Nigeria’s equities bounces back, gains N41bn

Transactions on the floor of the Nigerian Exchange (NGX) on Wednesday closed on a positive note, appreciating by N41 billion.  The market capitalisation of listed equity appreciated by 0.12 percent to N34.973 trillion from N34.932 trillion reported the previous day. The NGX All Share Index also increased 75.16 basis points to 64267.36 points from 64192.20 points traded the previous day. A review of the investment showed that Nascon, Chams Plc, and Abbey Building Society led the gainers’ table in percentage terms, gaining 10 percent to close at N35.75 per share, N0.99 and N1.21 per share respectively. Skyways Aviation Handling followed with a gain of 9.96 percent to close at N28.15 per share, and Dangote Sugar Refinery added 9.93 percent to close at N32.65 per unit. On the other hand, Thomas Way and TIP topped the losers’ chart with a drop of 10 percent each to close at N1.17 and N0.72 per share respectively. UPL trailed with a loss of 9.78 percent to close at N2.49 per unit, Omatek fell by 9.76 percent to close at N0.37 per share, JohnHolt was down by 9.44 percent to close at N1.63 per share. Volume of trades declined by 431.313 million, representing 56.60 percent as investors traded 330.784 million shares valued at N4.269 billion in 6251 deals against 762.097 million shares worth N7.710 billion in 7935 deals. Trading activities on the shares of Transnational Corporation of Nigeria (Transcorp) led market activities with 58.829 million shares worth N209.186 million, FBNHoldings followed with an account of 27.951 million shares cost N502.759 million, Ecobank Transnational Incorporate traded 21.303 million shares cost N330.246 million, AccessCorp exchanged 20.697 million shares cost N34.178 million while Chams Plc traded 16.964 million shares valued at N16.135 million.

NLC kicks off nationwide strike; says no overture from FG

The Nigeria Labour Congress (NLC) on Wednesday began its nationwide strike, with its President Comrade Joe Ajaero saying that there has been no advances or promises from the Federal Government for them not to proceed with the industrial action. NLC President, Comrade Joe Ajaero, who spoke on ChannelsTV which was monitored by NIGERIAN ANCHOR, said the protests have begun in earnest, but however regretted the Federal Government’s nonchalance in not making any overtures to stop it. “As you can see, the nationwide protest has started and we are moving on. There has been no overture or promise from the Federal Government concerning this planned protest which means we are going ahead with it” Ajaero said. The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) had faced a tough decision on whether to proceed with their planned nationwide protest or cancel it, with the Federal Government making efforts to thwart the protest. Chief of Staff to the President, Bola Tinubu’s representative, Femi Gbajabiamila, had on Tuesday urged the labour unions to call off the proposed strike, citing palliative measures announced by the President on Monday night as reasons to shelve the protest. He said, “We have laid out the plans, the interventions of Mr. President, as you all heard in his broadcast yesterday, we made it clear that this was just Mr. President’s initial rollout and interventions and that conversations will be ongoing as we go along. “And we appealed to Labour, we did appeal to labour to call off the protests for tomorrow. We found listening ears here and they did agree that they all accepted that Mr. President’s broadcast was a welcome development and that they will go back home to talk to the other leaders that are not present today. So we’re hopeful that they will do the right thing and call off the strike tomorrow.” Adding to the complexity, a Coalition of Civil Society Organisations/Labour Centre has cautioned the NLC and TUC against proceeding with the strike. They expressed concerns about the potential consequences on the nation, fearing that the protest could be hijacked by disgruntled Nigerians benefiting from fuel subsidies, leading to loss of lives and property. This cautionary message was conveyed in a communique issued after a meeting at Lagos Airport Hotel, Ikeja, attended by representatives of various civil society groups. It was attended by Razak Olokoba of Campaign for Dignity in Governance (CDG), Nelson Ekujumi (Centre for Social and Economic Rights), Titi Akosa (Centre for 21st Century Issues), Linus Okoroji (Humanity Services Project), Raji Rasheed Oyewunmi (Yoruba Citizen Action for Change), Gbenga Soloki (Campaign Against Impunity and Domestic Violence), Razaq Oladosu (Grassroots Democratic Initiatives), Ramat Abdulrazak (Women Grassroot Network), among others.  It awaits to be seen how the strike action will pan out after its first day (today).

