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NGX indices up 0.19%

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… As NGX announces resignation of Onyema as Non-Executive Director***

The domestic stock market yesterday increased further by 0.19 per cent, amid sustained investors’ positive sentiment.

The market’s performance was a result of investors’ buy interest in mainly consumer goods and industrial sectors.

The All Share Index (ASI) increased by 78.79 points, representing a growth of 0.19 per cent to close at 41,129.98 from 41,051.19 recorded on Wednesday.

Similarly, the market capitalisation which opened at N21.391 trillion gained N41 billion or 0.19 per cent to close at N21.432 trillion.

The growth was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Seplat Energy, FBN Holdings (FBNH), Stanbic IBTC Holding, Lafarge Africa and Nigerian Breweries.

Analysts at Afrinvest Limited said, “We expect the bullish performance to be sustained in the next trading session, driven by improved investor sentiment in anticipation of third quarter earnings releases.”

Also read: NGX relaunches market making programme to deepen liquidity

Also, market breath closed positive with 21 gainers and 14 losers.

Champion Breweries drove the gainers’ table in percentage terms by 9.71 per cent to close at N3.05 per share.

Africa Prudential followed with 7.81 per cent to close at N6.90, while FBNH appreciated by 7.31 per cent to close at N11.75 per share.

Universal Insurance rose by 4.76 per cent to close at 22k, while Chams appreciated by 4.35 per cent to close at 24k per share.

Conversely, learn Africa led the losers’ chart in percentage terms by 10 per cent to close at N1.26 per share.

Ecobank Transnational Incorporated trailed with 8.16 per cent to close at N6.75, while Wapic Insurance lost six per cent to close at 47k per share.

Linkage Assurance shed five per cent to close at 57k, while NEM Insurance depreciated by 4.46 per cent to close at N1.93 per share.

The total volume traded increased by 103.52 per cent to 908.06 million shares worth N10.97 billion in 5,151 deals.

This was against 446.17 million shares valued at N4.47 billion exchanged in 4,704 deals on Wednesday.

Transactions in the shares of FBNH topped the activity chart with 602.77 million shares valued at N7.11 billion.

Guaranty Trust Holding Company followed with 63.75 million shares worth N1.81 billion, while Champion Breweries traded 37.68 million shares valued at N114.84 million.

Universal Insurance sold 21.91 million shares worth N4.57 million, while United Bank for Africa transacted 21.17 million shares worth N176.70 million.

In the same vein, the Nigerian Exchange Limited (NGX), has announced the resignation of Mr Oscar Onyema, as Non-Executive Director, ahead of NGX Group’s Friday listing.

The Chairman, NGX, Mr Abubakar Mahmoud, said this in a statement on Thursday in Lagos.

He said that the resignation was with immediate effect.

Onyema’s resignation comes on the back of the imminent listing of Nigerian Exchange Group Plc (NGX Group), where he serves as the Group Managing Director/Chief Executive Officer (GMD/CEO), on the main board of NGX.

“Consequent upon this resignation by Onyema, NGX will uphold Rule 184(2)(a) of the Securities and Exchange Commission Consolidated Rules 2013.

The rule states that a securities exchange shall have a code of conduct for its council members or board which shall be approved by the Commission, and shall contain amongst others the following provisions, to wit, that the council members or board shall: (a) not be a staff of a quoted company and its subsidiaries.

“On behalf of the Board and Management of The Exchange, I extend our heartfelt gratitude to Mr Onyema for his selfless service to The Exchange.

“As he transitions into this new phase as the GMD/CEO of a listed company, we reiterate our commitment to act in the best interest of all issuers to the benefit of all stakeholders in the capital market,” Mahmoud said.

Also speaking, the Chief Executive Officer, NGX, Mr. Temi Popoola, commended Onyema for his contributions to the NGX.

“NGX owes its solid foundation to the effort of leaders like Mr Onyema who worked tirelessly to build a capital market infrastructure we can be proud of.

“During his time as a Non-Executive Director on the Board of NGX, Onyema brought to bear his wealth of experience and the unique institutional knowledge he possesses and we are grateful for that,” Popoola said.

