Muslim groups provide care to Lagos community

http://ift.tt/2n3TIjR

Environmental pollution in Makoko, Lagos PHOTO: http://www.google.com

Muslim Hand Nigeria has joined forces with the Islamic Medical Association of Nigeria (IMAN) to aid healthy living in Makoko area of Lagos, as they distributed insecticide net and other medical facilities to the community.  

The Project Coordinator, Muslim Hand Nigeria, Shamsideen Adesanya, said about 350 families benefited from the insecticide netsdistribution, while about 600 children received worm vaccinations during the exercise.
 
He noted that the essence of distributing insecticide nets was to protect Makoko residents against insects’ bites, since the community is in riverine area with possibility of mosquitoes spread diseases, as a resort of unkept environment.

He explained that the nets distributions and that of worm vaccination gesture carried out were combined efforts of both the Muslim Hand Nigeria and IMAN. They shared same humanitarian goal.

Other children and older women from the riverine community marched in their hundreds to the groups’ centre to receive health aids brought to the town for distribution.
  
A 75-year-old beneficiary, Comfort Ojuri, expressed need for Lagos State Government and other Non-Governmental Organisations (NGOs) such as the Muslim bodies to come to rescue families, particularly young generation, in Makoko by assisting in managing thier environment.
  
“We appreciate all supportive measure from both government and private bodies that have been reaching us in our community and I urge authorities and others not to relent in the good will, and as well assist in managing Makoko environment,” she said.
  
A woman who brought her one-year-old baby to the center for worm vaccination, though refused to disclosed her name, commended the two Islamic groups for saving her and her child of fortunes which would had cost her to get such service she received free.     
An Islamic cleric, Ibrahim Jomoh, who participated in distribution of nets, urged for constant remembrance of less privileged.

particular in communities such as that of Makoko where families live in hardship and deprive of basic amenities.
 
Jomoh assured families during the sharing of item helping handing would always be extended to them since that is Quran preaches and commended rich members every society to oblige.

Vía The Guardian Nigeria http://ift.tt/2mrkHas

SEC pays N42b unclaimed dividend to investors

http://ift.tt/2lQ8Mn6

Securities and Exchange Commission

The Securities and Exchange Commission (SEC) has said that N42 billion out of about N117 billion unclaimed dividend has been paid out to investors.

This the commission attributed to aggressive campaign for elimination of such funds in the capital market.

Director General of SEC, Munir Gwarzo, who disclosed this yesterday at a public hearing on unclaimed N90billion dividend in securities for Nigerian investors, said efforts by the commission to address the issue was yielding results with the e-dividend registration system. Consequently, the money has dropped from N117 billion to N75billion.

“As of today, based on the reports we received from the registrars, almost N42 billion has so far been paid, out of a total of N117billion as of 30th of December 2016, which means our message of unclaimed dividend is yielding positive results,” he told the Joint Senate and House of Representatives Committee on Capital Market.

Chairman of the Senate Committee on Capital Market, Isiaka Adeleke, requested for the list of beneficiaries. The DG said it would be transmitted to the panel as soon as possible.

Senate President, Bukola Saraki, urged members of the Senate Committee on Capital Market to work closely with stakeholders in the sector to reposition the nation’s capital market.

Vía The Guardian Nigeria http://ift.tt/2mDolPI

PDP to hold convention June 30, says Dickson Committee

http://ift.tt/2mzcdhW

Seriake Dickson

The Peoples Democratic Party (PDP) may hold its national convention on June 30, 2017 as recommended by the reconciliation committee headed by Bayelsa State Governor, Seriake Dickson, which submitted its report in Abuja yesterday.

But National Chairman of the party, Ali Modu Sheriff, said the recommendations would be subjected to amendments by the leadership of the party before a final decision would be reached.

Among other recommendations is that the Convention Planning Committee should consist of seven state governors; seven senators including the deputy senate president; 12 members of the House of Representatives and six members of the party’s Board of Trustees (BoT).

The Dickson panel recommended that party leaders who would be part of the national convention planning committee include six National Vice Chairmen for each zone; three state Chairmen for each zone; six serving speakers of the state Houses of Assembly; six former governors and former presiding officers of the National Assembly who are still members of the party.

Others are six prominent women leaders; six youth leaders; six former ministers of and 12 other persons to be nominated by the National Chairman in consultation with stakeholders.

Responding to the recommendations, Sheriff said: “As we have received the recommendations, we will study it and make some amendments. And whatever amendments we make will be made known to Nigerians.”

Vía The Guardian Nigeria http://ift.tt/2mh2pXT

Intels denies sponsoring OGFZA Act amendment

http://ift.tt/2mz8d0W

Intels

CEO not sacked
Intels Nigeria Limited has described allegations that it was sponsoring the proposed Bill to amend the Oil and Gas Free Zones Authority (OGFZA) Act as “ridiculous, preposterous and laughable”.

