The Nation Newspaper

Tag: Nigerian

  • Nigerian equities rally N198b gain as investors swoop on banks

    Nigerian equities sustained a major recovery last week as investors responded positively to first quarter earnings. The equities market closed weekend with average gain of 1.78 per cent for the week, equivalent to net capital gain of N198 billion. The rally during the week moderated the negative average year-to-date return to -4.28 per cent.

    Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) closed weekend at N11.301 trillion as against its opening value of N11.103 trillion for the week. The All Share Index (ASI)- the main index that tracks share prices, also rose from the week’s opening index of 29,560.47 points to close weekend at 30,086.31 points.

    Market analysts agreed that the rebound was due to the onset of first quarter earnings, especially the positive results released by leading first-tier banks.

    “The week’s positive close and sentiment can be attributed to the positive first quarter 2019 results that have started to filter in. We opine that investors will continue to take position in attractive stocks ahead of earnings expectations,” Afrinvest Securities stated.

    Analysts at Cordros Capital also attributed the rebound to earnings season, noting that strong numbers reported by most first-tier banks and other companies renewed sentiment for naira risk assets.

    “We reiterate our view that the blend of a compelling valuation story, together with positive macroeconomic picture leaves scope for a market recovery in the medium term. However, we guide investors to tread the cautious trading path in the short term,” Cordros Capital stated.

    Banking stocks accounted for some two-thirds of total turnover at the Exchange with the trio of Union Bank of Nigeria (UBN), Access Bank and Guaranty Trust Bank accounting for about 36 per cent of total turnover volume and 42.4 per cent of total turnover value. Investors staked N4.85 billion on 355.04 million shares of UBN, Access Bank and GTB in 2,133 deals.

    Total turnover during the four-day trading session last week stood at 988.69 million shares worth N11.43 billion in 13,596 deals as against a total of 1.77 billion shares valued at N15.26 billion traded in 17,015 deals in the previous week.

    The bank-led financial services sector remained the most active with a turnover of 766.19 million shares valued at N7.26 billion in 7,820 deals, representing 77.50 per cent and 63.51 per cent of the total equity turnover volume and value respectively. The information and communication technology (ICT) sector occupied a distant second with 74.77 million shares worth N24.60 million in 212 deals while the consumer goods sector place third with a turnover of 48.02 million shares worth N3.095 billion in 2,374 deals.

    There were no trading in Exchange Traded Products (ETPs) last week compared with a total of 13,740 units valued at N215, 010 traded in two deals two weeks ago.

    Meanwhile, a total of 14,246 units of Federal Government bonds valued at N14.98 million were traded in 17 deals compared with a total of 787,527 units valued at N795 million traded in 26 deals penultimate week.

    Sectoral analysis showed widespread positive sentiments as investors sought to take positions ahead of the closure of dividend qualification and in anticipation of strong earnings in the 2019 business year. The NSE 30 Index, which tracks the 30 most capitalised companies at the Exchange, posted a positive return of 2.08 per cent for the week. The NSE Banking Index also recorded above-average return of 2.07 per cent. The Consumer Goods Index recorded the highest gain of 5.07 per cent. The NSE Insurance Index rallied average gain of 2.44 per cent while the NSE Industrial Goods Index recorded modest gain of 0.46 per cent. However, the NSE Oil and Gas Index was the only contrarian index with negative return of -2.12 per cent.

    There were 33 advancers and decliners each while 101 stocks remained unchanged. However, gains by highly capitalised stocks boosted the market position. Chams recorded the highest gain, in percentage terms, with a gain of 28.57 per cent to close at 36 kobo. First Aluminium Nigeria followed with a gain of 28.13 per cent to close at 41 kobo. Dangote Flour Mills rose by 27.38 per cent to close at N10.70. Access Bank rose by 15.13 per cent to close at N6.85 while AIICO Insurance rallied by 10.29 per cent to close at 75 kobo.

