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Tag: gains

  • Pains, gains of industrial training

    Pains, gains of industrial training

    The Students Industrial Work Experience Scheme (SIWES) means different things to students. For some, it is a period of time wasting because of their inability to secure ‘lucrative’ placements. Others believe it is a time to acquire practical skills that will improve their employability, writes SARAT ALABIDUN (300-Level Chemistry, Usmanu Danfodiyo University, Sokoto).

    The Students Industrial Work Experience Scheme (SIWES), otherwise known as Industrial Training (IT), is compulsory for students of higher institution, especially the in science, social science and engineering fields. In many schools, it is a requisite for award of academic certificates.

    For sciences and engineering students, SIWES is inevitable. Before they graduate, they are required to be exposed to industrial practice to complement the theoretical training they get in school. They must undertake industrial attachment between three months and one year.

    In the course of the training, they are exposed to various techniques in their fields. For some, the exercise is worthwhile, for others, it is a misadventure they never wish to repeat. This is because of the almost free service they render during the period.

    To ensure compliance with objectives of the scheme and make it stress-free for the trainees,  the Federal Government established Industrial Training Fund (ITF) to pay a fixed stipend to the students. But, the stipend does not come until years after the trainees would have completed the exercise.

    Some may not  receive the money even after they graduate; others, who are lucky, are paid before leaving school. Since ITF is statutorily required to support the students throughout the period, most companies where students undergo the training do not want to pay them. Some pay token to appreciate the trainees.

    However, it is a different stroke for different folks. While some students believe their IT period is worthwhile because of the experiences they garner, others think it is a complete waste of time.

    Does SIWES have any benefit? Olusola Motunrayo, a 400-Level Microbiology student of Crescent University in Lafenwa, Ogun State said it was during the period she was taught latest techniques she could not have learnt in classroom. Olusola underwent industrial attachment at the Badagry General Hospital in Lagos.

    She, however, decried the non-payment of the IT allowance, which she said could erode the objectives of the scheme.

    For Dauda Salihu, a 300-Level Applied Chemistry student of the Usmanu Danfodiyo University, Sokoto (UDUS), SIWES period afforded him a lifetime opportunity. He benefitted from Health and Safety training at the firm he underwent his attachment. This could have cost him thousands of naira should he be asked to pay for the free training.

    “I gained a lot of experience during my industrial training. In fact, I had the privilege to attend a free training on Health and Safety sponsored by the company. We were given certificates at the end; this could have cost me fortunes if I were to pay,” Dauda said.

    Khadijah Aliyu, a 400-Level Science student at Bells University of Technology in Otta, Ogun State urged the government to reduce the working hours of the trainees, since they are not paid for the service they rendered.

    She said: “I will advise that the working hours of IT students be reduced. We should not be subjected to hours of work as salary earners.”

    Trainees can get jobs through SIWES, Ismail Adebayo, a student of The Polytechnic, Ibadan (IBADAN POLY), said.

    But for Olufunmi Oloyede, a graduate of Biochemistry at Igbinedion University in Okada, Edo State, the scheme should  be scrapped.

    She described her SIWES period as “bad experience”, saying: “I started my IT at a federal research agency but we were never allowed to do anything. It was so bad that some of the staff brought clothes from home for the IT students to press. I left there for another government agency, where I had to pay about N30,000 to be given a placement.”

    SIWES is a waste of time and resources, says Christiana Ajigah, a 400-Level Chemistry student of the Federal University of Agriculture in Abeokuta (FUNAAB), Ogun State.

    She said ITF supervisors hardly visited students at their place of assignment, which is why, she said, many students never undergo the training.

    “They write fake reports in their log books and get away with it. The supervisors never visit. Even when they do, they never ask the right question apart from wanting to know how much students are being paid by companies. We should not be allowed to go through unnecessary stress in search of places of attachment,” Christiana said.

    For some, the SIWES period is a time to make money. This notion is common among students of polytechnics, who undergo the one-year compulsory training. The students apply for placements where they take up jobs that do not correlate with their courses of study. Their aim is only to get salary. It is common to see an engineering students working in banks during the SIWES.

    Adeola Oni, an ND student of the Osun State Polytechnic (OSPOLY), Iree, defended the students, saying the economic situation of the country led them into the act.

    “It happens that some students pay their fees0 and they might not want to go back to school empty-handed, which is why many students want to earn salary rather than undergoing the training,” she said.

     

  • Market capitalisation gains by N26.9bn

    The nation’s capital market closed in the green yesterday as the Composite Index advanced 20bps to 40,729.49, bucking the MTD performance to negative 1.9 per cent. Similarly, market capitalization gained N26.9bn to N13.4tn. This gain was driven by the rally in bellwether counters – Dangote Cement (0.9 per cent), Lafarge (3.1 per cent), Nigerian Breweries (0.6 per cent) and Guaranty (0.6 per cent). However, trading activity measured by aggregate volume and value traded plunged 62.2 per cent and 33.5 per cent to 195.9m and 2.8bn respectively.

    Bargain hunting within the Industrial Goods Index was sustained for the third day, as the index gained 1.4 per cent to pace sector gains for the second straight day. This was on the back of gains in cement stocks – Lafarge (3.1 per cent) and Dangote Cement (1.0 per cent) and CCNN (0.9 per cent). Similarly, N.E.M Insurance (3.9 per cent) and Mutual Benefit (1.9 per cent) firmed up today, driving the Insurance Index higher by a marginal 0.2 per cent to halt a three day bear run.

    On the other hand, selloffs persisted in the Oil and Gas basket as the index shed 1.2 per cent – pressured by profit taking in Conoil (5.0 per cent) and Total Nigeria (2.7 per cent). The Banking Index also shed 0.5 per cent yesterday with Diamond Bank (3.7 per cent) and Union Bank (5.0 per cent) leading losses within the basket.

    Meanwhile market sentiment yesterday as measured by advancers/decliners ratio closed negative at 0.9x (29 stocks advanced against 30 declining stocks). Ikeja Hotel (9.8 per cent), Vono (5.0 per cent) and Premier Breweries (5.0 per cent) led the gainers list while top losers were UBN (5.2 per cent), Conoil (5.0 per cent) and RedStarex (5.0 per cent). The bargain hunting within the Industrial basket is broadly in line with expectation of stakeholders.

    However, with the market now technically trading marginally above the oversold region (NSE-RSI — 35.7), analysts anticipate bargain hunting activities will gradually reduce in sessions ahead.