Media Consultant to Intels Nigeria Limited, Mr. Bolaji Akinola said those behind the allegation are “disgruntled elements” who are not interested in the advancement of the oil and gas sector.

“It is an insult on our Distinguished and Honourable members of the National Assembly for anyone or group to insinuate that they are being teleguided by a company to do their job. Nigeria is endowed with highly intelligent and patriotic lawmakers who have engaged themselves studiously to enact laws that will advance good governance and the nation’s economic well being. It is therefore totally wrong for anyone to suggest that they are doing the bidding of a corporate entity. It is a great insult,” Akinola said.

He said since public hearings are part of the process of lawmaking, those who are not happy with the proposed amendment should send their positions to the legislature.

“The desperation and guerilla tactics these few people have resorted to over the proposed OGFZA Bill amendment are uncalled for. They are at liberty to simply send their positions in support or against the amendment to the distinguished lawmakers rather than trying to disparage the lawmaking process or trying to discredit an innocent organisation that is fully occupied with making its contributions to the nation’s economic advancement,” Akinola said.

“As a law abiding corporate citizen of this country, we have submitted ourselves to regulation and will continue to cooperate fully with authorized government agencies. The question to ask is: why are those crying wolf where there is none, afraid of being regulated?” he said.

Akinola said contrary to “the fake news and speculations being sponsored by competitors”, Intels is not a monopoly.

He said, “We read just last week in the newspapers that OGFZA is planning to establish some other oil and gas free zones in other parts of the country. Isn’t that contrary to the monopolistic theory being bandied about by these people?”
He also said that at the Onne Oil and Gas Free Zone in Rivers State, “Intels is only one of over 170 companies in operation”.

Meanwhile, Akinola has denied reports that Intels CEO has been sacked.

“It is fake news. The CEO has not been sacked,” he added.

He advised journalists to cross-check their facts before rushing to the press to avoid misleading the public.

Vía The Guardian Nigeria http://ift.tt/2mDwtj6

Unity house tops Victory School inter-house competition

http://ift.tt/2mtCIDk

Students of Victory Group of Schools taking part in a race during their recent annual inter-house sports competition.

Unity House has won the third unified biennial inter-house sports competition of the Victory Group of Schools held at the school’s sports ground in Ikeja, Lagos.

Unity House, also known as Green House, achieved the feat winning 23 gold, 14 silver and 14 bronze medals.

The inter-house competition, which was keenly contested by five annexes of the Victory Group, saw Perseverance House clinching the second position with 12 gold, 20 silver and 16 bronze medals.

Punctuality House, which is Red House, won 11 gold, 16 silver and 19 bronze medals to come in third, while Honesty House (Blue House) was fourth with 11 gold, 16 silver and 19 bronze medals.

In his speech, the schools’ Managing Proprietor, Mr. Christian Ipoola Olaniyan, acknowledged that sports was an integral part of learning, saying sporting activities complemented the students’ educational development.

“We consider sports as an essential part of qualitative education to be imparted to our pupils and students. All round education is not complete without active participation in games and sports. We regard it as an obligation and sacred duty no matter what,” he said.

He stressed that the best way to promote healthy competition is by getting children to appreciate the spirit of sportsmanship and make them better persons through inter-house sport activities.

“Regular sporting activities amongst children play vital roles in their physical and mental development. We all know the importance and value of games and sports, which was why in the olden days it was compulsory in all schools to provide the necessary facilities for games and sports. Here, we ensure that every child is able to take part in one type of sport or another because like the Olympics credo, it is not the winning that matters but the taking part,” he reiterated.

Some of the students who spoke to The Guardian expressed joy and satisfaction at their performances, noting that sports is not just for entertainment or improvement of physical well-being but also a source of livelihood.

Vía The Guardian Nigeria http://ift.tt/2mALRsR

ASUP Bida chapter votes for abolishment of election campaigns

http://ift.tt/2lWUJw7

Academic Staff Union of Polytechnics (ASUP) Federal Polytechnic, Bida Chapter, Niger State, has joined other polytechnics across the country that have agreed to abolish campaign and politicking in ASUP elections.
    
The agreement was reached at a meeting held in the institution. According to the ASUP Chairman, Federal Polytechnic Bida, Dr. Samson Saganuwan, the decision was premised on the rising trend of campaign of calumny at the various chapters during elections and which are counterproductive to the emergence of credible personalities that would advance the aspirations of the union.

He noted that as members of the academia are committed to progressive enlightenment and development of mankind even beyond the scholastic environment; it is an aberration for an intelligentsia committed to serving his people to solicit for votes beyond the presentation of a manifesto.

According to Saganuwan, the view of the union is that the profile of members in respect to qualities such as honesty, integrity and commitment are known. Consequently, whoever assumes that he/she has what it takes to project the union towards attainment of its desired goals should address members through his/her manifesto. 

The wanton display of affluence, use of text messages, posters, handbill, Jingles, Jungle publicities and the social media to curry favour and manipulate members for support should stop, the union agreed.

