The Nigerian equities market felt the impact of the #EndBadGovernance protests on Thursday as investors lost N235 billion at the close of the day’s trading.
This followed the dip in the share prices of stocks like MECURE, THOMASWY and WAPIC, amongst others on the trading floor.
After five hours of trading at the capital market, the equity capitalization crashed to N55.2 trillion from N55.5 trillion recorded by the bourse on Wednesday.
The All-Share Index (ASI) also decreased to 97,359.76 from 97,774.22 recorded the previous day.
The market breadth was negative as 22 stocks advanced and 19 declined, while 66 others remained unchanged in 6, 821 deals.
UCAP, CUTIX, and AFRIPRUD led other gainers with 9.95%, 9.94% and 9.94% growth each in share prices to close at N11.05, N5.64, and N9.40 from the previous N10.05, N5.13, and N8.55 per share.
On the flip side, MECURE, THOMASWY and WAPIC led other price decliners as they shed 9.94%, 9.74% and 8.24% each to close at N8.15, N1.76 and N0.78 from the initial N9.05, N1.95, and N0.85 per share.
On the volume index, ZENITH BANK led trading with 19 million shares valued at N651 million in 470 deals followed by OANDO which traded 19 million shares valued at N445 million in 697 deals.
ACCESS CORP traded 15 million shares valued at N289 million in 554 deals.
On the value index ZENITH BANK recorded the highest value for the day trading stocks worth N651 million in 470 deals followed by GUINNESS which traded equities worth N576 million in 33 deals.
UBA traded stocks worth N458 million in 504 deals.
By: Babajide Okeowo
The post NGX: #EndBadGovernance protests impact equities market as investors lose N235bn appeared first on Latest Nigeria News | Top Stories from TVN.
NGX: #EndBadGovernance protests impact equities market as investors lose N235bn
NUJ condemns attack on journalists by hoodlums in Kano
Following the nationwide protest against bad governance on Thursday, some journalists on fieldwork were attacked by hoodlums, who took advantage of the situation to engage in rampage and mob action.
A bus, belonging to the Channels Television conveying 11 journalists from different media outfits, including print and broadcast, was attacked by hoodlums, who were wielding weapons on Sokoto Road, Kano State.
The Chairman, Kano State Council of the Nigeria Union of Journalists, Abbas Ibrahim and Secretary, Abba Murtala, disclosed this in a statement issued on Thursday to newsmen.
The Kano NUJ leaders said the hoodlums smashed the window glasses of the bus, as it drove past, littering sprinkles of glass on the passengers and injuring some of them.
According to the statement, a car belonging to Wazobia, Cool FM and Arewa group conveying reporters was also attacked by the hoodlums adjacent to the Kano Government House.
Condemning the attacks, the NUJ leaders said, “We wish to categorically state that it is constitutional for citizens to stage peaceful protests but illegal and unlawful to subject other citizens to intimidation and abuse.
“We therefore condemn in very strong terms the attack on journalists, who are discharging their functions as responsible members of the society, contributing their quota to the progress and development of our dear nation.
“We will also use this opportunity to call on the appropriate authorities to ensure that law and order is maintained in the state.”
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#EndBadGovernance: Stop rushing to court on eve of protests, Falana tells govts
A Senior Advocate of Nigeria, Femi Falana, has faulted the governments of Lagos and Ogun states and the Federal Capital Territory Administration for rushing to court to seek orders restricting protesters to certain locations within the states and the FCT.
The senior lawyer stated this during an interview on Thursday evening on Channels Television’s Politics Today.
According Online reports that the various state governments, and the FCTA, had obtained court orders from individual states and Federal High Courts, restricting the protesters to the Freedom and Peace Parks in the Ojota and Ketu areas of Lagos State; and the MKO National Stadium in the FCT.
In Ogun, the court restricted the protesters to the MKO Stadium in Abeokuta; Ansar-ud-Deen Comprehensive High School Ota; Remo Divisional High School, Sagamu; and Dipo Dina Stadium, Ijebu-Ode.
Giving reasons for the protesters going beyond the stated restricted points to a street procession, Falana said the argument could be made that the protesters were not served the court orders, having been obtained 24 hours before the protest began on Thursday morning.
He said, “I think the government should have learnt not to rush to court on the eve of a strike action by workers, or the eve of a protest by young people because the difficulty with such orders is that they are never served on those they are made to restrain.
“For instance, the order in Lagos was not served on anybody, the orders in Ogun State were not served on anybody, the order in Abuja, I think one of the defendants is said to be ‘unknown persons. Now, how do you serve court orders on unknown persons?”
He added that the government could designate venues for protest, as it is done in other countries of the world, noting that the government had over two weeks advance notice of the protest, which was enough time to have informed the protesters of the restrictions, without a necessary court order.