Anthrax Outbreak: FAO strengthens partnership with Nigeria

The Food and Agriculture Organisation of the United Nations (FAO) and the Federal Ministry of Agriculture and Rural Development (FMARD) have expressed their readiness to partner to check and control the spread of Anthrax disease in the country. Their partnership followed the anxiety created over the emergence of an anthrax outbreak in Nigeria, following the report of two recently confirmed cases in Lagos State. The Communications Officer FAO Nigeria, David Tsokar, made this known in a statement issued on Tuesday in Abuja. According to the statement, on July 13, a suspected case of Anthrax was reported in a mixed farm at Sabon Wuse, Niger State, and a rapid response team was deployed by the Federal Government to collect samples and send them to the National Veterinary Research Institute (NVRI) in Vom, Plateau. The presence of the disease was confirmed by the team and consequently, FMARD announced Government’s plan to intervene and control its possible spread. Tsokar said the Director, the Department of Veterinary and Pest Control Services, (FDVPCS) in FMARD, Dr. Columba Vakuru, said the strategy of interventions include quarantining the affected farm. Other measures include the vaccination of susceptible animals around the infected farm, educating farm workers using the One-health approach, and planning statewide vaccination of susceptible animals. The FAO Nigeria, through the Emergency Center for Transboundary Animal Diseases (ECTAD) was requested to provide the technical and financial support to the intervention strategy. This has to be on logistics to the start-off of the risk-based nation-wide vaccination against Anthrax, which commenced last Friday, July 22 in Suleja (Niger State), the local government where the first case was reported. Subsequently, a nation-wide meeting with all Directors of Veterinary Services (DVS) from the 36 States and the Federal Capital Territory would be convened to fashion a comprehensive response to prevent, detect and respond to further spread of Anthrax to other parts of the country. The FAO ECTAD Country Team Lead, Dr Otto Vianney Muhinda, said that “the partnership is to be enhanced within the context of the One Health approach, and efforts would be sustained using a strong team of frontline experts, to prevent the spread of the disease to other parts of the country. “With the support of USAID, we are pursuing our efforts to mobilise human and financial resources, including the Directors of Veterinary Services from the 36 States and FCT Abuja, to discuss the ongoing Anthrax outbreak and evaluate the preparedness of the States vis-à-vis the implementation of strategies to prevent the spread of the disease into the country as well as put in place control measures.” The consultative meeting with DVSs from the states would discuss risk assessment and survey, the conduct of mass nationwide vaccination of animals (cattle, sheep, and goats) against Anthrax, refresher training for epidemiology officers, and training of livestock professionals, farmers, butchers and traders on biosecurity measures. The joint field mission to Sabon Wuse was conducted by the ECTAD, FDVPCS, and the National Center for Disease Control (NCDC), where a quick risk assessment was conducted, one week after the first animal died of the disease. Vaccinations had, however, been carried out and other risk communication initiatives were deployed to avoid the spread to other farms and/or neighboring communities within 15 kilometers radius. The same team would be deployed to Lagos State to carry out the same exercise.

