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Kalu Receives 2023 PDP Presidential Aspirant, Ndukwe Into APC In Abia

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…distributes bags of rice, fertilizers to constituents

By Paul Effiong, Abuja

Deputy Speaker of the House of Representatives Hon. Benjamin Kalu yesterday in Abia State formally received a former presidential aspirant on the platform of the Peoples Democratic Party, PDP,Cosmos Ndukwe into the ruling All Progressives Congress APC.

In a statement signed by Kalu’s Chief Press Secretary, Levinus Nwabughiogu made available to journalists in Abuja stated that he called on the people to continue to support the APC administration, assuring that the President will do more for the people.

According to the press statement, the event took place in Ward C, Akanu Item in Awuja Automous Community, Item, Bende local government area of Abia State during Kalu’s tour of electoral wards in his Bende federal constituency.

Ndukwe, a grassroot politician in Abia State had previously served as a councillor, vice chairman, Aba north local government area, Chief of Staff to former Governor T. A. Orji, several times Commissioner, deputy speaker of Abia State House of Assembly and presidential aspirant in 2023 general election.

During the event,according to the statement, Kalu applauded Ndukwe’s decision to join the APC, maintaining that the party under President Bola Ahmed Tinubu is fully determined to develop the South East region of the country.

While recalling the signing into law of the South East Development Commission,SEDC, bill, the deputy speaker reaffirmed that President Tinubu has done what the previous Presidents of Nigeria couldn’t do for the region.

The deputy speaker also thanked the people and his constituents in particular for not protesting against the government in the ongoing Nationwide protest.

The statement said the deputy speaker used the opportunity to distribute some bags of rice and fertilizers with some cash gifts to the people to support the people in agriculture.

According to him: “It is one of our rules that when you want to join our party, you go to the grassroots. If you are a good politician, let us see your face at the ward level. So, the person we have here and the people he is coming with are well established politicians. Dr. Cosmos Ndukwe is a politician with a name. His track record is well known. From being a councillor to a presidential aspirant in PDP. He was also a deputy speaker. He’s strong politician in my constituency. So, don’t ignore him. This is a big catch.

He further explained:”What is happening today is significant. People are coming to President Bola Ahmed Tinubu because they know he is the only president that is doing what others couldn’t do. He’s a man who has prioritized food insecurity. More people will join our party because they are seeing the light and they want to join our party. For 54 years, we were promised Reconciliation, Reconstruction and Rehabilitation, yet none was fulfilled. It was President Tinubu that remembered and signed the SEDC bill into law to develop the South East. We will continue to support him”.

In his response, Ndukwe thanked the deputy speaker for coming to receive him in his Ward in Item.

He disclosed that the decision to join APC was to support President Tinubu in his concerted effort to develop the south east region in particular and the country in general.

It would be recalled that the deputy speaker had earlier visited Item Ward A made up of four villages of Apanu, Amaekpu, Amaeke, Amaokwu as well as Ward B all in Item Community where he expressed gratitude to the people for voting for him in 2023 election.

He also distributed some bags of rice and fertilizers with cash gifts to the youths, women and men groups of the community who were very happy about his home coming.

Allegations Of Fraud: ANEEJ Tasks FG On Prosecution Of Their Nigeria Collaborators

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FROM IKHILI EBALU, BENIN CITY

The Africa Network for Environment and Economic Justice (ANEEJ) has
called on the Attorney General and Minister of Justice of Nigeria, Lateef Fagbemi (SAN), and the Economic and Financial Crimes Commission (EFCC) to follow suit with the prosecution of all Staff of the Nigeria National Petroleum Company Limited, retired or serving who are allegedly collected bribe from Glencore oil company irrespective of the Glencore’s agreement to pay $50 million as a penalty for engaging in illegal activities in Nigeria.

The anti-corruption watch dog also called on the Federal Government of Nigeria to expose the officials of the NNPCL, serving or retired that collected the alleged bribe money running into millions of pounds to redeem the image of the Nigerian government in the eyes of the international community.

