Nigerian Newspapers
Capital market on rebound
The sterling performance of most quoted companies in the last few months is an indication that the nation’s capital market is not just on the rebound but is a morale booster for prospective investors in the sector, analysts have said.
One of those who holds this view and very strongly too is Alhaji Atiku Kafaru, a capital market analyst.
Kafaru, who sits atop as Managing Director, Camry Securities Limited, is, however, persuaded that a lot can be done to get the market where it is supposed to be: at the very top.
In Kafaru’s view, this can be done in one of three ways.
He said “One way to fully restore investors’ confidence is to carry out continuous sensitisation/investors education. The second thing will be timely and accurate release of information from companies and stakeholders, and thirdly these companies where these investors had their money should also be kind enough to give good returns to their investors.,”, .
Continuing, he said “It is just very unfortunate that the problem between the National Assembly has not been resolved. I know every year that investors education budget is put together to let them know how their capital market will work; to let them know that it is a market for long-term investments, the benefits, the pros and cons because you need to be familiar with the terrain where you are working so that you don’t fall into leakage.
“This investor’s education is very important. It has been done in the past. I remember in those days when we travelled abroad to look for investors, especially in the United State, United Kingdom and all that, and you are seeing the benefits, and that is why our market has been dominated by foreign investors, as a result of their effort of the pasts. These efforts should also be continued because there are lots of potentials these foreign investors are seeing in our market, that we that are here as local investors are not seeing and they are making money in our market. So we need to sensitise and educate our investors and let them see those opportunities,” he stressed.
On the issue of timely information, the analyst said, “The information we get serves a lot of benefits. For instance, it tells us the results generated by the company, its projections, and what are they doing currently. All these information, when you collate them together, it will defininately make or mar the price of such a stock. But where all these information are not available, goods will be traded on rumour, and rumours can have negative impact. So the company should be ready to give information to the market as at when due. When you give that information as at when due, people will now analyse these information based on other things that are on ground, and this will affect the company and the goods. If good information about the money that is available to stakeholders is not made known to the market, people will not know the money that is available to them. But if people are now well informed that this is why this is like this.”
Commenting on the tendency by quoted companies filing false results in order to show that they have a clean bill of health, he said this is against the principle of good corporate governance.
“We also need to let these companies know that part of their duty is to be fair, and just to their investors in the sense that you try at all cost so that at least our bottom line can be ok. If the bottom line is ok, you will have enough to give to your stakeholders as return on their investments, either in dividends in terms of money or in terms of shares, bonuses. But if a company is not doing well, there is nothing to give. When you make money as a company, share this money with your investors so that they can have more confidence in your company. But if you are not giving them anything they may look for other ways. If companies yield to these three points, they may bring back that desired company back to the market.”
Expatiating, he said, there is an extent to which a company can manipulate the investing public.
Citing the case of Cadbury, where some of the top hierarchies of the management were involved in some shady deals, Kafaru said at the end poetic justice prevailed.
“The issue of Cadbury the matter has been discussed extensively in the areas that are really concern and appropriate steps have been taken if they were sanctioned, the state sanctioned them and directors involved were punished up to the registrar. So I don’t think that there is any other way they can do better than that. On the issue of A.P, I think it was maybe because of change of management or whatever that really affected them but I think for now AP has return to profitability and I think we need to also give more information to the market regarding what they are doing. You see like I told you earlier you are doing something and you don’t allow people to know what you are doing, it will definitely affect the performance. Information is very key, and the issue of manipulation, there are mechanisms and appropriate sanctions for everything you do in the market, if you err they are there to punish you, and if you do it right, there is a way of saying. There is a bank in this country that people still trust till tomorrow, come rain come sunshine people trust them because they know they will not do anything wrong. And there are some companies, if people want to go and invest, they will say they should not go and put their money there. So these are issues, if you are doing it right, definitely something good is awaiting you, but you should continue to do what is right and just. So the issue of manipulation I don’t foresee it in this market, because all the necessary regulatory sanctions are in place. Even there is something in the stock exchange they call the whistle blower, before you even do it, you will be caught so the issue of manipulation do not need to arise, so there are lots of innovations that have been done. So the issue of fraud I don’t foresee it in our market.”
