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  • Gov. Bagudu approves N949m for completion of new secretariat

    Gov. Bagudu approves N949m for completion of new secretariat

    Gov. Atiku Bagudu of Kebbi, has approved the release of N949 million for the completion of the new state secretariat complex in Birnin  Kebbi.

    This is contained in a statement signed by the governor’s Chief Press Secretary, Alhaji Abubakar Dakingari, and made available to the News Agency of Nigeria (NAN) in Birnin Kebbi on Wednesday.

    “Gov. Atiku Bagudu has approved the release of N949,198,886 to the contractor handling the construction of the new secretariat complex at Gwadangaji, Birnin Kebbi to hasten the completion of the project,” the statement said.

    It added that the release of the fund followed negotiations with the contractor, Rockwell Nigeria Limited.

    “The contractor has been directed to return to the site immediately to complete work without delay, which is part of the present administration’s commitment to complete all ongoing projects for the benefit of the people of the state.

    “When completed the State Secretariat will serve as offices for Secretary to the State Government, Head of Service as well as a number of ministries and departments,” it said. (NAN).

  • COVID-19: C’ River begins mass production of PPE ahead school resumption

    COVID-19: C’ River begins mass production of PPE ahead school resumption

    Gov. Ben Ayade of Cross River on Wednesday unveiled Personal Protection Equipment (PPE) produced at the state owned garment factory.

    Ayade disclosed that the protective gears, which included face shields and overalls would be deployed to schools free for use by students as the state government planned trial resumption of public schools.

    The governor said medical personnel in the state would also be given PPE for free.

    He said that production of the protective gears was part of his administration’s effort to fight COVID-19 pandemic.

    “I think that the Federal Government will be excited to encourage the resumption of schools because obviously coronavirus has come to stay with us.

    “The reality is that countries that have attempted to resume schools have had to contend with the increased prevalence of the virus, but obviously how long can we wait as a country?

    “So, perhaps we have to adopt a new lifestyle that will integrate coronavirus as part of our lifestyle.

    “For Cross River, we have a strong commitment that our children cannot continue to stay at home. The more they stay, the more the moral decadence, the more the indiscipline and the more they become lazy of getting back to school.

    “For every stage in life there is time where you have to be in class and once the children miss that delicate phase, it becomes very difficult,” he said.

    The governor noted that it was wise for the kids to go back to school, adding that in China kids were back to schools with their nosemasks and shields.

    Ayade said: “We have always led from the front and we think the mass production of PPE is an added advantage.

    “All health practicioners from doctors to nurses to radiographers must be given PPE for them to work.

    “Because we care, we want to support our public schools with free distribution of PPE. But our PPE for schools is limited only to nose masks and face shields.

    He recalled that recently, doctors in Nigeria issued strike notice and their major reason was that their colleagues were dying in their numbers due to the lack of PPE.

    According to him, the face shields will be the first and major shield production in Nigeria.

    Earlier, the state Commissioner for Education, Mr Godwin Amanke, said that a trial resumption of schools would begin on June 16. (NAN)

