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Tag: thickens

Equities rally N166b as bargain-hunting thickens

Market valuation and momentum of activities improved considerably at the Nigerian Stock Exchange (NSE) last week as investors increased bargain-hunting transactions ahead of the third quarter earnings of quoted companies. Benchmark indices showed a week-on-week average gain of 1.38 per cent, equivalent to net capital gain of N166 billion at the end of the week.

Turnover volume and value rose by 22.2 per cent and 16.2 per cent respectively as investors appeared to seek a balanced portfolio of large-cap and penny stocks. The average year-to-date return improved to 32.05 per cent at the weekend.

Aggregate market value of all quoted equities rose from the week’s opening value of N12.068 trillion to close at N12.234 trillion. The All Share Index (ASI)-the main price index that doubles as Nigerian sovereign equities index, increased from the week’s opening index of 35,005.57 points to close weekend at 35,488.81 points.

Most sectoral indices closed on the positive side. The positive overall market situation was driven largely by rallies within the large-cap banking and industrial goods companies. The NSE 30 Index-which tracks Nigeria’s 30 most capitalised stocks, rose by 1.03 per cent last week. The NSE Banking Index posted a return of 2.39 per cent. The NSE Industrial Goods Index appreciated by 2.94 per cent while the NSE Insurance Index rose by 1.41 per cent. However, the NSE Consumer Goods Index declined by 0.23 per cent while the NSE Oil and Gas Index slumped by 3.05 per cent.

There were 25 gainers against 35 losers last week as against 23 gainers and 45 losers recorded two weeks ago. Low-priced stocks dominated the gainers’ list. Linkage Assurance recorded the highest gain, in percentage terms, of 11.86 per cent to close at 66 kobo. Continental Reinsurance rose by 9.79 per cent to close at N1.57. Guaranty Trust Bank appreciated by 7.03 per cent to close at N39.60. C & Leasing rose by 6.72 per cent to close at N1.27. Skye Bank rose by 5.77 per cent to 55 kobo while Unilever Nigeria Plc rose by 5.50 per cent to close at N44.10 per share.

On the downside, Nigerian Enamelware recorded the highest drop of 16.65 per cent to close at N23.23. Caverton Offshore Support Group dropped by 9.17 to close at N1.09. Neimeth International Pharmaceuticals declined by 8.57 per cent to close at 64 kobo. Transnational Corporation of Nigeria lost 7.52 per cent to close at N1.23. Cutix slipped by 7.33 per cent to close at N2.53 while AIICO Insurance dropped by 6.90 per cent to close at 54 kobo.

Total turnover improved to 1.096 billion shares worth N17.86 billion in 16,070 deals last week as against a total of 896.618 million shares valued at N15.368 billion traded in 17,048 deals in the previous week. The financial services sector topped the activity chart with 880.597 million shares valued at N13.614 billion traded in 8,994 deals; representing 80.33 per cent and 76.2 per cent of the total equity turnover volume and value respectively. The industrial goods sector staged a distant second position with 69.17 million shares worth N676.25 million in 881 deals while the consumer goods sector recorded a turnover of 49.29 million shares worth N2.87 billion in 3,077 deals.

The three most stocks were Guaranty Trust Bank Plc, Access Bank Plc, Jaiz Bank Plc, which altogether accounted for 450.567 million shares worth N10.942 billion in 1,834 deals, representing 41.1 per cent and 61.27 per cent of the total equity turnover volume and value respectively.

Also traded during the week were a total of 58 units of Exchange Traded Products (ETPs) valued at N90,475 executed in five deals compared with a total of 1,265 units valued at N145,720 transacted last week in eight deals.

A total of 178 units of Federal Government bonds valued at N163, 407 were traded in two deals compared with a total of 5,290 units valued at N5.030 million traded in 15 deals in the previous week.

September 25, 2017
Ministerial screening: Fresh plot to stop Amaechi thickens

•APC, PDP senators flex muscles

Senators elected on the platform of the All Progressives Congress (APC) are fuming over fresh plot by their Peoples Democratic Party (PDP) counterparts to stop the Red Chamber from approving the nomination of former River State Governor, Mr. Chubuike Rotimi Amaechi, as minister.

The PDP Senators are understood to have returned to the drawing board to restrategise after Amaechi appeared before the Senate on Thursday for screening.

Amaechi responded to questions from only All Progressives Congress (APC) senators, following the decision of the PDP Senators to abstain from asking him questions because, according to the Minority Leader, Senator Godswill Akpabio, “we have just received Senator Samuel Anyawu’s report on the petition on corruption against Amaechi.”