     

  • Gains of strike

    Gains of strike

    Rather than staying idle during the 11-month Colleges of Education Academic Staff Union (COEASU) strike, some students of the Federal College of Education (Technical) in Akoka, Yaba, Lagos, went for vocational skills training, reports OMOLARA OGUNWALE (ND II Mass Commucation, Nigerian Institute of Journalism, Ogba).

    Examination was about to start when the Federal College of Education (Technical) in Akoka, Lagos was shut. It remained shut for about 11 months because of the Colleges of Education Academic Staff Union (COEASU) strike. But, some rather than staying idle, took advantage of the strike to learn new skills.

    By the time the strike was suspended last month, the students, who registered with National Business and Technical Examination Board (NABTEB) to acquire skills, had become masters in the vocations. To the surprise of their colleagues and teachers, the students returned to the campus to practise some of what they learnt.

    The students share their experience in an interview with CAMPUSLIFE. While some of them said the strike temporarily caused a delay in their studies, most, however, said the long strike gave them rare opportunity to learn new skill while they study.

    Some of them in Business Education Department said they were motivated to participate in the skill acquisition programme offered by NABTEB to improve their knowledge in business and marketing.

    Michael Akindele, a 100-Level Business Education student, said: “The strike was a blessing in disguise for me. I went to learn a vocation through NABTEB programme and I will be given a certificate. Without the strike, I don’t think I would have achieved this.”

    A student, who simply identified herself as Blessing, said she had wanted to learn shorthand, but she could not create time because of her studies. She said: “The strike was an advantage. I know it would be prolonged to delay our academic pursuits but I quickly enrolled at NABTEB to learn shorthand, which I had wanted to do. While I will appreciate that we do not go back to the strike again, I think such striking period should be used by students to do something different.”

    A 200-Level student of Home Economics, Omotola Kushimo, who learnt fashion designing, said the almost 11-month strike period became a turning point for her.

    She said: “I never knew the strike would be prolonged but advice from parent and siblings made me to learn fashion designing. I learnt the trade for seven months, during which I was able to impact the knowledge on others. As home economist, it is also part of our curriculum to make good clothes to beautify people.”

    David Badmus, a 200-Level Building student, said: “I felt I needed to hustle and make money during the strike, since no students could tell when it would be called off. I learnt how to drive, cut hair and did menial jobs for some firms to make money.”

    Learning the many trades within 10 months was a beautiful experience for Phillip Kembi, a 200-Level Metal Work Technical student. He said: “It was like a dream; I never thought the strike would be prolonged. I thought it would be good for me not to stay idle even if the strike was going to seven days. I taught in a secondary school and learnt computer graphics and desktop publishing. I also did catering, product marketing and worked in a production company. Now, I have practical experiences of different vocations.”

    While these students spoke glowingly about their skills they acquired during the strike, some of their colleagues, who were idle, expressed regret over their inability to keep themselves busy.

    One of such students is Babatunde Oresanwo, a 200-Level Building student whose efforts to engage himself in vocational training were unsuccessful.

    He said: “The strike was a big mess for me. I spent the whole period at home, sleeping and eating. I searched for temporary job but I realised one needed to be connected in everything in this country. Because of that, I could not get myself involved in something spectacular.”

    While many of the students would wish to learn skills to complement their certificates, all of them are against the return of strike. They appeal to the Minister of Education, Mallam Ibrahim Shekarau, to accede to the demands of their lecturers in order to secure their academic pursuits.

     

  • Fears over confab gains

    Fears over confab gains

    Following widespread complaints over delegates’ unserious habits and the leadership’s belated threat to deal with absentee members of the soon-to-be rested National Conference, Associate Editor, Sam Egburonu and Assistant Editor, Dare Odufowokan, report on the fears and gains of the confab

    “If you look at the seats, more than half of the conference delegates did not show up for debates.

    “There are rules with which government regulates sitting allowance.

    “We should consider no payment of allowance to any delegate that fails to come to plenary.

    “We are all adults.

    “We don’t want to treat ourselves like school children.

    “From Monday, any delegate that does not show up will not be paid sitting allowance unless for medical reason.”

    With these words, the Deputy Chairman of the National Conference, Prof. Bolaji Akinyemi, penultimate week, tried to put to a stop what concerned Nigerians have been lamenting openly since March 7, 2014 when the Federal Government of Nigeria named the 492 delegates to the National Conference, choosing Monday, March 17 as the kick off date.

    As would be expected, the words of the leadership of the confab were unanimously welcomed by the delegates present at that meeting. Every one of them agreed it was necessary to deny paying sitting allowance henceforth to any delegate who fails to show up at plenary, except on health ground.

    It would be recalled that when the National Conference began on Monday, March 17, 2014, the 492 delegates, comprising representatives of ethnic nationalities, professional groups, political parties, civil society groups and government nominees were given three months to discuss and agree on, amongst other issues, the country’s constitutional, security and political challenges.

    But as soon as the list of the delegates was made public; a list featuring 37 Elder Statesmen, amongst other well known top political leaders, some Nigerians, especially youth activists and other critical observers voiced out criticism of the choice of the delegates, writing off some of them as either “too old, too tired, fagged out, sick or simply over used already.” Most of the critics said openly that many of the delegates will not make any meaningful contribution on account of ill health or age.

    Perhaps, one of the most outspoken critics of the confab then was the opposition All Progressives Congress (APC), which out rightly refused to send its two delegates. The party had, months before the March commencement date, described the talk shop as a waste of time and another avenue to loot public funds.

    Although many Nigerians shared this view, federal government advocates pointed out that the experienced delegates; some of who were dismissed as aged or over-used, are actually some of Nigeria’s most prized human resources who cannot be excluded from a serious gathering like the national conference.

    This notwithstanding, most observers had since March considered reports of cases of un-seriousness on the part of delegates as confirmation of government’s failure to listen to good reason while adopting the method of choosing delegates.

    As Gbenga Olusegun, a social critic in Lagos puts it during the week, “We recall vividly some published pictures of some of the aged delegates sleeping during plenary. That is the reality. It is because we all know that government was adamant to use the same old horses and that they do not really care if any meaningful success is achieved from the multi-billion naira confab, that is why some of us refused to comment on the recalcitrant attitude of the delegates reported in the newspapers every day. As a Nigerian, each time I watch the live sessions and see the empty seats and some delegates dozing noisily, I most time feel ashamed to admit the delegates are actually representing an informed Nigerian population of today,” he said adding:

    “So, until the conference leadership made its recent pronouncement, I had been too annoyed to talk about the so-called national conference.

