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  • Oyetola, stakeholders seek Court of Appeal Division in Osun

    OSUN State Governor Adegboyega Oyetola has thrown his weight behind the call for the establishment of a Court of Appeal Division in the state capital, Osogbo.

    He spoke during the beginning of the special sitting of the Court of Appeal, Akure Division at the Osun State High Court.

    The two-week programme is meant to enable the appellate court to attend to the many pending cases before the justices emanating from Osun State.

    The governor said: “I cannot end this address without lending my voice to the request of the stakeholders that you should graciously consider the possibility of having a Court of Appeal (Division) sited in Osun state.

    “I want assure you my Lords that our government would do everything possible to support this move.”

    Before the governor spoke, leaders of the Bench and Bar in the state, in separate speeches, urged the visiting justices to assist in making a case for the establishment of a division.

    With not less than 250 cases, Osun State has the higher number of suits on appeal before the Justices of the Court of Appeal, Akure Division, which has appellate jurisdiction over Osun and Ondo states.

    It was the first time the court, established 10 years ago, would move its sitting to Osun State to take justice closer to the people.

    The other stakeholders, who called for the establishment of the Court of Appeal, include Chief Judge of Osun State, Justice Bola Adepele Ojo; Osun-based Senior Advocate of Nigeria (SAN) Mr. Yomi Aliu (SAN), members of the state chapters of the Nigerian Bar Association (NBA) and representative of senior legal practitioners, Mr. Vincent Abiodun Akinleye, among others.

    Oyetola said the Court of Appeal remains a strong pillar of judicial and political expedition.

    “Your Lordships, your current assignment in Osun State is in furtherance of the judiciary’s role as the arbiter and protector of the rule of law.

    “The judiciary has played this role with vigour and unblemished integrity. It has demonstrated to the people that it remains the filtering agent when unscrupulous elements muddle up our judicial waters.

    “The Court of Appeal has established a reputation for itself as the home of landmark judgments in the nation.

    “In furtherance of your resolve to build sustainable democracy and a just and peaceful nation, I urge Your Lordships to continue to uphold the tenets that have endeared you to the people as an institution of nobility, integrity and trust,” Oyetola said.

    The state Chief Judge, Justice Adepele  Ojo, said the unprecedented special session was geared towards the facilitation of easy access to justice and bringing justice to the people.

    She said the establishment of a division of the Court of Appeal in Osun would bring relief to the burden of the many pending cases.

    Aliu (SAN), who spoke on behalf of the senior lawyers, appealed to the President of the Court of Appeal to see the establishment of the Court of Appeal Division in Osun State as an urgent matter.

    The Chairman of NBA, Osogbo Bamidele Ajibade and Chairman NBA Ilesa, Kanmi Ajibola, gave their support to the call.

    The Presiding Justice of the Court of Appeal, Akure Judicial Division, Justice Oyebisi Omoleye, promised to take the request for the establishment of the Court of Appeal in Osun to the President of the Court of Appeal, Justice Zainab Bulkachuwa.

    “In a very due course, we will bring to the attention of the President of the Court of Appeal the agitation for the establishment of a Judicial Division of the Court of Appeal in Osun State”, she said.

    Justice Omoleye, who led the three other judges: Justice Muhammed Danjuma; Justice Ridwan Abdullahi and Justice Patricia Ajuna Mahmoud, hailed the governor for his support for the judiciary and the temporary relocation of the Court to Osogbo.

    She added: “Since the period that I have been the head of the Court of Appeal sitting in Akure, I have noticed that Osun has a huge number of appeals in this division.

    “But commendably,  litigants and their counsels flock the Court in Akure on daily basis, sitting sometimes for hours to ensure the hearing and disposal of their matters.

    “It is in appreciation of this great effort and amelioration of the hardship involved that the division has shifted its siting to Osogbo for two sitting weeks.”

  • JAMB: Candidates who miss UTME to wait till next year

    The Joint Admissions and Matriculation Board (JAMB) has said that any candidate who miss this year’s Unified Tertiary Matriculation examination for any reason would Hve to wait till next year to retake it.