This sparked a war of words between Senate Leader Mohammed Ali Ndume and Akpabio.

Amaechi’s screening was delayed until Thursday on account of opposition by the PDP Senators.

Reports from their camp yesterday suggested that they are not prepared to back down from their opposition to Amaechi who defected from the PDP to the APC in 2014 and went on to play a key role in the defeat of the PDP in the last elections.

They are still bitter that Senate President Bukola Saraki ignored the consideration of the Ethics, Privileges and Public Petitions report on alleged fraud against Amaechi and called him for screening.

The committee’s report, presented by Chairman of the panel minutes before Amaechi was ushered into the Senate chamber for screening, is said to have recommended that Amaechi be advised to go and clear himself since issues in the petition against him is in court.

It was also gathered that the issue of Amaechi was discussed at a closed door meeting the Senate held before the screening began.

The opposition Senators accused Saraki of breaching Senate rules by side tracking the report, and opted for Amaechi’s screening.

A reliable source in the Senate said: “It was the consensus that Amaechi should be advised to go and clear himself of allegations of fraud, according to the recommendation of the Ethics Committee.”

He added: “We believe that Amaechi should not have been screened in the first place.

“That he was screened does not give us a good image especially in the light of the fight against corruption.

“What impression have they created by screening him? What image have they given to the Senate? Are they saying that the petition has no merit?

“These are some of the issues.”

The South-South senator said that they met after plenary on Thursday to decide “our next line when the actual confirmation comes up next week.”

Their decision is to oppose Amaechi’s confirmation next week.

He noted that “Amaechi has only been screed in fragrant abuse of our rules but he has not been confirmed.

“We will still raise our voice to oppose his confirmation because his screening did not follow due process. The screening cannot past due diligence test.”

He said that “even if the Senate President does not mention the report whenever Amaechi’s confirmation comes up, we are going to raise the issue of the report and the consideration of the report because we have the right to be heard.”

But an APC senator close to the leadership of the Senate dismissed the PDP Senators’ move to frustrate Amaechi’s confirmation as a non-issue.

The North East lawmaker insisted that “when we get to the bridge we’ll cross it.

“We are not new to all these schemings and attempts to force back the hand of the clock.

“Do the PDP senators you are talking about have the number to block the confirmation of any nominee? Even if we go for division of the house, do they have the number to stop the confirmation of any nominee not just Amaechi?

“Politics remains a game of number and as at today, the APC has the ace in the Senate. Nobody can take that away from us. PDP senators or the party itself cannot stop the confirmation of any nominee because they remain the opposition in the chamber.”

He noted that the Senate could not have stopped the screening of Amaechi based on “mere allegation.”

October 24, 2015
SUPER EAGLES JOB: Plot to stop Keshi thickens

• Some members vow to announce Big Boss’ replacement if…
• Monday or Tuesday meeting cancelled
• No further discussion with out-of-contract coach

The last has not been heard about the quest of former Mali and Togo senior teams’ chief coach, Stephen Keshi to retain his job as the Super Eagles’ tactician for another two years.

SportingLife gathered from those who should know at the Glass House on Sunday that some Nigeria Football Federation (NFF) members are miffed that the federation’s president, Melvin Amaju Pinnick could constitute a three-man panel to negotiate a deal with Keshi, despite his abysmal failure with the Eagles at the qualification matches for the 2015 Africa Cup of Nations (AFCON), which the Elephants of Cote d’ Ivoire won in Equatorial Guinea.

SportingLife scooped that many members are waiting for the board’s next executive meeting – tentatively slated for Thursday – to tell the president their views on the matter, with words rife that they would outrightly reject Keshi’s return to the Super Eagles on grounds of a controversial interview where he described Pinnick as a liar for mis-informing Nigerians about the purported unpaid two months’ salaries.

Besides, the members would draw the president’s attention to the unannimous verdicts by the members of the Sports Committee in the House of Representatives and the Senate urging the NFF not to renew Keshi’s contract having failed to qualify Nigeria for the 2015 Africa Cup of Nations.

These members have vowed to announce a new Super Eagles coach if the NFF is cajoled by anyone to keep Keshi on the job, having witnessed how Siasia was sacked for not qualifying Nigeria for the 2012 AFCON amongst other failed coaches who lost their jobs in the past.

Interestingly, the earlier slated Monday (today) or Tuesday’s meeting with Keshi, his manager and lawyer in Abuja, has been cancelled forthwith.

Instead, a source close to the three-man panel revealed that Keshi would be presented with another contractual terms where he either takes it or rejects it. In fact, a member of the panel appealed to the media not to heat up the polity with the Keshi saga, insisting that the NFF would announce a new Super Eagles chief coach at the appropriate time.

