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Taraba, M’Belt groups reject army panel report on Danjuma’s allegation

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…As Bearish sentiments push stock market lower***

The Taraba State Government and groups,  including Middle Belt organisations,  on Sunday rejected the report of a panel set by the Nigerian Army to  investigate the allegation  levelled against soldiers by a former Minister of Defence,  Lt. Gen. T.Y. Danjuma (retd.).

The state government and groups stated this in separate interviews with The PUNCH, while commenting on the report   submitted by the panel on Friday

Danjuma had, in March, advised Nigerians to defend themselves, saying soldiers were not neutral in the killings allegedly being perpetrated by armed Fulani herdsmen.

He said soldiers colluded with the bandits to kill people.

The 10-man army panel, which was inaugurated on April 9, by the Chief of Army Staff, Lt. Gen. Tukur Buratai, had dismissed Danjuma’s claims and asked the elder statesman to take caution.

The panel said in its report, “There was no collusion on the part of the army and units operating in Taraba State with any bandit as stated by Danjuma. There was good collaboration, synergy and cooperation between the army and other security agencies operating in the state.

“Most of the crises in Taraba are politically motivated and some persons are deliberately escalating the situation for selfish gains. With respect to the statement by Danjuma, it is clear that the allegations are not true. Hence, there is need to urge for caution on the part of the elder statesman, in view of the  security implications of such comments.”

But the Senior Special Assistant to the Governor of Taraba State on Media and Publicity,  Mr. Bala Dan-Abu, told one of our correspondents in a telephone interview  that the state government rejected the report in its entirety.

Bala noted that what the army did was simply to take the position of a judge in its own case.

He stated, “The allegations were made against the army and what we expected them to do was to set up an independent panel to investigate the allegations and not to assemble their men to give them justice in their own case.

“The armed forces should set up a judicial commission of inquiry to investigate the allegations if they must be taken seriously.

“The allegation that the army is colluding with the armed herdsmen to kill Nigerians was not only made by  retired  Lt.Gen. T.Y. Danjuma and the Taraba State Government,  but the Amnesty International too accused the Army of complicity in the killings, so they cannot deny that.

“The Army was the one that set up the committee,  provided  terms of reference and received the report from the panel. No one was invited to review the report of the panel. They sat on the report and came up with their findings, so what do you expect?” he asked.

On his part,  the National Youth Leader of the Jukun Development Association, Mr. Zando Hoku, rejected the report, describing it as  window dressing. He said it was meant to appease the powers that be.

“We, the Jukun, have rejected the report. However, we are not surprised because we saw it coming.

“The evidence of collusion is so glaring for all to see. We are on the ground and we knew all that had happened, but the Army was the judge in its own case and it did what was pleasing to it,” he said.

Reacting to the panel report, the President-General of the Tiv Cultural and Social Association Taraba State,  Chief Goodman Dahida, said the army was deceiving the world.

According to him, the army was the one accused of colluding with bandits to kill Nigerians and wondered why it still presided over the investigation.

“We expected the army to have set up an independent joint civil and army committee to investigate the allegations to prove to Nigerians and the world the truth or otherwise of the allegations.

“We reject the report and call on the army to revisit the allegations which were not just in Taraba, but other states of the federation,” he said.

Also, two civil society organisations, the Campaign for Democracy and the Committee for the Defence of Human Rights, knocked the army panel over its findings and for not being representative, noting that an “independent and judicial panel” ought to look at Danjuma’s claims.

The CD President, Usman Abdul, said, “The army will always be in a perpetual denial. Let us be clear and emphatic. Twelve or 11 soldiers were killed in Kaduna State and there was an initial denial. Look at what is happening in Taraba. How can the army claim that none of its personnel was involved in all the anomalies going on there?

“The person who made these claims was once a defence minister, a former Chief of Army Staff and we know he was not speaking from a position of ignorance. He is in the political circle and he has information on issues in the state.

“The panel to investigate the Taraba incident should not be an army affair. It should comprise the civil society organisations and other critical stakeholders in and outside the state.”

Also the CDHR President, Malachy Ugwummadu said, “Danjuma’s comments were a wake-up call and the army conducted itself rightly to set up a panel to verify those allegations. However, in doing that, they breached one of the pillars of justice which is that nobody can be a judge in his own affairs.

“The outcome of a predominantly military panel will always be suspicious. This is why the army is arousing the curiosity of Nigerians with their going into investigations without a genuine intention to get the details or facts of the matter. What would have been ideal in the Taraba matter is a judicial panel of inquiry which comprises professionals.”

In the meantime, the market capitalisation of equities listed on the Nigerian Stock Exchange saw a decline of 1.34 per cent last week on the back of bearish sentiments.

The market capitalisation closed the week at N14.660tn, down from N14.859tn the previous week. It stood at N14.930tn on May 4, 2018.

The NSE All-Share Index fell to 40,472.45 basis points on Friday from 41,022.31bps a week ago.

Similarly, all other indices finished lower with the exception of the NSE Consumer Goods Index which appreciated by 0.03 per cent, while the NSE ASeM Index closed flat.

A total turnover of 1.457 billion shares worth N23.666bn in 19,674 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.586 billion shares valued at N25.992bn that exchanged hands the previous week in 21,115 deals.

The financial services industry (measured by volume) led the activity chart with 1.223 billion shares valued at N16.825bn traded in 11,092 deals, thus contributing 83.98 per cent and 71.093 per cent to the total equity turnover volume and value respectively.

The consumer goods industry followed with 76.430 million shares worth N5.188bn in 3,425 deals, while the third place was occupied by the oil and gas industry with a turnover of 57.193 million shares worth N527.880m in 2,237 deals.

Trading in the top three equities namely, Zenith Bank International Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc (measured by volume) accounted for 491.649 million shares worth N14.159bn in 3,265 deals, contributing 33.75 per cent and 59.83 per cent to the total equity turnover volume and value respectively.

“With sentiment still largely bearish at week close, we expect the market to open this week on a negative note,” analysts at Vetiva Capital Management Limited said in a note.

They added, “Ahead of the Monetary Policy Committee decision on Tuesday, we expect cautious trading across the fixed-income market at week open.”

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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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