    The board said it would not reschedule the 2019 UTME for any candidate.

    JAMB Head of Information, Dr Fabian Benjamin, stated this on Monday in Abuja.

    He urged all candidates writing the UTME to print their examination slips before Thursday.

    Read also: JAMB records 4.01 per cent drop in applications received in 2018

    He said, “The examination will? Start on Thursday and we are urging all the candidates to ensure that they print their notification slips? before Thursday. This is important so that candidates can know their schedules.

    “This is because the board will not reschedule the exams for anybody.

    “If anyone misses the examination, such has missed it till next year.”

    He said the board has not restored the 14 computer-based test centers that were de-listed during the conduct of its mock examination on April 1st.

    “The 14 CBT centres delisted remain so. We don’t have any addition at the moment.”

    Benjamin also said that the two JAMB officials who were attacked in Lagos State Polytechnic last Monday were still recuperating in the hospital as of last Friday when he heard from them.

    “As of Friday, they were in the hospital. But today (Monday), I have not got across to them, but they are getting better now,” he added.

    The 2019 UTME is expected to start on Thursday this week in 698 CBT centers nationwide.

     

  • Court adjourns suit against Enugu North Senator till May 14

    A Federal High Court in Lagos will on May 14, receive the report  of service in a suit by a Lagos lawyer, Osita Enwe, against Senator Godfrey Utazi and his constituency office, over constituency allocations.

    Last Wednesday, Enwe told Justice Muslim Hassan that first respondent Utazi had been served, but the second respondent (his constituency office) had not, following which the judge adjourned for a report of service.

    Enwe filed the suit, marked FHC/L/CS/86/2019, on March 21, under the Freedom of Information (FOI) Act against Utazi, who represents Enugu North at the National Assembly.

    The action is supported by a 28-paragraph affidavit in which the applicant averred that the respondents declined his letter requesting for information about the constituency’s budgetary provisions and allowances.

    The lawyer averred that the letter was for a request for a public record covered by the Act, which mandated the respondents to provide such information.

    He is seeking a disclosure of the budgetary provisions and constituency allowances disbursed by the National Assembly to the respondents and details of their utilisation from May 29, 2015 to October 31, 2018.

    He is also asking for details of the contract documents awarded by the respondents in respect of the funds.

    The applicant wants the court to declare that the respondents jointly or severally are bound to disclose and grant him access to their budgetary allocation, allowances and how the funds were utilised.

    He is praying for an order of mandamus compelling the respondents to provide the details sought and to publish them on their website, including any other electronic means, and in print form.

  • Communication minister faults senate committee on 82 projects

    The Minister of Communications, Barrister  Adebayo Shittu on Monday expressed disappointment over a statement by members of the Senate Committee on Communications that his Ministry abandoned 104 projects.  While stating that the projects in question were never awarded , the Minister described as blatant lie that projects were abandoned.

    Speaking with journalists in Ibadan on his way to Abuja, the minister said the projects under questioning were 82.

    He was also quick to add that the projects were never abandoned as claimed, but stopped from being awarded when petitions emanated from different quarters over the contractors bilked to handle them.

    Shittu stated that thorough scrutiny of the petition and the budget for the projects, gave the ministry opportunity to save N600 million which could have gone into the drain.

    Shittu said it would be inconceivable for any minister under the leadership of President Muhammadu Buhari, to engage in such, stating that the President could not have made any mistake by appointing any of the current ministers which took him six months to do.

    The Senate Committee presided over by Senator Isah Missau, who stood in for the Chairman of the Committee, Senator Gilbert Nnaji, had while  bemoaning what it described as the ministry’s poor budget performance for 2018, said it would be difficult for N18.1 billion to be approved for the ministry in 2019 budget.

    According to the committee, out of the 121 projects budgeted for in 2018, only 17 projects have reached varying degrees of completion and leaving a larger percentage either not funded or executed at all two months to the end of 2018 budget year.

    But Shittu said there was no abandonment of any project by his ministry, insisting that the projects referred to by the Senate Committee which is 82 and not 104 have not yet commenced at all but rather there was delay in awarding them.