    So, although dismissed by some critics as belated, most Nigerians, including a few serious minded delegates, who have expressed worry at the way unserious delegates have laboured hard to turn the conference into a wasteful jamboree, have welcomed the idea, pointing out that unless delegates attend plenary and contribute meaningfully to the debates, the exercise would be a nullity.

    Even from within, some delegates had made efforts to solve the problem. A delegate, a member of the committee on devolution of power, said “while I cannot deny that some delegates have shown unseriousness, let me inform you that so much work is being done at the conference. It will surprise you that some of the issues many Nigerians have feared will divide the confab are being resolved amicably. Take a sensitive issue like creation of state, it was agreed to unanimously. That will give you an idea of what is going on in that conference. We are not playing here,” he said objecting to being named.

    But such defence not withstanding, it would be recalled that shortly after the Confab broke into committees, the National Conference Committee on Civil Society, Labour and Sports sacked its chairperson, Bola Ogunrimade, for absenteeism. The committee replaced the sacked chairman with her deputy, Issa Aremu.

    The committee, which is one of the ten committees of the confab that sat at the NICON Luxury Hotel, took the decision in a unanimous vote.

    “Because of persistent non-appearance of the chairperson, the committee members have asked me to take over as the chairman and we intend to communicate this to the secretariat,” Mr. Aremu had said while speaking to reporters after the sitting of the committee.

    Aremu said the former chairperson did not report formally since the committee took off. “It is going to be difficult to drive a committee which you don’t know the concept and the idea we have been running,” he said

    Although the decision of the committee members was later upturned by the leadership of the Confab, Ogunrinmade’s earlier rejection by her colleagues on grounds of absenteeism was the first concrete proof that serious delegates were in agreement with Nigerians that the unsavory attitude of some delegates at the talk shop must be stopped. Their recalcitrant attitude towards the national assignment and towards the sensibilities of the stakeholders they are representing have no doubt become an embarrassment not only to Nigerians and serious minded delegates, but also to keen observers across the globe.

    It would be recalled that just a day before the Ogunrinmade’s saga was made public; proceedings at the National Conference were almost aborted, no thanks to the absence of most of its members after the lunch break.

    The situation, according to a delegate, was very embarrassing to the conference leadership. “The 492-member conference only sits two times-between Mondays and Thursdays with the morning session holding from 9 a.m. to 2 p.m. and the afternoon session lasting between 4 p.m. and 6 p.m.

    “But that day, before the confab proceeded on lunch break at about 1.40 p.m., most of the delegates were present to debate the report of the Committee on Economy, Trade and Investment.

    “However, upon resumption, the leadership of the conference noticed that most of the members were not present to vote on the recommendations and amendments proposed by the committee.”

    We gathered that the Deputy Chairman of the conference, Bolaji Akinyemi, who was to moderate the session, expressed concern about the ability to go ahead with the voting since many of the conferees were not in the Andrews Otutu Obaseki Auditorium venue of the session. This, The Nation learnt, almost became the norm.

    For example, it is on record that after the Easter break, most delegates at the conference stayed out of the conference committee deliberations that was ongoing then at both the National Judicial Institute (NJI), venue of the conference and the Nicon Luxury Hotels Abuja. A source confirmed that most of the notorious absentee delegates were expectedly among those that failed to resume early from the Easter holiday.

    The situation got so bad that Mrs. Annkio Briggs, a federal government delegate, citing Order III Rule 3 (a) of the Procedure Rules, raised a Point of Order, urging the conference to address the problem of absenteeism.

    Rule 3 says: “A Delegate shall, to the best of his ability, regularly attend the sittings of the Conference and those of the Committee of which he is a member.” According to Rule 3 (a): “No delegate shall miss sittings without prior notification of the secretariat of the conference.”

    Based on these, Briggs noted that the conference had been having empty seats on a daily basis and urged the secretariat to call delegates to order.

    “I want to point out that the empty seats that we see here on a daily basis is very disrespectful to the members that are here. I believe that every one of us here have very pressing issues that we can do on a daily basis. This is a sacrifice that we are all making; a call to serve the nation. I do not believe that every (owner of) empty seat here has taken permission from the secretariat to be absent.

    “I believe that people will need time off once in a while; but I refuse to accept that it is proper for people that had made their presentations not to hear other people’s presentations. Some people who feel that their presentations are going to come a day or two later are making themselves absent, making it impossible for them to hear other people’s presentations.”

    She added, “It is neither distinguished nor honourable for people to behave in that manner,” urging the secretariat and the Chairman to call all those concerned to order. Briggs also suggested that it was more honourable for them to make it clear to the secretariat if they would not be able to continue participating in the conference.

    Shortly after this submission, the federal government issued a strong warning to the delegates who have formed the habit of absenting themselves from the proceedings of the conference without prior permission from the confab leadership, saying it will not pay the sitting allowance of such delegates who fail to attend plenary on sitting days save for medical reasons.

    Akinyemi in passing across the new position called on delegates to be present at every conference debate except when issues like health concerns come up. He added that action will be taken as from Monday, June 21, 2014.

    “I don’t want a situation where distinguished delegates are treated like primary or secondary school students that we teach, correct and mark present,” he said.                                                                                                                                                                                                                                                                                                                                                                                                       But in spite of the complaints and threats from several quarters, reports from the Confab reveal that the delegates have hardly changed their attitudes.

    “The seats continue to be empty even when crucial decisions are to be taken. I wonder what kind of feedback some of us delegates will take back home at the end of this conference,” a delegate at the confab told The Nation this week.

    Another delegate refuted the claim that nothing has changed since the conference leadership warned absentees. He however pointed out that the improved attendance this week may also be attributed to the critical issues, which according to him were deliberately delayed until the last lap of the conference. Such issues, he said include devolution of power and restructuring.

    Given the short period remaining to round up the conference, observers say the government and the leadership of the confab took so long to correct an obvious lapse.

    “One thing is certain,” said Dr. Francis Iheukwumere, “and that is that many Nigerians are no longer expecting so much from the conference since we are not even certain that the few reasonable resolutions at the conference will eventually be endorsed either by the National Assembly or through a referendum. We all agree that the idea of a National Conference is a bold move, but President Goodluck Jonathan’s government will need to prove to Nigerians that it has not wasted our time and resources,” he said.

