The Nation Newspaper

Tag: rule

  • New pricing rule: 50 firms may slip to one kobo

    New pricing rule: 50 firms may slip to one kobo

    At least a quarter of quoted companies may drop to as low as one kobo as the Nigerian Stock Exchange (NSE) concludes a new pricing rule that will remove the stopgap that had supported the stocks at their nominal value of 50 kobo.

    The Nation’s check indicated that more than 50 companies, especially in the non-bank financial services subsectors, may be affected by the new pricing rule, which favours market forces to determine share price, irrespective of the nominal value of the company.

    Nearly all the 50 companies have been stagnant at their nominal value for more than a year and are currently on supply, a market euphemism for shares glut and sell pressure.

    Quoted companies on the main board of the Exchange are currently not allowed to trade below their nominal value or par value of 50 kobo. This had supported and stopped the share prices of the companies at their nominal values.

    But under a new amendment to the stock market rules, the management of the NSE has proposed a change in the minimum pricing level from 50 kobo to one kobo. The draft rule is undergoing the final-phase of the rule-making process at the NSE, upon which it will be sent to the Securities and Exchange Commission (SEC) for final approval.

    Many stakeholders have expressed supports for the new rule, which they said is in tandem with the market’s principle of demand and supply as price-determinant at the stock market.

    The companies that may initially be affected by the new rule include Unity Bank, UTC Nigeria, Mutual Benefits Assurance, Niger Insurance, Omatek Ventures, Japaul Oil Maritime & Services, Tantalizers, Daar Communication, Secure Electornic Technology, C & Leasing, Afromedia, Beco Petroleum, Multiverse, Stokvis Nigeria, Nigeria Sewing Machine Manufacturing Company, Nigerian Wire and Cable, IPWA, First Aluminium Nigeria, Mass telecommunication Innovation, Chams, Union Diagnostic & Clinical Services, Union Homes Savings and Loans, Resort Savings and Loans and Aso Savings and Loans Plc.

    Most insurance companies, which have so far stagnated at 50 kobo, will be affected. These include African Alliance Insurance, Cornerstone Insurance, Equity Assurance, Great Nigeria Insurance, Guinea Insurance, Consoldiated Hallmark Insurance, Investment and Allied Assurance, International Energy Insurance, Lasaco Assurance, Law Union & Rock Insurance, Linkage Assurance, Oasis Insurance, Prestige Assurance, Regency Alliance Insurance, Sovereign Trust Insurance, Standard Trust Assurance, Standard Alliance Insurance, Unic Insurance Unity Kapital Assurance and Universal Insurance Company.

    Other companies that are relying on the current stopgap included Multi-Trex Integrated Foods, DN Tyres & Rubber, Ellah Lakes, FTN Cocoa Processors, Rak Unity, Capital Oil, Anino and Afrik Pharmaceuticals.

    According to the new par value rule, notwithstanding the par value of a company, the price of every share listed on the Exchange shall be determined by the market, except that no share shall trade below a price floor of one Kobo per unit.

    Par value is the nominal value of a share as stated in the Memorandum of Association of an issuer while the price floor means the amount below which the price of one unit of a share shall not be permitted to trade, and the minimum amount which must be paid for a share in the event of a drop in the unit price of that share.

    The NSE had earlier institutionalised a dual pricing model that categorises and prices stocks according to their initial or subsisting share prices. It grouped stocks into “Group A” and “Group B” stocks. As        a “Group B” security, a trade of 10,000 shares will lead to a change in the published price of the stock.

     

  • Why I want to rule Akwa Ibom, by Etuk

    Why I want to rule Akwa Ibom, by Etuk

    Hon. Michael Sabastine, a Peoples Democratic Party (PDP) in Akwa Ibom State, explains why he wants to rule Akwa Ibom State.  He spoke with MUSA ODOSHIMOKHE.

    How do you intend to compete with an obviously “preferred” candidate?

