Kebbi Dep Gov Dismisses PDP’s Claim On Power Sharing

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June 8, 2024

By Azu Ishiekwene

A minimum wage is one slippery slope guaranteed to take the gander from economic misery to wretchedness.

I’m opposed to minimum wage. And I know I’m saying this at the risk of losing readers. The minimum wage hurts the poor and vulnerable in whose name and interest Labour claims to strike.

Sounds foolish, right? How can more naira in the pocket of the Nigerian worker currently on a minimum wage of N30,000 be bad?

In a country where each of 469 lawmakers earns N13.5 million monthly, minus allowances, and office holders in the executive branch use large convoys and maintain large personal staff at the public expense, why should there be any fuss about the government paying N494,000 monthly as minimum wage to workers?

The obscenity of public sector waste has been one of the strongest arguments for a new minimum wage. On top of that, there has been the inflationary impact of the adjustments announced last year by President Bola Ahmed Tinubu, especially after the removal of the petrol subsidy and efforts to close the arbitrage in the foreign exchange market.

The argument for minimum wage is that if some folks, especially politicians, have assumed the prerogative of helping themselves to the treasury by ingenious means, what is sauce for the goose must also be sauce for the miserably impoverished gander.

Yet, a minimum wage is one slippery slope guaranteed to take the gander from economic misery to wretchedness. Basic Economics by Thomas Sowell makes the point very clear, and the lives of those who might disagree will bear out the evidence.

Wage Law Trap

One, minimum wage laws set artificially high wages that can lead to lower employment opportunities, particularly among low-skilled workers. Take Nigeria, for example. Of the estimated 80 million labour force, skills among the largest demographic of this population (those between 25 and 34 years of age) are inferior.

A 2022-23 study showed that only one in 10 workers are managers, professionals, technicians, clerical support workers or occupations that require high skill levels. Most need to be better skilled and would be seriously disadvantaged in competing for any opportunity that may attract relatively high wages.

Remember that the essentially overpaid, underworked, and yet restive public service – whether at the federal, state or local government levels – comprises only a tiny fraction of the workforce. Nearly 90 per cent of Nigeria’s workforce, which may be affected by any artificial wage adjustment, are in the informal sector, that is outside white-collar jobs.

Cutting Your Nose

If employers are forced to make hard economic choices about hiring or firing due to artificially fixed wages, the low-skilled and vulnerable ones whose battle Labour claims to be fighting would be the first to go. Minimum wage laws do not necessarily guarantee jobs, yet they make it more expensive to hire or retain low-skilled workers that such laws are supposed to protect.

Two, minimum wage may lead to further increases in prices. In 1974, when the government of General Yakubu Gowon accepted the Udoji commission report and nearly doubled salaries across the board, taking primary school teachers from N540 to N1,080, for example, price levels skyrocketed, even before the government implemented the new wages in the public sector! It is convenient to say it won’t get worse until your maize seller or maiguard hears you’re now on a monthly salary of N494k!

Third, another unintended consequence of minimum wage is that it might reduce job opportunities for young people because employers may be forced to prioritise experience and skills. Also, minimum wage laws could reduce the chances of employment amongst groups like the physically challenged, for example, who may be perceived to be less productive.

Of course, there is the other side – those who argue that if left alone, the typical employer would squeeze the last productive juice from the worker before any wage adjustments.

Supporters of this position say that the fair thing to do to reduce income inequality, boost economic growth, reduce labour turnover, and promote social mobility, among other things, is to fix wages. Prominent economists Paul Krugman and Joseph Stiglitz belong here.

I don’t. And I have no regrets. Not that I don’t believe that fair is fair. My point is that this is not a lesson the government is competent to teach the market. If an employer – any employer – decides to mistreat its workers, it would only be a matter of time before such an employer would be out of business. In a free market, the skills and talents of the worker will, sooner than later, find better, more rewarding opportunities.

Other Options

And who says minimum wage laws are the only way to encourage fairness and social mobility in the workforce? Earned Income Tax Credits, EITC, which target low-to-moderate-income earners or a more transparent variety of the Nigerian equivalent – conditional cash transfers (hopefully with a more reliable database) – is another way. Several African countries, including Kenya, South Africa and Ghana, have modified and adopted this system.