  • Life imprisonment awaits rapists – Osun Assembly Speaker

    Life imprisonment awaits rapists – Osun Assembly Speaker

    The Speaker of Osun House of Assembly, Mr Timothy Owoeye, on Wednesday, reiterated that anyone found guilty of rape will face life imprisonment.
    Owoeye stated this during plenary and while receiving members of the Federation of Muslim Women Association in Nigeria (FOMWAN), who visited the assembly.
    The News Agency of Nigeria (NAN) reports that FOMWAN members had visited the assembly to appeal to the lawmakers to take necessary steps to stop the raising cases of rape in the state.
    The speaker, while accommodating the Muslim group during the day’s plenary, said that cases of rape in the country had reached an alarming stage and must be addressed by all stakeholders.
    He said the assembly had, in 2002, enacted an anti-rape law, which prescribed life imprisonment for perpetrators of rape.
    “Section 358 of the Criminal Code, Cap 34, Vol. 11, Laws of Osun State, 2002, prescribes a life sentence for anyone found guilty of committing rape, while an attempt to commit rape attracts an imprisonment of 14 years,” he said
    Owoeye said that the Director of Legal Services in the assembly had also been directed to be present at all rape- related cases in the courts in the state so that victims could get justice.
    According to him, the assembly will not rest as far as the issue of rape is concerned.
    Earlier in her address, Alhaja Kudirat Oladunmoye, the state Amirah of FOMWAN, said that the issue of rape, both in the state and in the country, was becoming a pandemic.
    “No woman is safe again now, because women of different ages and even babies are being sexually-violated,” she stated.
    Oladunmiyo, therefore, appealed to the assembly to take steps that would curb the rising menace in the state.
    She also said that the national Amirah of FOMWAN had directed that the state leaders of the association to appeal to the people in authority to take bold steps to stop the rising tide of rape in the country.
    The group, after presenting its matter before the assembly, also submitted an appeal letter, which was received by the Clerk, Mr Simeon Amusan.
    NAN reports that the assembly members, thereafter, listened to a lecture, delivered by Prof. Kayode Alao of Guidance and Counselling Department, Faculty of Education, Obafemi Awolowo University (OAU), Ile-Ife, Osun.
    NAN also reports that the lecture, entitled: “Practical Implication of Leadership Psychology and Emotional Intelligence for Healthy Living”, was part of the activities marking the first anniversary of the lawmakers.
    It was aimed at teaching the legislators the importance of their emotion and psychology to their roles as political leaders. (NAN)

  • Profit taking: NSE All-Share Index down by 0.47%

    Profit taking: NSE All-Share Index down by 0.47%

    Trading in the domestic bourse closed lower on Wednesday, dropping 0.47 per cent, amid profit taking in some heavyweight stocks.

    Specifically, the All-Share Index lost 120.11 points or 0.47 per cent to close at 25,215.04 compared with 25,335.15 posted on Tuesday.

    Accordingly, the Month-to-Date returned negative at -0.2 per cent, while the Year-to-Date loss increased to -6.1 per cent.

    Also, the market capitalization, which opened at N13.216 trillion, shed N63 billion to close at N13.153 trillion.

    The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: BUA Cement, UACN, CI Leasing, Guinness and Zenith Bank.

    Analysts at Afrinvest Ltd., said, “We expect profit taking activities to drag the performance of the equities market for the rest of the week.”

    Consequently, the market breadth closed the same proportion with 19 gainers and 19 losers.

    C & I Leasing led the laggards’ chart in percentage terms, declining by 9.43 per cent, to close at N4.80, per share.

    UACN came second with 9.09 per cent to close at N7.50, while Japaul Oil lost eight per cent to close at 23k, per share.

    Red Star Express dropped 7.30 per cent to close at N3.30, while Cutix shed 5.33 per cent to close at N1.60, per share.

    Conversely, Berger Paints and Prestige Assurance dominated the gainers’ table in percentage terms, gaining 10 per cent each to close at N7.70 and 77k per share, respectively.

    Neimeth trailed with 9.86 per cent to close at N5.80, while Mutual Benefits Assurance and Royal Exchange rose by 9.09 per cent each to close at 24k per share each.

    UPDC Real Estate Investment Trust garnered 8.57 per cent to close at N3.80, while Cornerstone Insurance rose by eight per cent to close at 54k, per share.

    The total volume of transacted decreased marginally by 0.8 per cent with an exchange of 266.65 million shares, valued at N3.18 billion achieved in 3,978 deals.

    Transactions in the shares of Guaranty Trust Bank topped the activity chart with 69.41 million shares valued at N1.68 billion.

    Mutual Benefits Assurance followed with 51.76 million shares worth N12.39 million, while FBN Holdings accounted for 31.21 million shares valued at N167.67 million.

