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The bearish trend persists in the equity market

Tosin Ranks
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0
The bearish trend persists in the equity market

Trading activities on the Nigerian Exchange experienced subdued conditions on Wednesday, resulting in a slight decrease in market capitalization to N55.87tn.

By the end of the trading day, investors incurred a loss of N1bn, with the All-Share Index declining by 0.002% to 102,106.31 points.

The trading volume slowed to 341.92 million units from Tuesday’s 494.19 million units, and the value of traded units decreased by 15.68% to N6.41bn.

 

The number of trades also decreased by 17.82% to 9,665 deals, following declines in the previous two trading days.

The market breadth, indicative of investors’ sentiments, remained negative, with 19 gainers and 36 losers.

 

Meyer Plc led the gainers with a 10% appreciation, closing at N5.72, while AIICO Plc topped the losers with a 9.92% depreciation, closing at N1.18.

Other notable gainers included Tripple G, which gained 9.84% to close at N4.13, and Juli Plc, whose shares appreciated by 9.09% to close at N0.84.

 

On the losers’ side, Cadbury Nigeria Plc dipped by 9.50% to N21.90, and Guinea Insurance Plc saw an 8.93% decline to N0.51, despite announcing a profit of N249.43m for the year ended 2023, compared to N61.02m in 2022.

Transcorp Plc, Guaranty Trust Holding Company Plc, and FBN Holdings emerged as the volume and value drivers for the day’s market trend.

 

 

The Senate issues a seven-day ultimatum to Edun regarding the N100 billion gas project

Tosin Ranks
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0
The Senate issues a seven-day ultimatum to Edun regarding the N100 billion gas project

The Senate Committee on Gas has issued a seven-day ultimatum to Finance Minister Wale Edun, urging him to provide details on the award and disbursement of over N100bn to companies involved in the Presidential Compressed Natural Gas projects.

Allegedly, these actions breach the Public Procurement Act 2017.

This request follows the committee’s concern about plans by the PCNG to release an additional N130bn without National Assembly approval.

 

Despite previous commendation for CNG initiatives, the committee emphasizes the need for a supplementary budget and requests comprehensive records on the allocation’s utilization, emphasizing transparency and adherence to due process in the awarding of contracts.

United Capital supports the Central Bank of Nigeria in fostering collaborations with stakeholders

Tosin Ranks
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0
United Capital supports the Central Bank of Nigeria in fostering collaborations with stakeholders

United Capital Group, an asset management group, has voiced its support for the Central Bank of Nigeria’s decision to collaborate with various stakeholders in future intervention programs.

The firm highlighted the importance of inclusivity in the market and the positive impact of diverse perspectives contributing to well-informed decisions.

Anticipating a modest improvement in the naira’s valuation through effective implementation of CBN’s reforms, United Capital acknowledged the persistently low investor confidence in the economy.

The group emphasized the need for Nigeria to boost crude oil production and revitalize the non-oil sector to diversify revenue sources, thereby strengthening the naira.

United Capital expressed confidence in the CBN’s new communication strategy, emphasizing its role in educating the public about the rationale behind the apex bank’s decisions.

Specifically, effective communication of the Monetary Policy Committee’s decisions was seen as crucial in addressing inflationary pressures.

CBN Governor Dr. Olayemi Cardoso emphasized the necessity of interventions in Nigeria due to its vast landmass and population.

However, he stressed the importance of a well-structured framework to ensure interventions reach their intended beneficiaries.

Cardoso highlighted the need for collaboration with various stakeholders, both local and international, with proven experiences to avoid the luxury of failed interventions.

He emphasized the goal of ensuring interventions have a meaningful impact, especially for those at the lower rungs of the economic pyramid.

As of October 2022, approximately N9tn had been released as intervention funds by the apex bank, reflecting the scale of financial commitment to support the economy.

FCMB introduces an accelerator initiative aiming to support one million SMEs

Tosin Ranks
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0
FCMB introduces an accelerator initiative aiming to support one million SMEs

First City Monument Bank has initiated an accelerator program aimed at enhancing the skills and fostering the growth of over one million small and medium-sized enterprises (SMEs) in Nigeria.