March 16, 2015
Anti-Tambuwal plot thickens

There was anxiety yesterday among members of the House of Representatives, following reports that anti-Speaker Tambuwal lawmakers were collecting signatures as part of steps to move against the House leadership.

Each signature was said to be attracting N2.5million.

The cash went to PDP members, who believe in the need to effect change in the House.

It was gathered that a member of the Aviation Committee and a member of the Special Duties Committee were the coordinators of the cash inducements.

A suite was hired in a posh hotel in Abuja to dish out the cash to members.

When our correspondent visited the hotel, he observed that House members were trickling in one after the other between 2pm and 5.30pm.

It was not immediately clear who was bankrolling the plot, but the House leadership is believed to have launched an investigation into the cash-for-loyalty deal.

It was learnt that the cash was initially meant to be $25,000 per head, but sensing that it could be traced if tabled on the floor of the House, the coordinators went for a flat rate of N2.5million each.

A principal officer of the House said: “We have heard of how some moneybags are trying to invest in the crisis in the House. But it is ridiculous that some Nigerians will go to this extent.

“I cannot believe that someone will collect N2.5million to cause crisis in the House. We are investigating it.”

Responding to a question, the officer added: “I know that some aggrieved members are still collecting signatures but they cannot have their way on their plot to destabilise the House.

“Those behind Tuesday’s rumpus were not up to 10 in a House of 360 members. They cannot go far.”

One of those suspected to have been induced, who spoke with our correspondent in confidence, said: “It is our usual stock-in –trade to assume that once some members stand for principle on any issue, they have taken money.

“Our position was that the PDP should resolve its crisis at the party level; it should not bring it to the House. Is there any offence in that? Neither Bamanga Tukur or Kawu Baraje has ever visited the National Assembly in peace time to even give us suggestions on how to move the nation forward.

“Now, when they had issues, they rushed to the House. This was why some of us resisted the audience given to Baraje.

“Do you mean N2.5million will make any member to go and shout on Kawu Baraje in the House? Is there any member who cannot afford that?”

The Deputy Chairman of the House Committee on Media and Public Affairs, Mr. Victor Ogene, said: “I have also heard rumours, but I am not in a position to either confirm or deny, especially as nobody has approached me as an individual.

“If anybody decides to part with money for loyalty sake that is his own problem. As far as the House is concerned, we are not shaken.”

There were indications last night that Senate President David Mark received the Baraje faction of the Peoples Democratic Party following assurance by the leadership of the New PDP that it would not take any action against the leadership of the Senate.

September 19, 2013
Plot against Amaechi thickens over NGF row

The Governors Forum crisis is set to return in a more vicious manner.

There are plans to discredit Rivers State Governor Rotimi Amaechi and unleash anti-graft agencies on top officials of Rivers State—all in a bid to force a new leadership.

Some “powerful forces” in Abuja and the Presidency have been fingered in the plot allegedly designed to “cut Amaechi to size”.

It was gathered that some forces in Abuja, in connivance with about five governors, were uncomfortable that Amaechi had an edge and earned public sympathy in the battle with the Presidency over the election of a new chairman for the Nigeria Governors Forum (NGF).

Although the NGF chairmanship election is about two months away, the aggrieved forces are uncomfortable that Amaechi is still commanding a large following among Northern governors and those in the opposition.

It was gathered that in spite of the formation of PDP Governors Forum, security reports available to the “powerful forces” indicated that Amaechi is still a force to reckon with.

The security reports followed botched plans by the forces to use Rivers State House of Assembly against Amaechi.

A source said: “The campaign against Amaechi has been heightened. Firstly, they want to use the PDP Governors Forum to technically remove Amaechi by selecting a nominee from the Forum as Amaechi’s successor in May.

“They have also subjected every movement of Amaechi in and out of the country to heavy security surveillance.

“Some so-called ‘powerful forces’ in Abuja, who are afraid of Rivers State Governor Rotimi Amaechi, in collaboration with the Presidency, have also hatched a plot to completely discredit, malign and completely destroy the reputation of Governor Amaechi.

“They want to lay the foundation for security and anti-corruption agencies to move into action in Rivers State and arrest Rivers State Government officials on phantom and manufactured allegations of corruption against the governor and these officials.

“The plot would first involve the circulation in the social media and several dubious websites and blogs of phantom, phony, fake and doctored documents of alleged financial infractions and ‘monumental’ corruption in Rivers State by Rivers State Government Officials and Governor Amaechi.

