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Nigerian Stock Exchange Business Day Online

The Nigerian Stock Exchange (NSE) market capitalisation on Tuesday continued in a losing streak, dropping by N98 billion.

The News Agency of Nigeria (NAN) reports that the market capitalisation which opened at N13.354 trillion shed N98 billion or 0.73 per cent to close at N13.256 trillion.

Also, the All Share Index (ASI) dropped 222.36 points, representing a loss of 0.73 per cent to close at 30,099.83, against 30,322.19 recorded on Monday.

The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are; Mobil Nigeria, Dangote Cement, MTN Nigeria, Nigerian Breweries and Dangote Sugar Refinery.

Analysts at Cordros Capital Limited noted that “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term.

“However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”

Sovereign Trust Insurance led the losers’ chart dropping by eight per cent, to close at 23k per share.

Japaul Oil and Maritime Services shed 7.41 per cent to close at 25k, while Dangote Sugar depreciated by 4.35 per cent to close at N11per share.

Mobil Nigeria declined by 3.82 per cent to close at N163.50, while Sterling Bank was down by 3.28 per cent to close at N2.36 per share.

Conversely, Unilever Nigeria recorded the highest gain to leading the gainers’ chart with a gain of 8.22 per cent, to close at N30.95 per share.

Associated Bus Company gained 7.14 per cent to close at 30k, while Jaiz Bank appreciated by 4.35 per cent to close at 48k per share.

Wapic Insurance appreciated by 2.50 per cent to close at 41k, while NEM Insurance went up by 2.44 per cent to close at N2.10 per share.

The total volume traded depreciated by 5.64 per cent with an exchange of 233.45 million shares worth N3.52 billion traded in 3,169 deals.

This was in contrast with 247.39 million shares valued at N3.48 billion in 3,434 deals on Monday.

Transactions in the shares of Wapic Insurance topped the activity chart with 50.3 million shares worth N20.13 million.

Zenith Bank came second with 28.16 million shares worth N566.47 million, while Courteville Business Solutions traded 25.18 million shares valued at N5.04 million.

Access Bank transacted 25.1 million shares worth N157.26 million, while Sterling Bank accounted for 21.09 million shares worth N49.62 million.

Business Finance Money Trade News AddThis :  Original Author :  SaharaReporters, New York Disable advertisements : 
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Nigerian Stock Exchange Business Day Online

The Nigerian Stock Exchange (NSE) market capitalisation on Tuesday continued in a losing streak, dropping by N98 billion.

The News Agency of Nigeria (NAN) reports that the market capitalisation which opened at N13.354 trillion shed N98 billion or 0.73 per cent to close at N13.256 trillion.

Also, the All Share Index (ASI) dropped 222.36 points, representing a loss of 0.73 per cent to close at 30,099.83, against 30,322.19 recorded on Monday.

The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are; Mobil Nigeria, Dangote Cement, MTN Nigeria, Nigerian Breweries and Dangote Sugar Refinery.

Analysts at Cordros Capital Limited noted that “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term.

“However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”

Sovereign Trust Insurance led the losers’ chart dropping by eight per cent, to close at 23k per share.

Japaul Oil and Maritime Services shed 7.41 per cent to close at 25k, while Dangote Sugar depreciated by 4.35 per cent to close at N11per share.

Mobil Nigeria declined by 3.82 per cent to close at N163.50, while Sterling Bank was down by 3.28 per cent to close at N2.36 per share.

Conversely, Unilever Nigeria recorded the highest gain to leading the gainers’ chart with a gain of 8.22 per cent, to close at N30.95 per share.

Associated Bus Company gained 7.14 per cent to close at 30k, while Jaiz Bank appreciated by 4.35 per cent to close at 48k per share.

Wapic Insurance appreciated by 2.50 per cent to close at 41k, while NEM Insurance went up by 2.44 per cent to close at N2.10 per share.

The total volume traded depreciated by 5.64 per cent with an exchange of 233.45 million shares worth N3.52 billion traded in 3,169 deals.

This was in contrast with 247.39 million shares valued at N3.48 billion in 3,434 deals on Monday.

Transactions in the shares of Wapic Insurance topped the activity chart with 50.3 million shares worth N20.13 million.

Zenith Bank came second with 28.16 million shares worth N566.47 million, while Courteville Business Solutions traded 25.18 million shares valued at N5.04 million.

Access Bank transacted 25.1 million shares worth N157.26 million, while Sterling Bank accounted for 21.09 million shares worth N49.62 million.

