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  • NSE loses N370bn on Tuesday

    NSE loses N370bn on Tuesday

    The Nigerian Stock Exchange ( NSE ) on Tuesday sustained seven-day falling streak with the market capitalisation shedding N370 billion in one day.

    The market capitalisation lost N370 billion or 2.41 per cent to close at N14.967 trillion against N15.337 trillion achieved on Monday.

    Similarly, the All-Share Index which opened at 42,737.89 lost 1,029.74 points or 2.41 per cent to close at 41,708.15 following huge losses by some highly capitalised stocks.

    Some financial experts in an interview with our reporter attributed the persistent loss to decline in global stock markets, especially in the U.S. and Europe, contributed to the bearish trend in the market.

    Dr Uche Uwaleke, the Head of Banking and Finance Department, Nasarawa State University Keffi, said investors reactions to the global stock market trend led to sell pressure on the exchange.

    Uwaleke said drop in crude oil price following increased supply and profit taking by investors in respect of over-priced stocks, particularly those of tier 11 banks contributed to the development.

    He said relative uptick in returns from money market securities led to movement of funds from capital market to the money market securities.

    Prof. Sheriffdeen Tella, Professor of Economics, Olabisi Onabanjo University Ago-Iwoye, Ogun said the bearish trend was expected because the stock market usually reacted to economic conditions.

    “This is New Year and the budget is yet to be passed, so money is not yet being released and people need to buy lots of things.

    “Fortunately, the market was bullish recently such that the values of shares went up making it possible for profit taking,” he said.

    Tella said the bearish trend would bring new opportunities for new investors as well as old ones who would want to adjust their financial portfolio.

    He said that these investors would go the market shortly to take advantage of the lower prices of shares.

    “We will start seeing bullish activities in the market again.

    “It is the nature of the market to facilitate between bullish and bearish swings as dictated by market forces,” he said.

    An analysis of the price movement showed that Nestle recorded the highest loss depreciating by N40 to close at N1, 320 per share.

    Dangote Cement trailed with a loss of N13.30 to close at N258.70, while Nigerian Breweries dipped N5.20 to close at N127.80 per share.

    Guinness was down by N5 to close at N105, while International Breweries depreciated by N2.50 to close at N57.50 per share.

    On the other hand, Lafarge Afeica led the gainers’ table growing by N1 to close at N51 per share.

    Zenith International Bank followed with a gain of 60k to close at N30, while Berger Paint gained 45k to close at N9.45 per share.

    Access Bank increased by 45k to close at N12, while Dangote Sugar Refinery advanced by 30k to close at N21 per share.

    The banking sub-sector was the toast of investors with Diamond Bank emerging the most traded, trading 67.69 million shares worth N181.14 million.

    FCMB Group followed with an account of 49.22 million shares valued at N126.18 million, while Fidelity Bank sold 42.78 million shares worth N129.55 million.

    United Bank for Africa traded 39.16 million shares valued at N437.59 million, while FBN Holdings exchanged 32.59 million shares worth N358.64 million.

    In all, the volume of shares traded closed lower with an exchange of 470.52 million shares valued at N3.68 billion transacted in 6,309 deals.

    This was against the 517.44 million shares worth N5.19 billion traded in 5,852 deals on Monday.

    NAN

  • FAAN records 68% revenue increase from automation of MMIA car park

    FAAN records 68% revenue increase from automation of MMIA car park

    The Federal Airport Authority of Nigeria ( FAAN ) says monthly revenue has gone up by 68 per cent following the introduction of automated operation at the new car park at the Murtala Muhammed Airport ( MMIA ), Lagos.

    Mrs Henrietta Yakubu, General Manager, Corporate Communications, FAAN, told newsmen in Lagos on Tuesday that the automation had blocked revenue loopholes since the exercise began at the car park on Jan. 8.

    She said the new system had also reduced rowdiness and vehicular traffic associated with the manual toll collection at the park.

    Yakubu said FAAN would review the performance of the exercise by the end of this quarter and make adjustments where necessary for better service delivery.

    She explained that the authority decided to overhaul the whole system to restore orderliness and reduce complaints from passengers and airport users.

    “Then, we were wondering if all the people that park their vehicles at the car park are airport workers and travelers.

    “Also, we are in an era of technology where people no longer do things manually, but automated.

    “That was what prompted FAAN into introducing automation in its operations. Since we started, there has been a lot of sanity at the car park; there is a lot of orderliness,’’she said.

