Investors in the Nigerian equities market lost N24 billion at the close of trading on Wednesday.
This followed the dip in the share prices of RT BRISCOE, FTN COCOA, and TANTALIZER, amongst others on the trading floor today.
After five hours of trading at the capital market, the equity capitalization crashed to N56.64 trillion from N56.67 trillion posted by the bourse on Tuesday.
The All-Share Index (ASI) decreased to 100,032.32 from 100,075.59 recorded the previous day.
The market breadth was positive as 28 stocks advanced and 14 declined, while 72 stocks remained unchanged in 8,720 deals.
UCAP, AFRIPRUD, and CUTIX led other gainers with 10%, 9.88%, and 9.86% growth in share price each to close at N36.30, N8.90, and N6.13 from the previous N33.00, N8.10, and N6.13 per share.
READ ALSO: NGX: Equities market begins week on positive note as investors gain N172bn
On the flip side, RT BRISCOE, FTN COCOA, and TANTALIZER led other price decliners as they shed 5.71%, 4.44%, and 4.26% each to close at N0.66, N1.72, and N0.45 from the initial N0.70, N1.80, and N0.47 per share.
On the volume index, JAIZ BANK led trading with 528 million shares valued at N1.14 billion in 240 deals followed by CUTIX which traded 194 million shares valued at N1.19 billion in 72 deals.
ZENITH BANK traded 77 million shares valued at N3.10 billion in 650 deals.
On the value index, ZENITH BANK recorded the highest value for the day trading stocks worth N3.10 billion in 650 deals followed by CUTIX which traded equities worth N1.19 billion in 72 deals.
JAIZ BANK traded stocks worth N1.14 billion in 240 deals.
By: Babajide Okeowo
The post NGX: Briscoe, Tantalizer, others drag down equities market as investors lose N24bn appeared first on Latest Nigeria News | Top Stories from TVN.
NGX: Briscoe, Tantalizer, others drag down equities market as investors lose N24bn
PDP governors promise to find solution to Rivers crisis
Governors elected on the platform of the People Democratic Party (PDP) on Wednesday promised support to their Rivers State counterpart, Siminalayi Fubara, on the crisis in the state.
The governors gave the assurance in a communiqué issued at the end of their meeting in Enugu and read by the Chairman of the PDP Governors’ Forum, Bala Mohammed.
The governors resolved to find a solution to the feud between Fubara and the Minister of the Federal Capital Territory (FCT), Nyesom Wike.
Fubara and Wike fell out in September last year with members of the state House of Assembly and political appointees split between the pair.
READ ALSO: Rivers crisis: Clark writes PDP, APC chairmen, asks them to dissociate from Wike
The peace deal brokered by President Bola Tinubu in December last year has failed to achieve the desired results with the warring parties spoiling for a showdown over alleged breach of the agreement reached at the meeting in Abuja.
The communiqué read: “We will employ wider consultations with stakeholders for a peaceful resolution and thus find a lasting solution to the crises.”
The governors also admitted that Nigerians were facing challenges and promised to bring back those good old days of low inflation rates and affordable food.
They, therefore, urged Nigerians to refrain from anarchy as the country marches towards the 2027 elections.
The post PDP governors promise to find solution to Rivers crisis appeared first on Latest Nigeria News | Top Stories from TVN.
Senate demands FG action on nationwide building collapse
The Senate on Wednesday asked the Federal Government and all relevant government agencies to urgently put the necessary structures in place to handle construction failures and bring to book all those violating laid-down procedures for construction activities.
Adopting a motion by Senator Dikwet Plang (PDP, Plateau North) on the recent building collapse that claimed the lives of 22 students in Jos, the Senate noted with sadness that it was a depressing sight to see healthy and agile children who left home to write their examinations unfortunately return to their parents as dead bodies.
Senator Abdul Ningi (PDP, Bauchi Central), who seconded the motion, said the tragedies in Jos North have become too many.
He said it was painful to send a child to school only for such parents to hear that the child was no more.
“This ugly incidence of building collapse has been a recurring decimal in Nigeria as a result of poor workmanship, substandard building materials and constructional standards leading to the wanton destruction of precious lives and various properties valued at hundreds of millions of naira,” he said.
