Nigeria’s Equity market gains N1.216trn

The successful inauguration of the 10th National Assembly on Tuesday impacted positively on Nigeria’s capital market as the equity market appreciated by N1.216 trillion. Market capitalisation of listed equities increased by 3.99 per cent to N31.670 trillion from N30.454 trillion it closed on Friday. Also, the NGX All Share Index also appreciated 2232.58 points to 58163.55 points from 55930.97 points traded the previous day. Meanwhile, an analysis of the trading activities during the day showed that GTCO Plc Lasaco Insurance Plc, Nascon led activities with a gain of 10 per cent to close at N30.80, N1.98 and N17.05  per unit respectively. Zenith Bank and Access Corp also closed higher with 10 per cent each to N30.80 per cent and N14.30 per share respectively. On the contrary EllahLakes and JohnHolt recorded the highest loss with a drop of 10 per cent each to N3.60 and N1.26 per share respectively. TiP trailed with a loss of 9.62 per cent to close at N0.47 per share, Caverton dropped by 4.62 per cent to close at N1.24 per unit, Veritas Kapital fell by 4.35 per cent to close at N0.22 per unit.Investors traded 1.186 billion shares valued at N19.225 billion in 10369 deals against 574.737 million shares worth N6.085 billion exchanged hands the previous day in 6595 deals. Transactions in the shares of United Bank for Africa led activity with 214.944 million shares valued at N2.333 billion in 608 deals, GTCO Plc followed with account of 208.061 million shares worth N6.243 billion in 613 deals, Zenith Bank traded 85.699 million shares cost N2.623 billion in 743 deals, Japaul Gold exchanged 72.595 million shares valued at N37.401 million in 216 deals, Access Corp sold a total of 72.111 million shares valued at N1.015 billion in 658 deals.

N3.7bn Scam: UK Dion, Diongoli arraigned on 61-count charge

Justice Ambrose Lewis Allagoa of the Federal High Court, Court 3, sitting in Ikoyi Lagos on Tuesday fixed July 21st for the commencement of trial of Mr Michael Ukiye Diongoli, and his two companies, UK Dion Group and UK Dion Investment Limited on a 61 count charge of defrauding unsuspecting investors to the tune of over N3.7b. Diongoli and his companies are alleged to have between 2021 and 2022 with intent to defraud, conspired among themselves to obtain money from several individuals and organisations including Dr. Basil Onugu, Prof. Oyekachi Green Nwankwo, FSL Securities Ltd, Catholic Charismatic Renewal, MTN Employer Cooperative, Col Chukwu Tengu rtd. and Nigerian Army Welfare Insurance Scheme among others.  The defendants are accused of pretending to be registered financial institution into wealth management, invited customers to pay money into their accounts and fix it for a period ranging from 6 months to one year with interest, a statement the defendant knew to be false and committed an offence contrary to Section 1(1) of the Advanced Fee Fraud and other Fraud Related to Offenses Act, 2006 and punishable under Section 1(3) of the same Act. According to the Charge “That you Micheal Ukiye Diongoli, Dion Investment Limited and others at large between MRCH 2021 and May 2022 in Lagos Nigeria, within the jurisdiction of the Federal High Court of Nigeria with intent to defraud fraudulently obtained several sums of money to UK Dion under the pretence that you are a registered financial institution, and you are into wealth Management wherein customers were invited to pay money into your account, fix it for a period ranging from 6 months to one year and the customer will get the money invested with interest, a statement the victims believed, which you knew to be false and you thereby committed an offence contrary to Section 1(1) of the Advanced Fee Fraud and other Fraud Related to Offenses Act, 2006 and punishable under Section 1(3) of the same Act”. When the charges were read to the defendant, Micheal Ukiye Diongoli pleaded not guilty to all 61 counts, Justice Allagoa thereafter set July 21, 2023, as the date for the commencement of the trial. Mr Diongoli, and his two companies, UK Dion Group and UK Dion Investment Limited are also facing a criminal summons by Justice Zainab Abubakar of the Federal High Court in Abuja on charges of operating without the licence of the Securities and Exchange Commission.  In the two-count charge brought against Michael Ukiye Diongoli, UK Dion Group and UK –Dion Investment Limited all of No. 21 Buhari Street, Peace Court Estate, Lokogoma, Abuja, they are alleged to have on or between the year 2021 and 2022 within the jurisdiction of the honourable court did commit a felony to wit: Conspired among themselves together with their staff to do an illegal act – diversion of investment funds to the tune of over N3.6billion belonging to the investing public which includes Basil Onugu, Elizabeth Umenwa Nwankwo, Adetoun Sokoni, Ezeogu Victoria Ndozi and others you thereby committed an offence contrary to and punishable under Section 516 of Criminal Code Act, laws of the Federation, 2004. “That you Michael Ukiye Diongoli, UK Dion Group And UK –Dion Investment Limited all of No. 21 Buhari Street Peace Court Estate, Lokogoma, Abuja, they are alleged to have on or between the year 2021 and 2022 within the jurisdiction of the Federal High and together with your other staff, did commit a felony to wit: diverted investment funds to the tune of over N3.6billion belonging to the investing public which includes Basil Onugu, Elizabeth Umenwa Nwankwo, Adetoun Sokoni, Ezeogu Victoria Ndozi and others you thereby committed an offence contrary to Section 383(2) F of Criminal Code Act, Laws of the Federation of Nigeria, 2004 and punishable under Section 390(7) of the same Act”.

