Investors in the Nigerian equities market lost N1.1 trillion at the close of trading on Friday.
This followed the dip in the share prices of stocks like ETERNA, DANGOTE CEMENT, and DAAR COMMUNICATION amongst others on the trading floor today.
After five hours of trading at the capital market, the equity capitalization crashed to N55.6 trillion from N56.7 trillion posted by the bourse on Thursday.
The All-Share Index (ASI) also decreased to 98,201.49 from 100,156.96 recorded the previous day.
The market breadth was negative as 17 stocks advanced and 23 declined, while 72 others remained unchanged in 9,098 deals.
OANDO, FCMB, and WAPIC led other gainers with 10%, 8.22%, and 7.50% growth in share price each to close at N20.35, N7.90, and N0.86 from the previous N18.50, N7.90, and N0.86 per share.
READ ALSO: NGX: Investors gain N1.6tr as All-Share-Index crosses 100K mark
On the flip side, ETERNA, DANGOTE CEMENT, and DAAR COMMUNICATION led other price decliners as they shed 10%, 9.99%, and 9.62% each to close at N16.20, N591.10, and N0.47 from the initial N18.00, N656.70, and N0.52 per share.
On the volume index, FCMB led trading with 495 million shares valued at N3.76 billion in 136 deals followed by ABBEYBDS which traded N234 million shares in valued at N610 million in 564 deals.
OANDO traded 73 million shares valued at N1.47 billion in 651 deals.
On the value index, TRANSPOWER recorded the highest value for the day trading stocks worth N10.3 billion in 468 deals followed by FCMB which traded equities worth N3.76 billion in 136 deals.
OANDO traded stocks worth N1.47 billion in 651 deals.
By: Babajide Okeowo
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NGX: Equities market in massive slump as investors lose N1.1tr
Oando denies Malta blending plant ownership claims
Oando PLC has denied allegations on social and digital media that it owns a blending plant in Malta.
The energy company also denied importing dirty fuel into Nigeria through a Maltese company, Raz Hansir Oil Terminal Limited.
A statement by the company secretary, Ayotola Jagun, said the allegations levelled against Oando of being a shareholder and its principals of being board members of Raz Hansir Oil Terminal Limited, a company that operates an oil storage and blending facility responsible for importing adulterated petroleum products into Nigeria, were unfounded.
“We wish to refute such claims and attest that neither Oando PLC nor its Executives have ever held shares, investments, or interests in the fictitious Maltese company.
“As part of a comprehensive investigation into the basis of the false claims, we conducted a search of the Malta Business Registry, the official repository for all registered entities past and current within the country. Our search yielded no results for a company bearing that name. Subsequent due diligence efforts similarly failed to uncover any record of the company’s existence.
“We therefore believe that the false claims are of the malicious intent of misleading the public and our stakeholders,” Jagun stated.
The company reiterated that as a publicly listed company, any corporate actions, such as acquisitions, are declared publicly in accordance with applicable corporate governance laws and rules.
“Furthermore, it is imperative that information released about a publicly quoted company such as Oando, is thoroughly researched and deemed accurate before it is published in the public domain.
“The company’s securities are traded daily across two exchanges (NGX and JSE). To prevent misinformation and confusion among investors, as well as our other stakeholders, we implore all members of the press to take adequate steps to ensure the veracity of reports by fielding all inquiries with Oando PLC’s Corporate Communications department,” Jagun said.
Malta and its oil became a topic of discussion lately following allegations by the President of the Dangote Group, Aliko Dangote, that some officials of the Nigerian National Petroleum Company Limited own blending plants in Malta.
Amid the crisis surrounding his $20bn refinery, Dangote had said: “Some of the terminals, some of the NNPC people, and some traders have opened blending plants somewhere off Malta. We all know these areas. We know what they are doing,” Dangote said.
Data from Trade Map showed that Nigeria imported fuel worth $2bn in 2023 alone.
Earlier, the Group Chief Executive Officer of the NNPC, Mele Kyari, said he does not own a blending plant outside Nigeria.
Kyari stated that he had been inundated with calls from family members and friends, asking if he truly owned a blending plant in Malta.
Dangote has been speaking up following allegations by the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, that the diesel produced by the Dangote refinery had higher sulphur content than imported ones; a claim Dangote described as an attempt to demarket his refinery.
Ahmed also said the country would continue to import fuel to stop the Dangote monopoly.