Vía The Guardian Nigeria http://ift.tt/2lWPuN5

Judge cautions prosecution against delay tactics in Justice Ademola’s trial

http://ift.tt/2jPpHC1

Justice Adeniyi Ademola

Justice Jude Okeke of Abuja High Court yesterday‎ expressed anger over the manner in which the prosecution was handling the trial of Justice Adeniyi Ademola of the Federal High Court, his wife and Joe Agi (SAN).

He accused the prosecution of delaying the proceedings. The three are standing trial over alleged receipt of gratification.The judge had, at the resumed trial Monday expressed worries that the prosecution appeared not ready for the trial of the accused through its actions.

He, however, cautioned that the court would no longer accept instances where the prosecution continues to delay trial.He said the court would be forced to do the “needful” should the prosecution fail to produce its witnesses at the next adjourned date.

The court consequently adjourned sitting till today against the prosecution’s application for tomorrow.The prosecution counsel had prayed the court for an adjournment till Wednesday in order to get his witnesses ready.

The counsel, Segun Jegede had told the court at the resumed hearing that he was informed by one of his witnesses, Dr. Shaibu Teidi, that his life was being threatened and that he (Teidi) had equally reported the same to the police in Maitama Division, Abuja.

Jegede added that the police has taken Teidi to a secured destination, which prevented him from coming to court.Responding, counsel to Justice Ademola, Onyechi Ikpeazu (SAN) however objected to the information given by the prosecution on ground that such should have been communicated to him first.

In a short ruling, the court held that it was not ready to delve into the issue since it has been reported to the police, but rather urged the police to carry out its investigation on the allegation.

He also ordered the Inspector General of Police to provide security for the prosecution, its witnesses, the defence team and all their witnesses. Afterwards,Jegede prayed the court for adjournment till Wednesday to enable him present his witnesses.

But his application did not go down well with the defence team, which however strongly opposed the call for adjournment.

Ikpeazu, Roberts Clarke (SAN) and Jeph Njikonye, had unanimously contended that the prosecution should apply to withdraw the charge if it has no witness to bring.

They informed the court that the prosecution listed 14 witnesses out of which only six have been invited to testify and going by the prosecution’s information, only Teidi was alleged to have being threatened.

They therefore urged the prosecution to go ahead and call other witnesses that were not being threatened to come and testify on the matter.The defense further noted that the prosecution did not give any reason he was seeking for an adjournment and that granting of such application will portray the prosecution as being persecuting the defendants.

According to them, the pendency of the suit is hampering the dispensation of the duty of the first defendant, who is a serving judge and the second defendant who is the current Head of Service of Lagos State.

Noting that the application for adjournment was not in accordance with intendment of the Administration of Criminal Justice Act, ‎which provides for speedy dispensation of justice, they prayed the court to refuse the application and dismiss same.

In his ruling however, the court noted that the only reason the prosecution gave to seek for adjournment was because one of his witnesses was threatened and that he wanted to get across to his witnesses.

“Apart from those reasons, the prosecution did not give any other reason. This is not acceptable to court. The record of the court showed that the matter was adjourned till today for ruling and continuation of trial.

“Prosecution has other people listed as witnesses aside Dr. Teidi, and the prosecution has not said any of the other witnesses are being threatened.
“The implication is that apart from Teidi and a staff of GTB, the prosecution is not prepared to proceed with the trial.

“This is unacceptable to the court. The court is ready to go ahead with the trial. It was on that the court granted an order of accelerated trial.“Even today, because of this case, the court this morning adjourned 11 other cases so as to hear the witnesses.

“The action of the prosecution has made the court to act in vain, especially to the defendants and other litigants that their cases were originally listed.

“The application for adjournment is uncalled for, unreasonable and does not fall in line with the attitude of the present government as contained in ACJA. It is not good enough, it is not with the spirit of time.

“On account of the foregoing, the prosecution has not given a cogent reason for the grant of the application but the court will indulge the prosecution by granting the adjournment.

“But instead of Wednesday requested for by the prosecution, I will adjourn till tomorrow and if the prosecution fails again to produce its witness, the court will do the needful. To ‘before war‎ned is to before harmed”, the Judge stated as he adjourned sitting till today.

Vía The Guardian NigeriaThe Guardian Nigeria http://ift.tt/2jNedSg

Governorship aspirants to pay N9m for posters’ pasting in Anambra

http://ift.tt/2jPit0P

ANSAA, Mr. Jude Emecheta

Politicians kick against directive

Anambra State Government Signage and Advertisement Agency (ANSAA) has said that any governorship aspirant would pay N9 million before he or she could be allowed to paste posters.

Managing Director of ANSAA, Mr. Jude Emecheta, who disclosed this to newsmen in Awka yesterday, warned that any aspirant who contravenes the rule would be prosecuted as the law did not permit indiscriminate pasting of posters. He stated that aspirants must pay before their posters would be permitted to be circulated.

