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