Glamour, splendour as athletes parade in boats at Paris Olympics ceremony
The 2024 Paris Olympic Games have officially kicked off on Friday with the opening ceremonies featuring so much glamour during the parade of athletes.
The ceremony was not held in the main bowl of a stadium as it usually is, but each team boarded a boat and introduced down the River Seine, with music from many artists.
Music star, Lady Gaga and football legend, Zinedine Zidane were among those involved in a colourful, breathtaking performance in Paris.
Rapper Snoop Dogg carried the Olympic torch through Paris, with scenes of art, history, and a fashion parade ongoing along one of the bridges on the Seine.
Team Nigeria were well represented. On a boat alongside three other nations including neighbouring Niger Republic, the Nigerian flag was borne by Tobi Amusan and Anuoluwapo Opeyori.
The teams of the partipating nations as well as the spectators watching from both sides of the river defied the rain and cheered on as the ceremony lingered into the nights.
Read Also: Gallant Super Falcons lose to Brazil in Olympics opener
A tribute was also paid to 10 golden heroines of French history after Axelle Saint-Cirel delivered a new version of the French National anthem from the roof of the Grand-Palais.
The heroines include: Olympe de Gouges, Alice Milliat, Gisèle Halimi, Simone de Beauvoir, Paulette Nardal, Jeanne Barret, Louise Michel, Christine de Pizan, Alice Guy and Simone Veil.
Meanwhile, Team Nigeria has a total of 88 athletes, including 63 women and 25 men, and will be participating in 12 sports at the Games.
The women’s football team, the Super Falcons, already began their race for a medal with a 1-0 defeat to Brazil. They will face Spain and Japan in their other group matches in coming days.
See images from the opening ceremony of the Games of the XXXIII Olympiad.
More to follow…
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Niger State begins payment of N25bn to pensioners
Governor Mohammed Umar Bago of Niger State has flagged off payment of N25 billion owed pensioners, vowing that anyone caught tampering with their serial numbers and files will be dealt with decisively.
The governor, through his deputy, Yakubu Garba, gave the warning at the flag-off of payment to the first batch of 335 retirees at the Niger State Pension Board in Minna.
He explained that the sum of N25 billion has been approved and released to clear all outstanding entitlements of retirees who have served the state diligently.
Bago expressed the determination of his administration to address all issues affecting pensioners at both the state and local government levels.
He said: “The release of such a large sum for the payment of these gratuities is a testament to my administration’s commitment to the welfare of the state’s retired civil servants.
“The payment process will continue in batches, with the retirees from the local government areas set to receive their cheques starting from July 26th.”
Bago also stated that to forestall the difficulties retired civil servants face after retirement, his administration will ensure timely payments of pensions, which will prevent the accumulation of debts in the future.
TVN recalls that some retirees have not been paid their gratuities for over 13 years due to the changed pension scheme laws, which led to a backlog and a substantial financial burden on the government.
Niger State begins payment of N25bn to pensioners
Ex-Rivers LG chairmen threaten showdown with Fubara
Former local government chairmen in Rivers State have threatened to resume office in the councils if Governor Siminalayi Fubara refuses to obey the recent Supreme Court judgement outlawing the use of caretaker committees to run council affairs.
The former chairmen loyal to the Minister of Federal Capital Territory, Nyesom Wike, made the threat during a news briefing in Port Harcourt on Friday.
The former chairman of Emohua LGA, Dr Chidi Lloyd, said they had been patient while expecting Fubara to comply with the court judgment. However, he has continued to work with the Caretaker Committee members in the 23 LG councils of the state.
Dr Lloyd alleged that the governor’s actions are capable of causing a breach of the peace in the state and called on the police authority at the national level to take necessary actions to stop the activities of Fubara’s CTC chairmen.
He stated, “The essence of this conference is to say that we are not cowards, if this continues we will go back to our local government and force ourselves into the councils.
“We have kept quiet because of the kind of leader we have who continues from time to time to preach the path of peace. We are still the same ones that elected him into office as governor when his local government produced less than 5000 votes.
“If this continues, we will exacerbate the already exacerbated situation, we are not cowards. We are calling on the police to act fast. The State House of Assembly had written to the Inspector General of Police and also resolved on the floor of the House on the police. We do not know why the police in Rivers are foot-dragging and saying that things are done properly.”
