NSE

The Nigerian Stock Exchange (NSE) opened the week on Monday with a loss of 0.07 per cent, just as the Monetary Policy Committee (MPC) retained key policy variables.

The MPC committee members at the end of the one-day virtual policy meeting retained all policy parameters.

They maintained the Monetary Policy Rate (MPR) at 12.5 per cent; the asymmetric corridor around the MPR at 200/-500bps; Cash Reserves Ratio (CRR) at 27.5 per cent; and liquidity ratio at 30 per cent.

Consequently, the All-Share Index lost 18.08 points or 0.07 per cent to close at 24,269.58 compared with 24,287.66 on Friday.

Also, the market capitalisation dropped by nine billion naira to close at N12.660 trillion in contrast with N12.669 on Friday.

The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Cutix, Neimeth International, Zenith Bank, Ecobank Transnational Incorporated and Access Bank.

Analysts at Afrinvest Limited expected bargain hunting to drive gains in the next trading session.

Market breadth was slightly negative, with 12 gainers versus 13 losers.

Neimeth International Pharmaceuticals led the losers chart in percentage terms, dropping by 10 per cent, to close at N1.35, per share.

Cutix followed with 9.89 per cent to close at N1.64, while Chams lost 4.35 per cent to close at 22k, per share.

Lasaco Assurance dropped 3.85 per cent to close at 25k, while Sterling Bank shed 3.20 per cent to close at N1.21, per share.

On the other hand, GlaxoSmithKline dominated the gainers chart in percentage terms, gaining 9.47 per cent, to close at N5.20, per share.

Fidson came second with 9.43 per cent to close at N2.90, while Linkage Assurance appreciated by 9.38 per cent to close at 35k, per share.

Unity Bank garnered 8.89 per cent to close at 49k, while Ardova Plc appreciated by 7.17 per cent to close at N13.45, per share.

In spite of the drop in market indices, the volume of shares traded rose by 90.09 per cent with an exchange of 305.10 million shares, valued at N2.10 billion in 3,258 deals.

This was in contrast with 160.50 million shares worth N1.47 billion traded in 2,997 deals on Friday.

Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 75.56 million shares valued at N15.113 million.

United Bank for Africa followed with 70.71 million shares worth N441.89 million, while Guaranty Trust Bank sold 36.97 million shares valued at N3.71 million.

Japaul Oil

President Muhammadu Buhari

President Muhammadu Buhari sent a passionate get well soon message to Saudi Ruler and Custodian of the two Holy Mosques, King Salman Bin Abdulaziz, who has been hospitalised.

Malam Garba Shehu, the Presidents Senior Special Assistant on Media and Publicity, made this known in a statement in Abuja on Monday

The President said:

On behalf of myself, government and people of Nigeria, I pray for speedy and full recovery of the Saudi King, one of the finest leaders I have ever met in the course of my interactions with world leaders.

King Salman is a true friend of Nigeria who has never failed to identify with us at all times through important collaborations and cooperation.

As the King receives medical attention, I send my best wishes and prayers for his speedy recovery.

Source: NAN News

Standard Organisation of Nigeria (SON)

The Standards Organisation of Nigeria (SON), in collaboration with the Nigeria Police have seized 504 cartons of substandard Bic brand shaving sticks.

This is contained in a statement issued on Monday in Abuja by Mr Bola Fashina, the Special Adviser to SONs Director-General, Mr Osita Aboloma.

SON said the Divisional Police Headquarters, Ebute Ero, Lagos, handed over the seized suspected substandard products to its representatives in Lagos.

SON officials had earlier evacuated 196 Cartons of the suspected substandard Bic brand of shaving sticks from the same Ebute Ero Market, bringing the total to 700 cartons worth more than N6.4 million.

The Divisional Crime Officer (DCO), Mr Bello Taofeek, while handing over the suspected substandard shaving sticks to SON, said they were seized from a truck waiting to be offloaded inside the Ebute Ero Market.

Taofeek said the seizure followed credible information provided by some patriotic Nigerians in response to the call by regulatory agencies for all hands to e on deck to ensure quality vanguard.