    On the negative side, Associated Bus Company led with a drop of 17.5 per cent to close at 33 kobo. Royal Exchange followed with a loss of 12 per cent to close at 22 kobo. United Capital dropped by 11.43 per cent. C & I Leasing dropped by 9.9 per cent to close at N7.20. AG Leventis declined by 9.68 per cent to close at 28 kobo while UACN Property Development Company lost 9.64 per cent to close at N1.50 per share.

    The recovery at the Nigerian market also mirrored the continuing positive global outlook. Key global indices in the advanced and emerging markets closed weekend positive. In America, the Dow Jones Industrial Average (DJIA) rose by 0.3 per cent while the S & P inched up by 0.1 per cent. In Europe, the FTSE 100 posted a gain of 0.4 per cent. Euro Stoxx 50 rallied by 1.5 per cent. In Asia, the CSI 300 Index rose by 2.1 per cent while Nikkei 225 rose by 1.0 per cent. The MSCI EM, which tracks emerging markets, rose by 0.8 per cent while the MSCI FM, which tracks frontier equities, inched up by 0.1 per cent.

    port and accounts for the first quarter ended March 31, 2019 showed that GTB’s gross earnings inched up by 1.2 per cent to N110.33 billion in first quarter 2019 as against N108.97 billion in first quarter 2018. Profit before tax rose by 8.3 per cent from N52.62 billion to N56.98 billion. Profit after tax also rose from N44.67 billion to N49.30 billion. With these, earnings per share increased from N1.58 in first quarter 2018 to N1.74 in first quarter 2019.

    In the same period, Access Bank grew its top-line by 16.5 per cent as gross earnings rose to N160.12 billion in first quarter 2019 as against N137.54 billion in first quarter 2018. Profit before tax jumped by 66 per cent from N27.44 billion to N45.10 billion. After taxes, net profit leapt by 86.03 per cent from N22.12 billion in first quarter 2018 to N41.15 billion in first quarter 2019. Earnings per share also rose from 77 kobo to N1.39.

  • Nigerian physicians make waves in U.S dialysis industry

    Two Nigerian physicians – Dr. Tunji Alausa, the Executive Chairman and Chief Medical Officer, and Dr. Babajide Salako, the Chief Executive Officer – have commemorated the grand opening of their new state-of-the-art corporate office in the United States.

    The ceremony held on April 5 among team members, well-wishers and distinguished guest in Homer Glen, Illinois.

    Since Dialysis Care Centre’s (DCC’s) induction to the industry, it has established itself as the fastest-growing mid-size dialysis provider in the United States.

    DCC’s mission is to provide patient-centric care to those with end-stage chronic kidney disease in all communities, especially those in underserved areas.

    This care, in conjunction with the industry’s leading business efficiency, has sparked tremendous company growth and the need for a state-of-the art corporate office to support this growth.

    “The success of Dialysis Care Centre can be attributed to not only our continued focus to provide exceptional patient care to all communities, especially those in underserved areas, but also to our forward-thinking business efficiency. It enables our partnering nephrologist stakeholders to have a voice in the operations and lead teams within the clinics. This sets us apart from other major dialysis providers,” said Dr. Alausa.

    Establishing itself as a leader in dialysis care, DCC currently operates in-centres and clinics in several communities nationwide and plans to continue growth throughout the year.

    Besides dialysis facility growth, DCC has realised the need for expansion within the corporate office.

    During the grand opening, DCC celebrated its commitment to its patients.

    Dr. Salako said: “This past year, Dialysis Care Centre has experienced considerable milestones …with phenomenal growth in new clinics openings and sustained penetration in home therapy modality. We attribute our success to the hard work and dedication of our team members and the quality of care we provide our patients.

    “The expansion of our dialysis facilities has naturally impacted our corporate office. As we dedicate our new corporate facility, the state-of-the-art building represents our company’s future and stands as a reminder of our steadfast commitment to our patients, community and our team.”

