Market capitalisation falls by N145bn on investor caution

 The trading floor of the Nigerian Stock Exchange

The stock market closed on a negative note on Tuesday with the market capitalisation of the listed equities declining for the fourth straight trading session.

Specifically, the market capitalisation fell by N145bn or 1.13 per cent from N12.826tn to N12.681tn.

Similarly, the Nigerian Stock Exchange All Share Index fell by 473.59 basis points or 1.13 per cent to close at 38,286.56 basis points, higher than the 0.93 per cent decline it recorded the previous day to close at 38,724.15 basis points.

The NSE 30 Index, which measures the performance of the 30 most capitalised companies on the Exchange, shed 28.4 basis points or 1.6 per cent from 1,749.97 basis points to 1,721.57 basis points.

The banking sub-sector led the activity chart, accounting for 19.3 per cent of total turnover volume traded on Tuesday.

A total of 76.984 million stocks worth N953.7m were traded in the sub-sector in 1,600 deals.

Volume was driven by trading in the shares of Zenith Bank Plc, United Bank for Africa Plc and Guaranty Trust Bank Plc.

In all, 17 equities recorded price appreciation on Tuesday, while 36 stocks recorded price depreciation.

Rak Unity Petroleum Company Plc led the gainers, rising by 61.29 per cent or 19 kobo to close at 50 kobo per share.

It was followed by Mobil Nigeria Plc and Seven-Up Bottling Company Plc, which gained 5.87 per cent and five per cent to close at N170.98 and N188.52 per share.

Evans Medicals Plc rose by 4.90 per cent or 10 kobo to close at N2.14 per share, while May and Baker Nigeria Plc gained 4.81 per cent or nine kobo to close at N1.96 per share.

Union Bank of Nigeria Plc, however, topped the losers after it fell by 6.57 per cent or 58 kobo to close at N8.25 per share. It was followed by Union Homes Real Estate Investment Trust, which shed 4.98 per cent or N2.37 to close at N45.22 per share.

National Salt Company of Nigeria was down by 4.96 per cent or 43 kobo to close at N8.24 per share, while Dangote Sugar Refinery Plc declined by 4.93 per cent or 37 kobo to close at N7.14 per share.

Investors exchanged 398.894 million shares valued at N2.804bn in 4,579 deals on Tuesday.

 

HON. DINO MELAYE

HON. DINO MELAYE wrote:I read online the question a lady asked. 

The question is how can Buhari who earns over 300million naira yearly claim that he can not afford to pay 27million naira for the APC presidential form. I became interested and decided to investigate. 

I went to the ministry of Finance where I discovered that it is true that all former Presidents and Head of states actually get 23million naira monthly. 

But I found out that General Buhari actually wrote the minister of Finance to reject the 23million monthly pay. 

He said in his letter that he will only accept 10percent of that amount which is 2.3million and that is what he has been taking. This is just to clear the air. 

What a Nigerian! What class of integrity! Rev4mation's world

No electricity tariff increase for now —Nebo

Minister of Power, Prof. Chinedu Nebo

 

The Minister of Power, Prof. Chinedu Nebo, has ruled out any increase in electricity tariff until power supply increases. He also said that efforts were being made to curb estimated billing in the Nigerian electricity supply industry.

Nebo, who spoke at the Power Nigeria 2014 Conference in Lagos on Tuesday, said electricity supply would improve in the next few months.

“We don’t want to see any increase in tariff until power generation and distribution increase, because people want to see electricity. We are talking of megawatts, the person in the village doesn’t care about megawatts. 

 What he or she cares about is electricity,” he said.

Power generation as of Monday, October 27, stood at 3,747.08MW, while 3,667.46MW was sent out, according to data obtained from the Power ministry.

Generation capacity was said to have recently dropped by 1,000MW as a result of sabotage of two major gas plants.

The Nigerian Electricity Regulatory Commission had in May approved a new electricity tariff, which came into effect on June 1, with an increase in energy cost and reduction in fixed charges.

One of the major indices for the minor review was “available generation capacity,” NERC had said, adding that the gross available capacity from the grid as of the March 21, 2014 review date was 4,306MW, well below the 9,061MW that it had projected

The commission is currently carrying out the second phase of the yearly review of the electricity tariff, which is expected to be concluded soon.

“Yes, there will be adjustment if electricity stabilises and it is stabilising, and if we are able to go beyond what we are doing now, and it will in the next couple of months. And then, we will look at the whole thing and see what cost is reflective enough,” Nebo added.

The minister, however, said NERC would never allow any tariff that would be punitive against the customers.

“NERC will never do that. We just want a measurable tariff that will give a little bit of comfort to investors so that they can recoup their investments, make a little profit and continue to expand. But nobody is in a hurry to adjust the tariff at this moment,” he said.

