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United Capital Loses 68.81% In Market Value Amid Selling Pressure 

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By Charles Ebi 

United Capital Plc, an investment bank and pan-African financial services quoted on the Nigerian Exchange Group Plc ,NGX, recorded a loss of 68.81% at the end of the trading week as the domestic bourse came under sell pressure.

According to analysis, the company’s stock price fell to N12.15 per share at the close of weekly trading, down from N38.95 per share at the beginning of the week to lead other loses.

This drop resulted in a reduction in market capitalization from N233.7bn to N218.7bn.

Other three notable losers included shares of Mecure Industries Plc, which experienced a loss of 18.78% to close at N7.35 per share from the week’s opening value of N9.05.

Similarly, Thomas Wyatt Nigeria Plc witnessed an 18.52% decrease to close trading at N1,76 per share from an opening figure of N2.16.

Additionally, Nascon and Allied Industries Plc’s shares decreased by 13.24% to close at N29.50 per share from the opening price of N34.00 per share.

The local bourse registered a 0.04% lower week-on-week (w/w), recording a marginal loss, with the benchmark index settling at 100,022.03 points.

United Capital Plc had proposed interim dividend and bonus shares for the half-year (H1) period ended June 30, 2024.

The company proposed a dividend of 90 kobo per 50 kobo ordinary share, subject to appropriate withholding tax and approval which will be paid to shareholders whose names appear in the Register of Members as at the close of business on July 31, 2024.

The company also proposed a bonus issue of two new shares for one held by shareholders.

Its recently released unaudited consolidated and separate financial statements for the period ended June 30, 2024, show that it grew pre-tax profit to N9.05bn from N5.54bn in corresponding period of 2023. Its half-year (H1) gross earnings increased to N15.147bn from N11.014bn in H1’2023.

The overall market performance for the week showed that the NGX All-Share Index and Market Capitalisation depreciated by 0.46% and 0.19% to close the week at 97.75trn and N55.49trn trillion respectively.

Similarly, all other indices finished lower with the exception of NGX Main Board, NGX Insurance, NGX ASeM and NGX Oil and Gas which appreciated by 0.01%, 1.59%, 5.26% and 4.27% respectively, while the NGX Sovereign Bond indices closed flat.

A total turnover of 3.39bn shares worth N52.3bn in 44,814 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 3.5bn shares valued at N47.22bn that exchanged hands last week in 42,871 deals.

The Financial Services Industry (measured by volume) led the activity chart with 2.88bn shares valued at N36.99bn traded in 23,791 deals; thus contributing 84.73% and 70.73% to the total equity turnover volume and value respectively.

The Oil and Gas Industry followed with 141.93m shares worth N6.69bn in 4,476 deals. The third place was the Consumer Goods Industry, with a turnover of 97.31m shares worth N4.06bn in 4,179 deals.

Trading in the top three equities namely Fidelity Bank Plc, United Bank for Africa Plc and Zenith Bank Plc (measured by volume) accounted for 2.09bn shares worth N28.22bn in 7,603 deals, contributing 61.87% and 53.94 per cent to the total equity turnover volume and value respectively.

Listen To President, Discontinue Protest, APC Chieftain Begs  Nigerians 

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ALJAZIRAH
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tinubu

A Chieftain of the All Progressives Congress ,APC, in Osun State , Hon. Olatunbosun Oyintiloye has urged the organisers of the #Endhunger protest to listen to President Bola Tinubu and end the protest.

Oyintiloye said that since the President had acknowledged that he had heard their grievances loud and clear, they should embrace dialogue as suggested.

The APC Chieftain, who said this while speaking with newsmen yesterday in Osogbo, said that 

 the wanton destruction of property, looting, and killing of innocent Nigerians could not be justified in the name of a protest.

He said that the reported killing of about 10 persons in Niger, Borno and Kano, kaduna during the protest was disheartening.

