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Tag: Turkiye

  • ‘Turkiye trip will boost insurgency battle’

    ‘Turkiye trip will boost insurgency battle’

    Minister of Defence, General Christopher Musa, has said President Bola Ahmed Tinubu’s engagement with his Turkish counterpart, culminating in the signing of nine Memoranda of Understanding (MoUs), including one on defence, demonstrates the administration’s determination to confront Nigeria’s security challenges head-on.

    He said the outcomes of the President’s strategic visit to Türkiye underscore a deliberate effort to strengthen the Armed Forces through advanced technology, strategic partnerships, and enhanced operational capacity.

    The minister was quoted as saying: “This administration is committed to equipping the Armed Forces with the right capabilities, partnerships, and technologies required to defeat terrorism, banditry, and other threats to our national stability.”

    In a statement by the Director of Information and Public Relations of the Nigerian Air Force (NAF), Air Commodore Ehimen Ejodame, the minister added: “Our engagements in Türkiye are practical steps toward strengthening operational effectiveness and self-reliance.”

    According to Gen. Musa, the engagements represent concrete measures aimed at boosting institutional capacity and reducing reliance on external support in critical defence areas.

    As part of the visit, the Defence Minister, alongside the Chief of Air Staff (CAS), Air Marshal Sunday Aneke, toured major defence industry firms in Türkiye, including ASELSAN, Turkish Aerospace Industries (TAI), and HAVELSAN.

    The delegation also held several high-level bilateral defence meetings.

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    Ejodame stated the engagements allowed the NAF to review existing procurement arrangements.

    He said discussions focused on optimising procurement programmes, improving sustainment and maintenance support, expanding training opportunities, advancing research and development, and deepening indigenous capacity-building for the Armed Forces.

    Ejodame noted that the visit holds direct operational benefits for the NAF, particularly in ongoing efforts against terrorism, banditry, insurgency, and other asymmetric threats.

    He said: “The engagements are expected to enhance intelligence, surveillance, precision engagement, and close air support capabilities critical to joint operations across theatres.

    “These outcomes align with the CAS’s objective of building a more agile, lethal, and technology-driven air force.”

    Troops of Operation Hadin Kai intensified operations against Boko Haram and its splinter groups in the Northeast, closing in on more terrorist leaders and commanders, a senior military source said.

    They killed more than 12 terrorists during a surprise night raid at Bula Dalo, forcing survivors to flee and abandon four AK-47 rifles, a PKT anti-aircraft gun, a rocket-propelled gun, and a multiple grenade launcher.

    Confirming the operation, the Media Information Officer of Operation Hadin Kai, Lieutenant Colonel Sani Uba, said six additional terrorists were killed in Gamo, where their logistics and life-support structures were destroyed, and a large cache of PKT anti-aircraft ammunition was recovered.

    Uba, however, said some soldiers and members of the Civilian Joint Task Force (CJTF) were killed during multiple armed drone attacks by ISWAP in Sabon Gari in the early hours of Thursday.

    He said: “Although the terrorists briefly breached part of the defensive position, gallant troops swiftly repelled the assault, held their ground, and restored full control with timely reinforcements.

    “Regrettably, some courageous troops and CJTF members paid the supreme price, while an excavator and a lowbed were damaged during the drone attack.”

    Nigeria and the Swiss Government have agreed to strengthen their existing defence collaboration, with a renewed focus on non-kinetic partnerships aimed at promoting peace and stability.

    The understanding was reached yesterday when the Swiss Ambassador to Nigeria, Mr Patrick Egloff, paid a visit to the Chief of Defence Staff (CDS), Gen. Olufemi Oluyede, at the Defence Headquarters, Abuja.

    This is contained in a statement by the Director, Defence Information, Maj.-Gen. Samaila Uba.

    Egloff reaffirmed Switzerland’s commitment to deepening diplomatic and defence cooperation with Nigeria, particularly through non-kinetic approaches to security challenges.

    He said Switzerland was keen on supporting humanitarian engagement, peacebuilding initiatives and programmes that address the root causes of insecurity through dialogue, development support and institutional partnerships.

    Gen. Oluyede welcomed the Swiss envoy and expressed appreciation for Switzerland’s sustained interest in Nigeria’s security and stability.