Commenting on the issue of estimated billing, the minister noted that the metering gap in the country was so wide, with about eight million meters said to be needed in the next one or two years in order to bridge the gap.

 

2015: Kwankwaso declares, says Jonathan incompetent

 L-R: A former Governor of Kogi State, Abukakar Audu; Chief Audu Ogbeh; Kano State Governor, Musa Kwankwaso; and Senator Bukar Abba, during the declaration of Kwankwaso to run for the 2015 presidential election at the old parade ground, in Abuja

 

The Kano State Governor, Rabiu Kwankwaso, on Tuesday formally declared his interest in vying for the

Presidential ticket of the All Progressives Congress.

At a rally held at the Old Parade Ground, in Abuja, the Presidential aspirant during the occasion, cast aspersions on the President Goodluck Jonathan-led Peoples Democratic Party administration, describing it as incompetent.

He observed that Nigerians were today exposed to unimaginable hardship which, he said, was due to the failure of leadership at the highest levels.

Kwankwaso noted that the looting of public funds had gone on unabated because those saddled with the responsibility of watching over the nation’s wealth were busy stealing it.

He also expressed sadness that the welfare of women and children as well as the most vulnerable in society had not been given its pride of place in the scheme of things.

The aspirant commended Nigerian youths for being angry. He said anger in today’s Nigeria was a virtue because those saddled with the responsibility of providing a conducive atmosphere for citizens to achieve their life’s goals had failed in their responsibilities.

The governor hailed the APC for being the only party which had internal democracy.

Kwankwaso said, “The call to save our dear country has never been louder, clearer and more unambiguous than now. Every facet of our national life is deteriorating. Governance has been reduced to mediocrity, incompetence and impunity. I have no doubt in my mind that this journey is difficult.”

He also said no matter how difficult, the journey was worth embanking on because the nation was in dire need of salvation.

Kwankwaso said should he get the job, he would concentrate on the restoration of peace and security to the country by defeating the Boko Haram sect.

He said, “Lives and properties of our citizens must be protected and secured. Boko Haram and all forms of insurgency must be defeated. As a government, we cannot afford to live in denial. Insecurity is escalating at an alarming rate.

“Little wonder rag-tag insurgents are taking over cities and towns in the North-East. My experiences as Nigeria’s Defence Minister and as a Special Adviser on war-torn Darfur and Somalia have shown me that securing a nation and fighting and defeating armed insurgents is only achievable if the forces are professionally mobilised, properly kitted and equipped, highly spirited and correctly armed with intelligence and ammunition. My experiences have shown me that technology must be deployed in addition to mobilising and cultivating the support of local communities.”

The aspirant said relegating the welfare of the Armed Forces and the Nigerian Police Force to the background would only help in compounding the phenomenon.

He maintained that the APC as a party understood all these very well. That was why it was requesting Nigerians to come together and vote for the party.

“Our journey to economic prosperity will always be imperiled if the peace and security of movements of persons and goods cannot be guaranteed. Stopping these menaces does not require rocket science,” he added.

Kwankwaso also promised to give priority to the war against corruption by running a transparent and an all-inclusive government.

He noted that the impunity with which corruption was being perpetrated, promoted, and protected by the present PDP administration left no patriotic Nigerian in doubt that the government was working deliberately and with determination to impoverish Nigerians.

Nigerians, he said, had a duty to stop such people to save our country.

He also promised to build strong institutions which would take on the anti-graft war without minding whose ox is gored. He reeled out his achievements in various public offices he had held and promised to do better if given the chance.

He also promised to restore Nigeria’s global image through the overhaul of the nation’s foreign policy.

When contacted, the Deputy National Publicity Secretary of the PDP, Alhaji Abdullahi Jalo, referred our correspondent to the party’s national publicity secretary.

Calls put through to the National Publicity Secretary of the party, Chief Olisa Metuh, were neither picked nor replied.

A response to a text message sent to him was being awaited as of the time of filing this report.

After collecting their N24m, PDP rejects two presidential aspirants

 Dr. Abdul-Jhalil Tafawa-Balewa

A fresh crisis is brewing in the Peoples Democratic Party over the insistence of some of its members to contest its presidential primary with President Goodluck Jonathan.

But the national leadership of the party has refused to sell its presidential nomination and expression of interest forms to two other presidential aspirants.

Two of the aspirants, Dr. Abdul-Jhalil Tafawa-Balewa and Prof. Akasoba Duke-Abiola, were at the national secretariat of the party in Abuja on Tuesday to purchase the forms, but they were turned back.

First to arrive was Tafawa-Balewa, who hails from Bauchi State. He is also the son of Nigeria’s First Republic Prime Minister, the late Abubakar Tafawa-Balewa.

It will be recalled that all the caucuses of the party, including the National Executive Council had endorsed President Jonathan as its sole presidential candidate.