According to him, the agency would need money to clean up the mess generated by such posters after the elections and would not encourage people to de-face the environment with paper and billboards.

He added that a public enlightenment programme on the modalities for putting up election posters would commence from next month to let politicians know that they would not be allowed to paste them on public buildings, electric poles, bridges, road dividers, roundabouts and others.

The ANSAA boss, who said that the agency would designate where to paste election materials, insisted that it was a quasi-criminal offence for any person not to pay government revenue.

“So, don’t say Willie Obiano is pursuing you or APGA is chasing you around. Do the needful to avoid prosecution,” he stated.He said politicians who wished to put up billboards must go through registered advertising agencies domiciled in the state, pledging that no poster or election material of the incumbent governor would be posted without payment.

The Chairman of the Progressives People’s Alliance Party (PPA) in the state, Chief Mathias Ameke, claimed that the directive was to suppress other contenders in the forthcoming polls.

Ameke, who said that such a law would not fly because it was a constitutional matter, said that only the National Assembly could take such a step.He, therefore, called for a fair level playing ground for politics in the state so that the people can make their impressions.

He said: “Fixing such outrageous fees for party candidates’ publicity is a sign of government resentment for popular participation in the coming polls and it is unacceptable and reprehensible too.”

Also, a politician in the state, who did not want to be named, challenged the directive, saying it was a plan to place obstacles on the way of aspirants not in the All Progressives Grand Alliance (APGA). He warned against taking such a step during the campaigns.

He said: “We will wait and see how this will work in the state. There should be equal opportunity for all. They may be devising plans to stop every challenge to the governor, but they will fail”.

Another aspirant, who spoke on condition of anonymity, described the directive as costly, wondering how much the state would garner as tax or levy at the end of election.

He said that it was obnoxious on the part of the ruling party to make such a policy now, adding that they should not heat up the polity in the state with an unworkable pronouncement.

Vía The Guardian NigeriaThe Guardian Nigeria http://ift.tt/2kISrxt

Non-passage of PIB to blame for renewed agitation in Niger Delta, says former presidential aide

http://ift.tt/2jot6vK

Dr. Egbogah

• Senate gives reasons for delay, experts say bill will boost investment
• New NDDC boss tasked on people-oriented projects

The non payment of 10 per cent of oil revenue to the host and impact Niger Delta communities as enshrined in the proposed Petroleum Industry Bill (PIB) is responsible for the resurgence of agitation in the region, former Special Adviser to the President on Energy Matters, Dr. Emmanuel Egbogah has said.

Speaking at the 2nd graduation and award ceremony of the Emerald Energy Institute of the University of Port Harcourt last weekend, Egbogah said the National Assembly must move swiftly to ensure passage of the bill to facilitate Nigeria’s quick exit from the recession.

Egbogah insisted that the non-passage of the PIB has also denied host communities their earnings, hence may be one of the reasons attack on oil installations are back.

Asked if the hostilities can be stopped without PIB passage, Egbogah said: “The PIB, if well understood, made plans about the reform of the oil industry and having a law to back that up. It is the legal and regulatory framework to back up the promises that were made to the people of the Niger Delta region.”

The Senate explained that fears that the interest of oil-producing communities in the Niger Delta might not be adequately addressed in the new version of the PIB was one major factor delaying passage of the bill.

Senate’s spokesman, Senator Aliyu Sabi Abdullahi, however, assured that the fears have been addressed by the Senate through the splitting of the bill into different independent bills, with each catering for a particular interest.

Abdullahi said the Management Framework aspect of the Bill has passed the second reading stage while the Host Community Bill segment is still being processed for the second reading.

Also urging speedy passage, Delta State Governor Ifeanyi Okowa, through his Special Assistant on Community Relations, Mr. Jude Fregene said PIB would reduce insurgency and tension in the region.

The President, Oil and Gas Trainers Association, Dr. Afe Mayowa urged the National Assembly to urgently pass the PIB in order to encourage more investment in Nigeria’s oil and gas sector.

The Managing Director of First Exploration and Production Nigeria, Ademola Adeyemi-Baro, said the uncertainty created by the non-passage, destabilising discussions around the fiscal and local content has clearly stalled the industry. He added that there is need for government to give certainty to the strategy and policy direction of the oil and gas industry.

Meanwhile, a group of ex-Niger Delta militant leaders has urged the new board of Niger Delta Development Commission (NDDC) to embark on people-oriented projects in the region in other to bring the much-needed development to the region.

The ex-militants under the auspices of the Leadership, Peace and Cultural Development Initiative (LPCDI), which boasts of about 90 per cent of ex-agitators in Phase 1 of the Presidential Amnesty Programme, in an electronic mail by its Press Secretary, Francis Wainwei, advised the Chairman of the commission, Senator Victor Ndoma-Egba to interface with relevant stakeholders to see through his promises and embark on projects that will see the light of the day especially the oil-producing areas.

