The Nigerian equities market closed the week’s trading with N270 billion gain by investors on Friday.
This followed an increase in the share prices of stocks like JULIUS BERGER, ETERNA and UCAP amongst others on the trading floor today.
After five hours of trading at the capital market, the equity capitalization rose to N55.9 trillion from N55.7 trillion recorded by the bourse on Thursday.
The All-Share Index (ASI) also increased to 98,592.12 from 98,116.27 recorded the previous day.
The market breadth was positive as 36 stocks advanced and 18 declined, while 59 others remained unchanged in 9,529 deals.
READ ALSO: Investors lose N113bn amid suspension of stocks by NGX
JULIUS BERGER, ETERNA and UCAP led other gainers with 10% each in share prices to close at N110.00, N19.80, and N14.50 from the previous N100.00, N18.00, and N14.50 per share.
On the flip side, UNION DICON, UPL and CUSTODIAN led other price decliners as they shed 9.88%, 8.79% and 8.59% each to close at N7.30, N2.18 and N11.70 from the initial N8.10, N2.39, and N12.80 per share.
On the volume index, VERITASKAP led trading with 103 million shares valued at N125 million in 356 deals followed by OANDO which traded 52 million shares valued at N2.1 billion in 242 deals.
UBA traded 42 million shares valued at N691 million in 633 deals.
On the value index, OANDO recorded the highest value for the day trading stocks worth N2.1 billion in 242 deals followed by ZENITH BANK which traded equities worth N1.2 billion in 540 deals.
GTCO traded shares valued at N1.024 billion in 417 deals.
By: Babajide Okeowo
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NGX: Julius Berger leads gainers as investors make N270bn in five hours
ECOWAS still negotiating return of Niger, Mali, B’Faso — Tinubu
President Bola Tinubu says the Economic Community of West African States will continue to persuade the military leaders of Niger, Mali, and Burkina Faso to return their nations to the fold.
“We will do everything to offer a hand of friendship to them and give them reasons to come back to us,” Tinubu, who chairs the ECOWAS Authority of Heads of State and Government, reaffirmed at a meeting with ECOWAS Chiefs of Defence Staff on Friday in Abuja.
Special Adviser to the President on Media and Publicity, Ajuri Ngelale, revealed the outcome of the meeting in a statement he signed Friday evening titled ‘ECOWAS’ hand of friendship still open to Niger, Mali, And Burkina Faso, says President Tinubu.’
Tinubu’s comments come nearly three weeks after he hinted at plans for a special extraordinary session to discuss the future of the economic bloc.
The president, who spoke at the Sixth Mid-Year Coordination Meeting of the African Union in Accra, Ghana, on July 21, did not state the date of the meeting.
However, he said leaders will discuss ongoing talks with the estranged member states.
Tinubu was re-elected for another one-year tenure as ECOWAS Chairman at the 65th Ordinary Session of the Authority held at the State House, Abuja, on July 7.
After his mandate was renewed, the Nigerian leader appointed his Senegalese and Togolese counterparts, Bassirou Faye and Faure Gnassingbé, respectively, to lead ECOWAS’ mediation efforts with Niger, Mali and Burkina Faso.
The civilian governments in Burkina Faso and Mali and Niger fell to military control in May 2021, September 2022 and July 2023, respectively.
Consequently, the ECOWAS announced economic sanctions that isolated the three states alongside Guinea, where the military took over since September 2021.
Although ECOWAS later agreed to lift some economic and travel sanctions in February, the junta-led states maintained their stance to exit the union.
On July 6, Niger’s General Abdourahmane Tchiani, Burkina Faso’s Captain Ibrahim Traore, and Mali’s Colonel Assimi Goita signed a confederation treaty which, they said, would strengthen a mutual defence pact announced last September, the Alliance of Sahel States.
Nonetheless, the ECOWAS says it is still championing efforts towards reintegrating the sister states into the nearly 50-year-old bloc.
Speaking on Friday, Tinubu said, “It is in our hearts to make sure that security is enhanced and that constitutional government is defended and promoted in our region.