    Japaul Oil sold 18.74 million shares worth N4.31 million, while Zenith Bank transacted 16.44 million shares worth N274.86 million. (NAN)

  • SON issues conformity assessment certificates to 11 firms in Anambra

    SON issues conformity assessment certificates to 11 firms in Anambra

    The Standards Organisation of Nigeria (SON) on Wednesday issued Mandatory Conformity Assessment Programme (MANCAP) Certificates to 11 manufacturing firms in Anambra.

    Mr Osita Aboloma, the Director-General of SON, made the presentation of the certificates to the companies in Awka.

    He said the certification meant that the companies were fit to produce for the Nigerian market as well as the global market in the range of products.

    Aboloma, who was represented by Mr Olalekan Omoniyi, the Coordinator of SON in Anambra, said that consumers could now patronise those products with optimal confidence.

    According to him, the event is to recognise the companies for their doggedness and excellence in production, and to award the SON MANCAP certification mark to their products.

    “With the award of MANCAP, we at SON are demonstrating how standardisation and conformity to standards offer strategic opportunity for increased efficiency, safety and benchmarks.

    “The award helps to promote made-in-Nigeria goods to the international market. It is expected to boost their brands within and across the border; they are fit to be used in Nigeria and beyond.

    “But let me remind the awardees that the certificates are on loan and could be recalled with attendant penalty, if any of the conditions attached is violated,” he said.

    The companies that received the certificates included Crescent Group of Companies Ltd, SNF Foods Ltd, Ashango C. Okoro and Coy Ltd, Sunness Craft Ventures Ltd, Eatank Resource Ltd, and Chumpee Global Resources.

    Others were Capitol Super Aluminum Products Ltd, Comag Industries Ltd, Obinaco Aluminum Products Ltd, Emic Foam and Allied Industries, and Beta Cosmetics Manufacturing Co. Ltd.

    He further said the agency was working with local producers of ventilators and Personal Protective Equipment (PPE), to ensure products’ standards and standardisation.

    The director-general noted that the organisation would ensure that the products conform to acceptable standards, to save lives.

    He said the organisation was working round the clock to ensure that Nigerian consumers were protected from unwholesome products.

    The director-general stated that there was the need to ensure that minimum industrial standards were maintained.

    Abaloma lamented the disruptive effect of the coronavirus pandemic on businesses across the globe.

    He noted that in spite the lockdown due to the coronavirus outbreak in the country, the Federal Government allowed some categories of firms to produce and circulate products to Nigerians.

    Mr Chukwuma Otubelu, Managing Director, Herd Foams Ltd, said it was not easy to meet the standard requirements, and thanked God that his company was able to earn the certification.

    He assured his customers of sustained quality of products, urging government to help local manufacturers to remain in business, by increasing access to cheap foreign exchange, to import components. (NAN)

  • 20 ships to discharge petrol, other items at Lagos port — NPA

    20 ships to discharge petrol, other items at Lagos port — NPA

    The Nigerian Ports Authority (NPA) on Wednesday said that 20 ships will discharge petrolum products and food items at the Lagos ports.

    The NPA disclosed this in its publication, ‘`Shipping Position’, a copy of which was made available to the News Agency of Nigeria (NAN) in Lagos.

    It listed the contents of the ship as MOP fertiliser, frozen fish, general cargo, containers, bulk wheat, bulk oil, crude salt, automobile gasoline and fuel.

    The publication stated that 22 other ships had arrived the ports, waiting to berth with fuel, general cargo, frozen fish and containers.

    NPA said it was expecting eight other ships with petroleum products, food items and other goods from June 10, to June 20.

    It said that the expected ships contained general cargo, automobile gasoline, bulk wheat, bulk sugar, butane gas, jet A and soya bean.