SEC, FMMSD seek to raise capital for non-oil sector

The Securities and Exchange Commission (SEC) and the Capital Market Community are to partner with the Federal Ministry of Mines and Steel Development and other stakeholders to promote the use of alternative means of raising capital such as Non-Interest products, tokenization of assets, as well as adopting technologies such as FinTech. This among others was contained in a communiqué issued at the end of a two-day workshop on financing the Nigerian solid minerals sector through the capital market and the critical role of the commodities exchanges. The workshop also emphasised the need for the FMMSD and Federal Ministry of Education to re-prioritize the focus on STEM education at basic, secondary and tertiary institutions.  According to the communiqué, “There is a need for the Capital Market Community to ensure that the market infrastructure that supports the bringing to market of mining ventures is in place, while also protecting investors.  “All stakeholders should be involved in promoting sustainable practices and ESG standards within the mining industry while the FMMSD is to ensure the availability of geoscience data, given that it is essential alongside relevant market data in enabling intermediaries and commodities exchanges to structure products for the mining industry.  The participants also agreed that the FMMSD should collaborate with SEC and other stakeholders to develop capacity in the industry and address the issue of interference in mining activities by the State Government, which is identified as a major challenge faced by mining companies, the FMMSD is to take concrete steps to resolve the conflict in State and Federal laws as well as overlapping oversight. Earlier in a keynote address, the Executive Commissioner Operations of the SEC, Mr. Dayo Obisan said the solid minerals sector possesses immense transformative potential for sustainable economic growth in Nigeria and holds immense potential to contribute significantly to national economic diversification and sustainable development goals.  “With over 44 minerals discovered across the Federation, the mining industry can play a vital role in diversifying our economy away from crude oil dependency. The FMMSD has embarked on various initiatives to increase the sector’s contribution to Nigeria’s GDP from 0.5% to approximately 3% by 2025. To address the financing challenges faced by the mining industry, the SEC Commissioner said stakeholders must recognize the crucial role of the capital market in providing much-needed funding for large-scale mining projects as the capital market offers a wide array of financial instruments and products, attracting long-term investments and diversified sources of funding.  He said by tapping into this market, mining companies can strengthen their financial position and promote transparency, accountability, and good corporate governance practices to attract both domestic and foreign investors, stimulating investment inflows and fostering growth in the sector. He stated that to address these challenges, some practical solutions may include, but not limited to; attracting strategic investors who have established mining operations can bring expertise, technology, resources, and access to international markets. Such partnerships can be in the form of equity capital or debt financing, allowing miners to benefit from immediate cash injections and technology support.

Subsidy: Rice millers commend Tinubu’s plans for farmers

The Abakaliki Rice Millers Association in Ebonyi has hailed the Federal Government’s plans to boost farm produce in an effort to cushion the effect of the removal of fuel subsidy. President Bola Tinubu, on Monday in a nationwide broadcast, assured Nigerians of adequate food sufficiency and security. According to Tinubu, the government will ensure staple foods are available and affordable. “To this end, I have ordered the release of 200,000 metric tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. “We are also providing 225,000 metric tonnes of fertiliser, seedlings and other inputs to farmers who are committed to our food security agenda,” Tinubu added. Reacting to the development on Tuesday, Mr Linus Nkwuda, Chairman of the millers association said that President Tinubu’s plans to boost agriculture was a welcome development. Nkwuda, however, decried the way inputs and seedlings meant for farmers had been diverted in the past. He appealed to the federal government to distribute such items directly to the farmers. “The items; fertilizer and seedlings as listed by the President during the broadcast, are very important to all farmers. We are happy. “We need those items to succeed. Loans are also important. We commend the President and urge him not to involve political farmers during implementation,” he said. Mr Kenneth Chigozie, Secretary of Rice Farmers Association of Nigeria (RIFAN), Abakaliki branch, also urged the president to work directly with the farmers at the hinterland in the efforts to ensure food security. Chigozie noted that working directly  with farmers would ensure transparency in the distribution of farm inputs meant for its members. Chigozie, however, expressed worry about how the farmers had suffered since the removal of fuel subsidy, adding that members were faced with challenges associated with the high cost of production. He described the cost of inputs, such as seedlings, herbicides, pesticides and fertiliser as well as hiring of labourers, as worrisome. “We are happy, President Tinubu is remembering us, the farmers. His promises to us during the nationwide broadcast are a welcome development. “Our prayer is that, let those items and monies attached come to us directly,” Chigozie added. 