Akpabio to involve women, special needs persons in governance

The newly elected President of the Nigerian Senate, His Excellency Godswill Obot Akpabio, CON, has assured Nigerian women and those with special needs that the 10th Senate will work to ensure their inclusion in governance. He made this known in his acceptance speech after taking his oath of office as the 10th President of the Senate in Abuja. According to him, government is a continuum and the Senate is no less so. “We shall therefore, further strengthen the legislative space in continuation of the laudable efforts made by the 9th Senate under the able leadership of H.E. Senator Ahmed Lawan, GCON, President of the 9th Senate”. “Chief among these are: Gender matters, with specific affirmative provisions to guarantee women’s inclusivity; and Issues relating to persons with special needs and equality. Also, engaging, empowering and rewarding our resourceful and innovative youths in terms of protection of intellectual innovations and property, and improved access to finance for technological start-ups. “We must recognize and prepare for a mid-21st century global economy that places a premium on intellectual content and knowledge, and our young men and women must be supported to engage competitively”. The Senate President equally promised the expansion of the revenue streams available to the country, especially from our huge but largely unregulated natural and solid mineral resources base. He noted that, these additional sources of revenue will build the nation’s resilience to shocks and stresses resulting from the fluctuation of oil prices in the international market. “We will, as a forward-looking Senate, pass laws that emphasize economic viability, social acceptability and environmental sustainability, to encourage alternate and green technologies without prejudicing our developmental needs”. The Senate President also urged his colleagues to partner with the administration of President Bola Tinubu to make Nigeria better. “We must, as a Senate, rise to partner with His Excellency the President of the Federal Republic of Nigeria, and provide the required legislative framework and legal environment for him to anchor the policies and programmes that he espouses for the country. In doing this, I will particularly like to address our Distinguished colleagues from other parties. Yes, we may have come to the National Assembly through the instrumentalities of different political parties, so it is appropriate to recognize and respect our differing perceptions and positions on issues that will be brought before this chamber”. “However, in all matters of national interest, we are enjoined to remember that we are first and foremost, Distinguished Senators of the Federal Republic of Nigeria, before our roles as representatives and members of our individual political parties. There is therefore, every reason to support good policies and programmes of the federal government, and I call on you to put this national interest first at all times. Our Senate, the 10th Senate of the Federal Republic of Nigeria, will be a senate for all Nigeria. Together, we shall be greater than the sum of our individual political parties”.