    According to her, the long queues experienced in the past has been brought under control.

    “If you are not dropping, you are encouraged to go to the car park and do your business there, rather than parking on the road and creating traffic jam,” she added.

    Yakubu said FAAN was also planning to construct a multi-storey automated car park within the General Aviation Terminal, explaining that it would help to boost the agency’s revenue generation.

    Yakubu also disclosed that FAAN was also working on the poor toilet facility at the International Wing of the MMIA.

    “We are doing complete overhaul of the facility so that we can have new toilets for users.

    “We have been getting a lot of complaints from our customers on the state of our toilets. You know MMIA is an old airport and what we are doing is in line with our core value of comfort for passengers and other users of the airport.

    “We believe it’s necessary for us to remove obsolete ones and replace them with new ones, while we are waiting for a new terminal,” she added.

    NAN

  • FG launches 2017/2018 annual school census

    FG launches 2017/2018 annual school census

    The Ministry of Education on Tuesday launched the 2017/2018 Annual School Census, aimed at solving the problem of out-of-school children.

    The Minister of Education, Mallam Adamu Adamu, said at the ceremony in Abuja that the census was designed to obtain the accurate number of schools and validate the figures.

    The theme of the launch is “Making Every Learner’s Environment Count: A Panacea for the Dearth of Empirical Education Data and as a way of solving the problem of out-of-school Children Syndrome in Nigeria”.

    The minister said that five states had already been mapped and placed on the website www.nemis.gov.ng for accessibility by all.

    “Imo, Edo, Ondo, Kogi and Taraba states have keyed into this initiative and we hope all states will key into this exercise and link up so that our data could be validated promptly.’’

    He said the launch signalled the simultaneous commencement of the enumeration of all schools, pupils, teachers and facilities at the basic and post-basic levels in the 36 states and FCT.

    “The conduct of the Annual School Census is in line with the provision of the Nigeria Education Management Information System Policy of 2007 which provides for the collection of education data beginning from the school.

    “Thus, the Education Management Information System processes have since 2009 been decentralised to the states in order to enhance efficiency in the collection, collation, management and dissemination of credible, reliable and timely data in Nigeria.

    He added that the ministry, through NEMIS, would coordinate and monitor the process, while states would conduct the exercise.

    The minister called for cooperation and full participation of the military, paramilitary, private schools, almajari centres and integrated Quranic schools in the exercise.

    Earlier, the Permanent Secretary of the ministry, Mr Sonny Echono, urged federal and states education ministries as well as development partners to organise training on school records keeping for head teachers and principals.

    He said that the Federal Ministry of Education, in collaboration with UNICEF, had organised trainings on school records keeping in 27 States and the FCT.

    He said the training would continue until all school heads in the basic and post basic levels were trained and cascaded to other teachers in the system.

    He, therefore, urged states to take the exercise serious collect more accurate and reliable data.

    Also, Mr Adebayo Solomon, Education Specialist and Consultant at the World Bank, stressed the need to improve data collection mechanism in the country.

    Solomon said that the 611 million-dollar project targets the utilisation of 90 per cent of the money to ensure the return of children to school, adding that it would last for five years.

    NAN

  • Lassa fever: Lagos on surveillance red alert – Official

    Lassa fever: Lagos on surveillance red alert – Official

    The Lagos State Government says it is maintaining relevant surveillance activities through its disease surveillance unit to prevent the spread of Lassa fever in the state.

    The state Commissioner for Health, Dr Jide Idris, said in a statement that prevention and control of the disease, however, remains a shared responsibility of all citizens.

    “Isolation wards have been prepared to manage suspected and confirmed cases, health workers have been placed on red alert and community sensitisation activities intensified.

    “There is need the public to ensure and maintain adequate personal hygiene and environmental sanitation at all times as part of prevention and control measures against the spread of Lassa fever in the state,’’ Idris said.

    The commissioner urged the public to store house-hold refuse in sanitary refuse bags or dust bins with tight-fitting covers to avoid infestation by rats and rodents.

    He also urged people to dispose refuse properly at designated dump sites and not into the drainage system and store food items in rodent-proof containers.

    According to him, by so doing, a habitable and conducive environment, and a disease-free state can be achieved.

    “Members of the public are further advised to avoid contact with rats and to always cover their food and water properly.

    “Cook all your food thoroughly, as well as block all holes in the septic tanks and holes through which rats can enter the house and clear rat hideouts within the premises,’’ he said.