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Posted in Nigerian Newspapers. A DisNaija.Com network.
Source: The Nation Newspaper
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•Deploy more personnel as army chief vows to wipe out terror group
•Security beefed up at N’Assembly
Deji Elumoye and Kingsley Nwezeh in Abuja
Abuja, Nigeria’s seat of power, is under a massive security cordon following threats of attacks by insurgents and the increasing wave of banditry in the contiguous states of Kaduna, Kogi, Nasarawa and Niger States, THISDAY’s investigation has revealed.
There has been a wave of kidnappings in the outskirts of the federal capital, notably Pegi, Tuganmaje and Kuje among others, which the police have battled in recent times.
The security situation in and around the Federal Capital Territory (FCT) was heightened by the pronouncement of the Niger State Governor, Mr. Sani Bello, that Boko Haram fighters who he said sacked 50 villages in the state and hoisted the terror group’s flag, were about two hours drive away from the FCT.
Security has also been beefed up at the National Assembly as operatives, yesterday, thoroughly screened every vehicle approaching the National Assembly complex in Abuja.
The deteriorating security situation nationwide prompted the National Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus, to warn that the 2023 general election may not hold, demanding the declaration of a state of emergency as well as the convocation of a national conference.
However, the Chief of Army Staff, Lt. Gen. Ibrahim Attahiru, yesterday restated the Nigerian Army’s determination to annihilate Boko Haram.
But the Governor of Katsina State, Hon. Bello Masari, cautioned against declaring a state of emergency, saying doing so isn’t the solution to combat the security challenges facing the country.
The security of the nation’s airports was also in focus yesterday as the Office of the National Security Adviser (ONSA) said there was no threat to them.
THISDAY’s investigations showed increased presence of troops, police, Nigerian Security and Civil Defence Corps (NSCDC) personnel and intelligence operatives at the three strategic entrances to the city notably, Keffi, Zuba and Gwagwalada.
More checkpoints were also mounted around Gwagwalada and Keffi.
THISDAY also observed increased intelligence deployment at the entrance and the borders of FCT with contiguous states.
Beyond the borders, there were more deployments and police patrols inside the city and increased intelligence deployments as well.
Security sources told THISDAY: “There are deployments here and there but they are routine. Alertness is key to a secure environment.”
It was also learnt that security agencies were involved in frenzied meetings throughout yesterday.
The meetings, coordinated by the office of the Chief of Defence Staff under the new joint operational strategy of the armed forces, were aimed at coordinating a joint response to possible threats of attack to the FCT.
“I understand the security teams have been meeting for some days now and if you look around you, you will notice that there are increasing patrols and numbers of security personnel. The threats are not been taken lightly,” a source said.
National Assembly workers, lawmakers and visitors also had a harrowing experience accessing the legislative complex due to heightened security in the area.
Security operatives thoroughly screened every vehicle approaching the National Assembly complex in Abuja, impeding both human and vehicular traffic.
The Sergeant-at-arm of the National Assembly and other security agencies supervised the operations, leading to huge traffic build-up inside the complex.
Legislative staff, visitors and lawmakers were seen patiently waiting for their cars to be searched so that they could go ahead with the business of the day.
Some staff and visitors at some point got tired of waiting and were seen alighting from their cars to trek from the gate to the complex.
Meanwhile, the ONSA has said there is no threat to the nation’s airports.
A statement by the Head of Strategic Communication, Mr. Zachari Usman, said the reports of threats to the airports were an internal correspondence of security threat assessment misconstrued as security threat to the airports.
PDP Demands State of Emergency
In a related development, the PDP National Chairman, Prince Uche Secondus, yesterday demanded the declaration of a state of emergency, warning that the 2023 general election might not hold if the federal government failed to tackle insecurity.
He called on the federal government to summon a national conference to address the spike in insecurity.
Secondus added that the national caucus of the party will meet today to discuss the state of the nation.