The Executive Director of ANEEJ, Rev. David Ugolor while reacting to the ongoing prosecution of Glencore officials in a press statement made available to Aljazirah Nigeria in Benin City, called on the Federal Government of Nigeria to expose the officials of the NNPCL, serving or retired that collected the bribe money running into millions of pounds to redeem the image of the Nigerian government in the eyes of the international community.

The Serious Fraud Office (SFO) of the United Kingdom on Thursday August 1 charged Alex Beard, Andrew Gibson, Paul Hopkirk, Ramon Labiaga and Martin Wakefield with conspiring to make corrupt payments in order to benefit commodities giant Glencore’s oil operations in West Africa, including Nigerian NNPCL officials.

Ugolor, applauded the Serious Fraud Office (SFO) of the United Kingdom for the initiation of prosecution of five former Glencore officials who conspired to make corrupt payments in order to benefit their operations in West Africa.

“We are glad to know that the SFO of the United Kingdom yesterday charged five former staff of Glencore with conspiring to make corrupt payments in order to benefit commodities giant Glencore’s oil operations in West Africa. This is a welcome development and we are calling on the Federal Government of Nigeria to follow suit by pressing charges against those who collected the bribe in line with the UNCAC principles for which Nigeria is a signatory and the anti-corruption stance of the President Bola Ahmed Tinubu’s administration. “

“Specifically, we want the EFCC to investigate the matter and bring all those who received the bribe money from Glencore officials and press charges against them,” Ugolor demanded.

While lamenting that the action of the NNPCL officials who conspired with Glencore officials to sleaze the country dry contributed remotely to Nigeria’s economic downturn that resulted into the present protest, Ugolor urged the Nigerian government to expose the Glencore bribe takers in Nigeria like the UK government has done.

He stated that, “Since it takes two to tango in corruption, we also want to know and see the faces of Nigerians who collected the bribe money just as the UK government has exposed those who gave. It is important to hold high office holders accountable to stop grand corruption that has precipitated massive poverty in Nigeria. The action of the yet to be named Nigerian officials contributed to the poverty in Nigeria today for which millions of citizens are out protesting against bad governance.”

The five individuals, all former employees of the company, have been charged in connection with the award of a range of oil contracts variously spanning Cameroon, Nigeria and the Ivory Coast from 2007 to 2014.Two individuals have also been charged in relation to the falsification of invoices to Glencore’s London office marked as service fees to a Nigerian oil consultancy from 2007 to 2011.

The prosecution of the bribe payers have been adjoined to Tuesday, 10th September 2024, at Westminster Magistrates’ Court for continuation of hearing.

It could be recalled that in May 2022, Glencore pleaded guilty to foreign bribery and price manipulation in a settlement with authorities in the US, the UK, and Brazil. Glencore admitted to paying over $100 million in bribes to government officials in several countries, including Nigeria, through subsidiaries, middlemen, and intermediary corporations, violating the Foreign Corrupt Practices Act (FCPA).

Subsequently, Glencore was fined £276.4 million by a United Kingdom Court for bribing Nigerian officials to gain favorable crude oil trading contracts.

Universities Showcase NASENI-Funded R&D Products

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By Ladi Gbegi

Researchers from the Ladoke Akintola University of Technology, LAUTECH, Ogbomosho, Oyo State, and Federal University of Technology, FUT, Minna, Niger State, have showcased their research and development (R&D) products funded by the National Agency for Science and Engineering Infrastructure, NASENI.

A statement by the deputy director of Information, NASENI, Chima Akwaja, said the presentation, which took place at Technology Orientation Centre, TOC, NASENI headquarters, Abuja, was witnessed by the Agency’s top management led by Research Directors which marked the culmination of a collaborative effort that began in April 2023 when NASENI signed a Memorandum of Understanding, MoU, with three professors from the universities.

