Connect with us

Economy

Buhari asked to develop the North- W/Bank

Published

on

…As ECOWAS Court awards N18m against Nigeria in rights suit***

The World Bank President, Jim Yong Kim indicated on Thursday that the bank focused its attention on the Nigerian northern axis, in line with President Muhammadu Buhari’s advice.

“You know, in my very first meeting with President Buhari he said specifically that he would like us to shift our focus to the northern region of Nigeria and we’ve done that.  Now, it has been very difficult. The work there has been very difficult”, Kim stated.

Jim Yong Kim and Christine Lagarde, the Managing Director, International Monetary Fund, spoke at separate media events in Washington DC, United States, highlighting the need for President Buhari to invest in human and infrastructure capacity building, towards boosting economic growth.

“I think Nigeria, of course, has suffered from the dropping oil prices. I think things are just now getting better.  But the conversation we need to have with Nigeria, I think, is in many ways related to the theme that I brought to the table just this past week, which is investment in human capital.  The percentage of the Gross Domestic Product that Nigeria spends on healthcare is less than one percent”, he stated further, noting the turbulence in the North and its implications on personnel safety.

“Focusing on the northern part of Nigeria, we hope that as commodity prices stabilise and oil prices come back up, the economy will grow a bit more. But very, very much important is the need to focus on what the drivers of growth in the future will be.”

“Despite that, there is so much turbulence in the northern part of the country, and there is the hit that was taken from the drop in the oil prices.  Nigeria has to think ahead and invest in its people.

Investing in the things that will allow Nigeria to be a thriving, rapidly growing economy in the future is what the country has to focus on right now”, he indicated further, adding that the World bank will in the meantime, invest in human capital development in other parts of African continent so as to set the stage for a more rapid growth.

Meanwhile, Lagarde has expressed concern with the slow pace and trend of developments in Africa, particularly Nigeria, stressing that the usual 2.5 percent growth average plummets to nothing when juxtaposed with a rapidly increasing population ratio. She subsequently stressed the need to parley with the respective Finance Ministers, perhaps, for re-sharpening of their visions.

“The Sub-Saharan Africa is one region of the world where growth is suboptimal. Those countries grow at an average growth of 2.5 per cent. That is too low for the demographic expansion of the region”, Lagarde posited.

In the meantime, the Community Court of the Economic Community of West African States (ECOWAS) has imposed a N18 million fine against the Federal Government in judgment of a case of violation of the fundamental human rights of one Dorothy Njemanze and two other Nigerians.

The judgment, read by Justice Friday Chijioke Nwoke of the three-man panel, after over 25 minutes, rendered the award of sums of N6 million each to the parties: Justina Etim, Amarachi Jessyford and popular actress, Dorothy Njamenze to be paid by the Federal Government for the unlawfully arresting, detaining and declaring them as prostitutes in Abuja.

Justice Nwoke ordered the Nigerian government to pay the money as compensation for humiliation and inhuman treatment they suffered during their arbitrary arrest and proclamation as women of cheap virtue.

The judge held that the Nigerian government was liable for the arbitrary arrest and detention of the plaintiffs carried out by the military, police and officials of the Abuja Environmental Protection Board who claimed to be acting on the directive of the Federal Government.

He further held that the government’s labeling of the three ladies was a gross violation of their rights to dignity, as there was no shred of evidence from the defendants to back it.The court agreed with counsel to the plaintiffs, Bolaji Gabari that there was no law in the Nigerian statute book prohibiting women from being outside in the late hours.

Additional report from Guardian NG

Economy

Selloffs In MTN, Others Drag Market N25bn Down

Published

on

Selloffs In MTN, Others Drag Market N25bn Down

…RT.BRISCOE, Tantalizer lead the losers’ table 

 The equity market on Wednesday lost N25 billion due to selloffs in MTN Nigeria, Dangote Sugar and Guaranty Trust Holding Company (GTCO), among other stocks.

Specifically, the market capitalisation, which opened at N56.670 trillion, shed N25 billion or 0.04 per cent to close at N56.645 trillion.

The All-Share Index also dropped 0.04 per cent, or 43.3 points, to close at 100,032.32, as against 100,075.59 recorded on Tuesday.

As a result, the Year-To-Date (YTD) return slipped to 33.78 per cent.

United Capital led 10 per cent to close at N36.30, Africa Prudential followed by 9.88 per cent to close at N8.90, and Cutix gained 9.86 per cent to close at N6.13 per share.

Oando rose by 5.63 per cent to close at N16.90, and Julius Berger advanced by 4.79 per cent to close at N87.50 per share.

Conversely, RTBRISCOE led the losers’ log with 5.71 per cent to close at 66k, and FTN Cocoa Processors trailed by 4.44 per cent to close at N1.72 per share.