MENA countries vulnerable to rising financial risks – IMF

Volatile growth, high universal subsidies, and loss-making state-owned enterprises expose many low- and middle-income economies in the Middle East, North Africa, and Pakistan to such fiscal risks. These factors combine with adverse external developments such as recent interest-rate rises and food and fuel price surges to put public finances under pressure in many countries. In a new report titled the “MENAPEG”, the Fund averred that it often leads to a situation where budget revenue and spending often end up far away from government plans. Despite the frequency of these events, policymakers are often caught off guard. Such shocks force them to make ad hoc cuts to development and other priority spending. This also limits many countries’ ability to use fiscal policy to smooth economic slowdowns, precisely when it is needed most. The report noted that economic growth is more volatile than in other parts of the world just as high reliance on resource revenue and pervasive universal energy and food subsidies across the region have also exposed budgets to fluctuations in commodity prices. “Second, state ownership of non-financial corporations and banks in these countries can generate sizable government obligations that can come due when negative events occur, known as contingent liabilities. For example, a public electric or water utility company that faces large operational losses might require government financial assistance to continue providing services. “Many state-owned enterprises (SOE) in the region are financially weak and require regular government cash injections. This often reflects their role in fulfilling quasi-fiscal activities such as selling goods and services at below market rates or creating jobs, rather than being run on a commercially sound basis. Contingent liabilities may also be arise from public-private partnerships (PPPs). For example, certain PPP contracts might require government to compensate a private partner if collections, as in toll road projects, fall short of projections,” the Fund noted. As a way of addressing this, the Fund urged policy makers in the region to strengthen their capacity to analyze and manage fiscal risks. However, the report said, the region’s governments still need to take steps to enhance fiscal risk data collection, identification, analysis, and management capacity. Economic reforms can help address fiscal risks at the source. For instance, stronger macroeconomic frameworks can lessen growth volatility. Governance reforms and asset divestment can moderate contingent liabilities or lower the odds of their materialization. And improved budget processes reduce the likelihood of surprises. Given various uncertainties, fiscal risks in the Middle Eastern and North African countries cannot be fully avoided. However, better risk awareness and stronger fiscal risk management will reduce budgetary surprises and provide firm ground for long-term development policies.

Tribunal: Obi tenders 188 evidences against Tinubu

The Presidential candidate of the Labour Party (LP), Mr Peter Gregory Obi tendered additional 188 exhibits to substantiate allegations of malpractices in the conduct of the February 25 presidential election. The exhibits, mainly results sheets and reports used by the Independent National Electoral Commission (INEC) during the election were tendered at the Presidential Election Petition Court (PEPC) and admitted as exhibits to be used to determine the legality or otherwise of Tinubu’s return as the President. Obi, through Mr Peter Afoba, SAN tendered forms EC40GPU, EC40G1 and reports prepared by the electoral body after the election. Forms EC40GPU are INEC forms used for entering complaints from electoral officials. The breakdown showed that 45 EC40GPU forms were tendered in 10 Local Government Areas of Niger State, 23 in seven Local Government Areas of Osun, 17 in three Local Government Areas of Edo State, and 52 EC40GPU forms in five Local Government Areas of Sokoto were tendered. Obi also tendered 15 forms EC40G in 8 Local Government Areas of Osun State, 12 forms EC40G1 in 12 Local Government Areas of Edo, 15 forms EC40G in four Local Government Areas of Sokoto and 9 forms EC40G1 in two Local Government Areas of Sokoto. Besides, the Labour Party’s presidential candidate also tendered 5 Reports on the conduct of the election in Niger State and 8 in Edo to back up his allegations of malpractices during the conduct of the election. Notwithstanding the objections to the admissibility of the evidence from the Respondents, Justice Haruna Simon Tsammani admitted them as exhibits. Also, Obi tendered INEC Results Viewing (IRev) reports in 21 Local Government Areas of Adamawa State, 20 in Ogun State, 16 in Ekiti State, 19 in Rivers State, and 25 Akwa Ibom State. Meanwhile, the Court has shifted further hearing in the petition to June 14.

Gunmen kill pastor, 20 others in Plateau

Suspected gunmen have killed Rev. Nichodemus Kim of the Church of Christ in Nation (COCIN) and 20 others in Riyom and Barkin Ladi Local Government Areas of Plateau. The pastor was killed at Gana-Ropp community of Barkin Ladi, while others were wasted in Rim, Jol, and Kwi communities of Riyom. Mr Rwang Tengwong, the National Publicity Secretary of the Berom Youth Movement (BYM), a socio-cultural group, disclosed this in a statement on Tuesday in Jos. According to Tengwong, the communities were attacked simultaneously, adding that the attacks were highly coordinated. He explained that the attacks which occurred on Sunday night, left many persons with various degrees of injuries, adding that scores were currently displaced. ”Twenty-one persons were killed and several others injured on Sunday during coordinated attacks by militias on residents of Rim, Jol, Kwi communities of Riyom as well as Gana-Ropp community in Barkin Ladi ”Two persons were killed at Rim, Seven at Jol, 11 at Kwi, all in Riyom, while a clegyman, Rev. Nichodemus Kim, was killed in Gana-Ropp Barkin Ladi ”The attacks on Rim, Jol and Kwi were simultaneously coordinated and held between 2 p.m. and 7 p.m. on Sunday. ”In Kwi, an entire community, Hei-gwe, was razed and over 100 farmlands destroyed,” he said. Tengwong called on the government and the security agencies to fashion out lasting solutions to the spate of attacks and killings in communities. ”The BYM under the leadership of Solomon Mwantiri, hereby condemns the coordinated attacks and other forms of provocation meted out on innocent persons of Plateau since after the 2023 general elections. ”We call on the new administration both at Federal and state levels, to come up with new strategies to address the security situation in the country and particularly in Plateau. ”Security personnel must also wake up to their statutory responsibilities to safeguard lives and property. ”BYM equally calls on the Berom nation to remain calm and law-abiding, but must explore every avenue to defend their communities as we cannot sit and watch while they kill us one after another,” he said. The Police Public Relations Officer (PPRO) of the command, DSP Alabo Alfred, could not be reached for comments. However, Mr. Caleb Mutfwang, the Governor of the state, confirmed the killings in a statement by Mr Gyang Bere, his Director of Press and Public Affairs (DOPPA). The governor further confirmed the kidnap of a traditional ruler in Mushere, Bokkos Local Government Area of the state. He promised residents of the state his commitment to tackling the spate of attacks, killings, kidnappings, and other security challenges currently facing the state. ”Let me assure the people that we are retooling the security apparatus of the state and by the special grace of God we will have a secured Plateau,” he said. The governor called on the residents of the state to keep away their differences and unite towards moving the state forward.