The Senate noted that despite such incidences, the investigation and research to identify the poor and unprofessional work never resulted in any meaningful punitive measures against defaulters.
Senators who contributed to the motion, including Adams Oshiomole (APC, Edo North), Adamu Aliero (PDP, Kebbi Central) and Zam Titus (APC, Benue North-West), urged the Federal Government to investigate the incident and bring to book anyone connected with putting up a shabby structure that collapsed in the school.
The Senate also urged the National Emergency Agency, NEMA, and all other agencies to mobilise relief materials for victims and their families.
It further urged the Federal Ministry of Health and other relevant government agencies to immediately move to Plateau North to give medical aid to the survival of the building collapse to aid speedy recovery and cushion the devastating effect on the affected families.
The Senate then observed a minute of silence in honour of the deceased victims.
Senate demands FG action on nationwide building collapse
TotalEnergies sells Nigerian onshore oil asset to Mauritian company
Despite the divestment, TotalEnergies will retain ownership of the production share, ensuring access to associated infrastructure and pipelines essential for supplying gas to the Nigeria LNG plant.
Since February, the CEO of the French group has hinted at plans to divest its 10% stake in the Shell Petroleum Development Company of Nigeria Limited, citing various challenges the company faced, including oil spills, theft, and operational issues.
“This divestment…allows us to concentrate our onshore Nigeria operations solely on …” said Nicolas Terraz, President of Exploration & Production at TotalEnergies. READ MORE
Tinubu appoints Walson-Jack head of civil service
President Bola Tinubu has approved the appointment of Didi Esther Walson-Jack as the Head of the Civil Service of the Federation, with effect from August 14, 2024.
Prior to her new role, Walson-Jack was the permanent secretary of the Federal Ministry of Education.
She was also appointed as Federal Permanent Secretary in 2017 and has served in several ministries.
The announcement was contained in a statement on Wednesday by the President’s Special Adviser, Ajuri Ngelale.
The statement was titled ‘President Tinubu Appoints New Head of Civil Service of the Federation.’
“The new appointee will take over from the incumbent Head of the Civil Service of the Federation, Dr. Folasade Yemi-Esan, CFR, who is due to retire on August 13, 2024.
“President Tinubu, while thanking the outgoing Head of Service for her stewardship, tasks the incoming Head of Service to discharge her duties with innovative flair, integrity, and stringent adherence to the extant rules and regulations of the Civil Service of the Federation,” the statement read.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from According.
Contact: [email protected]
Alleged age falsification: ‘Sack Chief Judge Chikeka’ — Imo Assembly urges Gov Uzodinma
The Imo State House of Assembly has urged Governor Hope Uzodinma to sack the Chief Judge of the state, Justice Theresa Ebere Chukwuemeka Chikeka, from office following her indictment by an ad hoc committee set up by the House to investigate the petition against her over an allegation of age falsification.
The members have overwhelmingly, voted in favour of the recommendations of the committee asking Governor Uzodinma to remove her from office for misconduct, pursuant to Section 292 of the 1999 Constitution of the Federal Republic of Nigeria as amended.
The House also moved that its resolution on the committee’s recommendations be forwarded to the National Judicial Council, NJC, for further necessary action.
The House had earlier set up a four-man ad hoc committee for proper investigations and detailed reports, following a petition brought before it, titled “Petition Against The Chief Judge of Imo State, Hon Justice Theresa Chukwuemeka Chikeka For Age Falsification Which Is A Grave Criminal Offence And An Act For Which Many Other Judges And Justices Have Been Summarily Dismissed And Some Are Currently Being Prosecuted By The Independent Corrupt Practices Commission, ICPC.”
The House Committee report on the matter indicated that the chief judge had adjusted her date of birth from October 27, 1956, to October 27, 1958. This action was described by the committee as misconduct and unbecoming of a public officeholder.
The House, in its resolution, stated: “Following the recommendation of the Committee and in keeping with the provisions of Section 292 (a)(11) of the 1999 Constitution as amended, which lists misconduct as one of the grounds on which a Governor, supported by a two-thirds majority of the House of Assembly, can remove the Chief Judge of a state. The Imo State House of Assembly has authorized the Governor to remove Hon. Justice Theresa Ebere Chukwuemeka-Chikeka from office as Chief Judge of Imo State.”