  • Saudi Arabia: due process followed before execution of Nigerian

    he Royal Embassy of Saudi Arabia in Abuja has said all legal and judicial procedures were followed before the recent execution of a Nigerian woman by the Saudi Arabia authorities over alleged drug related offences.

    The Federal Government,  through the Senior Special Assistant to the President on Diaspora, Mrs Abike Dabiri-Erewa,  on Tuesday faulted the execution of the Nigerian woman.

    She described the news of the execution as pathetic, tragic and sad, stressing that some airlines have been working with drug syndicates to put such drugs in the bags of unsuspecting passengers.

    But the embassy, in a statement in Abuja, said  the execution was carried out after all proofs and legal evidence have been exhausted.

    The Nigerian woman, it said, was accorded every legal right before the death sentence was carried out on her.

    The statement reads “All accused persons subjected to the legal process in Saudi Courts of Law are allowed access to lawyers to litigate on their behalf, and the Kingdom avails itself the responsibility to provide lawyers for any persons that have no financial ability to do so.

    “All convicted persons on whom the death penalty has been carried out in the Kingdom of Saudi Arabia have gone through trials characterised by legal guarantee of justice to their case because the Kingdom’s judicial system is established on objectivity and is dependent, in terms of its rules and regulations, on the Islamic Law, which has always restored rights to their owners and done justice to the victims. This is what the Kingdom has always affirmed.

    “The death sentence is only carried out in the Kingdom of Saudi Arabia after all proofs and legal evidence have been exhausted regarding the accused, and the process goes through various legal stages until the allegations against the detained persons have been proven beyond reasonable doubt.

    “The Ministry of Foreign Affairs of the Kingdom of Saudi Arabia is always in consultation with foreign embassies and consulates in the Kingdom, of which are the Nigerian Embassy in Riyadh and Consulate General in Jeddah, and it provides them with all facilitations and information and allows their staff to visit their nationals that are detained vis-à-vis a variety of  charges  as are related to the different stages of their detention and prosecution, and this is allowed every time of their request through normal channels’’.

  • Drug trafficking: Another Nigerian arrested in Saudi Arabia — Presidential aide

    Another Nigerian has been arrested at the Jeddah airport, Saudi Arabia for allegedly smuggling about 1,138g of cocaine, Senior Special Assistant (SSA) to the President on Diaspora, Mrs Abike Dabiri-Erewa, said yesterday.

    Dabiri-Erewa, in an interview with newsmen in Abuja, expressed disappointment that this came soon after a Nigerian lady was executed in the same country for a related offence.

    “The sad thing is that in the midst of talking of about 20 Nigerians on death roll, even as eight had been executed, just yesterday another Nigerian, Wahid Somade, was arrested at Jeddah airport with about I,138g of cocaine,” she said.

    “The latest one would be added to those that could be executed.”

    Read also: Execution of Nigerian: We followed legal procedure, says Saudi

    She said that the Ministry of Foreign Affairs had informed the family of the executed lady whose name she gave as Kudirat Afolabi, a widow and mother of two.

    She added: ”We pay our condolence to the family and keep begging Nigerians to obey the laws of other countries and Saudi has replied us officially, saying their law is their law.

    “However, diplomatic engagement will continue at the highest level.

    “It does not matter where you come from; you hold a green passport. Do not let a few people denigrate every one of us.”

    Dabiri-Erewa, however, stressed  the need to celebrate the success stories of Nigerians in the diaspora.

    “We have Nigerians doing great things all over the world; we are going to focus on them,” she said.

    Dabiri-Erewa called for concerted efforts on compulsory baggage identification at airports as well as more security surveillance and cameras at screening points at the airports.