Business Finance Money Trade News AddThis :  Original Author :  SaharaReporters, New York Disable advertisements : 
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Oxfam has been disparaged by the United Kingdom Charity Commission for failing to halt wrongful behaviour by its employees in the Central American country of Haiti. After one-year since four employees of the British charity were accused of using prostitutes in the state after the 2010 earthquake, the UK not-for-profit regulator has faulted the firm for the way it dealt with claims of serious misconduct.

In reaction to the report by the UK Charity Commission, Oxfam tendred an apology, saying what happened in Haiti was "shameful".

Roland van Hauwermeiren, Oxfam-Great Britain Country director, was the top casualty of the disgraced staff. He was first smeared with child abuse claims during his three-year stint in Chad between 2006 and 2009.

The Times reported that Oxfam was aware of concerns about the conduct of Mr. Van Hauwermeiren and another man during their time in Chad before they received senior roles in Haiti.

"What went wrong in Haiti did not happen in isolation," Helen Stephenson Charity Commission chief executive said. The commission accused top officials at the international charity organization of mismanagement.

"Over a period of years, Oxfam's internal culture tolerated poor behaviour, and at times lost sight of the values it stands for," Stephenson noted.

Caroline Thomson, Oxfam's chair of trustees, described the findings as "uncomfortable".

"What happened in Haiti was shameful and we are deeply sorry," she said. It was a terrible abuse of power and an affront to the values that Oxfam holds dear," Thompson said.

A 2011 internal investigation had relived Hauwermeiren and four others of their positions in the firm. The report, however, failed to mentioned sexual exploitation as one of the crimes committed by the  X-Country Director.

Haiti has since banned the firm from operating within its borders and thousands of donors have since withdrawn funding to the organization. This is not the first UK based organization that has come under fire for its human management. After two staff of Amnesty International committed suicide last year, a report released in February found out that AI has a “toxic” working environment, with widespread bullying, public humiliation, discrimination and other abuses of power.

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Oxfam has been disparaged by the United Kingdom Charity Commission for failing to halt wrongful behaviour by its employees in the Central American country of Haiti. After one-year since four employees of the British charity were accused of using prostitutes in the state after the 2010 earthquake, the UK not-for-profit regulator has faulted the firm for the way it dealt with claims of serious misconduct.

In reaction to the report by the UK Charity Commission, Oxfam tendred an apology, saying what happened in Haiti was "shameful".

Roland van Hauwermeiren, Oxfam-Great Britain Country director, was the top casualty of the disgraced staff. He was first smeared with child abuse claims during his three-year stint in Chad between 2006 and 2009.

The Times reported that Oxfam was aware of concerns about the conduct of Mr. Van Hauwermeiren and another man during their time in Chad before they received senior roles in Haiti.

"What went wrong in Haiti did not happen in isolation," Helen Stephenson Charity Commission chief executive said. The commission accused top officials at the international charity organization of mismanagement.

"Over a period of years, Oxfam's internal culture tolerated poor behaviour, and at times lost sight of the values it stands for," Stephenson noted.

Caroline Thomson, Oxfam's chair of trustees, described the findings as "uncomfortable".

"What happened in Haiti was shameful and we are deeply sorry," she said. It was a terrible abuse of power and an affront to the values that Oxfam holds dear," Thompson said.

A 2011 internal investigation had relived Hauwermeiren and four others of their positions in the firm. The report, however, failed to mentioned sexual exploitation as one of the crimes committed by the  X-Country Director.

Haiti has since banned the firm from operating within its borders and thousands of donors have since withdrawn funding to the organization. This is not the first UK based organization that has come under fire for its human management. After two staff of Amnesty International committed suicide last year, a report released in February found out that AI has a “toxic” working environment, with widespread bullying, public humiliation, discrimination and other abuses of power.

International News AddThis :  Original Author :  SaharaReporters, New York Disable advertisements : 
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More facts have emerged on how lawmakers in the House of Representatives both old-timer and first-timer were induced with vouchers and credit cards to vote massively for Femi Gbajabiamila to emerge as the speaker.

SaharaReporters can authoritatively report that all members were given vouchers and credit cards with dollar value with a view to influencing and inducing them for votes. 

Though it could not be immediately ascertained the amount that was contained in each card. 