In collaboration with the e-learning platform SkillPaddy and industry experts, this program will provide intensive guidance and support over a three-month period. As part of the initiative, FCMB secured a Technical Assistance grant of N284.7m from Proparco and an additional N227m from the African Development Bank.

The funds will facilitate the onboarding and empowerment of SMEs, particularly those under the SheVentures proposition and operating in high-impact sectors such as agriculture, renewable energy, and digital innovation.

 

George Ogbonnaya, FCMB’s Group Head of SME Banking, expressed the bank’s commitment to empowering businesses, with a focus on supporting women-led SMEs through mentorship and access to finance.

The partnership with SkillPaddy is anticipated to be a game-changer for SMEs, accelerating productivity and unlocking opportunities for startups and existing businesses.

 

In a symbolic move, FCMB awarded N50m grants to 200 SMEs during the program’s inaugural training session, marking the beginning of this impactful initiative.

The bank’s dedication to fostering entrepreneurship and its substantial credit extension of N1.34tn to over 98,000 SMEs across diverse sectors since 2018 reflect its ongoing commitment to transforming Nigeria’s economic landscape.

 

 

AFCON semi-final: South Africa dismisses concerns, assures no threats to Nigerians

Tosin Ranks
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0
AFCON semi-final: South Africa dismisses concerns, assures no threats to Nigerians

The South African Department of International Relations and Cooperation assured there are no perceived threats to Nigerians in the country ahead of the CAF African Cup of Nations semi-finals against Nigeria.

This comes in response to an advisory from the Nigeria High Commission in South Africa, urging vigilance due to potentially inflammatory online comments.

However, South Africa’s DIRCO disagreed, stating there is no threat and expressing regret that the advisory could create unnecessary tension between citizens of both nations.

The match between Nigeria’s Super Eagles and South Africa’s Bafana Bafana is set for today at 6 p.m. (Nigerian time) in Bouake, Ivory Coast.

 

Lagos establishes a grand viewing center for the upcoming Nigeria vs. South Africa AFCON clash

Tosin Ranks
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0
Lagos establishes a grand viewing center for the upcoming Nigeria vs. South Africa AFCON clash

In anticipation of the Super Eagles’ African Cup of Nations semi-final clash with South Africa today, the Lagos State Government has established a large viewing center at Mobolaji Johnson Arena, Onikan.

This central viewing spot is part of a network of 25 centers across the state, aimed at encouraging residents to revel in the excitement of the African football spectacle that commenced on January 13 in Cote d’Ivoire.

The encounter with South Africa at the Stade de la Paix in Bouake marks the fourth tournament meeting, with the Eagles emerging victorious in the three previous encounters.

The kick-off is scheduled for 6 pm.

The Commissioner for Information and Strategy, Gbenga Omotoso, highlighted the significance of fans watching the match, emphasizing that Lagos boasts the largest base of the team’s supporters.

Governor Babajide Sanwo-Olu, recognizing Lagos as the sports capital and the home to the majority of Super Eagles supporters, deemed it fitting to provide an opportunity for all fans to witness the match.

Omotosho quoted the governor expressing hope for the national team’s triumph, citing the team’s demonstrated capacity and technical prowess.

In addition to the Mega Viewing Centre at Onikan, other viewing centers are strategically located across the city, including Agege Stadium, Abesan Sports Centre, Alimosho LGA Secretariat, Agbado-Oke Odo, Layeni Primary School, Ajeromi-Ifelodun, and various other venues spread throughout the state.

 

Kanu confidently predicts that the Super Eagles are destined to clinch the AFCON trophy

Tosin Ranks
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0
Kanu confidently predicts that the Super Eagles are destined to clinch the AFCON trophy

Nigerian football icon, Nwankwo Kanu, confidently predicts the Super Eagles’ victory in the 2023 CAF African Cup of Nations.

In a recent video on his X account, the two-time African Footballer of the Year expresses his belief that the Nigerian team, currently poised for a semi-final showdown with South Africa’s Bafana Bafana, will not only progress to the final but also clinch the championship.

Known as ‘Papilo,’ the Arsenal legend encourages unwavering support for the team, emphasizing the historic significance of potentially bringing the trophy back home after its last win in 2019.

The semi-final clash is set to take place at the Stade de la Paix in Bouake, marking the fourth tournament encounter between Nigeria and South Africa, with the Eagles winning the previous three games. Kick-off is scheduled for 6 p.m. Nigerian time.