    People tend to forget history, so that history can repeat itself. In 2006, we had some other anointed candidates and the incumbent was not ranked amongst the first 10. But, people were with him who believed in his project and kept working towards the actualisation of the dream. Well, over here, we trust a lot in God and we believe that God controls or sits in heaven and affects a lot of things that happen in the affairs of men, especially in ruler ship. We believe that at the end of the second term tenure of the present administration, whosoever was marked by God to be the next governor of Akwa Ibom State will emerge and not one who was tipped by any individual. Politically, we know that human factors are important, but God uses the people. The human factor in politics are those God waits to use to actualize His plans for the people. And so, whether anybody is anointed or supposedly anointed or not makes no meaning to me, because I believe in destiny and there is nothing that happens in life that is not pre-destined. Whosoever is blessed to be anointed by man is fortunate enough, but the person that is anointed by God to become the governor of Akwa Ibom State is the most favored.

    Can your coming on board put  an end godfatherism in the state?

    I have never believed in godfather ism from the onset or else we wouldn’t have been key supporters of Gov. Godswill Akpabio in his heydays. And if you also look at god- fatherism in the history of politics in Akwa Ibom State, there is no way Obong Victor Attah would have been governor because there were people supposedly more grounded than he was, and rooted in the system who were also supposedly anointed. But, came out tops and changed everything. Same thing happened in the time of Obong Akpan Isemin. You may recall a slogan accredited to him saying that election is not a fashion parade. There were people who were more handsome, more educated and had people, had men behind them, but God had tipped Obong Isemin for the job. And so the few men he had saw him through. So, godfatherism in Akwa Ibom politics has never been the thing. Only in second term elections can you talk about god fatherism where the incumbent will definitely return fora second term and the people that lined up behind him will also go back to their offices or get elected into offices as the case may be, if favored. In Akwa Ibom politics, first term election is always a totally new ball game. It never goes the way do people’s prediction.

    What would be the focus of your government?

    My key focus will be in the area of job creation. And as I speak, we have designed a number of ways with which we will use to push this idea or programme forward. Industrialization, in fact, will be a key part of Akwa Ibom development come 2015 because other infrastructure are on ground. Agriculture is something we cannot overlook, same for human development. There are ways a government can create an enabling environment that will enhance human capabilities and potentials. People will have a platform and the ability to express themselves economically, and so will create employment. We are also looking at our coastline. Anyone who wishes to develop the state must also look along that line. We have swamp forest would be used for rice cultivation. I remember way back then when I learnt that a friend’s father earned as much N1m a day from fishing. So, we will be looking into fishing, seriously. We, therefore, have all the opportunities to develop that industry in Akwa Ibom which will definitely enhance the welfare of the people of the state. We also need to develop transportation along our coastline, that is marine transportation.

  • Kumuyi to Fayose: rule with fear of God

    Kumuyi to Fayose: rule with fear of God

    Deeper Life Bible Church General Superintendent Pastor Williams Kumuyi counselled Ekiti State Governor Ayo Fayose to be Godfearing in his four-year stewardship.

    Pastor Kumuyi, in a letter read at Fayose’s thanksgiving service, urged him to imbibe “integrity, openness, transparency and prudence in the discharge of his duties”.

    The cleric, represented by Pastor Jeremiah Asemota, thanked the governor for picking the church for the programme.

    Speaking at the service during what was tagged “testimony session”, Fayose pledged to resist attempts by sycophants to teleguide him.

    The governor said: “Having a second chance is very rare. My return to government is not common in history. It is a rare miracle.

    “During the seven and half years of my political wilderness, I was taken to court over what I knew nothing about 59 times, aside the 45 days I spent in Ikoyi Prisons during my trial by the Economic and Financial Crimes Commission (EFCC).

    “My security and political aides, such as Dayo Okondo, were incarcerated for three and half years without committing any offence. I won’t allow sycophants to derail me again.

    “All my property were left in the Government House because I had to flee. But this time my mission is to look after Ekiti people and not to fight anybody.

    “I will not allow this position to go into my head or use it to oppress anybody. I don’t have anybody in mind to punish, battle with or fight in any way.”

