NSE

The Nigerian Stock Exchanges (NSE) key market indices on Wednesday appreciated further by 0.18 per cent due to sustained bargain hunting.

Consequently, the NSE All-Share Index rose by 46.05 points or 0.18 per cent to close at 25,460.00 compared with 25,413.95 recorded on Tuesday.

Accordingly, Month-to-Date gain increased to 0.5 per cent, while Year-to-Date loss moderated to -5.2 per cent.

Similarly, the market capitalisation which opened at N13.258 trillion increased by N24 billion or 0.18 per cent to close at N13.282 trillion.

The upturn was impacted by gains recorded in large and medium capitalised stocks, among which are: Stanbic IBTC, Nigerian Breweries, Guinness, Flour Mills and Zenith Bank.

Analysts at Afrinvest Ltd said, We expect the soft gains to be sustained for the rest of the week on the back of improved investor appetite.

Market sentiment was postive with 18 gainers in contrast with 11 losers.

Cornerstone Insurance dominated the gainers chart in percentage terms, gaining 8.33 per cent to close at 65k per share.

Union Diagnostic trailed with a growth of eight per cent to close at 27k, while Regency rose by 4.35 per cent to close at 24k per share.

Sterling Bank garnered 4.17 per cent to close at N1.25, while Transcorp appreciated by 3.51 per cent to close at 59k per share.

Conversely, Academy Press and Initiates led the losers chart in percentage terms, dropping by 10 per cent each to close at 27k and 63k per share, respectively.

AXA Mansard Insurance followed with a loss of 9.24 per cent to close at N1.67 per share.

UACN Property Development dipped 8.70 per cent to close at 84k, while GlaxoSmithKline shed 4.90 per cent to close at N4.85 per share.

In spite of the growth in market indices, the volume of shares transacted closed lower with an exchange of 181.32 million shares worth N1.12 billion in 3,408 deals.

This is against a turnover of 1.07 billion shares valued at N2.10 billion achieved in 3,221 deals on Tuesday.

Transactions in the shares of Transcorp topped the activity chart with 26.79 million shares worth N15.38 million.

Regency Alliance followed with 20.31 million shares valued at N4.57 million, while United Bank for Africa accounted for 13.29 million shares worth N86.21 million.

Zenith Bank traded 13.05 million shares valued at N220.67 million, while Royal Exchange transacted 8.75 million shares worth N2.85 million.

Source: NAN News

Basketball Champions-League match

The city of Athens has been awarded the hosting of the 2020 Basketball Champions League (BCL) Final Eight.

The BCL Board had taken the unanimous decision on March 30 to resume and conclude the 2019/2020 Season with the hosting of a Final Eight.

This was in the wake of the decision by the International Basketball Federation (FIBA) on March 12 to cancel all international competitions.

It wasin order to protect the health and safety of players, coaches, officials and fans following the coronavirus outbreak.

The Final Eight is to be a single-game knock-out competition, to be held from Sept. 30 to Oct. 4.

Six teams have already qualified for the Final Eight, including AEK of Greece, Casademont Zaragoza of Spain, and ERA Nymburk of the Czech Republic.

The others are Hapoel Bank Yahav Jerusalem of Israel, San Pablo Burgos of Spain, and Trk Telekom of Turkey.

There are two outstanding games, still pending for the conclusion of the Round of 16 in the competition.

These are JDA Dijon of France versus Nizhny Novgorod of Russia, and Iberostar Tenerife of Spain versus Filou Oostende of Belgium.

They will be played prior to the hosting of the Final Eight, on Sept. 16.

Eight teamswill participate in the pinnacle event of Basketball Champions Leagues fourth season which will be played over the last weekend of September in the Greek capital.

The games will be played in the 18,000-capacity Nikos Galis Olympic Indoor Hall, the regular home court of AEK.

The decision concerning the presence of fans in the arena will be taken at a later stage and in accordance to the rules and regulations set by the Greek official authorities.

As part of this host city announcement, the logo of the 2020 Final Eight has also been unveiled.

We are very excited to have Athens host the Basketball Champions League Final Eight.

We are grateful for the commitment ofthe Greek authorities to help us organise this event in the best and safest way possible for all stakeholders, especially the players of all qualified teams.

We have also witnessed the enthusiasm of the host club to organise this historical event, said Patrick Comninos, CEO of the Basketball Champions League.

In spite of the difficult situation created by the COVID-19 pandemic, we are thrilled to have the opportunity to award this Final Eight,with the participation of eight clubs that have earned their spot throughout a hard-fought season, to an environment that has proven experience in organising top-level basketball events.

This willguarantee a unique week of basketball for fans across Europe, he added.

