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FCTA begins mass demolition in city centre



Insecurity: FCTA demolishes scavengers’ camp, illegal markets at Airport Road

… As Police confirm killing of “many bandits” in Niger***

The Federal Capital Territory Administration (FCTA), on Wednesday, began mass demolition of illegal structures behind the old Federal Secretariat, Area 1, Abuja.

The newsmen report that the administration had in February 2022 issued a demolition notice to owners of the structures with a reminder on March 1 to leave the place.

Also read: 5 Airport Road: FCTA warns residents against illegal developments

Mr Ikharo Attah, Senior Special Assistant on Monitoring, Inspection and Enforcement to the FCT Minister, who led the exercise, told newsmen that the FCTA was worried over the rate at which shanties sprung up in the area.

He regretted that the secretariat that houses the Ministers of Interior, Trade and Investment had been taken over by the illegal structures which constituted a security threat to the nation’s capital.

Attah explained that the demolition followed series of complains received from security agencies and concerned persons, recently.

“It is worrisome, we have been receiving series of complains from security agencies and concerned persons, so, as part of our efforts to clean the federal capital of shanties, we have to start the pulling down of the illegal structures.

“The FCT Administration will not allow shanties to take over ministries of Interior and that of Trade and Investment with other key ministries.

“It would have been done in 2021 but because of the wet season we had to leave it till now, dry season, even now is not easy but we have to do it.

We warned them time without number to vacate the place”

On claims by owners of the illegal structures that they were Internally Displaced Persons (IDPs) from Borno state, Attah said the IDPs were few in number at the fringes of the Dunamis church and near the main road.

However, Sen. Ali Ndume (APC-Borno) who visited the area during the exercise, called for profiling of the IDPs.

“We are all Nigerians, we must obey rules and regulations, there is nothing wrong with demolishing structures serving as a security threat to offices belonging to senior government officials.

“Therefore, let all of you that know that you are IDPs write down your names for proper documentation,” he said.

In the meantime, the Police Command in Niger has confirmed the killing of “many bandits” by the Joint Security Task Force in the North-Central state.

Mr Bala Kuryas, its commissioner, told the newsmen, on Wednesday in  Minna that several bandits were neutralised by the joint security task force “in the last few days”.

“We also recovered several motorcycles and cows during the operations.

“We have put in place sensitive security measures that will deal with any unforeseen circumstances in our area of supervisions.

” All we require from members of the general public is vital information that could aid our men on the ground to deal with any form of security threats,” he said.

Meanwhile, the Niger Government has said that 200 bandits were killed by the joint security tasks force in the last three days in different parts of the state.

Mr Emmanuel Umaru, Chairman, Joint Security Taskforce and Commissioner for Local Government and Chieftaincy Affairs, disclosed this to newsmen on Wednesday.

Umaru said that several bandits were neutralised at Kundu village of Rafi Local Government.

“We are making progress in the ongoing fight against banditry, kidnapping, cattle rustling and other criminal elements in our state.

“The exchange of fire between the gunmen and the Joint Security TaskForce and vigilante outfits led to the killing of several bandits.

“We also recovered over 100 motorcycles and cows in the last three days in Rafi, Wushishi and Mashegu Local Government Areas.”

He explained that most of the cows recovered were handed over to the rightful owners.

The Commissioner regretted that two security personnel died during the operation.

According to him, the police tactical squad and the military have been deployed to areas where the bandits operate.

“Our goal is to track down the criminals.

“We appeal to residents to assist security personnel with reliable information that could aid in apprehending miscreants.

“The security measures already in place across the 25 Local Government Areas will make it difficult for bandits to operate,” he said.



Selloffs In MTN, Others Drag Market N25bn Down



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. 

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Stock Market Maintains Positive Trends, Up 0.11%



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.

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



 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

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