Oyintiloye, a member of the defunct APC Presidential Campaign Council ,PCC, who noted that there was no doubt that there is hunger in the country, said going violent against the government and  the people was not the best way to address the present situation. 

He said shutting a fragile economy like Nigeria, for 10 days, would be counter-productive, as it may resulted in more sufferings for the masses.

The APC chieftain also said destruction of the federal government’s  multi-million naira  digital innovation park in Kano, among others, was disheartening.

Oyintiloye, a former lawmaker, said there was no doubt that it is a constitutional right to protest within the ambits of fundamental human rights, but the protest should be properly managed not to snowball into riots.

He said that the protest, which had resulted in killing, looting and destruction could no longer be described as a protest, but a riot.

According to him, such riot act will contravene section 71 of the Criminal Code Acts of Nigeria that is explicit stated that “Any person who takes part in a riot is guilty of a felony and is liable to imprisonment for three years.

” Therefore, protesters must be careful not to allow their activities to be interpreted as a riot  that is a punishable offence”.

Oyintiloye said while the organisers of the protest might have a genuine reasons to hold a peaceful protest, they were some individuals, who could be described as enemies of the nation, who might want to use the protest to destabilise the government.

He appealed to the youths and the organisers to embrace dialogue, adding that President Bola Tinubu meant well for the country.

” I want to appeal to the youth and the organiser of the hunger protest to embrace dialogue and give the president the opportunity to do the needful.

“Protest is a constitutional right, but Killings, looting and destruction of both government and private property is not permitted by the law.

” Let’s be cautious of the fact there are some disgruntled individuals who are planning to use the protest to destabilise the government. We must not allow this.

” There is no doubt that there is hunger and poverty in the land, but we can be rest assured that the president is doing his best to improve the economy, but this can not be achieved within a year.

” Let’s give the president the chance to address the situation, and let’s embrace dialogue for the peace and stability of the country. The president has spoken, lets listen to him and give the administration more time”, he said.

Oyintiloye, who commended the security agencies for their efforts in safeguarding lives and property during the protest, urged them to continue to be professional in the discharge of their duties.

He also appealed to the protesters not to provoke the security agencies, whose responsibility is to maintain law and order in the society.

Ohanaeze Urges Tinubu On Urgent Steps To Stop Further Protest 

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ALJAZIRAH
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Following his nationwide address on the ongoing protests over hardship, the Ohanaeze Ndigbo, has urged President Bola Tinubu, to find alternative ways to resolve some of the demands of the protesting youths to bring an end to demonstrations.

In a statement yesterday, signed by its Secretary-General, Okechukwu Isiguzoro, the organisation noted that there still exists a tense atmosphere occasioned by further threat of another anti-hunger nationwide protests between August 5 and 10 this week.

The organisation, however, commended President Tinubu for his ‘courageous address’ to the nation, especially in wake of ‘#EndBadGovernance’ protests.

Ohanaeze stated that it had carefully studied President Tinubu’s broadcast on Sunday, ”where he rolled out promising economic policies that could potentially address Nigeria’s economic challenges in the long run.

It added, ”While we acknowledge the potential of these economic policies, we are concerned about the immediate challenge of quelling the ongoing protests across the country”.

According to the statement,  ”The protesters, along with their local sponsors and international conspirators, were eagerly awaiting for President Tinubu’s speech to strategise for more chaotic and violent protests, particularly in the North, South-West, and Niger Delta regions.

”It is clear that the reduction of fuel prices, or any other tangible concession, could have been a significant step towards pacifying the protesters and their sponsors”,  the organisation noted.

It stated, ”We understand that President Tinubu needs time to implement his economic policies effectively. However, the urgency of the current situation cannot be overstated.

”The protesters and organisers may not have the patience to wait for these policies to materialise. Therefore, we urge President Tinubu to find alternative ways to address the demands of the protesters before it is too late”.

Isiguzoro emphasised the importance of the president taking swift action to prevent the escalation of the protests.