Vía The Guardian NigeriaThe Guardian Nigeria http://ift.tt/2jNecxG

Delta, Novena University seal pact on training of medical students

http://ift.tt/2kaIysp

Novena University

A Memorandum of Understanding (MoU) for the training of medical students has been signed between Novena University, Ogume, Ndokwa West Local Council and the Delta State Government.

Speaking at the ceremony in Asaba, the Pro Chancellor and Chairman of the private University Governing Council, Dr. Chuks Ochonogor said the symbiotic relationship established by the university and the state government would help promote the development of the health sector in the state.

Ochonogor said students of the university would take advantage of the facilities and expertise of experienced medical practitioners in public teaching hospitals to develop themselves.

He said all over the world, the Public Private Partnership (PPP) arrangement is fast becoming a veritable key to sustainable growth of the society.The Commissioner for Health, Dr. Nicholas Azinge said that the arrangement would be of mutual benefits to both parties.

Azinge added that the pact was the beginning of a long lasting relationship between the state government and the institution while the Attorney-General and Commissioner for Justice, Peter Mrakpor who signed on behalf of the state government commended the initiative.Mrakpor said the state government was prepared to partner with good ideas that would help move the state forward.

Vía The Guardian NigeriaThe Guardian Nigeria http://ift.tt/2kILKuZ

Guinness N40bn rights issue: Can it realise full subscription?

http://ift.tt/eA8V8J

Peter Egwuatu

IMMEDIATE past secretary of Independent Shareholders Association of Nigeria, ISAN, Mr. Adebayo Adeleke 

Guinness Nigeria Plc is a very good company, no doubt.   It is apparent that the company has not been doing well operationally over the past five years due to the economic challenges of the country.

No doubt about it, the price and market share have been shrinking and apparently some opportunity that they were suppose to optimise in the market place were not taken as at when appropriate, but all hope are not lost.

The rights they are proposing now would have been done three or four years ago when the market price was high and when probably some few shares would have earned the company all the money that is required for strategic positioning.

Well, it is better late than never.   We hope the offer would be fully subscribed given the pedigree of the company. I want to believe that it will be fully subscribed and I hope the retail shareholders will exercise their rights not minding the economic depression to boost their stake and the money raised will help the company to boost production and turnover which will eventually lead to profitability.

I want to believe that shareholders will take their rights given also the fact that this company is a blue chip and as well as produces competitive products that are very marketable.

THE Public Relations Officer, Independent Shareholders Association of Nigeria, Moses Igbrude

Guinness Nigeria Plc rights issue is what we have been advocating for the past years. So, now that the management is ready for it, though late but still better than to go to banks for credit. The company need the money to boost their business expansion. They have just completed their plants in Benin. They have good products that are very competitive.

I will appeal to shareholders to approve the rights which I believe they will do. The company has potentials not minding that they did not pay dividend last year because of the loss it recorded. Nevertheless, the market is there for them not minding the economic recession people still drink.

All they need is to re-strategise to regain their market share and make profit in order to declare dividend. This is a multinational company that investors would be proud to invest. Shareholders have confidence in the company because it is a recognised brand and have been consistent in paying dividend until this period of recession the country is facing.

A SHAREHOLDER Activist, Mr. Nonah Awoh

The N40 billion rights issue is okay. The company has not fully disclosed very well to the minority shareholders what it is owing to the foreign partners and what percentage of the shares that is likely to get them.

Even the figure they later gave I don’t believe it is correct. Abinitio, the foreign partners had wanted to increase their stake, but this should be done transparently. The rights issue if successfully raised will help the company to boost its production.

Well, nevertheless, the foreign partners can still increase their stake since an opportunity has been given to them to convert the debt to equity once the offer is approved by the regulatory authorities.

We want the management to be proactive and ensure that whatever money raised is judiciously used to take the company to the path of profitability.

The offer is likely to be fully subscribed given the fact that foreign partners can subscribe for more in the event that some existing shareholders are unable to pick their rights.

NATIONAL Co-ordinator, Proactive Shareholders Association of Nigeria, PROSAN,  Mr. Oderinde Taiwo

The N40 billion rights issue of Guinness Nigeria Plc is to the advantage of retail investors as they can afford to exercise their rights given the current price. It takes a lion heart to take a lion share as they say, because the management of the company has done its work very well as an agreement has been reached where the foreign partner is gives opportunity to convert credit to equity holding.

This will save the company from paying huge interest on the debt owed.   I think it is a good strategy and that is why we need proactive management like we have in Guinness.   I also encourage fellow retail shareholders to exercise their rights as this will be to the advantage of us and the company as well. The rights issue will help the company reposition its business and make profit.

When the company makes profit, dividend would be proposed by the Board of Directors for shareholders approval. I see the rights issue fully subscribed as management has done its home work very well.

This is a multinational company that has competitive products that can sell all over the country. It is my believe that the offer would be fully subscribed.