According to the schedule, the Quarter-Finals will be played on Sept. 30 and Oct. 1, the semi-finals on Oct. 2, with the Third-Place Game and Final scheduled for Oct. 4.

The draw determining the pairings will be held following the conclusion of the Round of 16 games.

The News Agency of Nigeria (NAN) reports that the Basketball Champions League is an innovative 50-50 joint partnership between FIBA and 11 top European leagues.

It is a fair competition based on sporting principles withteams qualifying through national leagues. (NAN)

Source: NAN News

PMS Pump

By Edith Ike-Eboh

The Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporations (NNPC), has announced a new ex-depot price of N151.56k for premium Motor Spirit (PMS) also known as petrol.

It disclosed this in a memo signed by D.O Abalaka of Ibadan Depot to all stakeholders on Wednesday.

The memo with ref number PPMC/IB/LS/020 reads please be informed that a new product price adjustment has been effected on our payment platform.

To this end, the price of Premium Motor Spirit is now N151.56k per liter. This is effective sept. 2, 2020., it said.

The News Agency of Nigeria (NAN) reports that ex-depot price is the price marketers buy the product from depot owners.

The PPMC in August, announced an ex-depot price of N138.62k The September price had an increment of N12.94k.(NAN)

Source: NAN News

Electricity meters

By Constance Imasuen

Some NGOs and electricity consumers on Wednesday kicked against the increase in electricity tariff implemented by the Electricity Distribution Companies (DISCOs) on Sept. 1, and appealed to government to reverse the plan.

The consumers spoke in separate interviews with the News Agency of Nigeria (NAN) in Abuja.

Mr Demeji Macaulay, the Director, Movement for A Socialist Alternative (MSA), said the association condemns the recent hike in electricity tariff in strongest terms and demands its immediate reversal.

Macaulay condemned the move to increase tariff in spite of the resolution of the senate and direct orders by President Muhammadu Buhari to shelve the plans by the DISCOs to hike electricity tariff until all consumers are metered.

This increment policy direction will not guarantee affordable tariff and stable power supply for the vast majority.

It is only massive public investment in the power sector combined with the nationalisation of the electricity sector and other commanding heights of the economy that can guarantee affordable and uninterrupted electricity, he said.

Mr Jude Chukwuma, a welder in Lugbe, Abuja said that it would be difficult to ascertain the people receiving less than 12 hours power supply as stated in the tariff.

How will DISCOs know people receiving less than 12 hours of light, all we want is for government to assist us to reverse the increase in tariff as we are still battling with our losses due to the COVID 19 pandemic.

Mrs Ebere Akue, a stylist also at Lugbe said that the increase would affect her business, adding that power was not constant as she had to buy fuel for generator.

This increase is not good for our business since COVID-19 period, businesses are slow, she said.

Mr Kunle Olubiyo,the President, Nigeria Consumer Protection Networksaid thaton behalf of electricity consumers, the association had been engaging the Federal Government on the impact of the electricity tariffs on the poor and vulnerable people.

Olubiyo said that the association had received assurances from the highest level of government that the present tariffs adjustment would increase raise the bar of minimum remittance to be made by the DISCOs.

And as the names implied, the service reflective tariffs broken down into different bands, segments is not targeted at the poor and at the same time it is more or less designed technically speaking to serve as Cross Subsidies.

Crosssubsidies involves a group of consumers paying more than the general cost of supply and the surplus is used to subsidise the provision to the other group at a price that is lower than the cost of supply to the subsidised group.

Taking the subsidies to be realised from the profits of the rich and those with big pockets, the bulk users of electricity.

The large scale industries and multinational conglomerate to cross subsidised the rural end users of electricity, the urban poor amongst others, he said.

NAN reports that the Nigerian Electricity Regulatory Commission (NERC) on Aug.27 disclosed that electricity tariff reviews, going forward will only follow service-based principles.

Under these principles, Electricity Distribution Companies (DISCOs) will only be able to review tariff rates for customers when they consult with them and commit to increasing the number of hours of supply per day and quality of service.

NERC stated that in line with these expectations, DISCOs had been directed to engage with their customers on a Serviced Based Tariff structure, where DISCOs could only review tariffs for customers.

Going further, NERC says there will be no tariff change for the most vulnerable as tariffs for those consuming 50KW or less remain frozen.

Also, customers receiving less than 12 hours of power supply are expected not to experience any change in tariffs. (NAN)

Source: NAN News

NLC president Ayuba Wabba

By Joan Nwagwu/Edith Ike-Eboh

The Nigeria Labour Congress (NLC) has rejected the increase in Premium Motor Spirit (PMS), also known as petrol from N148. 50 per liter to N151.56 per litre.