”We implore President Tinubu to consider making a pronouncement, through his media aides, that addresses the demands of the protesters.

”This could potentially defuse the tension and pave the way for the implementation of his economic policies”, he said.

Ohanaeze also called on President Bola Tinubu to summon his resolve and address the grievances of the protesters promptly.

”A timely response from the president could save our democracy and provide the necessary breathing space for the implementation of his economic agenda.

”Let us work together to ensure peace and progress in our beloved nation”, the statement concluded.

CNPP Slams APC Over Bad Economy 

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ALJAZIRAH
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Conference of Nigeria Political Parties ,CNPP, has slammed President Bola Ahmed Tinubu’s Sunday broadcast, calling it a “grossly inadequate response” to the widespread protests sweeping the nation.

In a strongly worded statement signed its Deputy National Publicity Secretary, Comrade James Ezema,  the CNPP described the President’s address as a “masterclass in evasion, obfuscation, and blame-shifting”, failing to address the core issues driving the protests.

CNPP criticized the President’s silence on concrete measures to alleviate the suffering caused by the removal of petrol subsidies, saying, “The President’s silence on acceptable measures to alleviate the people’s suffering is deafening”.

The CNPP also condemned the APC government’s decision to float the Naira without a full cabinet in place, arguing that it has “exacerbated the economic chaos, leaving Nigerians to bear the brunt of the administration’s incompetence”.

The organization held the APC administration fully responsible for the country’s economic devastation, hunger, and suffering, stating, “Their policies have been a toxic mix of incompetence, corruption, and callous disregard for human life”.

The CNPP also criticized opposition parties for their failure to provide a united front against the APC’s misrule, warning, “It is time for opposition politicians to stop hiding behind press releases and take to the streets to lead the protests against the government’s pain-inflicting policies or speak no more”.

The CNPP emphasized that opposition parties have a responsibility to provide a united front, lead the nationwide demonstrations, and offer credible alternatives to the government, stating, “Anything less will remain unacceptable to Nigerians”.

Lagos Residents Express Mixed Reactions Over Tinubu’s Address 

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ALJAZIRAH
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Some residents of Badagry, Lagos State yesterday expressed mixed reactions over President Bola Tinubu’s address to the nation on the ongoing nationwide protests.

The News Agency of Nigeria (NAN) reports that the President, in his broadcast on Sunday, reiterated his government’s commitment to addressing the concerns of Nigerians.

He enjoined the protesters and the organisers to suspend further action and create room for dialogue.

The protests, which started on Thursday, crippled socio-economic activities across the state,  as motor parks, shops, malls, markets and roads were deserted.

Alhaji Abdul-Rasak Osho, an entrepreneur in Lagos said that Tinubu had tried to touch the lives of all Nigerians with his economic and developmental policies.

According to him, what the President inherited was a near collapsed economy.

“We have been borrowing to survive, but right now, we are facing the reality of the state of the nation’s economy.

“The situation has begun to change for better, we have been applying temporary solutions to our permanent problems but now we have started applying permanent solutions.

“That is why we are finding it a little hard to bear. I am sure we  will soon  start to reap the fruit of the sacrifice that we are all making”, he said.

Prince Babatunde Ajose, the Chief

Executive Officer ,CEO, WestGate Resources Development Centre in Badagry,  said that the presidential address had restored hope and reassurance to all well meaning Nigerians.

“The President touched on the sensitive issues bothering the minds of Nigerians.

“However, I am disappointed in the National Orientation Agency for not properly communicating the efforts of this government, achievements so far and prospects of their reforms.

“If people were well informed about what the president reeled out today, it would have sustained their hopes and there would not be reason for protests.

“Our elites who also understand the issues are not helping matters, they are twisting the facts,” he said.

Mr Abdul-Lateef Rasheed, the Chairman of the Badagry branch of the Nigeria Bar Association ,NBA,  commended the president’s programmes as enumerated in his speech.