He noted the existing robust collaboration between the Ebute Ero Police Command, SON as well as other regulatory agencies toward ridding the society of substandard and unwholesome products as well as apprehend their purveyors.

The DCO, while pledging continuous support of the Divisional Police Headquarters, said that investigations were still ongoing to unravel those behind the consignments and the source with a view to bringing them to book.

Receiving the suspected substandard products on behalf of SON, Coordinator of the Lagos State Office 1, Mrs Nwaoma Olujie, expressed appreciation to the Police division for the existing
collaboration.

According to Olujie, the robust collaboration has yielded positive results as several suspected substandard products and those behind them have been impounded in the past.

She reiterated the commitment of SON director-general to ensure that all those involed in the manufacture and sale of substandards products were prosecuted in accordance with the provisions of SON Act number 14 of 2015 and the Nigerian Criminal Code.

The state coordinator of SON assured the public of SONs preparedness to work closely with the Police to unravel those behind the suspected substandard shaving sticks.

Samples of the suspected substandard shaving sticks, according to her will be sent to the laboratory for quality verification tests and analysis as part of the investigation, she said.

Olujie decried the unpatriotic activities of fakers of certified popular brands which according to her impacts negatively on genuine businesses, health and safety of consumers and the economy of the nation.

She also admonished dealers in Nigerian markets to avoid counterfeited products like plague, warning that the law would not exonerate them for circulating such substandard and unsafe products.

She also advised owners of popular certified brands not to relent in efforts toward brand protection, and work closely with regulatory and security agencies.

SON has in place several initiatives to discover and apprehend suspected substandard products, including close collaboration with sister regulatory and security agencies as well as owners of certified brands.

It also has consumer feedback desks in its 42 states offices nationwide, an interactive website as well as toll free lines to encourage credible information from patriotic Nigerians, she said.

Source: NAN News

Sen. Hadi Sirika, Minister of Aviation

By Mohammed Tijjani

The aviation ministry will partner with the Defence Industries Corporation of Nigeria (DICON) in various areas, including airports security.

Minister of Aviation, Hadi Sirika said this during a working visit to the industry on Monday in Kaduna.

Sirika said DICON has the capacity to produce efficient, strong and reliable hardwares for the military and agencies of government that are critical to national defence, security and economy.

I want to guarantee you that the outcome of the collaboration, cooperation and partnership between aviation and DICON would be in the best interest of the country.

We would certainly also go into a Memorandum of Understanding (MoU) between aviation and DICON.

In my own opinion and from what I have seen, I think the Federal Government should invest hugely in DICON; more into research and development.

I am sure if you bring in a billion dollar here, you would get value for your money and much more.

This would begin certainly to put Nigeria on the world map of technological advancement.

This cause is of course for our military, police, civil defence and our fighting forces in the country and all the people that would be needing high tech equipments, he said.

According to him, there is pure science and technology exhibited in the industry, under the leadership of the Dirctor General, Maj.-Gen. VictorEzugwu.

He has changed DICON in only one year he has been here; I am sure with the great changes and achievements, he must havegassed out his team.

With what I have seen here, in Nigeria we can practically do everything, example is the surveillance vehicle which could be used inour airports to monitor perimeter fences and roads.

I have also seen quite a number of amunitions and a lot more; we are highly impressed and it had changed my thoughts, hitherto when you say DICON, I think of furniture.

As politicians, we also see the social angle, in terms of employment that it brings about, its a glory for our country, the minister stated.

Sirika pledged to advocate for more funding for DICON and other organisations to deepen research and development.

According to him, it was the only way through which Nigeria would compete in the global space and provide the needed services to the people.

Civil aviation has changed, so also DICON has changed, therefore, we have seen areas of partnership and cooperation.

We put security as our number one priority, we have developed a road map part of which was the approval by the president for FAAN security to bear arms for effective security of the airports.

That made me appear before the National Executive Council and they advised on seeing how I could partner with you.

I must also be frank to say that I have seen areas of cooperation and collaboration in working together from your material laboratory. For example, I have seen accident investigations you wrote, Sirika said.

In his remark, Ezugwu welcomed the collaboration with the aviation ministry, saying that it was in line with the Executive Order 5, directing ministries, departments and agencies to leverage on local content.