    In her testimony, Fayose’s wife, Feyisetan, said: “God revealed to me that my husband will return as the governor, but he never told me the time.

    “God told me that our return would be done in such a way that will beat people’s imagination. But because of the troubles we went through, at a time I prayed to God to push my husband out of politics. Later, God told me that He will leave him there for him to prove His power.

    “Today, God has manifested His power. This is not by our power or strength, but by the grace of God.”

    Mrs. Fayose said her husband facilitated her closeness to God 19 years ago, when he took her to Deeper Life Bible Church.

    “This is where I found God because I was deep in worldliness in terms of dressing and behaviour. Today, God has seized my life and I thank Him for restoring our lost glory.”

    At the service were Deputy Governor Olusola Eleka; former Oyo State Governor Adebayo Alao-Akala; Speaker, House of Assembly Adewale Omirin; lawmakers; Secretary to the State Government, Dr. Dupe Alade and the Sole Administrator, State Broadcasting Service, Mr. Lere Olayinka.

    Others were the Southwest Chairman of the Peoples Democratic Party (PDP),  Makanjuola Ogundipe; State Secretary TKO Aluko, PDP BOT member Biodun Olujinmi; Pastor Sola Odumosu; Senator Bode Ola and Commissioner of Police Taiwo Lakanu.

    A statement by Fayose’s Chief Press Secretary Idowu Adelusi in Ado-Ekiti said Lanre Ogunsuyi had been appointed as special assistant on Information and Civic Orientation.

  • Wabara: Why I want to rule Abia

    Wabara: Why I want to rule Abia

    Sir Marc Wabara is a Peoples Democratic Party (PDP) governorship aspirant in Abia State. He spoke with EMMANUEL OLADESU on his plans for the state.

    Could you give an insight into your background?

    I am a native of Ohambele in Abia South Senatorial Zone. I was educated at the Federal Government College, Sokoto, where I obtained a “Division 1” Grade in 1972. After receiving a Higher School Certificate (HSC) in 1974 from the Federal Government College, Ilorin, I gained admission to the University of Lagos (UNILAG) and graduated among the top 10 per cent of my faculty with an Upper Honours degree in Finance. I majored in Banking.

    In search of the golden fleece, I enrolled at the School of Business Administration, Adelphi University, Garden City, New York, USA where I earned a Master of Business Administration (MBA) degree (with distinction) in 1982. I majored in Finance and earned 3.92 cumulative points out of possible 4 points.

    I started work in 1977 as an Accounting Trainee in the Finance and Accounting Department of the Nigerian Ports Authority (NPA). Later, I joined Mobil Producing Nigeria as an Accountant before moving to Metropolitan Life Insurance Company, New York in 1982 as a Manager-in-Training. In January 1984 I was hired by International Merchant Bank (Nigeria) Limited, with responsibilities spanning correspondent banking, London Club, Commercial Debt Rescheduling as well as Credit & Marketing. I moved to African Continental Bank Limited (ACB) and Chartered Bank Limited respectively as a Senior Manager and Senior Manager/Deputy Head of the Credit & Marketing Division.

    Between 1991 and 1993, I was a General Manager in the Treasury/International Operations Division of Manufacturers Merchant Bank Limited. It was from there that I was recruited in 1993 as the pioneer Managing Director/Chief Executive of then Hallmark Bank Plc. In November 1999 I assumed the position of Chairman/Chief Executive of the bank until January 2006.

    Aside from consultancy services in financial Services, Oil and Gas and Real Estate sectors, I was in May 2013 appointed by the Federal Government as a Member of the Board of Directors/Chairman of the Technical/Projects Monitoring Committee of Cross River Basin Development Authority. I also hold executive and non-executive board positions in public and private institutions requiring practical experience and professional skills for achieving socio-economic and political growth targets.

    I started as a banker several years ago and rose through the ladder. I came in as an analyst and grew in the banking profession to become the Chairman and Chief Executive of the defunct Hallmark Bank. This background provided me with an opportunity to create jobs and finance projects both at small, medium and large scales.

    Why are you contesting on the platform of the PDP?