Professor Abass Alade, Department of Chemical Engineering, LAUTECH, research focused on “Treatment of Aquaculture Waste Water Using Waste Banana and Plantain Stem Juice Composite Through Integrated Filtracoagulation Cascade System”; Associate Professor Jimoh Oladejo Tijani, Department of Chemistry, Federal University of Technology, Minna, Niger State on “Development of Multi-walled Carbon Nanotubes-Iron Tungstate Composite for Industrial Wastewater Purification” while Dr. Sanusi Kolawole, Department of Pure and Applied Physics, LAUTECH, focused on “Development of Nano-coating Green Urea Fertilizer for Agricultural Production Enhancement”, respectively.

The Executive Vice Chairman of NASENI, Mr. Khalil Suleiman Halilu represented by Research Director, Dr Samuel O. Olusunle, in his welcome address, appreciated the professors for making judicious use of the funds for publication of their research works and development of the products.

Speaking on behalf of his colleagues, Professor Abass Alade expressed gratitude for the opportunity saying: “we are happy to have this great chance to show who we are and what we have done, and we deeply appreciated every input from NASENI, which has added to our body of knowledge and expanded our capacity.”

He also talked about key achievements of the projects such as Agency-academia linkage as feasible and sustainable; facility development in the areas of acquisition of equipment and resources; and human resource development of undergraduates and postgraduates who participated in the research works.

He called for funding from NASENI to further mass produce the products and to commercialize them thorough the tripartite relationship between NASENI, academia and private sector operators.

NASENI Research Director, Dr. Patrick Okwu who thanked the researchers for their partnership, encouraged them to include production costs in their next presentations to make the information more accessible to the general public.

On his part, NASENI Research Director, Engr. Prof. Abdulmalik Onuwe, expressed enthusiasm for the NASENI-university collaboration and emphasized the importance of expanding the research deliverables to benefit the manufacturing sector.

In his vote of thanks, Deputy Director and Head of the Research Laboratory Development Department, Science Infrastructure Directorate, NASENI, Dr. Bakare Hassan Oladipo, expressed gratitude to the EVC/CEO for the collaboration saying, “This showcase underscores NASENI’s commitment to fostering innovation and collaboration between Nigeria’s top academic institutions and the Agency’s research and development efforts.”

Farmers’ Society Urges Tinubu To Monitor Agric Subsidies And Grants

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By Dickson Pat 

Agbekoya Society of Nigeria, a parent body of Agbekoya Farmers Association of Nigeria, has urged President Bola Tinubu to monitor distribution of  grants and subsidies for agriculture to achieve the purpose.

The group gave the advice  in an open letter to Tinubu on Sunday, following Sunday’s presidential broadcast over nationwide #EndBadGovernance protest.

The letter was jointly signed by the group’s President, Chief Kamorudeen Okikiola, and National Secretary, Dr Adegbenro Ogunlana.

The group was reacting to the Federal Government’s investments and other efforts in boosting food production to address hunger, as revealed in his broadcast.

It said that many Federal Government’s agricultural programmes did not get to the grassroots.

“The Nigerian Government has implemented various programmes and initiatives aimed at supporting the agricultural sector and empowering small holder farmers.

“However, we have observed that the intended benefits of these programmes often do not reach the intended beneficiaries  grassroots farmers who form the backbone of our nation’s food production.

“Our members, who are primarily subsistence and small-scale farmers, have experienced significant challenges in accessing grants, subsidies and other forms of support that have been made available.

“This is due to lack of transparency, accountability and effective monitoring mechanisms in the distribution process”, it said.

The group advised the president to start monitoring the interventions for efficiency.

The body said that  grassroots farmers  were the true drivers of agricultural productivity in Nigeria and should not be left out of programmes designed to uplift them.

According to the group, for Nigeria to achieve food security, sustainable agricultural development and  empowerment of rural communities, it is crucial to implement a robust and transparent way of monitoring policies.

The body said that such a monitoring system should ensure that agricultural grants and subsidies would reach the intended beneficiaries.

