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NSE Market Capitalisation Rises By N24bn

Trading on the Nigerian Stock Exchange closed  for the week on bullish note on Thursday with the market capitalisation appreciating by N24 billion.

This was due to price gains by some highly capitalised equities.

The News Agency of Nigeria (NAN) reports that the market capitalisation, which opened at N10.71 trillion, grew by 0.22 per cent or N24 billion to close at N10.73 trillion.

Also, the All-Share Index increased by 67.35 points or 0.20 per cent to close at 33,536.24 against the 33,468.89 posted on Wednesday.

NAN reports that NewGold recorded the highest price gain, rising by N11 to close at N2,466 per unit

Nestle came second on the gainers' table with N10 to close at N950, while Total gained N8.05 to close at N169.05 per share.

Okomuoil appreciated by N1.90 to close at N72.30, while Lafarge Wapco gained N1.71 to close at N76 per share.

Market analysts attributed the growth to improved 2012 financial result and dividends declared by some companies within the week.

On the other hand, Dangote Cement for the second consecutive day led the losers' chart, lost 71k to close at N148.50 per share.

It was followed by International Breweries with a loss of 25k to close at N21.20, while NAHCO Aviance lost 21k to close at N7.49 per share.

May and Baker dropped 11k to close at N2.19, while Africa Prudential Registrar lost 8k to close at N1.62 per share.

 The volume of shares traded grew by 49.58 per cent as 456.72 million shares valued at N3.58 billion exchanged in 7,340 deals.

NAN reports that this was in contrast with 305.32 million shares worth N3.39 billion traded in 5,473 deals on Wednesday.

Skye Bank emerged the toast of investors, accounting for 74.90 million shares worth N473.38 million.

UBA Capital trailed with 34.73 million shares valued at N42.96 million, while Unity Bank traded 34.45 million shares worth N28.29 million.

NAN reports that the stock market will re-open on April 2, as Friday and Monday have been declared public holidays to mark the Easter celebration.

 

Continue ReadingNSE Market Capitalisation Rises By N24bn

Group demands N100m compensation over killing of corps member

The League for Human Rights, based in Jos on Wednesday demanded N100 million compensation from the Nigerian Army over the alleged ``extra-judicial killing'' of a 26-year-old NYSC member.

Making the demand in a statement issued in Jos, the group alleged that the corps member, Wagley Dauda, was shot dead by a soldier at NASCO Area of Jos on Feb. 16.
 
The statement entitled: `Extra-Judicial Killing of Wagley Dauda, said that the killer-soldier was attached to the Special Task Force (STF) deployed to restore peace in Plateau.
 
The Director of the organisation, Mr Nankin Bagudu, who signed the statement, said the brutal murder of Dauda at about 11a.m. on the fateful day was done by soldiers of the STF who mounted a checkpoint in the area.
 
He said that Dauda met his untimely death as a passenger in a taxi marked, EW 336 AA, after soldiers at the checkpoint accused the driver of driving against traffic.
 
Bagudu said that at around PIPC Quarters, a soldier whose identity is still shrouded in secrecy came over and stopped all vehicles that drove against traffic.
 
``He ordered them to drive back but while complying, a soldier shot at the driver and in the process the bullet hit and killed Dauda who was a back seat passenger.
 
``Dauda has a wife and is a staff of the University of Jos, he later died at JUTH that same day,“ the statement said.
 
Bagudu noted that efforts to see the STF Commander over the incident had been futile as he had directed the bereaved family to the driver of the cab in which Dauda was killed, claiming that the STF had nothing to do with the death.
 
The organisation said the family was more devastated over the attitude of the STF Commander and had decided to ask for the handing over of the soldier to the police for prosecution.
 
While asking for a compensation of N100 million to the family for ``the brutal and unprovoked killing of their bread winner'', the league also demanded a retraction of the statement of the STF Media Officer, Capt. Salisu Mustapha, which claimed that the driver tried to escape and did not subject himself to search at the time.
 
In the same vein, Dauda's family in a letter addressed to the STF Commander, Gen. Henry Ayoola, said that Dauda was a member of their family and called for an audience with the STF.
 
The letter, jointly signed by Mr Sati Watley and Mr Markus Watley, said that the STF had made a verbal promise to them after the incident to bear the cost of the burial but regretted that the commander had been shunning meeting with them.
 
``The family found it extremely shocking on Monday when we went to present to the commander the funeral service programme.
 
``We were further shocked when we were told that the STF had nothing to do with the death of the deceased and that the family should see the driver of the commercial vehicle.
 
``We wish to request that you give us audience to discuss this matter so that a better understanding and arrangement is reached,” they pleaded.
 
Efforts to get the views of the STF was, however, futile as the Media Officer, Capt. Salisu Mustapha, failed to respond to calls and SMS put to him.

Continue ReadingGroup demands N100m compensation over killing of corps member

PDP Commends Anenih’s Efforts At Reconciling Aggrieved Party Members

The PDP has commended the intervention and efforts of Chief Tony Anenih, the Chairman of the party's Board of Trustees (BoT) in reconciling the aggrieved party members.

The National Publicity Secretary of the party, Mr Olisa Metuh, made this known in a statement on Tuesday in Abuja.

He said that Anenih`s effort was complementary to the realisation of the goals of the current National Working Committee (NWC) of the party.

The News Agency of Nigeria (NAN) reports that the PDP NWC on March 15, commenced a tour of the six geopolitical zones of the federation to reconcile aggrieved party members.

The tour, which was rounded up on March 24 with a grand finale in Abuja, marked the one year anniversary of the Tukur led NWC of the PDP, which came into existence on March 24, 2012.

