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  • Ashafa: let’s share love, joy this Christmas

    Ashafa: let’s share love, joy this Christmas

    The senator representing Lagos East, Gbenga Ashafa, has felicitated with Christians on today’s Christmas.

    In a statement yesterday, Ashafa said: “I felicitate with our Christian brothers and sisters in the Lagos East Senatorial District and indeed across the length and breadth of our dear country, Nigeria, as they celebrate the birth of Jesus Christ at Christmas.

    “This Yuletide season does not only commemorate the birth of Christ of ‘the Prince of Peace’, it also signifies to the Christian community the arrival of good tidings of love, comfort and joy.

    “I, therefore, seize this opportunity to call on all Nigerians to meditate and act on this timeless message. It is a good time to love by expressing love to one another, no matter our religious or ethnic differences.

    “I also use this medium to identify with all Nigerians as we go through this challenging period of unavailability of petrol across the country. Let us comfort one another with good cheers as I am certain that the Federal Government, ably led by President Muhamadu Buhari, is working assiduously to tackle whatever the cause of these temporary challenges may be.

    “Let the present circumstances not rob us of another critical component of the season, which is joy. Let us, therefore, ensure that not only are our tables filled with the goodies that characterise the season, but also that the tables of the less privileged among us are filled as well. This is a good way to share the joy.

  • Share suspension: Resort Savings effects board changes

    Seven days after it was suspended on the Nigerian Stock Exchange (NSE), the board of Resort Savings and Loans Plc met yesterday in Lagos and appointed a new chairman and substantive Managing Director for the  mortgage institution.

    At the 90th board meeting at it’s head office in Ikeja, Lagos, the directors of the company appointed Jideofor. Chukwuocha as the new chairman, replacing Chief Babatunde  Adefarati.  The board also appointed Mr. Ola Oyinloye as the substantive Managing Director of the company. Chief Adefarati resigned from the board amidst scuffle for the chairmanship of the company.

    Chukwuocha, an astute businessman, has been a director of Resort Savings since 2012. The company secretary to the company, LPC Solicitors, has been mandated to notify all regulatory authorities of the decisions of the board.

    In a confirmatory email on the appointments, the board stated that the new appointments were part of efforts to reposition the mortgage company.

    Directors of the company stated that they expected the new chairman to bring his wealth of experience as a successful businessman to reposition the mortgage bank in its ongoing restructuring exercise.

    “The board wishes to assure its numerous customers and other stakeholders that the mortgage bank has been further strengthened than ever before to ensure that it sustains its high quality services in providing mortgage to Nigerians while supporting the policies of the Federal Government in making affordable accommodation available to Nigerians,” the board stated.

    The NSE had on Tuesday December 6, 2016 placed full suspension on the shares of Resort Savings as capital market regulators launched investigation into allegations of corporate governance abuses against the management and directors of the mortgage banker.

    A circular issued by the NSE and obtained by The Nation had indicated that Securities and Exchange Commission (SEC) had directed that a full suspension be placed on Resort Savings, implying that there will be no trading on the shares of the company.

    “In compliance with the provisions of Section 35 of the Investments and Securities Act, 2007 and in order to give effect to the above directive, the Exchange will suspend full trading in the securities with effect from Tuesday 06 December 2016. The suspension will remain in force until further directives from the SEC,” the circular indicated.

    Resort Savings has wriggled under losses over the years. Loss after tax rose from N1.57 billion in 2013 to N2.99 billion in 2014. Also, the Consumer Protection Council (CPC) recently stated that it has started investigations into alleged diversion of mortgage funds and other sundry fraud allegations against Resort Savings.

  • Experts advise investors on low share prices

    Investment and financial experts have advised discerning investors to take advantage of the historic low prices at the Nigerian stock market ahead of the expected rebound of the economy and the capital market  next year.

    At a one-day stock traders and investors summit organised by Investdata Limited in Lagos, experts said the Nigerian economy and the capital market are on the verge of recovering.