It called for establishment of a comprehensive database of registered Nigerian small holder farmers with detailed information on their land holdings, crops and other relevant details.

The group advocated implementation of a decentralised and community-based distribution system for agricultural grants and inputs.

The group also called for development of capacities of extension workers and local government agricultural officers to effectively monitor distribution of grants and inputs.

The society also called for introduction of a grievance redressing mechanism where farmers could report irregularities or misappropriation of agricultural support.

“We stand ready to work with your administration to develop and implement this much-needed monitoring policy.

“We remain committed to the sustainable growth of the agricultural sector in Nigeria”, it said.

Brent, WTI Drop On Weak US Jobs Data, China Economic Woes

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By Yahaya Umar 

Prices of oil grades fell on Friday, settling at their lowest since January after data showed the US economy added fewer jobs than expected last month, and weak Chinese economic data added more pressure.

Brent crude futures depreciated by $2.71 or 3.41% to $76.81 a barrel and the US West Texas Intermediate ,WTI, crude futures went down by $2.79 or 3.66% to trade at $73.52.

US job growth slowed more than expected in July and unemployment increased to 4.3%, pointing to raising fears of a possible recession.

The sharp slowdown in the labour market had been flagged for a while in surveys and a rise in the number of people on unemployment benefits.

The US Federal Reserve’s rate hikes in 2022 and 2023 have weighed on demand for labour, with government data this week showing hires in June were the lowest in four years.

Economic data from top oil importer China and surveys showing weaker manufacturing activity across Asia, Europe and the US raised the risk of a sluggish global economic recovery that would weigh on oil consumption.

Prices were further impacted by a decrease in manufacturing activity in China, which increased concerns regarding demand growth following the release of data in June that indicated imports and refinery activity in the world’s largest oil importer were lower than they had been a year prior.

Also, Asia’s crude imports in July fell to their lowest in two years, sapped by weak demand in China and India.

The Organization of the Petroleum Exporting Countries and its allies ,OPEC+, on Thursday left the group’s oil output policy unchanged, including a plan to start unwinding one layer of production cuts from October.

Meanwhile, a survey by Reuters found that OPEC oil output rose in July as a rebound in Saudi Arabian supply and small increases elsewhere offset the impact of ongoing voluntary supply cuts by other members and the wider OPEC+ group.

The 12-member OPEC group pumped 26.70 million barrels per day last month, up 100,000 barrels per day from June.

Oil investors are also keeping an eye on the Middle East, where Lebanon’s Iran-backed Hezbollah has announced a new phase in its confrontation with Israel.

Nonetheless, experts reported no major interruption in regional oil supply as prices fell to multi-week lows days after the assassination of key leaders of Iran-aligned terrorist organisations Hamas and Hezbollah fuelled concerns of an all-out conflict.

FG Secures $1.25bn Electricity Loans From W’Bank, AfDB In One Year 

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By Charles Ebi 

Nigeria has secured at least $1.25 billion in loans from the World Bank and the African Development Bank ,AfDB, to boost electricity supply under the administration of President Bola Tinubu. 

On December 14, 2023, the World Bank approved the $750 million Distributed Access through Renewable Energy Scale-up ,DARES, project in Nigeria. 

More recently, on July 31, 2024, the African Development Bank Group ,AfDB, approved a loan of $500 million to the Federal Republic of Nigeria to help transform the country’s electricity infrastructure and improving access to cleaner energy sources.  

The loan from the World Bank is structured into three distinct segments, cumulatively forming the $750 million total financial package. This package is segmented into credits of $350 million, $250 million, and $150 million, each earmarked for different facets of the project and subject to currency conversions as necessary. 

The primary implementers of this project are the Rural Electrification Agency, REA, and the Lagos State Electricity Board ,LSEB, with significant support from the Federal Ministry of Power, the Nigerian Electricity Management Services Agency ,NEMSA, the Federal Ministry of Environment, the Nigerian Electrification Regulatory Commission ,NERC, and the Federal Ministry of Finance. 