    The commissioner urged health workers in public and private hospitals to ensure they observed universal safety precautions and complied with infection prevention and control measures when dealing with patients.

    He also stressed the need for workers to wear appropriate personal protective equipment like hand gloves, facemasks, goggles and overalls when attending to cases.

    “Safety boxes should be used for collection of used needles and syringes and general medical waste must be properly sorted out in colour-coded bags and disposed in line with international standards.

    “Hands must be washed often with soap and running water or application of hand sanitisers after each contact with patients or contaminated materials and instruments must be autoclaved.

    “Also hospital mattresses must be covered with plastic sheets to prevent contamination.

    “The plastic sheets must be large enough to cover the entire mattress, be waterproof, and be thoroughly disinfected after discharge of patients,’’ Idris said.

    According to him, Lassa fever is an acute viral infection caused by the Lassa virus that is associated with symptoms such as persistent high fever, general weakness of the body, malaise headache, sore throat, nausea, diarrhoea and vomiting.

    He said that the disease could progress into a severe form where the patient develops facial swelling, fluid in the chest.

    He said also that the patient could develop bleeding from the mouth, nose and the gut; low blood pressure, shock, disorientation, coma, and kidney and liver failure.

    NAN

  • Shekau disguises as woman in attempt to escape – Army

    Shekau disguises as woman in attempt to escape – Army

    The Nigerian Army says credible information indicates that factional leader of the Boko Haram sect, Abubakar Shekau, now dresses as a woman in an effort to escape from the Theatre of Operation.

    Army Spokesman, Brig.-Gen. Sani Usman, who confirmed this in a statement on Tuesday, said Shekau could no longer bear the heat and had abandoned his followers.

    “He is running for his dear life. He is desperately trying to escape the theatre, disguised as a woman and dressed in Hijab.

    “We reliably gathered that to avoid detection, Abubakar Shekau alternates between blue and black coloured hijabs. He was last seen in a black hijab.

    “We, therefore, call on all those remaining Boko Haram terrorists to know that they are following a coward moving about in hijab and disguising as a woman.

    “We also request all the remaining Boko Haram members to come out from hiding and lay down their arms and be treated humanely,’’ Usman said.

    He said concerted efforts were ongoing to track and apprehend the fugitive terrorist leader.

    The army spokesman, therefore, appealed to members of the public, especially the residents of Adamawa, Borno and Yobe to be more vigilant and security conscious.

    He also asked them to be on the lookout for Shekau and other terrorists who might disguise as women to escape.

    NAN

  • FG, MAN, discuss measures to distribute 2,000MW unused electricity

    FG, MAN, discuss measures to distribute 2,000MW unused electricity

    Determined to distribute unused 2,000MW of electricity, the Federal Government on Tuesday met with the Manufacturers Association of Nigeria ( MAN ) to discuss workable ways to distribute the unused power.

    The Minister of Power, Works and Housing, Mr Babatunde Fashola, made this known to newsmen during the meeting with MAN in Abuja.

    He said that both parties would work out possibility of increasing not only access to power for business but also to improve the quantity and quality of power supply to the manufacturing sector.

    He said the story of Nigeria’s manufacturing and production sector had been characterised by lack of infrastructure such as  electricity.

    The minister said the forum was to evolve measures on how to distribute the 2,000MW unused power in the National Grid.

    “Our meeting is important because we gather not to talk about the problem, we gather to solve the problem.

    “As I said at a different forum, we have a new problem; we have more power than we can distribute.

    “In that context, we cannot continue to talk of lack of power; instead, we must talk about how to connect to the available and unsold power, and what it will cost to do so,’’ he said.

    According to Fashola, Nigeria’s power generating companies are now able to produce 7,000 MW, while Transmission Company is able to transport all of the power generated.

    He said the Distribution Companies ( DISCOS ) had also increased their load taking capacity to 5,0000MW.

    He said however that “this leaves a gap of 2,000MW of what you manufacturers will call unsold inventory.”

    The minister said the unused power offered the manufacturers a critical raw material to reduce cost of their production.

    “What we gather to do today is to open the window for sales to the Eligible Customer – willing buyer and willing seller.

    “There can be no better time to explore this option than when there is the supply of unsold power with the clear promise of more to come.

    “The market must open to all willing buyers,” Fashola said.

    Fashola said access to the 2,000MW for manufacturing and production would be the big bridge toward diversification of the economy.