“It has been a challenging tenure for me since three members indicated their exit. We will work hard to persuade them to return, whichever way.
“No one man is smarter than the group of heads that is here.”
The ECOWAS Chairman commended the defence chiefs for their commitment to regional stability and protection of constitutional governance.
He also affirmed the commitment of member states to invest in its $2.6bn Standby Force, describing the initiative as the solution to terrorism in the Sahel.
“The solution to terrorism and other challenges lies in our hands. We have to do it together. The ECOWAS standby force must be ready.
“We will continue to invest in this, as well as in the economic prosperity and opportunities across our region,” President Tinubu said.
In his remarks, the Chairman ECOWAS Chiefs of Defence Staff, General Christopher Musa, informed the President that the defence chiefs had agreed that challenges in the region, such as insurgency and unconstitutional changes in government, must be addressed collectively.
Musa said discussions at the meeting also focused on enhancing the capacity of the ECOWAS military component, including the proposed standby force.
He announced that a decision had been made to deploy 1,200 troops to Sierra Leone, with countries making pledges to support this effort.
“We are aware that the ECOWAS ministers of finance will meet to discuss the issue of funding, which is another very critical aspect. We also looked at the issue of logistics,” he said.
Highlighting the balance between military efforts and the political components of good governance, peace and security as essential for achieving long-term stability, General Musa pledged the commitment of the defence chiefs to work in unison to ensure the security and safety of the West African sub-region.
ECOWAS to activate standby force
The Economic Community of West African States is preparing to activate its standby force.
The regional bloc is also considering extending security support to Sierra Leone and operationalising its logistics depot there.
Christopher Musa, Chairman of the ECOWAS Committee of Chiefs of Defence Staff, disclosed this at the close of the 42nd Ordinary Session of the Committee in Abuja on Friday.
Musa said, “Some of the key discussions during this conference covered the proposed ECOWAS security support in Sierra Leone and the activation of the ECOWAS standby force.
“Furthermore, we deliberated on issues pertaining to the operationalisation of our logistics depot in Sierra Leone and other ECOWAS peace support operations, among others.”
He urged the different countries to fulfil their pledges towards the activation of the region’s standby force.
Musa said, “In all of our deliberations, the importance of our collective effort and shared commitment has been evident.
More important are the pledges made by member states towards the activation of the ECOWAS standby force and security support mission in Sierra Leone, among others.
“Nevertheless, I have no doubt that we will not renege on our promises.
“I am confident that the incredible ideas and noble solutions
proffered will undoubtedly enhance our individual and collective capacity to confront and support contemporary and future security challenges.”
Musa expressed regret over the absence of Mali, Niger, and Burkina Faso from the deliberations.
He noted that their non-attendance, despite invitations, demonstrates that they are not considered enemies.
He stated, “We regret the absence of our colleagues from Mali, Niger, and Burkina Faso. You can see from the table that we have their flags. They were invited to the meeting. This shows the entire world that they are not enemies; they are our brothers, and we look forward to their return to ECOWAS. As nations, no single country can withstand the current challenges alone.
“We need to work as a team. We are stronger together. We look forward to restoring the relationship to its proper state. It is also imperative that we continue to encourage collaboration among other countries by advancing progress, sharing resources, and leveraging each other’s strengths to maximise our impact and achieve shared objectives.”
Musa reminded the Defence Chiefs that the security landscape in the region requires ongoing collaboration to address emerging threats.
He said, “Let me remind us that the security landscape is evolving and will require continuous collaboration to address emerging threats effectively. Equally, we must uphold our democratic values and support our governments in line with our responsibilities to ensure economic growth and development.”
Musa also urged the Defence Chiefs to support democratic systems of government in their countries.
He said, “We should stand by democracy. All non-constitutional takeovers of government are foreign and must not be encouraged.”
ECOWAS Commissioner for Political Affairs, Peace, and Security, Ambassador Abdel-Fatau Musah, said all member countries have pledged support for the activation of the standby force.