Tantalizer declined by 4.26 per cent to close at 45K, Neimeth International Pharmaceuticals shed 3.53 per cent to close at N1.64 and Consolidated Hallmark Plc lost N3.45 to close at N1.40 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up 35.71 per cent.

A total of 1.10 million shares valued at N10.08 billion were exchanged in 8,720 deals, compared to 368.39 million shares valued at N7.42 billion exchanged in 8,151 deals posted previously.

Jaiz Bank led the activity log-in volume with 528.49 million shares worth N1.15 billion, Cutix followed by 194.64 million shares worth N1.19 billion.

Zenith traded 77.75 million shares valued at N3.11 billion to lead the log-in value, Universal Insurance transacted 36.26 million shares worth N12.35 million and FCMB sold 33.88 million shares worth N257.09 million. 

Continue Reading

Economy

Stock Market Maintains Positive Trends, Up 0.11%

Published

on

Stock market maintains positive trends, up 0.11%

…Redstarex, Deap Capital lead the losers’ table 

 The Nigerian stock market maintained its positive trends on Tuesday, increasing the overall market index by 0.11 per cent.

Investors gained N62 billion or 0.11 per cent as the market capitalisation, which opened at N56.608 trillion closed at N56.670 trillion.

The All-Share Index also advanced by 0.11 per cent or 109.3 points to close at 100,075.59, compared to 99,966.28 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 33.84 per cent.

Sustained by interest in Tier-one banking tickers such as Zenith Bank, FBN Holdings, United Bank For Africa (UBA), and Access Corporation, alongside United Capital, UACN and other advanced equities drove the market’s positive performance.

Meanwhile, market breadth closed positive with 19 gainers and 15 losers on the floor of the Exchange.

On the gainers’ table, United Capital led by 10 per cent to close at N33, Cutix Plc followed by 9.84 per cent to close at N5.58 and Sunu Assurances gained 7.75 per cent to close at N1.39 per share.

Cornerstone Insurance rose by 7.69 per cent to close at N2.10 and UACN went up by 7.42 per cent to close at N15.20 per share.

On the other hand,  Redstarex led the losers’ table by 9.82 per cent to close at N3, and McNichols Plc trailed by 9.01 per cent to close at N1.01 per cent.

Deap Capital Management and Trust Plc lost 5.77 per cent to close at 49k, Eterna Plc declined by 4.44 per cent to close at N17.20 and Universal Insurance shed 2.78 per cent to close at 35k per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up 0.78 per cent.

A total of 368.39 million shares valued at N7.42 billion were exchanged in 8,151 deals, compared with 362.43 million shares valued at N7.37 billion exchanged in 8,405 deals posted previously.

Zenith Bank led the activity table in volume and value with 57.42 million shares worth N2.25 billion, and Access Corporation followed with 36.75 million shares valued at N707.17 million.

Guaranty Trust Holding Company(GTCO) also sold 29.16 million shares valued at N1.33 billion, Jaiz Bank traded 28.34 million shares worth N60.94 million and UBA transacted 20.31 million shares valued at N466.16 million.

Continue Reading

Economy

Sanitary Pads: Reps Query Minister Over N65m Spent On New Year Party, Others

Published

on

 The Minister of Women Affairs, Mrs Uju Kennedy-Ohaneye has drawn the ire of the House of Representatives following the unguarded manner she allegedly spent monies which included expenditures of N45 million for a New Year party and, N20 million for sanitary pads.

The House of Representatives which has now queried the minister, also frowned on her other unrelated expenditure which includes N1.5 million for vehicle fuel.

Rep. Kafilat Ogbara, Chairman, House Committee on Women Affairs, led the interrogation of the Minister, over the non-payment of N1.5 billion to contractors despite the fund release in Abuja.

She said that the investigative hearing was aimed at uncovering the truth and not witch-hunting the Minister and the officials of the ministry.

The committee also investigated the alleged diversion of funds meant for contractor payments, following a petition from contractors.

The committee also sought clarification on funds appropriated for the African First Lady’s mission and the whereabouts of the N1.5 billion meant for contractor payments.

The minister however denied the allegations of misappropriation, overspending, and non-payment to contractors.

The procurement officer confirmed contractors’ claims, and the Director of Finance and Administration acknowledged only paying approved contracts.

It would be recalled that the committee had at its last sitting summoned the minister to appear before it to explain the rationale behind the non-payment.

The committee also ordered the stoppage of all 2024 contract processes by the Ministry of Women’s Affairs until the whereabouts of the money for the said contracts are determined

Continue Reading
ADEBAYO SARUMI: Doyen of Maritime Industry Marks 80th Anniversary, Saturday 

Editor’s Pick

Politics