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NIigeria equity market loses N196 bn

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5 years ago

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The Nigerian Stock Exchange (NSE) on Monday reacted negatively to sudden election postponement, dropping by N196 billion as predicted by financial experts.

Specifically, the market capitalisation shed N196 billion or 1.61 per cent to close at N12.004 trillion against N12.200 trillion on Friday, due to the postponement.

Also, the All-Share Index which opened at 32,715.50 lost 525.43 points or 1.61 per cent to close at 32,190.07, amid loses by blue chips.

The News Agency of Nigeria (NAN) reports that the equity market which climbed past a three-month high on Feb. 15 reversed growth, following last minute postponement of the general elections.

NAN reports that INEC announced the shift of the Feb. 16 Presidential and National Assembly elections to Feb. 23.

The Governorship and State House of Assembly as well as FCT area council elections have also been shifted from March 2 to March 9.

INEC Chairman, Prof. Mahmood Yakubu, at a news conference attributed the postponement of elections to logistics and operational problems.

Mr Sola Oni, a chartered stockbroker and Chief Executive Officer, Sofunix Investment and Communications, Lagos, said: “The sudden postponement, few hours to election period, was a sad commentary.

“It has deepened Nigeria’s political risk with dire consequences on investment decision,” Oni said.

He said that the shock caused by the announcement might jolt foreign portfolio investors who had been apprehensive of the presidential election.

“It is not unlikely that trading on the stock may be moderated by this development as it is capable of further eroding investor confidence in our market.

“Every political decision has direct or indirect impact on the financial market,“he stated.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, had earlier told NAN that the postponement, few minutes to the Election Day would further slow down economic activities.

According to the expert, it will also cause cautious trading in the nation’s bourse.

Omordion said that investors’ confidence on the recent stock market rebound would be dampened with the development.

He said that the development had heightened uncertainty in the market arena and economy.

Omordion said that investors who had started to pick up shares to position for a post-election rally were now dumping their shares due to INEC’s sudden decision to shift the polls.

An analysis of the price movement chart shows that Total recorded the highest loss, dropping by N15 to close at N190 per share.

Mobil Oil trailed with a loss of N8 to close at N75, while Guaranty Trust Bank was down by N1.45 to close at N36.50 per share.

Cement Company of Northern Nigeria declined by N1 to close at N20 per share.

Conversely, Nestle led the gainers’ table with a growth of N35 to close at N1, 800 per share.

Betaglass followed with a gain of N6.70 to close at N79, while Presco gained N6.60 to close at N72.60 per share.

Cap added N2.20 to close at N34, while Dangote Flour increased by 45k to close at N9.60 per share.

Also, the volume of shares transacted dipped by 71.13 per cent, while value of shares traded dropped by 48.23 per cent.

Consequently, investors bought and sold 233.42 million shares valued at N3.36 billion in 4,134 deals.

This was in contrast with a turnover of 808.65 million shares worth N6.49 billion traded in 6,177 deals on Friday.

Access Bank dominated trading activities accounting for 25.32 million shares worth N160.16 million.

Chams followed with an exchange of 21.70 million shares valued at N4.34 million, while United Bank for Africa traded 20.45 million shares worth N157.19 million.

Zenith Bank exchanged 15.68 million shares valued at N375.32 million, while Guaranty Trust Bank traded a total of 13.86 million shares worth N519.12 million. (NAN)

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Nigerian transparency watchdog demands Immediate release of Amb. Dr. Otunba Adejare Adegbenro, public apology from police

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2 weeks ago

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May 7, 2024

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The Nigerian Transparency and Accountability Watch Group, a non-partisan organization dedicated to upholding transparency, accountability, and the rule of law, has issued a fervent call for the immediate release of Amb. Dr. Otunba Adejare Adegbenro, who has been detained by the Nigeria Police under unclear circumstances.