    He said for any contract to be awarded there must not only be approval but release of money,  disclosing that the Ministerial tender board meeting  of the ministry was held six weeks ago and its report submitted, only recently.

    The minister added that as the report was coming in,  a number of petitions protesting against the fact that there were suspicious  deals by the procurement department were received, noting that the projects could not be rushed to be awarded without looking into the petitions.

    While accusing the National Assembly of taken seven months to approve the 2018 budget after it was submitted to it, he said by tomorrow (Tuesday) all the processes concerning the projects would have been concluded.

    Read also: ICT mainstay of economy, says Shittu

    He said,  “To start with, the projects which are subject matter of discussion have not yet been awarded, so the proper thing would be that there is delay in awarding them. So, if they are accusing me of delay, something must have caused the delay. To award a contract, fund must be available, and also must be allocated for the specific project. And you will recall that the current system is what we called the envelope system because each project is in its own envelope.

    “Then there must be not only approval but fund  must also be released. After the release, the procurement department of the ministry will do its part, then the Ministerial tender board which held its meeting six weeks ago. This is because if there is no ministerial tender board meeting, then there is noting for the minister to approve and there is nothing for the ministry to award. Just as the report of the board was coming in, we had a number of petitions protesting against the fact that there were suspicious deals by the procurement department.

    “As an apostle of President Muhammadu Buhari’s anti-corruption crusade, I cannot turn the other eye, I must look at the petitions, and what I did was to set up a committee within the ministry which was inaugurated by the new permanent Secretary two weeks ago. The report of that committee was turned in to the Permanent Secretary only last Monday. And when we met the Senate Committee and that of the House of Representatives, I made this known to them and told them that there has been a delay in view of these issues.

    “So, in such a situation, how do you talk of abandonment? The exercise I embarked on would be saving the Federal Government N600m, that means if I had not taken that step, such a huge amount would have gone underneath”.

     

  • Lawyer seeks to stop MTN’s stock market listing

    A Lagos Lawyer Dr. Charles Mekwunye  has asked the Securities and Exchange Commission (SEC) to stop telecoms giant, MTN from listing its shares on the Nigerian Stock Exchange (NSE).

    In a March 18 letter, Mekwunye, of Charles Mekwunye and Co, stated that MTN could not list its shares on the market because of a suit before the Supreme Court concerning the “massive” divestment of its assets.

    The letter claimed that MTN had been unfair to the Nigerian public and regulators by allegedly not disclosing the pendency of a civil matter over its shares when it recently announced its proposed initial public offer.

    In the letter to SEC, Mekwunye said: “We are disappointed that you have refused and/or failed to call MTN to order in the light of recent publications relating to its proposed Initial Public Offer (IPO) without any reference whatsoever to the appeal pending before the Supreme Court involving the massive divestment of its assets.

    “We consider the move by MTN as unfair, misleading, and a calculated attempt as usual to defraud the Nigerian economy and the Nigerian investing public.

    “Please be advised that under Nigerian law and jurisprudence, MTN cannot disrespect the Supreme Court by interfering with the subject matter of litigation before the apex court in the land.”

    Mekwunye, in 2008, sued MTN, Lotus Capital and Stanbic IBTC Asset Management, IHS Holding LTD and INT Towers Ltd at the Federal High Court for alleged breach of contract in the divestment of MTN assets.

    Mekwunye claimed at the lower court that MTN, through its appointed nominee, Stanbic IBTC Asset Management and LOTUS Capital, defaulted in a share investment agreement with him.

    He urged the court, to restrain MTN from listing its shares on the stock market pending the determination of the suit.

    Justice Mojisola Olateru, while ruling on a preliminary objection raised by MTN on the competence of the suit,  asked parties in the suit to explore the arbitration clause embedded in the contract.

    Dissatisfied with the ruling of the lower court, Mekwunye filed a motion on notice on February 26, 2018 at the Court of Appeal.

    He argued that an arbitration clause in agreement between him and MTN cannot be used to determine the suit involving IHS Holdings Ltd and INT Towers Ltd who are not parties to the arbitration clause.

