Thursday, November 11, 2010

Market defies industrial action as investors stake N4.6b

ACTIVITIES at the nation’s capital market yesterday, continued as usual, as authorities of the Nigerian Stock Exchange (NSE), investors and other stakeholders defied call for industrial action.
Despite the nationwide strike action, equities transactions on the floor of the Exchange were on the upbeat as investors staked a total of N4.6 billion on 557.2 million shares yesterday, compared with a total of 524.8 million shares valued at N3.98 billion traded in the previous day.
Similarly, corporate performance indices of the Exchange closed the day on a bullish note, as the All-Share Index rose by 32.84 points or 0.12 per cent from 25,383.37 points recorded on Tuesday, to 25,416.21 points yesterday, while market capitalisation of listed equities appreciated by N11 billion or 0.13 per cent from N8.105 trillion to N8.116 trillion.
With transactions done in 3,259 deals, the banking sub-sector remained the most active in volume terms trading 300.9 million shares worth N2.3 billion followed by the insurance sub-sector with 141.4 million units valued at N83.2 million, while the mortgage companies sub-sector ranked third with 21.9 million shares valued at N13.4 million.
Accounting for the volume of transactions in the equities sector, 58 million shares of Union Bank of Nigeria Plc worth N284 million buoyed the sub-sector’s volume, while Zenith Bank Plc’s 34 million units valued at N 519.6 million followed in 407 deals.
Similarly, African Alliance Plc’s 104.6 million shares worth N52 million enhanced activities in the insurance sub-sector, while the mortgage companies sub-sector was boosted by activities in the shares of Resort Savings and Loans Plc, which traded 14. 8 million shares valued at N7.4 million in eight deals.
On the day’s price movement chart, Nigerian Breweries Plc traded higher at the end of yesterday’s transactions, leading 47 other stocks with 197 kobo to close at N78.97 per share, followed by Lafarge WAPCO Plc, with 149 kobo to close at N42 per share.
Other gainers of yesterday’s transactions include Cadbury, Oando, and Ashaka Cement, adding 100 kobo, 100 kobo and 90 kobo to close at N29, N66 and N24.50 per share each.
Dangote Flourmills, Zenith Bank and Cement Company of Northern Nigeria garnered 79 kobo, 73 kobo and 70 kobo to close at N16.78, N15.40 and N14.70 per share respectively.
Furthermore, Ecobank Transnational Incorporated added 69 kobo to close at N16, while Nigerian Aviation Handling Company gained 46 kobo to close at N9.96 per share.
However, Dangote Cement topped the losers’ chart with 672 kobo to close at N127.94 per share, while Conoil followed with 204 kobo to close at N38.94 per share.
Similarly, Flourmills, African Petroleum, Nigerian Bottling company lost 98 kobo, 94 kobo and 60 kobo to close at N70.02, N24.00 and N31.95 per share each.
Unilever and UPL shed 50 kobo and 34 kobo to close at N28.00 and N6.48 per share each, while May& Baker and Berger also dropped 21 kobo and 20 kobo to close at N4.40 and N8.00 per share respectively.

Biometric enrolment: 40,000 ghost pensioners weeded out of payroll -FG

THE Federal Government, on Wednes day, said the biometric enrolment of federal pensioners and those with states share conducted in June this year, has yielded tremendous result as about 40,000 ghost pensioners were weeded out of the government’s payroll.

The Head of Civil Service of the Federation, Mr. Stephen Oronsaye, who disclosed this in Abuja, said another N15 billion was saved by the Federal Government through the review of the Group Life Insurance Scheme for the federal workers.

Oronsaye said in spite of the controversy that characterised the conduct of the biometric capture of the federal pensioners, he was fulfilled that the gains had far outweighed the cries and hues that greeted the exercise, saying people were always resistant to change.

He said the verification and biometric enrolment of pensioners would enable government to determine the accurate number of pensioners, accurate amount of monthly pension liability, build a database of pensioners’ information that would be used to facilitate as well as streamline the administration and direct payment of monthly pensions.

He said before the exercise, his office was inundated with complaints of non-payment of pension, and others who had retired so many years ago were not captured in the payroll and about N24 billion was being paid by the government monthly for the pension.

He added that investigations by his office made startling revelations that there was collusion, recycling of documents, and introduction of fake pensioners.

Seized weapons meant for Nigeria -SSS declares •Arrests clearing agent, consignee

THE Department of State Security Service (SSS), on Wednesday, cleared the mystery surrounding the actual destination of the arms and ammunition seized at the Apapa Ports in Lagos recently, saying that the destination of the cargo was Nigeria, contrary to claims that it was meant for another country.