Mr Ayuba Wabba, NLC President told the News Agency of Nigeria (NAN), while reacting to the increase in the price of petrol on Wednesday in Abuja.

NAN reports that the Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation, (NNPC) had in a statement announced that the new product price adjustment takes effect from Sept. 2.

It would be recalled on Aug. 5, the price of petrol was increased from N143.50 to N148.50 per liter.

Some filling stations in Abuja have already started selling petrol for N161 per litre as at 5 p.m. on Wednesday.

According to Wabba, Nigerians and even the NLC are shocked about the increase and this increase is coming at a time when many Nigerians are passing through very peculiar and precarious times.

It is like Nigerians are being taken for a ride, the increase in price of petroleum is like adding salt to injury.

The increase in the price of petroleum has happened more than three times in three months, only yesterday they hiked the tariff of electricity, he said.

The NLC president said that to compound the issue, the CBN also reduced the interest rate of savings which affects mostly the poor and the vulnerable.

The organised labour therefore rejects the increase in price of the product in the strongest terms.

According to him, at the end of the day, Nigerians are becoming poorer and poorer, in fact many people are already on the edge. Many workers are already on the edge.

Certainly, we cannot guarantee industrial peace and harmony, and we will have to call our organs and we will have to also react but we reject it in its entirety.

They have betrayed the trust of Nigerians, for Nigerians to be protected against the economic challenge that is affecting us, he said,

Also reacting, Prof. Uche Uwaleke, Professor of Finance and Capital Market, Nasarawa State University, told NAN that the new price will heighten inflationary pressure in the country.

This is clearly a downside risk to inflation.

In the coming months, I expect inflationary pressure to heighten as crude oil price recovery in the international market necessitates a hike in domestic pump price of imported fuel.

This situation will be compounded by naira devaluation, he said.

Uwaleke, also a former Imo Commissioner for Finance said that to save the situation, the alternative would have been petrol subsidy.

According to him, government cannot afford it now as it is not provided for in the 2020 budget.

Again, expecting a government already saddled with huge debt to borrow to subsidise the price of petrol does not make economic sense.

With all the economic headwinds, there is no question about a spike in cost of living in the coming months, he said.

He noted that the only solution was for government to ensure the passage of the Petroleum Industry Bill (PIB).

The solution remains passing the Petroleum Industry Bill into law to pave way for investors in the oil refining sector which will put a stop to import of petroleum products well before Dangote refinery takes off to fill the gap, he said. (NAN)

Source: NAN News

Abdulrasheed Maina protesting allegation of fraud against him

By Wandoo Sombo

The embattled Chairman of the Pension Reform Task Team (PRTT) Abdulrasheed Maina, has petitioned the Attorney- General of the Federation (AGF) and Minister of Justice, Abubakar Malami, SAN, challenging the criminal charge against him.

In the petition made available to newsmen on Wednesday, Maina sought a review of the criminal charges filed against him by the Economic and Financial Crimes Commission (EFCC).

Maina urged Malami to review all the cases involving him to ensure that his prosecution was not malicious.

Our clients prosecution by the EFCC came to a head principally due to his demand that the EFCC should account for the sums and property recovered by the PRTT, and kept in the EFCCs custody.

The petition became necessary as our client was consistently accused by the anti-graft agency of diversion of the funds recovered instead of accounting for the sums and property in its custody.

Maina alleged that a campaign of calumny was lunched against him to obfuscate the issues and divert attention from the inability to account for the property recovered by the task force.

He appealed for a review of the cases on the grounds that he had at all times, performed his duties in the best interest of the nation and not his personal interest. (NAN)

Source: NAN News

ISWAP terrorists

By Sumaila Ogbaje

The Air Task Force of Operation Lafiya Dole has destroyed compounds, housing Islamic State of West Africa Province (ISWAP) terrorists at Kaza on the Gulumba Gana Kumshe axis of Borno.

The Coordinator, Defence Media Operations, Maj.-Gen. John Enenche, who disclosed this in a statement on Wednesday in Abuja, said that scores of terrorists were killed in the attack.

Enenche said the air raid was in continuation of the sustained offensive against insurgents in the North East.

He said that the air strike was executed on Tuesday, following credible intelligence and confirmatory Intelligence, Surveillance and Reconnaissance (ISR) missions indicating a resurgence of terrorists activities in the settlement.

According to him, the identified locations within the settlement were therefore attacked by fighter jets and helicopter gunships dispatched by the Air Task Force.

