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Labour Party adopts PDP’s Gov. Makinde as Oyo State’s guber candidate



Court blocks Oyo State Govt.’s accounts in four banks over N3.4bn debt

…APC Spokesperson says Party didn’t endorse Makinde’s re-election***

Labour Party (LP) in Oyo State on Sunday in Ibadan adopted Gov. Seyi Makinde of the Peoples Democratic Party (PDP) as its candidate for the March 11 governorship election.

LP chairman, Mr. Sadiq Atayese, told a news conference that the state’s Working Committee of the party believed in the emergence of Makinde, a candidate with character, competence and capacity in the interest of the citizens.

He said, however, that the electorate should vote for LP candidates at the state assembly elections.

“Going by the results of the Feb. 25 presidential election and political realities in our state, it is obvious that no individual party can win the coming gubernatorial election single-handedly.

“The main priority should be to ensure that citizens win through the election of a candidate that best serves their collective interests.

“Against this backdrop, the right thing now is for parties and their candidates to form alliances with candidates of like ideology,’’ he said.

According to Atayese, LP in Oyo State has decided to work with the candidate whose ideology tallies with its own in terms of security of lives and property, infrastructural development, food security, education and human capital development.

“It is of note that the present PDP administration under Gov. Makinde has presented its scorecard from the health sector with the provisions of Primary Healthcare Centres in every ward to security and others.

“There is no doubt that his governance ideas in the establishment of the Park Management System which other states now emulate have made him a leader with uncommon innovation.

“From our evaluation as a party, Makinde has done well and we know that continuous development of a state is a function of stability in governance,’’ he said.

Atayese stressed that there had been meaningful development in Oyo State in the last four years; hence, it was only logical that the good work should continue.

“We have the responsibility to maintain the nobility of our heritage and we the citizens have to stand by it.

Labour Party adopts PDP’s Gov. Makinde as Oyo State’s guber candidate
Pic from left: Deputy Chairman Oyo South Labour Party (LP), Mr Sola Ayodele; Chairman, LP Oyo State, Sadeeq Atayese; Deputy Chairman, Oyo North, LP, Alhaji Gbaniyu Salawu; at a Press Conference by Chairman LP Oyo State declaring support for Gov. Seyi Makinde of Oyo State.

“We took a thorough assessment of the various governorship candidates for the March 11 election in terms of character, competence, capacity and compassion for the people.

“Gov. Makinde excelled over the others; therefore, LP in Oyo state has decided to use its structure throughout the 33 local government areas to support his re-election for another four years of giant development,’’ Atayese stressed.

In another development however, the All Progressives Congress (APC) in Oyo State says there is no group within its fold that endorsed Gov. Seyi Makinde’s re-election bid.

This is contained in a statement signed by the APC Publicity Secretary in the state, Mr. Olawale Sadare, on Sunday in Ibadan.

The APC was reacting to a media report, which claimed that some pro-Tinubu Support Groups, had ditched the party’s governorship candidate, Sen. Teslim Folarin, for Makinde.

The groups namely Southern for Tinubu BAT Democracy, Yoruba Campaign for BAT, and Tinubu Campaign Movement had allegedly endorsed Makinde’s re-election bid.

Sadare said the groups were not known to the party, adding that all the known pro-Tinubu Support Groups were registered with the party.

“First and foremost, we would like to state that there are no pro-Tinubu Groups registered with Oyo APC by the names mentioned above.

“The names mentioned in the fallacious news report are fictitious.

“The latest fake news came from the same unscrupulous elements who promoted one non-existing Alhaji Bashir Adeola as Oyo APC Chieftain purportedly supporting the governor,” he said.

According to him, APC is alerting members of the public, particularly voters in the state to be wary of the antics of these merchants of lies and propaganda who are being sponsored.

“They are being sponsored to promote fake endorsement of the governor’s second term ambition with a view to mislead the electorate,” Sadare said.

He described the report of such endorsement as “a manifestation of cowardice, undue pressure and desperation”.

Sadare said that no reasonable politician in the state would trust Makinde again in spite of the fate allegedly suffered at his hands by those who assisted him to become governor in 2019.

He said: “As a serious political party, our focus is on the March 11 Governorship and House of Assembly election where we are poised to better the feat we recorded on Feb. 25.

“We would not allow any confused desperado to distract us and it is at this juncture that we are appealing to the good people of the state to be resolute.

“They should stand their ground and be ready to prevent Oyo state from falling into opposition again under Tinubu’s presidency,” the APC spokesperson said. 

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Super Eagles beat hosts Guinea Bissau, to reclaim Group ‘A’ leadership



Super Eagles beat hosts Guinea Bissau, to reclaim Group 'A' leadership

The Super Eagles on Monday in Bissau beat hosts Guinea Bissau 1-0 to reclaim leadership of Group A in the 2023 Africa Cup of Nations (AFCON) qualifiers.

Moses Simon’s penalty kick after 29 minutes gave the Nigerian senior men’s football team the needed win to move to nine points after four matches.

They have now upstaged from the apex position Guinea Bissau who toppled them on Friday in Abuja with a 1-0 win.

Guinea Bissau is with seven points from four matches and in second place, ahead of Sierra Leone who has five points from four matches.

Nigeria is expected to now face the Leone Stars of Sierra Leone in a Match Day 5 fixture.