    The party has done very well considering the challenges we have faced as a nation. Mr. President, Dr. Goodluck Ebele Jonathan, the leader of the party, has provided exemplary and qualitative leadership anchored on love, peace and unity, thereby enhancing the dividends of democracy. Consequently, we have as a nation by the activities of PDP we have experienced unbroken democratic system of governance. The party has therefore provided an effective alternative to military rule. Given the overwhelming support the party has received especially in Abia State and nationwide, I am confident that the support will further improve in the forthcoming elections in Abia State.

    Abia State was until recently a hotbed for kidnappings and armed robberies. How will you respond to this challenge if elected?

    This challenge will continue to be confronted frontally. I must commend the Governor for restoring adequate security in the state. Consequently, the issue of sustenance of security will remain a top priority. The fact remains that, no matter the economic model and policy designed to improve the welfare of the people, without adequate security, they cannot be implemented.

    What are your plans for the state?

    Effective leadership is about service to the people, and this is what I will offer the people of Abia. We need to galvanize our people; once the people believe in you, once they trust you, you can – all working together – develop the state.

    I have the experience, the requisite qualifications and the maturity to take Abia to the next level. Having been a manager of human and material resources in the private sector, I will hit the ground running because the high office of Governor has very little room for learning on the job. Also, we have the human and material resources in Abia to move the state forward.

    One of our priorities is sustenance of the current security in the state. Secondly, we will enhance small and medium scale enterprises as a foundation for industrial growth and development. Aba’s status as a commercial nerve centre will be enhanced through provision of relevant infrastructure to boost trade and commerce within the state and beyond. The increase in economic activity arising from enhanced industrial growth will boost revenue and compliment receipts from statutory allocations.

    My experiences and exposure are the talents that I will bring to bear in ensuring that Abians continue to enjoy the dividends of democracy which they richly deserve. Therefore, my message to Abians is to keep hope alive and continue to vote PDP, a party that has deepened democracy in Nigeria. Leadership is about service to the people; I will bring to Abia judicious and transparent utilization of public funds, so that governance at all levels within the state will remain accountable to the people. To serve Abia State transparently, equitably and with the fear of God is an irrevocable commitment.

    Have you actually been endorsed by the governor for the election?

    Let me say that what the governor has done is to endorse the party’s decision to zone the 2015 governorship slot to Abia South Senatorial District. This is in line with PDP’s Constitution on the rotation of offices. Following this decision, I have offered to serve the people of Abia selflessly, transparently and with the fear of God.

    Do you support the decision of the governor to zone the governorship to Abia South Senatorial Zone?

    Let me say that I support that decision for the simple reason that it accords with equity and good conscience. I must also add that I believe that it was not a decision the Abia State Governor could have taken lightly. As a matter of fact, the constitution of Peoples Democratic Party encourages zoning, so that everyone is carried along.

    I believe that the governor and the party did the right thing because first and foremost, we have three senatorial zones in Abia State just like every other state of the federation. Abia North has produced a governor, Abia Central has also produced a governor; so it is only just and equitable that Abia South should take its own slot. This zoning arrangement is bound to unite the people. All well-meaning Nigerians should commend the governor and the party for their courage in taking this laudable decision, which is bound to engender equity, justice and fairness.

    How do you plan to bridge the funding gap being experienced by many SMEs especially in Aba?

    Funding is very key to any business. The experience and contacts that we have in Nigerian and international financial systems provide excellent opportunities to attract investible funds for SMEs and large-scale manufacturers at single-digit interest rates necessary to boost industrial expansion. In collaboration with Nigerian banks, emphasis will be made to attract these funds from the international community where interest rates are presently very low, as high cost of funds constitutes serious impediments to productive and manufacturing activities.

  • ‘Why I want to rule Adamawa’

    ‘Why I want to rule Adamawa’

    Hon. Jerry Kumdisi is the Chief Whip of the Adamawa State House of Assembly. In this interview with VINCENT IKUOMOLA, he speaks on his governorship ambition and other partisan issues.

    WHY  do you want to be the governor of Adamawa State?