    So as the National Conference gradually winds up, Nigerians are worried that in spite of the huge resources spent on the project, it remains to be seen how the few resolutions made at the talk shop would be turned into law for effective implementation.

     

    Major recommendations so far

    Some of the major recommendations made so far by the National Conference include:
    State Police
    One of the major recommendations so far made by the National Conference is the establishment of State Police to complement the efforts of the Nigeria police Force.
    – It recommended that the areas of jurisdiction of the Federal Police will cover the entire country while the jurisdiction of the State Police will cover the state and operate within the laws enacted by the State Assembly.
    – It however rejected proposal that state governors should exercise control over police commissioners posted to the state.
    – Aside state police, the conference also recommended that states be given the mandate to make laws for establishment of Community Police.
    – Other major recommendations on security include: setting up of Security and Intelligence Services Oversight Committee (SISOC) to be assigned the task of mapping out security architecture for the country.
    – They also endorsed a recommendation for the establishment of Waterway Safety Corps to man the waterways in riverine areas. This organization, if finally established, may be expected to perform similar functions as those performed by the Federal Road Safety Corps (FRSC).
    – They also recommended that state governors should be involved in the running of the Federal Police in their respective states.

    Creation of 18 new states
    The conference has recommended creation of 18 new states. It specifically agreed that “in the spirit of reconciliation, equity and justice, an additional state should be created for the South-East zone. The implication is that if the federal government accepts the Thursday, July 3, 2014 recommendation, Nigeria will now have 54 states with nine in each of the six geo-political zones.
    -Some of the proposed states already approved by the conference are Apa from Benue State, Kainji from Kebbi, Katagun from Benue, Savannah from borno, Amana from Adamawa, Gurara from Kaduna, Ghari from Kano, Etiti from the South-East, Aba from Abia, adada from Enugu and Njaba-Anim from Anambra and Imo.
    The others are Anioma from Delta State, Orashi from Rivers State, Ogoja from Cross River State, Ijebu from Ogun and New Oyo State from the present Oyo State.
    The conference announced during the week that it will later determine the names of the remaining two states and their capitals, which are to be created in the South-South and South-West zones.
    Rotation of the office of the President
    The conference has also recommended rotation of the office of the president, which should be between the North and the South and among the six-geo political zones while the office of the state governor should be rotated among the senatorial districts in each state.

  • Nigerian equities break even with N1.02tr gains

    For the first time this year, investors in Nigerian equities can smile and count their gains as the stock market finally broke away from a year-long bearish streak with a gain of N1.02 trillion in May.

    With a last-day bullish rally that added N392 billion at the weekend, quoted equities strode through May with their best performance so far this year, displacing the bears that had left the average year-to-date return negative in the past four months.

    While the market had closed April with a four-month average loss of -6.88 per cent, the average gain of 7.77 per cent recorded in May turned the average year-to-date return positive at 0.35 per cent. Though modest, the five-month average gain of 0.35 per cent represents a significant breakeven for the equities market. It also underlined the overtly bullish overall market situation during the month.

    Aggregate market value of all quoted equities closed May at N13.695 trillion as against its opening value of N12.672 trillion, indicating a whooping gain of N1.02 trillion. The All Share Index (ASI), the main value-based index that tracks prices of all quoted equities, also rallied by 7.77 per cent to close May at a high of 41,474.40 points compared with its index-on-board of 38,485.48 points. The market had seen strong rally last week with the ASI recording a week-on-week gain of 4.12 per cent.

    However, over the five-month period, investors netted N469 billion in capital gains. Aggregate market value of all quoted equities had opened 2014 at N13.226 trillion.

    Quoted equities had wriggled all through the past four months with negative month-on-month return. The stock market recorded a negative return of -0.68 per cent in April, building on the bearish trend that had characterized the stock market in the first quarter. In January, February and March, the market consistently recorded losses of 1.8 per cent, 2.5 per cent and 2.0 per cent respectively.

    The negative return in April further depressed the overall market performance, increasing the four-month average loss to 6.88 per cent. This implied that an average investor had lost 6.88 per cent of its portfolio over the four-month period.

    Aggregate market value of all quoted equities closed April at N12.672 trillion as against its opening value of N13.226 trillion for the year. The ASI closed April at 38,485.48 points as against its opening index of 38,748.01 points for the month.

    The performance of the stock market in the first four months of the year underlined the cautious investors’ appetite. This was in sharp contrast to the corresponding period of 2013 when the market returned about 17.7 per cent in the first three months. In terms of activities, the average daily volume of transactions of 380 million units for the first quarter of 2014 was also lower than 512 million units in the corresponding period of 2013.

    The ASI closed the first quarter of 2014 with a drop of 6.25 per cent to close at 38,748 points while market capitalization dropped by 5.89 per cent to close at N12.45 Trillion. Total market volume for the quarter also fell by 26 per cent at 22.83 billion while total market value rose marginally by 6.3 per cent to close at N269.4 billion.

    The performance so far in 2014 contrasted sharply with the performance in the corresponding period of 2013, when Nigerian stock market had rallied whooping capital gains of N3.10 trillion within the first five months of 2013.

    The market had subsequently built on this momentum to close 2013 with a capital gain of more than N4.25 trillion. The 2013 business year set the stock market on a new high with average full-year return of 47.19 per cent, its best performance since 2007.

    Aggregate market capitalization of all quoted equities on the NSE closed 2013 at N13.226 trillion as against its opening value of N8.974 trillion for the year. This represented a whooping increase of N4.252 trillion. The ASI recorded full-year return of 47.19 per cent rising from its opening index for the year of 28,078.81 points to close the year at 41,329.19 points.

    The performance in 2013 significantly surpassed the much applauded return in 2012 when equities posted average return of 35.45 per cent, equivalent to capital gains of N2.44 trillion. The stock market had closed the first half of 2013 with average return of about 28.8 per cent, equivalent to N2.45 trillion in capital gains. Aggregate market value of all equities on the NSE had closed the first half at N11.426 trillion while the ASI had closed the first half at 36,164.31 points.

    Major investment firms and analysts had said Nigerian capital market would be characterized by restrained bargain-hunting amidst evident lull in investors’ appetite in the second quarter of 2014 as the market oscillates between external pressures and domestic regulatory transition.

    Leading market pundits and analysts said they expected the market to be somehow tepid in the remaining months of the first half, although there could be some modest resurgence.