The card which was customised with inscriptions "Member's Green Card" also have the campaign slogan of Femi Gbajabiamila, 'Nation Building A Joint Tast'  

Also on the card was 'Femi Gbajabiamila/Ahmed Wase' boldly written with serial number and date . The card was shared to those who have openly endorsed Gbajabiamila and pledged their loyalty before the inauguration on Tuesday.  SaharaReporters Media

Before the commencement of the voting in the lower chamber many lawmakers were seen in the chamber's male toilets stuffing dollars in brown envelopes. 

The inducement compelled members to display their ballot to show who they voted for as proof and to justified the money given to them. 

It will be recalled that about 66 senators who endorsed the candidature of Senator Ahmad Lawan were alleged to have been given N25 million each to curry favour from them during the election. 
 
Gbajabiamila emerged as speaker with 281 votes to beat his opponent Umar Bago who polled 78 votes.

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Rochas Okorocha, senator-elect of Imo west senatorial district has been issued a certificate of return by the Independent National Electoral Commission (INEC).

Okorocha was initially denied the certificate by the commission over an allegation that he harassed INEC's returning officer during the election and forced him to announce the election results under duress.

INEC said on Tuesday that the decision was in line with the federal high court’s directive.

The Federal High Court in Abuja, on Friday, ordered the commission to immediately issue the certificate of return to the former govenor of Imo State as the senator-elect the Imo West Senatorial District.

Justice Okon Abang made the order in his judgment on the suit filed by Okorocha to challenge INEC’s decision to withhold his certificate of return after he was declared the winner of the February 23, 2019 National Assembly election in the senatorial district.

Earlier today, Okorocha was denied access to the National Assembly Complex for the inauguration of lawmakers.
 

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Ahmed Lawan ChannelsTV

The Ondo State chapter of the All Progressives Congress (APC) has described the emergence of Senator Ahmed Lawan and Mr. Femi Gbajabiamila as the president and the speaker, respectively, of the 9th National Assembly as a good omen for a new phase of democracy and development in Nigeria.

Mr. Alex Kalejaiye, the state’s Publicity Secretary of the party said this in a statement made available to journalists on Tuesday in Akure.

Lawan polled 79 votes to defeat Senator Alli Ndume.

“Lawan is arguably one of the most patriotic, decent, and disciplined senators Nigeria has ever produced.

“He has Senator Ovie Omo Agege, an experienced political tactician, and loyal party man as his deputy.

“We heartily rejoice with the National Assembly, and congratulate them on their elevation,“ he said.

He urged Nigerians to expect robust, intense and thorough debate on all issues in the hallowed chambers of the National Assembly, without constituting stumbling blocks on the path of national development.

According to him, Lawan has repeatedly promised to lead a senate that is devoid of rancour, work harmoniously with the other arms of government, without compromising the independence of the legislative arm.

He commended the adroitness and efforts of all the leadership of the APC, particularly that of the National Chairman, Comrade Adams Oshiomhole, and the Chairman of the Nigerian Governors’ Forum, Dr. Kayode Fayemi, for the feat.

“We also congratulate the new speaker of the House of Representatives, Mr. Femi Gbajabiamila, believing that the duo will justify the confidence reposed in them,” he said.

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The House of Representatives on Tuesday elected Mr. Femi Gbajabiamila, convicted for fraud in the United States of America as the speaker of the 9th House of Representatives.

Gbajabiamila was declared the speaker after an election following his nomination by the former Appropriations Committee Chairman, Mr. Jibrin Abdulmumin, a fellow member of the All Progressives Congress.

Abdulmumin was considered as one of the lawmakers who worked against Gbajabiamila’s speakership ambition in the 8th National Assembly

Three hundred and fifty lawmakers voted in the race for the main leadership of the green chamber.

In the election, Gbajabiamila scored 281 votes out of 358 votes cast against his fellow party member, Umar Bago who got 76.

The was one invalid vote and two members were absent.

Gbajabiamila was, thus, the winner.

Gbajabiamila, born in 1962, is a fourth-term member and majority leader in the 8th House of Representatives.

For the deputy speaker position, Sada Soni nominated Ahmed Idris and eventually declared as the deputy speaker.

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Ike Ekweremadu

Senator Ike Ekweremadu said he decided to contest the senate deputy president seat in protest against the nomination of Omo-Agege for the position.

Ekweremadu, who represents Enugu West Senatorial District, made the disclosure while speaking with newsmen shortly after the election at the National Assembly complex, in Abuja, on Tuesday.

Ekweremadu, who is the immediate-past deputy senate president, and Sen. Ovie Omo-Agege vied for the position.