Rasheed,  however, said that majority of Nigerians did not feel the impact of the speech.

“Whatever programme embarked upon by government that does not put food on the tables of Nigerians; they will see it as deceitful.

“The issue of scarcity of food should be addressed immediately.

“Inadequate electricity supply, insecurity, good roads, well organised transport system,  liberal tax systems, promotion of small businesses, harassment of transporters of food stuff by security agents across the country should be addressed quickly”, he said.

Mr Abiodun Hundeyin,  Deputy Comptroller General, Nigeria Immigration Service said that  the president’s address was insightful and well delivered.

NAN reports that the nationwide protests, which started on Thursday, August 1, crippled socio-economic activities across the country as motor parks, shops, malls, markets and roads were deserted.

The first day of the protest recorded violence and looting in states like Niger, Kaduna, Jigawa, and Abuja.

Organisers said that the protests, which they plan to hold till Aug. 10, is aimed at drawing the attention of the Federal Government to the hardship faced Nigerians. 

Broadcast: Sheath Your Swords, Embrace Dialogue – Kano Residents Urges Protesters

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ALJAZIRAH
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Some residents of Kano State have called on protesters to sheath their swords and embrace the path of dialogue.

They made their position known while reacting to President Bola Tinubu’s Sunday broadcast.

Speaking in separate interviews with the News Agency of Nigeria (NAN) in Kano metropolis, the residents described dialogue as the best means of solving critical issues.

They observed that it was apt for the protesters to stop the protest and opt for dialogue as proposed by the president.

Mr Taiye Hassan, an entrepreneur, who commended the President for the broadcast, called on the protesters to retreat, “because the President has listened to your complaints.

“I want to emphasise the need for the youth to allow dialogue to take place because every dispute ends with dialogue and understanding.

“You have the right to protest against hunger, hardship, and insecurity, however, the president has called for dialogue, therefore, give him a chance”, he advised.

Another resident, Bala Muhammad, a businessman, who described the president as humane and true democrat, urged the protesters to accept dialogue as suggested by Mr President for the good of the nation.

He cautioned the protesters to be mindful of infiltration of some people with sinister motives, who only wanted to take advantage of the protest to loot and ensure vandalism of people’s property.

Similarly, A’isha Ibrahim, a school teacher, who also lauded the president for calling for dialogue, appealed to the protesters to calm down in view of the fact that the protest had been hijacked by hoodlums.

“I want to use this medium to appeal to the president to match his words with action and dialogue with true protesters as promised”, she advised.

Nura Imam, a journalist, said that dialogue was the best and only option to settle any dispute or crisis.

Imam, who acknowledged the fact that Nigerians were economically pressed, enjoined the leaders of the protest to retreat since their voices were heard.

He urged the protesters particularly the youth to be united and be their brothers’ keepers irrespective of their ethnic or religious leaning.

Imam urged them to be patriotic and cautioned them against being used by selfish individuals to destroy their motherland.

“Remember, this is your country and you do not have any other country except Nigeria. As such, don’t allow some unpatriotic individuals to use you to destroy your motherland, enough is enough”, he maintained. 

Kachikwu Urges Protesters To Suspend Protest

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ALJAZIRAH
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By MBACHU GODWIN, Abuja

Former presidential candidate of the African Democratic Congress (ADC), Mr. Dumebi Kachikwu has asked organizers of protesters to suspend the protest, saying that the blood of innocent Nigerians are being shed for nothing.

Kachikwu who noted that victims of the protest were not children of politician said those aggrieved with the president should wait for the next presidential election to vote him out than resorting to violence

The Ex- presidential candidate who advised Tinubu to be inclusive and consult widely tasked the opposition to proffer solutions to the problems of the country instead of instigating violence and seeking overthrow of the democratically elected administration of President Bola Ahmed Tinubu.