So we are cashing on this directive of Mr President to make sure DICON affords the Ministry of Aviation arrays of defence related equipment that are suitable for security in the aviation sector.

By doing this, we are hoping that our surveillance equipment production, ballistic equipment will be of immense contribution to the development of aviation security, the DICON director general said.

Source: NAN News

The COVID-19 Task Force in Ekiti, on Monday arrested not less than 60 people who violated regulation on the compulsory use of face mask.

The News Agency of Nigeria (NAN) reports that the offenders were taken to a Special Court, where they were convicted for contravening Coronavirus Disease Regulations 2020.

Prof. Bolaji Aluko, Chairman of the COVID-19 Task Force, who spoke on the development, said the enforcement would henceforth be a regular exercise.

Aluko said that the offenders were arrested in various parts of Ado Ekiti including Ajilosun, Ijigbo, Old Garage, Okesa, Fajuyi, Adebayo and Basiri.

A fine of N5,000 is imposed on the convicts for refusal to wear face masks in public, in line with the new law to contain the disease, the task force chairman said.

He expressed concern over refusal of some citizens to wear face mask which cost as low as N100.

We are not interested in charging people on anything. We want them to understand that face mask must be worn.

It happens that sometime there are people who will not obey the rules unless they are fined. It costs only N100 or N200 to buy a face mask and a little inconvenience to wear it.

Now you have to be caught and charge N5,000, Aluko said.

He urged residents to comply to contain the spread of the virus.

Also speaking, Retired Brig.-Gen. Ebenezer Ogundana, Special Adviser to the Governor on Security, said that the security personnel had been briefed to enforce the law.

Ogundana advised car owners to always be with face masks as stop-and-search might be conducted to enforce compliance.

He said: If you are in your car alone and you are not wearing a face mask, you may not be arrested but we can ask you because you have to come down from your car and go somewhere.

If you dont have it, it constitutes an offence. You must have the face mask with you in your car or in your pocket because security personnel will ask of it.

Ekiti State Traffic Management Agency (EKSTMA) led by the General Manager, Chief Femi Olanrewaju, also stationed officers of the agency in strategic locations to enforce the use of face masks.

Olanrewaju said the use of face masks in the public is now compulsory, noting that the personnel had been positioned at junctions, traffic light areas, markets and bus stops to arrest offenders.

Source: NAN News

COVID-19 updates by NCDC

By Abujah Racheal

The Nigeria Centre for Disease Control (NCDC) has announced 556 new COVID-19 cases in the country as total infections from the virus rise to 36,663.

It, however, said that Edo state recorded the highest number of cases with 104 infections.

Avoid contact with droplets when an infected person sneezes/coughs.

2.152 per cent.

Source: NAN News

Widespread coronavirus vaccination could begin in the middle of next year, the chief scientist of the World Health Organisation, Soumya Swaminathan said.

She expressed cautious optimism about the state of the research and development process in an interview with dpa.

We have now over 20 candidates in clinical studies.

So we are hopeful that a couple of them will work. It would be very unlucky if all of them fail, Swaminathan added.

So if we are very practical, then we are looking at the middle of 2021 when we will have a vaccine that can be widely deployed, she said, adding: Of course its impossible to predict.

Swaminathan said the global race to develop a vaccine had been the fastest timeline we have ever seen, noting that there were only three months between the time the virus genetic sequence was published in January and the time the first trial began.

The novel coronavirus was first detected in Wuhan, China, late last year.

It has since spread to almost every corner of the globe, killing more than 600,000 people and infecting more than 14 million.

The U.S. leads the world in confirmed cases.

The pandemics epicentre has shifted from China to Europe, to the Americas, leading to lockdowns and tough restrictions on public life and travel.

Some places where the virus was brought under control are seeing an uptick in cases, fanning fears of a second wave of infections and a new round of restrictions. (dpa/NAN)

Source: NAN News

FRSC official on Duty

By Aderemi Bamgbose

The Federal Road Safety Corps (FRSC) on Monday said it had begun Coronavirus sensitisation programme for motorists and passengers at motor parks in Ore.

Mr Olusegun Aladenika, the FRSC Unit Commander in Ore, told the News Agency of Nigeria (NAN) that the sensitisation was to curtail COVID-19 spread.