    I have been nursing the ambition for some time. I had expressed my interest in the position long before the impeachment. I had even started my campaign, although not in the open.

    I have won election three times and I have gone round the state. So, I am familiar with the problem of Adamawa. The people of Adamawa also know the kind of person I am. They know how I have represented them at the House of Assembly. I also know that I will give Adamawa a new direction, totally different from what it used to be. I believe my chances are very bright.

    You know that we impeached our governor recently. You don’t impeach someone who is doing well. If you do that, the people of the state would chase you out of your house. The former governor was out of tune with the people.

    But, you gave Nyako a vote of confidence some months ago?

    I agree that there was a vote of confidence, but we all know how that confidence vote came about. It may be of no value to begin to dissociate myself from the action because, if the House takes a decision, whether you voted for or against such a decision, it is binding on you. You are bound to be part of it.

    But, some of us didn’t agree with the confidence vote. But, we were in the minority. We didn’t have the voice to say that this vote of confidence cannot stand. The way our democracy operates is that sometimes, when some members want to get favours from the executive, they engage in praise singing. It happens in all the states.

    Why did it take the House more than seven years to realise that they needed to remove Nyako?

    Everything has its time. When things like that were going on, the governor had his own men. But gradually, those members fell out with him and joined some of us that had not been with him from the beginning.

    Is it true that members of the House were paid to impeach the former governor?

    Reward from who? What favour or reward were we looking for? As far as I know, we didn’t do it because we wanted a favour from anybody. We impeached Nyako because he was not doing well for the state.

    Secondly, as people who were supposed to be working together, he didn’t think that we mattered in the administration of the state. As our governor, we had the right to ask for certain things from him. One of such things was our constituency projects. We expected that every member ought to get it so that he or she can execute some projects in his or her constituency and remain relevant.

    But, since Nyako came to power a little more than seven years ago, he awarded contracts for constituency projects only once. I was part of it. I have been in the House since 2003. I know the governors that were there before him. I can tell you what they did and what they didn’t do.

    What was the role of the Presidency in the impeachment saga?

    Nobody induced us to impeach the governor. I am not aware of any inducement from anywhere. If you talk of those that worked with Nyako in his early years, I was one of them.  But, we fell out because he didn’t do what we expected from him. Even before his ouster, there had been previous moves to impeach him.

    I was part of those who wanted to impeach him when President Umaru Yar’Adua was in power. We served him the impeachment notice then, but because he was still in the PDP and the party was one family, we were called to a meeting in Abuja and told to stop the impeachment move. We told them what the governor was doing and yet, he was not called to order by the party.

    We tried to resist the intervention, but the late President Yar’Adua asked the Vice-President, Goodluck Jonathan, to sit with us because he was traveling abroad. We agreed on certain things with the governor. He was asked to implement the agreement, while we were asked to drop the impeachment move. We did as agreed.

    When I was coming for the third term, the same Nyako denied me the PDP ticket. I went to the defunct Action Congress of Nigeria (ACN) and won my election. I returned to the PDP after our inauguration. It was the same Nyako that begged me because he knew that, if I was not there in my local government, he would not have won my council during his bid for a second term in office.

    He told me that he did everything he could to ensure that I was defeated in the election. He said he was sorry for doing all that and pleaded with me to return to the PDP for us to work together. Election was coming and he needed everybody around at that time to help him to win. That was how I returned to the PDP.

    Why are the mistakes of Nyako, which you will avoid, if you become the governor?

    One other major mistake Nyako made was to involve his family in government and governance. His wives were in government fully.

    His first son left the Navy where he was a commander to come and became the de facto deputy governor to his father. His children were playing one role or the other in government.

    Our Millennium Development Goals (MDGs) unit was headed by his younger brother’s son. So, his government was dominated by members of his family. The government was popularly referred to in Adamawa as ‘Family and Friends’.  If you mention ‘family and friends’ in the presence of any Adamawa person, he or she will know you are referring to Nyako.