    He urged participants to be open, frank and most importantly be flexible in the negotiations.

    The President of MAN, Dr Frank Jacobs said it was a great opportunity for MAN to key into the process of utilising the 2,000MW.

    He said MAN was in need of electricity, adding that its members daily consumption was 14, 882MW of electricity, mostly self generated.

    Jacobs said the eligible customer initiative would make it possible for members of MAN to get some of the unused power and convert it for their own use.

    “We think that the 2,000MW will help to augment though it will not give us all that we need, but it will help us,’’ Jacobs said.

    He expressed hope that the DISCOS would understand that the taking of the 2,000MW by the manufacturing sector was for the benefit of the country.

    “The opposition, we expect may be from the DISCOS, but we are hoping that they will understand that what we are doing is for the interest of the country and the economy of Nigeria,’’ he said.

    NAN

  • Police in FCT arrest five armed robbery suspects

    Police in FCT arrest five armed robbery suspects

    The Commissioner of Police in the FCT, Mr Sadiq Bello, said the command had arrested 5 suspects who specialised in dispossessing people of their cars and jewelry at gun point.

    The suspects are: Sunday Okhomode, 30,  (principal member of the gang); of No 35, Obabayibe, Abakaliki, Ebonyi; Meshak James, 23, of phase 3, Kubwa, Abuja and Amusu Koku, 28 of Koroduma, Abuja, who specialises in changing colours of stolen cars.

    Others are: Kunle Obajemi, 49 of Kuje junction who specialises in changing chasis numbers on the dash board of stolen vehicles and Suleiman Isa, 26 of Jiwa , Gwagwa, who buys stolen jewelry from the gang.

    Bello made the disclosure while briefing newsmen on the arrest by operatives of the command on Tuesday in Abuja.

    He said that items recovered from the suspects are:  Five vehicles including a BMW X6 car; four pistols; eight rounds of live ammunition and a face mask.

    He said that the face mask, four pistol, eight rounds of live ammunition and a face mask, were recovered from Vital Care Hospital in Kubwa phase three, owned by Dr  Ola Jimade.

    The commissioner said that the items concealed in a bag in the office of the doctor, were recovered during execution of the search a warrant in the suspect`s hospital.

    He said that the doctor who was the leader of the gang was on the run.

    He said that the arrest of the syndicate was sequel to a reported case of armed robbery incident in Maitama in November 2017, where a BMW X6 car and large quantities of gold were carted away.

    Bello said that four of the stolen vehicles had been identified by their respective owners who were robbed at gun point.

    He said that the gang’s modus operandi was to gain access into the houses of their targets by blaring the horns of their cars at the gate.

    He said that investigation was ongoing to recover more vehicles and to arrest other fleeing members of the gang.

    Bello said that the suspects would be charged to court on completion of investigation.

    In a related development, the command had also arrested Destiny Abang, 32, from Boki East in Cross River while trying to steal a car from Area 8, Garki, Abuja.

    The commissioner of police said in the course of investigation, the suspect confessed to have stolen several cars within Garki and environs that were taken to Boki for sale.

    Bello said the investigation led to the recovery of 13 cars.

    They include: Five Mazda 323 saloon car, a Golf three car, three Toyota corolla cars, a Nissan primera car, a Mazda 626 car and a Toyota Highlander car.

    He advised members of the public to always make thorough checks on vehicles by insisting on seeing the original copies of particulars before buying to avoid buying stolen cars.

    The commissioner also urged the public to cooperate and collaborate with police for peace and tranquility in the territory.

    NAN

  • Union shuts operations of Newrest Aviation Services at airport

    Union shuts operations of Newrest Aviation Services at airport

    The National Union of Air Transport Employees ( NUATE ) has for the second consecutive day shut down the operations of Newrest Aviation Services Limited at the Murtala Muhammed International Airport, Lagos.

    The General Secretary of NUATE, Mr Olayinka Abioye, said that the workers’ action followed refusal of the in-flight catering services provider to allow the employees to belong to unions in the sector.

    Abioye told our reporters on Tuesday that Newrest ASL provides in-flight catering services to some foreign airlines operating in Nigeria.

    It also has lounges and restaurants at the Murtala Muhammed International Airport, Lagos and at the Nnamdi Azikwe International Airport, Abuja.

    Abioye said: “Before now, the workers belonged to a union in the hotel and hospitality sector, and overtime, they realised that they were not getting benefits from being members of the union.

