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Former Presidents, Governors Pass Vote of Confidence in Tinubu

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Former presidents Muhammadu Buhari, Goodluck Jonathan, who attended the Council of State meeting on Tuesday physically, and all other former presidents who attended virtually, passed a vote of confidence in President Bola Tinubu.Hon. Dele Alake, Minister of Solid Minerals Development, said this while briefing State House correspondents at the end of the Council of State meeting in Abuja.

“A lot of issues were exhaustively discussed at the meeting, and the governors were all in attendance as well as some ministers who were invited to make presentations.
“We made presentations on our road map, on what we’ve been able to achieve, the prospects and the challenges in our various ministries.
At the end, we all passed a vote of confidence in President Tinubu,” he said.He said the ministers of Solid Minerals, Finance and the Coordinating Minister of the Economy, Trade and Investment, Budget and National Budget, Agriculture, Works and Attorney General were invited to make presentations to the Council.He said the individual presentations by the ministers were well received based on the feedbacks received.Alake said the Council also discussed the recent nationwide protest, which he said was an attempt to effect a change of regime by force.“And so the Council thanked Nigerians at large for resisting an unconstitutional move to change the government. If anybody is not satisfied with any government, there’s an election coming. So, wait for the election,” he said.He said Nuhu Ribadu, the National Security Adviser, also briefed the Council on the security situation in the country.“We were assured that nobody will be allowed to truncate our hard-earned democracy.“Any change of government has to be through the ballot, and not through the barrel of the gun, or through insurrection, or through any other unconstitutional means.“We were reassured on the readiness of all security agencies in the country to secure our territorial integrity and to protect Nigeria’s democracy,” said Alake.Governor AbdulRahman AbdulRazaq of Kwara and Chairman of the Nigeria Governors’ Forum (NGF), said one of the outcomes of the Council of State meeting was the unanimous passage of a confidence of confidence in President Tinubu.“Members, especially those of the Nigeria Governors’ Forum, were satisfied with the presentation by the members of the Federal Executive Council.“Members of the NGF also, like the members of the Council of State, passed a vote of confidence in Mr President,” said the governor.Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economy, said he gave an update on the progress of macroeconomic policies being implemented by the Tinubu administration.“These policies are anchored on eight priority areas; and the results to date have been very encouraging.“We looked at the data, we reported on the evidence of this half year, which we compared to the first quarter and the second quarter of 2023.“And in broad terms, the economy is growing. The balance of payments in particular, the trade balance and the currency balance are in surplus.“The exchange rate is stabilising, and inflation is not uncomfortably high. It is slowing and it is set to fall,” said Edun.According to him, there has been support for the economy from foreign and domestic investors who are participating in important private public partnerships, particularly in the infrastructure sector.“So, we reported that we will ensure that the interventions and the measures to ameliorate the high cost of living for individuals, for the agricultural sector, for industry, for small-scale businesses will continue to be implemented.“On that basis, we reported an optimistic outlook for the Nigerian economy and the Nigerian society in general,” said Edun. (NAN)

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MTN, Tier-1 Banks Lift Market Cap by N138bn

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Recovering from its previous session’s loss, the equity market opened the week bullish, as investors gained N138 billion.

Gains in MTN Nigeria, Guaranty Trust Holding Company(GTCO), Zenith Bank, Access Corporation,  FBN Holdings, Fidelity Bank, Wema Bank, Stanbic IBTC, among other advanced equities, pulled the market up.

Specifically, the Nigerian Exchange Ltd.

(NGX) market capitalisation added N138 billion or 0.
22 per cent to an opening of N61.303 trillion, to close at N61.441 trillion.

The All-Share Index also rose by 0.22 per cent or 227.1 points to close at 101,356.15, against 101,129.09 recorded on Friday.

Consequently, the Year-To-Date (YTD) return rose to 35.

55 per cent.

Market breadth closed positive with 58 gainers and 20 losers on the floor of the exchange.

On the gainers’ chart, Champion Breweries, International Breweries, Axa Mansard, MRS and Okomu Oil led by 10 per cent each, to close at N4.18, N5.50, N8.25, N198 and N403.70 per share, respectively.