    The defence chief acknowledged Switzerland’s contributions to non-kinetic efforts in the country, noting that such initiatives were critical in complementing ongoing military operations.

  • Nigeria, Turkiye kick-start talks on security

    Nigeria, Turkiye kick-start talks on security

    • Tinubu arrives in Ankara

    Nigeria and Turkey yesterday began high-level talks on boosting their bilateral relations, especially in military affairs and the defence industry.

    Foreign Affairs Minister Yusuf Tuggar and his Turkish counterpart Hakan Fidan. represented both countries during the discussions that took place before President Bola Ahmed Tinubu arrived in Turkey on a state visit.    

    The talks, according to a statement by Tuggar’s media aide, Alkasim Abdulkadir, also focused on strengthening political, economic and multilateral relations between the two countries.

    Fidan, said Abdulkadir, commended Nigeria’s constructive role in promoting regional stability, peace, and prosperity in West Africa. He also noted  Nigeria’s leadership within regional and continental frameworks.

    Tuggar was said to have placed strong emphasis on expanding bilateral trade and increasing mutual investment, particularly in sectors of interest to Turkish companies. Such areas include construction, manufacturing, energy, and infrastructure.

     Both ministers acknowledged the steady growth in economic relations between the two countries and underlined the need for them to unlock further potential through structured public–private engagements.

    The statement  added that “the visit reflects the growing strategic character of Nigeria–Türkiye relations, anchored in shared positions on sovereignty, institutional cooperation, and pragmatic partnership, with both sides expressing confidence in the prospects for deeper engagement in the period ahead.”

    Special Adviser on Information and Strategy, Bayo Onanuga, said in a statement that the President arrived at the Ankara Esenboğa Airport at 9:03 p.m. local time yesterday.

    He was received by a Turkish government delegation led by the Minister of National Education, Yusuf Tekin.

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     Also present at the airport to welcome President Tinubu were the Chargé d’Affaires at the Nigerian Embassy in Türkiye, Ambassador Zayyad Abdulsalam, alongside other officials of the Nigerian mission.

    The President is scheduled to hold strategic political and diplomatic engagements with Turkish leaders, building on the long-standing relationship between the two countries. Turkish President Recep   Erdogan paid an official visit to Nigeria in October 2021.

    On the President ittinery are high-level meetings between officials of both nations, alongside the signing of memoranda of understanding in areas such as scientific research, energy, technical cooperation, media and communications, military collaboration, aviation and diplomatic protocol.

    A business forum will also be convened to bring together investors from Nigeria and Türkiye to explore mutual investment opportunities and deepen trade relations.

    Ministers on the presidential delegation are Lateef Fagbemi  (SAN), Christopher Musa(Defence), Imaan Suleiman-Ibrahim (Women Affairs and Social Development), Olubunmi Tunji-Ojo(Interior)  and  Hannatu Musawa (Culture and Creative Economy).   

    Also on the team are  National Security Adviser(NSA) Nuhu Ribadu; National Intelligence Agency(NIA) Director-General   Mohammed Mohammed,   Chairman, House Committee on Defence  Jimi Benson and Special Adviser to the President on Policy Communication, Daniel Bwala.

    ‘We’re facilitating access to Turkish defence firms’

    Chief Executive Officer, DICON-D7G  Osman Chennar said yesterday in Kaduna, that the firm has positioned itself as a strategic bridge between Nigeria and more than 10  leading Turkish defence firms.

    DICON-D7G is an indigenous defence manufacturing company operating within Nigeria’s expanding defence industrial ecosystem.

    Chennar said that  DICON-D7G is facilitating access to Turkish companies that meet strict international quality and compliance standards in the supply of defence and aerospace materials, components and spare parts.

    He listed the Turkish companies as  Aselsan, TAIS Shipyard, Turkish Aerospace, Kalandor Dış Ticaret ve Savunma Sanayi Limited, MKE, Roketsan, ZSR Patlayıcı Sanayi ve Anonim Şirketi, and Ateşçi Machinery.

    He added that the collaboration with the firms is expected to improve the operational readiness of Nigeria’s Armed Forces while boosting confidence in locally supported military systems.