Dr Lloyd warned the CTC chairmen to steer clear from their project sites, saying, “Anybody who deals with them does so at his or her detriment. Any further impersonation, we will all hit the field, then in law, we will now know what the Supreme Court has said.”
Also speaking, the immediate past chairman of Ahoada West LGA, Hope Ikriko, said the governor who by law was vested with the power to maintain law and order had failed in that regard.
Ikiro said, “We are not even saying we all are agitated, the people are agitated. They call us daily and we are the voice of the voiceless. That is why we are telling the government to work timely.
“Our governor doesn’t seem to be interested in peace. They are going about sealing off properties belonging to perceived enemies. We are not afraid of them, but they should make sure there is peace and order in the state. As the governor is sealing properties, we will also visit his properties in the old GRA.”
On his part, the former Chairman of Port Harcourt City Local Government and immediate past Chairman of ALGON in the state, Allwell Ihunda, said the briefing was to draw the attention of President Bola Tinubu, the National Assembly, the judiciary, security agencies, and Rivers people to what he termed “crass contempt of judgements of the Court of Appeal and the Supreme Court delivered on July 4, 2024 and July 11, 2024, respectively”.
Ihunda recalled that the supreme court ruling of July 11, 2024, which affirmed the autonomy of the LGA across the country, abolished the powers of the State Governors to set up caretaker committees in to govern the Local Government Councils in Nigeria as enshrined by section 7(1) of the 1999 constitution.
Ihunda said while other state governors had allegedly started obeying the order of the court to step down caretaker committees across the nation, ‘the situation in Rivers State is different.
“In Rivers State, the State Government is busy promoting these illegal caretaker committees by encouraging the illegal caretaker committee chairmen and members to parade themselves as head of the Local Government Administration in the 23 Local Government Areas,” he said,
The According reports that the Rivers Police Command had taken over the 23 LGA headquarters in the wake of the crisis over the tenure of the LG chairmen, even as the Inspector General of Police, Kayode Egbetokun, later insisted that the police will continue to occupy the councils until a court of competent jurisdiction rules on the matter.
Beautiful scenes from 2024 Paris Olympics
The opening ceremony for the 2024 Olympics in Paris, France is currently underway as star athletes, musicians, world leaders and fans troop in from across the world to witness the colourful event.
Up to 500,000 people are watching in person from specially built stands, where tickets have sold for up to 2,700 euros ($2,900), on the river banks for free, and from the overlooking balconies and apartments, AFP reports.
This is the first time when the Olympics opening parade will be moved outside the main athletics stadium, and into the heart of the capital — in keeping with their motto “Games Wide Open.”
See photos below
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August 1 protest: Provide security for protesters — Adegboruwa writes police, DSS
A human rights activist, Ebun-Olu Adegboruwa, has notified the Inspector General of Police, Kayode Egbetokun, and the Director of the Department of State Services, DSS, Yusuf Bichi, requesting protection over a planned protest by a group known as the Take It Back Movement.
In the letter dated July 26, 2024, the senior advocate wrote as a solicitor to the Take It Back Movement, notifying the security agencies that the protest would commence from August 1 to 10, 2024.
He said the rallies would be held at Eagle Square in Abuja and other public spaces in the capital cities of the 36 states and the headquarters of the 774 local government councils.
Adegboruwa urged the leadership of the security agencies to make available the details of any of their officers or teams that will be assigned to cover the said rallies and processions.
His request comes against the background of warnings from security agencies and groups over the planned protest. On Thursday, DSS cautioned against the demonstrations, saying it had identified the sponsors.
While DSS agreed on the citizens’ right to protest, it claimed that some elements planned to hijack it.
“The plotters desire to use the intended violent outcome to smear the federal and sub-national governments, make them unpopular and pit them against the masses,” DSS spokesman Peter Afunanya said in a statement.
“The long-term objective is to achieve a regime change, especially at the centre,” he added.
The protest advocates cited bad government and the continued hardship caused by rising core and food inflation, at 34.19 per cent and 40.87 per cent, respectively, as reasons for the dissatisfaction.
Meanwhile, President Bola Tinubu, governors and ministers pleaded with Nigerians to halt the planned protest.
Speaking with traditional rulers, led by the Sultan of Sokoto, Sa’ad Abubakar, on Thursday, Tinubu said, “Nigeria is on the path of recovery.”
