Dr Lamido Yuguda,

By Ginika Okoye

Dr Lamido Yuguda, the Director-General of the Securities and Exchange Commission (SEC), on Tuesday said research was critical for growth and development of Nigerias capital market.

Yuguda said this at a virtual symposium organised by the Nigerian Capital Market Institute (NCMI) and the Capital Market Academics of Nigeria (CMAN) in Abuja.

He said research was needed in investment performance management, efficiency of tax policies, securitisation of various financial and other physical assets, among others, to develop the market.

Yuguda called on capital market academics to collaborate with stakeholders in the industry to address the market challenges to meet set targets.

We urge CMAN to continue to encourage its members to conduct market-based and empirical research in the capital market such that practical recommendations may serve as policy inputs to the regulators and other stakeholders.

This symposium will go a long way to engender interest in capital market research among the academia, and deepen the knowledge of the capital market in Nigerian institutions.

It will also raise the bar in capital market literacy, he said.

He assured stakeholders that the commission was committed to developing and enforcing relevant rules and regulations that would further develop and deepen the market.

Uche Uwaleke, Professor of Capital Market and the President of CMAN, lamented that the countrys capital market was not where it should be.

Uwaleke said that tangible collaboration with the academia would be a game changer in efforts geared toward the development of the market.

He recommended the introduction of capital market programmes in universities through the National Universities Commission and the development of effective dialogue with academics involved in capital market research.

The Managing Director of NCMI, Mr Ismaila Ville, said the institute was set up as a training arm of SEC to provide capital market education for its staff and the capital market community.

Mr Oscar Onyema, the Chief Executive Officer, the Nigerian Stock Exchange, said the symposium would bridge the knowledge gap that existed in the countrys capital market.

Onyema said the partnership between the market and the academia would bring enhanced investments to create an engine for innovations and economic growth.

World-class research universities are at the forefront of pioneering such partnerships. I am happy that the academia in Nigeria are beginning to look in this partnership direction, he said.

The Group Managing Director of the FMDQ, Mr Bola Onadele, stressed the need for the capital market to support the academia first before expecting the assistance in return.

Mrs Toyin Sanni, the Chief Executive Officer, Emerging Africa Capital Group, said that the academia had a huge role to play in the development of the capital market.

Sanni called for an improved capital market education and literacy programme to help the public to understand investment decisions and risks associated with it.

There is capacity gap and we operators are feeling it. We need the support of the academia in this, she said.

The News Agency of Nigeria (NAN) reports that the symposium was themed: Role of the Academia in the Development of the Nigerian Capital Market. (NAN)

Source: NAN News

Intl friendly: Save Super Eagles, sack Rohr now, Gaiya urges NFF

By Emmanuel Afonne

Godfrey Gaiya, a former House of Representatives Committee Chairman on Sports, has called for the sack of Super Eagles Technical Adviser Gernot Rohr following the teams poor outing in the two international friendlies played in Austria.

The News Agency of Nigeria (NAN) reports that the Super Eagles ended their Tuesdays friendly with Tunisias Carthage Eagles 1-1, four days after they lost 0-1 to the Desert Foxes of Algeria in a similar encounter.

Gaiya in an interview with NAN after the match said that Rohr was good as his last games.

He wondered what would happen in a competitive match if the highly rated coach could not defeat any African opponent in both friendlies played in Austria.

We need another coach that will give us a national team; Gernot Rohr keeps embarking on trials.

He brings people from nowhere to come and do what they like, and tomorrow, he brings a new set.

We dont have a team. We have always advocated for a very competent coach, whether foreign or local because the colour of ones skin does not give him or her credentials of a good coach.

A good coach is a coach that can transform our football and uplift our game to enable Nigeria be among best football playing countries. I am particular about what the coach is bringing in to the national team.

I want to see my national team rated among the best. I know we have players that can do that, but as it is now, we cannot see anything good, Gaiya said.

The former lawmaker urged the Nigeria Football Federation (NFF) to review its contract with Rohr, noting that rewards and sanctions must be part of every contract if positive results must be achieved.

Gaiya added that the Super Eagles cannot remain stagnant because of the contract given to an individual.

In every contract you sign there are clauses and rules of engagement and there are conditions for the contract to be valid.

So, if I sign a contract with a low achiever and I have an ambition to get to somewhere and I know that the contract I signed with Mr A cannot take me to where I am going to, then, I should apply the clauses to cancel out the deal.