According to Aladenika, the effort is to ensure motorists and passengers comply with Federal Government directives on interstate travels.

NAN reports that the federal government, on June 29, lifted interstate ban, directing vehicles to be on 50 per cent passenger capacity with compulsory use of face masks and alcohol based sanitisers.

He said that the enforcement of the directives had since began, noting that there was need to sensitise motorists and passengers again.

Aladenika said that most of the interstate vehicles plying the Benin-Ore expressway had been complying with the COVID-19 directives but some were still feigning ignorance.

We embarked on the sensitisation programme at the motor parks in Ore and its environs for most of the ignorant drivers to ensure they comply to curtail the spread of the virus.

The enforcement of the directives has began, we are ready to impound any vehicle that flouts the order and this is one of the reasons we are sensitising them , the unit comnander said.

He urged motorists to drive at normal speed, and to obey traffic rules and regulations against overloading of goods and passengers.

Aladenika urged them to use their seat belts, avoid using expired tyres and keep their particulars in order. (NAN)

Source: NAN News

Minister of Information and Culture Lai Mohammed,

A News Analysis by Rotimi Ijikanmi, News Agency of Nigeria (NAN)

David Rooy, American author and international human relations managers, once said, Change is the only constant in life, yet human are evolutionarily predispose to resist change because of the risks associated with it.

This position by Rooy, best summarised the stiff opposition and public outcry that have trailed the recently amended 6th edition of the National Broadcasting Code by the Federal Government.

The amendment, carried out by the National Broadcasting Commission (NBC), the agency of Government responsible for regulating broadcasting, introduced far reaching innovations and changes to set standard in the broadcast industry.

The provisions in the amendment specifically introduced new rules and regulations on web/online broadcasting, local contents, production of advertising for local goods and services, music, acquisition of sports rights, exclusivity and national emergencies.

As a saying goes, the world hates change, yet it is the only thing that has brought progress, stakeholders in the creative and broadcast industries have expressed reservations over the changes while some called for a revisit of the amended code.

It would be recalled that following the conduct of some broadcast stations during the 2019 general elections, the Federal Government realised the need to strengthen the regulatory powers of the NBC.

The Government underscored the need for the NBC to be able to regulate the broadcast industry in an efficient manner on overriding national issues of politics, governance and in the area of social imperative of broadcasting.

President Muhammadu Buhari, after a resolution of the Federal Executive Council directed the Minister of Information and Culture, Alhaji Lai Mohammed to undertake a study of the operations of the NBC and come up with a report.

The minister, thereafter, set up a committee headed by Mr Bayo Onanuga, the then Managing Director of the News Agency of Nigeria (NAN) which in its report recommended, among others, the need to amend the laws guiding broadcasting generally.

After the Onanuga committee submitted its findings, the minister took the report to the Federal Executive Council where major recommendations were approved.

On Oct. 10, 2019, the minister inaugurated the implementation committee to carry out the reform in the NBC and review the National Broadcasting Codes to strengthen the commissions regulatory role and make it more effective.

The committee was chaired by Prof. Armstrong Idachaba, the then Director of Monitoring in the NBC and currently the Acting Director-General of the Commission.

When the committee submitted its report on Nov. 19, 2019, the minister expressed satisfaction with it, with the assurance that it will revolutionise the broadcast industry to play its critical role of providing information for national development.

He noted that some 27 years into the life of the NBC, there was the need to re-evaluate the applicability of some of its laws.

The minister, therefore, directed the NBC to immediately come up with fresh regulations that will address existing challenges, promote and protect the broadcast industry from monopolistic and other negative tendencies.

In compliance to the directive of the minister, the Board and Management of the NBC conducted a public presentation of the amendment of the 6th edition of the Broadcasting Code to stakeholders on March 25, in Lagos

A flip through the new code reveals that it introduces new regulations on Web/online broadcasting, establishes codes of practice relating to content acquisition, sharing and rebroadcasting, technical standards for media services and regulations for fair market, among others.

Specifically, the code stipulates that all persons who wish to operate web/online broadcasting services in the Nigerian territory shall be registered with the NBC and the owners shall bear liability for every content on their platforms.