 

 

The post Guinness N40bn rights issue: Can it realise full subscription? appeared first on Vanguard News.

Vía Vanguard News http://ift.tt/2kJopZu

Capital market: Expectations for new issues in 2017

http://ift.tt/eA8V8J

By Peter Egwuatu

THE Nigerian capital market last year experienced few new issues apparently for the downturn in economic activity which affected quoted companies on the Nigerian Stock Exchange, NSE, from raising fresh capital to meeting challenging needs.

The Nigerian equity market declined massively last year as companies’ revenue and bottom line dropped due to recession.

Unlike bond markets, equity capital markets tend to bear the initial brunt of a recession, as seen in low Initial Public Offers, IPOs in 2016.

This year, many market operators believe that the market will experience more new issues than in 2016, given the fact that the country is expected to move away from recession and with growth forecast of 1.0 percent by the World Bank.

Shareholders’ approval

Also, the implementation of favourable government’s policies will contribute significantly to boost performance of more companies as many would want to approach the market to raise fresh funds.

The PricewaterhouseCoopers, PwC had stated: “we expect to see activity pick up in the equity market in 2017 as the Naira begins to stabilize, investors regain confidence, and issuers who paused their plans due to uncertainty, access the market again. We particularly expect to see renewed activity in the Nigerian telecommunications sector.”

Already in the first month of the year, the market has recorded fresh issue, though from the Exchange Traded Fund, ETF segment. In similar vein, Guinness Nigeria Plc has received shareholders’ approval to raise N40 billion by way of rights issue.

Specifically, Stanbic IBTC Asset Management Limited concluded its fresh offer of its Pension ETF with 60 percent subscription and last week listed it on the secondary segment of the market.

The NSE last week also admitted the 5.97 million units of Stanbic IBTC Asset Management Limited, SIAML Pension ETF 40 to its daily official list at a par value of N100 per unit and the issuer has appointed Stanbic IBTC Securities Limited (SISL) as Liquidity Provider to facilitate secondary market liquidity on the product.

SIAML Pension ETF 40 has become the first Exchange Traded Fund (ETF) to replicate the NSE Pension 40 Index as it is designed to track the price/yield performance of the NSE Index.

Meanwhile, it will be recalled that last year, the Nigerian capital market only recorded two new issues, namely, Seplat Petroleum Development Company Plc and Transcorp Hotels Plc, with the former recording 100 percent subscription while the latter recorded 50 percent subscription.

The Nigerian capital market has been incapable of providing the needed funds required to spur activity in several listed companies with large debt overhangs.

Debt to equity ratios of most companies rose last year as both local and foreign investors pull out their money from the financial system, making IPOs very difficult.

It should be noted that in 2007 and 2008, IPOs were common before the market witnessed a downturn and companies began avoiding IPOs, embracing mostly rights issues and bonds.

The Chief Executive Officer of Cowry Asset Management Limited, Mr. Johnson Chukwu had stated that IPOs cannot thrive in an environment where the secondary market is not vibrant.

According to him “Several reasons entice companies to list on the NSE. One, they expect that the market will appropriately buy them and that the market has a premium to the intrinsic worth as to justify investors having to trade their equities. Again, that there is liquidity in the equities market so that people can actually buy and trade their shares. Lastly, that the listing will give them better access to credit.”

He maintained that the stock market has become unattractive to companies because of the absence of these three factors. “Unfortunately, in a bearish and dampened equities market, these factors are not present. Until there is a significant recovery in the secondary market, one should not expect a re-launch in IPO.”

The Doyen of stockbrokers, Mr. Sam Ndata, expressed confidence that the market will experience more new issues than last year.

According to him “There are signs that we will see more companies raising fresh funds. Most of the companies quoted on the NSE have good fundamentals; what is really affecting them is the depressed economy occasioned by drop in global oil price and exchange rate volatility. But since we have started seeing recovery in oil price, it is our hope that the country will come out of recession and activity will increase with increase in purchasing power to drive savings and investment.”

 

The post Capital market: Expectations for new issues in 2017 appeared first on Vanguard News.

Vía Vanguard News http://ift.tt/2kIwl13

Oil, minerals producing areas develop blueprint to end N-Delta crisis

http://ift.tt/eA8V8J

By Michael Eboh

Oil and Solid Mineral Producing Area Landlords’ Association of Nigeria, OMPALAN, yesterday, said it had developed a blue-print that would help end the lingering crisis in the Niger Delta and other minerals producing communities across the country.

Chairman, Board of Trustees and National Leader, OMPALAN, Mr. Udo Azogu, said this in a statement in Abuja, after the group’s interactive meeting and presentation of letter of appointment to His Eminence, Sir Chukumela Nnam Obi as Patron of the Association.

Azogu said the blue-print was a bottom-up proposal that focuses primarily on transparency and due process in the delivery mechanism of Federal Government mitigation programmes.