Tafawa-Balewa had on September 21 condemned the action, which he said was a plot by the leadership of the party to frustrate other presidential aspirants.

He insisted that he would not be intimidated by such a decision and vowed not to be cowed.

He wondered the type of democracy that was being practised by the PDP.

He had asked, “What type of democracy do we have? Is the PDP a communist party? Where is the place of internal democracy?”

On Tuesday, Tafawa-Balewa stormed the party’s national secretariat with his supporters and bank tellers, with which he had hoped to purchase the presidential nomination and expression of interest forms.

The bank tellers indicated that he deposited N22m into the account of the party with Zenith Bank.

The breakdown of the fees showed that he paid N20m as nomination fee and another N2m for the expression of interest form.

He paid the money into the party’s account Number 1012436478 with the Zenith Bank.

Rather than being issued his forms, the aspirant claimed that he was told by officials of the party that the forms were not ready.

The party is expected to stop the selling of forms to all the aspirants on Thursday (tomorrow).

Tafawa-Balewa said he was told that all other forms were on sale except the presidential nomination and expression of interest forms.

He said, “I have paid for my forms. I was however told that they don’t have the forms ready. No matter, I am still here. I will send some of my people here on Thursday to come and pick the forms.”

He said he went to the office of the Secretary of the party, Prof. Wale Oladipo, and the National Organising Secretary, Alhaji Abubakar Mustapha, but was denied the forms.

Asked whether he was not aware that all the party organs had endorsed the President, Tafawa-Balewa said those organs were mere little organs of the party and were not superior to its Constitution.

Speaking on the refusal of the party to present her with her forms, Duke-Abiola, who is one of the widows of the late Chief MKO Abiola, described the action of the party as questionable.

Displaying the Diamond Bank Teller with which she paid her N2m to the party’s bank account, Duke-Abiola wondered why the party would issue her receipts and refused to sell the forms to her.

Female aspirants, like her, are expected to pay just N2m for the expression of interest form while the nomination form is free for them.

The party claimed it took the decision to encourage female aspirants to run for elective offices.

The presidential aspirant said she was told by the National Chairman of the party, Alhaji Adamu Mu’azu and Mustapha that the party printed only one form.

She said, “I have the receipt from the party after paying my money. But they said they printed only one presidential nomination form, even though the guidelines do not say that.

“The NOS and the National Chairman said the party printed only one form. I asked that they should give the one they printed to me since I was there. They laughed and said whether I didn’t know who they printed it for. This is a fraud.”

She said that she would not ask for a refund of her money, but that the party must sell the forms to her, having paid for them since she said there was vacancy in Aso Rock.

In his reaction, the National Publicity Secretary of the party, Chief Olisa Metuh, said he was not aware that the aspirants came.

He said he would need to find out from Mustapha before he could react to the allegations.

Asked if the party would sell presidential forms to other aspirants, he said he would also consult Mustapha.

“I will have to find out from the national Organising secretary, because I’m not directly involved in the selling of that forms. I’m only involved in the management of the image of the party,” he said.

NLC boss slams Buhari, Obasanjo over Muslim-Muslim ticket row

 

Fomer Head of State, Maj-Gen. Mohammadu Buhari (retd.)

Vice-President of the Nigeria Labour Congress, Comrade Issa Aremu, has said it was wrong for a former Head of State and a presidential aspirant of the All Progressives Congress, Maj.-Gen. Muhammadu Buhari (retd.) to have said that he would not mind a Muslim-Muslim presidential ticket.

He also said that it was inappropriate for a former President, Chief Olusegun Obasanjo, a to have warned against a Muslim-Muslim ticket.

Aremu spoke in an interview with journalists during the 26th Annual National Education Conference of the National Union of Textile, Garment and Tailoring Workers of Nigeria and the Nigeria Textile, Garment and Tailoring Employers’ Association in Ilorin, Kwara State, on Tuesday.

He said that religion should not be a consideration or a factor in choosing candidates in the 2015 elections.

According to him, using religion as a basis for choosing candidates could lead to further problem as there are different groups or sects in Islam and Christianity.

Aremu said only the constitutional provision should be adopted in choosing candidates.

He said, “It is wrong for both former President Olusegun Obasanjo and General Muhammadu Buhari to have mentioned Muslim-Muslim or Christian-Christian ticket for the 2015 presidential elections. It is a wrong mindset, just like Obasanjo was wrong to say we need Muslim-Christian balance. The balance Nigeria is looking for is good governance balance. We are looking for a president as defined in Nigeria’s Constitution regardless of religious background, who is willing to guarantee the welfare and security of Nigerians.

“The problem of their age as well as the bankruptcy of the age of their ideas; modern Nigerians are ordinary people who settle everywhere to work anywhere. For example the way Obasanjo became head of state in the unfortunate coup of 1976 nobody looked at religious issue, we just moved on as he was the next in command to the late General Murtala Mohammed.”