Recognising the love many Nigerians have for sports, its usefulness in physical and mental development and as an instrument for national unity and cohesion, the new code mandates broadcasters to uphold the principles of equity and fairness in the acquisition of sports rights and coverage.

To ensure fair and effective competition on all platforms at an agreed fee, right owners of live foreign sporting events shall offer the rights to broadcasters on the different platforms.

The platforms include satellite, Multipoint Microwaves Distribution System (MMDS) cable (fibre optics), Terrestrial, internet, mobile and radio.

In the event that the broadcaster acquire sports rights for a live foreign sporting events for the Nigerian territory without taking cognisance of available broadcast platforms stated above the right shall be made available to broadcasters on other platforms at commercially agreeable terms.

In the broad national interest, exclusivity and warehousing of sporting rights in Nigeria is prohibited, the new code prescribes.

To promote local leagues and sporting events, the new code also prescribes that no prime foreign sports content shall be transmitted in the Nigerian territory unless the owner of such content has also acquired prime local sports content of the same category.

Specifically, it prescribes a minimum of 30 per cent of the cost of acquiring the prime foreign sports content to be spent on local sporting content.

In addition, the code states that advertisement of products and services during prime foreign sports content shall not be broadcast unless the owner of such content has also acquired prime local sports content of the same category.

A minimum of 30 per cent of the cost of acquiring of prime foreign sports content is also prescribed for advertisement on local sporting content.

To stimulate growth in the advertising spend accruing to broadcast industry, the new code prescribes that broadcaster shall ensure that all television and radio advertisements for airing on all broadcast platforms shall be wholly produced in Nigeria

The code states: Broadcasters shall not transmit adverts produced by foreign entities, companies or organisation for the Nigerian market. Any breach of this shall incur a penalty and such sums shall be invested into the local content development fund.

A major controversial provision in the code is that of exclusivity which states that a broadcaster or licensee must not acquire any broadcasting right in or outside the country in such a manner as to exclude others for sub-licensing of same.

The provision mandates broadcasters to offer all sports and news programme and channels to others for retail to residential subscribers in the country upon request on writing and other conditions.

A new provision was also introduced in the code for mandatory allotment of broadcast time at times of national emergencies by compelling broadcasters to comply with any decryption and encryption order from the NBC.

The private commercial broadcasters shall ensure that it allots a minimum of 20 per cent of weekly broadcast hours to public service programmes on emergencies of current trends and issues. Such programme shall be given prominence during family belt and shall not be less than 120 minutes, two hours, per transmission days.

The code also states that broadcasters shall ensure that payment of royalties for all music and musical works is done promptly.

Similarly, the code compels broadcasters or broadcast service providers to ensure that all Set-Top-Boxes for Digital Switch Over (DSO) are sourced locally to encourage the growth of indigenous industries.

The code also prescribes new set of rules on local content production for programmes including fictions, series, serials, films, documentaries, arts and educational programmes, sports events, games and advertising.

For a programme to qualify as local content, broadcaster shall ensure, among others, that its conceptualisation, production, target audience should be Nigeria. It must also ensure that: The producers of the programme, responsible for creative control, are Nigerians residing in Nigeria and the directors and author are also Nigerians.

At least 75 per cent of the leading authors and major supporting set including voice actors or on-screen presenters appearing in the programme are Nigerians. A minimum of 75 per cent programme and post production expenses are paid from services provided by Nigerians and Nigerian companies,

As laudable and beneficial as the new codes might be, prominent stakeholders and industry players including Nobel laureate, Prof. Wole Soyinka and Chairman, Copyright Society of Nigeria (COSON), Chief Tony Okoroji, have kicked against some of the provisions.

In a statement entitled That NBC Regulatory Code!, Soyinka said that while some of the amendments are well-intentioned, the code is the equivalent of a knee to the neck of the creative industry and carries the potential of economic sabotage.

He accused the federal government of declaring war against the arts and producers of art works, saying the code will strangulate the producers of artworks.

Similarly, Okoroji, a reputed intellectual property expert noted that some provisions of the code may be unconstitutional notably those on content exclusivity, advertising and payment of royalties for musical works and sound recording.