Also, market-indexed wages (here again, Ghana could serve as an example) remove the unending, disruptive cycle of national minimum wage negotiations and strikes. There are other options, including performance-based pay and flexing compensation.

Many workplaces today were built on the expensive brick-and-mortar model, which has become too costly and inefficient. Employers could consider flexible work hours or more remote options to reduce commute and overhead costs and encourage moderate wage compensations.

On whichever side you belong, the consensus among economists is that minimum wage laws increase unemployment among low-skilled workers, a bitter truth that Labour may be unwilling to face.

Of course, it’s not only minimum wage that is bad for jobs. Over-regulation concerning capital, high corporate taxes and levies, poor infrastructure and bureaucratic hurdles to contract enforcement are also bad for jobs, businesses, and workers.

Thatcher Way

I don’t like Magaret Thatcher, primarily for her duplicity over apartheid. But she gets full credit, in my books, for saving Britain from the wild strikes of wild unions that brought the country to its knees.

Of course, it’s also fair to say that, unlike Nigerian governments, Thatcher did not break workers’ eggs to make her omelettes. She was not for the turning in her determination to free the economy from the shackles of unions and in her government’s example of austere living.

Yet today, Britain appears to be losing its competitive business edge. Partly a result of the resurgence of the unions and right-wing rhetoric, it falls among countries which have been worst for income in the last 15 years, with incomes across the board growing by just six per cent since 2009, making it a laughing stock among countries in its league.

Half-full

Nigeria is not listed among countries with the slowest wage growth at least in the last 15 years – a list which includes countries like South Sudan, Central African Republic, the Democratic Republic of Congo, Niger, Malawi and so on. Apart from bureaucracy and corruption, the main challenge for Nigeria has been the tendency, especially among states, the main power blocs, to prioritise rent and politics over creativity and competition.

The strikes and disruptions over wages are not funny at all. In the cauldron of Nigeria’s post-election politics, this may look, smell, and even feel like a continuation of the war by other means. But in the end, we all pay a price. And you know what? The serious world doesn’t care. It is moving on!

Azu Ishiekwene, the Editor-in-Chief of LEADERSHIP Newspapers, is author of the new book, Writing for Media and Monetising It.

ALLEGED FRAUD, INJUSTICE: Corruption, Nepotism Rock Immigration, Ministry Of Arts And Culture

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June 8, 2024

·Coalition petitions EFCC, demands sack, prosecution of Musawa, Nandap

·Request thorough, transparent investigation into allegations

·Threaten legal action if…

By David Maxwell

With the gale of regret, disappointment, apprehension and indifference that Nigerians expressed in the first year of the current administration of President Ahmed Bola Tinubu as it commemorated its one year in office is far from dissipating, the Coalition of Civil Society Organisations Against Corruption and Bribery, COCSOACB, has petitioned the Economic and Financial Crimes, EFCC, over alleged misconduct and abuse of power by the Minister of Art, Culture and the Creative Economy, Hanatu Musawa, and the Comptroller General, Nigerian Immigration Service, NIS, Kemi Nandap.

According to the petition signed by the National Spokesman, COCSOACB, Dr Oluwarotimi Ayenugana, dated May 30, and addressed to the Executive Chairman, Ola Olukoyede, Musawa allegedly allocated N290 million for street lights in her local government, therefore raising concerns about alleged misuse of public funds for personal gain.

The petition also alleged that she budgeted N3 billion for culture research and development without transparent justification or clear accountability measures, indicating fiscal irresponsibility and lack of ethical leadership, plus she allegedly got involved in a NYSC status scandal, where she was unable to provide evidence of national service and was confirmed to still be undergoing youth service, further undermining her integrity and respect for the rule of law.

Meanwhile, on the Comptroller General, NIS, Nandap, the coalition’s petition alleged that she arbitrarily reversed postings of approximately 80 NIS officers who had been trained and prepared for their roles in various Nigerian embassies abroad.