The committee, in carrying out its assignment, invited relevant persons and institutions who made oral and documentary submissions, upon which the committee made recommendations that were considered by the House’s Committee of the Whole.
According to the report, Justice Theresa Chikeka refused to honour the committee’s invitation.
The investigating committee, to ensure transparency in its task, invited the petitioners, Civil Society Engagement Platform, CSEP, which put up an appearance through its director of investigations, Ndubuisi Onyemaechi, and owned up to the petition. Also invited were Imo State Head of Service; secretary of Imo State Judicial Council; and Director of Administration of the Nigerian Law School. They were all contacted by the ad hoc committee to find out the actual date of birth the chief judge filled out on her form when she was admitted into the Nigerian Law School.
The Secretary to Imo Judicial Council, the Director of Administration at the Nigerian Law School as well as the Imo State Head of Service sent written responses to the ad hoc committee.
The submissions by all persons and institutions invited proved that Justice Chikeka adjusted her date of birth from October 27, 1956, to October 27, 1958.
Based on the finding, the four-member ad hoc committee concluded that her action amounted to misconduct.
Falsification of age is an act of gross misconduct for which several judges and justices, among other public office holders, have been removed from office in Imo State and other parts of the world.
Alleged age falsification: ‘Sack Chief Judge Chikeka’ — Imo Assembly urges Gov Uzodinma
BREAKING: Tinubu appoints Esther Walson-Jack new Head of Civil Service
President Bola Tinubu has approved the appointment of Mrs Didi Esther Walson-Jack as Head of the Civil Service of the Federation.
Tinubu’s spokesman, Ajuri Ngelale, said Walson-Jack’s appointment takes effect on August 14, 2024.
Mrs Walson-Jack was appointed Federal Permanent Secretary in 2017 and has served in several ministries.
A statement by Ngelale said: “The new appointee will take over from the incumbent Head of the Civil Service of the Federation, Dr Folasade Yemi-Esan, CFR, who is due to retire on August 13, 2024.
“President Tinubu, while thanking the outgoing Head of Service for her stewardship, tasks the incoming Head of Service to discharge her duties with innovative flair, integrity, and stringent adherence to the extant rules and regulations of the Civil Service of the Federation.”
BREAKING: Tinubu appoints Esther Walson-Jack new Head of Civil Service
FG to evacuate additional 250 Nigerians from UAE
The Federal Government will evacuate an additional 250 Nigerians from the United Arab Emirates (UAE) soon.
The federal government on Tuesday evacuated 190 Nigerians from the Gulf State.
The government had also evacuated over 500 Nigerians from UAE in October 2022.
The Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, stated this during a visit to the UAE Ambassador to Nigeria, Salem Al-Shamsi, on Wednesday in Abuja.
Dabiri-Erewa, according to a statement issued by the NiDCOM spokesman, Gabriel Odu, said the commission would engage and encourage Nigerians in the UAE to be good ambassadors in their host country.
The statement read: “Dabiri-Erewa stated that NiDCOM intends to engage and sensitize Nigerians in the UAE to be good ambassadors of their country of stay and country of origin, to excel in whatever they are doing and never to forget home. She added that this initiative aims to foster better understanding and compliance with local regulations.
“She also disclosed that 190 Nigerians were repatriated to Nigeria, with an additional 250 expected to return soon. She noted that the actions of individuals in a host country can greatly impact the overall image of their home country. She also noted the role of Western media imperialism in perpetuating negative stereotypes about Nigerians.”
The post FG to evacuate additional 250 Nigerians from UAE appeared first on Latest Nigeria News | Top Stories from TVN.
PDP govs back Fubara, plan talks with stakeholders
The Peoples Democratic Governors Forum has thrown its weight behind Governor Siminalayi Fubara of Rivers State over the lingering political crisis, with a vow to begin wider consultation with other critical stakeholders in the state.
The PDP governors make their position known rising from the Forum’s meeting held at the Enugu State Government House, Enugu, on Wednesday.
Those in attendance were Governor Siminalayi Fubara of Rivers State; Governor Peter Mba of Enugu State; Governor Ahmadu Fintiri of Adamawa State; Governor Umo Eno of Akwa Ibom State; Governor Douye Diri of Bayelsa State, and Governor Sheriff Oborevwori of Delta State.