He said that the attack resulted in the destruction of the structures and the neutralisation of some of the ISWAP fighters. (NAN)

Source: NAN News

NCAA

By Yunus Yusuf

The Federal Government has approved the restructuring of the Nigerian Civil Aviation Authority (NCAA) to further improve the safety oversight system of the countrys aviation industry.

The Director-General of NCAA, Capt. Musa Nuhu, made this known in a statement on Wednesday in Lagos.

Nuhu said the approved restructuring was aimed at repositioning the agency for effective and efficient service delivery.

He said this was also to entrench a robust safety oversight system in line with the International Civil Aviation Organisation (ICAO) standards and recommended practices.

The director-general said the restructuring was to enable the regulatory body to resolve the current and emerging challenges facing the industry.

The restructuring affects the following directorates, which are the major organs of the authority. It has been reduced from nineto six.

The new and retained directorates are: the Airworthiness Standards (DAWS); Operations, Licencing and Training (DOLT); Air Transport Regulations (DATR; Aerodrome and Airspace Standards (DAAS).

Others are: the Finance and Accounts (DFA) and the Directorate of Human Resources and Administration (DHR

NDLEA officials

By Friday Idachaba

The National Drug Law Enforcement Agency (NDLEA), Kogi Command has destroyed a 10-hectare Cannabis Sativa (Indian hemp) plantation in Okula community, Ofu Local Government Area of the state.

Mr Alfred Adewumi, NDLEA Commander in the state, made the disclosure while addressing newsmen shortly after the destruction of the farm on Wednesday in Okula.

He decried the increasing rate of illicit use and cultivation of cannabis sativa in the state.

Adewumi explained that the alleged cannabis farmer, Clement Akor, a 42-year-old man from Enabo in Ankpa Local Government Area of Kogi, was arrested alongside his accomplice, David Ameh, through intelligence gathering.

The commander noted that the discovery and destruction of the hemp farm came three days after the arrest of the duo of Enduarance Samson and Abah Sunday, caught with 36.2 kilogrammes wraps of cannabis sativa.

Adewumi said that the command was committed to stamp out illicit drug production and use from the state and would chase dealers to their roots.

He said: Seeing, they say, is believing. What you are seeing today is certainly more than three football fields put together. I want you to make your judgment. Just look around at the huge expanse of cannabis farms.

We just left the first farm which is equally a huge cannabis plantation. This is very unfortunate. I am worried about this unfortunate development. I have thought that Kogi will not descend to this point.

As things stand today, it will be direct self denial to say that people are not planting cannabis sativa because the evidence itself suggests the fact that there is high planting of cannabis sativa in the state.

Kogi is a gateway to many other states in the North, South, East and Western parts of this country. I have promised at the point of my deployment that I wont give room for anybody to turn Kogi to a drug cultivation state.

And because of that, we have spread out our tentacles and reached out as far as possible with intelligence gathering. The result is what you are seeing today.

The News Agency of Nigeria (NAN) reports that the suspected cannabis farmer, Akor, had pleaded with the NDLEA officials to rather take his life than destroy his farm.

Akor claimed to have invested so much on the farm and could not afford to lose it saying, I am the owner of this farm. Just kill me, so that I wont watch you people destroy what I have laboured for.

He said that he opted for the cultivation of Indian hemp as a means of survival instead of engaging in criminal activities such as armed robbery and Kidnapping. (NAN)

Source: NAN News

COVID-19 Vaccine Research

By Harrison Arubu

The U.S. Centres for Disease Control and Prevention (CDC) has asked the nations state governors to be ready for COVID-19 vaccine distribution by Nov. 1.

The urgent request is contained in an Aug. 27 letter sent to the governors by the CDC Director, Dr Robert Redfield, according to local media reports.

Among other things, Redfield wants the states to do everything in their power to remove obstacles that would prevent vaccine distribution sites from opening by the proposed date.

Some observers are reading political meaning into the move as the proposed date comes just two days before President Donald Trump stands for re-election on Nov. 3.

However, Bloomberg news quoted an unidentified federal official familiar with the plans as saying the Nov. 1 date was for planning only, and not to influence the presidential vote.

Trump faces strong criticisms from opposition figures and even his fellow Republicans over alleged poor handling of the pandemic that has claimed no fewer than 183,000 lives in the country.

The president has been piling pressure on drug companies and regulatory authorities to develop and approve a vaccine for the country before Nov. 3.

In the letter, Redfield urged the governors to fast-track permits and licenses for new distribution sites.

He said CDC and the Department of Health and Human Services are rapidly making preparations to implement large-scale distribution of COVID-19 vaccines in the fall of 2020.

CDC urgently requests your assistance in expediting applications for these distribution facilities, and if necessary, asks that you consider waiving requirements that would prevent these facilities from becoming fully operational by Nov. 1, 2020.