Nigeria wins maiden African Admiral Porbeni Canoe Race

Team Nigeria emerged the overall winner of the maiden African Admiral Porbeni Canoe Race championships in Abuja. The championships which also served as an Olympics pre-qualifier event took place at the Jabi Boat Club, Abuja recently. No fewer than 100 athletes from five African countries including, Ghana, Senegal, Sao Tome and Principe, Togo, and host Nigeria took part in the four-day event. Team Nigeria amassed a total of 34 medals, including 21 gold, 11 silver, and two bronze to emerge as the overall winners of the event. Sao Tome and Principe with a total of 20 medals, including three gold, 11 silver, and six bronzes finished in the second position. While, Senegal with a total of 16 medals, including one gold, three silver, and 12 bronzes settled for the third position. Ghana with three bronzes and Togo with two bronze medals finished in the fourth and fifth positions respectively. The various race events competed for include; 500m KL3 women, 200m KL3 men, 1,000m K1 men, 1,000m K1 women, 1,000 C1 men, 1,000 C1 women, 5,000m K2 men and 200m K1 women. Others were; 500m C2 men, 200m C1 women, 500m KL2 men, 200m KL2 men, 200m C1 men, 200m K1 men, 500m C1 women and 500m K1 women. Nigeria’s Ayomide Bello finished as the overall best female athlete, winning three gold medals in all the three events she competed for including the 1,000m C1 women (5mins.06secs.50ms), 200m C1 women (55secs.57ms) and 500m C1 women(2mins.55secs..88ms) Bello was ranked 13th in the 2019 World Championships in Hungary and also won four gold medals from four events as rower at the Admiral Porbeni Boat Race in 2021. Also Nigeria’s youngest athlete Yinlayefa Godhelp won gold in two events which she competed for, including the 1000m K1 women (5mins. 16secs.54ms.) and 500m K1 women (3mins.01secs.50ms.) respectively. Godhelp only discovered within the last 12 months has proven herself as a young sensation from the National Sports Festival, winning 500m C1 race. She went on to represent Nigeria at the second Africa Beach Games in Tunisia 2023 where she finished an impressive fourth position in what was her first ever international event. Other gold medalists were Temitope Olasupo in 200m(15secs.21ms) and 500m KL2 men ( 2mins.45secs.62ms) Pere Paghamotei in 200m C1 men (48secs.49ms), Blessing Amusan in 200m K1 women ( 1min.56secs.), Ayoola Amusan/Endurance Godhelp in 500m K2 men (2mins.06secs.21ms) and Joseph/Michael Moses in 500m C2 men (2mins.23secs.27ms) Team Nigeria smiled home with a 3,000 dollars prize money, while Sao Tome and Principe pocketed 2,000 dollars with Senegal settling for 1,000 dollars. Moses Michael, Team Nigeria’s Captain expressed joy at the team’s victory, adding that it wasn’t an easy feat even though everyone had high expectations for the team. “Everyone expected us to win and the team spirit was very high. “Our sport is not like football where you see pitches everywhere where you can train. Even if you see water, you won’t easily have access to the boat. “So, it is very difficult to train and stay fit and if somebody is out of the sport for a month or two, there is no way you can get your fitness right within a week. But, we thank God that we did our best and the victory for us is a very good one,” he said. On preparation of the team for the Olympics qualifiers in November and Paris 2024, Michael stressed on the need to open training camp early for the athletes, adding that the Olympics was already around the corner. “We have already discussed as a team about what we want and are ready to present our request to the federation president. “We are already planning to travel to Germany for another pre-qualifying event next month, so as to enable us amass enough points before the Olympic qualifiers in November. “We also want to appeal to the Federal Government to assist us because November is around the corner and Olympics training is expected to commence immediately. “Some athletes in other countries start preparing for the Olympics a year ahead of the event. So, it is very important we resume camp immediately,” he said. Dignitaries at the event were Emmanuel Ogalla, the Chief of Naval Staff and Thomas Konietzko, the President, International Canoe Federation (ICF) and and Festus Porbeni, President of the Rowing, Canoeing and Sailing Federation. Others are Joao Afonso, the 1st Vice President of the Association of National Olympic Committees of Africa (ANOCA) and Habu Gumel, the president of the Nigeria Olympic Committee (NOC). 