 

Economy

LASG Issues Travel Advisory Ahead Of Students Rave Event

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LASG Issues Travel Advisory Ahead Of Students Rave Event

… Says traffic will be restricted between Police Zonal Headquarters, Zone 2 and Onikan Roundabout from 7:00 am*** 

The Lagos State Government has advised Motorists to plan their movement around Mobolaji Johnson Arena, Old Onikan Stadium, Lagos Island ahead of the Students Rave 2023 event scheduled for Friday, 27th January 2023.

As a result of the above rally, the Commissioner for Transportation, Dr. Frederic Oladeinde disclosed that traffic will be restricted between Police Zonal Headquarters, Zone 2 and Onikan Roundabout from 7:00 am on the aforementioned day. He assured that Officers of the Lagos State Traffic Management Authority, (LASTMA) will be available to manage traffic flow.

Explaining the alternative routes, Oladeinde advises Motorists plying Island Club road by Police Headquarters Zone 2, Onikan to go through Ozumba Mbadiwe road inbound Falomo Bridge (Five Cowries Bridge) to link Alfred Rewane and Osborne road to complete their journeys.

In the same vein, Motorists from Bonny Camp according to the diversion plan can access CMS/Marina Bridge after Independence Bridge (Mekunwen Bridge) and loop it down towards Cathedral Church to connect Lagos Island proper through Odunlami Street for their desired destinations,

The Transport Commissioner also advises Motorists to utilize Force road beside Muson Centre to link J.K Randle Avenue (Race Course) or go through Onikan Roundabout to connect JK Randle Avenue/Water Board area to access CMS Bridge by the State House/Old NITEL Building.

He further explained that Water Board inbound Broad Street to Tinubu Square will be available to Motorists, adding that they can equally access Old Defense road/ Ganiyu Smith from Water Board to link Igbosere/Sandgrouse to Simpson Street and connect Third Mainland Bridge to continue their journeys to other parts of the State.

The Transport Commissioner reiterated that Security and Law Enforcement Agencies will be at all strategic junctions and intersections to ensure the safety and security of all road users and the free flow of traffic within the perimeter of the venue and alternative routes outside the venue.

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Economy

Aregbesola: Immigration Produced More than 1.7m Passports in 2022

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Aregbesola: Immigration Produced More than 1.7m Passports in 2022

…Agrees there are human-induced challenges***

Minister of Interior, Ogbeni Rauf Aregbesola, said in Abuja on Thursday that the Nigeria Immigration Service (NIS) produced more than 1.7 million passports in 2022.

Fielding questions at the 64th edition of the State House briefing organised by the Presidential Communications Team, Aregbesola said the figure was a landmark achievement.

He rated the Ministry of Interior and its agencies as having scored above 80 percent in terms of performance.

“By Dec. 31, 2022, we produced more than 1.7 million passports.

“In the annals of Nigeria that has not happened before; as I am talking to you, we have more than 200,000 booklets in our store.

“We are not denying the fact that there are human-induced challenges if you look at the number of applications, vis-a-vis the number of passports produced.

“We are above 80 percent in performance; in any way, take it as given that we produced more than 1.7 passports in 2022,’’ Aregbesola said.

The minister said that a presidential directive had been issued with regard to the domestication of passport production.

He said the Ministry of Interior, in collaboration with the NIS, had impanelled a “project steering committee’ with a mandate to actualise the goal.

Aregbesola also said there was a major reformation and digitisation of passport issuance and administration as a temporary electronic passport had been introduced.

“We are digitising the process; my plan was to fully digitise the Ikoyi Registry in Lagos by Dec. 2022 but I could not fully achieve that.

“What does that mean? When this process is concluded, an applicant does not need to bring anything anymore; you complete your process online and by that time, you don’t need an agent.

“There can’t be racketeering. I am on it and I want to guarantee that we will do it before we leave.

“We have also concluded arrangements on the temporary passport issue; we have the passport, but we have some issues with our sister ministry – the Ministry of Foreign Affairs and we are solving it,’’ he said.

According to the minister, the temporary passport will facilitate a return to Nigeria for Nigerians living abroad if they need to get back in emergencies and did not have current passports.

Such Nigerians would return home, carrying their expired passports also, the minister said.

