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Economy

Q3 results: NGX rebounds by 0.41%

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The Nigerian stock market rebounded by 0.41 per cent on Thursday following investors’ interest in MTN Nigeria Communications (MTNN) and 20 others.

Specifically, the All-Share Index which opened at 41,789.59 rose by 171.55 points or 0.41 per cent to close at 41,961.14.

Consequently, month-to-date and year-to-date gains increased to 4.3 per cent and 4.2 per cent, respectively.

Also, the market capitalisation inched higher by N90 billion or 0.41 per cent to close at N21.898 trillion from N21.808 trillion on Wednesday.

Analysts attributed the rebound to investors reaction to the third-quarter results released some companies at the exchange recently.

The positive performance of the market was driven by price appreciation in large and medium capitalised stocks which are; Nigerian Breweries, Guinness, MTNN, Cadbury and Lafarge Africa.

Also read: Q3 results: NGX opens week bullish with N27bn growth

Consequently, the market closed positive with 22 gainers as against 13 losers.

Cadbury, Guinness and University Press drove the gainers’ chart in percentage terms with 10 per cent each to close at N8.80, N33 and N1.98 per shaee, respectively.

AIICO Insurance followed with 9.71 per cent to close at N1.18, while Nigerian Breweries went up by 6.37 per cent to close at N54.25 per share.

Ecobank Transnational Incorporated rose by 6.21 per cent to close at N8.55, while UPDC Real Estate Investment Trust gained 6.21 per cent to close at N8.55, per share.

On the other hand, AXA Mansard Insurance led the laggards’ chart in percentage by 6.02 per cent to close at N2.34 per share.

Japaul Gold and Ventures followed with 4.44 per cent to close at 43k, while Courteville Business Solutions lost 4.35 per cent to close at 44k per share.

Mutual Benefits Assurance lost 3.45 per cent to close at 28k, while NEM Insurance and Lasaco Assurance shed 2.50 per cent each to close at N1.95 and N1.17 per share, respectively.

Also, the total volume of trades rose by 96.38 per cent to 558.889 million shares valued at N4.40 billion in 4,683 deals.

This was in contrast with 284.60 million shares worth N3.20 billion transacted in 5,036 deals on Wednesday.

Transactions in the shares of FBN Holdings topped the activity chart with 75.46 million shares valued at N898.01 billion.

AIICO Insurance followed with 18.42 million shares worth N17.81 million, while ETI traded 17.32 million shares valued at N137.32 million.

Transcorp sold 15.21 million shares valued at N15.49 million, while Fidelity  Bank transacted 14.03 million shares worth N38.53 million.

 

Economy

LASG Reiterates Ban On Commercial Motorcycles In Restricted Areas

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LASG Reiterates Ban On Commercial Motorcycles In Restricted Areas

The Lagos State Government has reiterated that the ban on commercial motorcycles popularly called ‘okada’ in 10 Local Government Areas, (LGAs) and 15 Local Council Development Areas, (LCDAs) in the metropolis still persists.

Special Adviser to the Governor on Transportation, Hon. Sola Giwa declared this at the weekend, while on tour of some restricted areas within the state, where large numbers of motorcyclists (okada riders) had resumed operations.  

Reaffirming the State Government’s ban on okada in the Local Government Areas which include; Kosofe, Oshodi-Isolo, Somolu, Mushin, Apapa, Ikeja, Lagos Island, Lagos Mainland, Surulere and Eti-Osa, as well as the Local Council Development Areas under them which are; Ojodu, Onigbongbo, Lagos Island East, Yaba and Coker Aguda. With others at; Itire-Ikate, Eti-Osa West, Iru Victoria Island, Ikoyi-Obalende, Ikosi-Isheri, Agboyi-Ketu, Isolo, Ejigbo, Bariga and Odi-Olowo, the Transport Special Adviser urged both riders and passengers to keep off.

He implored the general public to comply as both the riders and passengers are liable to 3 years in prison if apprehended and prosecuted, with their motorcycles impounded and crushed in the public view, in line with the provision of Section 46, sub-section 1, 2 & 3 of the Transport Sector Reform Law (TSRL), 2018.

While soliciting support on government policies by all and sundry, the Special Adviser noted that despite the available existing interventions and viable alternatives provided for okada operators which were expected to cushion the effect of the ban on their livelihood, the recalcitrant riders have refused to take advantage of them.

Highlighting some of the viable alternatives made available for the operators by the State Government, Giwa stated that the; Ministry of Women Affairs and Poverty Alleviation (WAPA); (vocational training), Ministry of Wealth Creations and Employment; (internship programmes), Office of Civic Engagement, Office of Sustainable Development Goals (SDGs), Lagos State Employment Trust Fund (LSETF) (Loan for Micro, Small and Medium Enterprises MSMEs), Lagos Economic Acceleration Programme “LEAP”) and the Ministry of Agriculture (Agric YES) are all trade support for the riders.

He also said the State Government’s First and Last Mile Bus Transport Scheme, the BRT Scheme, the Lagos e-hailing taxi Scheme (LAGRIDE) and other sustainable modes of transportation were also part of interventions provided to minimize the inconveniences of the motoring public in executing their daily activities.

Giwa averred that the position of government on okada is very clear, stressing that there is no going back in order to consolidate on the achievements made so far in the decrease in accident and crime rates as well as the return of sanity to the communities within the State.