He stated that the activation aims to combat terrorism in the region.
Musah said, “One of the key agenda items is the continued activation of the ECOWAS standby force in its kinetic mode to fight terrorism in our region.
“All our member states have pledged support for this initiative. The committee has been fine-tuning the roadmap towards the eventual activation of the kinetic force. We need to combat terrorism.
“Terrorism is moving from the Sahel to the coastal countries. In recent weeks, we have experienced several powerful attacks in our region, including Niger, northern Mali, and cross-border incursions into the coastal countries of Benin and Togo.
“No one is entirely safe from terrorist attacks, which is why the committee of chiefs of defence has met here to work out modalities for confronting this existential threat facing our sub-region. We are pleased that they have reaffirmed their commitment to the fight against it.”
Ex-Govs Oyinlola, Dankwambo listed in PDP committee to reconcile members
The Peoples Democratic Party (PDP) has set up a 25-member National Reconciliation Committee to resolve differences in the party.
The committee is headed by former Osun State governor, Prince Olagunsoye Oyinlola while his Gombe State counterpart, Ibrahim Dankwambo, will serve as secretary.
The PDP National Publicity Secretary, Debo Ologunagba, disclosed this in a statement on Friday in Abuja.
He said the establishment of the committee was approved by the party’s National Executive Committee (NEC).
Members of the committee are – Chief Emmanuel Ogidi, Chibudom Nwuche, Alhaji Bello Gusau, Senator Ben Obi, Senator Tunde Ogbeha, Senator Shuaibu Isa Lau, Dame Esther Uduehi, Sen. Zainab Kure, Kabiru Turaki and Alhaja Mutia Ladoja
Others are- Dr. Abimbola Ogunkelu, Ude Oko-Chukwu, Dr. Boyelayefa Debekeme, Dr. Eddy Olafeso, Chief Dan Ulasi, Abdulsamad Dasuki, Mr. Segun Showunmi, Amina Faruk, Alhaji Hamza Koshe, Evang. Mike Ikoku, Jumoke Akinjide, Bisi Fakayode, and Chief Anicho Okoro as the Administrative Secretary.
Ologunagba said the committee would be inaugurated on a date to be communicated in due course.
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Christian group worries over idol worship among Igbo youths
The Christian Association of Igbo Ministers, CAIM, has expressed worries that youths of Igbo extraction are jettisoning their Christian faith and returning to idol worship, saying that the trend does not portend well for the Christian faith and the Igbo nation.
The international president of the group, Solomon Chukwuemeka Okorie, said this on Friday in Umuahia while briefing the press on the World Igbo Prayer Summit, which is holding from August 14 to 16 at the International Conference Centre, Umuahia.
He noted that the future of the Christian faith in Igboland is challenged if the youths are not shown the way of God. According to him, the 95 per cent Christian population recorded in the recent past among the Igbo may plummet if nothing is done.
He lamented that despite the individual strength of the Igbos, they are not collectively united when compared with their counterparts from the South West and the North.
The group, which called for unity among all Igbos in the South East and those in Benue, Delta, Edo, and Rivers, also urged clergymen of Igbo extraction to form a united front in praying for the Igbos to get out of their present condition in the country.
The group expressed worries about the deaths of prominent Igbo personalities, including Emmanuel Iwuanyanwu, Ifeanyi Ubah, and Onyeka Onwenu, among others. It advised the Igbo to go into prayer to avert the tragic loss of their leaders.
Okorie said that the summit would be used to seek the face of God for the survival of the Igbos through prayers and also to seek an end to the present situation of insecurity in the South East.
“The killings and other forms of insecurity in the South East are not what we were known for and we are going to use the World Igbo Prayer Summit to pray for the return of peace and unity,” he said.
Christian group worries over idol worship among Igbo youths
Doctors must live by example, says NMA
The Federal Capital Territory of the Nigerian Medical Association has tasked its members to stay together to achieve a common goal.