    Chief executive officer, APT Securities & Funds Limited, Alhaji Garba Kurfi, noted that the Nigerian Stock Exchange (NSE) has recorded negative double digits growth for the third consecutive year, beginning in 2014 when it was the worst performing equities market in the globe after losing 16 per cent.

    He pointed out that the third year of negative growths negates the history of the Nigerian stock market.

    According to him, many stocks on the exchange are selling at their worst price after listing their shares for trading, just as many recorded their worst prices in decades during the current year, a situation discerning investors would be watching keenly and taking advantage of the rock bottom prices to harness value in the coming months.

    He noted that a situation where market capitalisation of companies listed on the NSE has lost a cumulative N3.2 trillion in 22 months to October 2016 may not arise again in the next 15 to 20 years.

    Managing Director, High Cap Securities Limited, David Adonri noted that the capital market is awash with opportunities for investors whether the economy is growing or not, with falling equity prices an opportunity for bargain hunting.

    He said investors need to reverse their strategy at a time like this and embrace counter-cyclical stocks because they do well at this time.

    “This group is composed of companies with dividends and massive balance sheets or steady business models that are recession-proof. These high yield stocks such as fast-moving consumer goods, pharmaceuticals and tobacco tend to hold up better,” Adonri said.

    According to him, recessions can provide an opportunity to buy assets cheap and the best time to invest, meaning investors can pick up stocks, bonds, mutual funds, real estate, private businsses and more for far less than they could just a few years before.

    “Only those who improve their position in the market will smile next year because those who threw away their assets will come to beg you for them later,” Adonri said.

  • Pillars to share £800,000 from Musa’s transfer

    Pillars to share £800,000 from Musa’s transfer

    It can exclusively be reported that Nigeria league club Kano Pillars will share in about £800,000 training compensation from the recent transfer of Musa to Premier League champions Leicester City.

    “Pillars are due part of the training compensation from the sale of Musa to Leicester City,” an official said.

    Musa, 23, featured for Pillars for a season – the 2009/10 season – and set a new all-time goals record of 18.

    He was on loan from JUTH FC of Jos.

    The other beneficiaries from this pay-out are Ahmed Musa’s former clubs Russian champions CSKA Moscow and Dutch club VVV Venlo.

    However, the Nigeria star’s first league JUTH FC will not enjoy this payment as they are defunct.

    Leicester City bought Musa from Russian army club CSKA for a record-shattering fee of about £18 million.

    The Nigeria international has so far made four appearances in the Premier League.

  • CDHR to tricyclists: we share your grief

    CDHR to tricyclists: we share your grief

    The leadership of Lagos State council of the Committee for the Defence of Human Rights (CDHR) has visited members of the tricycle riders union at Ikotun in Alimosho area of Lagos State. The visit was in solidarity with them over the death of the wife of a member, Mr Godwin Ekpo.

    The late Mrs Idongesit Ekpo was shot dead penultimate Wednesday at Obalagbe bus stop at 10pm. by a member of an eight-man team from the Isheri-Oshun Police Station that mounted a roadblock.

    Ekpo, with his wife and their two-month-old baby was said to be returning from church when the incident occurred. He is critically ill at the Lagos University Teaching Hospital (LUTH) from gunshot wound. Their visit was also in solidarity with the Isheri-Oshun unit of the CDHR that challenged the police over the incident.

    Addressing members of the union, state chairman of CDHR, Comrade Buna Ishak said the group is tackling the matter with police authorities.

    Assuring the riders that justice would be done, Comrade Ishak stated that the human rights group has been discussing with police authorities to ensure t the victims get justice.

    “The state council of CDHR has met with the Commissioner of Police (CP) Mr Fatai Owoseni and he has given us the assurance that Ekpo is getting the best medical attention at LUTH. He also said the first surgery on him was very successful. The CP informed us that the police authorities have already spent over N500, 000 on Mr Ekpo’s treatment to ensure he lives,” Comrade Ishak said.

    He said the human rights group seems to be calm because of the humane character of the police boss.

    “The Commissioner and other senior officers have appealed to us for calm. The CP has given us the mandate to report any erring policeman direct to his office. We should not wait until things become worse before we react to any issue,” he said.