    They are expected to berth at the Lagos Port Complex. (NAN)

  • COVID-19 pandemic: Domestic investors now account for 60% transactions – Onyema

    COVID-19 pandemic: Domestic investors now account for 60% transactions – Onyema

    The Nigerian Stock Exchange (NSE) says low yield environment caused by Coronavirus pandemic has positioned the equity market with domestic investors accounting for 60 per cent of market transactions.

    Mr Oscar Onyema, NSE Chief Executive Officer, gave the submission on Wednesday at webinar organised by the Exchange with the theme: `Capital Markets in a Pandemic’.

    Onyema said low yield environment had positioned the equity markets as a credible alternative for domestic institutional and retail investors.

    He said that domestic investors had risen to the occasion in sustaining the equities market performance, accounting for about 60 per cent of trading activity.

    “Surprisingly, domestic investors have risen to the occasion in sustaining the equities market performance.

    “This year, domestic investors have accounted for almost 60 per cent of the trading activity compared to an average of 51 per cent in the past four years.

    “Despite these economic headwinds, the NSE All-Share Index has returned month on month gains of 8.1 per cent and 9.8 per cent at the end of April and May, respectively,” Onyema said.

    He explained that the pandemic had resulted in a decline in oil export earnings – which accounts for over 80 per cent of Nigeria’s export earnings – and remittances by Nigerians in the diaspora.

    “Concurrently, foreign portfolio investor flight to safety has further intensified pressures on the nation’s foreign reserves and exchange rate,” Onyema said.

    He said that liquidity in the foreign exchange window accessible to investors was also affected.

    The CEO stressed the need for collaboration among exchanges, governments as well as use of technologies to remain resilient in the face of COVID-19 pandemic.

    According to him, the pandemic has changed the way and manner things used to be before.

    “Technology has long been a fundamental building block for growth in capital markets.
    Today, digitisation and advanced analytics offer tremendous new potential.

    “The capital markets industry, today, finds itself in a transitional period where it can adapt to digital trends and technologies as well as innovate with new business models and products/services.

    “At the NSE, we see asset digitalisation beginning to create a whole new user experience.

    “The Exchange has continued to leverage on its cutting-edge technology and various innovative platforms to ensure continued trading and listing activities on its bourse,” Onyema said.

    Also speaking, Nandini Sukumar, Chief Executive Officer, World Federation of Exchanges, said capital market investment would be safe with stakeholders’ collective efforts.

    Sukumar said exchanges would continue to ensure fair and orderly market even in the time of distress and international shocks.

    “Stock exchanges exist to provide robust market structures that support issuers and investors, and we have seen this resilience amidst the COVID-19 pandemic.

    “This resilience has not been an accident. Rather, we are seeing the result of a wide range of resources.

    Global exchanges have invested over a decade to prepare for a crisis such as this,” she said.

    Mr Nikil Rathi, Chief Executive Officer, London Stock Exchange, said the pandemic would change investors’ way of investment.

    “We anticipate a change in the nature of investing. We have seen an increased focus on Environment, Social and Corporate governance (ESG) across asset classes, and this push is coming from investors who want to see the impact of their investments,” Rathi said.

    Mr Robert Scharfe, Chief Executive Officer, Luxembourg Stock Exchange (LuxSE), assured investors of functional effective markets to curtail volatility.

    Scharfe said over $20 billion social and sustainability bonds earmarked COVID-19 had been listed on LuxSE over the past three months.

    According to him, there is a strong appetite from investors for such kinds of bonds in the recent time.

    Otunba Abimbola Ogunbanjo, NSE Council President, said the Exchange designed the webinar to provide a platform for discussions that would lead global exchanges to bolster ecosystem resilience.

    Ogunbanjo said the webinar deliberations “have addressed critical issues around the vulnerability and unique opportunities that the COVID-19 pandemic has created and how they are being – and will continue to be – addressed.”

    “It is my sincere hope that we will continue to sustain these conversations around business innovation and partnerships even as countries gradually reopen and economies resume their activities.