  • Turkiye pledges  to deepen ties, trade with Nigeria at 102nd Independence Anniversary

    Turkiye pledges  to deepen ties, trade with Nigeria at 102nd Independence Anniversary

    • Ambassador fetes ministers, lawmakers, diplomats, others in Abuja

    Turkiye has pledged to deepen friendship with Nigeria as it celebrates its 102nd Independence Anniversary and growing stature on the global stage.

    The Republic of Turkiye, founded in 1923 following dissolution of the Ottoman Empire after the First World War, has evolved into a modern, dynamic nation, whose influence spans continents.

    Turkish Ambassador to Nigeria, Mr Mehmet Poroy, hosted a reception that captured the essence of Turkish culture and its deepening ties with Nigeria.

    The event drew over 500 guests, including ministers, lawmakers, diplomats, business executives, artists, and friends of Turkiye. It was an evening of warmth, elegance, and celebration of shared values between two nations united by mutual respect and cooperation.

    Present were Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; Minister of State for Labour and Employment, Nkeiruka Onyejeocha; Minister of State for Humanitarian Affairs and Poverty Reduction, Yusuf Sununu; and Minister of State for Works, Bello Goronyo, among others.

     Also in attendance were senior government officials, representatives of Nigerian institutions, and the diplomatic community.

    Guests were welcomed into an atmosphere radiating beauty and cultural pride by the Turkish ambassador. They shook hands and hugged the envoy, who stood at the entrance door to welcome each of the over 500 guests.

    The venue, adorned with Turkish and Nigerian flags, glowed with soft lighting that reflected the vibrant colours of both nations. The air was filled with laughter and the aroma of exotic cuisines — a perfect blend of Turkish hospitality and African warmth.

    The celebration went beyond speeches. It was also a showcase of creativity and cultural diplomacy. Two Nigerian artists, Prof. John Oyedemi and Lasisi Lamidi, displayed captivating works under the theme, An Illusionary Original.

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    Prof. Oyedemi’s painting of the mausoleum of Mustafa Kemal Atatürk, founder of modern Türkiye, stood out as a powerful tribute to a visionary who laid the foundation of a nation that continues to inspire resilience and progress. The collaboration symbolised a beautiful fusion of Turkish history and Nigerian artistic expression. It was a reminder that art remains a universal language that bridges cultures and strengthens bonds among peoples.

    In a heartfelt message read by Poroy on behalf of Turkish President, Recep Tayyip Erdoğan, the Turkiye’s leader reaffirmed his administration’s commitment to building a nation that is peaceful, terror-free, prosperous, and respected on the global stage.

    “On this occasion of the Republic Day, we are steadily advancing towards our goal of a terror-free Turkiye, where 86 million people can live in peace, security, harmony, and prosperity,” he said .

    Erdoğan described Turkiye as a nation of deep resilience and unwavering independence — one that has remained steadfast through historical hardship and global challenges. “Together, we will build a Turkiye that is a leading power in its region, respected in the world, and great, strong, and prosperous”.

    Poroy noted that Turkiye continues to make “giant strides” in defence, economy, education, agriculture, energy, tourism, and others, reflecting the country’s progress towards its centennial goals.

    He reflected on the journey of the republic. He paid tributes to the founding fathers, especially Atatürk, whose vision, courage, and reforms transformed Türkiye into a modern and progressive state.

    He said: “As commander-in-chief of our War of Liberation, it was his determination that forged a modern republic, integrating our nation and its people firmly into the modern world. Atatürk’s guiding principle – ‘Peace at home, peace in the world’ – remains the moral compass of the Turkish nation.”

    Erdoğan reaffirmed Turkiye’s role as a voice of reason and a force for peace in global affairs. “In Gaza and Palestine, as well as many crisis regions, we are striving to stop the bloodshed, heal the wounds, and open the way to lasting peace through our mediation efforts, diplomatic initiatives, and humanitarian aid,” he said.

    The evening transformed into a festival of tastes and colours. Guests were treated to a sumptuous spread of Turkish and Nigerian delicacies, reflecting the harmony between the two nations.

    The ambience was enriched by guests dressed in elegant cultural attires. Some in traditional Nigerian agbada and aso-oke, others in Turkish and foreign dresses. The visual tapestry of colours and textures symbolised unity in diversity.