    When you involve your family in governance, you cannot change anything because they will dip their hands in so many things and places. And because you didn’t stop them, you may not have the moral fibre to prevent others from dipping their hands in places that you don’t like.

  • ‘Why I want to rule Adamawa’

    ‘Why I want to rule Adamawa’

    Hon. Jerry Kumdisi is the Chief Whip of the Adamawa State House of Assembly. In this interview with VINCENT IKUOMOLA, he speaks on his governorship ambition and other partisan issues.

    WHY  do you want to be the governor of Adamawa State?

    I have been nursing the ambition for some time. I had expressed my interest in the position long before the impeachment. I had even started my campaign, although not in the open.

    I have won election three times and I have gone round the state. So, I am familiar with the problem of Adamawa. The people of Adamawa also know the kind of person I am. They know how I have represented them at the House of Assembly. I also know that I will give Adamawa a new direction, totally different from what it used to be. I believe my chances are very bright.

    You know that we impeached our governor recently. You don’t impeach someone who is doing well. If you do that, the people of the state would chase you out of your house. The former governor was out of tune with the people.

    But, you gave Nyako a vote of confidence some months ago?

    I agree that there was a vote of confidence, but we all know how that confidence vote came about. It may be of no value to begin to dissociate myself from the action because, if the House takes a decision, whether you voted for or against such a decision, it is binding on you. You are bound to be part of it.

    But, some of us didn’t agree with the confidence vote. But, we were in the minority. We didn’t have the voice to say that this vote of confidence cannot stand. The way our democracy operates is that sometimes, when some members want to get favours from the executive, they engage in praise singing. It happens in all the states.

    Why did it take the House more than seven years to realise that they needed to remove Nyako?

    Everything has its time. When things like that were going on, the governor had his own men. But gradually, those members fell out with him and joined some of us that had not been with him from the beginning.

    Is it true that members of the House were paid to impeach the former governor?

    Reward from who? What favour or reward were we looking for? As far as I know, we didn’t do it because we wanted a favour from anybody. We impeached Nyako because he was not doing well for the state.

    Secondly, as people who were supposed to be working together, he didn’t think that we mattered in the administration of the state. As our governor, we had the right to ask for certain things from him. One of such things was our constituency projects. We expected that every member ought to get it so that he or she can execute some projects in his or her constituency and remain relevant.

    But, since Nyako came to power a little more than seven years ago, he awarded contracts for constituency projects only once. I was part of it. I have been in the House since 2003. I know the governors that were there before him. I can tell you what they did and what they didn’t do.

    What was the role of the Presidency in the impeachment saga?

    Nobody induced us to impeach the governor. I am not aware of any inducement from anywhere. If you talk of those that worked with Nyako in his early years, I was one of them.  But, we fell out because he didn’t do what we expected from him. Even before his ouster, there had been previous moves to impeach him.

    I was part of those who wanted to impeach him when President Umaru Yar’Adua was in power. We served him the impeachment notice then, but because he was still in the PDP and the party was one family, we were called to a meeting in Abuja and told to stop the impeachment move. We told them what the governor was doing and yet, he was not called to order by the party.

    We tried to resist the intervention, but the late President Yar’Adua asked the Vice-President, Goodluck Jonathan, to sit with us because he was traveling abroad. We agreed on certain things with the governor. He was asked to implement the agreement, while we were asked to drop the impeachment move. We did as agreed.

    When I was coming for the third term, the same Nyako denied me the PDP ticket. I went to the defunct Action Congress of Nigeria (ACN) and won my election. I returned to the PDP after our inauguration. It was the same Nyako that begged me because he knew that, if I was not there in my local government, he would not have won my council during his bid for a second term in office.

    He told me that he did everything he could to ensure that I was defeated in the election. He said he was sorry for doing all that and pleaded with me to return to the PDP for us to work together. Election was coming and he needed everybody around at that time to help him to win. That was how I returned to the PDP.

    Why are the mistakes of Nyako, which you will avoid, if you become the governor?

    One other major mistake Nyako made was to involve his family in government and governance. His wives were in government fully.

