The Minister of State for Finance, Dr Yerima Ngama, on Monday said the Investments and Securities Tribunal (IST) was critical to the growth and smooth operation of the capital market. Ngama, who made this known in Abuja at the inauguration of the IST b...
The Nigeria Deposit Insurance Corporation (NDIC) on Monday urged judges of the Federal High Court to be `hard on Bank fraudsters', so as to restore depositors' confidence.
Alhaji Umaru Ibrahim, the Managing Director of the Corporation, made the call at a sensitisation seminar on ``The Challenges to Deposit Insurance Law and Practice’’, for judges.
Ibrahim said that the judges' understanding was needed to abate the fraud in the banking system.
He said that deliberate efforts should be geared towards quick dispensation of all pending liquidation-related cases.
Ibrahim said the corporation was faced with difficulties in the execution of court judgments.
He said the corporation had a vulnerable funding base, as well as difficulties in recovering debt owed to failed banks by debtors.
According to Ibrahim, most of the problems stem from poor public awareness and inadequate legal framework.
``The Nigerian judiciary, legal practitioners and other esteemed stakeholders have important roles to play in ensuring that the mandate of the Corporation is realised.
``As our partners and stakeholders, I urge you to use your good offices and privileged positions to ensure that the corporation is empowered to safeguard the Nigeria banking system.
In his opening address, Justice Ibrahim Auta, the Chief Judge of the Federal High Court, said the seminar was necessary to keep judges abreast with the operations of the NDIC, and the sustenance of the country’s economy.
``Acquiring such technical capacity will certainly enable us to make efficient, effective and informed decisions based on law for the interest of the nation’s economy,’’ Auta said.
The News Agency of Nigeria (NAN) reports that the court, which has exclusive jurisdiction over NDIC cases, handles the prosecution of directors and officers of banks suspected of banking malpractices.
Trading on the Nigerian Stock Exchange (NSE) opened on Monday for the week on a positive note with the All-Share Index appreciating marginally by 0.13 per cent.
The News Agency of Nigeria (NAN) reports that the index improved by 41.25 points to close at 32,890.36 against the 32,849.11 achieved on Friday.
Similarly, the market capitalisation, which opened at N10.51 trillion, grew by N12 billion to close at N10.52 trillion.
NAN reports that Total recorded the highest price gain of N6.69 to close at N154.80 per share.
Nestle trailed with a gain of N5 to close at N841 while NewGold gained N3 to close at N2,428 per unit.
On the other hand, GlaxoSmithkline led the losers' chart, losing N1.01 to close at N48.99 per share.
It was followed by Nigerian Breweries with a loss of 50k to close at N162 per share.
Portland Paint lost 26k to close at N5.09, while Studio Press dropped 13k to close at N2.52 per share.
The volume of shares traded increased by 62.34 per cent as a total of 700.21 million shares worth N2.68 billion exchanged by investors in 5,725 deals.
This was against the 431.59 million shares valued N5.33 billion traded in 5,587 deals on Friday.
Unity Bank drove the volume, accounting for 418.48 million shares worth N323.47 million.
FTN Cocoa came second with 41.31 million shares valued N23.02 million, while Studio Press accounted for 22.60 million shares worth N56.96 million.
The market capitalisation of the Nigerian Stock Exchange (NSE) dropped by N106 billion last week to close at N10.51 trillion against the N10.62 trillion posted in the preceding week.
According to statistics made available to the News Agency of Nigeria (NAN) in Lagos on Monday, the All-Share Index also lost 334.09 points or 1.01 per cent to close at 32,849.11.
This was against the 33,183.20 posted the previous week.
In the week under review, Nestle topped the losers' table with N50 to close at N836 per share.
It was followed by Guinness which lost N11.50 to close at N265, while Dangote Cement lost N5.49 to close at N142.50 per share.
Conversely, UACN led the gainers' chart with N4.10 to close at N54.10 kobo per share.
Oando came second with N2.96 to close at N17.94 per share, while Unilever gained N2.14 to close at N19.76 per share.
Similarly, the volume of shares traded declined by 1.93 billion shares worth N20.99 billion.
This was against the 2.28 billion shares valued at N24.63 billion traded in 28,170 deals in the corresponding week.
The Financial Services sector was investors' delight as it accounted for 1.51 billion shares worth N13.53 billion in 17,688 deals.
Capital market operators told NAN that the lull in the capital market last week was due to the poor dividend declared by Nestle and Nigerian Breweries for their 2012 financial year.
Mr David Adonri, the Chief Executive Officer, Lambeth Trust & Investment Company Ltd., said that most investors were disappointed by the dividends declared by Nestle and Nigerian Breweries.
Adonri also attributed the market downturn to over valuation of some stocks due to prolonged bullish trend.