Nigeria’s currency circulation hits N2.60trn in June

Nigeria’s currency in circulation climbed to N2.60 trillion in June 2023. Currency in circulation is the amount of cash in paper notes or coins issued by the CBN to conduct transactions. According to the latest data from the Central Bank of Nigeria (CBN), the figure rose by 88 percent from N1.39 trillion in January to N2.60 trillion in June 2023. The amount of currency in circulation in Nigeria fluctuated in the first half of 2023. In January, it stood at N1.39 trillion and fell to N982,097 billion in February. However, currency circulation rose to N1.68 trillion in March. In April, May, and June, it increased to N2.48 trillion, N2.53 trillion, and N2.60 trillion, respectively. In October 2022, the CBN announced that it would be redesigning three of the existing banknotes: the N200, N500, and N1000 notes. The new notes were due to be circulated on December 15, 2022, while the old notes would remain legal tender until January 31, 2023. The apex bank said it decided to redesign the banknotes because of concerns about the management of currency in circulation, particularly those outside the banking system. The CBN said currency management has faced several challenges in recent years, including counterfeiting, the use of cash for illegal activities, and the hoarding of banknotes by members of the public. Crude oil prices may rise on demand increase Experts say the prices of crude may likely increase in days to come as demand outpaces supply following a cut by the Organization of Petroleum Exporting Countries (OPEC), particularly that of major producer Saudi Arabia. The International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) earlier projected oil demand to outpace supply this year, leading to overall inventory draws to the tune of 400,000 to 500,000 barrels per day (bpd), mostly accounted for by the second half of the year (2023). Reacting to the development, experts at JP Morgan believe that the disparity between demand and supply will lead to increased oil prices. “It appears that the voluntary cuts announced by eight OPEC countries in April plus the additional 1 million bpd of unilateral Saudi cuts that just started in July are having the desired effect, with sour barrels becoming scarcer.” JP Morgan also stated that a rise in driving and flying activities this summer has put a strain on supplies as refineries are struggling to cope, meanwhile, there was also a drop in Russian crude supplies in July 2023. When demand outweighs supply, prices will rise, and analysts expect that the recent rise in crude oil will extend even further. Earlier this month, Secretary General of the International Energy Forum (IEF), Joseph McMonigle, told CNBC that crude oil demand bounced back to pre-Covid levels quickly, but supply is having a tougher time catching up. “So, for the second half of this year, we are going to have serious problems with supply keeping up, and as a result, you are going to see prices respond to that.” If crude oil prices rise on the global market, it means two things for the Nigerian market: Increased oil revenues are needed as Nigeria plans to roll out intervention schemes to cushion the effect of the fuel subsidy removal on the country’s citizens. In a prior announcement, the government has made it known that among other plans; it is focused on mass transportation, and alternative energy sources like compressed natural gas as well as reducing the impact of transportation costs as intervention schemes. An increase in the cost of fuel will be unavoidable because the country has no refining capacity as citizens await the end of the current rehabilitation of the Port Harcourt, Warri and Kaduna refineries. So, as more fuel imports come into the country, facilitated by private companies, fuel pump prices could increase. This also means that Nigerians need to increase their earnings, to survive a possible fuel pump price hike in the future.