    “They also took cognisance that since their work revolves round the aviation sector, they should belong to one of the unions in the sector.

    “They got in touch with us and we looked at their books and advised them accordingly.

    “So, they notified their former union individually as allowed by law that they wanted to leave and join unions in the aviation sector.”

    He said NUATE wrote the Newrest ASL informing the company that some of their employees had joined the association.

    Abioye said that the management, however, sought for clarification which led to a meeting between the parties and the Federal Ministry of Labour.

    He said the ministry urged NUATE to allow the workers to remain in the hospitality union, but the workers rejected the move.

    Abioye said the workers insisted that they wanted to belong to the aviation unions.

    According to him, the management thereafter made it compulsory for the workers to belong to the hospitality union and allegedly sacked those opposing the directive.

    “We have been dragging the issue for sometime before the Lagos State Council of the Nigeria Labour Congress ( NLC ); enough is enough.

    “So, the employees wrote two letters to the management.

    “They did not respond, which led to the shutting down of the company’ s operations since Monday,” Abioye said.

    NAN

  • Buhari meets Abdulsalami Abubakar at Aso Rock

    Buhari meets Abdulsalami Abubakar at Aso Rock

    President Muhammadu Buhari on Tuesday met behind closed door with former Head of State, Retired Gen. Abdulsalami Abubakar, at the Presidential Villa, Abuja.

    The meeting took place immediately after President Buhari received letters of Credence from the Ambassador of Niger to Nigeria, Mr Alat Mogaskia; the High Commissioner of Ghana, Alhaji Rashid Bawa and that of Apostolic Nuncio of the Holy Sea to Nigeria, Most Rev. Archbishop Antonio Guido Filipazzi.

    The former Head of State declined to speak to State House correspondents after the meeting, which lasted for less than one hour.

    Read Also: Buhari: we’re battling security challenges (Video)

    Reports also say that barely hour and half hours after his meeting with Abdulsalami, the President also met behind closed doors with two chieftains of the All Progressives Congress (APC), Asiwaju Bola Tinubu and Chief Bisi Akande.

    Two APC chieftains were in the Villa to console the President, who lost two members of his extended family in Daura recently.

    Tinubu is visiting the Presidential Villa for the first time since his appointment by President Buhari as APC “Chief Mediator”

     

  • Why I didn’t quit PDP — Jimi Agbaje

    Why I didn’t quit PDP — Jimi Agbaje

    Mr Jimi Agbaje, a former gubernatorial candidate of the People’s Democratic Party (PDP) in Lagos State in 2017 election, says he has not contemplated quitting the party because most parties lack ideology.

    Agbaje made the disclosure in an interview with the News men on Tuesday in Lagos while reflecting on his political aspiration.

    The one-time contestant for the National Chairman of PDP alluded that there were little differences in the political parties in Nigeria save the name given to them.

    “There is no need to cross carpet to other political party, what do I want there? In our country, there is little difference in the political parties that we have.

    “You can only cross carpet if you are looking for power, but when you gain the power you are looking for, you will discover that it is not in your own terms.

    “The party you defected to will dictate to you what they want, then you are unable to deliver at your own terms.

    “Why changing party when you can still fulfil your aspiration where you are and make impact? The real change has thought us to be wiser,’’ he said.

    Agbaje said that he saw himself as an accomplished politician who can still fulfil the process of good governance which was more satisfactory to him.

    “I have always seen myself as a fulfilled politician though I am still driving the process without recourse to many distractions that I have had.

    “I can achieve what I want at any day at any time, so, what am I looking for?  Political aspiration is about service to the people which is more important.

    Read Also: PDP: Agbaje withdraws from Chairmanship race

    “If you are resilient  and plan better, do things better, with patience, things will get better as days goes by, we can have a better country that is my belief,’’ he said.

    Agbaje, however, admonished the youth to be selfless in their service to the country, adding that it was the only way they could achieve greatness they were desirous of.

    “Youths must realise that the first thing is that reason for going to the politics should be defined. It is very important.

    “It should be clear that service to the people should be paramount rather than self and they will find out that when they get to where they are going it will be easier to deliver.

    “The youth also need to be patient in their aspirations and not focus too much on money. Money is not everything, and should not also scare them away from politics.

    “If they are scared, they will not achieve anything; it is like someone who wants to build a house but considering all that it will take him, he will not want to build; it’s same thing with politics,’’ he said.

    NAN