The president identified the commencement of the student loan scheme, the N70,000 new minimum wage and the establishment of the consumer credit initiative as reasons Nigerians should not embark on the proposed protest.
August 1 protest: Provide security for protesters — Adegboruwa writes police, DSS
Team Nigeria defies rain, shines at Paris 2024 Olympics opening ceremony
Despite a downpour, Team Nigeria arrived in style at La Grande Seine for the opening ceremony of the Paris 2024 Olympics.
The team, led by flagbearer Tobi Amusan and general captain Anuoluwapo Opeyori, defied the rain to showcase their spirit and enthusiasm.
In a unique twist, the opening ceremony is being held outside of a stadium, utilising the city’s iconic landmarks such as the Austerlitz Bridge, Louvre, Notre-Dame de Paris Cathedral, and Eiffel Tower.
The teams will embark on a four-mile boat cruise along the Seine River, passing through these notable structures.
In a video shared on X.com by #MakingofChamps on Friday, Nigerian athletes, undeterred by the rain donned raincoats over their attire and sang along to Phyno’s hit song “Fada Fada” as they prepared for the ceremony.
The team’s energy and vibe were palpable as they represented Nigeria in the global celebration of sports and athleticism.
A total of 88 Team Nigeria athletes, comprising 63 women and 25 men, will compete in 12 sports at the Paris Olympics.
The 2024 Games, which will run from July 26 to August 11, will feature 10,714 athletes from 206 countries.
Click the link below to watch video
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Cross River Assembly passes N437.8bn 2024 supplementary budget
The Cross River State House of Assembly on Friday passed the 2024 supplementary budget of N437.876 billion.
In the budget, the sum of N151.684 billion was appropriated for personnel cost, N283.333 billion for capital expenditure, and N2.857 billion was approved for statutory expenditure.
Governor Bassey Otu presented the Supplementary Appropriation Bill to the Assembly on July 18.
In his remark during the debate on the bill, the Chairman of the House Finance and Appropriation Committee, Mr. Cyril Omini, said the committee thoroughly scrutinised the bill before reporting to the House.
He said the budget would enable the governor to effectively run the business of governance and undertake more development projects in the state.
Omini who represents Yakurr 1 Constituency, said that the bill was referred to the committee after it passed the first and second reading.
He said: “As a committee, we adhered to Orders 64 and 66 of the house rules in carrying out our assignment.”
Other lawmakers who spoke during the debate commended the committee for a thorough exercise and described the supplementary budget as a step in the right direction.
In his remarks, the Speaker, of the Assembly, Mr. Elvert Ayambem, said that the governor had remained prudent in the use of public funds.
He pointed out that every sector in the state has received the government’s attention.
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We’re ready for dialogue – Youth group tells Ogun govt
As the proposed August 1 nationwide protest continues to spark controversies, a group of youths in Ogun State said it is unjust to suppress the right to protest when being battered by dire conditions.
The group, under the auspices of the Ogun Youths Assembly, OYA, stated that it is only natural for Nigerians to voice concerns about widespread hunger, hardship, and abject poverty.
OYA chairman Habib Whyte spoke on Friday in a press conference held in Abeokuta.
Whyte clarified that although the federal government’s policies are to blame for the economic hardships faced by Nigerians, accountability extends to all governmental levels, including local authorities.
He, however, disclosed that the group has taken a step above protest by calling for an engagement with the state governor, Dapo Abiodun.
“This crisis is closely linked to the nation’s economic state. As a demographic grappling with a bleak future and uncertainty, it is only natural for youths to seek avenues for expression and redress. It is unjust to suppress their right to protest when they are being battered by such dire conditions.
“We recognise the inherent right of all Nigerians to peaceful protest, yet we are also acutely aware of the potential for such protests to devolve into destructive actions, especially during times of heightened emotional intensity.
“We held an engagement with the Governor of Ogun State, Prince Dr. Dapo Abiodun, CON, on Tuesday, July 23, 2024. We appreciate his willingness to engage further and are encouraged by his commitment to continue these discussions. This dialogue is a positive step towards addressing the pressing issues faced by our youth,” he said.
The OYA chairman stated that the engagement was necessary to foster transparency and accountability, ensuring that plans and stewardship are communicated.
“We will not be part of the people that will be on the street for protest because our own has gone above protest because we have called for dialogue and we are ready for dialogue,” he said.
We’re ready for dialogue – Youth group tells Ogun govt