The outgoing chairman of the association, Charles Ugwuanyi, who said this at a press briefing in Abuja on Friday, also urged the incoming executive not to condole any divisive tendency capable of causing disunity among members while highlighting the need for mutual respect among members.
He said, “As doctors, we must live by example, it doesn’t matter where you come from, your religion, or your ethnicity. All doctors must conform and align with the code of conduct and ethics as obtained in a civilized egalitarian society, make all the sacrifices, and attain mental maturity.
“In the past two years, we came to office on August 5, 2022, exactly two years now with few days, we came with high hopes to achieve our desire, and we have made some achievements based on our campaign manifestos. There are also some points of our manifestos that we are unable to achieve, but as you are aware, governance is a continuous programme. We are hoping that the people we are handing over to will continue from where we stop.
“The high point of our achievement is that we have been able to keep the association together, as you are aware, Abuja is a cosmopolitan city, and Abuja is a project Nigeria city. All part of the country is represented in our association here.
“NMA FCT must maintain that tradition of giving every part of Nigeria equal opportunities, in my administration that is about to end, we have been able to carry everybody along across religious, ethnic, political, and others. The biggest achievement is that we inherited our association intact and we are handing over it intact.”
He said his administration was able to increase public awareness to socially re-engineer the chapter, provide welfare support for members, and acquisition of land from the FCT administration.
According to him, some of the reasons the association is losing many doctors to other countries are because of poor condition of service and poor remunerations.
Ugwuanyi said that NMA-FCT had engaged the National NMA to engage the relevant agencies of the Federal Government to increase doctors’ salaries.
He noted that the campaign against violence against health workers has yielded positive results.
He, however, called on the government to improve the working environment of health workers and stop the continuous dwindling of the workforce.
He added that the NMA council has made significant progress with the Federal Ministry of Health on implementing one-for-one replacement of health workers.
Cost of healthy diet highest in South-West, says NBS
The national average Cost of a Healthy Diet per adult in a day has continued to increase, reaching N1,241 per person in June.
A report by the National Bureau of Statistics on Friday revealed that CoHD increased by 19.2 per cent.
According to the NBS, the average CoHD was highest in the South West Zone at N1,545 per day, while the North West Zone was the lowest at N956 per day.
The CoHD per adult has steadily been increasing since January this year. It was N1,041 in May, N1,035 in April, N982 in March, 938 in February and N858 in January.
The NBS’s report on a healthy diet in June reads partly, “The National Average Cost of a Healthy Diet was N1,241 per adult per day in June 2024.
“At the State level, Ekiti, Ogun and Osun states recorded the highest cost with N1,640, N1,599, and N1,557, respectively. Katsina, Kano and Jigawa accounted for the lowest costs with N878, N926 and N937.
“At the zonal level, the average CoHD was highest in the South-West Zone at N1,545 per day, followed by the South-South zone with N1,376 per day.
“The lowest average Cost of a Healthy diet was recorded in North West Zone with N956 per day.
“The Cost of Healthy Diet (CoHD) has been steadily rising over the past six (6) months, since January 2024.
“In June 2024, the CoHD was 45% higher than it was in January 2024 (N858). It was also 19% higher than the cost in May 2024 (N1,041). The main drivers of this increase in CoHD are vegetables, legumes, nuts and seeds, and starchy foods.”
NBS explained that CoHD is the least expensive combination of locally available items that meet globally consistent food-based dietary guidelines, used as a measure of physical and economic access to healthy diets.
“In recent months, the CoHD has risen faster than general inflation and food inflation.
However, the CoHD and the food CPI are not directly comparable; the CoHD includes fewer items and is measured in Naira per day, while the food CPI is a weighted index,” said NBS.
Spain beat France to win Olympic men’s football gold
Spain, on Friday, claimed the gold medal in men’s football at the Olympics with a thrilling 5-3 victory over host nation France.
In a thrilling final, Spain showcased their dominance and secured victory, leaving the home crowd disappointed but in awe of a spectacular match.
The game ended 3-3 at full time after France equalised with a stoppage-time penalty from Mateta.
