News
Nigerian stock market resumes week with N54bn loss

The Nigerian equities market began trading for the week on Monday still on negative mood with 0.27 per cent loss due to renewed profit-taking.
Specifically, the All-Share Index which opened for the week at 38,648.91 shed 103.61 points or 0.27 per cent to close at 38,545.30.
Accordingly, month-to-date gain moderated to 0.3 per cent, while year-to-date loss increased to 4.3 per cent.
In the same vein, the market capitalisation lost N54 billion or 0.27 per cent to close at N20.089 trillion from N20.143 trillion achieved on Friday.
The market loss was driven by price depreciation in large and medium capitalised stocks, amongst which are Fidson Healthcare, Lasaco Assurance, Oando, Ecobank Transnational Incorporated and Dangote Sugar Refinery.
However, the market sentiment, as measured by market breadth, was positive with 18 gainers against 17 laggards.
Meyer drove the gainers’ table in percentage terms with 8.77 per cent to close at 62k per share.
Champion Breweries trailed with 6.06 per cent to close at N2.10, while Julius Berger improved by 4.71 per cent to close at N20 per share.
Regency Alliance Insurance rose by four per cent to close at 52k, while Ikeja Hotel gained 3.19 per cent to close at 97k per share.
Conversely, Fidson Healthcare led the losers’ chart in percentage terms, dropping 9.80 per cent to close at N4.60 per share.
Lasaco Assurance came second with 9.33 per cent to close at N1.36, while FTN Cocoa Processors lost 9.09 per cent to close at 30k per share.
Mutual Benefits Assurance dipped 8.89 per cent to close at 41k, while Cornerstone Insurance shed 5.17 per cent to close at 55k per share.
The total volume of shares transacted declined by 5.18 per cent with an exchange of 209.21 million shares valued at N1.76 billion in 3,390 deals.
This was in contrast with 220.64 million shares worth N2.53 billion traded in 2,952 deals on Friday.
Transactions in the shares of Access Bank topped the activity chart with 22.72 million shares valued at N193.99 million.
AXA Mansard Insurance followed with 16.70 million shares worth N15.05 million, while Zenith Bank traded 16.15 million shares valued at N384.58 million.
Mutual Benefits Assurance sold 14.69 million shares worth N6.04 million, while Chams transacted 13.48 million shares worth N2.70 million.
Headlines
Benue IDPs block highway, demand return to ancestral homes

Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.
The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.
The protest caused disruption, leaving hundreds of motorists and passengers stranded.
Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.
“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.
Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.
Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.
Headlines
NNPCL reveals decision not to sell Port Harcourt refinery

The Nigerian National Petroleum Company Limited, NNPCL has officially decided not to sell the Port Harcourt Refining Company.
NNPCL has, instead said it is committed to conducting an extensive rehabilitation of the facility and ensuring its continued operation.
During a company-wide town hall meeting held at the NNPC Towers in Abuja, Bayo Ojulari, the Group Chief Executive Officer of NNPC Ltd, announced the decision regarding the future of the nation’s most significant state-owned refining asset, putting an end to weeks of speculation.
A statement by NNPCL reads, “The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.
“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and subcommercial.
”Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.
”Thus, selling is highly unlikely as it would lead to further value erosion.”
Headlines
Tinubu appoints Olumode Adeyemi as Federal Fire Service boss

President Bola Tinubu has approved the appointment of Adeyemi Olumode, as the new Federal Fire Service, FFS, Controller-General.
The appointment was announced on Wednesday on behalf of the Federal Government by retired Maj.-Gen Abdulmalik Jubril, Secretary of the Civil, Defence, Correctional, Fire and Immigration Services Board, CDCFIB.
Jubril said the appointment followed the retirement of the current Controller-General, Abdulganiyu Jaji, on August 13.
Jaji is retiring upon attaining the age of 60 by August 13.
Jibril further disclosed said that Adeyemi Olumode is qualified for the position, having attended and passed all mandatory in-service training, Command courses as well as other courses within and outside the country.
“He brings a wealth of experience to his new role, having transferred his service from the FCT Fire Service to the Federal Fire Service and grown to the rank of DCG in the Human Resource Directorate of the Service Headquarters.
“He has served in various capacities and is equally a member/fellow of the following professional associations including Association of National Accountants of Nigeria, ANAN, Institute of Corporate Administration of Nigeria, Institute of Public Administration of Nigeria and Chartered Institute of Treasury Management of Nigeria.”
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