Bears intervene as equity market dips by N430bn

Trading activities on the floor of Nigerian Exchange on Thursday returned to negative trend, declining by N430 billion. Market capitalisation of listed equities on Thursday dropped by 1.32 per cent to N32.232 trillion from N32.662 trillion reported on Wednesday. Also, the NGX All Share Index also depreciated by 789.89 basis points to 59195.21 points from 59985.10 points traded the previous day. A review of the trading for the day showed that MRS Plc, Transco Hotel and Total Plc led gainers table during the day appreciating by 10 per cent each to close at N68.75, N13.31 and N336.70 per shares respectively. Ikeja Hotel followed with a gain of 9.97 per cent to close at N3.31 per share, ETranzact added 9.92 per cent to close at N5.32 per share. On the contrary, SUNU Assurance topped losers chart in percentage terms, declining by 10 per cent to close at N0.45 per unit, Cornerstone Insurance trailed with a loss of 9.73 per cent to close at N1.02 per share, Mcnichols fell by 9.33 per cent to close at N0.68 per share, Access Corp fell by 9.24 per cent to close at N14.25 per unit, RTBriscoe fell by 8.83 per cent to close at N0.31 per unit. Investors traded 1.170 billion shares valued at N15.359 billion in 12611 deals against 1.296 billion shares worth N21.080 billion in 11947 deals. Transactions in the shares of United Bank for Africa led activity during the day, with 192.832 million shares valued at N2.344 billion, AccessCorp followed with account of 121.537 million shares valued at N1.962 billion, Fidelity Bank traded 102.638 million shares valued at N726.740 million, GTCO Plc exchanged 99.847 million shares worth N3.325 billion while Sterling Bank traded 79.277 million shares cost N238.314 million. Bears intervene as equity market dips by N430bn Trading activities on the floor of Nigerian Exchange on Thursday returned to negative trend, declining by N430 billion. Market capitalisation of listed equities on Thursday dropped by 1.32 per cent to N32.232 trillion from N32.662 trillion reported on Wednesday. Also, the NGX All Share Index also depreciated by 789.89 basis points to 59195.21 points from 59985.10 points traded the previous day. A review of the trading for the day showed that MRS Plc, Transco Hotel and Total Plc led gainers table during the day appreciating by 10 per cent each to close at N68.75, N13.31 and N336.70 per shares respectively. Ikeja Hotel followed with a gain of 9.97 per cent to close at N3.31 per share, ETranzact added 9.92 per cent to close at N5.32 per share. On the contrary, SUNU Assurance topped losers chart in percentage terms, declining by 10 per cent to close at N0.45 per unit, Cornerstone Insurance trailed with a loss of 9.73 per cent to close at N1.02 per share, Mcnichols fell by 9.33 per cent to close at N0.68 per share, Access Corp fell by 9.24 per cent to close at N14.25 per unit, RTBriscoe fell by 8.83 per cent to close at N0.31 per unit. Investors traded 1.170 billion shares valued at N15.359 billion in 12611 deals against 1.296 billion shares worth N21.080 billion in 11947 deals. Transactions in the shares of United Bank for Africa led activity during the day, with 192.832 million shares valued at N2.344 billion, AccessCorp followed with account of 121.537 million shares valued at N1.962 billion, Fidelity Bank traded 102.638 million shares valued at N726.740 million, GTCO Plc exchanged 99.847 million shares worth N3.325 billion while Sterling Bank traded 79.277 million shares cost N238.314 million.

