The equity market extended its losses on Thursday as the market capitalisation dropped by N127 billion, or 0.21 per cent, from N59.559 trillion to close at N59.432 trillion.

Similarly, the All-Share Index declined by 0.21 per cent, losing 210.2 points to close at 98,081.38, compared to 98,291.

As a result, the year-to-date return decreased to 31.

Profit-taking in Aradel Holdings, Guaranty Trust Holding Company (GTCO), Oando, United Capital and UACN, among other declining stocks, drove the market into negative territory.

However, market breadth remained positive, with 29 gainers and 16 losers.

On the gainers’ table, Gold Breweries led by 10 per cent to close at N3.

Transnational Power gained N29.20 per cent to close at N330.90, Jaiz Bank added 8.64 per cent to close at N2.39, while Transcorp Hotels rose by 7.78 per cent to close at N97 per share.

Conversely, Aradel led the losers’ table  by 10 per cent to close at N694.80,while Regency Alliance Insurance trailed by 8.82 per cent to close at 62k per share.

Daar Communications also went down by 6.78 per cent to close at 55k, UACN dropped 6.70 per cent to close at N20.20, and Oando decreased by 5.82 per cent to close at N76 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down 28.74 per cent.

A total of 239.31 million shares valued at N6.41 billion were exchanged in 7,318 deals, compared to 257.55  million shares valued at N9 billion traded by investors in 7,776 deals, recorded in the previous session.

Meanwhile, Sterling Nigeria led the activity table in volume with 42.79 million shares, while Aradel led in value with deals worth N1.04 billion.(NAN)

The Registrar of Joint Admissions and Matriculation Board (JAMB), Prof. Is-haq Oloyede, on Wednesday in Ilorin advised African nations to guard against reliance on overseas-developed Artificial Intelligence (AI) technologies.

Oloyede gave this advice in his presentation at the University of Ilorin (Unilorin) Lecture Series, titled “Artificial Intelligence and the Future of Humanities”.

The Registrar, who is a former Vice-Chancellor of Unilorin, also cautioned those in the academics who lack adequate knowledge about their subjects against adopting AI.

”Avoid doing this in the quest to seek solution about your subjects. so as not to be mislead,” he said.

Oloyede however allayed the fears that AI would replace humanity, pointing out that the technology has come to stay.

He however maintained that humanity should be in control of AI “if we will save humanity from perdition”.

“African nations need to invest in building their own AI capabilities, so that they will not be entirely dependent on external powers.

“By being part of AI’s global development, they can ensure that they are not exploited or left out of future.

“The African Telecocommunication Unions (ATU), African Union (AU), Economic Community of West African States (ECOWAS) and Smart Africa must lead the charge in developing AI strategies tailored to the continent’s specific needs,” the JAMB Registrar added.

Oloyede observed that these bodies listed should promote policies that encourage the ethical development and use of AI across sectors such as healthcare, agriculture, education and governance.

He advocated that a collaboration between African countries on AI research and data sharing can help mitigate the risk of relying on overseas-developed AI technologies.

Oloyede, who is a professor of Islamic Studies, tasked scholars in the discipline to take up the challenge of generating content for AI.

He said this would help to ensure that its contents conform with fundamental human rights, values and Islamic doctrines and principles.

“In fields like Islamic Studies and Law, AI must be developed with sensitivity to ethical and cultural contexts.

“Universities and scholars should explore how AI can assist in complex tasks like issuing ‘fatwahs’ or navigating legal ethics, while ensuring that AI aligns with fundamental human rights values,” the professor said.
(NAN)

By Tony Obiechina, Abuja

 Determined to unlock the economic potentials of the aviation sector through investment in Public Private Partnerships (PPPs), the Federal Government has established task forces in the Infrastructure Concession Regulatory Commission (ICRC) and the Ministry of Aviation.

This was the outcome of a courtesy visit by the Director General of the ICRC, Dr Jobson Oseodion Ewalefoh to the Minister of Aviation Festus Keyamo SAN, in Abuja.

Ewalefoh who highlighted the importance of the aviation in galvanizing other sectors to foster the economic potential of the country, said that the Commission had set up its task force to fast-track investment in PPPs.

The Minister took advantage of the visit to also set up a similar task force in the ministry that will liaise with the ICRC team to ensure swift but efficient delivery of infrastructure projects through PPP.

Speaking during the meeting, the ICRC’s helmsman said that with the new streamlined policy direction of the ICRC, and an aviation minister who is a legal luminary, the mistakes of the early years that drove some aviation PPP projects into litigation will now be forestalled, while the pending cases will be resolved.

Ewalefoh said that the nation, like many others around the World, still faces the challenge of funding infrastructure projects, stressing that President Bola Ahmed Tinubu’s Renewed Hope Agenda has a focus on PPPs to boost infrastructure.

While exemplifying the huge investment possibility in the aviation sector, the DG said that between 2003 and 2019 the Heathrow Airport in the UK got an investment of 16 billion pounds in Private sector funds, Nigerian aviation sector holds a lot of investment possibilities without burdening public resources.

He cited the example of Dakar Airport that has attracted an investment of $575 million, 30% of which is from the Bin Laden Group of Saudi Arabia and Kenya where the PPP arrangement has driven passenger traffic from 7 million to 12million.

He stated that Nigeria with over 200 million people should be able to attract the right investments and become the destination hub of the World and a connecting point for Africa.

“We have what it takes, but we need to have the right infrastructure in place. That is why we are here to collaborate with you and ensure that all the projects you have conceptualized will come to fruition within the life time of this administration.

“Aviation sector is an enabler for the economic development of any nation, it is a means for you to connect all the various infrastructure together; it is a means to unlock the potential of this country

“If we get it right, Nigeria’s story will change,” he said.

The DG commended the Minister for getting the Federal Government to sign the Cape Town Convention Practice Direction after over 10 years of attempts and also resolving the problem with the UAE and having Emirate Airlines fly to Nigeria again.

“We have a lot of projects on your table and we want to implore you, if possible, set up a task force for us to do this because the infrastructure gap in Nigeria is so huge that the normal protocol cannot give us the needed time and speed. We need to work day and night and have the right commitment,” he said.

In his response, the Minister of Aviation Festus Keyamo , while corroborating the DG’s position on the need to accelerate PPP projects in the industry, immediately set up a task force to liaise with the ICRC’s team to deliver PPP infrastructure in the aviation sector more speedily,

He said that the ministry has recorded a couple of milestone achievements in the area of policy in the aviation sector, adding that the ministry will focus more on accelerating all the PPP proposals that it has received.

“So we will bring them to you, we will set timelines for ourselves. For each of these projects we are going to set a timeline,” he said.