     It was a night of relaxation, joy, and renewed connections. Many guests described it as a most memorable diplomatic reception.

    Beyond the celebration, the evening also provided an opportunity for networking and reunions. Diplomats, business leaders, and policymakers engaged in discussions about trade, investment, education, and tourism — key areas that cstrengthen Turkiye-Nigeria relationship.

    For many, it was more than a national day reception; it was a gathering of old friends and new partners, united by the spirit of goodwill and collaboration. The warmth and friendliness of the Turkish hosts ensured that everyone felt at home.

    “This celebration is not just about Turkiye’s independence; it’s about shared friendship and cooperation. Turkiye has shown remarkable resilience and continues to be a reliable partner to Nigeria and Africa,” an attendee said.

    The celebration also reflected Turkiye’s journey from the ashes of the Ottoman Empire to a modern, confident, and globally engaged nation. As Poroy noted, Turkiye will fulfill every responsibility “with diligence in a manner befitting its history and identity.”

    He said by end of 2025, Turkiye would have delivered 450,000 housing units to citizens affected by the devastating February 6, 2023, earthquake, a testament to its resolve to rebuild and move forward.

    He thanked Nigeria for its consistent support and friendship, hoping for deeper bilateral cooperation.

    As the evening drew to a close, guests lingered, reluctant to leave.. Smiles, handshakes, and photographs filled the air as old friendships were rekindled and new bonds were forged.

    The celebration was not just a diplomatic event, it was a reflection of shared humanity, mutual respect, and enduring friendship betweern two nations that continue to inspire one another.

    For Turkiye, the night was a reaffirmation of its journey from 1923 to 2025, from struggle to strength, and from vision to achievement. For Nigeria and others present, it was a reminder that true friendship transcends borders and languages.

    As one guest aptly put it, “Tonight, we didn’t just celebrate Turkiye’s independence, we celebrated unity, resilience, and the beauty of global friendship.”

  • Turkiye detains 1,100 since Erdogan rival’s arrest

    Turkiye detains 1,100 since Erdogan rival’s arrest

    Turkish police have detained more than 1,100 people, including journalists, since the arrest of President Recep Tayyip Erdogan‘s main rival sparked the country’s worst unrest in years, a minister said on Monday.

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    The demonstrations began in Istanbul after Ekrem Imamoglu‘s arrest last week and have since spread to more than 55 of Turkey’s 81 provinces, sparking clashes with riot police and drawing international condemnation.

    The popular 53-year-old has been widely seen as the only politician who could defeat Turkey’s longtime leader Erdogan at the ballot box.

  • Turkiye foundation fetes over 4,000

    Turkiye foundation fetes over 4,000

    • Sinks 16 boreholes in Adamawa, Gombe, Bauchi

    The Turkiye Diyanet Foundation (TDV) has carried out several humanitarian interventions in some parts of Nigeria.

    The foundation distributed over 4,000 food packs in Nasarawa, Niger, Kaduna, Lagos, Oyo states and the Federal Capital Territory (FCT), Abuja, through its Ramadan assistance programmes.

    It was learnt that the foundation which is being supervised by Counsellor for Religious Affairs office, Turkiye Embassy in Nigeria, Sheikh Huseyini Ortac, also supported various orphanages in Abuja and Nasarawa with school bags, writing materials and food items that can last six months.

    In a related event, Turkiye Diyanet inaugurated 16 boreholes in communities of Adamawa, Gombe and Bauchi States.

    It hosted iftar (breaking of fast) at the National Mosque Abuja on the third day of Ramadan, where at least 300 people benefited.

    The Iftar programme was held in some villages of Niger, where 200 people were catered for.

    Beneficiaries of the gesture have expressed appreciation to Turkiye, which they said would go a very long way to provide relief during the Ramadan.

    In Lagos, beneficiaries of the Ramadan food packages included students in Yaba College of Technology, Yaba; Federal College of Education (Technical), FCET, Akoka; and others.

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    Director of Studies, Muslim Students Society of Nigeria, MSSN, FCET Akoka, Abdulwasiu Alaka, said the relief would help the student community a lot.