    Regretting the horrible activities of policemen against the masses, Comrade Ishak promised that his group would not relent in its fight against police brutality, intimidation, harassment and embarrassment of members of the public.

    He said: “We’ll stop at nothing in our struggle to ensure that unwholesome activities of some policemen against the masses are stopped. I assure you that the Divisional Police Officer (DPO) of Isheri-Oshun will not return to that station; because the community and its environs have complained much about his ugly antecedents.

    “The CDHR is making frantic effort to ensure that the DPO is charged to court alongside the trigger-happy Corporal who killed the wife of your colleague and almost rendered your member useless. We are insisting that he and the leader of the team that mounted the roadblock should face murder charge as well as the policeman who shot at and killed Mrs Ekpo.

    “We also want to inform you that the killer policeman has been dismissed and is currently in detention. He is facing murder charge at Yaba Magistrate’s Court where he was arraigned. The matter was adjourned till October 19.”

    He said the CDHR is committed to seeking redress for those whose rights are infringed on and get justice for them. Comrade Ishak also revealed that his group has mapped out strategies on how to curb police excesses.

    “The DPO’s transfer is not enough. We want him disciplined. We are ready to work with the police to sanitise the society and to stop police from exploiting the masses. One cannot get one’s freedom by running away from the truth and failing to confront the oppressors head on,” he said.

    He urged the tricycle riders to go about their businesses and be law-abiding. He also advised them to join hands with the CDHR to ensure total emancipation of all oppressed people and to stop all forms of exploitation.

  • ‘Amaechi’s sin was his inability to share money’

    ‘Amaechi’s sin was his inability to share money’

    Hon. Chidi Lloyd is a member of the Rivers State House of Assembly. He was at the centre of the crisis that rocked the House. He was among the lawmakers who resisted the impeachment plot against Governor Amaechi. In this interview with Precious Dikewoha in Port Harcourt, the state capital, he says Amaechi’s ‘sin’ was his refusal to misuse public funds.

    What is your assessment of the campaign so far?

    It is unfortunate that many politicians are uneducated; that is the reason for the kind of campaign going on in our democracy. Instead of telling their supporters what they could do better than the other candidate, they would rather criticise their opponent, by engaging in name calling, destroying campaign billboards and so on. It is indeed condemnable. For instance, in the face of dwindling oil revenue, what aspect of measure do they want to activate.  Are you going to diversify the economy from the crude oil economy to an agro economy? How are you going to reduce unemployment rate? How are you going to ensure that people get into university and come out after four years? How are you going to ensure that ASUU wouldn’t go on strike again? How are you going to ensure the effectiveness of the cashless policy, so that those in Abuja would not be carrying cash about while restricting the ordinary man from carrying cash?  How are we going to ensure that we are going to manufacture vaccine that could take care of contagious diseases such as we saw in Ebola? What do we do to discourage people from going abroad for medical treatment? These are some of the things that we need to tell the people; rather than criticising opponents.

    What are the chances of the APC winning Rivers State?

    The Bible says power comes from God; you must also take cognizance of when we came onboard. We are just a year or less now, yet we have performed quite well. I will not want to bother myself with other happenings in other political parties.  The essence of every political party is to grab power. Normally, I expect the 25 other registered political parties to moving from place to place, telling the people what they would do and all that. But, for the APC, we are lucky because we have a governor that has done quite a lot; the governor that people believe in; the governor that the people love. Our free education system here is sine qua non; we have a governor who massively invested in scholarship, taking people’s sons and daughters abroad without minding whose children they are.  After Spiff’s government, this is the first democratic government that massively invested in infrastructural development since the creation of Rivers State. You know what Ada-George Road was like before now; you can go back and see that road today. This is a road that was in a bad shape. Today, nobody is talking about it. The people need to ask: Is this the same Ada-George that has a two-storey building right in the middle of the road and every part of it flooded? One thing a leader must have in abundance is courage. A leader must be able to offend those who do not want to do things correctly. This is a government that re-constructed Airport-Omarelu road,  Ubima-Omarelu road, Oginigba, YKC and Woji road etc.