    The Court of Appeal, in its ruling, also asked parties in the suit to pursue arbitration earlier pointed out by the lower court.

    Still not satisfied with the appellate court’s ruling, Mekwunye approached the Supreme Court, insisting that the crux of the matter is the failure of the respondents to list MTN shares on NSE in 2011 as agreed by parties and that until the suit is properly determined, MTN ought not to be allowed to list its shares at the stock market.

  • NBA clarifies consequences of non-payment of Practice Fees

    The Nigerian Bar Association (NBA) has clarified the consequences of late and non-payment of the annual Bar Practicing Fees on or before March 31, of every year.

    NBA President Mr. Paul Usoro (SAN) stated that defaulting lawyers can still pay after the deadline, but at some cost.

    Usoro stated this in a statement on behalf of the Association.

    He said: “This Release is intended to clarify issues in that regard and to guide those “defaulting” members.

    “Section 1(4) of the Nigerian Bar Association (“NBA” or “Association”) Constitution 2015 defines a full member of the Association as “any person duly enrolled at the Supreme Court of Nigeria as a legal practitioner and registered with a Branch of the Association.

    “Notwithstanding that definition, any member who fails or neglects to pay his or her Bar Practising Fees (BPF) by or before the end of March of each year shall, for as long as he/she remains in default, inter alia, have no right:

    “Of audience in any Court in Nigeria;  to prepare, authenticate or frank legal documents including Memorandum and/or Articles of Association; to hold any office whatsoever to which he or she would have been entitled by virtue of his/her qualification as a legal practitioner; to vote or be voted for at any election of the Association.

    “Furthermore, failure or neglect to pay the Annual Practising Fees and Branch Dues, as and when due, shall be deemed to be an act of professional misconduct.

    “In consonance with the NBA Constitution, Rule 9 of the Rules of Professional Conduct for Legal Practitioners 2007 mandatorily stipulates as follows:

    “A lawyer shall pay his Annual Practicing Fees not later than 31st March in every year. In the case of lawyers who are enrolled during the year, the fees shall be paid within one month of the enrolment;

    “A lawyer shall not claim in any court or before a judicial tribunal that he has paid his Annual Practicing Fee when he is, in fact, in default.

    “A lawyer shall not sign documents, pleadings, affidavits, depositions, applications, instruments, agreements, letters, deeds, letters, memorandum, reports, legal opinions or similar documents or processes or file such documents as a legal practitioner, legal officer or adviser of any Governmental department or Ministry or any corporation when he is in default of payment of his Annual Practicing Fees.”

    Usoro emphasised that the non-payment of Bar Practising Fees on or before 31 March of each year robs the Legal Practitioner of audience before the courts with effect from the said “cut-off” date.

    He added: “Non-payment of the Practising Fees as at when due also denies the Legal Practitioner certain privileges e.g. elevation to the Inner Bar as a Senior Advocate of Nigeria and/or appointments as Notary Public and as Judicial Officers.

    “Rule 10(1) of the Rules of Professional Conduct for Legal Practitioners 2007, also provides that a lawyer acting in the capacity of a legal practitioner, legal officer or adviser of any Governmental department or Ministry or any Corporation, shall not sign or file a legal document unless there is affixed on any such document a seal and stamp approved by the Nigerian Bar Association. The payment of Bar Practising Fees is a pre-condition for the issuance of the annual seal and stamp.

    “The Question is: Considering the grave consequences of a failure to pay the Bar Practicing Fees on or before 31st March of each year, is there any remedy available to defaulting lawyers? The answer is: YES!

    “If any legal practitioner has failed or neglected to pay his/her Bar Practising Fees on or before 31st March of any year, all hope is not lost.

    “The right of audience before the Courts can be restored and the qualification for the issuance of annual stamps may be remedied by and upon the immediate payment of the Bar Practising Fees, albeit, after the cut-off date of 31st March.

    “Please note, however, that the other privileges (e.g. elevation to the Inner Bar and appointments as Notary Public and as a Judicial Officer) will unfortunately remain forfeited to the defaulting legal practitioner.