    Investment experts at BGL Plc, GTI Capital, FSDH Securities, Financial Derivatives Company (FDC) and CBO Capital said they did not expect an overtly bullish market in the second quarter, although there were several bargain stocks that could enliven the market.

    Group deputy managing director, BGL Plc, Mr. Chibundu Edozie said the capital market would remain cautious and undecided, although it may not witness a major decline.

    According to him, the outlook for the market is unclear as the market has so far failed to respond to a number of impressive corporate financial announcements of listed companies.

    “The cautious mode of the market is likely to be sustained through the first half of the year until the new CBN Governor resumes in June and monetary policy direction becomes clearer especially in relation to exchange rates. We however do not foresee a further precipitous decline given that the market currently presents significant bargain opportunities to investors,” Edozie had said.

    On stock by stock basis, Forte Oil, which recorded the highest return in 2013, continued to lead the stock market with a five-month return of 118.80 per cent by end of May. Other top gainers during the period included Transnationwide Express, 88.03 per cent; Custodian and Allied, 56.25 per cent; Berger paints, 25 per cent; IHS, 40.74 per cent; NPF Microfinance Bank, 40 per cent; Cadbury Nigeria, 27.62 per cent; Union Dicon Salt, 35.02 per cent and Seven-Up Bottling Company, which recorded a five-month return of 20.17 per cent.

     

  • WTF Youth Olympics qualifiers: Our challenges, gains, by taekwondists

    WTF Youth Olympics qualifiers: Our challenges, gains, by taekwondists

    They left unannounced but when they got to Taipei City in Chinese Taipei, they wowed the whole world with their beautiful display despite their inexperience and lack of exposure.

    The nine-man Team Nigeria that featured at the World Taekwondo Federation (WTF)-organised Youth Olympics Qualifiers as well as the World Junior Championships returned to the country at the weekend from the Asian country with a lot of gains as well as challenges that prevented them from fulfilling their potentials at the competitions.

    The team tutored by Coach Jin Beom Kim, would remain grateful to the National Sports Commission (NSC) as well as the Director-General of the commission, Gbenga Elegbeleye for facilitating the trip despite the short time to prepare.

    At the WTF Youth Olympics Qualifiers, none of them advanced beyond the first round but at the World Junior Championships some of them won their first round fights, which was an improvement for the team.

    Although before the team embarked on the trip, Coach Jin Beom Kim never raised the hope of the team but he believed that the experience and exposure would count for the team in subsequent tournaments, especially the forthcoming African Junior Championship holding in May in Botswana.

    Impressed by the team’s performance after the world taekwondo ruling body discovered that the entire team was making their debut in an international competition, WTF was inspired to give Nigeria a wildcard for the 2014 Youth Olympics holding in August in Nanjing, China.

    The taekwondists, who spoke after their arrival at the weekend, admitted that the trip has afforded them the opportunity to learn the new techniques in the sport.

    Olushola Olowookere, who fought in the male – 68kg of the World Youth Championships, said with the knowledge he acquired at the tourney, his morale, has been boosted.

    “Attending this competition alone was indeed a great experience for me. I gained a lot in terms of the new styles as well as new moves. Although, I lost my fight but I was able to watch other top athletes with the way they fight so that I can use what I picked from there to help myself in subsequent competitions. I want to express our sincere gratitude to the NSC’s DG as well as the Korean coach for the rare opportunity given to some of us,” he said.

    Abdullah Adegoke, who was one of the athletes that won his first round fight in the male -59kg, admitted that he was sure that going to Botswana in May, he has the wherewithal to clinch a medal.

    Also, Adamu Abubakar Isa, who fought in the two events could not quantify the knowledge he gained from being part of the team, saying, “I think this would always remain with me and I look forward to breaking into the senior national team.”

    Esther Godwin and Ogeh Ogochukwu who fought in the female events never believed they could wear the colours of Nigeria but their dream became reality in Taipei City when they both featured in the two events.

    “At least I was able to win one of my fights during the World Junior Championship and this alone has given me hope that with more training, I can conquer the continent in May before aiming to triumph over the world. I think my dream of winning medals for Nigeria in major competitions is getting closer,” Godwin admitted.

    Like Godwin, Ogochukwu, believes her first appearance at the world tournament has ignited her passion to aim in the sport. “I never expected that I will represent Nigeria but with what I witnessed in Taipei City, I am now sure that with more hardwork, I am destined to be among the first set of female medalists for Nigeria at the Olympics,” Ogochukwu said.

    However, two of the athletes are also expected to start their Senior School Certificate Examinations (SSCE) on Monday March 31, as they spent at least three hours a day during the competition to study for the examinations.

  • Essentials of Capital Gains Tax (CGT)

    Essentials of Capital Gains Tax (CGT)

    Capital Gain may be defined as gains arising from increases in the market value of capital assets to a person or corporate body, who does not habitually offer them for sale and in whose hands they do not constitute stock-in-Trade. Therefore, it is a tax chargeable at the rate of 10 per cent on capital gains arising from the disposal of capital assets. Capital gains mainly represent the excess of disposal proceeds realised over the cost of the particular asset.

    Administration of Capital Gains Tax

    The CGT is under the management of the Board of The Federal Inland Revenue Service (FIRS) and it is administered by the FIRS in respect of corporate bodies and individuals resident in the Federal Capital Territory including members of armed forces, police and foreign serving officers. The tax is also administered by the State Internal Revenue Service in respect of individuals based on the rules of residence. Under the provisions of the Act, tax liability will arise on Actual Year Basis (AYB) when a chargeable asset is disposed. An aggrieved taxpayer or the respective tax authority can appeal against the decision of the tax authority to a conventional court or to the Tax Appeal Tribunal (TAT) as the case may be.

     

    Some Highlights of the Provisions of the CGT ACT

    • CGT is chargeable at 10 per cent on capital gains from the sale of capital assets.

    • Capital loss on disposal of any asset is not deductible from capital gains on disposal of any other asset even if both are of the same type.

    • Where consideration is payable by installments over18 months, the chargeable gain shall be apportioned to the affected assessment years in proportion to the amount of the installments payable in each of the years.

    • Chargeable gains are assessed on current year basis,

    • Roll-over relief is available to any company acquiring a new asset to be used for the purposes of the trade in replacement of an old one.

    • Gains arising from disposal of shares and stocks are currently exempted from CGT.