    The PDP has been saying that the Amaechi Administration has done nothing…

    It is like that, my people say in parable that your enemy cannot see the good side of you. Since Electricity Distribution Company took over, they have been enjoying our investment in electricity without paying a kobo. Their children are in the model schools built by the same government they are criticising. Many youths are studying abroad, courtesy of the Rivers State scholarship scheme and their children are among the beneficiaries.  This is a government that has invested heavily on security, but today all that has broken down is because of those who don’t want the government to succeed. Kidnappers have come back again; there are all kinds of crimes being committed in the state. If our opponents come now and tell us that we have done well, then what do you expect them to say after that? So, I don’t expect them to say we have done well because the people would chase them away.  The issue of the Chibuike Rotimi Amaechi-led administration or leadership style is not that he hasn’t done well; it is because he decided not to share and has insisted that there is nothing to share. If you ask any of them today to tell you Amaechi’s sin, they will say he is stubborn and has refused to share.

    You want to return to the Rivers State House of Assembly for the fourth time. What have you done for the people of your constituency?

    What makes me different from others is that I have the fear of God; if government gives me money I try to reach the people. I have seen people entrusted with public fund, but they betray the trust of the people. But, those who betrayed the people’s trust don’t live happily because you can’t be happy as a rich man in the midst of hungry and angry people. I have attracted projects to my constituency in an unprecedented manner. The projects are there to see. I attracted one kilometre road with two kilometre drainage in Ubimini community. I completed the construction of Civic Centre in Omudioga. We are currently connecting Omudioga to gas-turbine and grid paid from my pocket. We have constructed a 1.7 kilometre road in Mgbuetor,  Emohua Local Government, with 1.4 kilometre drainage on all sides. We have given water to 12 communities in the constituency and also provided 12 generating sets to power the boreholes. We have built six classroom blocks; we have completed the construction of civic hall in Omuordu, Akpabu.  We have built a 20 unit one-bedroom apartment for corps members, the first of its kind in this nation. I was once a corper, I have served and I know the condition in which I served. We have also built and handed over a Catholic Church to the community; we have built auditorium for Assembly of God Church and we are going to do more.  In times of human capital development, it is not my nature to begin to mention the names of those I have assisted one way or the other. I do not have protocols because everybody is a potential achiever.

    That means you don’t close door against your people….

    One thing you must know is that people don’t always come for money, even if 80 per cent of those who want to see me ask for money. But, I have not heard that any politician was beaten up because he said “I don’t have”. Firstly, they will sit down with you in a good atmosphere, some will go home to say I was with that Honorable today and we shook hands. It is not always about money; sometimes when they request N10,000 if you have N2,000 you give. Look, those who are asking for money are not happy, because no man would be happy to ask another man for money.

    There was an allegation that, since the defection of Governor Amaechi to the APC, the House of Assembly, which you are the leader, has been under lock…..

    The lawyers say he who alleges must prove, the House of Assembly which I am a member and a leader is working.  The reason for the confusion you see in politics is because of illiteracy, what does the constitution say when a House of Assembly cannot sit where it is originally domicile. The constitution says by the resolution of a house, the leadership of the house and the governor shall designate another place that will be considered as a sitting venue.  And that the place so designated shall be gazetted and will become a sitting venue. So, the question should be have we done that? And the answer is yes.

  • Companies reconsider new capital raising over declining share prices

    The bearish market at the Nigerian stock market is forcing companies that had planned to float new offer and raise new funds to reconsider their plans, a development that could reverse the modest level of activities at the primary market.

    Nigerian equities lost N1.44 trillion last week as foreign portfolio outflows exacerbated a downtrend that had seen the market mostly with month-on-month negative performance this second half. In spite of the marginal average gain of 0.03 per cent on Monday, most equities opened yesterday at their lowest values in a year.

    Investment banking sources said many companies that have recently launched new offers were reconsidering their pricing in the face of the bearish market at the Nigerian Stock Exchange (NSE).