    “Today, we have highlighted some of the steps that we can expect to see in the near future, including the development of alternative and sustainable asset classes; dependence on technology and digital innovation; commitment to customer centricity; and drive for collaboration across regions.

    “With these, capital market players can rest assured that exchanges will continue to execute on their mandate to deliver a platform to raise and access capital even during a crisis.

    “Certainly, we are living in unprecedented times, but from what we have heard here today, I believe that we can all leave with the confidence that there is a lot to look forward to in this ‘new normal’,” he said. (NAN)

  • Edo 2020: University of Ibadan confirmation further strengthens Obaseki’s integrity — Ojezua

    Edo 2020: University of Ibadan confirmation further strengthens Obaseki’s integrity — Ojezua

    The fractional Chairman of the All Progressives Congress (APC), Edo chapter, Mr Anslem Ojezua, says  clearance by the authorities of the University of Ibadan (UI), has further strengthened the integrity of Gov. Godwin Obaseki.

    Ojezua told newsmen on Wednesday in Benin, while reacting to the confirmation by UI, that Obaseki actually graduated from the institution.

    “This is not a case of Toronto or Chicago. UI is not a university that you just walk into and graduate.

    “It just takes about three hours from Benin to go to  the university and verify if you are in doubt or visit the internet.

    “Shame on  all those who have been witchhunting Obaseki that he never graduated from the university,” Ojezua said

    According to him, the clearance from UI has strengthened the integrity of Obaseki, laid to rest the issue of whether he graduated from the institution.

    Speaking on the decision of the Independence National Electoral Commission (INEC), to use direct mode of primary to conduct APC governorship primary in Edo, Ojezua asked “is INEC a member of APC? It is not.”

    On the relocation of APC secretariat in Edo, Ojezua said it was contempt of court to do so by the National Chairman and the other APC factional Chairman in the state, Col. David Imose (Rtd).

    “The new secretariat according to the national chairman is an illegal secretariat,” he said

    Meanwhile, a chieftain of the APC, Mr Samson Osagie said, “INEC is simply following the law according to the provisions of the Electoral Act.”

    According to Osagie, the party has communicated the mode of the primary to INEC and INEC has to follow the law. (NAN)

  • FG reaffirms Nov. delivery date of N73bn Apapa-Oworonshoki expressway project

    FG reaffirms Nov. delivery date of N73bn Apapa-Oworonshoki expressway project

    The Federal Controller of Work in Lagos, Mr Kayode Popoola, has reaffirmed the Federal Government’s commitment to deliver the Apapa/Oshodi/Ojota/Oworonshoki Expressway project on schedule.

    The News Agency of Nigeria (NAN) recalls that President Muhammadu Buhari flagged off the N73 billion project in November 2018 to address gridlock on the axis, promising to deliver it in two years.

    During inspection of the highway, on Wednesday, in Lagos, Popoola said that the road had achieved varied proportions of completion levels on different sections.

    He explained that the progress was better to be presented in segments, but that a merger brought the entire projects to about 40 per cent completion level.

    “On section one here, we have achieved about 22 per cent completion and on section three, it is about 55 per cent.

    “On section four, we have achieved about 20 per cent completion,’’ he said.

    On the completion date, the controller quoted the Minister, Mr Babatunde Fashola, as saying “it is still November this year’’.

    While inspecting section one of the project, Popoola said “we are carrying out purification; which means, we removed the existing asphaltic concrete, add the stone base and now lay it’’.

    He explained that several layers of construction went underneath, with up to eight inches thickness of concrete, to make the rigid pavement strong for durability.

    The controller said that because of the huge vehicular and axle load on Apapa roads, the design was made to have iron rods as reinforcement to make the road stronger than normal asphaltic roads.

    He said that the project had created about 600 direct jobs and over 1,000 indirect jobs, thereby improving the livelihoods.

    He further explained that the project, being handled by the Dangote Group, had reduced travel time because completed sections that had been opened to traffic and had eased congestion on the axis.

