerians,’’ Tinubu said.

In his remarks, Rear Admiral Olumuyiwa Olotu, Commandant, NDC, said the institution, established in 1992 as the National War College, has graduated 2,871 participants since inception.

Olotu said besides participants from 30 African countries, the college has had participants from Bangladesh, Brazil, France, Germany, India, Nepal, and Pakistan.

He said through the President’s magnanimity, the college has embarked on unprecedented infrastructural upgrades, making the institution compete favourably with any other defence college worldwide.

However, the Commandant appealed to Tinubu to assist in completing the college’s permanent site in Abuja, noting that the institution currently operates from its temporary facility in the Central Business District owing to the non-completion of its permanent site since 2010.

Speaking with the State House Correspondents after the meeting, Minister of Defence, Badaru Abubakar, said Thursday’s discussion emphasised a crucial sector in Nigeria’s economy: solid minerals development.

“The presentation was on solid mineral development; they have also recorded measures to improve Nigeria’s solid mineral sector, which is apt following the Renewed Hope Agenda of President Bola Tinubu on the expansion of the economy and other sources of income for the Nigerian economy.

“The college is important in researching topical issues that affect the country; they have suggested ways and means to diversify the Nigerian economy through the solid minerals sector,” he stated.

The 111 participants of NDC Course 32 were drawn from the Nigerian Army, Navy, Air Force, Police, Ministries, Departments and Agencies, as well as 19 international participants from Africa, Asia, Europe, and South America.

The college undertakes in-depth studies on all factors that affect national security and development. The research centre in the college, known as the Centre for Strategic Research and Studies, is also designated as the ECOWAS Training Centre of Excellence for Peace Support Operations at the strategic level.

Commercial tricyclist slumps, dies in Delta

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A commercial tricycle operator, otherwise known as ‘Keke’ rider, whose identity is yet to be known, on Thursday slumped and died in Effurun, Uvwie Local Government Area of Delta State.

According Online gathered that the incident occurred at a location by Okorodudu Junction near the popular Old Airport Junction in Uvwie.

Eyewitnesses said that the tricylist slumped a few seconds after hurriedly parking his tricycle and heading to a local roadside food vendor in the locality.

One of the witnesses, Martins Emuobonuvie, told journalists that “the man parked his Keke and wanted to eat before he fell and stopped all forms of movements.”

Speaking further, Emuobonuvie stated that “the policemen who rushed to the scene said he was dead, and they couldn’t rush him to the hospital.”

Another witness, a motorist, Emeka Ebube, expressed concern that policemen from the nearby Enerhen Divisional Police Station could not rush the deceased to the hospital.

“He (the deceased Keke operator) could have survived if he was given medical attention,” Ebube said.

It was however gathered that a team of policemen later evacuated the remains of the late commercial tricycle operator from the spot of the incident “after calling relations of the deceased”.

The state Police Public Relations Officer SP Bright Edafe, could not be reached for comments on the incident as of the time of filing this report.

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Dangote refinery insists facility not getting enough crude locally

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The Dangote Oil Refinery has insisted that the facility is not getting enough feedstock from producers in the country.

In a statement on Thursday, the Dangote Group Chief Branding and Communications Officer, Anthony Chiejina, said the Nigerian Upstream Regulatory Commission has not been enforcing the domestic crude supply obligations the way it should.

Chiejina was reacting to reports alleging that the refinery has backtracked by acknowledging that the Nigerian National Petroleum Company Limited supplied about 60 per cent of the 50 million barrels it had lifted.

The company was said to have stated this on Wednesday before the Senate committee investigating allegations of sabotage in the oil and gas sector.

“To clarify, we have never accused NNPC of not supplying us with crude. Our concern has always been NUPRC’s reluctance to enforce the domestic crude supply obligation and ensure that we receive our full crude requirement from NNPC and the international oil companies.

“For September, our requirement is 15 cargoes, of which NNPC allocated six. Despite appealing to NUPRC, we’ve been unable to secure the remaining cargoes. When we approached IOCs producing in Nigeria, they redirected us to their international trading arms or responded that their cargoes were committed,” Chiejina said.

He reiterated that the company often purchases the same Nigerian crude from international traders at an additional $3-$4 premium per barrel, which translates to $3-$4 million per cargo.

“We therefore still insist that we are unable to secure our full crude requirement from domestic production and urge NUPRC to fully enforce the domestic crude supply obligation as mandated by the PIA,” the statement concluded.

The According recalls that Dangote Group’s management alleged that the IOCs were still frustrating crude supply to the 650,000-capacity refinery.

The group alleged that the IOCs insisted on selling crude oil to its refinery through their foreign agents, saying the local price of crude will continue to increase because the trading arms offer cargoes at $2 to $4 per barrel, above NUPRC’s official price.

The group also alleged that the foreign oil producers seem to be prioritising Asian countries in selling the crude they produce in Nigeria.

The Vice President, Oil amd Gas, Dangote Industries Limited, Mr DVG Edwin, said: “If the Domestic Crude Supply Obligation guidelines are diligently implemented, this will ensure that we deal directly with the companies producing the crude oil in Nigeria as stipulated by the Petroleum Industry Act.”

Edwin insisted that IOCs operating in Nigeria have consistently frustrated the company’s requests for locally-produced crude as feedstock for its refining process.

He highlighted that when cargoes are offered to the oil company by the trading arms, it is sometimes at a $2 to $4 (per barrel) premium above the official price set by the Nigerian Upstream Petroleum Regulatory Commission.

Edwin was reacting to a statement by the Chief Executive of the NUPRC, Gbenga Komolafe, who, in an interview on national television, said, “It is ‘erroneous’ for one to say that the International Oil Companies are refusing to make crude oil available to domestic refiners, as the Petroleum Industry Act has a stipulation that calls for a willing-buyer, willing-seller relationship.”

The Chief Executive of Nigerian NMDPRA, Farouk Ahmed, debunked the claim, saying Nigeria could not rely heavily on the Dangote refinery for its fuel supply.

Ahmed said Dangote diesel has a higher sulphur content than the ones imported into the country.

According to him, the refinery had requested the regulator to stop giving import licences to other marketers to be the only fuel supplier in Nigeria.

“We cannot rely heavily on one refinery to feed the nation, because Dangote is requesting that we should suspend or stop importation of all petroleum products, especially AGO and direct all marketers to the refinery, that is not good for the nation in terms of energy security.  And that is not good for the market, because of monopoly,” Ahmed stressed.

However, the President of the Dangote Group, Aliko Dangote, denied the allegation, wondering how he could be a monopoly when the Nigerian National Petroleum Company Limited is renovating government-owned refineries with $4bn.

President Bola Tinubu has since ordered the NNPC to sell crude oil to Dangote in naira.