    They said some companies were favourably disposed to delaying their new issues because of the significant undervaluation of their fundamentals by the losing spree.

    Not less than seven companies have new issues in the pipeline including Access Bank Plc, United Bank for Africa (UBA), Sterling Bank, Presco, Vitafoam, RT Briscoe and Cement Company of Northern Nigeria.

    Presco Plc, which had initially indicated it planned to raise some N3 billion at a price of N35 per share opened yesterday at the NSE at a low of N24.82 per share, significantly lower than its proposed offer price. Also, Sterling Bank Plc, which held an extraordinary general meeting on a planned new issue yesterday, opened yesterday at N2.31 per share, lower than its planned offer price. Also, RT Briscoe opened around its nominal price at 66 kobo per share while UBA and Access Bank are trading around their lowest prices in a year.

    Presco, a palm oil plantation and processing company, has already commenced the process to raise some N3 billion new equity funds from its major core investor and other minority shareholders to reorganize its highly leveraged capital structure.

    The shareholders of the company had in July this year approved the supplementary share issuance at their annual general meeting in Benin, Edo State. At the annual general meeting, shareholders had also approved the increase in the authorised share capital of the company from N500 million to N550 million through the creation of 100 million ordinary shares of 50 kobo each.

    Managing director, Presco Plc, Mr. Uday Pilani, confirmed the commencement of the rights issue noting that the board had decided to undertake the new equity raising to give the company financial flexibility and reorganise its capital structure.

    According to him, the net proceeds of the rights issue will be used to reduce the company’s debt and foreign exchange exposure.

    Directors of the company had expected the rights issue to receive overwhelming support noting that it presented an excellent opportunity for existing shareholders to increase their investment in the company.

    While the current details of the rights issue are sketchy, initial check by The Nation indicated that the rights issue will be pre-allotted to shareholders on the register of the company as at July 4, 2014 on the basis of one new share for every 10 shares held as at the qualification date. Directors of the company had also earlier indicated the rights would be offered at N35 per share.

    However, initial outlined had indicated that in the event of under-subscription of the rights issue, shareholders will not have any pre-emptive right, paving the way for other investors to acquire the unsubscribed shares. The underwriter to the rights issue will be able to acquire the unsubscribed shares, subject to the approval of the regulatory authorities.

    Also, Sterling Bank yesterday held an extraordinary general meeting of its shareholders in furtherance of its plan to raise about N50 billion in a new round of capital raising. Sterling Bank plans to raise about N20 billion through a special placement to identified strategic investors and more than N30 billion in another yet-to-be-specified instrument.

    According to the resolution, the bank plans to issue about 7.472 billion ordinary shares of 50 kobo each at N2.65 per share to Messrs. Silverlake Investments Limited or such other identified strategic investor. However, the opening price of N2.31 yesterday represented a discount of about 13 per cent to the planned offer price.

    In another resolution, the board of the bank sought to raise additional capital up to $200 million or its equivalent in Naira. The fund could be raised through any or a combination equity, global depository receipts, quasi equity, convertible loans, medium term notes, bonds and any other debt instrument.

    Head, research and investment advisory, Sterling Capital Markets, Mr. Sewa Wusu, however said that in as much as the changing price dynamics at the NSE will affect pricing of new issues, some offers may come at premium to the market prices since the prices were based on fundamental valuation.

  • Ngige, Obiano share birthday dates

    Ngige, Obiano share birthday dates

    •Duo turn 62, 57 

    Anambra State Governor Willie Obiano and the lawmaker representing Anambra Central, Senator Chris Ngige, share the same birth date.

    The duo turned 62 and 57 on August 8.

    Muslim faithful offered Jumat prayers for Obiano in Awka.

    Ngige, briefing reporters on his 62nd birthday, vowed to continue fighting for Igbo cause.

    He lamented that the leaders at the federal level had derailed from the aspirations of the country’s founding fathers, citing insecurity as an example.