While Ekweremadu scored 37 votes out of the 105 votes, Omo-Agege polled 68 votes to emerge the new deputy senate president.

He said he decided to contest in protest against the nomination of Omo-Agege for the position of the number-two man of the 9th Senate.

”I believe that there must be a referendum looking at what happened when I was presiding when the Senate was invaded.

”It would have been very embarrassing that somebody who led that operation would just be asked to take a bow and would be endorsed and we all walkover as if it doesn’t matter.

”So I wanted a situation where Nigerians, especially through their representatives, will be able to present a referendum in respect of what transpired and then be able to either endorse or condemn it,” he said.

On when he took the decision, he said, ”Only this morning because actually we weren’t minded to run for any office but we thought that our friends in APC will be able to come up with another candidate.”

On how he felt with the outcome of the election, he said: ”I think that God has just given me that opportunity to have a rest.

”For over 20 years I have been very busy with politics, with leadership, with governance. So I think this is an opportunity for me to have a rest and reflect on so many other things.”

The lawmaker said he hoped that the present senate would ”be able to wake up to the current challenges of insecurity, unemployment, and issue of disunity, among others, which are staring the nation in the face.”

”I think these are issues we have to work with the executive closely to address outside the party lines,” he said.

He said without tackling some of these fundamental issues, the country would not make any progress.

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Former Nigerian president, Olusegun Obasanjo has called out the President Muhammadu Buhari led administration for its insensitivity to Nigeria's diversity by ensuring all three top leaders in the country are from the northern part of the country. 

He made the comments in an exclusive interview with Premium Times In Ogun state, Nigeria, to commemorate country's democracy day.

Obasanjo said, “I think we have no choice but to be on the path for sustainable development,” Mr Obasanjo said. “The progress we are making may be questionable—-Is it fast enough? Is it steady enough? Is it stable enough? Are we taking two steps forward and one step back or one step side-way?

“You can question that, but we have no choice but to be on (the) path for sustainable development. Any other thing will be a disaster. In fact, the pace at which we are going now is tending more and more toward disaster and instability and unsustainability.

“The problem is that we are just not doing what we should be doing,” said Mr Obasanjo, who supported Mr Buhari of the All Progressives Congress when the retired general contested against former president Goodluck Jonathan in 2015. “Nobody has that confidence, and we cannot develop Nigeria without that confidence in our economy. Both for domestic investors and foreign investors.

“I set up two (anti-corruption) institutions,” he said. “I came with two laws that were not there before, to fight corruption. And those who claim they are fighting corruption today have not brought in anything different. If anything, they have corrupted those two institutions.

“And the institutions were open and independent. I never, never, as president had to say to either the head of ICPC or EFCC: ‘Oh, chase this person.

“Nigeria was a pariah state. Within the first four years (1999-2003)… we actually hosted the commonwealth. And Nigeria which was kicked out of the Commonwealth became the host of a Commonwealth Head of Governments Meeting (CHOGM). We became the darling of almost all nations. The economy started doing well.

“I remember on one occasion one day or one week, Chukwuma Soludo (then governor of the Central Bank of Nigeria) phoned me and said: “Sir, in one day, we had an inflow of $80 million”. From foreign direct flow; not money from our oil export or cocoa export. Just direct! And he (Soludo) said to me: “Sir, this is almost unbelievable.

“I said we were not where I want us to be yet. I want us to be $100 million per day. That means in five working days, that will be half a billion dollars. If we are making half a billion dollars a week of five working days; in 52 weeks, it will be $26 billion. It is possible. I got debt relief.

“I think there is a presumption in our constitution that our system will bring out competent leaders devoid of extremism, religious or tribal bigotry. Leaders who understand what it takes to hold the country together and put it in high gear for development, unity and inclusive and shared society.

“These are assumptions. And if these assumptions come true, what is meant to be achieved in our country will be achieved. But the kind of situation you have now cannot allow those assumptions to become reality. Now you have a situation where three top officials of government will be from only two northern zones. Ahmed Lawan (who has been pencilled down as Senate President) is from the North-East, the acting chief justice of Nigeria is from the north-east, The President of the country is from the north-west. They are all from what we call the core north. How can you have that kind of arrangement and then be absolutely insensitive to it (lack of geographical diversity)?

“So the prescription that our constitution makes of the kind of leadership that should emerge, we have failed to achieve that with the present leadership we have in place. The Constitution expects the executive to care for the welfare and security of every Nigerian. But in the present situation, they don’t seem to care.”

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