Nigeria’s equity market sheds N391bn

The nation’s equity market on Monday opened the week on a negative note, shedding N391 billion following profit taking activities recorded by small, medium and large stocks. The market capitalisation of listed equities fell by 1.10 per cent to N35.011 trillion from N35.402 trillion reported the previous day. The NGX All Share Index also depreciated by 718.87 basis points to 64337.52 points from 65056.37 points reported the previous day. An analysis of the investment showed that Betaglass Nigeria Plc, Linkage Assurance, SUNU Assurance and Mansard insurance led gainers table, appreciating by 10 per cent each to close at N38.50 per share, N0.77, N0.66 and N3.74 per share. Berger Paint followed with a gain of 9.95 per cent to close at N11.05 per unit. On the contrary, five companies declined by 10 per cent at the close of transactions on Monday. Dangote Sugar Refinery, Sovereign Trust Insurance, Ecobank Transnational Incorporate gained 10 per cent to close at N27.00, N0.63 per share, N15.30 per share respectively. Livestock and NPF MicroFinance Bank fell by 10 per cent also to close respectively to N1.89 and N1.80 per share. Volume of trades increased 213.65 million, representing 46.47 per cent as investors traded 673.42 million shares valued at N6.47 billion in 9788 deals against 459.770 million shares worth N5.345 billion exchanged hands in 8051 deals. Trading activities in shares of Abbey Building Society led activity with 112.259 million shares valued at N112.274 billion in 94 deals, Fidelity Bank followed with 58.588 million shares cost N503.707 million in 452 deals, Union Bank of Nigeria Plc traded 51.079 million shares worth N357.551 million in 30 deals, FCMB group exchanged 49.363 million shares cost N323.678 million in 294 deals while Universal insurance traded 47.506 million share cost N11.232 million.

2023 FIFA WWC: Nigeria advances to last-16 despite Ireland stalemate

The Super Falcons of Nigeria have secured a spot in the knockout phase of the 2023 FIFA Women’s World Cup for the third time, despite playing out a goalless draw against the Republic of Ireland on Monday. Ireland, in their maiden appearance in the tournament, managed to claim their first-ever Women’s World Cup point. Before the final group game, Ireland’s fate was already sealed with narrow defeats to Australia and Canada, with the even contest against the Super Falcons showcasing their determination to make history in the prestigious tournament. Nigeria will be joined in the last 16 by Australia, who sent Olympic champions Canada packing with an emphatic 4-0 victory. The co-hosts’ dominant performance saw them progress at the expense of Canada. In the match between Ireland and Nigeria at Brisbane Stadium, Ireland displayed early dominance, with Captain Katie McCabe having the first notable effort of the game that narrowly missed the target. Nigeria’s Asisat Oshoala had a golden opportunity to score when Louise Quinn’s mistake gifted her the ball, but her shot narrowly curled away from the far post. One of the standout moments of the game occurred just after the interval when Ireland goalkeeper Courtney Brosnan made a spectacular save. Uchenna Kanu’s header was brilliantly parried onto the bar by Brosnan, who quickly reacted to keep her side in the game. Despite both teams’ efforts on goal, neither could find the elusive winning goal, resulting in a goalless draw. Nigeria progressed as the second-placed team in Group B, securing their spot in the knockout stage and could face England in the next round. In a historic moment, Super Falcons’ defender Onome Ebi became the first African footballer, male or female, to participate in six World Cups. Her achievement stands as a testament to her remarkable contribution to the sport. As the 2023 FIFA Women’s World Cup unfolds, the competition intensifies, and teams strive to make their mark on the global stage. The tournament has continued to captivate fans worldwide with thrilling matches and exceptional displays of talent from women footballers from diverse nations.

4 die, 10 injured in Jigawa auto crash – FRSC

About four persons have died, while 10 others sustained varying degrees of injuries in an accident involving two vehicles on Gumel-Kano Road in Jigawa. Mr Ibrahim Gambo, the Spokesman, Federal Road Safety Corps (FRSC) in the state, confirmed the accident in a Road Traffic Report (RTC), in Dutse on Monday. He said the accident occurred at about 12:25 a.m. when a bus had a head-on collision with an upcoming vehicle at Achauya village in Gumel Local Government Area of the state. “A commercial bus (Sharon) with registration number GML 260 XX carrying passengers was involved in a collision with a truck with registration number GUS 648 XA coming from the opposite direction. “It could be attributed to speed violation and loss of control, 14 persons, consisting of 11 males and three females were involved in the crash,” he said. He said that four male passengers were certified dead by a medical doctor at a hospital in the area while seven males and three females were receiving treatment. He advised motorists to shun night journeys and respect traffic rules to ensure safety on the road.