 

Amb. Dr. Otunba Adegbenro, a distinguished diplomat and grandson of renowned figures in Nigeria’s history, including Pa Alfred Rewane and Alhaji Aloye Dauda Soroye Adegbenro, was taken into custody on 26th April 2024. Despite his significant contributions to social justice and security in Nigeria, the reasons behind his detention remain shrouded in mystery.

 

In a public statement issued today, Comrade Zakari Hashim, the National Coordinator of the Nigerian Transparency and Accountability Watch Group, condemned the arbitrary his detention as a violation of his fundamental rights.

 

Hashim emphasized the importance of upholding due process and ensuring fair treatment for all individuals, regardless of their status.

 

“As an organization dedicated to promoting transparency and accountability within Nigeria, we strongly condemn any actions that undermine the fundamental rights of individuals,” stated Hashim.

 

“The arbitrary detention of Amb. Dr. Otunba Adejare Adegbenro without clear justification is a blatant violation of his rights and is inconsistent with the principles of democracy and the rule of law.”

 

The Nigerian Transparency and Accountability Watch Group has called upon the relevant authorities, including the presidency, the Inspector General of Police, and the Office of the National Security Adviser (ONSA), to intervene and secure the immediate release of Amb. Dr. Otunba Adegbenro.

 

Additionally, the organization has demanded a thorough and impartial investigation into the circumstances surrounding his detention to ensure accountability for those responsible.

 

Comrade Hashim reiterated the group’s commitment to monitoring the situation closely and advocating for justice and accountability in Nigeria. “We remain steadfast in our pursuit of transparency and accountability,” he affirmed.

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Former education minister, Kenneth Gbagi dies at 62

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2 weeks ago

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May 4, 2024

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A former Minister of Education and industrialist, Kenneth Gbagi, has died at the age of 62.

Gbagi was the governorship candidate of the Social Democratic Party in the last election in Delta State.

He was reported to have died on Saturday, May 4, 2024.

This was confirmed in a statement released by his family.

The statement, signed by his eldest son, Chief Emuoboh Gbagi, read, “It is with profound sadness but gratitude to God that we announce the passing of our beloved father, grandfather, husband, and brother.

“Olorogun Kenneth Omemavwa Gbagi, former Minister of Education, departed this life on the 4th of May 2024 at the age of 62.

“We take comfort in the fond memories of his life, his achievements, and the impact he made on the lives of countless individuals and communities.

“We kindly request your thoughts and prayers for our family during this challenging time of loss.

“May his soul rest in perfect peace.”

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Ex Governor Abdullahi Ganduje, Wife, others To Be Arraigned April 17 Over Dollar Video…..

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1 month ago

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April 10, 2024

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The Kano High Court is set to arraign Kano State’s immediate previous governor, Abdullahi Ganduje, on April 17, 2024, on charges of bribery, diversion, and theft of money, including the alleged acceptance of $413,000 and N1.38 billion in bribes.

Haruna Dederi, Kano State Attorney General and Commissioner of Justice, confirmed the situation, saying Ganduje would be charged with his wife and six others.

The accused individuals named in the summons are Abdullahi Umar Ganduje, Hafsat Umar, Abubakar Bawuro, Umar Abdullahi Umar, Jibrilla Muhammad, Lamash Properties Ltd, Safari Textiles Ltd, and Lesage General Enterprises.

The Kano State Government, which initiated the criminal suit against the eight respondents, has declared its readiness to present 15 witnesses to testify before Justice Usman Na’aba of State High Court number four.

“It is very true. We have filed the case and it’s going to hold on the 17th of April, 2024. What I cannot confirm is whether he is served or not, but he will definitely be served,” he said.

Dederi further highlighted the significance of accountability in governance, remarking, “What he (Ganduje) doesn’t understand is that you cannot run away from the evil day, it will definitely come to you, and this will even serve as a deterrence to all of us that are also in government now.”

The commissioner also addressed the jurisdictional aspect of the case, asserting,
“He was saying that we can’t prosecute him, forgetting that the offence also falls under the category of the state offences,” he said.

“It’s not totally a federal affair and we have even appealed to Justice Liman ruling on that.”

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