After overcoming Cameroon and Angola in the round of 16 and quarterfinals, respectively, the Super Eagles aim to secure their path to the finals, echoing Kanu’s optimism and rallying the nation behind their quest for glory.

 

Directors of banks support the Central Bank of Nigeria’s decision to sell surplus dollars

Tosin Ranks
-
0
Directors of banks support the Central Bank of Nigeria’s decision to sell surplus dollars

The Bank Directors Association of Nigeria expresses its support for the Central Bank of Nigeria’s directive, urging commercial banks to cease “hoarding” foreign currencies.

In response to the CBN’s concerns about escalating foreign currency exposure, BDAN acknowledges the comprehensive measures outlined in the circular and affirms its commitment to fortifying the nation’s financial system.

 

The association applauds the CBN’s proactive stance, viewing the regulatory measures as crucial for effective foreign currency exposure management and risk mitigation.

 

BDAN commends the CBN’s commitment to proactive regulation, encourages banks to comply with the directives, and pledges continuous collaboration to foster a dynamic and resilient financial ecosystem for the benefit of all Nigerians.

APC secures victory in state assembly seat, defeating PDP in Delta rerun election

Tosin Ranks
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0
APC secures victory in state assembly seat, defeating PDP in Delta rerun election

Alapala Anthony Ebitonmo, the All Progressives Congress candidate for the Burutu State Constituency 1 in the Delta State House of Assembly, emerged victorious in the rerun election held on Saturday, defeating Asupa Forteta of the Peoples Democratic Party.

The Independent National Electoral Commission declared Alapala the winner in the rerun election held across various units, where he secured more than 50% of the votes cast, totaling 7,728 votes against Forteta’s 6,616 votes out of 14,809 valid votes.

Presented with his certificate of return by the returning officer, Prof. Arnold, Alapala’s success was congratulated by Senator Joel-Thomas Onowakpo, representing Delta South Senatorial District, who commended the electorate for their active participation, highlighting the significance of democratic institutions.

 

Onowakpo expressed gratitude to INEC and security agencies for ensuring a fair and secure electoral process, emphasizing that the constituents’ choice reflects their endorsement of competence, transparency, and good governance.

In a press release, Senator Onowakpo extended sincere congratulations to Alapala, acknowledging the constituents’ trust in the APC and Alapala’s commitment to serving them.

 

He commended the people of Burutu Constituency 1 for their unwavering commitment to democracy, sending a strong message that the will of the people prevails.

The statement concluded with optimism for collaboration between Hon. Anthony Ebitonmo Alapala and the entire APC family in Delta State for the development of their constituency.

Edo: Makinde’s legacy group abstains from participating in the PDP delegate election

Tosin Ranks
-
0
Edo: Makinde’s legacy group abstains from participating in the PDP delegate election

The turmoil within the Peoples Democratic Party in Edo State persists as Governor Seyi Makinde, the Chairman of the three-man committee overseeing the state delegate election, has resigned.

Additionally, nine out of the 11 aspirants slated for the February 22 primary election reportedly boycotted the election, citing concerns about the process and the composition of those conducting the delegate election.

In a letter addressed to the acting National Chairman, Umar Illiya, and copied to the National Vice Chairman South-South, Chief Dan Orbih, the nine aspirants, including Deputy Governor Philip Shaibu and others, expressed their dissatisfaction with the election procedures.

Governor Peter Mbah of Enugu State, serving as the deputy chairman, commended the large turnout of party members during the primary election in Edo State.

Despite the crisis, Mbah emphasized the party’s commitment to principles of fairness, equity, and justice.

In various wards, such as Ward 7 at Ugbekun Primary School and Oluku Ward, the election was conducted by different individuals, including Dr. Major Itemowe and Hon Kunle Koya from Lagos State.

Governor Godwin Obaseki, addressing the media in his Ward 4 collation centre, downplayed the impact of the party crisis on the upcoming governorship election.

 

He acknowledged the unfortunate withdrawal of Governor Makinde but stressed that the credibility of the process lies in the quality of participation.

Obaseki remains optimistic about unifying the party and ensuring its significant role in the country’s politics. He dismissed the perceived crisis as exaggerated and expressed confidence in the party’s strength during the main election.

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