Kachikwu, in a statement in Abuja,
said: “We can’t continue killing ourselves. Our streets flow with the blood of the innocent. Over 19 killed in this scam of a protest, all for what? No child of any politician or big man was killed. Just the poor, average Nigerian. Only their family members will cry and mourn for them quietly while those who have made billions from this scam laugh to the bank.

“We are witnessing unprecedented hardship right now. The poor can barely eat a meal in two days. Most of us can no longer afford the necessities. The population of the poor is increasing by the minute. We as leaders need to come to a table of equity, justice and fairness to address the plight of the downtrodden immediately.

“It is not Tinubu’s problem alone and Tinubu must stop acting like he can do it all by himself. He must show leadership and reach out across party lines to get the best and the brightest to a solution roundtable”

He warned against attempting to remove a democratically elected government through violence.

“The job of the opposition now is to oppose and propose but what we are doing is only opposing without providing any solutions to our problems. Watch any advanced democracy and see how the opposition behaves. They have their stand and solution on all issues, and they will debate night and day but here all we want to do is abuse Tinubu without offering any concrete solutions.

“If you hate Tinubu so much, then pressure the National Assembly to remove him or wait till the next elections but heating up the body polity for the last one year and attempting to remove a democratically elected government through the back door is no different from a coup.”

Kachikwu faulted president Tinubu on the removal of fuel subsidy, adding that he should revise the policy .

“Look at the vexatious issue of subsidy removal. Some sections of the media are now saying all the Presidential candidates agreed that subsidy had to go. This is not true”

END

NCC Debunks Approving Telecom Tariff Increase

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ALJAZIRAH
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The Nigerian Communications Commission (NCC) has clarified that it has not approved any increases in telecom tariffs.

Dr. Aminu Maida, Executive Vice-Chairman/CEO of the NCC, issued a statement on his verified X account on Saturday addressing the false information circulating within the telecom sector.

He described the report as “fake news” and stressed that there have been no new tariff hikes for Mobile Network Operators (MNOs) or any increases in telecom services for consumers.

AljazirahNigeria gathered that the confusion results from a document, titled, “Guidance on the Simplification of Tariffs in the Nigerian Communications Sector,” recently posted on the NCC’s website.

An online news had claimed that the NCC approved tariff increases for MTN, Airtel, Glo, and other telecom companies, affecting voice, SMS, data, and other services, adding that the development had resulted in higher costs for Nigerians.

Algerian Boxer imane Khelif Clinches Medal At Paris Olympics After Gender Outcry

By
Victor
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Boxer Imane Khelif of Algeria clinched a medal Saturday at the Paris Olympics following days of sharp scrutiny and online abuse as misconceptions about her gender have exploded into a larger clash about identity in sports.

Khelif will win at least a bronze medal after defeating Hamori for the second victory of her tumultuous second trip to the Olympics.

Khelif was faced international scrutiny after the banned International Boxing Association claimed Khelif failed an unspecified eligibility test for women’s competition last year. She then won her opening bout Thursday when opponent Angela Carini of Italy tearfully abandoned the fight after just 46 seconds.

The unusual ending became a sharp wedge to drive into an already prominent divide over gender identity and regulations in sports, drawing comments from the likes of former US President Donald Trump, “Harry Potter” writer J.K. Rowling and others falsely claiming Khelif was a man or transgender.

At a Paris Games that has championed inclusion and seen other outcry over an opening ceremony performance featuring drag queens, LGBTQ+ groups say the hateful comments could pose dangers to their community and female athletes.

IOC President Thomas Bach on Saturday defended Khelif and fellow boxer Lin Yu-ting of Taiwan. Khelif and Lin were disqualified in the middle of last year’s world championships by the International Boxing Association, the now-banned former governing body of Olympic boxing, after what it claimed were failed eligibility tests for the women’s competition.

Both had competed in IBA events for several years without problems, and the Russian-dominated body, which has faced years of clashes with the IOC over judging scandals, leadership decisions and financial issues, has refused to provide any information about the tests, underscoring its lack of transparency in nearly every aspect of its dealings, particularly in recent years.