    His first son left the Navy where he was a commander to come and became the de facto deputy governor to his father. His children were playing one role or the other in government.

    Our Millennium Development Goals (MDGs) unit was headed by his younger brother’s son. So, his government was dominated by members of his family. The government was popularly referred to in Adamawa as ‘Family and Friends’.  If you mention ‘family and friends’ in the presence of any Adamawa person, he or she will know you are referring to Nyako.

    When you involve your family in governance, you cannot change anything because they will dip their hands in so many things and places. And because you didn’t stop them, you may not have the moral fibre to prevent others from dipping their hands in places that you don’t like.

  • Women battle Handball Federation over ‘sexist’ rule

    Women battle Handball Federation over ‘sexist’ rule

    Women handball players in Spain are up in arms over a ‘sexist’ rule that stipulates that their midriffs must be exposed while playing on sand.

    European Handball Federation regulations also insist that bikini tops and bottoms should have a maximum width of 10 centimetres.

    The rules for male players are far less rigorous, with players allowed to wear clothing that is ‘loose and long’.

    The Basque Handball Association has made an official complaint to the European Commission about the regulations, according to The Local.

    The Basque Women’s Institute told the Spanish edition of Huffington Post that the rule seemed to be in place ‘so that girls’ bodies lure people to the sport’.

    The row flared up after the Spanish Handball Federation was told last weekend that 21 of 22 women’s teams playing in a tournament in Cantabria were wearing team kits that covered up the body too much, according to The Leader.

  • Jonathan ‘ll rule till 2019, says Tukur

    Jonathan ‘ll rule till 2019, says Tukur

    The National Chairman of the Peoples Democratic Party (PDP), Alhaji Bamanga Tukur has said that President Goodluck Jonathan will rule the country till 2019, after which a younger member of the PDP would take over the mantle of leadership.

    Tukur spoke in Abuja yesterday when he received leaders and members of the Anambra State chapter of the National Association of Nigerian Students (NANS) at his private residence.

    He told the visiting student activists that the future of the country belonged to the youths and urged them to start early preparations towards taking over leadership in all facets of national life.

    According to him, Jonathan had laid the foundation for the youths to spearhead the nation’s political and economic engineering.

    He urged them not to sit on the fence but to take advantage of the opportunity offered them by the President.

    The party chairman said the era of gerontocracy was gone for good, adding that the PDP has begun to look in the direction of the youths for higher political offices in the land.

    Tukur said the PDP decided to back Mr. Tony Nwoye for the November 16 governorship election in Anambra as a testimony to the party’s commitment to encouraging the youths to take up leadership positions. Nwoye was a one time national president of NANS.

    The chairman said: “Nwoye has defined himself as a candidate who is not hankering after the governorship seat of Anambra in desperation. Rather, it is the governorship seat that needs him because of his potentials and the wealth of experience he had garnered in the management of youths affairs.

    “I urge you students from Anambra State not to relent in supporting the party’s agenda in all areas, most especially its desire to position the youths for the challenges of taking part in rebuilding Nigeria.

    “The PDP remains focused with its 12-point agenda which include reconciliation, reformation and rebuilding of not only the PDP, but the entire country. You must key into the deal by playing prominent roles in the process henceforth”.

    The spokesman for the students, Mr Danielson Tony, expressed apprehension about the crises rocking the PDP. He, however, praised Tukur for what he described as the wisdom, understanding and the maturity with which he had displayed in the management of the crises.

  • Sunshine Stars rule Nembe City

    Sunshine Stars rule Nembe City

    Sunshine Stars are through to the last sixteen of the Federation Cup after beating Nembe City Football Club of Nembe by 2-1.

    In a rather one sided game at the Rojenny Stadium, Oba, Anambra State the Ondo State representatives missed the services of four Home-Based Eagles invitees for CHAN as well as Ajani Ibrahim, Cletus Itodo and Paul Onobi who were indisposed.

    The Akure Gunners took the game to the Yenagoa side with Alaba Osawe headed in Sunday Abe’s free-kick with just three minutes of play for the opening goal.