"Due to the prolonged bull run, several stocks became over valued and market correction set in when speculators started taking profit, thus inundating the market with excessive supply of stocks.
Alhaji Rasheed Yussuf, the immediate past President, Association of Stockbroking Houses of Nigeria, said that the market was expecting 2012 results of companies that could propel activities.
Yussuf said that the market was expecting financial results, particularly from the banking sector that could meet investors’ expectations in terms of dividends.
He, however, urged investors to take advantage of the current low price of equities to increase their stakes in the market.
Another stockbroker, Mr Emma Ndu, called for macroeconomic policies and decisive interventions by market makers to ensure stability in the market.
Ndu said that the Federal Government should speed up its privatisation process, implement its 2013 budget effectively and pass the Petroleum Industry Bill to increase liquidity in the market.
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The 35th General Assembly of African soccer's governing body, CAF, enters the second day in Marrakech, Morocco, on Sunday, with the election of the confederation's officials, including the president.
Incumbent CAF President, Issa Hayatou, who was first elected to the post also in Morocco 25 years ago, is sure to retain the presidency, because he is the only candidate.
The Court of Arbitration in Sports (CAS) which is based in Switzerland, paved the way for Hayatou to be returned unopposed after ruling last week that his possible opponent, Jacques Anouma of Cote d'Ivoire, was not eligible to contest.
CAS ruled on Tuesday that the CAF Executive Committee had jurisdiction to refuse Anouma's candidature.
It added that CAF Statutes adopted in September 2012 were applicable in assessing the validity of the candidates in the presidential election.
The ruling also said that Anouma did not meet these criteria because he had never been a member of the CAF Executive Committee.
Last year, CAF confirmed that the 66-year old Hayatou will be unchallenged for re-election.
This followed a controversial amendment that was made to the confederation's statutes last September, when member nations voted to introduce a measure that will permit only executive committee officials to run for the organisation's presidency.
Hayatou, who has said this will be his last contest for the CAF presidency, is the fifth CAF president and by far the longest serving.
His predecessors are Ethiopian Ydnekatchew Tessema, who served 15 years, Egyptian Abdel Aziz Moustafa (10 years), Sudanese Abdel Halim Mohammad (5 years) and Egyptian Abdel Aziz Abdallah Salem (1 year).
Apart from the election into the CAF presidency, there will be elections for four executive committee positions, while Algerian Mohamed Raouraoua and Sudanese Magdi Sham El Din have been returned unopposed.
The CAF general assembly had opened on Saturday with a colourful ceremony depicting the diversity of the African continent.
Declaring the congress open, Hayatou said Morocco held special memories because the north African country hosted the congress at which he was elected president for the very first time.
He said the country had been a great, willing and constant supporter of African football for a long time.
Among those who attended the opening were the presidents of the 54 national associations and FIFA President Sepp Blatter.
Blatter hailed Hayatou’s leadership of African football over the last quarter of a century, saying African football has become world famous and made commendable strides during this period.
He also commended Morocco for the continued development of its football infrastructure and recent launching of professional league.
The FIFA President added: “As a result, Morocco will become the first African nation to host FIFA World Club Cup in December this year and that is in recognition of the enormous work Morocco, through the guidance and leadership of King Mohamed VI, has undertaken.”
President Goodluck Jonathan has promised more support for the development of the Nigeria Police Games, to enable it to discover more talents for international competitions.
Jonathan made the promise in Port Harcourt during the closing ceremony of the 10th Biennial Police Games.
The president said that the support was necessary to promote sportsmen and women in the police force and to also enhance the nation's sports development.
Represented by Vice-President Namadi Sambo, the president said that the importance of Nigeria Police to securing the nation could not be over-emphasised.
''The history of Nigeria will not be complete without the roles the police played to the development of the country,'' Jonathan said.
He said that Nigeria recorded a remarkable achievement from the police force, commending the legends that had been discovered through police games.
''To all the participants in the 10th biennial games in Port Harcourt, I urge you to consider your participation in the games as an honour to Nigeria,'' he said.
The Inspector-General of Police, Mr Mohammed Abubakar, said that the games had been a breeding ground for discovering of stars in the country.
''The best of Nigeria Police has been displayed in the games; I urge those that participated not to rest but to utilise their talents.
''The time demands that you must work hard for you to become a legend,'' Abubakar said.
The Rivers Governor, Chibuike Amaechi, congratulated the organisers of the games, and expressed optimism that the aim of the games had been achieved.
''We have seen unity among the police and the entire Nigerians; I hope they have learnt much about Rivers state,'' Amaechi said.
Represented by his Deputy, Mr Tele Ikuru, the governor said that unity, which was one of the objectives of the games, must have been achieved through interactions among the participants.