“Allegations of favoritism and nepotism, with the reversal of postings seen as an attempt to accommodate individuals who are personally loyal to Mrs. Nandap, undermining the principles of meritocracy and fairness.

“Violation of established administrative procedures, which has disrupted the career progression of the affected officers and created an atmosphere of uncertainty and discontent within the service.

“Lack of administrative competence, with her actions being described as heavy-handed and indicative of a lack of understanding of the system she is supposed to lead.

“Reports of threats and intimidation against the affected officers, in an attempt to suppress dissent and avoid accountability.”

Therefore, the Coalition demanded in the petition for the “immediate removal of Mrs. Nandap, a thorough investigation into the allegations, the restoration of the affected officers to their original postings, the implementation of fair administrative practices, and the protection of whistleblowers within the NIS.”

They also demanded immediate removal or resignation of the Minister of Art, Culture and the Creative Economy, Mrs Hannatu Musawa.

“We demand a thorough and transparent investigation into the allegations of favoritism, nepotism, and administrative malpractice against MRS KEMI NANDAP COMPTROLLER GENERAL OF NIGERIA IMMIGRATION SERVICE AND MRS. HANNATU MUSAWA, THE MINISTER OF ART, CULTURE AND THE CREATIVE ECONOMY. This investigation should be conducted by an independent body to ensure fairness and impartiality.

“We shall be proceeding to the court after 7 days of the receipt of this letter seeking justice.

“The NIS and Ministry of Art, Culture and Creative Economy should implement fair and transparent administrative practices to ensure that such issues do not recur in the future. Meritocracy and due process should be the guiding principles in all administrative decisions.

“Officers who come forward with information regarding misconduct within the NIS should be protected from retaliation. Whistleblower protections are essential for maintaining accountability and integrity within the service,” the petition further read,

The group also vowed to mobilise an advocacy march, to press home their demand for the removal of both the minister and the the CG in order to highlight the need for transparency and accountability within the NIS and the Arts and Culture ministry.

“The march will take place next week, starting from the National Assembly and proceeding to the NIGERIA IMMIGRATION SERVICE and the MINISTRY OF ART, CULTURE AND THE CREATIVE ECONOMY.

“We invite all concerned citizens, civil society organisations, and media representatives to join us in this march. Our goal is to ensure that the voices of the affected officers are heard and that justice is served,” the petition stressed.

Meanwhile, the group concluded by acknowledging the role of the NIS, “The Nigerian Immigration Service plays a crucial role in the security and diplomatic representation of our country while the Ministry of Art, Culture and Creative Economy plays a major role in the imaging of our country.

“It is imperative that this service and ministry operates with the highest standards of integrity, fairness, and competence. The actions of Mrs. Kemi Nandap and Ms Musawa have not only disrupted the lives of dedicated officers but have also brought disrepute to Nigeria.

“We, the Coalition of Civil Society Organisations Against Corruption and, COCSOACB, stand united in our call for their immediate removal and for the restoration of justice and integrity within the Nigerian Immigration Service and Ministry of Art, Culture and Creative Economy,” it concluded.

Responding to this call, Ms Shuna Fakum, a public affairs analyst told our reporter: “While I am not surprised, I think we need more calls like this because Mr President might not know about his appointees who are giving his government a bad name despite his efforts. But with petitions like this, coupled with the planned peaceful protest being covered by the media extensively, he would see, hear and read about them in these media then ask questions that would make him take the necessary actions to redeem his name and that of his administration.

“Another good reason for this is that it will keep public office holders on their toes as they know that they are being watched and whatever untoward act of theirs could be exposed. In all I think this is a god one and I give kudos to COCSOACB for this move.”

“In my own candid opinion, I think it is high time President Tinubu takes a cursory look at all his appointees as a good number of them are only bringing a bad name to his administration. While some are not taking their jobs seriously and are not delivering the dividends of democracy, some others are busy involving themselves in criminal and fraudulent activities. So Mr President should look inward and carry out a reshuffle; anyone not meeting up to expectations should be booted out and those fingered in corrupt practices should be prosecuted as soon as they are relieved of their duties. That way Nigerians will begin to have a rethink about the present administration.