 Details later  

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Banking & Finance

NGX: Investors Lose N622bn, as NCR Nigeria, Unity Bank lead Losers’ chart



NGX: Investors Lose N622bn, as NCR Nigeria, Unity Bank lead Losers’ chart

The domestic stock market on Nigeria Exchange Ltd. (NGX) continued on a negative note as the market capitalisation on Monday dropped by N622 billion amid sustained profit-taking activities.

Accordingly, investors lost N622 billion in value as market capitalisation declined to  N29.281 trillion from N29.903 trillion recorded at the previous session.

The All-Share Index (ASI) fell by 1,141.76 points, representing a decline of 2.08 percent, to close at 53,750.77 points as against the 54,892.53 posted on Friday.

Consequently, the ASI’s year-to-date (YTD) return fell to 4.88 percent.

The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Airtel Africa, Seplat Energy, MTN Nigeria Communications (MTNN), Nigerian Breweries and Lafarge Africa.

“We expect risk-on sentiments to be sustained in the equities markets even as the depressed interest rate environment will continue to favour the local bourse in line with our expectations for Q1, 2023.

“Taking positions in stocks with solid valuations and dividend yields ahead of the dividend-paying season remains the choice strategy.

“However, we see room for extended profit-taking activities,” Analysts at United Capital Plc said.

The market breadth was negative as 21 stocks lost relative to five gainers.

Courteville Business Solutions recorded the highest price gain of 6.67 percent to close at 48k per share.

NPF Microfinance Bank followed with a gain of 2.7 percent to close at N1.90 and AIICO Insurance up by 1.75 percent to close at 58k per share.

FBN Holdings (FBNH) rose by 0.92 percent to close at N11, while Zenith Bank gained 0. 2 percent to close at N25 per share.

Conversely, NCR Nigeria led the losers’ chart by 9.79 percent to close at N2.12, per share.

Unity Bank followed with a decline of 9.43 percent to close at 48k, while Prestige Assurance declined by 8.89 percent to close at 41k, per share.

SUNU Assurance declined 8.33 percent to close at 44k, while Multiverse Mining and Exploration and Airtel Africa shed 8.31 percent each to close at N2.98 and N1,420 respectively per share.

Also, the total volume traded decreased by 26.66 percent to 100.883 million units, valued at N4.342 billion and exchanged in 3,279 deals.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 12.836 million shares valued at N318.513 million.

Zenith Bank followed with 11.920 million shares worth N297.982 million, while United Bank for Africa (UBA) traded 10.038 million shares valued at N80.242 million.

MTNN traded 8.264 million shares valued at N1.927 billion, while FBNH transacted 7.719 million shares worth N84.577.

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MARITIME SAFETY: NIMASA, NCC Close Ranks On Submarine Cable Regulation In Nigeria



MARITIME SAFETY: NIMASA, NCC Close Ranks On Submarine Cable Regulation In Nigeria

…Jamoh reiterates  commitment to Ease of Doing Business 

The Nigerian Maritime Administration and Safety Agency, NIMASA, and the Nigerian Communications Commission (NCC) have agreed to work closely with relevant stakeholders as the Agency inches closer to developing a regulatory framework to provide operational guidelines for Submarine Cable and Pipeline Operators in Nigeria. 

Officials of both organs of Government in Lagos reached this agreement at a pre Audit meeting on submarine cable regulation.

The Director General of NIMASA Dr. Bashir Jamoh, OFR, who chaired the meeting, which also had the Director General of Bureau of Public Service Reforms (BPSR) Mr. Dasuki Arabi in attendance, noted that the Agency is committed to the Ease of doing Business while implementing International Conventions which Nigeria has ratified and domesticated. 

He noted that with Nigeria now a destination for global communication players, the time has come to prevent unregulated underwater cable laying, which might become hazardous to shipping.

According to him, “It is worthy to note that marine cable laying has been ongoing for over two decades in Nigerian waters. Our focus is to ensure safety of navigation of shipping in Nigerian waters with all these underwater cables being laid.

NIMASA is actually developing the guidelines to regulate submarine cable operators in line with the provisions of the United Nations Convention on the Law of the Sea, UNCLOS; which we have ratified and NIMASA is the Agency of Government in Nigeria responsible for its implementation. We do not just implement laws; we consult. Where the responsibility of an Agency stops, that is where the responsibilities of another Agency start. Collaboration is a key component of ease of doing business in the best interest of the country and we will work closely with the NCC to achieve this”.

On his part, the Executive Vice Chairman of the NCC, Professor Umar Garba Danbatta who was represented by the Director, Compliance Monitoring and Enforcement, Efosa Idehen noted that the stakeholders’ dialogue strategy adopted by NIMASA in developing the guidelines would ensure a win-win situation urging NIMASA management to include the Ministry of Justice, a request NIMASA DG immediately granted.

Also speaking at the meeting was the Director General of the Bureau of Public Service Reforms Mr. Dasuki Arabi, who commended NIMASA and NCC for adopting effective Inter-Agency collaboration to avert a potential challenge for the country in the future.

NIMASA had notified submarine and cable operators in Nigeria of a soon-to-be-implemented regulatory guideline for submarine cables and pipelines in Nigeria, in line with the provisions of UNCLOS. NIMASA and the NCC agreed to identify and resolve areas of likely regulatory overlaps, ensuring a regulatory framework based on consultation to engender the attainment of Nigeria’s digital economy transformation.

Officials of the Federal Ministry of Environment and representatives of Submarine Cable operators in Nigeria were also at the meeting.

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