Tinubu directs NSIB to probe Kwara boat mishap

President Bola Ahmed Tinubu has directed the Nigerian Safety Investigation Bureau (NSIB) ACT 2022 to investigate the boat mishap that occurred at Kpada community in Pategi Local Government Area of Kwara State, on Monday night, June 12, 2023. The General/ Manager/CEO of the Bureau, Akin Olateru while briefing newsmen in Abuja on Thursday, explained that reports gathered thus far, say the boat was carrying about 250 passengers from a village called Egboti in Niger State. He called on other local, state, and federal agencies and other relevant stakeholders to maintain effective cooperation and collaboration so as to ensure transportation safety. He said information received also revealed that 106 fatalities have been recorded while 144 passengers have so far been rescued. According to him, the NSIB is an autonomous multimodal investigation agency charged with the mandate to investigate air, rail, marine and other modes of transportation accidents and serious incidents in Nigeria with the aim of identifying the probable causes and proffer safety recommendations that can prevent recurrences. “The purpose of accident investigation, however, is not to apportion blame or liability but to prevent future recurrence of similar incidents.  “In order to carry out this mandate, the Bureau would be carrying out a lot of fact findings through crew and passenger interviews, working with relevant authorities to be able to determine the probable cause(s) of this accident.  “We are committed to a swift response to the accident and serious incident occurrences through our well-equipped Command and Control Centre.  “Accident reporting has also been simplified through our Mobile Application, which was introduced to interface with the public and make it easy for them to communicate with NSIB digitally,” he said.  He solicited information from the public in the form of pictures, video, or recording evidence to help assist in conducting a comprehensive investigation. 

Drive transformative change, Tinubu tasks new Economic Council

President Bola Tinubu on Thursday inaugurated the National Economic Council (NEC) with a charge on them to work with his administration to revive the nation’s economic fortunes. At the inauguration at the Council Chambers of the State House in Abuja, Tinubu said that the task of reviving the economy before the new administration is daunting. He, however, added that there would be no excuses for not delivering since they all begged and even danced before Nigerians to give them the job. He urged the members of the Council to put in their best, pointing out that Nigerians are waiting for them eagerly to deliver democratic dividends. “It is very reassuring that our citizens are behind us, but they want reforms and they want them very quickly.” The NEC is constitutionally under the Chairmanship of the Vice President. The NEC meets monthly and has the mandate to advise the President concerning the economic affairs of the Federation. They are also expected to advise on measures necessary for the coordination of the economic planning efforts or programmes of the various governments. Membership of the NEC comprises of the 36 State Governors, the Governor of the Central Bank of Nigeria and other co-opted Government officials. No fewer than 30 governors and two deputies were in attendance at the inauguration. They include governors Abdulrahman Abdulrazaq of Kwara, Ademola Adeleke of Osun, Yahaya Bello of Kogi, Biodun Oyebanji of Ekiti and Abdullahi Sule of Nasarawa. Others are Umo Eno of Akwa Ibom, Peter Mbah of Enugu, Bassey Otu of Cross River, Caleb Muftwang of Plateau, Nasir Idris of Kebbi, Aliyu Radda of Katsina and Hycinth Alia of Benue. The Secretary to the Government of the Federation, George Akume, Chief of Staff, Femi Gbajabiamila, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari also attended. Other officials include the acting Accountant General of the Federation, Oluwatoyin Madein, Acting Governor of Central Bank, Folashodun Shonubi, Permanent Secretaries Budget and National Planning, Federal Capital Territory Administration, and State House.

Tinubu appoints 8 new Special Advisers

*Dele Alake, Nuhu Ribadu get appointments President Bola Tinubu has appointed Dele Alake as Special Adviser Special Duties, Communications and Strategy. According to a statement signed by Abiodun Oladunjoye, Director Information, State House on Thursday, seven others also got appointments in the new government of President Bola Tinubu. The statement reads: President Bola Tinubu has approved the appointment of the following as Special Advisers: Mr. Dele Alake(Special Adviser, Special Duties, Communications and Strategy); Mr. Yau Darazo (Special Adviser, Political and Intergovernmental Affairs); Mr. Wale Edun (Special Adviser, Monetary Policies) and Mrs. Olu Verheijen(Special Adviser, Energy). Others are: Mr. Zachaeus Adedeji (Special Adviser, Revenue); Mr. Nuhu Ribadu (Special Adviser, Security); Mr. John Ugochukwu Uwajumogu(Special Adviser, Industry, Trade and Investment) and Dr (Mrs.) Salma Ibrahim Anas as(Special Adviser, Health).