Briefing newsmen in Abuja on the update of the seized arms and the Warri and Abuja bomb blasts, SSS spokesperson, Mrs Marilyn Ogar, Assistant Director, Public Relations, disclosed that available facts at the disposal of the Service showed that the destination of the cargo was Nigeria.

Ogar, who gave account of how the illegal cargo came into Nigeria before the seizure, explained that its bill of laden actually read, “building materials comprising glass wood and pallets of stones with destination as Nigeria.”

She declared that with this development backed up with necessary documents, “any argument that the cargo came into this country by mistake is false.”

According to her, “the ship that carried the cargo arrived at the Tin Can Port on 10th July, 2010 with 371 containers from which 85 were discharged at Frano Bonded Warehouse, Cele-Ijesha area of Lagos. The said ship departed on 11th July, 2010.

“On 20th October 2010, 13 containers out of the 85 were moved from Frano to AP Molar Terminal Apapa Port, where service personnel requested 100 per cent inspection of the containers,” she explained further.

Mrs Ogar, who assured that the Service would get to the root of the matter with the ongoing investigations, said that at present, both the consignee and the clearing agent were in their custody and declined to reveal the identities of the suspects due to ongoing investigations.

On the Warri and Abuja bomb blasts, Ogar said that further investigations had revealed that the two blasts were perpetrated by the same group allegedly under the supervision of Henry Okah, who is currently facing trial in South Africa.

She, however, disclosed that more suspects, including Lagos-based car dealers and a welder connected with the blasts had been arrested along with the receipts for the cars used in the bombing.

She explained that after the purchase of the cars, they were moved to Charles Okah’s residence in Apapa, Lagos, where the welder, welded the compartments in the cars for housing the bombs from where they were subsequently moved to Port-Harcourt and then finally to Abuja.

Ogar equally disclosed that some suspects had been nabbed over the Warri bomb blasts as they were the same set of people allegedly used by Henry Okah to execute the October 1, 2010 bombings in Abuja.

She explained that investigations had revealed that Henry Okah allegedly came from South Africa for the Warri bombings, purchased the cars which were used for the operations, moved them to the welder and later to the house of one of the suspects on March 13, 2010 where he personally wired the bombs.

According to her, “on 14th March, 2010, Okah departed the country, apparently to create an alibi for himself over the bombings that eventually took place the next day.”

On the alleged secret trial of the suspects, Ogar denied the claims, saying that, “the Service has been absolutely procedural and lawful in the ongoing prosecution of the affected suspects.”

Africa exceeds 500m mobile phone subscriptions mark


THE number of active mobile phone subscriptions in Africa has crossed the half-a-billion mark in the third quarter of 2010 to reach 506 million at the end of September 2010.

This development has been attributed to the various investments across the continent in telecommunications infrastructure, especially the landing of the various submarine cables across Africa.

Presenting the latest research on Africa’s telecommunications industry at the on-going AfricaCom telecommunications exhibition in Cape Town, South Africa, Informa Telecoms and media analyst, Thecla Mbongue, said Africa accounts for 10 per cent of the world’s mobile subscriptions and is one of the fastest growing regions – with the subscription numbers increasing by 18 per cent over the years till September 2010. This was attributed to low mobile penetration rate on the continent as well as demand for new services, such as mobile Internet access that increase the need for telecoms connectivity.

Mbongue said “although the rate of growth in mobile subscriptions in Africa will slow as markets mature, the continent continues to offer great opportunities for investors in the voice segment in under-penetrated markets and also in the non-voice segments with mobile broadband and mobile-money services taking off.
“By 2015, there will be 265 million mobile broadband subscriptions in Africa, a huge increase from the current figure of about 12 million, and accounting for 31.5 per cent of the total of 842 million mobile subscriptions that the continent will have in five years’ time. There will be almost 360 million users of mobile-money services on the continent by 2014.”

Mbongue, in the statement made available to The Guardian yesterday, noted that the mobile revolution that has swept through Africa has made mobile telephony widely available, but there are still substantial under-served markets, especially in rural areas, where the rate of mobile penetration is typically below 10 per cent.

The Informa Telecoms and Media analyst explained that the landing of a series of new submarine cables on both the East and West coasts of Africa over the past 18 months has given the continent a good level of international connectivity for the first time, and has greatly expanded the opportunities for data services.
Mbongue posited, however, that terrestrial backhaul threatens to become the next bottle-neck, and must be extended if the benefits of the new connectivity are to be made widely available and, in particular, reach rural communities and countries in the interior of the continent.

“The past year has seen a big change in the line-up of key players in the African mobile market, with the sale of Zain Africa – one of the biggest pan-African players with 15 operations on the continent – to Bharti Airtel of India. Airtel, which is poised for the formal launch of its services in Africa, is expected to introduce elements of its Indian operating model, including its extensive use of outsourcing as a means of maximising efficiency. Airtel has also set out major network-expansion plans in Africa,” she stated.