The requirements you may be asked to waive in order to expedite vaccine distribution will not compromise the safety or integrity of the products being distributed, he added.

The News Agency of Nigeria (NAN) reports that the Trump administration has already signed multi-billion dollar deals with some drug makers for dozes of promising vaccine candidates.

Trump told a news briefing in Washington recently that his administration had put logistics in place for rapid distribution of vaccines as soon as it was ready. (NAN)

Source: NAN News

APC Logo

By Emmanuel Mogbede

The All Progressives Congress (APC), has called on the Peoples Democratic Party (PDP) to wake up to a new Nigeria where the government works for the citizens not for a few interests.

Mr Yekini Nabena, the partys Deputy National Publicity Secretary made the call in a statement on Wednesday in Abuja.

The statement was in response to PDPs criticism of the recent increase in petrol pump price from N143 to N151 by the Federal Government and the hike in electricity tariff.

The PDP, in an earlier statement by its National Publicity Secretary, Mr Kola Ologbondiyan, rejected the new fuel price and hike in electricity tariff.

The PDP vehemently rejects the fresh increase in the price of fuel to N151 per liter and electricity tariff to N66 per kwh under the APC and its government, Ologbondiyan had said.

He demanded for a reversal of the prices to avert what he called a national crisis.

According to him, the increase will result in upsurge in costs of goods and services and worsen the biting hardship being faced by Nigerians.

The APC however said the decision to increase the fuel pump price and the hike in electricity tariff was in the best interest of all.

The attention of the APC has been drawn to a shameless statement by PDP on the current petrol price and electricity tariff in the country.

Nabena recalled that successive PDP governments had foisted on the country a corruption tainted fuel subsidy regime.

He called on the PDP to surprise itself and Nigerians by cajoling its cronies who ran the subsidy rackets, adding that many of them were hiding abroad.

The APC Deputy National Publicity Secretary stressed that the PDP should cajole such persons to return our stolen commonwealth in their possession.

He said that under the President Muhammadu Buhari administration, the tortuous fuel queues as a result of biting scarcities were gone.

According to Nabena, the reviewed petroleum products pricing template by the APC-led administration has resulted in a more transparent, efficient and realistic pricing system for petroleum products.

He said it had also resulted in constant availability of fuel nationwide.

The pricing template now reflects competitive and market driven components which is supported by the citizenry.

In an effort by this administration to put an end to estimated and arbitrary billing for electricity, President Buhari recently directed a nationwide mass metering programme for electricity consumers in the country, he said.

He said unlike the APC, the PDP was only concerned with pushing the interests of its few cronies over the general interest and welfare of the citizenry.

He said that the APC, however, did not expect the PDP to grasp the import of this landmark presidential directive.

He explained that apart from improving electricity and service delivery, the directive was also aimed at protecting the poor and vulnerable Nigerians from increased electricity tariff, arbitrary and estimated billings.

Commendably, the Federal Government is already working to ensure that Electricity Distribution Companies commit to increasing the number of hours of electricity supply every day and also improve on their quality of service, Nabena said.

He said that the PDP might also be unaware that the Federal Government had approved a one year waiver of import levy on electricity meters.

He said that this was to ensure that Nigerians who do not have meters could be supplied as early as possible at a reasonable cost. (NAN)

Source: NAN News

Gov. Yahaya Bello of Kogi State

By Friday Idachaba

Gov. Yahaya Bello of Kogi on Wednesday, restated his commitment to govern with the fear of God in the best interest of the people of the state.

Bello stated this at a reception organised for him in Lokoja on his return to the state after the Supreme Court judgement which reaffirmed his victory at the Nov. 16, 2019 governorship polls in Kogi.

The governor promised not to betray the people saying, By the special grace of God we will not in any way betray the trust Kogi people reposed in us.

We are going to lead with utmost fear of God by putting you first before any other interest.

He thanked President Muhammadu Buhari, the All Progressives Congress (APC), other leaders at the various levels and the entire people of the state for their support.

Bello said that he was not unaware of the enormity of the responsibility placed on him and his team through the mandate of the people.

The responsibility given to us is enormous and we will take it with all the seriousness it deserves.

We are not unaware that this victory is a test case and a stepping stone, it is a test of our leadership quality, he said.

He said that the leadership style of President Muhammadu Buhari had groomed him to accept responsibility and not to betray the trust of the people.

Bello, however, used the occasion to stress the need for the unity among the people of the state.

He said that his administration had demonstrated the unity of purpose and resolved to consolidate on it in the interest of the state.

He urged all citizens including those in other political parties to join hands with his administration in order to move the state forward.