Addressing members of the National Executive Committee (NEC) in Abuja, Secondus said: “We are worried Abuja is not even safe. It is no longer politics. We got alert of plots to bomb and burn down our airports.
“We urge the federal government to declare a national state of emergency in security. There is the need to call a national conference to discuss the insecurity in the country.
“There may not be any election in 2023 in Nigeria due to insecurity. This government must listen to the people. The Buhari government should call a national confab to discuss security and state of the nation. It is no longer politics. This time we are not playing politics. Let’s keep politics aside and move the nation forward.”
He said the country had been grounded, regretting that there had been no matching response from the federal government.
Secondus said in the past, terrorism in the North was confined to the North-east, but with the report of Boko Haram occupying villages in Niger State, terrorism had spread to the North-central
“Herdsmen are also menacing in the West; gunmen causing havoc in the East; and the militants in the South; all killing, looting, raping, maiming and burning down homes. The situation is bad; Nigerians all over are living in fear,” he said.
The Senate Minority Leader, Senator Enyinnaya Abaribe, said the problem of Nigeria was outside of the PDP headquarters, while pledging the support of the Senate to the declaration of state of emergency in security.
Abaribe said he deliberately decided not to speak on the floor of the Senate but to allow the APC senators to speak so as to avoid being accused of giving a partisan colouration to the issue of insecurity.
He stated that only electoral reforms would give victory to the opposition party in the 2023 general election and ensure a democratic defeat of the APC-led federal government.
Also, the Minority Leader of the House of Representatives, Hon. Ndudi Elumelu, commended the NEC and the PDP leadership for their collective efforts at resolving the House leadership crisis.
The NEC meeting adopted the position of Secondus, calling on the federal government to convoke a national conference to discuss the state of insecurity in the country, according to a communiqué read by the National Publicity Secretary, Mr. Kola Ologbondiyan.
Army Chief Vows to Wipe Out Boko Haram
The army yesterday reiterated its commitment to wipe out Boko Haram.
Chief of Army Staff (COAS), Lt. Gen. Ibrahim Attahiru, told reporters in Maiduguri, Borno State that Boko Haram had been defeated in many encounters and would continue to be defeated until it’s annihilated from Nigeria.
“We will take on Boko Haram decisively, and we are committed to the focus of the operations, which is the total annihilation of Boko Haram from Nigeria,” he said.
The COAS, who was visiting the headquarters of Operation Lafiya Dole in Maiduguri for the fifth time since his appointment four months ago, said the visit was to boost the morale of the troops, reassure them and listen to any issues affecting them.
Earlier, the Theatre Commander of Operation Lafiya Dole, Maj. Gen. Farouq Yahaya, lauded the visit, which he said had continued to boost the morale of the troops.
“We are honoured, we are grateful, we are encouraged by those visits. You provided us guidance, logistics and other things we required. We are most grateful for those visits,” Yahaya said.
State of Emergency Won’t Solve Security Challenges, Says Masari
Katsina State Governor, Hon. Aminu Masari, has, however, said declaration of a state of emergency won’t solve the security challenges facing the nation.
Masari, who spoke yesterday with journalists after meeting with the Chief of Staff to the President, Prof. Ibrahim Gambari at the State House, Abuja stated that he was against the recent call by the House of Representatives for the declaration of a state of emergency in the security sector as it would not solve the problem.
According to him, declaring a state of emergency will not achieve the desired effect as the security structure and personnel to be used to execute the emergency are already overstretched in a bid to safeguard lives and property.
Sourced From: THISDAYLIVE
Tribune Online
Nigeria records 55 new COVID-19 infections, total now 165,110
The Nigeria Centre for Disease Control (NCDC) has recorded 62 new cases of COVID-19, bringing the total number of infections in the country to 165,110. The NCDC disclosed this on its official Twitter handle on Friday. “55 new cases of #COVID19Nigeria; Lagos-21, Yobe-19, Ogun-6, Akwa Ibom-3, Kaduna-2, Plateau-2, FCT-1, Rivers-1.” YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE COVID-19: Nigeria Recorded […]
Nigeria records 55 new COVID-19 infections, total now 165,110
Tribune Online
Sourced From: Tribune Online
By Olasunkanmi Akoni
The people of the South East region have been urged to explore the power of negotiation and mutual settlement in the face of ongoing killings and security challenges in the zone because the east can not afford another war at present.