“I am really in support of this planned peaceful protest by the Coalition as well as the planned legal action should the accused remain in office,” another respondent, Abdulrahman Aregbe posited.

LG Autonomy: Ondo Tackles AGF, Calls FG Meddlesome Interloper

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June 8, 2024

Ondo State government has urged the Supreme Court to dismiss the suit filed by the Attorney-General of the Federation, AGF, and Minister of Justice, Lateef Fagbemi (SAN), on behalf of the federal government, seeking full autonomy for the 774 local governments.

The apex court will hear the matter on June 13.

The state government, in its preliminary objection filed on June 6, by the state Attorney-General and Commissioner of Justice, Olukayode Ajulo (SAN), which was made available to newsmen yesterday, described the federal government as “a meddlesome interloper” for trying to interfere in the business of states and local governments.

The state government argued that the central government has no right or interest affected or likely to be affected by the action it complained against, adding that the proper and necessary parties for the purpose of invoking the original jurisdiction of the Supreme Court are not before the court.

The state also claimed that the federal government lacks the locus standi to institute the suit for local governments.

The objection, which was predicated on 27 grounds, contended that the AGF cannot single-handedly rewrite the constitution by asking the Supreme Court to assume jurisdiction to hear and determine the suit that he filed in flagrant violation of Section 232 of the 1999 Constitution, Section 1 of the Supreme Court Act 3, 2002 and Order 3, Rule 6 of the Apex Court

The AGF had dragged the 36 state governments before the apex court, accusing them of misconduct in the management of local government funds and affairs, and demanded that the apex court grant local governments full autonomy and their monies in the Federation Account be channelled directly to them.

Ajulo, however, on behalf of Ondo State government, who is the 28th defendant in the suit, stated that the notice of objection claimed that Section 232 of the Constitution only permitted the invocation of the original jurisdiction of the Supreme Court where there is a dispute between the federation as plaintiff and states as defendants which involves any question of law or fact on which the existence or extent of the legal right of either the federation or states depends.

Maintaining that the federal government has no locus standi to institute the suit, Ondo government claimed that the funds complained of in the suit belong to local governments created by the constitution as a distinct and different tier of government independent of the federal government.

The state government claimed that pursuant to Section 7 (1) and 162(8) of the Constitution, its House of Assembly enacted a law to provide for the local government system, establishment, administration and ancillary matters known as the Local Government Administration, Conduct of Local Government Election and Allied Matters, Cap 87, Volume 2, Laws of Ondo State of Nigeria, 2006, it, therefore, insisted that by the combined provisions of the constitution, the federal government has no right or obligation on the allocation and distribution of funds standing to the credit of local governments in Ondo State and that no law has placed any obligation on it in respect of the terms and manner that the local government funds should be allocated or distributed.

Citing Section 162(3) of the 1999 Constitution, Ondo State government insisted that any amount standing to the credit of the federation account shall be distributed among the federal and state governments, and the local government councils in each state on such terms and in such manner as may be prescribed by the National Assembly, adding that the sharing among the three distinct tiers is not subject to the discretion or any terms and conditions of the federal government.

He noted that by the provisions of Section 162(8) of the 1999 Constitution, “the amount standing to the credit of local government councils of a state shall be distributed among the local governments on such terms and in such manner as may be prescribed by the House of Assembly of the State”.

He contended that “the distribution or usage of the said funds of local governments, especially in Ondo State, is not subject to the discretion or any terms and conditions to be prescribed by the federal government”.

Insisting that by the provisions of Section 7(1) of the constitution, the government of every state and not the federal government shall ensure the existence of democratically elected local government councils under a law made by the House of Assembly and the said law shall provide for the establishment, structure, composition, finance and function of such council.

Blocking Of IOCs Divestment Stifle Investments – NUPRC

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June 8, 2024

… Says investors have right to free entry, exit

… Insists IOCs divestment must follow PIA provisions

By Yahaya Umar

Nigerian Upstream Petroleum Regulatory Commission’s Chief Executive, Gbenga Komolafe, has said that any attempt to frustrate the smooth divestment of International Oil Companies assets will scare investors from the country and impact Nigeria’s overall well-being.