He said: “Our proposal for enduring peace called ‘Mining Security and Monitoring Agency of Nigeria,’ MISMAN, hinges on a legal framework at the grassroots level that provides for transparent community governance called ‘Community Administration Council, CAC’.”

He added that MISMAN is also designed for solid mineral producing areas of Nigeria which have suffered untold environmental challenges from the ill-effects of mineral development dating back to the geological expeditions by the colonial master in the early part of the 20th century.

According to him, statistics of lead poisoning from solid mineral exploitation in the North of Nigeria is a source of concern to OMPALAN.

 

The post Oil, minerals producing areas develop blueprint to end N-Delta crisis appeared first on Vanguard News.

Vía Vanguard News http://ift.tt/2kJgTOn

Poly lecturers begin one week warning strike

http://ift.tt/eA8V8J

By Festus Ahon

ASABA—THE Academic Staff Union of  Polytechnics, ASUP, will today begin a one week nationwide warning strike over Federal Government’s alleged refusal to reopen negotiations on the agreement it entered with the union in 2010.

Speaking to newsman in Asaba, weekend, National Coordinator of ASUP in the South-South and South-East geo-political zones, Dr. Chika Ogonwa, said the union might be forced to shut down the polytechnic system should the Federal Government refuse to address their grievancess.

Alleging that the Federal Government was insensitive to their plights, Ogonwa said part of their demand was the need to review the “Polytechnic Act which at present, prescribes National Diploma, ND, for middle level manpower.”

Saying that the nation’s economy was in comatose because the players were half-baked, he argued that the union, during its 86th National Executive Council, NEC, meeting in August 2016, shifted the strike to January 2017 to give government sufficient time to resolve the contentious issues.

He listed other grievances to include alleged victimization of union officials, non-release of union check-off dues and undue interference in union activities, deliberate attempt at frustrating the resolutions of the meeting of the council on establishments, sustained poor funding of polytechnics and non-release of  CONTISS 15 migration arrears.

Ogonwa said: “The President Muhammadu Buhari-led government is insensitive to our plight. After this warning strike, the Federal Government will be left with two options, either to close down the system or redeem it from total collapse. This manifested in poor funding, discriminatory practices,  decayed infrastructure, weak and obsolete legal and regulatory regimes, wanton and wilful breach of agreements as well as serial and sustained cases of impunity in the sector.”

The post Poly lecturers begin one week warning strike appeared first on Vanguard News.

Vía Vanguard News http://ift.tt/2kIo5hN

Investor recovers N1.5m illegal sale of GTB shares

http://ift.tt/eA8V8J

By Peter Egwuatu

THE investor protection initiative of the Securities and Exchange Commission (SEC) received a boost last weekend when an investor, Rev. Fr. Samuel Ukeje Ikechukwu received a cheque for the sum of N1.5million for his share that was illegally sold.

According to Ukeje who is resident in Italy, he bought the Guaranty Trust Bank, GTB shares eight years ago through Cashville Investment and Securities but was surprised to learn that the shares had been sold by the company without his knowledge.

Ukeje said he became suspicious when he was not receiving any dividend warrant nor bonuses like others who invested in the shares adding that upon further investigation, he realised that the shares had been sold without his knowledge.

The complainant said he lodged a complaint with SEC in January 2015 and after thorough investigation by the Commission, the money was recovered and he was called by the SEC police Unit on January 4th to pick up his cheque.

Although he is happy with the efforts by the Commission and commended them for their investor protection initiatives, he wants the company to be further penalised to serve as deterrent to others.

He said “ I believe the company should be penalized further because the value of my money when I bought the shares and what it is today is not the same thing as the nation’s currency has greatly depreciated”.

He expressed his gratitude to the Commission for how the matter was investigated and a solution reached.

 

The post Investor recovers N1.5m illegal sale of GTB shares appeared first on Vanguard News.

Vía Vanguard News http://ift.tt/2kJ7zKm

Okadigbo group joins mega party

http://ift.tt/eA8V8J

By Emmanuel Aziken
LAGOS — Political associates of the late Senator Chuba Okadigbo under the aegis of the Chuba Okadigbo Rainbow Organisation, have integrated themselves into the proposed mega party, Action Democratic Party, ADP.

Dr. James Okoroma, who served as a special assistant to Dr. Okadigbo, disclosed this in a statement yesterday.

Okadigbo, who was President of Senate, formed the group and used it for his Presidential campaign in 2003, but eventually became running mate to General Muhammadu Buhari in the 2003 presidential contest, when the latter debuted on the political stage.

Okoroma, who is presently the national secretary of the ADP said, the Okadigbo group took the decision after a meeting in Abuja.

He said: “All state structures of the group in the 774 local government councils of the country have been directed to join the mega party and harmonise with the existing structures of the  party.”

The post Okadigbo group joins mega party appeared first on Vanguard News.