    Obi said: “It is definitely not what I envisaged either and since this is what led me into politics, gentlemen, I shall not rest until I see it in reality.”

    He said he was awaiting the Supreme Court judgment on his governorship petition, adding that after that Nigerians would hear from him.

    His words: “I am not a power-hungry politician and when I aspired to rule Anambra State in 2013, it was not because I wanted to participate in that election but because I knew that Ndi Anambra also knew that I was a candidate to beat.

    “Unfortunately, the election was a sham and I’m in court challenging it. My job at the Senate is now my concern.

    “At 62, I am very grateful to God for sparing my life and granting me the opportunity to see this day. Life has been challenging but when I look back, I feel satisfied that life could not have dealt better with me.”

    Obiano, who appointed Alhaji Haruna Garba (Seriki Hausawa) as his Special Adviser on (Islamic Religion), said the day was not a tea party for him, as he was in the field working.

    Members of the Hausa community from Ihiala, Nnewi, Onitsha among others gathered in Awka to hold a Jumat prayer to celebrate his 57th birthday.

    They stressed the need for peaceful co-existence between Muslims and Christians, who, according to them, were God’s creatures.

    Garba said it was the first time a member of the Hausa community was appointed as a member of the executive council (exco).

  • Govt to double GDP share for manufacturing

    The Federal Government plans to more than double the contribution of manufacturing to the economy in the next three years through policy stimulus and investments, Trade and Investment Minister Olusegun Aganga,has said.

    The Minister spoke at the just concluded Standard Bank West Africa Investors’ Conference in Lagos. Bloomberg quoted him as saying Nigeria would increase manufacturing from an abysmal four per cent of the gross domestic product to over 10 per cent, by 2017. This, he said, would add N3.5 trillion to the economy and annual revenue of N5 trillion to manufacturing, the minister said.

    Nigeria depends on oil exports for about 80 per cent of government revenue and more than 95 percent of foreign income. Most of its industrial goods as well as refined petroleum are imported, making the country vulnerable to downward swings in prices of crude. With about $12 billion of investments planned for the petrochemical industry, “the expectation is that by 2017 our country will no longer need to import petroleum products.”

     

  • Glo sponsorship money: League clubs share N208million

    Glo sponsorship money: League clubs share N208million

    The League Management Company (LMC) has released about N208 million to the 20 Globacom Premier League clubs for the current league season.

    The News Agency of Nigeria (NAN) reports that the amount represents what was due to the clubs as sponsorship earnings for the season.

    Mr Bamidele Aluko, the Chairman of Kwara United FC of Ilorin, told NAN that the LMC had released N10.4 million to each of the 20 premier league clubs in the country.

    Aluko said the money was released to them before Monday’s N25million cheque presentation to the Nigeria Football Association (NFA) in Abuja by the LMC.

    “There was an agreement that whatever the LMC makes from Globacom, they will give NFA five per cent. They have given the clubs their own N10.4million each, so it is the turn of the NFA to take its own on Monday, and we can’t say no to it,’’ Aluko said.

    He said the LMC appeared to be living up to the clubs’ expectation, but added that they (clubs) would not hesitate to act accordingly if they (LMC) go contrary to any of their agreement.

    “By principle if the LMC agrees to work the way we want them to, we will have no other choice than to support them. From what we can see, they have the ability to get more money for the league and if what they do is what we have in mind it means there won’t be problem.

    “The Chairman of the LMC Nduka Irabor said that they are the messengers of club owners and that they are not working alone. He also said that they are working in line with the yearnings and aspirations of Glo League clubs.

    “That is the agreement we have and in as much as they are doing that, there won’t be problem among us but if they do things without our consent, then, there will be disagreement. I want the LMC to remain the messenger of the club just as the LMC chairman has said.

    NAN recalls that communication giant, Globacom had in March sealed the sponsorship rights of Globacom Premier league, after confirming a N550 million deal with the LMC for the 2012/2013 league season.

    The deal was completed after Globacom paid N100million to Total Promotions Limited as compensation for agreeing to an out-of-court settlement in the title sponsorship disagreement.