The research revealed that Nigeria remains the largest mobile market in Africa, accounting for 16 per cent of the continent’s mobile subscriptions. Egypt and South Africa are the second and third largest mobile markets on the continent.

Nigeria, Egypt, Morocco, Tanzania and Zimbabwe together accounted for 48 per cent of the 54 million net additions to Africa’s mobile subscriptions market up till September.

2011 elections: Commonwealth threatens to sanction Nigeria

The Commonwealth of Nations on Wednesday in Abuja advised Nigeria to organise free, fair and credible elections next year or face expulsion from the world body.

The leader of the Head of Africa Section, Commonwealth Secretariat, Ambassador Ayo Oke, who handed down the warning while speaking during a workshop on credible elections in Nigeria at the Independent National Electoral Commission (INEC) headquarters, Abuja, said that the Commonwealth was prepared to assist Nigeria to conduct elections that would meet international standards.

According to him, the workshop was a clear evidence of the commitment of the world body to Nigeria and the importance attached to assisting INEC to organise a credible and well-managed elections in 2011 that Nigerians would be proud of.

Said he: “The Commonwealth is committed to supporting the development and consolidation of democracy in its member states, and has developed a strong international reputation on the basis of that political commitment and its practical support to democratic processes and institutions. Indeed, no country can now aspire to be a member of the Commonwealth without demonstrating adherence to democratic values.”

While noting that, “democracy is a belief, and an aspiration, a process, a work-in-progress, and one which often involves challenge and change”, Ambassador Oke said that the people of Nigeria had greater expectations on INEC to conduct free and fair elections and promised that the Commonwealth would assist Nigeria in every possible way in meeting the democratic aspiration of the people.

Ghana pledges support for Nigeria’s polls

President John Evans Atta Mills Wednesday held bilateral talks with his Nigerian counterpart, President Goodluck Jonathan, and declared Ghana's readiness to support the successful conduct of the general election in Nigeria.

He also urged Nigerians to support their leader to deliver a free, fair and transparent general election scheduled for next year.

In his remarks before the talks between the two leaders retired into a closed-door session at Aso Rock, Nigeria's seat of government, President Mills said the ability of Nigeria to conduct the polls without acrimony and confusion would send a clear signal to the world that Africa was blazing the trail for transparent democratic practice.

The two leaders also used the occasion to deliberate on some issues confronting the sub-region and parts of the world which needed urgent attention.

President Mills gave similar support and encouragement to the people of Cote d’Ivoire a couple of months ago when he urged them to do everything possible to consolidate democracy in that country.

"It is Ghana's desire and prayer that the elections in Nigeria are conducted in an atmosphere of peace and without rancour," he said, adding that the successful conduct of the general election would further enhance the image of Nigeria and serve as proof that the people of Nigeria had come to accept democracy as the best form of governance.

President Mills pledged Ghana's support for and solidarity with Nigeria and President Jonathan, adding, "We have a common interest which is crucial to protect our people."

He recalled the bond of friendship between the two countries dating back to the pre-independence era and underscored the urgent need to consolidate that bond.

President Mills, who expressed delight at the visit, also congratulated President Jonathan on his leadership role as Chairman of the Economic Community of West African States (ECOWAS).


Source: Daily Graphic/Ghana

FEC approves 6 new federal universities

THE Federal Executive Council (FEC) has approved the establishihment of six additional federal universities in the six geopolitical zones of the country.

Similarly, it has approved about N41 billion for the construction and rehabilitation of eight different road projects across the six geopolitcal zones of the country.

The meeting, which was presided over by President Goodluck Jonathan, at the State House, Abuja, on Wednesday also ratified the over $230million contract for the procurement of Direct Data Capture. (DDC) machines by the Independent National Electoral Commission (INEC).

According to the Minister of Information and Communications, Professor Dora Akunyili, who briefed State House correspondents after the meeting, the six universities would be sited in states which do not currently have federal universities.

She said the move was designed by the present administration to bridge the admission gap for teeming Nigerian students.

Panic as gun shot goes off at Oyo commissioner’s swearing-in

THERE were fear and panic outside the office of the Oyo State governor on Wednesday as a gun accidentally discharged shortly after the swearing-in ceremony of the new state Commissioner for Industries, Applied Sciences and Technology, Dr Oladiti Olubanjo, injuring one person in the process.

The swearing-in ceremony could have turned into a tragedy as those who attended the ceremony were filing out of the executive chamber of the governor’s office, venue of the ceremony, when the gun went off from among the people who had gathered very close to the entrance of the governor’s office.

Confused, the gathering had scampered to safety, even while they initially had the impression that it was a case of burst tyre from one of the several vehicles packed in front of the office.

