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Value of transactions on NGX down by 8.81%

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Investors on the Nigerian Exchange Ltd. (NGX) traded a total of 1.818 billion shares valued at N47.226 billion in 64,222 transactions this week, reflecting a decline in market activity compared to the previous week.

According to NGX’s weekly report, this represents an 8.81% drop in transaction value from last week’s N51.387 billion, despite a slightly higher number of deals (63,090 last week).

The Financial Services Industry dominated trading, accounting for 1.260 billion shares worth N27.817 billion in 29,800 deals. This sector contributed 69.31% of the total trading volume and 58.90% of total value.

The Consumer Goods Industry followed with 123.336 million shares valued at N3.069 billion in 7,793 deals, while the Services Industry recorded 118.931 million shares worth N832.602 million in 3,730 deals.

Zenith Bank Plc, Fidelity Bank Plc, and Access Holdings Plc led trading activity, contributing 451.558 million shares worth N13.583 billion in 10,055 deals. This accounted for 24.84% of total traded volume and 28.76% of market value.

The NGX All-Share Index fell by 1.19% to close at 106,538.60 points, while the market capitalization declined by 0.71% to N66.717 trillion. Most indices ended lower, except for the NGX ASeM and NGX Commodity indices, which gained 0.04% and 0.19%, respectively.

A total of 30 equities appreciated, higher than 27 in the previous week. However, 58 stocks declined, a slight improvement from 60 last week, while 62 equities remained unchanged.

The top five decliners for the week were Eterna (-N7.85), Transnational Corporation (-N10.10), First City Monument Bank (-N1.50), Royal Exchange (-12k), and Sovereign Trust (-15k).

The top five gainers included Tantalizers (+36.32%), UH Real Estate Investment Trust (+28.59%), Livestock Feeds (+12.38%), Nigerian Exchange Group (+10%), and Learn Africa (+10%).

Despite the overall decline in market performance, increased trading activity in the Financial Services sector and key equity gains indicate sustained investor interest in select stocks.

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N10bn Alleged Loot: EFCC Probes SGF Akume’s PA ,Torhile Uchi

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Indications emerged that the personal Assistant to the Secretary to the Government of the Federation, SGF Senator George Akume, Hon. Andrew Torhile Uchi, is currently in the facility of the Economic and Financial Crimes Commission, EFCC over allegations bordering on corruption, bribery and money laundering amounting to a whooping N10 billion.

A highly placed source at the Commission yesterday, confirmed to our correspondent that the embattled Uchi was invited by the operatives of the Commission on Monday, upon a petition received by the anti-graft agency over Alleged properties he acquired in Abuja, Jos, Makurdi, Gboko and Wannune in Tarka, local government Area of Benue State amounting to over N6 billion.

According to the source, further investigations so far, has revealed that between December 2023 to date the anti-graft agency has been able to trace a whooping N1.6 billion that was allegedly used in buying purch cars through four new generations banks to nine car dealers in Abuja, Kaduna, Lagos, Jos and Makurdi respectively.

The source further added that two Bureau de change operatives are currently been investigated by the Commission, over their alleged involvement in the scam, owing that most of the funds credited to embattled Torhile Andrew Uchi, emanated from their coys.

He said that the Commission is currently working towards getting a court nod to widen the scope of their investigations to the properties in Abuja, Jos and other part of the country to ascertain the source of the income and how the properties were allegedly purchased.

As of the time of filing in this report Mr. Uchi, is still in custody of the Economic and Financial Crimes Commission, EFCC, telling the dreaded operatives of the Commission how he allegedly got the funds which is largely believed to be proceeds from bribes.

Efforts to reach the spokesman of the Commission, Mr Dele Oyewale, proved abortive as his phone lines was said to be switched off.

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Natasha suspended solely for unruly behaviour – Senate tells IPU

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The Nigerian Senate has formally responded to Senator Natasha Akpoti-Uduaghan’s complaint to the United Nations Inter-Parliamentary Union (IPU), refuting allegations that her suspension was linked to claims of sexual harassment.

According to Vanguard, Senator Natasha had petitioned the global body, seeking intervention over what she described as an injustice against her.

However, in a letter signed by Senate Leader Opeyemi Bamidele, the Senate insisted that her six-month suspension was due to “gross misconduct and unruly behavior”, not allegations of sexual harassment or assault.

The letter, read by Hon. Kafilat Ogbara, Chairperson of the House of Representatives Committee on Women Affairs and Social Development, stated:

“The authority of the Senate of the Federal Republic of Nigeria firmly refutes the deliberate misinformation and false narrative being circulated by certain media organisations regarding the six-month suspension of Senator Natasha-Akpoti-Uduaghan.”

It further emphasized that “Senator Uduaghan was suspended solely for her persistent act of misconduct and disregard for the Senate Standing Orders.”

Additionally, the Senate called for a thorough investigation into the allegations she raised against Senate President Godswill Akpabio, maintaining that all due procedures were followed before her suspension.

Senator Natasha, however, vowed to continue her fight against “injustice”. Meanwhile, Senate President Akpabio has denied the accusations, asserting that he has never assaulted any woman.

The dispute between the two lawmakers intensified on February 20, 2025, after Natasha’s seat was changed during plenary. Their tensions date back to July 2024, when Akpabio rebuked her for alleged misconduct, telling her the Senate was “not a nightclub where anybody can talk anyhow.” He later apologized for the remark.

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Gov Okpebholo recalls Edo Attorney General, Osagie, from suspension

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Edo State Governor, Senator Monday Okpebholo, has reinstated the Attorney General and Commissioner for Justice, Hon. Samson Osagie, exactly 37 days after his suspension.

A letter addressed to Osagie by the Secretary to the State Government (SSG), Umar Ikhilor, Esq., and marked SGA. 15/NOL.XV111/215, conveyed the governor’s directive. The letter, dated March 12, 2025, and released at 8:15 p.m., stated that an investigative panel had exonerated Osagie of alleged financial infractions.

The letter read: “Having considered the report of the Investigative Panel set up by Government to investigate allegations of financial infractions reported against you, which has exonerated you from the said allegations, I write to convey the directive of the Governor of Edo State, His Excellency, Senator Monday Okpebholo, that you resume duties as the State Hon. Attorney General and Commissioner for Justice with effect from 12th March, 2025.”

Reacting to his reinstatement, Osagie expressed appreciation for the governor’s leadership, describing the decision as a testament to Okpebholo’s sincerity and vision for Edo State.

“I appreciate his sincerity of purpose and vision for the state. This is a clear indication that His Excellency, Sen. Monday Okpebholo, means well for the state. I use this medium to reiterate my commitment and loyalty to him and his administration,” Osagie said.

He further pledged to support the governor in advancing Edo State, emphasizing his dedication to ensuring progress and recovery in the state’s governance.

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