    The controller also inspected section four, which is about 10.5 kilometres and spans from Anthony Village to Old Toll Gate.

    According to him, the award of contract for section two is being processed.

    “Section two, which spans from Beachland to Cele bus stop, is not part of this contract, but it is being processed and very soon, work will begin there.

    “We are completing sections one, three and four in November 2020,’’ he restated.

    While inspecting section four, Popoola said that the team had gone round Tin Can Island Port, Liverpool Road and various sections and subsections of the highway.

    He said that skeletal work continued on the project during the COVID-19 lockdown, adding that, full capacity operations were still hampered.

    According to him, this is because some staff were trapped in other states and could not return due to inter-state travel restrictions.

    “However, the workers resident in Lagos are coming to site.

    “We have over 600 workers working here and it has improved the economy,’’ he said.

    He appealed to Lagos residents to take ownership of the project and stop all forms of road abuses.

    He decried dumping of refuse in drains of the ongoing project and others across the state while soliciting the support of residents on proper refuse disposal.

    During an inspection of the 2.7 kilometres segment on section one B, Mr Ashton Davies, the Project Manager, Hitech subcontractors on the project, said that the technology used ensured continuity.

    Davies explained that “with the concept of continued reinforcement pavement, there is no breakage and there is continuation of the concrete’’.

    He added that various completed sections could easily be linked.

    Some road users who spoke to journalists expressed satisfaction with the speed of work on the project.

    Mr Adelani Friday, a data analyst, called on the government to replicate rigid roads across the nation.

    Also, Mr Gafar Olakunle, a truck driver that plies the Lagos-Ibadan Expressway, commended the quality of work being done.

    Olakunle called on other private sector concerns to partner with the government on road construction as the Dangote Group has done. (NAN)

  • Unity Bank declares N44.59bn gross earnings in 2019

    Unity Bank Plc on Wednesday declared gross earnings of N44.59 billion for the financial year ended Dec. 31, 2019.

    The bank also posted profit before tax of N550 million in its  first quarter (Q1) result released alongside the 2019 financial year result to the Nigerian Stock Exchange (NSE).

    A review of the bank’s Q1 result showed that profit after tax rose by nine per cent to N506.07 million as against N464.87 reported in the comparative quarter of 2019.

    The audited 2019 full year result showed that the bank recorded a profit before tax of N3.64 billion.

    Its profit after tax closed at N3.38 billion, thereby consolidating on the gains of the reforms instituted by the Bank to grow a healthy balance sheet since the past two years.

    Commenting on the results,  Mrs Tomi Somefun, the bank’s Managing Director, said that “the potential in many aspects of the business as reflected in growing balance sheet of the Bank is indicative of market confidence in our repositioning efforts”.   

    “It is also noteworthy that playing in the agriculture sector as part of growth strategy and as bulwarks to drive value chain businesses in many segments of the retail market has continued to pay off. 

    “Looking ahead, we shall consolidate on the gains in the agribusiness, capitalizing on the growing profile in the sector, whilst also focusing on the youth market with increased investment in technology”,Somefun said.

    She noted that the bank’s quest to deepen its retail play would go hand in hand with its focus on digital innovations. 

    “Already, we have deployed USSD banking, carried out augmentation of the platform to introduce local languages and further drive financial inclusion and have also launched omni-channel to cater for all segments of the banking public, especially the underbanked. 

    “In the coming years, the bank will be opening more channels and bundled products bouquet for identified cluster initiatives and also leverage and expand relationships with other partners to drive more growth in earnings and profits,” she said.

    Somefun said that the bank had concluded arrangements to launch a healthcare product called UnityCares to tap into credit support intervention scheme for the Health sector being rolled out by Central Bank of Nigeria as stimulus packages.

    She said the stimulus packages were rolled out by the apex bank to support the indigenous pharmaceutical companies and healthcare practitioners that hope to build and expand capacity. (NAN)