     

    Chargeable Persons and Chargeable Assets

    Chargeable Persons

    A chargeable person is one who deals in a chargeable asset.

    A chargeable person may be:

    • A limited liability company,

    • An individual

    A limited liability company will remit its tax liability to FIRS while an individual will remit to the SIRS, with the exception of individuals resident in the FCT.

     

    Chargeable Assets

    Examples of chargeable assets are:

    • Options, debts and incorporeal properties. Incorporeal properties are assets that have values but are not tangible, e.g. goodwill, copyrights and patent rights.

    • Disposal of currencies other than Nigerian currency.

    • All qualifying capital expenditure under CITA, PITA, • Chattels sold for more than N1, 000 in any tax year.

     

    Persons / Institutions Exempted

    By law, any ecclesiastical, charitable, or educational institution of a public character, statutory or registered Friendly Society and co-operative society registered under the co-operative Societies Act are exempted. Same also applies to Local Government Council, purchasing Authority Company and corporation established for fostering economic development of any part of Nigeria. Also included in the the exemption list are, Trade Union registered under the Trade Unions Act, provided, The gain is not derived from the disposal of any assets acquired in connection with any trading or business activity carried on by such Institution or Society. The gain or profit is applied solely for the purpose of the Institution or Society.

    Other items on the list are the main or only private residence of an individual (including the gardens), Chattels disposed for not more than N1000 in a Year of Assessment, motor cars suitable for private use or a mechanically propelled road vehicle constructed or adopted for the carriage of passengers, life assurance policy, benefits from superannuation funds approved by the Joint Tax Board, gifts, government securities, including treasury bonds, savings certificates and premium bonds, Nigerian currency, disposal of Stocks and Shares (effective 1/1/98), disposal of Investments in Statutory Provident Fund, or Retirement Benefits Scheme, acquisition of the Shares of a Company either merged with, or taken over or absorbed by another Company, as a result of which the acquired Company loses its identity as a Limited Liability Company, provided no cash payment is made in respect of the Shares acquired, gains accruing to Diplomatic bodies and gains from disposal of Securities in a Unit Trust provided the proceeds are re-invested.

     

    The Principle of Disposal

    For the purpose of CGT, disposal arises where any capital sum is derived from a sale, lease, transfer, an assignment, a compulsory acquisition or any other disposition of assets. The disposal is deemed to have taken place even where no asset was acquired by the person paying such capital sums. Thus, specifically, disposal is deemed to have taken place where:

    i. Any capital sum is derived by way of a compensation for loss of office or employment.

    ii. Receipt of capital sum under a policy of insurance;

    iii. On receipt of capital sum in return for forfeiture or surrender of rights or for refraining from exercising such rights

    iv. Any capital sum is received as consideration for use or exploitation of an asset.

    v. Any capital sum is received in connection with or arises by virtue of any trade, business, profession or vocation.

     

    Non-Allowable Expenses for the Purpose of CGT

    • Any allowable expenses under the provision of PITA, CITA and PPTA.

    • Any insurance premium or other payments made under a policy of insurance against the risks of any kind of damage or injury to, loss or depreciation of any asset.

     

    Computation Of Capital Gains Tax

    • In the computation of capital gains that will be charged to CGT, the following steps should be followed:

    • Identify the sales proceeds on the disposal of the chargeable asset

    • Deduct allowable expenses from the sales proceed to obtain Net Sales Proceed.

    • Deduct cost of acquisition and other capital costs from the Net Sales Proceed to obtain the Capital Gains

    • Compute the capital gains tax liability by applying the applicable rate of 10 per cent on the Capital Gains obtained above.

    The above steps can be placed in a better format as follows: N N

    • Sales Proceeds xx

    • Less: Allowable Expenses (xx)

    • Net Sales Proceed xx

    • Deduct: Cost of Acquisition (xx)

    • Capital Gains/(Losses) xx

    Capital Gains Tax @ 10 per cent

     

    Connected Persons

    Where in a transaction, one person has control over the other, a connected person transaction is said to have taken place. In such a situation, where transaction is not done at arm’s length, market value is used. Connected persons for this purpose include:

    1. An individual wife or husband;

    2. A trustee in settlement is deemed connected with the settler as well as any person connected with the settler;

    3. Partners of a firm are deemed connected with one another as well as with the spouse of each partner; 4. A company is connected with another person if that person has control of it or if that person and persons connected with him together have control of it.

     

    Roll Over Relief

    • This arises where a sole trader, partnership or limited liability company carrying on a trade, dispose of one eligible business asset and replaces it with a new asset of the same class as that sold. The seller will be entitled to deduct the capital gain arising on disposal from the cost of the new asset thereby postponing the payment of CGT on such a gain.

    • Roll over relief can be full, partial or no roll over relief.

    • The effect of this roll-over relief is to reduce the cost of acquisition of a new asset with resultant increase in the capital gain arising on eventual disposal.

     

    Classes Of Assets Eligible For Roll-over Relief:

    Class I:

    a) Any building or part of a building and any permanent and semi-permanent structure in the nature of a building, occupied and used only for trading;

    b) Any land occupied and used only for trading.

    c) Fixed plant and machinery which does not form part of the building

    Class II – ships

    Class III – Aircraft

    Class IV – Goodwill.

    However, the consideration arising on the disposal must be re-invested within Twelve months before or after the disposal before the rollover relief can be granted.

     

    Some Special Circumstances in CGT

    1. Assets acquired by gift and later sold: the imputed cost is:

    i. The amount at which the asset was last disposed in a transaction at arm’s length if known, or if that is not known

    ii. The market value of the asset at the date of transfer.

    2. Assets devolving on death and later sold, Shall for CGT purposes be deemed to be disposed of by him at the date of his death and acquired by the personal representative or other persons on whom the assets devolve for a consideration equal to:

    i. Where ascertained, price of the asset as at date of purchase; or

    ii. Where unascertained, market value of the asset as at that date.

     

  • What gains for the opposition?

    CRISIS is an ill-wind. It blows no political party any good. With the factionalisation of the Peoples Democratic Party (PDP) and the loss of seven governors, the party is left with the control of 16 states. Thus, the party has lost its dominance in the polity. When it was a united fold, the party controlled 23 out of 36 states. The reality is that a party that has described itself as Africa’s largest party is crumbling in the build-up to 2015. It has lost control of Sokoto, Kano, Jigawa, Adamawa, Niger, Kwara and Rivers states to a certain extent.