“In Lagos, largely today from my information, people came from as far as about 30-40km away to participate in the protest in Ojota. Again, that is the venue that was being used for protest, before the government sealed it off.
“Ditto for Abuja, protesters were using an enclosure, the Unity Fountain; it is a stone’s throw from Transcorp Hilton Hotel. The government in Abuja, the FCT Administration sealed it off. So, people then went to the street.
“If the government is now coming back to say in every state capital, we want to designate a venue, a protest ground as is done in many countries of the world, again, I think that is a lesson to learn.
“But don’t rush to court, when you have at least two weeks’ notice of an impending protest. Don’t rush to court on the eve of that protest because even if the court makes that order, it’s not going to be served on people practically”, he added.
Hunger protest: IPC demands justice for attacked journalists
The International Press Centre (IPC) has condemned the reported attacks on journalists and other media professionals covering the nationwide protests.
The protest, observed throughout the country on Thursday, aimed to demand an end to hardship-inducing economic policies.
In a statement issued to journalists in Jalingo on Thursday, IPC’s Press Freedom Officer, Melody Akinjiyan, reported that the Safety Alert Situation Room revealed that several journalists and media professionals faced various forms of attack, including physical assault, harassment, and denial of access to cover the protest.
“Some of the affected journalists were injured, arrested, or had their working tools destroyed,” the statement read.
Detailing the incidents as documented by IPC’s Safety of Journalists Alert Desk, the Lagos State reporter for News Central Television was reportedly interrupted and harassed by police officers and LCC officials who barred him and other journalists from interviewing anyone during a live broadcast.
Other journalists alleged to have been attacked during the protests include Ibrahim Isah of TVC News, Yakubu Mohammed of Premium Times, Jide Oyekunle, a photojournalist with Daily Independent, and Mary Adeboye of News Central Television, among others.
Describing the attacks as a troubling repeat of history, IPC affirmed that under no circumstances should journalists on legitimate duty be assaulted by law enforcement agencies or thugs.
“It is regrettable that these incidents occurred despite calls by IPC and other media groups to stakeholders and security agencies to ensure a safe environment for journalists covering the protests,” IPC said.
The statement added, “The rights of journalists to cover and report protests and other societal activities, as guaranteed by the 1999 Nigerian Constitution and various regulatory frameworks, have not been respected as expected.”
IPC called on all concerned security agencies, especially the Nigeria Police Force, to urgently investigate the attacks and bring the perpetrators to justice.
Hunger protest: IPC demands justice for attacked journalists
AfDB approves $500m loan to boost electricity access in Nigeria
The African Development Bank Group (AfDB) has approved a fresh $500 million loan to boost electricity access in Nigeria.
In a statement issued on Thursday, the AfDB said the loan would finance the first phase of the Economic Governance and Energy Transition Support Program (EGET-SP), a new programme aimed at accelerating transformation of the country’s electricity infrastructure and improving access to cleaner sources of energy in the country.
It will also help close the financing gap in the budget for 2024/25 fiscal year, specifically supporting the implementation of Nigeria’s new Electricity Act and the Nigeria Energy Transition Plan.
The statement read: “These initiatives are designed to decentralize the electricity supply industry and attract investments from subnational governments and the private sector.
“Nigeria launched its energy transition plan in August 2022, and in June 2023, passed the new Electricity Act. The plan envisions the development of 250 GW of installed electricity capacity by 2050, with 90% of this capacity being renewable.
“The energy transition plan envisions the development, by 2050, of 250 GW of installed electricity capacity, 90% of which will be renewable. It will provide clean cooking access to the bulk of the population by 2030, using liquefied petroleum gas (LPG), biogas, biofuels like ethanol, and electric cook stoves.
“The Economic Governance and Energy Transition Support Program will also support the implementation of these policies, helping deliver much-needed upgrades of Nigeria’s electricity infrastructure, and fast-tracking the country’s efforts to transition millions of households and businesses to cleaner and renewable sources of energy.
“The Bank Group’s $500m support to the Federal Government of Nigeria is the latest in a series of initiatives aimed at supporting the country’s economic growth, poverty reduction, and climate action efforts.”
By: Babajide Okeowo
The post AfDB approves $500m loan to boost electricity access in Nigeria appeared first on Latest Nigeria News | Top Stories from TVN.
Kyari/Farouk: Lawmakers warn investigative committee against partiality
Fifty members of the House of Representatives have voiced their support for Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd (NNPCL), and Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The lawmakers criticized the calls for their removal, labeling such demands as premature and counterproductive.