Komolafe said this on Thursday at a dialogue session between the NUPRC and a coalition of civil societies led by Social Action of Nigeria.

The visit to the Commission’s headquarters in Abuja was centered on issues surrounding oil sector divestments by IOCs and their impacts on the host communities.

The NUPRC is currently overseeing four divestment transactions of IOCs. In a strategic step, the NUPRC released seven regulations to address the issues surrounding the IOCs divestment, particularly issues relating to host communities.

However, the coalition during the dialogue called for a “halt to the divestment” process by the NUPRC over environmental and host community issues.

In response, Komolafe said, “As a regulator, we only regulate in line with the provisions of the law. Our actions and decisions are expected to be in tandem with the provisions of the Petroleum Industry Act. So, we do not act outside the law.

“So, we always ensure that as a regulator, that we guide our decisions by the express letters of the law. I’m putting up the Petroleum Industry Act as a legal tool that we rely on.It has made copious provisions for some of these apprehensions.

“All we need to do is at least have confidence in the regulator, and you have to agree that the regulator has the capacity to do the right thing, which we believe we are doing without compromise in any regard whatsoever.

“All that is required is for you, as members of the civil society, in your advocacy, to continue to give us support.

“Of course, we would recommend that divestment is a free decision that an investor will take and for us, we believe in the principle, the doctrine of free entry and free exit”.

The Commission’s Chief Executive urged the delegation to be cautious and imbibe the principles that would make the Nigerian oil and gas industry attractive to investors.

“We should not do anything that will stifle investment because that will not be in the interest of the Nigerian state. In our regulatory activities, we believe that there should be the principle of free entry and free exit. It is purely within the right of an investor to choose to divest. It is about the ordering of the portfolio”.

Komolafe’s response was to address concerns raised by the Social Action delegates about the environmental liability and clean-up issues that IOCs would leave behind for local companies.

The Programmes Coordinator of the Social Action of Nigeria, Botti Isaac, in his speech said the divestment raises critical questions about responsibility for the past and ongoing environmental damages due to IOCs operation.

The coalition expressed fears that with assets changing hands, there is a concern about the commitment of the new assets owner to address the legacy of pollution and invest in necessary clean-off and remediation efforts for damages.

Consequently, the group said, “This is an urgent call for a halt to divestment. Given the significant risks and concerns associated with divestment, we call for an immediate halt. The Nigerian authorities should not approve any further investment until a comprehensive and transparent framework acceptable to the government of the Niger Delta States, the affected communities, labour and civil society observers is established and addressing all environmental, industrial relations, and social abilities for the satisfaction of all stakeholders, including affected communities.

“We also demand for a comprehensive resolution of environmental and social abilities. The divestment issues raise significant concerns regarding the accountability of the SPDC and the IOC’s historical environmental damage and the ongoing pollution of oil operations.

“The asset ownership transition must not diminish the local community’s capacity to seek good address and justice. The distressing experience of communities such as Oloibiri, Membe, Oguni land and others underscores the urgent need for a divestment process that prioritizes environmental restoration and social justice”. The coalition also called for the proposal of an environmental restoration fund.

“We propose the creation of an environmental restoration fund with contributions from Shell and other IOCs. This fund will focus on environmental restoration and community development projects in the Niger Delta, with transparent management and active community participation”, Isaac added.

Why Deployment Of CNG Plant Is Slow – Cttee Chairman

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June 8, 2024

Chairman of Auto Gas Committee of Nigeria LPG Association, Bambo Ademiluyi has explained that the reason for the slow pace in the deployment of Compress Natural Gas ,CNG, is due to the cost implication.

Ademiluyi said that it takes between $150,000 (N222.2m) to $200,000 or N 296.2m to deploy a CNG filling station compared to PMS and LPG stations which take about N40m or less.