Conversely, Austin Laz led the losers’ chart by 9.84 per cent to close at N1.65, Aradel Holdings trailed by 9.64 per cent to close at N600 per share.

Oando lost 8.63 per cent to close at N63.50, Veritas Kapital shed 4.44 per cent to close at N1.29 and Omatek declined by 4.41 per cent to close at 65k per share.

However, trade turnover settled lower, relative to the previous session, with the value of transactions down by 1.31 per cent.

A total of 503.19 million shares valued at N16.27 billion were exchanged in 12,490 deals, compared to 515.56 million shares valued at N16.49 billion traded in 11,554 deals transacted in the previous session.

Meanwhile, GTCO led the activity chart in volume with 39.38 million shares, while Aradel led in value of deals worth N3.71 billion.

In its prediction for the week, Analysts at Cowry Asset Management Ltd., said the equities market is expected to maintain its bullish momentum, supported by year-end window-dressing activities by fund managers.

The analysts said market participants would also closely monitor the impact of the recently published Consumer Price Index (CPI) data on their portfolios and market strategies.

According to them, the optimism surrounding improved macroeconomic indicators and ongoing portfolio rebalancing efforts is likely to sustain market activity.

“As the year draws to a close, strategic positioning is anticipated to guide trading decisions, promising an eventful conclusion to a record breaking year for the local bourse,” the analysts said. (NAN)

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Kebbi Doles out 50 Motorcycles to Govt. House Domestic Workers

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The Kebbi Government has distributed motorcycles to 50 domestic workers in Government House.

Alhaji Zayyanu Umar-Aliero, the State Commissioner for Special Duties, who disclosed this in Birnin Kebbi on Monday, said that the gesture was to promote punctuality to work.

Umar-Aliero told newsmen shortly after the exercise that the move would also encourage the beneficiaries to be more dedicated to their duties.

“We have distributed motorcycles to some of our staff working here in Government House.

“This is to make them punctual in their duty posts.

“We have distributed five today and another set of five will be distributed next week.

“So far, we have distributed more than 50 motorcycles in batches to the Government House domestic staff,” he said.

The commissioner stressed the need to encourage all categories of workers by taking care of some of their burdens, “which in this case was transportation.”

According to him, the gesture is part of Gov. Nasir Idris’ benevolence, directed towards giving all workers a sense of belonging.

“As far as work is concerned, the governor does not segregate, whether big or small and regardless of where you come from.

“He touches all categories of workers and does everything necessary to make everybody happy,” he said. (NAN)

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Revocation: Payment for C of O Meant for Development of Infrastructure – FCTA

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The Federal Capital Territory Administration (FCTA), says the payment for the Certificate of Occupancy (C of O) from land allottees in Maitama II is for the development of infrastructure in the district.

The Director of Land, Mr ChijiokeNwankwoeze, stated this while briefing newsmen on the outcome of the FCT Executive Council meeting, in Abuja on Monday.

According to him, the funds are required to provide the needed infrastructure in the district.

“There is no other place you get these money except from the monies that would be paid by the allottees for that purpose.

The FCT Minister, Mr Nyesom Wike, has given owners of the 762 revoked plots of land in Maitama two-week grace to pay for their C of O.

The owners of the plots, located in Maitama II, Cadastral Zone A10, Abuja, are expected to pay for their C of O or risk final revocation.

Nwankwoeze said that some of the allottees were given the allocation as far back as 2017, with an obligation to pay ground rent and C of O.

He said that the 762 allottees and the 614 others with outstanding payment of C of O have till Jan. 3, 2025, to pay, or have their Right of Ownership (R of O) titles withdrawn.

“Lands are given to people and the people complain that there is no infrastructure, but they don’t want to fulfil their own obligations to the offer.

“So, if you are given land, and you don’t comply with the terms and conditions of the offer of the Right of Ownership (R of O), the Administration would have no choice but to withdraw those offers and give it to people who are ready to comply.

“That was what the administration did.

“However, there were lots of appeals. The FCT Minister, Nyesom Wike, graciously considered the plights of the people, considered the current economic situation in the country and gave the affected persons another chance.

He insisted that every affected allottee who really intends to develop his or her land and the development of FCT, should make efforts to pay or lose the land. (NAN)

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