  • Appraising Nigerian Army’s strategy towards lasting peace in Taraba

    There has been quite an upheaval on the operations of the Nigerian Army in Taraba state in recent times. So much so that it portrayed the Nigeria army as having ulterior motives in its activities in Taraba state, especially as it concerns the farmers/herders conflict.
    I recall that the Nigerian Army had on numerous occasions denied any form of favouritism in its operations in the state. But some citizens would hear none of it. They went further to allude that the Nigerian Army was taking sides with herdsmen in the state. A claim that was uncharitable and far from the truth.
    There was mutual suspicion amongst the various stakeholders, which led to a very unhealthy relationship between the Nigerian Army and the Taraba state government and a large extent did affect the operations of the Nigerian Army in the state. But, all of that, is now history with the renewed partnership for peace and security in the state.
    In my opinion, the Taraba state government indeed realized that the Nigerian Army under the present Chief of Army staff could not have been so unprofessional to takes sides with a section of the population, whereas it is constitutionally mandated to protect the territorial integrity of the country. I stand to be corrected, would such a scenario be ever possible in a country as plural as ours? Unless the bulk of the officers and men of the Nigerian Army are from a particular ethnicity or religion before such can be possible. but as they say, let bygone be bygone as we focus on the task ahead.
    I am elated and as well of the opinion that with the renewed partnership between the Taraba state government there seems to be an excellent working relationship that has yielded positives in the operations of the Nigerian Army in the state.

    Read Also:Army deserves better welfare, says Atiku

    The first victory for peace, security and development everywhere in the world is overcoming mutual suspicion and clear understanding of the issues at stake which in the present case is the security of lives and properties of the common masses. And this gives rise to appreciation of the efforts of the Taraba State governor, Darius Ishaku and the Chief of Army Staff, Lt Gen. Tukur Buratai.
    While this may not be news to some out there, for some of us in the know of the intricacies that greeted the operations of the Nigerian Army in the state as a result of the misinterpretation of the stance of the Army in securing lives and properties, would readily agree with me that indeed this is a welcome development and worth bringing out the drums.
    The centrality of Taraba in North Central Nigeria makes it greater responsibility for the Nigerian Army to ensure a peaceful atmosphere that would bring about the needed development in the state. And this much it has strived to do in recent times, and of course, without the cooperation of the people, there would always be hitches and frictions.
    But now that the various stakeholders in the state have come to terms with the invaluable contributions of the Nigerian Army in their area, they have no choice but to extend the needed support the Army needs towards the success of its operations. I am of the opinion that this partnership should not be restricted alone to Taraba state, but other states in the North East like Benue, Nasarawa, and Plateau states that experiences a similarity of security challenges.
    I know for a fact the governor of Taraba state Darius Ishaka played a tremendous role in winning the confidence of the stakeholders in the state to extend their support to the Nigeria Army and I also know that the Chief of Army Staff, Lt. Gen. Tukur Buratai also ensured that the activities of the Nigeria Army in the state is guided by professionalism. So much so that it was able to win the confidence of a people who were once suspicious of their operations.
    That the Nigerian Army was indeed able to rise to the occasion in such an atmosphere of suspicion and all sorts of insinuations from certain quarters and citizens in the state, is a testament of the dynamic leadership of the Chief of Army staff in line with its mandate of Civil-Military relationship.
    It is, therefore, sufficing to state that the role of the Nigeria Army in internal and external security in the country cannot be overemphasized given the multitude of security challenges confronting the country. The Nigerian Army has been able to rise to the occasion. However, it must be noted that it’s a product of collective responsibility for such feats to be recorded. The case of Taraba state readily suffices, and that was why I mentioned the need for other states, not just in North Central to key into this partnership because there is nowhere in the world where there can be meaningful development in a state of insecurity.
    I commend the governor of Taraba state Darius Ishaku for understanding that good working relationship with the Army is a panacea for the security and lives of the people of the state. I also commend the Chief of Army Staff, Lt. Gen. Tukur Buratai for standing resolute even in the face of provocation, falsehood, and distrust of its operations in the state.
    What does this tell us? It tells us that once the head is good, the body would also be useful. This is the case in the Nigeria Army. I could safely say that professionalism and a clear cut understanding of its roles and functions in democratic settings and the need to abide by international best practices were the watch words.
    In as much as this is a welcome development, it behoves on the relevant stakeholders in Taraba state to see that this renewed relationship with the Nigeria Army is sustained for peace to continue to reign and which would ultimately bring about meaningful development. And at the end of the day, Taraba and indeed Tarabans would be the greatest beneficiaries.
    Hosea writes from Jalingo.