The governor expressed optimism that the people of Kogi would appreciate his administration more at the end of their tenure. (NAN)

Source: NAN News

By Jessica Onyegbula
The Federal Government has assured religious bodies in the country that the Companies and Allied Matters Act 2020 (CAMA) does not target churches, mosques and other religious bodies, as had been wrongly portrayed.

Sen. Ita Enang, Senior Special Assistant to the President on Niger Delta Affairs, gave the assurances on Tuesday during an interaction with the Christian Association of Nigeria (CAN), in Abuja.

The meeting was organised for the purposes of giving enlightenment to the Christian body over the contentious provisions of the CAMA.

Enang expressed displeasure that some politicians, especially those from the opposition, had wrongly characterised the intents and purposes of the Act, giving it as an anti-religious law.

He said the misconceptions that had trailed the Act had found their way in through deliberate misinformation, explaining also that some had intended to blackmail President Muhmmadu Buhari with it.

He said that the President was not the sponsor and had at previous occasions withheld assent when he was not convinced it was good enough for Nigeria.

Misconceptions have enveloped this Act with deliberate misinformation and falsehood by persons who may not have fully and in-fact personally read and digested the provision of the Act.

First, the bill as it then was, was not an executive bill transmitted by President Buhari to the legislature.

It was initiated by a Senator and member of the House in the respective chambers, at the behest of the Corporate Affairs Commission and support of the Ministry of Trade and Investment.

It was therefore not an executive bill, but upon passage was transmitted to Mr President for assent.

Secondly, upon receipt of same for assent, Mr President in accordance with extant best practice escalated the measure to appropriate Ministries, Departments and Agencies.

They made different inputs some of which led to Mr President declining assent twice to the bill in the entire tenure or life of the 8th Assembly.

Thirdly, as the 9th Assembly inaugurated, the bill was again re-introduced by Senators and Honourable members and all the observation made on the 8th Assembly bill incorporated and addressed.

Without any amendment or insertion and in whole passed by the two chambers and being without differences was transmitted to Mr President for assent.

It is pertinent to state that prior to this Act, Incorporated Trustees or Law of Trust was regulated by the COMPANIES AND ALLIED MATTER ACT, 1990, now repealed by the 2020 CAMA.

This shows that trusteeship as now complained of was regulated by an Act which has been in existence for 30 years.

We want to declare as a fact, that the Act does not target churches or religious bodies as wrongly assumed.

For illustration of this I present a tabular form of the provisions of the 1990 Act which came into force on Jan. 2, 1990, which after more than 30 years of operation has now been repealed and replaced by CAMA 2020 hereunder are the comparative provisions in the two enactments.

The 2020 Act assented to by President Muhammadu Buhari has not introduced any matter oppressive to the Christian Community or any religion nor any matter discriminatory against any class of persons in Nigeria, he said.

Meanwhile, in its response, CAN urged Buhari to suspend the implementation of Companies and Allied Matters Act (CAMA), 2020.

CAN said Buhari should follow it up by affirming a thorough reappraisal of the legislation that is in correlation with the provision of the 1999 Constitution of Nigeria (as amended).

President of CAN, Rev. Samson Ayokunle who expressed displeasure over the CAMA 2020 said the reactions from public office holders had not helped matters.

Source: NAN News

Dr Idris Admoh, Acting Director, Department of Veterinary Services, FCT Agric.

Enugu records 100% success in target polio vaccination Official

By Stanley Nwanosike

The Enugu Government has achieved 100 per cent success coverage in the just concluded specific-target polio vaccination in the state.

Dr George Ugwu, Executive-Secretary of Enugu State Primary Health Care Development Agency (ENS-PHCDA), disclosed this while speaking with the News Agency of Nigeria (NAN) on Wednesday in Uzo-Uwani

NAN reports that the state embarked on a six-day specific-target polio vaccination in 16 wards within the Uzo-Uwani council area between Aug. 22 and Aug. 27.

The exercise is targeted at vaccinating 35,775 children from three months to five years.

Ugwu said that the exercise was an overwhelming success and the targeted 35,775 children for the vaccination was exceeded and we got 37,852 which is above 100 per cent.

The executive secretary said that the agency had not achieved such a resounding target in a single specific-target polio vaccination exercise.

He said the exercise enjoyed the maximum support of all relevant individuals and organisations, includingthe council chairman, workers, traditional rulers, religious leaders and community based organisations

The executive secretary noted that the exercise had to be extended for additional two days to allow for effective and proper coverage of wards in difficult terrains.

We recorded coverage of 100 per cent in Oral Polio Vaccination (OPV) and 96 per cent in the Fractional Inactivated Polio Vaccine (FIPV) in the just-concluded immunisation.