At any point in time, if there is any reason to be convinced that my employee cannot take me to where I am going, I cannot be tied down because I signed a contract.

So if the contract that was signed cannot take us to where we are going, then let it be quickly reviewed to enable Nigeria get to its football destination, he added.

Gaiya stressed that good coaches usually deliver on tough assignments or matches, Rohr should not be an exception to the norm.

Source: NAN News

Gov. Hope Uzodimma

By Jessica Onyegbula

Gov. Hope Uzodimma of Imo is to head the governors committee for the December Christian Pilgrimage in Israel, being organised by the Nigerian Christian Pilgrim Commission (NCPC).

Executive Secretary of NCPC, Rev. Yakubu Pam, announced this when Uzodimma paid a solidarity visit to the Commissions boss in his office.

Pam said the Imo governor would be expected to mobilise his colleague governors for them to be actively involved in the forth coming pilgrimage to the Holy land where a prayer session would be organised for the country.

We have this programme A Day With Jesus in Israel which we are believing God that we will have the Deputy Senate President and the Vice President in attendance; we will make sure we all take part.

Its purely a prayer retreat where we pray for Nigeria because that is the only thing we need now.

The governor will support us in terms of mobilising his colleague governors, politicians and businessmen in the country; we see him as our ambassador who will help to realise Mr Presidents ambition.

There are challenges all over the world; these challenges cannot be solved by an individual and so we should have faith in God and believe in the unity of this country.

We also ask the young ones to be patient; we know things are not easy now but by the Grace of God, we will reach there.

However, we plead with everybody to be patient because we cant destroy what our founding fathers have done by giving us a good country.

We will continue to build from where they stopped, Pam said.

He described the governor as a man of hope whose dream had always been accompanied by faith.

Responding, Uzodimma thanked Pam for the confidence reposed in him and assured that he would work with the business community and his colleague governors to mobilise enough people to the Holy land for the special prayer for Nigeria.

According to him, Nigeria has surmounted so many challenges including terrorists attacks, kidnapping, banditry as well as the anti-SARS protests but is still united as a nation.

Giving the situation of the country, whatever we can do to support our routine pilgrimage to the holy land, we will be there to support and assist.

Its about our faith to encourage evangelisation.

Once your conscience is clear and you are doing the right thing, your prayers will be answered.

There is reason to thank God for protecting us. Look at the death all over the world because of Coronavirus, but God protected many of our citizens.

Look at the insecurity in the North East, the kidnapping and all sorts of crime, but God has always been with us.

So, having been appointed to do this job, I feel honoured and I have to do it with my strength.

God will continue to intervene in our challenges and make us to grow from strength to strength, Uzodinma said.

He urged the youth not to allow themselves to be used by enemies to destabilise the country which our founding fathers had bestowed on us.

The governor also pleaded with them to shun the ongoing protests and not to add to the challenges facing the country. (NAN)

Source: NAN News

Lagos State Governor, Mr Babajide Sanwo-Olu.

By Florence Onuegbu

The Lagos State Governor, Mr Babajide Sanwo-Olu, has directed the Police to release all those arrested during the #EndSARS protests.

To that end, the Police had released the following individuals: Nkemakolam Okpara Felicia, female; Nduka Treasure Chiamaka, female; Adefila Olanrewaju, male; Adeola Adebayo, male; Ayodeji Ayeni, male; and Adebola Ojabodu.

Sanwo-Olu, in a statement signed by the Commissioner for Information and Strategy, Mr Gbenga Omotoso on Tuesday reiterated the need for the youth to reciprocate the Lagos State Governments gesture by shunning further protests.

He urged them to allow the government to take steps to resolve the situation that sparked the protests. (NAN)

Source: NAN News

Buhari and Xi Jinping

By Lizzy Okoji

The Embassy of the Peoples Republic of China has pledged to promote education exchange and cooperation between China and Nigeria, saying that this has always been its top priority.

Mr Zhao Yong, Deputy Ambassador of the Chinese Embassy in Abuja, made this known on Monday during the presentation ceremony of the China-Nigeria friendship award ceremony on Oct. 1 to outstanding secondary school students and teachers.

The News Agency of Nigeria (NAN) reports that the award to the teachers and students in the Federal Capital Territory (FCT) is the third in the series.