Nigeria’s inflation rate rises to 22.41% in May

Nigeria’s headline inflation rate increased to 22.41 per cent in May 2023, relative to April 2023 headline inflation rate which was 22.22 per cent. According to the National Bureau of Statistics in its CPI and Inflation Report May 2023, it represents a 0.19% point when compared to April 2023 headline inflation rate. Similarly, on a year-on-year basis, the headline inflation rate was 4.70% points higher compared to the rate recorded in May 2022, which was (17.71%). More details later…

DSS quizzes suspended EFCC Chairman, Bawa

The Department of State Services (DSS) says the suspended Economic and Financial Crimes Commission (EFCC) Chairman, Abdulrasheed Bawa, has arrived at its office for questioning. Bawa is at the DSS office over allegations of abuse of office brought against him. The Public Relations Officer of the DSS, Dr Peter Afunanya, said this in a statement on Thursday in Abuja. “The DSS has invited Mr Abdulrasheed Bawa, the suspended Chairman of the EFCC and he arrived a few hours ago. “The invitation relates to some investigative activities concerning him,” he said. President Bola Tinubu on Wednesday approved the indefinite suspension of the EFCC Chairman from office. A statement from the Office of the Secretary to the Government of the Federation said the suspension was to allow for a proper investigation into his conduct while in office. The statement said the suspension followed weighty allegations of abuse of office levelled against the suspended EFCC boss. It directed Bawa to immediately hand over the affairs of his office to the Director of Operations in the commission. The statement said the director would oversee the affairs of the office of the chairman, pending the conclusion of the investigation. 

Salary Padding: Tinubu suspends IPPIS Assistant Director, others

President Bola Tinubu Suspends Assistant Director In Charge Of IPPIS, Others In OAGF For Salary Padding. Many civil servants across several Ministries, Departments and Agencies (MDAs), including the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) and Office of the Accountant General of the Federation (OAGF) have been suspended for alleged salary padding on the Integrated Personnel and Payroll Information System (IPPIS). The allegation was confirmed by RMAFC Chairman, Mohammed Bello Shehu, who said those identified had been placed on suspension pending investigation. The affected workers were found to have manipulated the IPPIS system to pad their salaries above their threshold. An Assistant Director at the OAGF in charge of staff salary was alleged to have connived with some staff to pad up the salaries of unspecified number of lower level staff. The scheme was discovered when a level 7 officer whose salary should be in the range of N60,000 was paid over N400,000, which was in the range of a salary package of a Director. The salary padding racket had been on for a while among a small clique of civil servants in different MDAs with the IPPIS office with the OAGF as the epicentre. Reacting to the development, the OAGF in a statement said it was, “in receipt of enquiries over alleged ‘salary padding’ on the IPPIS involving some unspecified MDAs.” “In the meantime, a staff suspected to be connected with the breach has been suspended to allow for thorough investigation. “All necessary steps are being taken to strengthen the controls around the IPPIS payment platform and an independent forensic audit of the entire payroll system is underway to ascertain if the reported breach is isolated or widespread,” Shehu said. He said if the indicted officials were found culpable of the salary padding allegations, they would be handed over to the appropriate authorities for prosecution.

Gov Inuwa re-appoints Misilli as DG Press Affairs, SSG, others

Gombe State Governor, Inuwa Yahaya has reappointed Ismaila Uba Misilli as the Director General, Press Affairs, Gombe State Government House. According to a statement signed by Barr. Balarabe Poloma, Permanent Secretary Government House, Gombe and made available to NIGERIAN ANCHOR, his appointment is for another four years. Misilli last year won the Best Media Officer Award, has shown great depth and professionalism in the discharge of his duties. Also appointed are: Professor Ibrahim Abubakar Njodi, Secretary to the State Government (Secretary to the State Government (SSG) and Dr. Mu’azu Shehu, Director-General (Research and Documentation). The appointments are with effect from 1st June, 2023.