He said, “I know that they are not adequate and a lot more needs to be done. However, to deploy a CNG station, you need about $150,000-$200,000. For most marketers, this is not viable. So, if I am going to spend $150,000 how possible can I make the money in two to three years?

“But if you deploy an LPG station that is going to do the same thing, you can make your money back within two to three years and you are not spending $150,000. You will spend around N30m-N40m maximum for a standard filing station according to specification”.

According to him, the cost implication is the main issue and not “CNG availability”,

Last month, Nigeria’s state-owned energy company, the Nigerian National Petroleum Company Ltd ,NNPCL, took further steps to provide Nigerians with a plant that will service over 3,700 cars daily with CNG to power their non-PMS cars and trucks.

The NNPC and its partner Transit Gas Nigeria Limited ,TGNL, a private sector organization commissioned the 5.2 million standard cubic feet plant around the gas hub in Ilasamaja.

The NNPC also plans to roll out six more Compressed Natural Gas ,CNG, plants across Nigeria

FG Recovered N12.7bn Metering Funds From Supplier

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June 8, 2024

By Charles Ebi

Minister of Power, Adebayo Adelabu, has revealed how the Ministry of Power recovered the sum of N12.7 billion from a local supplier 21 years after payment by the federal government.

Adelabu made this disclosure in a statement on Friday at a conference in Lagos.

He said the government paid N32 billion ($200 million) to a local supplier for three million meters in 2003, yet not a single meter has been provided up to now.

He added that despite efforts by subsequent administrations to recover the fund, they were unsuccessful.

However, upon assuming office, he said his ministry has successfully recouped N12.7 billion of the N32 billion disbursed.

According to the Minister, as of the time the fund was disbursed, Nigeria only had a 4 million metering gap, and the fund would have provided meters for about 3 million households.

“In 2003, the federal government was to procure 3 million meters. Our metering gap then was less than 4 million. And there was a $200 million made available to procure this. It was given to a Nigerian meter company. It was N32 billion as of that time.

“After 21 years, not a single meter has been procured. We are our own problem. When I came into the office, I said this is not possible. All past administrations have tried to retrieve this fund, but they did not succeed because the supplier was powerful.

“When I got to the office, I told Mr. President that we have to insist that this woman returns the money. The first thing I did was to ensure that she returned N12.57 billion to those who were supposed to meter all military formations.

The remaining balance is yet to be released by the company. And we are talking about meter gap” Adelabu said.

Speaking further, Adelabu said that the mandate given to him by Mr. President is to procure 10 million meters within the next five years to bridge the metering gap in the country.

According to him, President Tinubu has approved the Presidential Metering Initiative ,PIM, and has created a Presidential Metering Council with the mandate to procure two million meters this year alone.

Adelabu said this initiative will eliminate the metering gap in the country in the near future.

“Mr. President has approved the presidential metering initiative and has created the presidential metering council for which I am the chairman. Our mandate is to procure 10 million meters within the next five years.

“This year, two million meters are going to be procured, plus 1.5 million meters from the World Bank. We are going to have 3.5 million meters this year”, the Minister added.

Currently, Nigeria faces a disparity of approximately 7 million unmetered customers out of the 13 million eligible ones, forcing power distribution companies to resort to estimated billing.

Despite various initiatives set up by the federal government to bridge the metering gap, the power sector continues to struggle due to factors such as inadequate investment, energy theft, and bureaucratic challenges.

For instance, the World Bank approved the sum of $500 million metering program of which $155 will be channelled towards providing meters for consumers while $345 million will be extended to DisCos to improve electricity supply.

However, there is controversy surrounding the program with the Manufacturers’ Association of Nigeria ,MAN, alleging the exclusion of local meter manufacturers in favour of foreign importers.

Without proper metering of customers, it becomes difficult to achieve a cost-reflective tariff without resorting to estimated billing, which many customers consider a rip-off on their parts.

Nigeria Gets Fresh $925m Afreximbank Crude Facility Loan

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June 8, 2024

African Export-Import Bank , Afreximbank, has announced an additional disbursement of $925 million under the syndicated $3.3bn crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company , NNPC Limited to Nigeria

A statement by the bank said the development brings the total current funded facility size to $3.175 billion.