Vía Vanguard News http://ift.tt/2kIs11R

Good people should be interested in politics, says Omobude (Read full details)

http://ift.tt/2jtyTfA

Rev Felix Omobude

As the Pentecostal Fellowship of Nigeria (PFN) prepares for its biennial conference, holding in Benin-City, Edo State, from February 7 to 9, 2017, President of the organisation and General Superintendent of Gospel Light International, Rev. (Dr.) Felix Omobude, spoke on a range of issues at a media chat with press men at the PFN House, Isolo, Lagos. DANIEL ANAZIA was there.

• ‘Pentecostal Leaders Are Encouraged To Obey The Laws Of The Land’

Recently, Pastor Adeboye urged members of his congregations to join political parties and be card-carrying members. What is PFN’s position on this?
FIRST and foremost, those who pray, ‘Oh Lord give us David’ should also be ready for a David that will commit adultery with Uriah. I think we have gone past that. The PFN’s position is that we are encouraging the Pentecostal to be interested in their country’s politics. Gone are the days, when we say we are not of this world, and that we are going to heaven. And then we spend our time in the prayer room and allow those who don’t know God to play politics the way they like. I believe if we want to change this nation, Christians must be willing to get involved in politics. Good people must go into politics. That is PFN’s position.

The Church has continually said Nigeria cannot be islamised. Recently, some churches in Jigawa State were burnt and the trend continues unabated. Should Christians continue to pray and do nothing to counter such moves?
I appreciate the passion behind your question. What do you recommend that the Church should do? Would you recommend we take up arms or we come up and say, ‘let us take up arms and fight?’ Let me also tell you that the Church is not scared. Go back to memory. Those who fought against the Church, some even said, ‘let the Bible be completely amended.’ But the Bible outlived them.

Our taking a position of peace does not mean weakness. The Church is not sleeping. We are called to pray, we are called to evangelise. So, we are not going to raise an army with bows and arrows, and I do hope they don’t push this nation to that point. I’m as worried as you are, but let me tell you, when it comes to a man’s faith; he can give his life for it. So, we are peaceful. We are not weak. And I think this is just the best way I can say it for now.

Let nobody count it as weakness on the part of the Church. No one actually has a monopoly of violence. We are restraining our people. If we want a developed society, if we want an atmosphere that will allow us to be progressive, we must work for peace. And those using religion to fan embers of disunity must realise that it’s an ill wind that will blow no one any good. I would like to call on our government to be fully in charge. That’s why we have the police, the SSS and the military. If any group chooses to be criminally minded, it should be brought to book; except we are saying we don’t want any government, let’s have a jungle kind of life, which will set us back.

When Christians come under attack, what do you advise them to do?
There is no law, whether in our law books or even in our faith, that forbids you from defending yourself. Of course, if you have the capability to defend yourself, why won’t you? Especially when those who ought to defend you are not doing so. So, our leaders that have called those at the centre of this crisis to defend themselves are not out of place. We cannot just watch and just allow these things to continue. If government cannot rise to its responsibilities, there are lots of communities in this country that have Civilian JTF. What are they doing? They are defending themselves.

The Financial Reporting Council (FRC) code was recently suspended by government, apparently for further review. Would there be input from the PFN?
I am not aware that it is for further review. However, PFN’s position is that we are not stopping government from doing what it is constitutionally empowered to do. We only feel that it is none of government’s business to tell us who to employ, how we employ him and his length of service. That is an internal affair of the church.

The PFN has nothing to hide. We submit ourselves to the laws of the land. And I would like to stress it again: all our Pentecostal leaders are encouraged to obey the laws of the land and pay their taxes and rates, as and when due. But to tell us how to run the church, how to preach and how long to preach, we don’t believe that is what government should be doing.

Our expectation is that government will call on the various interest groups to make inputs before coming up with the code. I didn’t hear the details of what the G.O. said, but I do not think it is because of the financial code that he asked his members to go into politics. That has been a standing instruction from the PFN. We are encouraging all our people to be interested, and participate in the nation’s politics. We have drummed that loud and clear.
After all, the Vice President is a member of the RCCG.

In any case, this current issue about the code is also a wake up call for the Church. We at the PFN are putting measures in place for our churches to be accountable, at least to keep their books safe. I think it is a wake up call and we will positively use it.
There is suffering in the land. Employment is on the increase, just like the prices of food items, while cases of kidnapping and rape of minors are also on the rise. What is your take on these?

The PFN is honestly concerned that the living standard of the average Nigerian has gone so low. I would like to call on Nigerians to hold their elected officers accountable. If when you were assuming office, the price of a loaf of bread was one naira and you promised to bring it down, but instead of it coming down, it’s going up, Nigerians should learn to ask appropriate questions.

When this government came in, one dollar was about N180, now it’s almost N500. We were here, when the campaigns were on. Some campaigned that they were even going to bring it at par. I’m not saying they are all at fault in everything, but Nigerians should learn to ask and hold their elected officers accountable, whether at the local government level, the state or federal.

Good people should be interested in politics, says Omobude

Vía Uzomedia http://ift.tt/2jCNckj