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Stock Market Rebounds, Gains N184bn; Naira remains N445.30 to Dollar 

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Naira Appreciates By 9.7% Against Dollar At Official Market

…Royal Exchange Assurance, Red Star lead Loser’s chart*** 

 The stock market rebounded on Wednesday as market capitalisation gained N184 billion or 0.71 percent to close at N25.959 trillion compared with N25.775 trillion on Tuesday.

Also, the All-Share Index (ASI) rose by 337.07 points or 0.71 percent to stand at 47,660.04 from 47,322.97 posted in the previous session.

The primary drivers of the recovery were gains in stocks of Zenith Bank, Guaranty Trust Holding Company and MTN Nigeria.

As a result, the year-to-date (YTD) return rose to 11.57 percent.

Market breadth closed positive as 18 stocks were on the gainer’s table while four were on the losers’ table.

Wema Bank led the gainers’ table with 10 percent to close at N3.30 per share.

UAC of Nigeria followed with a gain of 9.95 percent to close at N10.50, while Academy Press grew by 9.45 percent to close at N1. 39 per share.

United Capital advanced by 8.10 percent to close at N13.35 per share. ABC Transport gained by eight percent to close at 27k per share.

On the other hand, Royal Exchange Assurance led the laggard’s table, depreciating by 10 percent to close at 63k per share.

Red Star Express followed with a loss of 79.25 percent to close at N2.06, while Prestige Assurance declined by 8.51 percent to close at 43k.

Also, Nigerian Breweries depreciated by 7.08 percent to close at N42 per share. RT Briscoe fell by 6.90 percent to close at 27k per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 19.97 percent.

A total of 107.02 million shares valued at N1.32 billion were exchanged in 3,227 deals.

In another development, the Naira remained unchanged on Wednesday, exchanging at 445.30 to the dollar at the Investors and Exporters Window.

The local currency did not change from its value on Tuesday while the open indicative rate closed at N444.25 to the dollar on Wednesday.

An exchange rate of N447 to the dollar was the highest rate recorded within the day’s trading before it settled at N445.30.

The naira sold for as low as 440 to the dollar within the day’s trading.

A total of 177.44 million dollars was traded in foreign exchange at the official Investors and Exporters window on Wednesday.

Economy

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

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 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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Economy

LASU: Town, Meets Gown Next Tuesday, To Make Rails Transportation More Meaningful

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LASU: Town, Meets Gown Next Tuesday, To Make Rails Transportation More Meaning

…NRC Boss, Engr. Okhiria is Pointman

The Town and the Gown will on Tuesday converge at the Lagos State University (LASU), in a mutual fusion of quality and sustainable ideas, as the Managing Director, Nigeria Railways Corporation speaks on where the eggheads necessarily need to intervene, for the overall benefit of the nation.

NRC Boosts Passenger- Safety With  Strong Armed Forces Collaboration 
Engr. Fidet-Okhiria

Prof. Bamidele Badejo who is now back in LASU, confirmed this to the Maritime First, highlighting that Engr. Freeborn Okhiria would meticulously dissect a critical issue, titled: ‘From Exclusive Clause To Concurrent List: Potency for sustainable rail infrastructure development in Nigeria and the Lagos State example.

Oluwaseun Osiyemi, the Lagos State Commissioner of Transport, will be in attendance; at an event which will flag off by noon prompt, Tuesday 16th, July 2024, at the Femi Gbajabiamila Conference Centre.

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Economy

Reps Probe Cbn’s N1.12trn Anchor Borrowers Scheme, NIRSAL’s N215b Loan

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Reps Probe Cbn’s N1.12trn Anchor Borrowers Scheme, NIRSAL’s N215b Loan

The House of Representatives has ordered probes into the N1.12 trillion anchor borrowers scheme, an initiative of the Federal Government’s interventions and agricultural funding through the Central Bank of Nigeria (CBN).

Also included in the probe are the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), the Bank of Industry (BoI) and other agencies.

The resolution followed the adoption of a motion by Rep. Chike Okafor (APC-Imo) on the floor of the House in Abuja on Tuesday.

Presenting his motion, Okafor linked the growing food scarcity and malnutrition in Nigeria to the alleged mismanagement of agricultural funds intended for agricultural development in the country.

He said the Federal Government had expended N8 trillion in 8 years on various schemes and interventions in the last eight years with the view of making food available for millions of Nigerians.

He added that the alleged mismanagement, misapplication of funds and abuse of the programmes had left Nigeria with the twin challenges of food scarcity and malnutrition.

Okafor said that funds advanced to end users of the various Federal Government interventions had also been allegedly misused, misapplied and channelled to non-farming and non-agricultural purposes.

This, he said, was responsible for the current acute scarcity of food in the country.

Adopting the motion, the House mandated the Committee on Nutrition and Food Security as well as the Committee on Agricultural Production and Services; Agricultural Colleges and Institutions and Finance, to probe

The Committees were mandated to thoroughly investigate CBN’s alleged mismanagement of the Anchor Borrowers Program (ABP) for which ₦1.12 trillion was to be disbursed to 4.67 million farmers.

The farmers were said to be involved in either maize, rice or wheat farming through 563 anchors.

The committees are to look into NIRSAL’s disbursement of ₦215,066,980,274.52, to facilitate agriculture and agribusinesses.

The House gave the committees four weeks to report back to the House.

The house also mandated the committees to equally assess how the Bank of Industry (BOI) disbursed N3 billion to 22,120 smallholder farmers through the Agriculture Value Chain Financing (AVCF) Programme.

The committee is also to investigate the handling of the N5 billion loan facility to the Bank of Agriculture (BOA) for livestock farmers across the country.

This will include the management of the National Agricultural Development N1.6 billion Recovery Fund for the Ginger Blight Epidemics Central Taskforce (GBECT).

This is for the control of Blight disease in Ginger, among other interventions. 

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ADEBAYO SARUMI: Doyen of Maritime Industry Marks 80th Anniversary, Saturday 

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