He expressed concerns that the NBC did not take input from many key stakeholders who will be impacted by the code, before or during the amendment process.

Okoroji alleged hounding, contending that the hold that Multichoice has on English Premier League (EPL) was driving some of the provisions.

In the same vein, Mr Chris Ehindero, an independent movie producer, said the code will kill investment in the creative space, at a time the industry was about to start enjoining investments in big productions.

Some other stakeholders contended that the amendments to the NBC Code do not incentivise innovation in the broadcast and television industry and they called for a revisit.

Reacting to the public outcry, however, Idachaba explained that the amendment aimed to reposition Nigerian broadcasting industry to make it more responsive to emerging realities in the broadcasting ecosystem.

Idachaba noted that there is no provision in the code that can strangulate the industry and the players, rather it is meant to democratise and ensure everybody is protected and get value for their investments.

He said that contrary to the allegation that industry players were not carried along in the process, the NBC aggregated stakeholders opinions at every stage of the amendment of the code.

Specifically, he said the Broadcasting Organisation of Nigeria, the Nigerian Union of Journalists, independent producers, broadcast practitioners, legal luminaries, the academia and the NBC Board participated in the detailed consultative approach.

Idachaba said the NBC has not breached any constitutional provision as Section 2 of the Commissions enabling Act gives it the power to regulate broadcasting based on the existing revolutionary and emerging realities that confront the industry.

Among the functions of the Commission is to establish and disseminate a National Broadcasting Code and set standards with regards to contents and quality of materials for broadcast, the provision reads.

The NBC Acting DG said the negative narrative that exclusivity would hamper investments was unfounded because by democratising the space, many industry players would benefit.

We have a huge creative industry in the country that is untapped and young creative minds that are seeking opportunities and we have seen a situation where we must deregulate the monopoly market and democratise to have a multiplier effect.

There will be a resegmentation of minor operative players that will also receive advertising revenue and that is the way you can build cells of units of creative enterprise rather than concentrate all the potentials on only one conglomerate, he said.

Using the example of sports, Idachaba said that many Nigerians like the EPL, but restricting it to only a platform and even a few that can pay higher subscription on the platform is exploitative and discriminatory.

From the democratisation, many people can watch the matches and many idle stations can have access to the content and boost their potential through advertisement.

Idachaba said the code has stopped the ugly trend where the production of contents meant for local consumption are produced outside Nigeria thereby leading to capital flight and lack of stimulus for local industry.

The Acting DG said the public outcry was not unexpected because, there is nowhere in the world where people generally accept new regulations and changes because it comes with demands.

He expressed optimism that when Nigerians begin to reap the dividends of the amended code, even those who were opposed to it would realise that their fears were unfounded. (NANFeatures)

**If used, please credit the writer as well as the News Agency of Nigeria (NAN)

Source: NAN News

Rep. Olubumi Tunji-Ojo (APC-Ondo)

By EricJames Ochigbo
The Chairman, House of Representatives Committee on Niger Delta Development Commission (NDDC) Rep. Olubumi Tunji-Ojo (APC-Ondo), has stepped down following accusations of involvement in corrupt practices in the commission.

Tunji-Ojo stepped aside on Monday at the ongoing investigation on alleged N40 billion irregular expenditures in the NDDC in Abuja.

The News Agency of Nigeria (NAN), reports that the Interim Management Committee (IMC) of the NDDC had on Thursday, July 16, walked-out on lawmakers during a public hearing after accusing Tunji-Ojo of corrupt practices in the commission.

Stepping aside, Tunji-Ojo said that as a federal lawmaker he had kept his integrity in service of the people and would continue to do so.

I am not a president or governor and so I do not enjoy immunity; if you have case against me, send to the relevant security agencies and if I have case to answer, I will appear.

I read in national newspaper where the IMC accused me of being on revenge mission; this is not true; this investigation is about the emancipation of the Niger Delta people.

This is not about any individual but the good of the Niger Delta people and so I step aside as chairman to allow all party have a sense of free and fair hearing, he said.

NAN reports that the ongoing investigative public hearing is now being chaired by the Deputy Chairman of the committee, Rep. Thomas Ereyitomi

Source: NAN News