    “This relief will go a very long way. It is a great thing to do. I want to thank the organisers,” he said.

    Alaka said he learnt about the programme from friends at the school mosque. He prayed Allah to reward Turkiye Diyanet with good.

    “We have rice, beans, vegetables, and all sorts given to us. It will cater for a lot of things in Ramadan. May Allah reward them,” he said.

    Abdul Gafar Adeyi from Iwaya said he felt honoured to be among the beneficiaries of the relief package.

    He said the package comes as a succour considering the economic situation of the country and the special period of Ramadan.

    “We are confident that throughout Ramadan and even beyond, we have something to eat. We pray Allah rewards the foundation and donors abundantly,” he said.

    Abdulgafar also commended the distribution process, saying it was stress-free.

    “I just submitted my name, then I received a call to come and pick up the package, and that’s all. No stress at all,” he said.

    The Amirah of MSSN FCET Akoka, Aminah Abdulwahab, said it was highly commendable to see organisations coming up with beautiful initiatives as this.

    “I feel honoured and I am happy for myself and my colleagues who have benefited from this as well. I pray Allah will bless the organisers and accept it from them as an act of Ibadah,” she said.

    For his part, Tohir Ismail of Yaba College of Technology (YABATECH) urged Turkiye Diyanet to continue the good work.

    He said feeding people, especially fasting Muslims, is a rewarding act.

    “We all know the situation of the country now. So, to get these food items is a lot. I therefore want to say Jazzakumullah khayran to the organisers. It will really go a long way to cover some expenses, especially in this holy month of Ramadan,” Ismail added.

  • Nigeria commiserates with Turkiye over hotel fire incident

    Nigeria commiserates with Turkiye over hotel fire incident

    Nigeria has expressed its sympathy with the people of Turkiye over the fire incident at the Grand Kartal Hotel in the Kartalkaya Ski Resort.

    The fire, which claimed the lives of 76 persons and injured over 50 others in Bolu Province in Northwestern Turkiye, was reported to have started in the early hours of Tuesday.

    The government, in a statement issued by Acting Spokesperson, Ministry of Foreign Affairs, Kimiebi Imomotimi Ebienfa, stated: “The Federal Republic of Nigeria wishes to express deep condolences to the Government and People of the Republic of Turkiye over the unfortunate fire incident at the Grand Kartal Hotel in the Kartalkaya Ski Resort.

    “The Federal Government of Nigeria sympathizes with the Government of the Republic of Turkiye and the families of the victims of the fire incident, and also wishes a speedy recovery of the injured.”

    Meanwhile, Turkey has declared a day of mourning for the 76 victims of the fire incident.

    The fire broke out at the wooden-clad 12-storey Grand Kartal Hotel in Bolu at 03:27 local time (00:27 GMT) during a busy holiday period when 234 people were staying there. It took 12 hours to put it out.

    An investigation has been launched into the incident and there have been conflicting reports about whether the hotel was up to safety standards.

    Nine people have been arrested, including the hotel’s owner.

    President Recep Tayyip Erdogan, who visited Bolu yesterday, said those responsible for negligence leading to the fire “will be held accountable”.

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    Flags are flying at half-mast across Turkey in memory of the victims of the fire, while the first funerals are being held. Search and rescue teams are making their final efforts to find any remaining bodies.

    The authorities said that they were assessing all risks, including the possibility of collapse, for the building.

    Alongside the fatalities, 51 people were injured in the fire, according to health minister Kemal Memisoglu. One was receiving treatment in intensive care, and 17 people have been discharged. Relatives have been gathering outside the hospitals, where they are being treated.

    A person the BBC met in front of the morgue said that he had received news that seven of his relatives had died and that he had visited hospitals looking for their bodies. He later learned that the morgue was empty.

    Footage circulating showed linen hanging from windows which was used by those trying to escape the burning building. Yesterday, these could still be seen swaying in the wind.

    The cause of the fire has not yet been found, but Bolu governor Abdulaziz Aydin said initial reports suggested it had broken out in the restaurant section of the hotel’s fourth floor and spread to the floors above.

  • Nigeria, Ghana, Turkiye, lead global equities’ returns

    Nigeria, Ghana, Turkiye, lead global equities’ returns

    Nigerian equities rode on the back of renewed rally at the weekend to emerge the world’s second best-performing stock market, scaling up from the previous third position on the global ranking.