However, two extra-time goals from Spain secured their victory, clinching the gold medal.
According Online reports that Sergio Camello’s extra-time brace secured Spain’s 5-3 victory over France in the Olympic men’s football final.
The match, held at Parc des Princes, saw France stage a dramatic comeback to level at 3-3 with a stoppage-time penalty by Jean-Philippe Mateta.
However, Camello’s decisive goals in extra time sealed the win for Spain.
This marks Spain’s second Olympic gold in men’s football, adding to their summer of triumph following Euro 2024 and the Under-19 Euros.
France settles for silver, reflecting on a classic match that evoked memories of their 2022 World Cup loss.
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Siege on human rights office despotic, says group
The Rule of Law And Accountability Advocacy Centre has said the siege by security operatives on the secretariat of the Committee for the Defense of Human Rights in connection with the ongoing hunger protests across the country is a further indication of the gradual but steady descent to despotism in Nigeria.
In a statement on Friday, the Executive Director, RULAAC, Okechukwu Nwanguma, said when citizens exercise their right to peaceful assembly, the government must protect and facilitate the exercise of this right and not to suppress or restrict it.
Nwanguma insisted that the government must recognise and respect the rights of its citizens to express their grievances peacefully and seek accountability in governance.
He said, “Security operatives from the Nigeria Police and State Security Service besieged and surrounded the venue of a symposium planned for the last day of the three-day mourning in honour of citizens brutally and extrajudicially killed by security forces across Nigeria over the #EndbadgovernanceinNigeria protests across Nigeria.
“Security forces, in their brutal response to the peaceful protests by citizens against mass hunger and poverty and demand for good governance in Nigeria, have killed several protesters, injured several others and arrested and detained many.
“This siege at the CDHR Secretariat followed a similar siege the previous day by security forces on the headquarters of the Nigeria Labour Congress in Abuja who ransacked the offices purportedly in search of materials connected to the protests.
“Siege by security forces on a peaceful assembly of Nigerian citizens is a cause for serious concern. The right to peaceful assembly is a fundamental human right that is recognized and protected by international and regional human rights treaties to which Nigeria is a party.”
He, however, added that security agencies clamping down on peaceful protesters violate this fundamental human right, adding that the government must recognise and respect the rights of its citizens to express their grievances peacefully and seek accountability in governance.
“The use of excessive force, arbitrary arrests, and detention of peaceful protesters undermines the rule of law and undermines the democratic principles of freedom of speech and the right to peaceful assembly.
“Government must respect and uphold the fundamental rights of its citizens, including the right to peaceful assembly. The use of force and coercion is not a solution to address grievances and could instead lead to further unrest and tension in the country. The government must engage with its citizens constructively to address their concerns and ensure inclusive development that benefits all citizens.
“Government should check overzealousness by security agencies who continue to violate the rights to peaceful assembly and expression and use lethal force against peaceful protesters. These actions demonstrate a worrying trend of militarization of state institutions in Nigeria and a disregard for democratic norms and values.
“As the Commander-in-Chief of the armed forces and operational head of the Nigeria police, the President has a responsibility to ensure the protection of citizens’ human rights, including the right to peaceful assembly and expression, within the framework of the Constitution and the rule of law.
“The President should also publicly condemn human rights abuses, order an end to any further human rights abuses by security agencies and ensure that those responsible are held accountable. This will help to restore public confidence in state institutions and promote a culture of respect for human rights, which is essential for consolidating democracy in Nigeria,” the group added.
62 feared dead in Brazil plane crash
An ATR-72 plane with 62 passengers crashed in the city of Vinhedo in Brazil’s São Paulo state on Friday.
The plane operated by Voepass Linhas Aéreas, was heading to Guarulhos in São Paulo from Cascavel, in the state of Paraná when it crashed.
Video of the incident on social media showed the plane dropping to the ground before it disappeared behind a cluster of trees in the thick forest.
A large plume of black smoke erupted into the air a few seconds after the crash.
It has not been ascertained if there were survivors in the accident.
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