A total of six million naira was expended on the project, with each school benefitting 500,000, from which the award of N10,000 in cash went to each of the 120 students across 10 schools in the FCT and N20,000 to each of 24 teachers from the same schools.

The award which was earlier presented to employees of indigenous Chinese Companies in Nigeria and some students of the University of Abuja is in commemoration of Chinas National Day and Nigerias Independence.

Saying that education is top priority of the Chinese Embassy in Nigeria, Zhao said education remains the cornerstone of a nations development.

Zhao said I hope all the beneficiaries will keep up the constant efforts and excel in your teaching or learning. I sincerely wish you all success in the future.

Speaking to NAN on the sidelines of the event, Mr Li Xuda, Director of the China Cultural Center in Abuja, said the future of a country is totally dependent on education, adding that there is the need to pay more attention to the education sector.

Also speaking, Alhaji Yahaya Muhammad, Chairman, FCT Secondary Education Board, appreciated the Chinese government for its unrelenting support to schools in the FCT and across the country.

Muhammad said the FCT Secondary School Education Board is happy celebrating 15 years of cooperation with the Chinese Embassy which has been of mutual benefit to the two parties.

He said that the partnership has further promoted cultural and educational exchanges between Nigeria and China, and has strengthened bilateral relations.

Mrs Fatima Baba. Director, Co-Curricular of the Board, said the Chinese Embassy has been of immense support to the growing educational sector in Nigeria and urged other Embassies to show their support.

One of the beneficiaries of the award, Ms Esther Okoye of the Government Secondary School, Asokoro, appreciated the Embassy for recognizing their efforts.

Okoye said the award will spur her to work harder and strive for more academic excellence. (NAN)

Source: NAN News

Stock Exchange Market building Lagos

By Chinyere Joel-Nwokeoma

The nations bourse opened trading on Monday on a negative trend with the market indicators declining by 0.27 per cent, amid sell pressure in 16 stocks.

Specifically, the All-Share Index dipped 77.82 points or 0.27 per cent to close at 28,337.49 from 28,415.31 achieved on Friday.

Also, the market capitalisation which opened at N14.852 trillion lost N41 billion to close at N14.811 trillion.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Flour Mills, BUA Cement, MTN Nigeria Communications, International Breweries and Africa Prudential.

Analysts at Afrinvest Ltd. anticipated losses in the market to be sustained due to profit taking by investors.

Market sentiment, as measured by the market breadth, closed negative with 16 stocks compared with 13 gainers.

An analysis of price movement chart shows that
International Breweries led the losers chart in percentage terms, losing 9.11 per cent to close at N4.29 per share.

AXA Mansard trailed with 5.67 per cent to close at N1.83, while Flour Mills shed 4.55 per cent to close at N21per share.

Regency Alliance lost 4.35 per cent to close at 22k, while Portland Paints depreciated by 3.59 per cent to close at N2.15 per share.

Conversely, Eterna dominated the gainers chart in percentage terms, gaining 9.92 per cent to close at N3.99 per share.

Union Diagnostic came second with 8.33 per cent to close at 26k, while Transcorp rose by 4.84 per cent to close at 65k per share.

Cutix gained 4.65 per cent to close at N1.80, while Seplat appreciated by 2.44 per cent to close at N420 per share.

Also, the total volume of shares traded declined by 3.90 per cent with an exchange of 369.18 million shares worth N5.06 billion in 4,750 deals.

This was in contrast with a turnover of 384.14 million shares valued at N3.99 billion exchanged in 5,759 deals on Friday.

Transactions in the shares of United Bank for Africa topped the activity chart with 95.05 million shares valued at N678.74 million.

Guaranty Trust Bank accounted for 65.48 million shares worth N1.99 billion, while Zenith Bank sold 47.22 million shares valued at N944.31 million.

FBN Holdings accounted for 37.62 million shares worth N231.89 million, while Transcorp transacted 28.12 million shares valued at N18.17 million. (NAN)

Source: NAN News

WHO

By Cecilia Ologunagba

The World Health Organisation (WHO), Regional Office for Africa located in Brazzaville, Congo, says there are over 1.5 million confirmed COVID-19 cases on the African continent.

The UN health agency gave the update on its regional official Twitter account @WHOAFRO on Monday.

WHO stated on its dashboard that there were over 1.5 million confirmed COVID-19 cases on the African continent- with more than 1.3 million recoveries and 38,000 deaths cumulatively.