    Global stock data tracked by The Nation’s Market Intelligence at the weekend indicated that the African markets dominated the world’s top 10 best-performing markets, with Ghana leading with average year-to-date return of 39.8 per cent.

    Nigeria, which recorded a gain of 0.21 per cent return on a turnover of N45.9 billion last week, closed weekend with average return of 31.68 per cent, the second best-performing return globally. Turkiye, which had led the global chart earlier, placed third with average return of 29.9 per cent so far this year.

    The data included the most prominent stock markets and cut across the various tiers of advanced, emerging and frontier markets. These included United States, United Kingdom, Germany, Japan, France, Hong Kong, Russia, India, Brazil, China, Thailand, Turkiye, Saudi Arabia, Qatar and United Arab Emirates (UAE). African markets included Nigeria, South Africa, Kenya, Morocco, Ghana, Egypt and Mauritius.

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    Ghana’s GSE Composite Index indicated average return of 39.8 per cent. Nigeria’s benchmark All Share Index (ASI) trailed with average return of 31.68 per cent. Turkiye’s BIST 100 Index followed with 29.9 per cent. Egypt placed fourth with the EGX 30 Index returning 25.6 per cent. Hong Kong’s Hang Seng Index posted average return of 21.0 per cent. United States’ twin indices S & P 500 and Nasdaq Index recorded average return of 20.6 per cent and 21.1 per cent respectively.

    Other top-10 returns included Morocco’s Casablanca Masi Index, 19.3 per cent; Japan’s Nikkei 225 Index, 19.0 per cent; India’s BSE Sens Index, 18.5 per cent and Kenya’s Nairobi Stock Exchange (NSE) 20 Index, which posted average return of 18.4 per cent.

    Other major gainers included Germany’s Xetra DAX, 16.1 per cent; South Africa’s JSE/FTSE ASI, with average return of 14.1 per cent and Mauritius’ SEMDEX Index, with 15.1 per cent.

    Meanwhile, United Kingdom’s FTSE All Share Index recorded average return of 7.7 per cent. France posted modest gain of 3.3 per cent. China recorded average gain of 3.8 per cent while Thailand and Saudi Arabia recorded average gain of 2.4 per cent and 3.4 per cent respectively.

    However, Russia’s RTS Index recorded the highest loss of 11.0 per cent among the tracked markets. It was followed by Qatar’s DSM 20 Index, which dropped by 2.3 per cent. United Arab Emirates’s ADX General Index declined by 1.1 per cent while Brazil’s Ibovespa slipped by 0.4 per cent.

    Nigeria’s benchmark index, the All Share Index (ASI) of the Nigerian Exchange (NGX), is a common value-based index and it tracks all share prices at the Exchange, a feature shared with benchmark indices of United Kingdom, South Africa, Saudi Arabia and UAE among others. Most other indices are selective indices, tracking a basket of stocks, although mostly representative of their markets.

    Breakdown of sectoral indices showed market-wide positive outlook with average returns in many sectors significantly above the market’s benchmark average return. The NGX Oil and Gas Index led the sectors with average year-to-date return of 90.87 per cent. The NGX Industrial Goods Index followed with above average return of 41.87 per cent. The NGX Consumer Goods Index placed third with 39.56 per cent.  The NGX Insurance Index trailed with 30.95 per cent while the NGX Banking Index recorded modest gain of 4.08 per cent.

    Underlining the performance of selective fund managers, the NGX Pension Index and NGX Pension Board Index, which tracks equities specially screened for pension funds’ investments, recorded average return of 23.17 per cent and 31.29 per cent respectively. The NGX Lotus Islamic Index, which tracks stocks that comply with the principles of Islamic finance, posted above-average return of 32.16 per cent. The NGX 30 Index, which tracks the 30 largest companies at the stock market, recorded average gain of 31.29 per cent, underlining the significant capital appreciation by large-cap stocks.

    The ASI closed weekend at 98,458.68 points with aggregate market value of all quoted equities at the NGX standing at N56.578 trillion.