According to the press release announcing the loan approval, $750 million credit from the International Development Association ,IDA, is being used to leverage more than $1 billion from private investors and additional funding from different partners. 

Contributions include $100 million from the Global Energy Alliance for People and Planet and $200 million from the Japan International Cooperation Agency ,JICA.

Other collaborators in this initiative include the United States Agency for International Development ,USAID, the German Development Agency ,GIZ, Sustainable Energy for All ,SEforAll, and the African Development Bank ,AfDB. 

This ambitious DARES project aims to provide over 17.5 million Nigerians with better access to electricity through distributed renewable energy solutions. The goal is to tackle the 

electricity access deficit.  

The DARES program will assist the Federal Government of Nigeria in coordinating and finance off-grid electrification efforts. It will also aid states in developing capacity and policies to promote rooftop solar energy. 

The federal government plans to provide subsidy to developers and operators of solar mini-grids in unserved and underserved areas in the country. The subsidy will be provided through a World Bank approved loan of $750 million under the Distributed Access through Renewable Energy Scale-up ,DARES, project. 

According to a statement from the AfDB, this funding will finance the first phase of the Economic Governance and Energy Transition Support Program ,EGET-SP, aimed at transforming the country’s electricity infrastructure and improving access to cleaner energy sources.  

The statement also noted that the loan will help close the financing gap in the Federal Budget for the 2024/25 fiscal year, specifically supporting the implementation of Nigeria’s new Electricity Act and the Nigeria Energy Transition Plan. These initiatives are designed to decentralize the electricity supply industry and attract investments from subnational governments and the private sector.  

Nigeria has secured approval of nearly $2 billion in loans from multilateral organisations, especially the World Bank before Bola Tinubu became president. 

For instance, on June 23, 2020, the World Bank approved $750 million as a loan for Power Sector Recovery Operation ,PSRO, project to improve the reliability of electricity supply, achieve financial and fiscal sustainability, and enhance accountability in the power sector in Nigeria. 

Nigeria also got approval of $500 million on February 4, 2021, for the Nigeria Distribution Sector Recovery Program ,DISREP, aimed at improving Nigeria’s electricity distribution sector. This program performed below expectation, which led to World Bank planning a supervision mission, scheduled from July 8 to July 12, 2024, in response to the persistent challenges and underwhelming progress of the program.  

There is also the Nigeria Electrification Project ,NEP, for which Nigeria got an approval of $350 million on June 27, 2018. The World Bank recently restructured the loan to Nigeria to ensure the completion of seven critical power plants in educational institutions, bolstering the nation’s energy infrastructure. According to the Restructuring Paper on this restructuring involves an extension of the project’s closing date, with the new deadline for the loan project set to December 31, 2024.   

Despite all the loans approved to Nigeria, the power sector still struggles as Nigerians faces poor electricity supply. 

N200bn Consumer Credit Will Make Life Easier For Households – Tinubu

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tinubu

President Bola Tinubu has said the N200 billion Consumer Credit Corporation established by his administration would make life easier for millions of households.

The President said this in a national broadcast yesterday on the ongoing nationwide protest.

He said the aim of the scheme was to help Nigerians acquire essential products without immediate cash payments.

This, he said, would consequently reduce corruption and eliminate cash and opaque transactions.

“This week, I ordered the release of an additional N50 billion each for NELFUND the student loan, and Credit Corporation from the proceeds of crime recovered by the EFCC.

“Additionally, we have secured 620 million dollars under the Digital and Creative Enterprises ,IDiCE, a programme to empower our young people, creating millions of IT and technical jobs that will make them globally competitive.

“These programmes include the 3 million Technical Talents scheme. Unfortunately, one of the digital centres was vandalised during the protests in Kano. What a shame”, he said.

In addition, he said the government had introduced the Skill-Up Artisans Programme ,SUPA; the Nigerian Youth Academy ,NIYA; and the National Youth Talent Export Programme ,NATEP.