“This will be followed by sponsored, paid for articles and advertorials in the social media, national media, newspapers and magazines, loudly alleging corruption and corrupt activities by Governor Amaechi and State Government officials and calling for their prosecution by security agencies and anti-corruption bodies.

“As part of the plot, security agencies and anti-corruption agencies will then move into Rivers State to start arresting state government officials.

“The plot was hatched from the highest level in Government at the federal level. One of our major security agencies has been briefed on the plot and they are deeply involved in carrying the plot out to the letter.

“ It is also instructive to note that the whole plot is being covertly funded by a Federal Government commission.

“It is all part of the move by the Presidency, political detractors and the Minister from Rivers State to finished off Governor Amaechi politically, ahead of the 2015 elections.”

March 11, 2013
Plot to stop Salami’s recall thickens

The National Judicial Council (NJC) may urge President Goodluck Jonathan to allow the recall of Court of Appeal President Isa Ayo Salami. He will, thereafter, go on retirement, sources said yesterday.

The Federal Government is sticking to the August 18, 2011 letter from the NJC, which recommended that Justice Salami should either go on suspension or retirement.

Our correspondent learnt that the NJC, last Thursday, decided to resolve the crisis in the Appellate Court “to move forward”.

A source, who spoke in confidence, said: “In line with the exercise of its powers, as in sections 153, 158 (1) and paragraph 21 (9) of the third schedule to the 1999 Constitution and Section 238 (5), the NJC actually decided to recall Justice Salami but he will thereafter proceed on retirement.

“Justice Salami is expected to withdraw all the suits in court against either the NJC or the government before these decisions can be effected.

“But the NJC Chairman, Justice Maryam Aloma-Mukhtar, is expected to discuss with President Goodluck Jonathan these options. This is the case because NJC wrote the President last year, recommending either the suspension or retirement of Justice Salami.

It was learnt that Justice Mukhtar could not discuss the resolutions of the NJC with Justice Salami as expected last Friday.

Another source, however, said: “Actually, Justice Salami was at the CJN office, but he could not have an audience with Justice Aloma-Mukhtar because she was trying to clear her desk to travel out of the country the same day.

“But Justice Salami will be briefed on the options after the Sallah break.

“I think the NJC is trying to resolve the matter amicably without any conflict with the Executive.”

A senior government official, who pleaded not to be named, said the government’s position is for Justice Salami to proceed on retirement. “The government may not be disposed to his reinstatement,” he said, adding:

“That is a grey area which the NJC and the Executive would have to address. Do not forget that the same NJC asked the President to suspend or retire Justice Salami. That letter is still subsisting whether it was an error on the part of NJC or not.”

As at press time, it was gathered that some anti-Salami forces might file a suit today before a Federal High Court in Abuja to stop either the NJC or the Federal Government from recalling the PCA.

It was learnt that the plot to stop Justice Salami from coming back to office was hatched last Thursday immediately the NJC’s decisions got leaked.

It was gathered that some counsel have been engaged to stop Justice Salami, until he attains the statutory retirement age next year.

“The anti-Salami forces have not given up. They have sharply disagreed with the NJC. They want Salami retired instead of being recalled,” a source, who also pleaded not to be named, said.

“The suit will be filed on Monday. The essence is to put fresh legal hurdles before Justice Salami so that the NJC and the President will not take subjudicial actions,” he said.

Justice Salami was suspended from office by the NJC on August 18, 2011.

Although the NJC later reversed itself, issues surrounding the reinstatement of Justice Salami attracted a spate of litigations.

The last of such cases was on October 2 when the NJC said President Goodluck Jonathan has no disciplinary power over any Justice of the Court of Appeal or its President.

The Council also claimed that the Acting President of the Court of Appeal, Justice Dalhatu Adamu, cannot be reappointed after three months without its consent or approval.

The NJC made the submission in a written address submitted to the court through its counsel, Usman Isa Kana and Co.

The council is one of the defendants (3rd in particular) in a matter filed before a Federal High Court by 11 plaintiffs for themselves and on behalf of registered Trustees of the Centre for the Promotion of Arbitration.

The plaintiffs are Mr. Jitobo Akanike; Mr. Idris Musa; Mr. Allens Agbabiaka; Mr. Ibrahim Bawa; Princewill Akpakpan; Mr. Obruche Ayeteni; Mr. Nosa Ihaza; Mr. Timothy Odumosu; Mr. Stewart Salomi; Engr. Egogo Lawrence; and Maxwell Adeniran.

Through its lawyer, Usman Isa Kana, the NJC told a Federal High Court that President Jonathan has no disciplinary power over any Justice of the Court of Appeal or its President.

October 22, 2012