    “For those who may now need to pay their Bar Practicing Fees, having not paid by or before 31 March 2019, please ensure that you enter your Branch Code in the column provided therefor in the customized payment teller which would be given to you at the Access Bank Branch of your choice for the payment.”

  • FG declares state of emergency on public health

    The National Primary Health Care Development Agency (NPHCDA) has declared a state of emergency on public health concern on maternal  newborn and child death occurring at the primary health centres.

    A Similar declaration is expected in the states in the next few days to track maternal and child mortality.

    The agency also set a target of reducing the mortality rate in maternal and child by half in the next two years.

    The states also assured of their buy in to ensure that the initiative achieve its purpose

    Nigeria has one of the worst record in maternal and child mortality in the world. It is recorded that in Nigeria approximately 145 women under the age of 15-45  die from preventable causes related to pregnancy and childbirth while 2300 children under five years old die mainly from preventable causes

    Consequently, the agency said it will establish a national coordination centre within the agency to provide oversight on the ourl8ned activities .

    The centre, according to the Executive Director of the agency, Dr. Fasal Shuaib shall be called the National Emergency Maternal and Child Health Intervention Centre. (NEMCHIC).

    Already, the country has received support worth $1.3l million  which is to be matched by the government $1.97 million for the next ten years. This fund is fto suppirt the country’s immunization programme as part of the efforts to reduce maternal and child mortaliry in Nigeria.

    Shuaib who lamented appalling health statistic in the country, especially in the area of maternal and child mortality rate noted that there is the need to break the culture of silence over preventable deaths in the country.

    He said: “Having noted the high rate of maternal, newborn and H dear-5 child mortality, and the insufficiency of our current efforts to reverse the trend, I hereby declare a state of public health concern on maternal, newborn and child deaths occurring at the Primary Health Care and Community levels and a decision to establish a National Coordinator Centre within the NPHCDA to provide oversight on RMNCAH + N activities at the Primary Health Care level.”

    This Centre he said shall be called the National Emergency Maternal and Child Health Intervention Centre (NEMCHIC).

    To ensure the success of the new initiative to address the situation, he said the Centre will work with the National Polio Emergency Operations Centre and transit polio resources towards RMNCAH +N.

    On what the agency will be doing differently, he said the government at the Centre will urgently take action by providing leadership to reverse the trend by half years 2021.

    The NPHCDA boss also noted that steps will be taking to investigate death of any woman related to childbirth.

    To this he also noted that a toll-free numbers will be provided for Nigerians to supply information so as to raise the sense of accountability for such a preventable deaths.

    Besides, Shuaib said attention will be paid to all the states in the country since no state has been able to reach the target.

    The 36 states of the Federation have also assured of their buy in to ensure that the initiative achieve its purpose.

     

  • Garlands for Chief Judge

    The Lagos State Judiciary has held a valedictory court session for its former Chief Judge the late Justice Christopher Olatunde Segun, ADEBISI ONANUGA reports

    Justices of the Appellate Courts,  the Chief Judge and judges of the High Court of Lagos State,  members of the inner and outer Bar and the  Magistracy converged on Lagos to bid farewell to a respected and former Chief Judge, Justice Olatunde Segun.

    It was at a special Valedictory Court Session which held in his honour at the foyer of the High Court of Lagos State, Igbosere, Lagos.

    Chief Judge of Lagos, Justice Opeyemi Oke, in her address, described the former Chief Judge as “a highly respected judicial officer, an outstanding jurist, a fair and fearless judge and an astute administrator of justice.

    “ Indeed, he was a rare gem and a beacon of light who contributed immensely to the advancement of the administration of justice in Lagos State Judiciary, even after retirement,” she said, stressing that the late chief judge had a reputation for hard work and discipline.

    According to Justice Oke, the late former Chief Judge was a man of peace who had a good work and harmonious relationship with other arms of government “without compromising the independence of the judiciary.”