South Africa, Ethiopia and Kenya were countries with highest number of new reported cases.

According to the dashboard, South Africa reported 1, 575 new cases as at Oct. 12 with 692,471 cumulative cases.

Ethiopia has 866 new reported cases with 84,295 cumulative cases while Kenya has 388 new reported cases with 41,546 cumulative cases.

Meanwhile, the UN health agency said Nigeria had new 163 cases of COVID-19, bringing the countrys confirmed cases to 60,266. (NAN)

Source: NAN News

By Abujah Racheal

The Federal Government has said that the safe reopening of schools with respect to dates and modalities is the responsibility of the states.

Mr Boss Mustapha, Chairman, Presidential Task Force (PTF) on COVID-19, in a briefing of the taskforce in Abuja on Monday, said that the federal government would only provide necessary guidelines for the reopening.

The News Agency of Nigeria (NAN) reports that a debate on the safe reopening of schools had dominated the space of conversation by concerned Nigerians.

He said, We wish to reiterate that federating units have the responsibility of determining the dates and modalities for the safe reopening, while the Federal Government provides the guidelines.

Mustapha, who is also the Secretary to the Government of the Federation (SGF), said that the picture across the world on COVID-19 pandemic showed that Nigerians should not lower their guards.

The PTF is glad that the economy is opening up the more, but warns that as we continue to study developments in Europe and other parts of the world, no nation can be said to be immune to a possible second wave, if the guidelines and protocols are not adhered to strictly.

Nigerians need to anticipate this and prepare. Our hope and prayers are that it shall never happen.

For our proper information and guidance, the picture from around the world can be summarised as follows:

Over the last few days, global cases crossed the 37 million mark. In the UK, cases have been on the increase, and the 5th highest number of daily cases was recorded on Sunday, Oct. 11th with 12,872 cases.

Similarly, Brazils case load has also continued to increase with the registration of a daily case load of over 65,000 on the October 11, he said.

The chairman added that on the African continent, 8,987 cases were reported from 34 countries in the last 24 hours.

This, he said, had led to a cumulative total case count of 1,587,276, including 38,167 deaths, with the Case Fatality Rate (CFR) standing at 2.4 per cent.

He said that Nigeria maintains the 5th position (60,266) in highest cumulative cases after South Africa, Morocco, Egypt, and Ethiopia.

The PTF chairman said that the taskforce shall, within the week, unveil to Nigerians the next steps, regarding the remaining phase of the eased lockdown.

He notedthat findings and recommendations had been compiled and would be presented to President Muhammadu Buhari in 8th Interim Report.

Mustapha said that the PTF and relevant Ministries, Departments and Agencies (MDAs) had made appreciable progress in their discussions with the European Union (EU) over flight restrictions.

The discussion, he emphasised, was on entry of Nigerian nationals and holders of long-term Schengen Visas into the territory.

He expressed hope that there would be a favourable announcement on this soon.

Source: NAN News

Nigeria Police logo

By Zubairu Idris

Police in Katsina State have confirmed the killing of eight persons in an attack by gunmen on Shau village in the Ruwan-godiya community of Faskari Local Government Area of the state.

Police spokesman, Gambo Isah, a police superintendent, told newsmen that the incident occurred on Sunday night.

He said that the gunmen attacked Shau village, razed many houses and wrecked the vehicle of the village head.

He added that a combined team of security operatives was deployed to the area to engage the criminals who escaped from the counter-attack. (NAN)

Source: NAN News

By Nabilu Balarabe

The Federal Road Safety Corps (FRSC), confirmed 17 persons dead and four others sustained injuries ina ghastly motor accident on Kano-Potiskum Road.

Mr. Yelwa Dio, the FRSC Sector Commander in the state, confirmed the incident to the News Agency of Nigeria (NAN), on Monday.

Dio said that the accident occurred Sunday night, involving a bus that rammed into a truck.

Our rescue team discovered 21 persons in the two vehicles involved -14 males, one female adult and two female children, all perished in the accident.

The bodies of the deceased have been deposited in the General Hospital, Potiskum, and the injured are also receiving medical assistance in the hospital, Dio said.

He blamed the incident on speeding, lamenting that most drivers never needed to their warning .

If you must embark on night journeys, ensure your lightening system is functional.

Passengers must also ensure that they call drivers to order if they are speeding because if there is an accident, they will be involved, he said.

Source: NAN News