The agency enjoyed robust cooperation from the chairman of the council area that also ensured that other leaders and workers within the council area supported us to attain the success, he said.

Ugwu, however, said that the agency encountered few challenges during the exercise and that these centred on logistics and nature of the terrain.

We were able to overcome these challenges by involving more hands, more vaccination teams, additional two State Technical Facilitators (STFs) and ensure very close supervision and dedication of all involved in the exercise.

Of course, we have to extend the exercise for two additional days for effective mop-up and ensuring no child under the age range for the exercise is omitted, he said.

The executive-secretary commended Gov. Ifeanyi Ugwuanyi for the support he gave the agency, especially in the just-concluded polio vaccination exercise.

I also laud National Primary Health Care Development Agency, WHO, UNICEF as well as Rotary International, Association of Local Government of Nigeria, chairman of Uzo-Uwani council area and other stakeholders for their support to the exercise. (NAN)

Source: NAN News

CBN Governor, Godwin Emefiele

By Ige Adekunle

A financial expert, Dr Samuel Nzekwe, has urged the Central Bank of Nigeria (CBN) to intensify efforts in reducing interest rate charged on loans, by deposit banks, to a single digit.

Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN), made the call on Wednesday in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun.

NAN reports that the CBN, in a circular on Aug.31, directed deposit banks not to pay less than 1.25 per cent in interest on savings deposit accounts.

The circular signed by the CBN Director of Banking Supervision, Mr Bello Hassan, said the implementation took effective from Sept. 1.

The circular said the interest rate would be negotiable, subject to a minimum of 10 per cent per annum of Monetary Policy Rate.

Recall that interest rate on savings deposit was 3.9 per cent.

Nzekwe, who commended the interest rate cut, said it would increase economic activities and employment opportunities in the country.

Nzekwe said that the CBNs aim was to make more funds available for investment and discourage people from putting money in savings account.

The apex bank policy is commendable because it is looking on how people would deploy or invest their funds in the economy to improve economic activities, he said.

Nzekwe, however, called on the CBN to bridge the gap between interest rate of 12.5 per cent charged on loans and 1.25 per cent interest rate on savings deposit.

He also urged the Federal Government to create an enabling environment for businesses to thrive.

He said that an enabling environment would attract more investors and grow the economy. (NAN)

Source: NAN News

COVID-19

By Oluwafunke Ishola

The Nigeria Centre for Disease Control (NCDC) on Wednesday said Lagos State had tested 100,607 samples for COVID-19 infections since inception of the pandemic.

The NCDC announced the figures in its COVID-19 Situation Report for Sept.1.

It said that out of the 411, 077 COVID-19 sample tests conducted in the country, Lagos had conducted the highest number of sample tests.

On the chart list for the tests, Lagos was followed by Abuja with 49,022 tests, while Kano, Plateau and Oyo States, conducted 43,441; 24,469 and 19,807 tests respectively.

The agency said that Lagos State recorded 19 new COVID-19 infections from the 239 confirmed infections reported in the last 24 hours from 15 states.

According to the centre, the new infections had increased the states confirmed COVID-19 cases to 18,157.

The agency noted that the state recorded no discharge and fatality on the reported date.

Meanwhile, the data by the World Health Organisation (WHO), Africa Region, shows that there were 1, 250,340 confirmed COVID-19 cases on the continent, with over 984,000 recoveries and 29,911 deaths. (NAN)

Source: NAN News

NAFDAC

By Rabiu Sani
The National Agency for Food Drugs Administration and Control (NAFDAC) says it destroyed fake drugs and counterfeit products worth N3.2 billion in Kano State in the last two years.

Mr Shaba Mohammed, the states Coordinator of the Agency, said this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Kano.

Mohammed said that the illicit drugs, fake and counterfeit products were seized during various joint operations performed by the operatives from the agency and other stakeholders in the state.

He said that the agency had recorded significant successes in the campaign against drug abuse that had been bedeviling the state in the past 10 years.

Kano has been described, in a way that we dont like, as the hub of drug abuse in the country.

On the list of drug abusers; Kano, for the first time in 10 years, moved down to number six on the list.

Mohammed said that the feat was not achieved only by the agency under his leadership.

It was achieved in collaboration with other stakeholders and security agencies, he said.

He added that NAFDAC was collaborating with the National Drugs and Law Enforcement Agency (NDLEA), in the fight against drug abuse. This is indicated in the UN Agency report on drug abuse for the Year 2020.

We sensitised relevant stakeholders such as schools and Parent Teacher Association (PTA) in the fight against drug abuse.