  • No Nigerian in 33-man list

    Alex Iwobi, the last man standing among the trio of Nigerian footballers initially short listed amongst 33 others for the 2018 African Footballer of the Year, has been dropped as CAF on New Year Day, announced the final three.

    The finalists are current holder, Mohamed Salah, former winner and Iwobi’s club-mate at Arsenal, Pierre-Emerick Aubameyang of Gabon and Salah’s teammate at Liverpool, Sadio Mane of Senegal. Incidentally, the trio were also the finalists at the 2017 awards.

    When the initial 34-man list was done, Ahmed Musa and Odion Ighalo were in the race along with Iwobi.

    The former two dropped out when the list was reduced to 10 before Iwobi became one of the seven chalked out for the final field of three.

    The Award Ceremony holds on Tuesday January 8 on the slave-trade island of Gorée, two kilometres off the Atlantic Ocean coast of Dakar the capital city of Senegal.

  • Nigerian emerges AAPAM’s vice-president

    The Director of Studies, Administrative Staff College of Nigeria (ASCON), Mr Joseph Dada, has emerged as the vice-president, African Association for Public Administration and Management (AAPAM) in Botswana.

    He was elected at the just concluded 39th Annual  Round-Table Conference (RTC) held in Gaborone, Botswana.

    The conference was held between November 6 and 9 by the association in collaboration with the Government of Botswana.

    A statement said RTC was attended by 500 delegates drawn from all over Africa and beyond.

    According to the statement, prominent among the delegates were ministers of public services, cabinet secretaries and secretaries to government, heads of public or civil services and permanent secretaries.

    “Others were director-generals, heads of Ministries, Departments and Agencies at national and subnational levels, academia and researchers.

    “Representatives of regional and international organisations and agencies such as Africa Union, United Nation, Economic Commission for Africa and International Institute for Administrative Studies (IIAS) also attended.”

    One of the major highlights of the conference was the  conduct of elections by the Botswana Electoral Commission into elective offices.

    The offices of the organisation are President, DeputyPresident and five Regional Vice-Presidents.

    Prior to his election, Dada had served the continental body as a council member, representing individual members in council since 2002, during which he served in various committees.

    He has experience in private and public sectors.

    Dada, who was born on May 30, 1969, had worked in the private sector as a marketer, ICT consultant and human resources/administrative officer.

  • Irish students save Nigerian from deportation

    •I am really looking forward to my future here in Ireland, says teenager Muojeke

    BUT for the intervention of his Irish school mates, Nigeria born Nonso Muojeke, 14,would have been deported back home from Ireland  by now.

    The students successfully campaigned to save their classmate from being sent back home, according to The Independent.

    Muojeke, is a student at Tullamore College in County Offaly, where he has lived with his family for the past 11 years.

    His mother was reportedly forced to flee Nigeria after her husband died in 2006, but after their application for asylum was denied the family faced deportation.

    When they heard the news, Nonso’s classmates launched the Save Nonso campaign, gathering supporters from around the world to back the cause and making a video to pressure justice minister Charlie Flanagan into letting him stay.

    Nonso had reportedly been “petrified” at the prospect of leaving Ireland, where he has spent the much of his life.

    The campaign came to a head when the students delivered a petition with 22,000 signatures to Mr Flanagan requesting that the family could be allowed to stay.

    Speaking for the campaign, Nonso’s teacher Joe Caslin said: “Nonso has lived virtually his whole life here – over 11 years.