    Justice Oke recalled that contrary to expectations that he would stay in retirement after he retired from the Lagos judiciary in 2001, the passion to serve the public was so compelling that the late Justice Segun continued to offer himself in public service.

    According to her, Justice Segun was appointed Chairman, Lagos State Independent Electoral Commission (LASIEC) in 2002 and held the position till 2007.

    Read also: Kogi Chief Judge asks court to set aside Assembly’s sack resolution

    She disclosed that in 2004, Justice Segun led a delegation of Commissioners of LASIEC to monitor the Unites States of America’s (USA) Presidential Election in Washington DC.

    After relinquishing his Chairmanship position at the commission, his intellect was such that the state government continued to seek his advise even as he served the state in other capacities.

    Oke said the late Chief Judge was a committed christian who reportedly “had over 3,000 Bibles all around his house, which he read anywhere he turned to.”

    She said his patriotism and penchant to serve the society endeared him to many people like the late Ogbeni Oja of Ijebu Ode, the late Chief Bayo Kuku, Prof. Adetola Adebonojo, Pro. Bolaji Akinsanya, Justice M. Kotun, Chief Bola Ige and Prince Adediji Adedoyin, all of blessed memory.

    She listed surviving friends to include The Awujale and Paramount Ruler of Ijebuland, Oba (Dr.) Sikiri Adetona, Otunba Subomi Balogun, Chief Oyekunle Alex-Duduyemi, Elder Simeon Olakunrin and Engr. Ayo Jagun.

    In his valedictory speech, the State Attorney-General and Commissioner for Justice, Adeniji Kazeem described the late Justice Segun as an achiever and one of the finest jurist and judicial  administrator to be produced not just in Lagos State but also in the country.

    He noted that Justice Segun lived a commendable life worthy of emulation.

    Kazeem further said of him: “For someone who left for England to study Accountancy, but was influenced half way to switch to study Law, one can tell that he was an achiever and an astute decision maker because even today law remains the profession of choice.

    “From a mere glance at his profile, his was a stellar career spanning literally the whole judicial ladder which many in public service have only been able to aspire to”.

    He recalled: “sometime in 2015, when asked in an interview where he got the conviction he was going to succeed after he jettisoned Accountancy for law, he replied that the switch was not a problem. In his own words, “by the time I moved to law, everybody said I was in the right place”, and he had no regret having risen to the peak of his career before his retirement as Chief Judge of Lagos State.

    Kazeem also recalled that his last encounter with Justice Segun was in October 2016 when the former Chief Judge of Lagos State, Justice Funmilayo Atilade informed him that he had been admitted in hospital for an ailment and that he should inform the Governor .

    He said immediately Governor Akinwunmi Ambode was informed,  he directed that him to visit and convey his good wishes for his speedy recovery.  “On my arrival I met him in company of Justice Atilade and Justice Bankole-Oki who were fussing over him like daughters. I later learnt that they were indeed like daughters to him as they regaled me with stories of how he had mentored them early in their careers.

    “Those moments of light banter I spent with him and his daughters were indeed memorable and I left thinking that these were the last of titans, tough as nails but yet possessing sufficient emotion, humour and empathy to serve humanity and the law”, he said with nostalgia.

    He noted that after retirement, Justice Segun dedicated his entire life to serving God adding “his philosophy of life became Love God and do his will, and if you adhere to this, other good things will follow”.

    Nigerian Bar Association (NBA), Epe Branch Chairman, Sunday Abimbola who spoke on behalf of other NBA branches in the state, described him as astute and upright judge all through the time he became a judge of the High Court of Lagos State and tenure as the Chief Judge of the state’s judiciary.

    “ It is imperative to note that one of the major achievement of Hon. Justice C.O. Segun was the enforcement of quick assignment of cases.

    “When you file a case in court with an affidavit of urgency, you can be rest assured that the case would be assigned timeously. Hence, helping the plight of the helpless citizens.

    According to Abimbola, Justice Segun put in place mechanism in place to ensure that cases are promptly assigned to a judge despite it was not the age of internet and electronic technology at a time that.

    Abimbola said the late Justice Segun was “ dogged, fearless, innovative, wise and upright . He left landmark achievements for other judges to emulate “, he said.

