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Economy

NLC restates plan to embark on strike over fuel price increase

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NLC seeks downward review of media operating licences

… As APC says PDP’s allegation on destruction of LG polls posters by APC laughable***

The Nigeria Labour Congress(NLC) has reiterated its threat to embark on nationwide strike over plans to further increase the price of Premium Motor Spirit (PMS), known as fuel.

The NLC President, Mr Ayuba Wabba said this in a communique jointly signed with Mr Ismail Bello, Acting General Secretary of NLC on Thursday in Abuja.

The communique was issued at the end of a virtual meeting of the NLC National Executive Council (NEC) held on May 25.

Wabba said that the NEC-in-session also reviewed the proposal by the Nigerians Governors Forum for a three hundred per cent increase in the price of petrol.

Also read: FG constitute 10- man Committee on NLC, Kaduna govt face-off

He said NEC resolved that the proposal was the height of provocation, arbitrariness, detachment and insensitivity to the current economic realities in the country.

He said that it also indicated lack of sensitivity to the extreme hardship that Nigerians especially workers are going through.

He said NEC reiterated that it still stands solidly by its decision taken at its meeting which took place on Feb. 17 to reject further increases in the price of refined petroleum products particularly the PMS.

”The NEC also re-echoed its decision that the only sustainable way out of the crisis of fuel importation and associated dislocations in the downstream petroleum sub sector is for government to rehabilitate all four public refineries in Nigeria and build new ones.

”The NEC resolved that any decision to increase by even one cent the price of refined petroleum products especially PMS will attract an immediate withdrawal of services by Nigerian workers all over the country without any further notice.

”The NEC resolved to write officially to the Federal Government conveying the plight of Nigerian workers, the concerns of Congress and the resolutions of the NEC on the matter of fresh proposals for an increase in the pump price of fuel,”he said.

The NLC President also said that NEC resolved to continue to keep its doors open for dialogue and amicable resolution of the industrial crisis occasioned by the mass sack of workers by the Kaduna State Government.

He added that NEC resolved that in case the Kaduna State Government continues to pursue the path of war, threat and punitive actions against workers and their interests.

”That NEC had given the National Administrative Council (NAC) the power to re-activate the suspended industrial action in Kaduna State and also call for the withdrawal of services of all workers in Nigeria without any further notice, “he said.

Wabba, however, noted that NEC called on the National Assembly to retain Labour administration, National Minimum Wage, Pension and Industrial Relations in the Exclusive Legislative List of the Constitution.

He added that NEC directed the full mobilisation of workers at all the Zonal Public Hearings to lend weight to the demands and aspirations of Nigerian workers in the ongoing review of the 1999 Constitution.

In another development, the ruling All Progressives Congress (APC) in Lagos State has described as laughable allegations by the People’s Democratic Party (PDP) that APC supporters destroyed PDP’s campaign posters.

APC Spokesman, Seye Oladejo, in a statement on Thursday in Lagos, urged the main opposition party to rather look inwards.

“The allegation is laughable. I will advise the opposition PDP to look inwards for their perceived enemies. The permanent conflict in PDP is well known to all and sundry in the country.

“The tradition has been for the internal wrangling to always raise its ugly head to a higher level whenever there’s an election.

“It is noteworthy that the candidates for the elections are yet to emerge from the two parties. So, it does not add up to fight opponents that you don’t even know.

“The PDP chairman should focus on the serious business of having electable candidates for the forthcoming elections rather than start chasing shadows,” Oladejo said.

The newsmen recall that PDP, in a statement on Wednesday by its Lagos State Chairman, Adedeji Doherty, alleged that APC supporters were culpable in the destruction of party’s campaign banners and posters ahead of July 24 Local Government elections.

 

Economy

NGX Market Capitalisation Gains N836bn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Tantalizers, NASCON lead the losers’ chart 

The Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N57.697 trillion on Tuesday, gained N836 billion or 1.45 percent closing at N58.533 trillion.

Also, the All-Share Index rose by 1.45 percent or 1,480 points to close at 103,524.44, as against 102,044.84 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 38.45 percent.

Interest in Telco heavyweight and Tier-one banks such as MTN Nigeria, UBA, Access Corporation, Guaranty Trust Holding Company(GTCO), and sustained interest in Transcorp Power(TransPower) kept the market in the green.

Market breadth closed positive with 35 gainers and 14 losers.

On the gainer’s chart, UBA led in percentage terms of 10 to close at N25.30, followed by MTN by 9.98 percent to close at N243.50 per share.

Julius Berger also gained 9.71 percent to close at N61, While Access Corporation rose by 9.51 percent to close at N22.45 per share.

Veritas Kapital Assurance went up by 9.38 percent to close at 70k per share.

Conversely, Tantalizers led the loser’s chart by 7.89 percent to close at 35k, and National Salt Company of Nigeria(NASCON) trailed by 6.77 percent to close at N53.70.

Morison Industries Plc shed 6.62 percent to close at N1.41, C&I Leasing lost 6.45 percent to close at N3.48, while Cutix Plc dropped 6.30 percent to close at N2.53 per share.

However, analysis of the market activities showed trade turnover settled lower, relative to the previous session.

The value of transactions was also down by 16.76 percent.

A total of 565.79 million shares valued at N14.23 billion were exchanged in 11,519 deals,  compared to 436.90 million shares valued at N17.09 billion exchanged in 11,344 deals traded on Monday.

On the activity chart, Transcorp led in volume with 170.72 million shares traded at a value of N3.13 billion, Access Corporation followed by 48.57 million shares valued at N1.06 billion.