    The PDP may start playing the second fiddle in the Northwest and Southwest regions, whose total voters’s population is about 50 per cent of the national voting population.

    Political observers believe that more governors are likely to abandon the sinking ship, if the leadership of the party refuse to change its leadership style, foster internal democracy and uphold the rule of law to rein.

    If the Bamanga Tukur’s faction fails to reconcile with the Kawu Baraje’s faction, the PDP may be rocked by litigation between now and the next elections. The galadiators on both divides may waste precious time in court, instead of political mobilisation.

    A political analyst, Dr Emma Okongwu, urged the seven governors not to indulge in fighting over the ownership of PDP . He advised them to align with the formidable opposition party to effect change in the country.

    Okongwu said the between now and 2015 is short. Therefore, he said it is useless to fight for the soul of the PDP in court, stressing that they will not win.

    He added: “It’s better for them now to team up with other opposition to usher in a new political order in 2015. The seven governors are politically correct. More are likely to join The reality is that the balance of power in Nigeria has been radically altered. The most important thing now is how to translate the new development into a political liberation and change of power in 2015.

    Asked which of the opposition parties would benefit the governors in their struggle, Okongwu said: “I think the newly registered All Progressives Congress (APC) would do because it has a national appeal and 11 governors in its kitty. It makes it easier for the APC to build structures in those states and facilitate the take-off of the party in other states”.

    Okongwu said the Peoples Democratic Movement (PDM) would not help in this circumstance because the party has to start from the scratch. Since the seven PDP governors and 11 APC governors are colleagues in the Nigerian Governors Forum (NGF), who share similar view on the state of the nation, there is no reason why they should not work together in a political party.

    A civil rights activist, Shehu Sani, described the PDP dissenting governors as patriots. He said they are the apostles of democracy. “Govenors Rabiu Musa Kwakwanso (Kano), Aliyu Wamakko (Sokoto), Sule Lamido (Jigawa), Babangida Aliyu (Niger) and Murtala Nyako (Adamawa) are patriots, who have the interest of the nation at heart”, he said.

    The activist said they should be courted by the APC because their views are similar with the party’s objectives.

    In his view, the Convener of the Coalition of Democrats for Electora next step for the PDP governors is to faclititate a merger plan with the APC.

    “It is a possibility and when that happens, the best in the two camps will come to produce a better political platform for Nigeria. It is possible for ideological configuration of thesis and anti-thesis to produce the synthesis.

    “I ‘m persuaded that we are yet to see the end result of what happened last Saturday at the Eagles Square, Abuja, the venue of the PDP convention. The consequences would be far reaching. Any prognosis being made now by political fortune tellers, we need to exercise some restraints because the business at hand is not done yet”.

    Opadokun also called for caution. He said the PDP faction may not stand for principle, adding that its chieftains may go back to bet the Tukur’s faction when government instruments are unleashed on them to whip them back on line.

    Another analyst, Harrison White, said the limitations of the democratic space and political competition have made it extremely difficult to promote a free rivalry of ideas and concepts for development of the state. He said the state would gain a lot, if only the opposition parties could join forces and challenge the crisis-ridden PDP. He warned that the failure to do this would increase the PDP’s chance of retaining power.

    He argued that the PDP’s competitive advantage is the division in opposition and the fact that it can manipulate the election rules to suit itself. However, he stressed that the possibility cannot be ruled out that a formidable opposition may emerge, if the faction cooperate with the main opposition party.

    White said a formidable opposition made up of the APC and the PDP faction will pose a serious threat to the survival of the PDP, which has remained a dominant party in the country, since the restoration of civil rule in 1999.

     

     

     

     

     

     

  • Gains, pains of cashless economy

    Gains, pains of cashless economy

    The cashless economy policy of the Central Bank of Nigeria (CBN) has come with both pains and gains. As some are knocking it, others are hailing it, writes Chijioke Okoronkwo, News Agency of Nigeria (NAN)

    Mixed reactions have continued to trail the cashless policy introduced by the Central Bank of Nigeria (CBN) in January 2012.

    The implementation of the policy commenced in Lagos in 2012 but it was extended to the Federal Capital Territory (FCT), Rivers, Kano, Ogun, Anambra and Abia states in July 2013.

    While some die-hard cynics describe the policy as just another economic jargon that may not be feasible, others say it will boost the country’s economic growth in line with global best practices.

    The policy aims at reducing the amount of physical cash in circulation; thereby encouraging more electronic-based transactions in payment for goods and services

    The policy, as enunciated by the CBN, entails “cash-based transactions and stipulates a cash handling charge on daily cash withdrawals or cash deposits that exceed N500,000 for individuals and N3,000,000 for corporate bodies.’’

    The CBN Governor, Mallam Sanusi Lamido Sanusi, explained that the cashless economic policy was designed to “promote financial intermediation and financial inclusion, while minimising revenue leakages and eliminating incidence of robbery. It will also reduce the amount of cash payment and encourage electronic payment’’.

    Sanusi said the policy became imperative because the cost of cash and associated risk of cash-driven economy to Nigeria’s financial system was ever increasing.

    “The policy on withdrawal allows individual customers to make a free cumulative withdrawal of N500, 000 daily across the counter and ATM. Withdrawal above the free limit will attract processing fee of three per cent for every N1, 000 above the limit.

    “Corporate customers are allowed to make free cumulative withdrawal of N3,000,000 daily. Withdrawal above the free limit will attract a processing fee of five per cent for every N1,000 above the limit.

    “The policy on lodgment allows individual customers to make a free cumulative lodgment of N500, 000 daily. Lodgment above the free limit will attract processing fee of two per cent for every N1, 000 above the limit.

    “Corporate customers are allowed to make free cumulative lodgment of N3, 000,000 daily. Lodgment above the free limit will attract a processing fee of three per cent for every N1,000 above the limit,’’ he said.

    Sanusi said the appropriate mechanism for e-payment had been deployed to facilitate the smooth running of the scheme.

    The CBN governor listed the mechanism as Point of Sale (POS) Terminals, Automated Teller Machine (ATM), Web, Mobile Phones, Internet Banking, among others.

    Mr Tunde Lemo, the CBN Deputy Governor (Operations), said the all constraints to the smooth operation of the scheme were being addressed.

    He said: “We know there will be constraints; the constraints are there for us to see. Of course, we will solve all those complaints; now we know the areas that are well served, we know the areas that we need to deploy technology and we know where we just need to overlay services because we know the facilities are just there.