However, reality later dawned on them that it was indeed a gun that went off, even as one of the officers of the State Security Service (SSS) told the Nigerian Tribune that the gun actually went off from the pocket of the alleged owner of the gun, a local talking-drummer, who was later taken away to an undisclosed hospital in his own pool of blood.

NLC, TUC call off strike... Edo chapter vows to continue

The National Executive Council (NEC) of the Nigeria Labour Congress (NLC) and the Central Working Committee (CWC) of the Trade Union Congress (TUC) have called off the three-day warning strike which started yesterday.


The decision followed pleas by President Goodluck Jonathan in Tuesday’s talks with the unions’ leadership.


A communiqué issued at the end of a joint emergency meeting of the NLC and TUC said after due consideration, the unions resolved to suspend the three-day warning strike given the desired attention the issue had drawn from various organs of the government.


The communiqué was signed by Mr. Promise Adewusi, NLC Acting President, Mr. Peter Esele, TUC President, Mr. John Odah, NLC General- Secretary and Mr. John Kolawole, Secretary- General of TUC.


The communiqué said the strike would expire at midnight, (yesterday).


It also said that it had noted in particular, the role of the National Assembly in giving assurance that the matter would be given accelerated passage when brought before it.


It noted that having lost precious time on the issue of a new national minimum wage, the presidency should immediately after the meeting of the National Council of State on November 25, present a bill to the National Assembly.


It said this would fast tract the process before the unions’ meeting in the first week of December.


The communiqué also said the unions would not accept any figure less than the negotiated N18,000 in the report of the tripartite committee chaired by Justice Alfa Belgore.


“We commend those state governments who have expressed willingness to pay the negotiated salary immediately it is passed into law,’’ it added.


According to the communiqué, the unions also condemned the unprovoked shooting of the Edo State Chairman of NUATE, Mr. Ehichioya Godwin, who was shot by a policeman earlier in the day in Benin.


“We call on the Inspector General of Police to order the immediate arrest, dismissal and prosecution of the policeman who carried out this dastardly and uncivilised act,‘’ it said.


The communiqué also called on the unions’ members and their allies to stop patronising Arik Airlines for violating the strike and for attempting to facilitate the escape of the policeman who shot Godwin.


It added that the two labour centres should advise their affiliate unions to take a cue from NUPENG which has already stopped the supply of aviation fuel to Arik Airlines immediately.


Meanwhile, the Edo State Chapter of the NLC has vowed to continue with the strike on Monday, following the alleged shooting of the State Chairman of the National Union of Air Transport Employees (NUATE), Mr. Godwin Ehichioya at the Benin Airport, yesterday.


The police orderly shot Ehichioya ,who was trying to enforce the strike at the airport.
The orderly was alleged to have accompanied a serving female High Court judge from Delta State to the airport when the incident occurred.


The unidentified female judge was said to have come in from the neighbouring state to board an Arik plane to Lagos, prompting unionists to block her vehicle from moving near the airport entrance.


The union members, who were at the airport to monitor the progress of the strike, raised alarm over the Arik plane which had flown in from Lagos.


It was, however, not confirmed whether or not the Arik flight had passengers on board its inward flight.


The police escort, whose name could not be ascertained, was said to have brought out his weapon and fired at Ehichioya, shattering his left arm.

The police detail was said to have continued firing into the air to fend off attack and in the process, the judge’s car found its way onto the tarmac for the judicial officer to board her flight.

The workers were said to have taken over the runway, insisting that the plane would not take-off.


A high ranking police officer was said to have later prevailed on the rampaging workers to leave the tarmac.

Some workers, who spoke to The NIGERIAN OBSERVER, blamed Lagos State of the union “for allowing the flight to come to Benin in the first place”.

Meanwhile, Chairman of Edo State council of the NLC, Mr. Kaduna Eboigbodin, pronounced that workers in the state would continue with the industrial action on Monday to protest the shooting of their colleague.

“We will not let this go until justice prevails. For this, we are continuing with the strike in solidarity with our member who was shot by the police,” he said.

Lagos car dealers arrested over Abuja bombings

Security agents have arrested more suspects over the October 1 Abuja explosions in which 12 persons were killed and scores injured.

Car dealers at Amuwo Odofin, Lagos, from whom the two vehicles used for the blasts were allegedly bought and the welder who built the compartments in the car for housing the bombs are the new suspects.

State Security Services (SSS) spokeswoman Marilyn Ogar, who broke the news at a press briefing in Abuja, also denied that suspects were being tried secretly.

Mrs Ogar said the Service allowed the suspects in its custody access to their lawyers and family members, following the orders of a court.

She also said that the mortals, rocket launchers and grenades intercepted in Lagos recently were meant for Nigeria and not Gaza Strip, as suggested by Israeli Intelligence.
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