Metuh said that Anenih had lived up to his reputation as a consensus builder and a strong believer in the supremacy of the party since his election as BoT chairman.

He said that he had always been promoting the advancement of collective interests over and above narrow interests.

``His intervention at a time the NWC has embarked upon a tour to achieve total reconciliation and engender internal cohesion is worthy of commendation," the PDP spokesman said.

He expressed confidence in the BoT chairman's ability to use his experience, wide contacts and wisdom to bring all PDP members together for the common goal of providing qualitative service to the people.

Metuh said that the PDP national chairman was particularly delighted with the synergy between the BoT under Anenih, the NWC, and the PDP Governors forum.

``Anenih is knitting the party together in the midst of unfounded speculations of disunity,’’ Metuh said.

He said that the PDP remained the most united and formidable political movement and the best platform for political expression in Nigeria, a credential which could not be pocessed by other parties.

Metuh commended PDP Governors Forum under the chairmanship of Gov. Godswill Akpabio of Akwa Ibom, for standing firm and remaining undaunted in spite of efforts by opposition to discredit the forum.

"Our governors are the pillars of our party, they are the vital channels for the translation of our manifesto to practical reality.

``It is, therefore, of utmost necessity that they remain united and focused for the sake of our people," Metuh said.

He gave the assurance that the PDP NWC would ensure that all individuals and tendencies within the party were totally reconciled in fulfilment of the party's national chairman's political development agenda.

Continue ReadingPDP Commends Anenih’s Efforts At Reconciling Aggrieved Party Members

Tambuwal Assures NANS Fairness Over Disputed Anambra Federal Constituency Seat

House of Representatives' Speaker  Aminu Tambuwal on Tuesday in Abuja said the House would always follow due process in resolving crisis stemming from disputed seat.

The Speaker gave the assurance to the National Association of Nigerian Students (NANS) who had earlier protested the delay in  swearing-in of Nwoye as the new representatives of Anambra East/West Federal Constituency.

Tambuwal explained  that he was not in any way against the swearing in of Nwoye, adding however, that he would have to follow due process. 

According to him, the case between Tony Nwoye and Chriscato  Ameke is still in court, and  the House will ensure that none of the parties in dispute  suffers injustice.

"We will take up this matter to do the right thing, this matter will receive due attention," the Speaker assured.

Tambuwal stressed the need for the students protest of solidarity to be extended to other Nigerians aside from a former member of NANS.

Earlier, the  NANS President, Mr Yinka Gbadebo, presented a letter to the House leadership, issuing a 72-hour ultimatum within which Nwoye would be sworn in as Member of the House.

He later extended the ultimatum to April 16 when the House is scheduled to resume from recess.

The New Agency of Nigeria (NAN) reports that Nwoye, on July 13, 2012, secured a court order mandating INEC to recognise him as the candidate of the PDP for the Anambra East/West  Federal Constituency.

The Supreme Court had earlier ruled  that Mr Chriscato Ameke, occupying the disputed seat, never participated in the said election in Anambra State.

INEC on July 16, 2012, issued Nwoye with a certificate of return and withdrew the initial one issued to Hon. Ameke in obedience to the judgement.

However, Nwoye did not  take oath of office on August 17, 2012 as anticipated because  the Office of the Clerk to  the National Assembly failed to do the necessary documentation in order for him to be sworn in .     

The students also recalled a letter dated March 14, 2013, and written by the Director of Legal Services at  the National Assembly,  advising  the Speaker and Clerk of the House to swear in Nwoye .

This followed the judgement of the  Enugu Division of the Court of Appeal of Feb. 27, 2013 striking out the  Notice of Appeal and Motion for Stay of Execution filed by Hon. Ameke.

They further noted that Nwoye was still not sworn in despite the fact that a four-man panel headed by Rep. Ishaka Bawa had recommended that he should be sworn in.         

Nwoye is contesting the Anambra East/West  Federal Constituency seat with Ameke currently occupying the seat.

The bone of contention  is about the rightful candidate of PDP in the  party's primaries in 2011 between Nwoye and Ameke as the PDP eventually won the seat. 

Continue ReadingTambuwal Assures NANS Fairness Over Disputed Anambra Federal Constituency Seat

INEC Explains Refusal To Register Africa People’s Congress

The Independent National Electoral Commission (INEC) said that it did not register the African People Congress (APC) as a political party because it did not meet the conditions for registration.

The INEC Director of Public Affairs, Mr Emmanuel Umenger, told the News Agency of Nigeria (NAN) on Tuesday in Abuja that the commission’s letter to APC was unambiguous on the issue.

Umenger said that it was left for the party to prove the commission wrong.

He said: “INEC as a law obeying body, relates with stakeholders in the electoral process basically on what the law of the land says. Our relationship with the stakeholders is determined by the relevant sections of the law.

“We don’t go outside the law, INEC has premised the non-registration of APC on its inability to satisfy the requirements of section 222a of the 1999 constitution as amended.”

Umenger said that the commission also observed that there were some gaps in the form PA1 which was given to the political association.

“In our acknowledgement, 20 copies of the commission's prescribed form PA1 were forwarded to the association for completion and return to the commission with affidavit in support of the claims in the form.

“Also, we listed other requirements to include establishment of party headquarters in the FCT with proof of ownership, constitution and manifesto of the political association,’’ he said.

According to him, the requirements also include evidence of payment of registration fee, and the association’s logo.

Umenger said as far as the law was concerned, APC did not meet the conditions, therefore, the commission had rejected the application of the APC to be registered as a political party.

However, the director said that the party was at liberty to apply for registration under a new name.

Continue ReadingINEC Explains Refusal To Register Africa People’s Congress