Stakeholders from the South-East geo-political zone made the remark on Thursday, at the unveiling of the book, “Igbo, 50 years after Biafra,” written by Special Adviser to Lagos State Governor Babajide Sanwo-Olu on Drainage Services, Joe Igbokwe, held at Ikeja G.R.A.
Speaking at the unveiling of the book, the chairman of the occasion, Mr. Cutis Adigba,
urged the people of the South-East to learn to build bridges across the country, so that they can realise their ambition of producing the next president of Nigeria.
Adigba urged leaders from the zone to discourage the move and agitation by some youths in the South East to go to war and secede out of Nigeria.
Also read: Banditry: Disregard viral video, Niger State gov’t urges residents
He said that Igbo have always found it difficult to rule Nigeria because they refused to build bridges across the six geo-political zones that made up Nigeria.
While describing the agitation as uncalled for, Adigba noted that after two decades that Nigeria returned to civil rule, the Igbo has predominantly identified with only one political party.
He maintained that remaining in one party can not advance the cause of the people of South East and cannot make them realise their objective of producing an Igbo man as president.
He maintained that the publisher of the book, Igbokwe played politics outside his state, so that the Igbo race can be integrated with one another race.
Adigba said the failure of the Igbo to reintegrate with other ethnic nationalities politically was responsible for the retrogression of the race in Nigerian politics.
Igbokwe, also addressing guests on the occasion, maintained that the Igbo are not advancing politically because they refused to be integrated into National politics, lamenting that, despite their success in business, they are not successful in playing politics at the national level.
Corroborating Dimgba, Igbokwe noted that there was the need for the Igbo people to stand up and build bridges so that their objective of producing the next president of Nigeria could be realised.
According to him: “I have decided to raise my voice, I hope my people will hear me while trying to quell the effect of the war, our people are spoiling for another war, mayhem is being unleashed in Igbo land, and there is palpable fear.
“Those who could speak have lost their voice, mindful of the consequences of their actions, I am calling on all Igbo leaders to speak up because all actions carry consequences, consequences of the silence will be too dastardly to sustain.
“Those silently supporting the wild wind should be careful or else they hand over to their children,” he said.
Igbokwe urged those spoiling for war to jettison their plan and embrace dialogue, urging them to learn from the South West region that despite the challenges faced after the annulment of the June 12, 1993, election, they did not go to war, and the region had the opportunity of producing two of her sons for presidential position in 1999.
“You have to build bridges to become president of Nigeria, but it is unfortunate the Igbo are burning bridges.”
Speaking at the event, Chief Uche Dimgba who is the coordinator of Igbo in All Progressives Congress, APC in Lagos, described Igbokwe as “a Frank, fearless and reliable leader, who based his views on issues and stand by his opinions, and we the Igbo have confidence in him and believe he can lead us aright.”
“He is a leader we Igbo believe in and we will follow him. If he can serve all the governors produced in Lagos State since 1999, he is a better man to follow because he possesses all the experience that can be of benefit to Igbo both at home and in the diaspora.”
The post Attacks on S’East: We must explore all options of negotiation — Stakeholders urge Igbo appeared first on Vanguard News.
Sourced From: Vanguard News
The government said that no worker should stay back beyond 6:00 p.m. within premises of buildings undergoing construction.
The post Insecurity: Lagos bans occupation of abandoned buildings appeared first on Premium Times Nigeria.
Sourced From: Premium Times Nigeria
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Nigeria records 55 new COVID-19 infections, total now 165,110
Military, Police Ring Abuja to Forestall Boko Haram Attack
UFC: Usman gets N584m after beating Masvidal
Insecurity: Lagos bans occupation of abandoned buildings
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