CBN collapses all forex markets into I&E window

The Central Bank of Nigeria has released new operational changes to the foreign exchange market in the country. The Apex bank in the new operational changes abolished all segments of the foreign market and collapsed them into the Investors and Exporters (I&E) window. It said in the guideline signed by Angela Sere-Ejembi, Director, Financial Markets that applications for medicals, school fees, BA/PTA, and SMEs would continue to be processed through deposit money banks. In the new changes, the CBN reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window. It stated that operations in this window would be guided by the extant circular on the establishment of the window, dated 21 April 2017 and referenced FMD/DIR/CIR/GEN/08/007. It added that all eligible transactions are permitted to access foreign exchange at this window. The CBN stated that the operational rate for all government-related transactions shall be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places. It also announced the proscription of trading limits on oversold FX positions with permission to hedge short positions with OTC futures, adding that the limits on overbought positions shall be zero. The apex bank also announced the re-introduction of order-based two-way quotes, with bid-ask spread of A1. All transactions, it added must be cleared by a Central Counter Party (CCP).

Data Protection Act: Commission, stakeholders applaud Tinubu

The Nigeria Data Protection Commission (NDPC), formerly Nigeria Data Protection Bureau (NDPB), has commended President Bola Tinubu on the signing of the Nigeria Data Protection Act 2023. The Nigeria Data Protection Act, 2023, provides a legal framework for the protection of personal information and the practice of data protection in Nigeria. Dr Vincent Olatunji, the National Commissioner, NDPC, made the commendation at the NDPB’s Strategic Roadmap and Action Plan (SRAP) validation workshop on Wednesday in Abuja. The Bill was introduced to the Senate and House of Representatives for consideration and passage on Tuesday, April 4, 2023, via a letter from former President Muhammadu Buhari. Now an Act, the new law establishes the NDPC and replaced the NDPB established by Buhari in February 2022. Olatunji said: “I am happy to announce that data protection ecosystem is really growing. “The Nigeria Data Protection Bureau is now a Commission by law. Nigeria now has its Data Protection Act signed by President Bola Ahmed Tinubu on June 12.” He appreciated the efforts of the former administration of  Buhari who started the journey under the former Minister of Communications and Digital Economy, Prof. Isa Pantami. The national commissioner stressed the need for effective partnership and stakeholder engagement especially in the areas of awareness and sensitisation. “We need to work together as government, private sector, academia, civil society groups. “We agree that Nigeria is well positioned to move data protection ahead in Africa, the whole of Africa is waiting for us,” he said. He disclosed that over 500,000 job opportunities had been identified in the data protection and privacy ecosystem which was in line with one of the campaign points of the current administration to create one million jobs in the digital economy sector in 12 months. Olatunji, however, buttressed the need to bridge the huge gap that existed in the data protection ecosystem that had the capacity to create wealth and millions of jobs for Nigerians and promote the digital economy. Mr Williams Ojo, the Permanent Secretary of the Ministry of Communications and Digital Economy, reaffirmed the government’s commitment to fostering a culture of trust and accountability in the digital sphere. “We can create an ecosystem that protects the rights of individuals while fostering a vibrant and innovative digital economy. “Together, let us embark on this validation workshop with a shared vision, a vision of a Nigeria where personal data is treated with the utmost respect, where individuals have control over their own information, and where innovation thrives in an environment of trust,” he said. Mr Kashifu Inuwa, the Director-General of National Information Technology Development Agency (NITDA), said data was the currency of digital economy, urging the meeting to look at the key principles for data protection. “We need to prioritise freedom and rights of our citizens, promote transparency, accountability and foster an enabling environment for innovation and economic growth. “We can only create jobs when we are innovative and look at how we can create prosperity in our country,” he said. Dr Abdul-Hakeem Ajijola, the Chairman, Committee on the Action Plan, said the roadmap was intended to help identify some of the things needed to build the ecosystem. Ajijola emphasised the need for more awareness and sensitisation to build a robust, inclusive and viable data protection and privacy ecosystem.