Tajudeen Abbas emerges House of Representatives Speaker

Hon. Tajudeen Abbas has been elected as Speaker of the House Representatives. He was declared winner having scored more than 200 votes on Tuesday. More details later…

Godswill Akpabio is new Senate President

Former governor of Akwa-Ibom State and Minister of the Niger Delta Affairs, Senator Godswill Akpabio (APC-Akwa Ibom) has been sworn in as the Senate President of the 10th National Assembly after he was elected by the Senators-elect in Abuja. Akpabio, who represents North West at the national assembly, scored 63 votes to beat his rival, Sen. Abdulaziz Yari who polled 46 votes in the election. Senator Barau Jubrin (APC-Kano) was also elected as the Deputy Senate President. Akpabio was born on Dec. 9, 1962 to the family of Chief Obot Akpabio and Madam Lucy Obot Akpabio (née Inyangetor) of Ukana, Ikot Ntuen in Essien Udim Local Government Area (LGA) of Akwa Ibom. He did his primary education at Methodist Primary School, Ukana and had his secondary education at the Federal Government College, Port Harcourt, after which he gained admission to study law at the University of Calabar and graduated in 1987. Akpabio completed his law school studies at the Lagos Law School in 1988 and was subsequently called to the Nigerian Bar. After he was called to the bar, he worked briefly as a teacher and also as an associate partner with Paul Usoro and Co., a leading law firm in Nigeria. He also worked with EMIS Telecoms Limited, a pioneer fixed wireless telecommunications company in Lagos.In 2002, he rose to the position of the Managing Director/Chief Executive Officer of the company.  While still in the Telecoms industry working as a Director at EMIS, Akpabio, served as the National Publicity Secretary of the Association of Telecommunication Companies in Nigeria, (ATCOM). In 2002, Akpabio was appointed as Akwa Ibom state’s Commissioner for Petroleum and Natural Resources and later Commissioner for Local Government and Chieftaincy Affairs. In 2006 he was appointed as the Commissioner for Lands and Housing. In April 2007, he contested for the state governorship seat on the platform of the Peoples Democratic Party (PDP) and was successful. In the 2011, Akpabio contested for a second term and was successfully re-elected as the governor of Akwa Ibom.In 2015, he contested for the Awka Ibom North West Senate Seat and won on the PDP Platform. He was the minority leader of the 8th Senate.  Akpabio was the Minister of Niger-Delta Affairs in the immediate past administration of former President Muhammadu Buhari. He is a recipient of the Nigerian National Honour of the Commander of the Order of the Niger (CON). He holds several international, media and academic awards.