    Others who also eulogised the former Chief Judge of Lagos state included Ayanlaja Afolarin(SAN) who spoke on behalf of Body of Senior Advocates of Nigeria (BOSAN).

    Also present at the event was Femi Falana (SAN), Norrison Quakers (SAN), NBA Ikorodu Branch, Bayo Akinlade among others.

  • Equities hit one year’s low with N170b loss

    Nigerian equities hit their lowest value in the past 12 months yesterday as sell pressure continued to depress quoted shares to their lowest prices, despite subsisting dividend recommendations. After losing N548 billion last week, equities lost N170 billion yesterday, depressing the average year-to-date return to -7.22 per cent.

    The All Share Index (ASI)- the benchmark index that tracks share prices at the Nigerian Stock Exchange (NSE) dropped from its opening index of 29,616.38 points to close at 29,162.24 points, its lowest index point in 52 weeks. Aggregate market value of all quoted equities declined from its opening value of N11.124 trillion to close at N10.954 trillion.

    With average decline of 1.5 per cent on Monday, quoted equities have so far this month lost an average of 6.05 per cent. Most sectoral indices closed on the negative with the NSE Banking Index leading the decline with a drop of 2.51 per cent. The NSE Industrial Goods Index dropped by 0.88 per cent while the NSE Consumer Goods Index dipped by 0.37 per cent. On the upside, the NSE Insurance Index appreciated by 0.20 per cent while the NSE Oil & Gas Index inched up by 0.09 per cent.

    There were 30 losers against 13 gainers. Nigeria’s most capitalised company, Dangote Cement led the losers with a drop of N3.50 to close at N185.50. Stanbic IBTC Holdings followed with a loss of N3.05 to close at N43.20. Guinness Nigeria lost N2.45 to close at N60. Guaranty Trust Bank declined by N1 to close at N34 while Union Bank of Nigeria dropped by 50 kobo to close at N6.50 per share.

    On the positive side, 11 led the gainers with a gain of N1 to close at N171. Eterna rose by 25 kobo to close at N4.25. Learn Africa added 11 kobo to close at N1.34. Caverton Offshore Support Group rose by 8.0 kobo to close at N2.60 while Neimeth International Pharmaceuticals and Oando inched up by 5.0 kobo to close at 56 kobo and N5 per share.

    Total turnover stood at 455.88 million shares valued at N5.26 billion in 3,993 deals. Sterling Bank led the activities chart with a turnover of 93.42 million shares valued at N242.19 million. Guaranty Trust Bank followed with 78.33 million shares worth N2.66 billion while Tripple Gee placed third with 60 million shares valued at N42 million.

    “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term. However, stable macroeconomic fundamentals and compelling valuation remains supportive of recovery in the mid-to-long term,” Cordros Securities stated.

    Analysts at Afrinvest Securities said they expected to see bargain hunting activities due to the attractive entry prices of several fundamentally sound stocks in the market. Analysts however were cautious that in the absence of the much needed economic reforms to attract investors, there may not be any sustained price rally.

     

  • Imo governor-elect bans issuance of land titles, CofO

    Imo State Governor-elect Emeka Ihedioha has directed civil servants, especially those serving at the Ministry of Lands, to stop the issuance of Certificate of Occupancy (CofO) and other land titles forthwith.

    A statement by his media aide, Chibuike Onyeukwu, reads: “After a study of the report submitted to him on land matters, the Governor-elect, Emeka Ihedioha, has issued the following directives

    -all further processing, issuance, execution and collection of Certificates of Occupancy, in respect of land within the Owerri Capital Territory, are hereby suspended and put on hold forthwith.

    Read also: Fire guts arrival terminal of Imo airport

    -civil servants, public servants, special aides and government officials whose duties concerns land matters, including, but not limited to the Registry of Deeds, allocation of State Land, processing, issuance, execution and delivery or release of Certificates of Occupancy, are to be guided and strictly comply with the above directive.

    “Any person found wanting in these directives, would have himself or herself to blame.”