“Much as that won’t be a problem for us to take at our reception desk, some airlines could be difficult.

“I can even tell you that we are discussing with South Africa now; South Africa does not allow the use of expired passports as a nation contrary to International Civil Aviation Orgnanisation (ICAO) regulation.

“ICAO says that every citizen of a nation dead or alive cannot be denied entry to his home; which is logical anyway.

“The last time I treated a file from South Africa through the Ministry of Foreign Affairs, they were insisting that if one’s passport is not current, one cannot be taken in or out of South Africa’s space.

“It is their policy; you cannot deny a nation its national policies and programmes.

“To avoid that, we introduced what is called temporary electronic passport; it is a one-way passport to return home,’’ Aregbesola explained.

He said that under the temporary passport regime, citizens who had the data pages of their expired passports could take them to Nigeria’s embassies to get the temporary electronic passport after paying the appropriate fees.

“The temporary electronic passports are almost exactly the same as their expired passports.

“It does not have more than one page to take you home; when you hold the electronic passport, you cannot go anywhere but home.

“We are still in negotiation with the Ministry of Foreign Affairs,’’ Aregbesola said.

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Economy

Court Again adjourns, for report of settlement in suit against Dana Air MD

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Court Again adjourns, for report of settlement in suit against Dana Air MD

…Ranesh still shuns Court*** 

 A Federal High Court, Abuja has fixed May 31 for report of settlement in a suit filed by the office of Attorney-General of Federation (AGF) against Managing Director (MD), Dana Air, Hathiramani Ranesh.

Justice Obiora Egwuatu fixed the date on Wednesday following an oral application for adjournment by counsel to the AGF, M. Okeya.

Though the prosecution counsel was in court when the matter was called, neither Mr Ranesh nor his lawyer was in court.

The suit, marked FHC/ABJ/CR/101/21 which was number 10 on the day’s cause list, was for the arraignment of Ranesh and two others.

Upon resuming the hearing in the case, Okeya told Justice Egwuatu that the parties in the suit were exploring settlement options.

The lawyer, who informed that a sister case was also before a Lagos court, said the matter would be coming up later in the year.

She, however, sought a longer date for a report on the outcome of settlement and the judge consequently adjourned the case until May 31 for a report.

Egwuatu had, on Oct. 13, 2022, adjourned the matter until Jan. 25 for arraignment of the defendants following the absence of Mr Ranesh and the prosecution lawyer in court.

However, Ranesh’s counsel, Ade Adedeji, SAN, was in court and he hinted that the prosecution and the defence were exploring reconciliation.

It is incisive that since the commencement of the matter, Dana Air MD had not been present in court.

On June 30, 2021, when the matter came up, while other defendants were in court, Ranesh was absent.

Adedeji had told the court that the absence of his client in court was to the knowledge of the prosecution.

When the matter was called, Adedeji, said he was in court to represent Ranesh after they were served with the notice of arraignment.

The lawyer had told the court that his client was not in the country.

“The charge before this honourable court is a serious matter.

“We came in from Lagos just to come and explain to your lordship the circumstances that informed our acceptance of service without knowing that the date is coming so soon.

“We didn’t know before we accepted it. We have an option not to accept this but as officers in the temple of justice, we felt we are under obligation to accept on his (Ranesh’s) behalf.

“But to the knowledge of counsel to the prosecution, the principal defendant is not in the country which was made known to the prosecution.

“It is on the basis of these circumstances that we shall be appealing to your lordship for an adjournment my lord to enable the defendant appear before this honourable court,” he had said.

Counsel to the AGF, Wilson Michelangelo, did not oppose the request for an adjournment, and the judge fixed Oct. 13, 2021, for arraignment of the suspects.

On Oct. 13, 2021, when the matter came up, Justice Egwuatu was said to be on an official engagement in Lagos State and the matter could not proceed.

Although the counsel who appeared for the AGF, Moshood A., and lawyer to the defendant, Adedeji, SAN, were in court, Mr Ranesh was not.

Consequently, the court then fixed Feb. 15, 2022, for the arraignment of Mr Ranesh and two other defendants in the matter and on the adjourned date, the case was also fixed for May 26, 2022, for arraignment.

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