He added that the Security formations who have been partnering with the State Government including the Nigeria Police Force, the Army, Navy and Air force are still on ground to sustain enforcement on all the banned corridors, as well as the State Traffic Management Authority, (LASTMA) and the Anti-Okada Squad.

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Economy

Manufacturers urge FG to dialogue with NLC over plan to picket CBN offices

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Manufacturers urge FG to dialogue with NLC over plan to picket CBN offices

…Says Business no longer lucrative***

The Manufacturers Association of Nigeria (MAN), has urged the Federal Government to dialogue with the NLC on its planned picketing of Central Bank of Nigeria (CBN) offices nationwide.

The Nigeria Labour Congress (NLC), President, Joe Ajaero on Wednesday directed workers to embark on strike over the lingering cash crunch and fuel scarcity.

Ajaero also directed that affiliate unions constituting the NLC should be on standby to picket all branches of the CBN nationwide during the strike which is expected to begin on Wednesday, March 29.

Dr Okwara Udensi Edo/Delta Chairman of MAN, in an interview in Benin, said embarking on strike was not the best option as it would compound the present sufferings of Nigerians.

“For us as manufacturers, strike is not the best option, dialogue is the best thing so that we will not suffer more.

“Embarking on industrial action will ground our businesses, road transport workers might join the strike and this will cripple our activities.

“But unfortunately, it seems strike is the language the government understands.

“I read on the news that the CBN says it will mop up the old N500 and N1,000 notes to commercial banks.

“Must people tell them they want to go on strike before they mop up cash to banks, he said.

He regretted that the manufacturing sector had continued to witness high costs of production, a situation that was not good for economic development.

“We now buy diesel for between N820 and N830 per litre, how many litres of diesel will you buy to run your generator to produce?

“Raw materials we used to pay between N350,000 and N400,000 to convey from Jos to Benin City in 2022 is now about N800,000 as of today.

“Business is no longer lucrative, profit margin has been swallowed by the high cost of production.

“Customers are not ready to buy at higher prices, manufacturers are just selling to stay afloat,’’ he said.

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Economy

Ojerinde: Absence of ex-JAMB Registrar’s children in court stalls alleged fraud arraignment

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Ojerinde: Absence of ex-JAMB Registrar’s children in court stalls alleged fraud arraignment

The absence of the four children of Prof. Dibu Ojerinde, former Registrar, Joint Admissions and Matriculation Board (JAMB), in a Federal High Court, Abuja, stalled their arraignment on Friday.

 Ojerinde and his children; Mary Funmilola, Olumide Abiodun, Adedayo and Oluwaseun Adeniyi, alongside their companies, were to be arraigned before the court.

Olumide Abiodun Ojerinde was a member House of Representatives at 9th Assembly representing Irepo/Orelope/Olorunsogo Constituency of Oyo State.

The Federal Government, through the Independent Corrupt Practices and other related offences Commission (ICPC), had, in a charge marked: FHC/ABJ/CR/119/23, sued the Ojerindes on 17 counts bordering on money laundering.

Ojerinde and his companies are currently facing a money laundering trial before Justice Obiora Egwuatu.

The former JAMB boss was, on Jan. 26, re-arrested by the operatives of the anti-graft commission while he was heading to his car with one of his sons after trial Justice Egwuatu adjourned further proceedings in the charge preferred against him.

ICPC lawyer, Ebenezer Shogunle had, on Feb. 15, notified Egwuatu that Ojerinde was re-arrested on suspicion that he might have committed some other offences not unconnected with the present charges before the court.

He said for this reason, the commission obtained a warrant from the court dated 6th of Dec, 2022 for his re-arrest.

But Ojerinde, in a suit, marked: FHC/ABJ/CS/179/2023, sued the commission for alleged unlawful detention and breach of his fundamental rights.

While Ojerinde’s suit before Justice Egwuatu was adjourned until May 4 for mention, his trial was fixed for the same date for hearing continuation.

The fresh criminal charge against Ojerinde and his children before Justice Ekwo, it was gathered, was connected to the latest finding by the anti-graft commission.

While the FG is the complainant, Ojerinde, Doyin Ogbohi Petroleum Ltd, Cheng Marbles Ltd, Sapati International Schools Ltd, Trillium Learnings Centre Ltd,, Standout Institutes Ltd and Esli Perfect Security Partners are 1st to 7th defendants respectively.

Mary, Olumide, Adedayo and Oluwaseun are the 8th to 11th defendants in the trial.

Although they were not in court, they were represented by a lawyer, Ajibola Bello.

Upon resumed hearing, ICPC’s counsel, Henry Emore, informed the court that the matter was slated for the defendants to take their plea.

He said the 2nd to 7th defendants were corporate persons while the 8th to 11th defendants were natural persons.

Emore said though the defendants were to be arraigned, the 8th to 11 defendants were not in court.

He said the matter was filed on Monday and the court, on Wednesday, graciously gave them today for the defendants to take their plea.

He, however, said they were unable to serve the 8th to 11th defendants.

The lawyer prayed the court for a short adjournment.

Justice Ekwo directed Emore to serve their lawyer in open court since he was present.

“I grant you a leave to serve them now through their counsel. Let the court record shows that this is by leave of court.

“When a lawyer is representing defendants in court, it means that the lawyer knows the contact of the defendants and can reach them,” he said.

The judge, who adjourned the matter until April 19, said: “there shall be consequence if the defendants are not in court in the next adjourned date.”

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