    “Forcing him to leave the only home he knows will inflict great harm on this young boy.

    “Minister Charles Flanagan has the power to keep Nonso where he belongs – with his friends and community who love and care for him in Tullamore.”

    On Wednesday Nonso, together with his mother Chidiebere and older brother Victor, were granted leave to remain in Ireland.

  • Nigerian, others get ROSATOM awards

    ROSATOM Energy Incorporation has awarded six Africans, including a Nigerian, for possessing indepth knowledge of nuclear energy. The six won the awards from different categories.

    The categories include sustainable Development goals, Peaceful Atoms for Africa, among others.

    ROSATOM in a statement listed the award recipients as Ugenyi Igbokwe (Nigerian), Irvine Lumumba and Grace Malele (Kenya), David Mwaka and Donald Kemboi (Kenya), Clement Masele and Aneali Kisanga (Tanzania), and  Harriet Mphaho and Thabo Mametja (South Africans). Others are Veronica Kgabisang Gouws, Koketso Kgorinyane, Naomi Mokhine (all South Africans).

    According to the statement, Igbokwe won the sustainable development goals award, while Lumumba and Malele won the Peaceful Atom for Africa award.  Also, Gouws, Mokhine and Kgorinaine won the Benefits of Peaceful Atoms for Africa award.

    The six, the statement said, will receive the awards in Johannesburg, South Africa, later this month.

  • Nigerian woman commits suicide over closure of shops in Ghana

    Following the closure of her shops by Ghanaian authorities, a Nigerian woman and mother of three children has committed suicide, the National Association of Nigerian Traders (NANTs), Ghana Chapter, reported in Abuja on Tuesday.

    The association made the development known when the leadership visited the Senior Special Assistant to the President on Foreign Affairs and Diaspora, Mrs Abike Dabiri-Erewa, to seek the intervention of President Muhammadu Buhari on the matter.

    The President of NANTS, Ghana, Chief Chukwuemeka Nnaji, said Mrs Stella Ogonna Okpaleke, a Nigerian whose shops were locked for her failure to meet strict trading conditions put by the Ghana Government committed suicide on Sept. 22.

    Nnaji, armed with a petition to Buhari, called for the intervention of the Federal Government over the alleged maltreatment of Nigerian businessmen in Ghana.

    “Regrettably on Saturday, Sept. 22, one of our female members, Mrs Stella Ogonna Okpaleke, whose shop has been under lock and key by the Ghana authority committed suicide.

    “She committed suicide based on her shop and that of her husband that were locked; the information we gathered was that when they locked the shop she lost hope of reopening it.

    “She is from Nnewi Local Government (Area) in Anambra; we actually don’t know how much she owed, but we learnt that she took loan for her business,” he said.

    According to him, the harassment on the Nigerian community and traders in Kumasi, Ghana, is so severe.

    “It is unfortunate that that very woman decided to take her own life,” Nnaji said and called on Buhari to urgently intervene to avert similar incidents in the future.

    He said Nigerian traders were being unnecessarily stressed by Ghanaian authorities.

    In her remark, Dabiri-Erewa expressed the Federal Government’s condolences to the union and the family of the deceased.

    She appealed to members of the union to remain calm and assured them that the president would intervene in their case to ensure a lasting solution to the problem.
    “I am just going to start by appealing to you, I know it is painful, it is emotional, it is deep but I just urge you to remain calm.
    “I appeal to you to remain calm and may the soul of Stella rest in perfect peace.
    “When she is about to be buried, let us know so that we may send our condolence message to the family,” she said.
    The News Agency of Nigeria (NAN) recalls that Nigerian traders were shut out of their business premises in line with an eviction order of July 27.
    The Ghanaian authority is demanding that traders must have one million dollars as minimum foreign investment capital to do business in Ghana as stipulated in its Ministry of Trade and Industry Act, 2013. (NAN)