Others are Governor Bala Mohammed of Bauchi State; Governor Godwin Obaseki of Edo State; Governor Seyi Makinde of Oyo State; Governor Caleb Mutfwang of Plateau State; Governor Agbu Kefas of Taraba State, and Governor Dauda Lawal of Zamfara State.
The Forum Chairman, Governor Bala Mohammed, in a communique issued at the end of the meeting, said that the governors would seek ways to ensure a peaceful resolution of the crisis.
“The Forum notes the crises in the Rivers State Chapter of the party and commits to ensuring peace. The Forum has resolved to stand by His Excellency, Sir Sim Fubara, Governor of Rivers State; while at the same time employing wider consultations with stakeholders for a peaceful resolution and thus find a lasting solution to the crises,” the communique read in part.
On the economic hardship, the governors lamented that the 16 years of progress the country experienced under the PDP rule have been eroded by the All Progressives Congress administration.
The communique added, “The Forum regrets that the 16 years of tremendous development under the PDP-led Federal Government, during which the country witnessed single-digit inflation, the establishment of the existing anti-corruption institutions and higher standard of living for every Nigerian has been eroded during the life span of the lackluster APC-led Federal Government.
“The Forum identifies with the Nigerian populace in these troubling times and promises to bring back those good old days, of the low inflation rate, affordable food, fuel and transportation, steady FDI inflows resulting in high naira value and the greater quality of human life as recorded.
“The forum therefore calls on all Nigerians to refrain from anarchy as we all march towards the return of the PDP to power in 2027.”
The According reports that disagreement between Fubara, and his predecessor and estranged political godfather, Nyesom Wike, had thrown the state into a political crisis.
The disagreement between Wike, who is currently the Federal Capital Territory Minister, and Fubara, a former Accountant General of Rivers, which spiralled to the local governments, began from the state House of Assembly following an alleged attempt to replace the Amaewhule-led leadership of the Assembly and replace same with a speaker that will be loyal to the governor.
With both heavyweights at loggerheads, the lawmakers loyal to the minister served the governor an impeachment notice.
With the intervention of President Bola Tinubu, however, the lawmakers who defected to the APC from the Peoples Democratic Party have withdrawn the impeachment notice.
Imo Assembly asks gov to sack CJ over age falsification
The Imo State House of Assembly has called for the removal of the state’s Chief Judge, Theresa Chikeka, over allegations of age falsification.
A four-man ad-hoc committee investigated the petition and found that Chikeka falsified her age from October 27, 1956, to October 27, 1958.
The Chairman of the Committee and House Committee Chairman on Information and Judiciary, Ikenna Ihezuo, while presenting the investigation report on the committee of the whole House, described the act as gross misconduct.
The committee report read, “On Wednesday, July 3, 2024, the Imo State House of Assembly received a petition from the Civil Society Engagement Platform (CSEP). The petition was signed by the organisation’s Director of Investigation, Ndubuisi Onyemaechi, and contained allegations against the Chief Judge of Imo state, Mrs. Theresa Chukwuemeka Chikeka.
“The House, in pursuant to section 292 of the constitution, set up a four-man committee to quickly look into it and report to the House. In the course of the investigation, the committee invited the petitioners, the Head of Service, the Secretary of Imo State Judiciary Commission and the accused, Mrs. Theresa Chukwuemeka Chikeka, Imo Chief Judge, for an interface.
“The Committee also wrote the Secretary to the Council and Director of Administration, Nigerian Law School to find out the date of birth the Chief Judge filled in her form when she was admitted into the Nigerian Law School. All those invited appeared before the panel including the petitioners who adopted and owned up the petition as their write-up. The Chief Judge refused to honour the Committee’s invitation.”
The Assembly’s resolution recommended that Governor Hope Uzodinma remove Chikeka from office, as stipulated in the constitution.
“Consequently, the Committee recommended that the Governor of the state, Senator Hope Uzodinma, should remove the Chief Judge of the state, Honourable Justice Theresa Chukwuemeka Chikeka, from office for misconduct in keeping with the section 292 of the 1999 constitution (as amended).
“In addition, the Committee ruled that the House resolution on the issue be forwarded to National Judicial Commission (NJC) for further action,” the report concluded.