GTCO sold 39.04 million shares worth N165.80 million, Jaiz Bank traded 36.78 million shares valued at N72.51 million and UBA transacted 31.96 million shares valued at N796.24 million

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Economy

SIFAX Group Appoints Basil Agboarumi As Executive Director

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SIFAX Group, one of the leading business conglomerates in Nigeria with investment in Maritime, Aviation, Oil & Gas, Haulage & Logistics, Financial Services, and Hospitality, has appointed Basil Agboarumi as its new Executive Director of corporate and Intergovernmental Affairs.

Agboarumi recently completed his term as the Managing Director/CEO of the Skyway Aviation Handling Company Plc. (SAHCO Plc.), one of the subsidiaries of SIFAX Group.

Agboarumi holds a National Diploma (OND) in Mass Communication from the Federal Polytechnic, Auchi and a Higher National Diploma (HND) in Mass Communication from the Federal Polytechnic, Oko, a Master in Communications (MSc) from the Lagos State University and a Certificate in Creative Design & Digital Communications from the School of Media & Communications of the Pan-Atlantic University, Lagos. He also holds a Management Certificate in Civil Aviation from Concordia University, Montreal, Canada.

Basil Agboarumi, Executive Director, Corporate and Intergovernmental Affairs

After the privatization and subsequent takeover of SAHCOL by SIFAX Group in 2009, Agboarumi was appointed the Head of Corporate Communications to spearhead the re-branding of the new company. He was subsequently appointed the company’s Managing Director in 2018. Under his leadership, SAHCO Plc was listed on the Nigeria Stock Exchange while many airlines, both local and foreign, signed business deals with the company due to its excellent and cutting-edge services which include passenger handling, ramp handling, and cargo handling.

Agboarumi has over 25 years of professional in public relations, reputation management, brand development, media relations, business development, and government relations.

Speaking on the new appointment, Dr. Taiwo Afolabi, Chairman, SIFAX Group, said Agboarumi brings vast experience and records of achievements to his new role, adding that these qualities will help him succeed in the new role.

He said: “He demonstrated the capacity and ability to navigate different terrains as a leader during his time as the Managing Director of SAHCO. The COVID-19 pandemic hit shortly after he took over the reins at SAHCO, but he was able to steer the ship of the company to profitability despite the uncertainties that characterised the global aviation business at the time. I am convinced the Group will benefit tremendously from his wealth of experience as he assumes this new role.”

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Economy

NGX All-Share Index Crosses 100,000 Mark

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Guinness Nigeria and FTN Cocoa Processors lead the losers’ table

The All-Share Index, one of the performance indices of the Nigerian Exchange Ltd.(NGX), on Thursday, crossed a 100,000 mark for the second time in the year.

Having crossed the mark on Jan. 24, and later dropped, the All-Share Index specifically added 0.75 percent or 744 points to settle at 100,335.3, compared to 99,591.64 posted on Wednesday.

Consequently, investors gained N420 billion or 0.75 percent, as the market capitalisation which opened at N56.310 trillion, closed at N56.730 trillion.

Also, the Year-To-Date (YTD)return rose to 33.19 percent.

Improved buy interest in the shares of Dangote Sugar, MTN Nigeria, Transcorp Power, Oando Plc, and Cornerstone, alongside other top gainers drove the equity market to a positive terrain.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 9.11 percent.

However, market breadth closed negative with 33 losers and 25 gainers.

On the gainers table, Dangote Sugar and MTN led in percentage terms of 10 percent each to close at N50.60 and N201.30 per share, respectively.

Transcorp Power followed closely by 9.99 percent to close at N351.30, while Juli Plc added 9.96 percent to close at N4.97 per share.

National Salt Company of Nigeria (NSCN) rose by 9.92 percent to close at N47.65 per share.

On the other hand, Guinness Nigeria and FTN Cocoa Processors led the losers’ table by 10 percent each to close at N45.90 and N1.53 per share, respectively.

Transcorp also lost 9.95 percent to close at N17.10, Ikeja Hotel shed 9.93 percent to close at N6.08, while Redstarex declined by 9.87 percent to close at N3.38 per share.

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

A total of 554.72 million shares valued at N17.73 billion were exchanged in 9,708 deals, compared to 416.48 million shares valued at N19.51 billion exchanged in 9,338 deals.

On the activity table, Transnational Corporation (Transcorp) led both in volume and value with 301.36 million shares traded in value of  N5.65 billion.

Sterling Nigeria sold 33.32 million shares worth N150.78 million, while FBN Holdings traded 23.21 million shares valued at N773.91 million.

Also, United Bank of Africa (UBA) transacted 18.38 million shares worth N400.29 million and Zenith Bank sold 17.08 million shares valued at N583.93 million.

Reacting, a stockbroker with Premium Capital, Mr Victor Ibrahim, said that the improved performance of the equity market was due to renewed investors’ expectations from the current government’s policies.

Ibrahim stated in Lagos that investors were keying into the future benefits of the economy by boosting their investment in the equity market.

He said, “The stock market is a leading indicator of the Nigerian economy and as such, with government policies such as the free-flow economy, investors confidence in our market has been boosted.

“The artificial scarcity of dollars in order to underprice or devalue the Naira is also another indicator.

“This is because the price of stocks in the Nigerian equity market is cheaper for foreign investors and those local investors who have dollars in reserve.

“While the Nigerian economy may presently appear tough, investors are keying into the future opportunities in the current government’s policies with the belief in the capacity of President Bola Tinubu.”

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