Led by Hon Billy Famous Osawaru of Edo State, the lawmakers condemned the calls for Kyari and Farouk’s dismissal while an investigation into the oil sector’s crisis is still ongoing.
They stated that this move goes against the established parliamentary culture of allowing a fair and thorough investigation before making any decisions.
Deputy Spokesperson of the House of Representatives, Hon Philip Agbese, had previously urged President Bola Tinubu to dismiss Kyari, accusing him of stifling economic growth due to the ongoing crisis in the oil sector.
Agbese also called for the removal of Farouk Ahmed and other officials appointed by the previous administration.
Osawaru, in response, stated during a press briefing that it is inappropriate to demand the removal of government officials before an investigation concludes.
He stated the importance of granting all parties involved the right to a fair hearing and urged the investigative committee to remain impartial.
“Nigerians will recall that the hike in fuel prices and associated challenges are fundamental concerns.
“The House of Representatives, through its resolutions, mandated the joint committee on Midstream and Downstream Petroleum to investigate issues in the oil and gas sector.
“We are aware that the investigation is ongoing and that no final decision has been reached.
“However, our attention has been drawn to some media reports calling for the removal of the Group Chief Executive Officer of the NNPCL and the Chief Executive Officer of NMDPRA while the above investigation is subsisting,” Osawaru stated.
Osawaru further urged Nigerians to be patient and law-abiding as they await the outcome of the investigation, assuring that a better Nigeria is the ultimate goal.
The lawmakers also addressed the ongoing nationwide protests, expressing concern for the well-being of Nigerians.
They commended the National Assembly, particularly the House of Representatives under the leadership of Right Honorable Tajudeen Abbas, for convening a youth dialogue aimed at easing tensions.
The lawmakers praised the protesters for their conduct and appealed for calm, urging all Nigerians to end the protests.
“Today, August 1, 2024, no fewer than 50 members of the House of Representatives who are deeply concerned about the ongoing protests have converged to further appraise the situation as it affects the well-being of Nigerians.
“We appeal for calm while imploring all Nigerians to bring the protests to an end,” Osawaru pleaded.
Kyari/Farouk: Lawmakers warn investigative committee against partiality
Police urge Plateau protesters to maintain existing peace
The Commissioner of Police in Plateau State, Olugbemiga Adesina, has urged protesters in the state to maintain the existing peace.
In a statement on Thursday issued on his behalf by the Spokesman for the police Command, Alabo Alfred, the Commissioner made the call after the first phase of EndBadGovernance protests ended on a peaceful note in Jos, the state capital.
Alabo appealed to protesters to support and cooperate with the Police and other security agencies as they provide adequate security to lives and property.
The statement reads, “As the nationwide End Bad Governance protest is ongoing, the Commissioner of Police Plateau Command, CP Emmanuel Olugbemiga Adesina, PSC, reiterates the need for the protest to be peaceful in Plateau State.
“The CP who appeals to protesters to support and cooperate with the Police and other security agencies as they provide adequate security to lives and property also reminded them of their duty as good citizens to identify and report any unscrupulous elements amongst genuine protesters.
“The Plateau Police Chief implores the protesters to maintain their peaceful protest posture and ensure that no lives are lost and property destroyed as a result of their demonstration, as the Police will take appropriate lawful measures to deal decisively with anyone found exhibiting violence or threatening peace in the State.
“The CP encourages residents of the State to report any suspicious activities
“Members of the general public are also advised to report any misconduct of our officers within the State”
Our Correspondent reported that hundreds of residents in Jos, including several groups and associations, on Thursday, joined the ongoing protest in the country
Although there was no reported case of of any untoward incident during the first day of the protest, the protesters had vowed to continue with the protest until the demands of the masses for better living conditions were achieved.
EndBadGovernance: Abians heed Otti’s appeals, shun protest
The national protest against hunger and hardship, which took place in several states across the nation today, did not see participation in Abia State, as most residents stayed at home while a few went about their normal businesses.
Though there were initial fears that the protest might occur in Umuahia and Aba or be hijacked, both cities remained calm as residents refrained from gathering to stage the protest.
In Aba, most residents stayed indoors or locked their shops, refusing to take to the streets in protest. Scant movement of people and vehicles was also observed.
In Umuahia, the state capital, there was calm around the city. Residents who came out were not harassed or molested, even though many shops remained closed.
Isi Gate, the busiest part of the city, was not at its peak, with only a few transporters and traders working while others stayed home.
Banks in Umuahia did not offer services to the few customers who arrived, as security personnel advised them to use other available banking channels.
Government offices continued normal business, although many offices were not filled to capacity by mid-morning, as staff from distant areas struggled to reach work on time.
A commercial bus driver at Isi Gate, Shedrack Nkemjika, who spoke to TVN, expressed relief that Abia residents did not engage in open protest.