“If it were today’s Nigeria people would be reading double meaning into it and they would put the country in jeopardy. In this country, the late Moshood Abiola never saw his presidential ticket with that of Baba Gana Kingibe as Muslim-Muslim stuff and the whole country voted for them. In fact, Abiola had votes almost 90 percent in largely Christian dominated area of Akwa Ibom State. People followed Abiola because of his avid commitment to good governance and ability to say farewell to poverty. For me that is the issue and I want to say let’s change the debate from that unhelpful narrow religious divide to serious issue of constitution.

“The two Generals’ comments clearly show lack of civility. Whoever will drive our democracy must be strong civilians who have civil outlook. We are tired of these Generals who will heat up the polity. Their language is not civil. No serious civilian will be talking of North-South candidates or Muslim-Christian candidates. Civilians fought for our independence for us, not soldiers. So if civilians fought for independence for us they should run it for us.”

‘Akinjide sold Ladoja to Patience Jonathan’

Minister of State, Federal Capital Territory, Olajumoke Akinjide.

A political group in support of the return of a former governor of Oyo State, Adebayo Alao-Akala, in 2015 on Tuesday alleged that the Minister of State for Federal Capital Territory, Jumoke Akinjide, was behind the move to ensure that another former governor, Rashidi Ladoja, emerged as the Peoples Democratic Party candidate.

Ladoja is the National Leader of the Accord Party and the party’s governorship candidate. Rev4mation's world reported on Monday that Patience Jonathan had reportedly tried to persuade a PDP leader in Oyo State, Yekini Adeojo, as well as some governorship aspirants, including Alao-Akala and Teslim Folarin, to accommodate Ladoja in the party during a meeting at Aso Rock in Abuja.

The group, Team Akala, said Akinjide was taking advantage of her relationship with the wife of the President to sell Ladoja to the PDP.

It said, “The information being circulated by loyalists of Senator Rasheed Ladoja is not true. The outcome of the two meetings held with both the First Lady and Senate President, David Mark did not in any way pick Ladoja as the flag bearer of the PDP.

“The meeting with the President’s wife was precipitated on the attempt by the Minister of State for FCT, Chief Jumoke Akinjide, to force the Presidency to adopt Ladoja. The meeting was informed that Ladoja is the National Leader of Accord Party and the governorship candidate of the party in the state for 2015 election and the move to lure him in was rejected.

“The meeting concluded that the former governor, who contributed to the loss of PDP in 2011, should return to the party through the normal process and vie for the ticket.

“The party was advised to either reduce the number of its governorship aspirants to two or three or agree on a consensus candidate, whose political structure is strong enough to win in 2015. We are of the strong opinion that Alao-Akala is the man that can do that perfectly.”

 Zambian president ‘King Cobra’ dies in UK

Zambian President Michael Sata

Zambian President Michael Sata, who was nicknamed “King Cobra” for his fiery tongue and larger-than-life personality, has died, the country’s national radio said Wednesday morning.
He was 77.

Officials did not disclose a cause of death. But Sata had traveled to London for unspecified medical treatment last week.

He died in a hospital there Tuesday evening, the government-owned Zambia Daily Mail said.
Sata took office in September 2011 after the incumbent President tearfully conceded in a televised speech, a rare moment in a continent known for volatile elections and leaders fighting their defeat tooth-and-nail.

Analysts hailed his election as an example of an African nation with a vibrant democracy. But not too long after he took office, speculation swirled over his lack of visibility — which especially stood out for a man who loves the spotlight.

Aides said his absence was a result of private international visits, and maintained those trips had nothing to do with medical treatment.

The nation’s bloggers have frequently criticized what they describe as “absence of leadership,” leading him to make a surprise appearance in parliament last month and declare that he was not dead.
Sata was born in the Zambian town of Mpika in 1936, and worked as police officer during the colonial administration. He later trained as a pilot in Russia before returning home and helping develop housing projects in the nation.

During Zambia’s struggle for independence from Britain, he jumped into politics, and later founded the Patriotic Front — then an opposition party. His campaign events electrified crowds drawn to his extroverted nature and fight for the average man.

Sata, who narrowly lost to his predecessor Rupiah Banda in 2008, was a major critic of Chinese investment in the nation’s copper industry. He especially targeted foreign companies that mistreat Zambian workers, making him popular among the nation’s miners who accused the Chinese of deplorable work conditions.

While in office, he warned foreign companies that while their investment is crucial to his nation, they must abide by the labor laws.
The veteran politician has served in other positions, including city council, member of parliament and cabinet minister for local government.
Before his election, the tiny, copper-rich nation in southern Africa had been ruled by the same party for decades.