“Let’s be very clear here: We are talking about women’s boxing,” Bach said Saturday. “We have two boxers who are born as a woman, who have been raised a woman, who have a passport as a woman, and who have competed for many years as women. And this is the clear definition of a woman. There was never any doubt about them being a woman.”

The IBA, which received the unprecedented punishment of being banned from Olympic participation in 2019 following years of conflict with the IOC, disqualified Khelif last year for what it said were elevated levels of testosterone.

The IBA, which is led by an acquaintance of Russian President Vladimir Putin, has not released more details on the tests, calling the process confidential.

“What we see now is that some want to own the definition of who is a woman,” Bach added. “And there I can only invite them to come up with a scientific-based new definition of who is a woman, and how can somebody being born, raised, competed and having a passport as a woman cannot be considered a woman?

“If they are coming up with something, we are ready to listen,” Bach added. “We are ready to look into it, but we will not take part in a sometimes politically motivated cultural war.”

Khelif will clinch at least a bronze medal in her second Olympics after failing to medal at the Tokyo Games held in 2021.

Khelif will face Janjaem Suwannapheng of Thailand in the 66-kg semifinals on Tuesday at Roland Garros. Suwannpheng, a silver medalist at last year’s world championships, upset defending Olympic champion Busenaz Surmeneli a few minutes before Khelif’s victory.

Lin, also a two-time Olympian, will clinch her first medal Sunday if she beats Svetlana Staneva of Bulgaria. Lin won her opening bout Friday comfortably over Uzbekistan’s Sitora Turdibekova.

Amid the scrutiny, both Khelif and Lin have received only cheers from the crowds at North Paris Arena.

“What is going on in this context in the social media, with all this hate speech, with all this aggression and abuse, and fueled by this agenda, is totally unacceptable,” Bach said.

The reduced field at the Paris Olympics boxing tournament, which has the fewest number of total boxers since 1956, means that many fighters can clinch medals with just two victories. Boxing awards two bronze medals in each weight class, which means every semifinalist wins a medal.

The Olympic sport reached gender parity for the first time in Paris, inviting 124 men and 124 women just 12 years after women’s boxing made its Olympic debut.

Iran Says Hamas Leader Haniyeh Was Killed By ‘Short-range Projectile’

By
Victor
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0

Iran’s Revolutionary Guards said Saturday that Israel killed Hamas political chief Ismail Haniyeh using a “short-range projectile” launched from outside of his accommodation in Tehran.

“This terrorist operation was carried out by firing a short-range projectile with a warhead of about 7 kilograms, causing a strong explosion, from outside the accommodation area,” the Guards said in a statement.

It added that Israel was “supported by the United States” in the attack.

Haniyeh was killed early Wednesday in the Iranian capital where he was attending the swearing-in of the new president, Masoud Pezeshkian.

Iran and Hamas have vowed to retaliate.

The Guards repeated their insistence that Haniyeh would be avenged and that Israel would receive “a severe punishment at the appropriate time, place and manner.”

Israel, which has declined to comment on Haniyeh’s killing, had earlier struck a Hezbollah stronghold in south Beirut.

That strike killed a senior commander of the Lebanese militant group it blamed for a deadly weekend rocket strike on the Israeli-annexed Golan Heights.

The killings are the latest of several major incidents that have inflamed regional tensions during the Gaza war, which has drawn in Iran-backed militant groups in Syria, Lebanon, Iraq and Yemen.

In Iran, the voices clamouring for revenge have intensified since Haniyeh’s killing.

On Saturday, the ultraconservative Kayhan daily said retaliatory operations were expected to be “more diverse, more dispersed and impossible to intercept.”

“This time, areas such as Tel Aviv and Haifa and the strategic centers and especially residences of some officials involved in the recent crimes are among the targets,” the newspaper said in an opinion piece.

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