According to Nkemjika: “Enemies of Abia and Ndigbo would have capitalized on any open protest to cause problems. We are in hardship. We are hungry, but I think we did the best thing by not joining.”
TVN recalls that Abia State Governor, Alex Otti, addressed the people on Tuesday during a live radio broadcast, appealing to them, especially the youths, to avoid destroying lives and property in the name of protests.
Otti urged traditional rulers, community leaders and parents to persuade their children to maintain peace and order in their quest for a better Nigeria.
EndBadGovernance: Abians heed Otti’s appeals, shun protest
Hoodlums loot shops, burn NSCDC van during protest in Katsina
Some protesters taking part in the #EndBadGovernanceInNigeria in Daura, Katsina State, on Thursday, made bonfire near the residence of former President Muhammadu Buhari.
This was as hoodlums in their numbers hijacked the hunger protest in some parts of the state.
Our correspondent gathered that some persons were injured and property destroyed in the process.
In Katsina, the state capital, protesters wielding placards with various inscriptions stormed the Government House to register their grievances.
However, before the arrival of the protesters at the Government House, some hoodlums reportedly hijacked the process, looting shops and vandalising property.
In the Katsina metropolitan area, the protest turned violent as police shoot teargas at the protesters looting and burning of vehicles belonging to the Nigeria Security and Civil Defense Corps.
Violence erupted when protesters gathered at the Modoji Road roundabout, near the Government House in Katsina, and attempted to force their way into the premises to meet with the Acting Governor.
However, security forces pushed back against the protesters, who were trying to interrupt an emergency meeting between the Acting Governor, civil society representatives, and members of the media.
Protesting residents made bonfires near the former President’s residence in Daura.
The protesters were chanting in Hausa, “Hunger wants to kill us,” and “We don’t want”.
Efforts to speak to the Katsina State Police Public Relations Officer, ASP Abubakar Sadiq, proved abortive at the time of publication.
Similarly, According Online reports that commercial activities in and around Katsina State metropolitan areas were grounded over the protest.
According Online reports that banks, markets, filling stations, motor parks and offices were shut while major roads and streets were deserted, unlike the usual vehicular movements and pedestrians.
Earlier, a leader of the protesters, Umar Jibrin, told journalists that they embarked on the protest for the government to tackle hunger, insecurity and restore fuel subsidy.
He said many Nigerians, especially Northerners, were dying as a result of hunger and insecurity occasioned by the activities of terrorists.
“There are a lot of people who are dying because of hunger and insecurity. We embarked on this protest for the government to address these challenges.
“We are calling on the Federal Government under President Bola Tinubu to restore fuel subsidy and tackle the issue of naira devaluation,” he said.
Burna Boy surrenders ‘African Giant’ title to Falz after shunning #EndBadGovernanceInNigeria protests
Nigerian singer, Damini Ogulu, aka Burna Boy, has handed over his acclaimed African Giant title to his colleague, Folarin Falana, aka Falz the Bahd Guy.
Burna Boy disclosed this on X.com on Thursday as he broke silence on why he distanced himself from the ongoing #EndBadGovernanceInNigeria protests.
In his tweet, the singer stated that the fight in him died in 2020 during the ENDSARS protest, when some protesters made calls to boycott his music.
“The fight in me died on this day. Ogun go doggy, anybody wey call my name this time around,” Burna Boy wrote, reacting to an old video from October 2020, where some protesters were heard shouting, “Don’t play Burna o, we don’t want Burna.”
Burna Boy’s post sparked reactions from X users who called him out in the comment section over his silence in the ongoing protest.
Tweeting anonymously as #boymanager0, an X.com user commented, “Oga, shut up. Because they did you bad doesn’t mean you should give up. U taught us to keep fighting in your songs, but u dey here dey cap nonsense.”
“I taught you to keep fighting your oppressors, but you chose to fight me,” Burna Boy replied.
Tweeting as #Xperience_Snr, another user wrote, “They didn’t just wake up and started shouting… “No Burna Boy, We No Want Burna Boy, Cancel” that chant came as a huge disappointment from lots of Nigerians because you’d constantly thrown us under the bus abroad and during election and protest. You were quiet.”
Some users also questioned Burna’s self-proclaimed ‘African Giant’ title.
“Are you not supposed to be the Giant of Africa like you claimed you are? But when it is time to lend your voice, you will suddenly become ant of Africa,” #Tooshugary4U wrote.
Similarly, another user, #jr_barry, wrote, “Because you wan ghost and you de call yourself African giant.”
In his response, Burna Boy declared, “I don hand am over to Falz bros,” seemingly relinquishing the title to fellow musician, Falz.