    Total turnover at the NGX last week stood at 3.318 billion shares worth N45.911 billion in 49,243 deals, compared with a total of 1.860 billion shares valued at N38.445 billion traded in 40,228 deals two weeks ago.

    The financial services industry led the activity chart with 1.430 billion shares valued at N23.659 billion traded in 22,745 deals; thus contributing 43.09 per cent and 51.53 per cent to the total equity turnover volume and value respectively. The oil and gas sector followed with 703.389 million shares worth N7.323 billion in 6,207 deals while the healthcare industry placed third with a turnover of 411.489 million shares worth N2.896 billion in 827 deals.

    The three most active stocks were Japaul Gold & Ventures Plc, Mecure Industries Plc and Fidelity Bank Plc, which altogether  accounted for 1.363 billion shares worth N9.472 billion in 4,050 deals, contributing 41.06 per cent and 20.63 per cent to the total equity turnover volume and value respectively.

  • Defence minister in Turkiye to ease delivery of T-129 ATAK helicopters 

    Defence minister in Turkiye to ease delivery of T-129 ATAK helicopters 

    • By Musa Bologi, Abuja

    The Minister of Defence, Muhammad Badaru, is in Turkiye to facilitate speedy delivery of the T-129 ATAK helicopters acquired by the Federal Government.

    Badaru’s visit would also strengthen partnership with the Turkish Government in intelligence and information sharing for mutual benefit.

    A statement yesterday by the Director, Press and Public Relations, Henshaw Ogubike, said the minister was accompanied by the Chief of Air Staff, Air Marshal Hassan Abubakar.

    The statement said Badaru also discussed and explored how best Nigeria can partner with Turkiye on the production of military hardware and equipment.

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    It reads: “The minister visited the Turkish Aerospace Industries in the capital city, Ankara, where he inspected various sections of the firm in charge of manufacturing modern military aircraft and other defence equipment. “While conducting him round the facility, the company CEO, Temel Kotel, said the industry was established in 1973 with the primary goal of manufacturing military aircraft, satellites, and unmanned aerial vehicles. The minister praised the company for its over five decades of successful venture.”

    The Turkish Minister of Defence, Lt.-Gen. Yasar Guler (rtd), promised that the Turkish government would support the Nigerian government in its efforts to defeat terrorism and other criminal challenges.

    The Federal Government procured six T-129 ATAK helicopters from Turkish Aerospace Industry, two of which had been delivered. Nigeria is expecting the others before the end of the Q2 2024.

  • Turkiye, Egypt, Ghana, Nigeria lead global equities’ returns

    Turkiye, Egypt, Ghana, Nigeria lead global equities’ returns

    Emerging markets equities dominated the top global returns chart for the third quarter 2023 as domestic and foreign investors defied macro risks to lock into bargains in African and Asian markets.

    Global stock data tracked by The Nation’s Market Intelligence at the weekend indicated that African and Asian stock markets dominated the top five global market returns, with Africa as the largest continental bloc within the world’s top biggest returns in the first nine months of the year.

    The data included the most prominent stock markets and cut across the various tiers of advanced, emerging and frontier markets. These included United States, United Kingdom, Germany, Japan, France, Hong Kong, Russia, India, Brazil, China, Thailand, Turkiye, Saudi Arabia, Qatar and United Arab Emirates (UAE). African markets included Nigeria, South Africa, Kenya, Morocco, Ghana, Egypt and Mauritius.

    Asian emerging market, Turkiye’s BIST 100 Index indicated highest return of 51.3 per cent. Egypt led the African group with the EGX 30 Index returning 38.2 per cent, the second highest return among tracked global stock markets. Ghana’s GSE Composite Index indicated average return of 29.8 per cent. Nigeria trailed with average return of 29.52 per cent. United States’ Nasdaq Index posted average return of 26.6 per cent, but this was moderated by average return of 12.2 per cent by the S & P 500 Index. Japan’s Nikkei 225 Index placed sixth with 22.1 per cent.

    Other top-10 returns included Morocco’s Casablanca Masi Index, 10.7 per cent; Germany’s Xetra DAX, 10.5 per cent; France’s CAC 40 Index, 10.2 per cent and India’s BSE Sens Index, which posted average return of 8.2 per cent for the nine-month period.