    Dayo Ojo then made his presence felt when he beat Nembe City’s Japhet Opubo to put Sunshine Stars 2-0 ahead.

    However, Emmanuel Lashima reduced the tally following a well-taken free-kick in the stroke of half-time.

    The Fatai Amoo side should have gone 3-1 ahead in the second half but man-of-the match Sunday Emmanuel missed from the spot.

    Reacting to the victory Sunshine Stars team manager, Rasheed Balogun praised the players for rising up to the occasion.

    The victory now sees Sunshine Stars set-up and epic round of 16 clash against Enyimba who beat Remo FC 2-1 in the round of 32.

    Meanwhile, Enyimba booked their place in the next round after the defeated Remo Stars 2-1.

    The Peoples Elephants came from behind to end the hopes of better coordinated Nigerian National League side, with Abalogun scoring the winner in the 85th minute after his teammate, Sokari Kingsley, had canceled Coker’s first half goal.

    Spokesman of Remo Stars, Michael Onikute told SportingLife after the game that: “The better team lost as we really out played them in the first half. I think while in the dressing room, the Peoples Elephant came out with a plan and that was to get our left-back injured as he was really a torn in their flesh. From there on they got into the game.

    Meanwhile, Agbogunleri Ahmed the captain of Remo expressed dismay over the loss.

    “We played out our hearts and we didn’t deserve to lose this game as we did everything possible to win the game. It’s so unfortunate we lost.”

  • ‘Emergency rule will not affect financial markets’

    The emergency rule in Yobe, Adamawa and Borno states will not affect the money, capital and fixed-instrument segment of the financial market, the Chief Executive Officer, Financial Derivatives Limited, Mr Bismarck Rewane, has said.

    He said the emergency would not send wrong signals to investors, but only shows that the country is managing its security well.

    Speaking on the state of the economy vis-à-vis the performance of the financial services sector on a television programme, Rewane said the nation’s security could be managed rightly or wrongly. He said the security is being managed well, considering the case of the three states.

    “To do nothing is not acceptable. What the government is doing is to ring the crisis so that it will not spread to other parts of the country. So, it is neither sending bad signals to the foreign investors not affecting the activities in the various segments of the financial market. Rather, it is a good signal to investors,” he said, adding: “How many investors from the three states are investing in the market? They are few. So, how would the current development send wrong signal to investors in those areas?

    According to him, the issue of flow of investors to the domestic market should be the major concern of the operators among other stakeholders now.

    “I think the question we should be asking is: “How much of the domestic investors are going into the market?” he asked.

    Domestic investors, he said, were the real catalyst for change, adding that they must be encouraged to participate actively in our market. He said the government, investors and households constitute a major force in any economy, adding that the environment must be made conducive for investors to create capital formation.

    He said the decision of the Central Bank of Nigeria (CBN) to maintain the 12 per cent Monetary Policy Rate was expected, given the happenings in the macroeconomic environment.

    Rewane said CBN in deciding the MPR looks at anticipations in the economy, and from there takes a position that is good for the industry and the economic in particular.

    “Inflation is a threat to oil prices. If oil price drops and the depletion of reserves occur, the apex will put in place measures to absorb the shocks that would occasion the development,” he said.

    The Financial Derivative boss said democratic promotion and cultures would continue to grow to support national development, arguing that the discussions on the issue of budget amendment currently with the National Assembly are part of the democratic processes.

    In a related development, the Managing Director, Bgl Securities Limited, Mr Sunday Adebola, said domestic participation was critical to the growth of the financial market.

    He said it has been proven globally that no country develops its market from outside. He said many countries have developed their market to a point before foreign investors come in to assist in one way or the other.

     

    He said the need to encourage domestic involvement in the money, treasury bills, bonds, and capital market is necessary to foster meaningful growth.

    “Let look at what happened in 2008 when foreign portfolio investors left the country. If we do not have a vibrant financial market, it would be difficult to absorb the shocks internally when a major and global problem occurs,” he said.

    Mr Adebola said more local interest is being generated in various segment of the market, advising investors to sustain the feat.