He also said more than N570 billion had been released to the 36 states to expand livelihood support to their citizens, while 600,000 nano-businesses had benefitted from nano-grants.

He stated that an additional 400,000 nano-businesses were expected to benefit from the programme.

“Furthermore, 75,000 beneficiaries have been processed to receive our N1 million Micro and Small Business single-digit interest loans, starting this month.

“We have also built 10 MSME hubs within the past year, created 240,000 jobs through them and five more hubs are in progress, which will be ready by October this year”, he said.

According to Tinubu, payments of N1 billion each are also being made to large manufacturers under single-digit loans to boost manufacturing output and stimulate growth.

Bitcoin Falls To $60,000 As Crypto Market Capitalisation Loses $70bn  

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CRYPTO

Flagship crypto asset Bitcoin has dropped to $60,661 following a general market downturn that left most assets in the Red.

The Total market capitalization of the entire crypto market also lost a staggering $70 billion following the downturn.  

Bitcoin initially plummeted below the $60,000 mark for the first time in several weeks before slightly gaining to $60,661 at the time of the report.

The same scenario played out with Altcoins with ETH slumping beneath $2,900, while SOL, DOGE, and BCH have dumped by 6–7%. 

After a brief roller coaster last weekend, Bitcoin hit $70,000 a seven-week high level following various Pro- crypto speeches from influential persons like Donald Trump, Senator Lummis, and Michael Saylor at the Bitcoin Conference held in Nashville.  

The 70,000 price level was short-lived as the asset was dumped by $4,000 to cool off at $66,000. On Friday Bitcoin dumped from $66,000 to $62,000 following News of the US unemployment rate hitting the highest level since 2021.  

Over the weekend Bitcoin dumped to below $60,000 alongside risky US stocks as the General crypto market turned red. However, it slightly recovered to $60,661 at the time of the report. Bitcoin Market Cap has slumped below $1.2 trillion at the moment.  

At the time of the report, Bitcoin is changing hands for $60,661 dropping by 1.7% in the last 24 hours with a maximum price of $62,161 and a minimum price of $59,909.

The crypto asset is down 10% in the last 7 days and 17.7% from its all-time high of $73,737.  

Altcoins were heavily affected by the general market downtime over the weekend too. The Altcoins have a long history of reacting to Bitcoin’s performance.  

The Biggest losers over the weekend amongst the Altcoins with large market caps include SOL (-7%), DOGE (-6%), AVAX (-5%), SHIB (-5%), BCH (-7%), and NEAR (-8%).  

Ethereum and Binance coins also dropped in Price values with Ethereum dropping to $2,890 before recovering to $2,907 and Binance coins dropping to $523 before dropping even further to $349 at the time of this report.  

The Total crypto market capitalisation lost a whopping $70 billion dropping to $2.230 trillion following the general market downturn. The top 19 crypto assets by market capitalization are all in red at the time of this report. 

The Total crypto market capitalisation is down by 2.4% in the last 24 hours.

Despite the general market downturn, Bitcoin still maintains reasonable dominance over the Altcoins per Coingecko data. Bitcoin’s dominance over the Altcoins is on the rise to 53.2% according to the crypto stats platform.

Face-off: Kaduna Govt Advises Kad-DisCo On N600m Unpaid Taxes, Others

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GRID

By Aliyu Galadima 

In what appears to be a face-off, the Kaduna State Internal Revenue Service has advised the investors of Kaduna Electric to settle their outstanding taxes, fines, and fees allegedly owed to the state and some of its Ministries, Departments, and Agencies ,MDAs.

This was disclosed in a statement signed by the Service Executive Chairman, Jerry Adams, on August 3, 2024. 

Tagged “Re: Kaduna Electric Disconnects Kaduna State Government House Over Debt of N2.9 Billion”, the service did not comment on the DisCo’s disconnection of power from the State Government House over the alleged N2.9 billion debt but used the opportunity to address the electricity company’s investor and others. 