Why Tinubu should set Nnamdi Kanu free, pacify Nd’Igbo

Flipping through newspaper headlines this morning as I prepared to pen down this article, I read one of the headlines that said, “[President] Tinubu has said the right things so far, it’s now time to act.” Those same thoughts have crossed my mind, except that it wasn’t entirely correct to make those claims. This is taking into account, the fact that the president had signed about two bills and made only a few appointments.  For crying out loud, he had been receiving visitors and making some landmark pronouncements. Those were all part of the presidential drill. For me, it is in the face of negative vibes coming from elements like Nasir el-Rufai, former governor of Kaduna state and the returned Speaker of Lagos House of Assembly, Hon. Mudashiru Obasa that I call, without mincing words, that President Bola Ahmad Tinubu should walk his talk about national unity by immediately setting Nnamdi Kanu free!  I make this call not because I am a fan of his. I also do not subscribe or endorse his approach to nationalist agitation, especially taking into account the insults and obscene words spewed against the nation and the values that unite us. Not the least is my abhorrence for the senseless loss of lives which his venomous diatribe has caused the nation, especially the same people of the South East that he claims to be fighting for. To put it as it is, it would not be out of place to assert that Nnamdi Kanu is a blight on Nigeria’s global image. But are we going to throw the baby away with the bath water? Or cut-off the head because it aches?  Certainly, such manner of deciding on a vexed national issue does not speak well of our dexterity in statecraft or national etiquette. Just recently, it was alleged that the petroleum subsidy regime had been corrupted. We all cried: withdraw it! Cancel it! End it! That’s not how serious people build their countries. Nation building is serious business that requires putting in the hard work. Not the most convenient way out. On the Nnamdi Kanu issue, a court of competent jurisdiction had made a judgement discharging and acquitting him. For that reason alone, setting him free is merely fait accompli. Doing so, sets President Bola Ahmad Tinubu apart from the others as a statesman rather than merely being a politician for whom winning the next election is all that matters.  Tinubu is a true democrat and a respecter of the rule of law who fought hard to enthrone the current era of sustained democratic rule. His antecedents speak volumes in this regard. It was therefore, especially for this reason that I listened to his Democracy Day address with bated breath, hoping to hear something so fundamental to tackle the current impasse in parts of the country where the people feel excluded from the governance of their fatherland. It didn’t happen. For the avoidance of doubt, keeping Mr. Kanu in jail against the judgement of the court is counter-productive and amounts to self-help.  May be it should be made clear, for the avoidance of doubt, that Nnamdi Kanu is not the problem of Nigeria. He is not the reason for the unrest in the South East. Every honest observer should be able to admit without much persuasion that Mr. Kanu is a mere symptom of a deep-seated national malaise rather than the cause of it. Otherwise, why did Sunday Igboho happen? Why did we have the Niger Delta uprising? Why was there a massive resurgence of separatist agitations nationwide during the second term of the ill-mannered President Muhammadu eight years of mal-administration?  To be honest, the past eight years had been an excruciating experience for many Nigerians, especially the minority tribes of the Middle Belt and even the Hausa and Igbo, two of the nation’s three major tribes. Those years were like a moment of textbook experiment in exclusionist governance. At the risk of repeating the obvious, suffice it to mention here how Nigeria as a country went through some of the most hellish sufferings otherwise free citizens could be subjected to in their own country. For many, his reign remains a very ugly past that it would be in the best interest of the country if the sleeping dog could just be allowed to rest. If for nothing, many Nigerians are still living out the pain of the past eight years and the wounds are yet to heal. Just so that whatever little efforts the current administration of President Bola Ahmad Tinubu makes can best be appreciated, it may suffice to summarize eight years of Buhari as possibly the most divisive era in the post-independence history of Nigeria, when the fault lines of the Nigerian nation were made most manifest. Under Buhari, the country witnessed unprecedented weaponisation of its national identities along religious, ethnic, tribal and geographical lines.  Insecurity heightened While the country gathered its bits and pieces shattered during close to a decade of resource control struggle by Niger Delta youth, Boko Haram terrorists launched out from the North Eastern fringes of the country, killing, maiming and raping while taking school children hostage for ransom. This sheer state of anomie was further compounded by the wanton destruction of lives and property by arm-bearing cattle herders who massacred local farmers and set the farms, produce and homesteads ablaze. At the last count, over 63,111 Nigerians were needlessly killed, while over 3.6million remain in temporary shelters as internally displaced persons. Even though this heightened state of insecurity predated the Buhari era, he failed to justify public confidence in his military background as basis for electing him twice as president.  After eight years (2015-2023), President Buhari handed over a financially broke country to his successor, leaving behind a distraught populace and public debt in excess of N77trillion. President Bola Ahmed Tinubu has also inherited a nation divided along ethnic lines where President Buhari’s governance style constituted a major impetus to the feeling of alienation. As a

10th Senate Inauguration underway in Abuja

The inauguration of the 10th Senate is ongoing at the National Assembly Complex in Abuja. Only yesterday, leading contenders in the tussle for leadership of the Senate stepped down for Senator Godswill Akpabio who is anointed by the APC and President Bola Tinubu. More details later…