    Two of the other three African markets however posted negative returns. Kenya posted negative return of -10 per cent while South Africa witnessed marginal decline of 0.9 per cent. Mauritius meanwhile recorded modest positive return of 4.2 per cent.

    Other global markets with year-to-date positive returns included United Kingdom’s FTSE All Share Index, 1.3 per cent; Brazil’s Ibovespa, 6.0 per cent; Russia’s RTS Index, 3.8 per cent; China’s Shanghai Composite Index, 0.7 per cent, Thailand’s SET Index, 5.5 per cent and Saudi Arabia’s Tadawul All Share Index, with average year-to-date return of 5.5 per cent.

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    However, Hong Kong’s Hang Seng, UAE’s ADX General Index and Qatar’s DSM 20 Index reported negative returns of -10.0 per cent; -4.2 per cent and -4.0 per cent respectively.

    Nigeria’s benchmark index, the All Share Index (ASI) of the Nigerian Exchange (NGX), is a common value-based index and it tracks all share prices at the Exchange, a feature shared with benchmark indices of United Kingdom, South Africa, Saudi Arabia and UAE among others. Most other indices are selective indices, tracking a basket of stocks, although mostly representative of their markets.

    A report by Afrinvest Securities showed that the global stock markets largely suffered a relapse in the month of September, which moderated returns across the markets.

    According to the report, the global equities market ended September 2023 on a bearish note as fresh hawkish signal by the United States Fed and weak macroeconomic data releases in the Euro-area dampened investors’ sentiment.

    The US Fed at the end of its FOMC meeting earlier in the month had hinted about a possible interest rate hike at its next meeting following two consecutive months of negative inflation surprises, which rose 0.2 and 0.5 percentage points in July and August to 3.7 per cent. In the Euro-area, there was negative market reaction to the region’s dismal trade performance, as surplus weakened to Euro 6.5 billion in August from Euro 18.5 billion in the prior month. European Central Bank (ECB) also hiked its benchmark rate by 25 basis points to 4.0 per cent, the highest since 1999.

    The broad, global index, MSCI world equity index dropped by 4.4 per cent in September. In the US, the NASDAQ and S & P 500 indices dropped by 5.6 per cent and 4.5 per cent respectively. Germany’s XETRA DAX, Hong Kong’s Hang Seng, France’s CAC 40, and Japan’s Nikkei 225 indices declined by 3.5 per cent, 3.1 per cent, 2.5 per cent and 2.3 per cent respectively, as portfolio investors reassess the likely impact of the Fed’s new hawkish signal on year-end portfolio performances.

    Conversely, the UK’s FTSE index gained 1.7 per cent, spurred by the positive but relatively weak GDP expansion of 0.2 per cent in second quarter 2023.

    Across the BRICS markets, performance was negatively skewed as three of the five indices closed in the red. In Russia, the RTS index dipped by 4.9 per cent despite key interest rate increase of 100 basis points to 13.0 per cent aligning with market projections. Likewise, South Africa’s JSE and China’s Shanghai Composite indices depreciated by 3.4 per cent and 0.3 per cent respectively. Conversely, India’s BSE Sens and Brazil’s Ibovespa indices posted gains of 1.5 per cent and 0.5 per cent respectively, owing to attractive valuations.

    In the African markets, Egypt’s EGX 30, Mauritius SEMDEX, and Ghana’s GSE Composite indices closed in the green with gains of 6.9 per cent, 2.9 per cent, and 2.8 per cent respectively. Ghana’s inflation rate had fallen for the first time in four months to 40.1 per cent – its lowest since September 2022. On the flip side, Kenya’s NSE 20 and Nigeria’s All Share indices fell by 2.0 per cent and 0.25 per cent respectively.

    The Asian and Middle East markets were also bearish as Thailand’s SET and Saudi Arabia’s Tadawul indices dropped by 3.8 per cent each while UAE’s ADX general index fell by 0.3 per cent. However, Turkey’s BIST 100 and Qatar’s DSM 20 indices rose by 5.3 per cent and 0.6 per cent respectively.

    Analysts at Afrinvest Securities said they expected extended risk-off sentiment across major markets this month as investors re-assess the potential impact of an impending interest rate increase by the FOMC.