The service had announced the sealing of Kaduna Electricity Company Plc ,Kaduna Electric, office over unpaid taxes amounting to N600 million. 

Hours later, the electricity company denied owing N600 million in unpaid taxes to the state, accusing the Kaduna State Government of engaging in “cheap blackmail” to divert attention from its own financial obligations. 

The company stated that the closure has significantly impacted Kaduna Electric’s ability to maintain full operational control, noting that the dispatch center, essential for coordinating power supply, is now under lock and key. 

In response, the company stated it has activated its contingency recovery plan to continue operations. However, it stressed that this measure limits the company’s visibility and control over its network, raising concerns about supply safety. 

In its rebuttal, the service criticized the company’s investors while maintaining that the service is owed N600 million in unpaid taxes among other outstanding liabilities. 

Adams advised the company’s investors to fulfill their civic responsibility. He stated: 

“In view of the ongoing issues between Kaduna Electric and the Kaduna State Government, it is important to note that although the Executive Governor is committed to attracting investors and improving the ease of doing business in Kaduna State, it is equally expected that investors carry out their civic responsibility of paying taxes for the improvement of infrastructure, security, and overall service delivery for businesses in the State to thrive. 

“Furthermore, the general public is reminded of the provisions of Section 3, Subsection 2(b) and (c) of the Kaduna State Tax Codification and Consolidation Law, which mandates the Service with the responsibility to collect and enforce the payment of taxes, levies, fees, and rates due to all Ministries, Departments, Agencies ,MDAs, and Local Governments of the State. 

“The sealing of the KAEDCO head office was a consequence of the N600 million tax liability accrued to the State”.

Adams maintained that, apart from the N600 million unpaid tax, “other levies, fines, and rates payable to the State are yet to be considered” regarding Kaduna DisCo. 

He disclosed that the Service has now requested the four MDAs of the State to forward their outstanding liabilities (non-tax liabilities, i.e., levies, fees, fines, etc.) owed by Kaduna Electric for enforcement. 

The MDAs are: “Kaduna State Geographic Information Service ,KADGIS, Kaduna State Water Administration Corporation ,KADSWAC, Kaduna State Water Regulatory Commission, and Kaduna Environmental Protection Agency ,KEPA”.

Adams stressed that the Service is open to an amicable resolution with Kaduna DisCo but vowed to enforce tax compliance on any defaulting company in the state. 

“The Kaduna State Internal Revenue Service is committed to equitable taxation and thus will not overburden the poor with taxes but rather identify and carry out enforcement measures on tax-evading and non-compliant organizations and high-net-worth individuals, regardless of whose ox is gored. 

“Going forward, the Service is open to further engagements with KAEDCO and all relevant parties for an amicable resolution of these issues”.

The Nigerian Electricity Regulatory Commission ,NERC, had approved the acquisition of a 60% equity stake in Kaduna Electricity Company Plc ,Kaduna Electric, by ASI Engineering Limited. 

This was disclosed by Kaduna Electric via its X page on Friday, July 13, 2024. 

The equity transaction followed a NERC report from six months ago, which revealed that the electricity distribution company had a debt of N110 billion ($130 million) owed to various entities, including the Nigerian Bulk Electricity Trader and power generation firms. 

As disclosed in the statement at the time, ASI’s vision is to make Kaduna Electric a national leader in electricity distribution, driving sustainable development and enhancing the quality of life through innovative and reliable solutions, thereby impacting residents, businesses, and industries in its franchise states (Kaduna, Zamfara, Sokoto, and Kebbi). 

The collaboration is expected to focus on modernizing the electricity distribution network, implementing innovative solutions for energy management, and fostering greater customer satisfaction and engagement. 

NERC was appreciated for facilitating the approval alongside the Bureau of Public Enterprises ,BPE.

The terms of the acquisition agreement include that ASI will prioritize investments in Kaduna Disco infrastructure upgrades, employee training and development, and embark on community engagement initiatives to create lasting value for all stakeholders. 

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.