NAFDAC in collaboration with the National Youth Service Corps (NYSC) Drug Abuse Club, NGOs and NDLEA went to the grassroots to train primary and secondary schools.

With all the seizures and other activities of the stakeholders, we issued a moratorium for owners of expired products to bring them to our warehouse.

He said that the value of the destroyed products was worth N3.2 billion.

The coordinator also said that the agencys warehouse had been filled with seized products from its various operations that were meant for destruction.

He added that other goods in its warehouse were those seized by either the NDLEA, Customs, Immigration Service and the Kano State Taskforce on counterfeit products.

Shaba also added that fake drugs and counterfeit products worth billions of naira were seized in recent operations conducted in Kano metropolis, adding the products would soon be destroyed.

According to him, the agency employs proactive measures to monitor and enforce compliance with the regulations governing the operations of drug producers and the consumers.

He said that this was meant to check the circulation of illicit drugs and counterfeit products in the state.

Shaba said that NAFDAC had also sensitised bakeries against the use of Potassium Bromate but encourages the use of cassava flour in bread processing.

He added that the agency had granted Narcotics Control Permit to importers in accordance with the Dangerous Drugs Act (DDA) to facilitate import clearance at ports and check the abuse in the supply chain.

Shaba while commending the state government and stakeholders for their supports, urged the government to assist toward the establishment of the agencys permanent office to enhance its operations in the state.

Source: NAN News

By Yemi Adeleye

The Federal Road Safety Corps (FRSC) on Wednesday called on road users to shun impatience while driving, to prevent unnecessary human and material losses during the 2020 Ember months in Lagos.

The Sector Commander of FRSC in Lagos State, Mr Olusegun Ogungbemide, made the call in an interview with the News Agency of Nigeria (NAN) in Lagos.

He said that the command was determined to improve on safety advocacy and enforcement during the period.

Ogungbemide urged transport unions and other stakeholders to support the corps in its efforts to reduce carnage on highways, saying the FRSC could not do it alone.

The schools, Non-governmental Organisations (NGOs), transport unions, special and regular marshals are going to work together in these ember months and I am sure it is going to be better.

The transport unions should always encourage their members not to go against the law.

We want to use this opportunity to tell them that rather than see us as enemies, they should join hands with us in sustaining safety and improving driving culture on our roads, the FRSC boss said.

He said that the command was still expecting the mode of operations for Ember Months from its head office in Abuja.

Though, we dont believe any month is different from the other, it is the way road users use the road that differs during the ember months; we will sustain and build on what we have been doing since January so that it would be a smooth ride for us.

We know the agitation and anticipation of the motoring public are going to be increased during these months.

Some people will feel what they could not achieve in the last eight months, they can achieve them in the next four months.

These are things that bring about unnecessary impatience that lead to crashes on our roads. So, what we would do is a lot of advocacy; we also will sustain our level of enforcement and improve on it.

The FRSC boss urged transport unions to ensure their members and commuters travel safely, rather than concentrate on dues collection. (NAN)

Source: NAN News

NECO

By Abbas Bamalli

The Kano State House of Assembly has urged National Examination Council (NECO) to shift the Sept. 3, deadline for the registration of Senior Secondary Certificate Examination (SSCE) in the country.

This followed the adoption of a motion of urgent public importance by Mr Aminu Saad (PDP-Ungoggo ) at plenary in Kano, on Wednesday.

Speaking on the motion, Saad said that most parents were unable to register their children for the examination due to late release of qualifying examination by the State Government.

If you can remember, recently the state government ordered for the release of the qualifying examination results for 104,000 students.

Out of the 104 students, only 29,126 secured five credits and above, including Mathematics and English, representing about 15 per cent.

This is of great concern to us, because it will affect the number of students from the Kano to be enrolled in higher institutions in the next academic year, he said.

Saad also appealed to the state government to explore the possibility of sponsoring additional students for the examination due to the inability of parents to pay for their children.

He said that the COVID-19 lockdown had negatively impacted on Nigerians as most parents had lost their sources of livelihood.

Contributing, Majority Leader, Mr Kabiru Dashi urged the house to lobby the states lawmakers at the National Assembly towards sponsoring indigents students from their constituencies.

The News Agency of Nigeria (NAN), reports the state government had earmarked N489.25 million for sponsoring of 29,126 candidates for the SSCE.

The government also directed all 44 local government councils in the state to sponsor 200 students out of those who failed to obtain the required credits.

Meanwhile, the house has set up a seven-man committee headed by the Deputy Speaker, Mr Hamisu Chidari to investigate major cause of the mass failure among students in the state with the aim to find solution to the problem.

The committee was given a four weeks to submit its report back to the house.(NAN)

Source: NAN News