    “Of course, that was why we deferred the payment of charges for three months, exactly the same thing we did last year, just to allow some adjustments so that in the next three months, it will be very comfortable using those channels.

    “So, within the next six months, it might be convenient for us also to roll out to the entire country because we are quite aware that it is possible for people to arbitrage by moving cash around states that are very close to areas where we are implementing the cashless policy.”

    However, the House of Representatives has advised the CBN to implement the cashless policy in phases. The House also urged the apex bank to remove the charges or limits on daily cumulative withdrawals and deposits to encourage small businesses.

    This resolution was sequel to the adoption of a motion moved by Rep. Yakubu Dogara (PDP-Bauchi) and 38 others.

    Leading the debate, Dogara conceded that even though the policy could save costs in the financial sector, it did not, however, imply real sector growth.

    He noted that the majority of retail and commercial payments were usually made in cash by a large percentage of the population who did not operate bank accounts.

    The lawmaker also noted that the CBN had not achieved the needed 40 per cent expansion of ATMs.

    “The financial infrastructure in Nigeria is grossly inadequate to meet the demands of a cashless society,” he said.

    Besides, Dogara said the people’s low literacy level and the absence of constant power supply would discourage most citizens from embracing the policy.

    Contributing to the debate, Rep. Aisha Ahmed (PDP-Adamawa) said that Nigerians had been variously defrauded of millions of naira through electronic transactions.

    Rep. Albert Sam-Tsokwa (PDP-Taraba), who supported the motion, lauded the policy but said that it was premature to introduce it in Nigeria.

    He noted that most communities in the country lacked banking facilities that were designed to implement the policy.

    Nevertheless, Prof. Samuel Dairo, the President of Certified Board of Administrators of Nigeria (CBAN), said that the policy would impact positively on the national economy if well implemented.

    He said it would help to regulate the volume of cash transactions in the economy, adding, however, that the citizens ought to be properly enlightened about the policy.

    Dairo noted that the pilot scheme, which started in Lagos State in 2012, had not been very successful due to poor public enlightenment, inadequate Point of Sales (PoS) machines and poor network services, among others.

    “The introduction of the cashless policy in 2012 is yet to have its full effect on the economy due to persistent network failure, inadequate PoS machines and poor electricity supply.

    “Ignorance on the part of most of the end users is also another major challenge. A lot of people are sceptical about the policy due to the perceived risks it could expose them to,’’ he added.

    Such comments notwithstanding, some experts have commended the CBN for postponing the payment of charges to October, saying that the shift would give the CBN more room to create the needed infrastructure for the smooth implementation of the policy in designated states.

    Mr Samuel Durojaiye, the President, Finance Houses Association of Nigeria (FHAN), said that the current test-run of the policy in Lagos had provided the needed platform for the evaluation of the feasibility of the cashless policy.

    Dr Tunde Adeoye, Senior Lecturer, Department of Economics, University Lagos, described the postponement as a healthy development, stressing that it would aid efforts to rectify perceptible lapses in the policy.

    He, nonetheless, stressed that the poor power supply situation in the country, which made network connectivity somewhat difficult, was a major challenge facing the cashless policy.

    “Lack of adequate power supply is another impediment to the success of the policy and government must be proactive in tackling the problem,” he said.

    All the same, Adeoye advised the CBN to step up a nationwide awareness campaign on the policy, so as to educate the citizenry on the workings of automated transactions.

    He noted that lack of confidence in the financial system, coupled with the losses which many Nigerians incurred in the capital market, had impacted negatively on the acceptability of the policy.

    “The ability of CBN to restore the people’s confidence in the banking sector and the commencement of a sustainable rural banking system will also enhance the policy,’’ Adeoye said.

    All in all, policy analysts want the CBN to embark on aggressive public enlightenment campaigns to educate the people about the workings and gains of the cashless policy.

    They note that the cashless policy it is already working in several countries across the world, adding that Nigeria should not be an exception.

    The analysts, nonetheless, underscore the need to put in place the necessary infrastructure that would facilitate the smooth implementation of the policy

     

  • Investors stake N25b on N289b gains

    Investors stake N25b on N289b gains

    Investors staked about N25 billion on equities last week and earned N289 billion in capital gains as positive sentiments continued to send most stocks to new price level.

    Turnover at the Nigerian Stock Exchange (NSE) stood at 3.57 billion shares worth N24.69 billion in 39,321 deals, a marked increase on a total of 2.81 billion shares valued at N22.19 billion traded in 33,123 deals two weeks ago.

    The overall market situation remained exceedingly positive with average weekly gain of 2.78 per cent. Aggregate market capitalisation of all equities rose from N10.37 trillion to N10.66 trillion. The All Share Index (ASI), the market-wide valued-based benchmark index at the NSE, also trended upward to 33,313.49 points as against its index-on-board of 32,411.86 points.

    The financial services sector remained the most active with 70.75 per cent, 66.16 per cent and 58.71 per cent of the total equity volume, value and number of deals. It recorded a sectoral turnover of 2.53 billion shares valued at N16.34 billion in 23,085 deals. Banking stocks were the main drivers of turnover. Banking subsector recorded turnover of 1.78 billion shares worth N13.05 billion in 16,104 deals.

    Volume in the banking subsector was largely driven by activities in the shares of Unity Bank Plc, Access Bank Plc and United Bank for Africa (UBA) Plc, which altogether accounted for about 45 per cent of the subsector’s turnover. The conglomerates sector followed with a total turnover volume of 473.15 million shares worth N1.05 billion in 2,341 deals. Volume in the sector was largely driven by the shares of Transnational Corporation of Nigeria Plc with a turnover volume of 465.210 million shares valued at N803.042 million in 1,826 deals.

    The pricing trend indicated an overtly bullish market with 73 advancers against 18 decliners. Lafarge Wapco Cement led the advancers with a gain of N6.20 to close at N74.20. Guinness Nigeria followed with a gain of N5.38 to close at N297.41 while Ashaka Cement added N5.33 to close at N26.03.

    On the downside, Nestle Nigeria topped the losers’ list with a drop of N5.03 to close at N814.96. Nigerian Breweries slipped by N1.50 to close at N163.50 while Flour Mills of Nigeria lost 91 kobo to close at N80.

    Meanwhile, about 30.96 million shares resulting from recent bonus issue was at the weekend added to the outstanding shares of Guinness Nigeria Plc, bringing the total outstanding shares to 1.505 billion shares.