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Investors Lose N111bn Amid Japaul Gold’s 8bn Shares Listing

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The Nigerian equity market opened the week with N111 billion loss recorded for investors, amid supplementary listing of eight billion ordinary shares of Japaul Gold and Ventures Plc.Specifically, the Nigerian Exchange Ltd.(NGX)market capitalisation, which opened at N55.394 trillion, shed N111 billion to close at N55.

283 trillion.The All-Share Index also declined by 0.
24 per cent or 228 points to close at 96,205.
84 points, as against 96,433.54 points reported on Friday.As a result, the Year-To-Date (YTD) return declined by 28.66 per cent.However, market breadth closed positive with 34 gainers and 20 losers.The major drivers of the market relapse included Transnational Power, alongside Tier-one banks, such as Zenith Bank and Access Corporation.
On the gainers table, Eterna and Tantalizers led by 10 per cent each to close at N33 and 77k per share respectively.Oando followed by 9.95 per cent to close at N89.50, FTN Cocoa gained 9.93 per cent to close at N1.66 and UACN rose by 9.81 per cent to close at N22.95 per share.Conversely, Julius Berger led the losers’ table by 10 per cent to close at N153.45, Transpower trailed by 9.99 per cent to close at N310.70 per share.McNichols lost 9.40 per cent to close at N1.35, UPL declined by 8.99 per cent to close at N2.43,while Cutix went down by six per cent to close at N2.82 per share.Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 21.82 per cent.Investors traded 774.38 million shares valued at N14.65 billion in 10,412 deals, compared with 392.51 million shares valued at N12.02 billion exchanged in 7,981 deals posted in the previous session.Meanwhile, on the activity chart, Jaiz Bank emerged as the most traded stock in volume with 247.04 million shares, while Zenith Bank led in value value with N6.42 billion.In a prediction of trading for the week, Analysts at Cowry Asset Management Ltd., said they expected mixed sentiment to rule the market activities.The analysts predicated that this would occur with position-taking and portfolio reshuffling likely to intensify as market players await the half-year publication of interim dividend paying banks.“From a technical perspective, the NGX is showing signs of recovery as indicated by the candlestick formations and momentum indicators.“Equity investors are poised to capitalise on pullbacks to acquire value stocks.“Nevertheless, we continue to adviseinvestors to focus on fundamentally sound stocks,”they said.(NAN)

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Explosion: Jigawa Distributes Relief Materials to 210 Affected Families

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The Jigawa State Emergency Management Agency (JISEMA) has distributed relief materials to the affected families of Majia tanker explosion, which occurred in Taura local government area of the state.

The items distributed by the agency on Saturday in Majia town include 25kg bags of rice, 25kg bags of millet, cartons of spaghetti, Maggi cube, seasoning, detergents, soap, semolina, gallons of vegetable oil and 110 rubber mats.

Dr Mairiga Haruna Mairiga, Executive Secretary of the agency, said the materials were donated by the National Commission for Refugees, Migrants and Internally Displaced Persons, the National Emergency Management Agency, and JISEMA.

Mairiga said this after the distribution, that the items were distributed to the families of the 210 people affected by the tanker explosion.

Some of the beneficiaries who received the items, commended the Federal and State governments as well as wealthy individuals who assisted them since the incidence in October.

Mr Muhammad Habibu, father to a deceased victim, said the relief materials would assist them at a time that they lost a helper.

Another beneficiary, Mr Auwal Abdullahi, whose son is on admission at Rashid Shekoni hospital in Dutse, said the materials would reduce the hardship encountered due to the incident.

They commended JISEMA for coming to their aid and prayed to God to continue guiding the state Governor Umar Namadi, towards the right direction.(NAN)

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Veritas University Graduates 795 in 13th Convocation Ceremony

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The Veritas University, Abuja, on Saturday, graduated a total of 795 students in various disciplines from six facilities during its 13th Convocation ceremony

Report says that 716 of the graduands bagged first degrees while 79 graduated from the post graduate school.

56 if the first degree graduands came out with first class honours, 329 with second class upper division, 291 with second class lower division and 40 with third class.

The Vice-Chancellor of the university, Prof.

Hyacinth Ichoku, said that the impact of the institution had reflected in its standard of education.

Ichoku said the students had recorded outstanding breakthroughs by winning awards for the school and country both at the national and international levels.

”Our students have continued to shine in the last years. The Software Engineering Department of the institution won the African Global Engineering Competition.

”We have also won the Commonwealth debating championship as well as an AI competition involving 150 university,” he said.

He added that the institution had inaugurated its endowment fund with the aim to generate funds to address the infrastructural need of the university.

He also said that the institution had just completed the construction of two separate hostels, each to accommodate 500 students, while also expanding its digital hub that would facilitate international teaching and learning.

He said pledged that the institution was planning the construction of its faculty of engineering and innovation.

In a goodwill message, the Acting Executive Secretary, National Universities Commission (NUC), Chris Maiyaki, lauded the institution its achievements.

Maiyaki said that the milestone resulted from years of hardwork, resilience and commitment in inculcating academics and moral values for the educational advancement of the country.

The institution’s Pro-chancellor and Chairman of Governing Council, Dr Matthew Kukah, said that the country was at the crossroads as a result of numerous challenges the country is faced with.

Kukah said that with the emergence of a new terrorist group, there was need for the country to brace up to this challenge to avert future problems.

He charged the graduating students to deliver on the confidence reposed in them to help the country find a lasting solutions to some of the challenges.

Highlight of the event included award of prizes to the outstanding students in their various departments and faculties.

Prominent Nigerians also bagged the institution’s honorary doctorate degree award.

The honorees were the Asagba of Asaba Kingdom, Prof. Epiphany Azinge, and the Executive Secretary, Sahara Power Group, Kolawole Adesina.

Others are Archbishop Emeritus of Ibadan Archdiocese, Most Rev. Alaba Job and Archbishop Emeritus of Owerri Archdiocese, Most Rev. Anthony Obinna.(NAN)

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NEWS

Abortion Allegation Against Military: CDS Hails Outcome of Investigation

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The Chief of Defence Staff, Gen. Christopher Musa, has hailed the outcome of investigation on the allegation of forced abortion leveled against the Nigerian military by the International Committee of the Red Cross ( ICRC) and Reuters.

Musa made this known in a statement by the Director Defence Information, Brig.

-Gen. Tukur Gusau, on Saturday in Abuja.

Musa commended the Special Independent Investigative Panel on Human Rights Violations in Counter Insurgency in the North East for exonerating the Armed Forces of Nigeria (AFN) from indictments regarding allegations on forceful abortions and other infractions in the sub-region.

He recalled that the report of the panel specifically stated that the allegations of systematic abortions, torture, rape and extra juducial killings levelled against the military were false.

The CDS commended the 7- man panel led by retired Justice Abdu Aboki for painstakingly carrying out a thorough job since its inauguration in March 2023 by the Nigerian Human Rights Commission.

He reaffirms the commitment of the armed forces to the defence of human rights and resolve to ensure that peace reigns in the country.

According to him, no amount of false accusations will distract the armed forces from exercising its constitutional mandate of protecting the territorial integrity of the nation. (NAN)

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