The facility was arranged and coordinated by the Cairo-based bank, totalling $925 million from a consortium of crude oil off-taker lenders, including but not limited to the Oando Group and Sahara Energy Resource Limited.

Afreximbank also acted as the Mandated Lead Arranger, Technical and Modelling Bank, Bookrunner, Facility Agent, Offshore Account Bank, Intercreditor Agent, and Collateral Agent for the transaction.

The crude oil loan is expected to provide further support for Nigeria’s macroeconomic stability and long-term economic growth while enhancing the country’s industrialisation and trade development efforts.

In December 2023, the project received funded commitments totalling $2.25 million. The $925 million fresh arrangement raises the total amount disbursed to $3.175 billion.

Commenting on the disbursement, the President and Chairman of the Board of Directors of Afreximbank, Mr Benedict Oramah said: “The milestone achieved thus far, on this facility, demonstrates the Bank’s capabilities in performing its role as a crucial development partner for Africa.

“It reaffirms our commitment to assisting our member states in their efforts to achieve economic growth and stability. This funding will greatly support the attainment of Nigeria’s short and long-term economic development priorities”.

Mr Oramah described the original facility as ‘a landmark’ for being the largest crude oil-backed facility in Nigeria and one of the largest syndicated debts raised in Africa, adding that the closure of the first accordion demonstrated the existence of positive market appetite for well-structured commodities-backed instruments.

On his part, the Group Chief Executive Officer, NNPC Limited, Mr Mele Kyari commended Afreximbank Management and team for their investment philosophy and active interest in the co-creation of prosperity.

“The successful disbursement of the first accordion under project Gazelle and its interest in funding viable and strategic projects is a clear indication of investors’ confidence in NNPC Limited and Nigeria’s growth aspirations”, Mr Kyari said.

He further assured Afreximbank and all investing communities of NNPC Limited’s resolve, to continue to grow the nation’s hydrocarbon resources and strengthen its partnerships across the oil and gas value chain locally, and globally..

Value Of Unlisted Securities Market Relatively Flat At N2.040trn

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June 8, 2024

NASD Over-the-Counter, OTC, Securities Exchange recorded a marginal loss of 0.01% on Thursday, June 6 after the share price of FrieslandCampina Wamco Nigeria Plc went down by N2.51 to settle at N43.06 per unit compared with the previous day’s N45.57 per unit.

This brought down the NASD Unlisted Security Index, NSI, by 0.2 points to 1,488.61 points from the 1,488.81 points recorded at the midweek trading session, as the value of unlisted securities market was relatively flat at N2.040 trillion after shedding N270 million at the close of trading activities.

Afriland Properties Plc closed the session higher by N1.55 to N17.70 per unit from the N16.15 per unit posted a day earlier, and Central Securities Clearing System,CSCS, Plc gained 50 Kobo to finish at N20.00 per share, in contrast to the previous session’s value of N19.50 per share.

It was observed that the gains recorded by the duo of Afriland Properties and CSCS could not prevent the alternative stock exchange from going down at the close of business.

During the session, the volume of shares traded by the market participants increased by 183.9% to 1.1 million units from the 403,042 units achieved on Wednesday, and the number of deals carried out went up by 15.4% to 45 deals from the 39 deals executive in the previous day, while the value of securities traded declined by 20.6% to N80.7 million from the N111.4 million transacted in the preceding day.

At the close of transactions, Aradel Holdings Plc was the most active equity by value on a year-to-date basis with a turnover of 5.9 million units worth N14.6 billion, and was followed by CSCS Plc with the sale of 101.1 million units for N2.5 billion, and Capital Hotels Plc occupied the third spot with 228.6 million units valued at N1.1 billion.

Also, Capital Hotels Plc remained the most traded equity by volume on a year-to-date basis with 228.6 million units worth N1.1 billion, followed by Mixta Real Estate Plc with 139.8 million units valued at N240.1 million, and CSCS Plc with 101.1 million units sold for N2.5 billion.

CSOs Flay Media Attack On DSS

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June 8, 2024