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Investors Gain N219bn as Equity Market Rebounds 

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The equity market rebounded on Friday with N219 billion gain, closing the week’s trading sessions on a positive note in spite of the nationwide protests.

The major drivers of the market’s positive performance included Zenith Bank, Access Corporation, Fidelity Bank, Transnational Corporation, United Capital, and Oando, among other stocks.

Specifically, the market capitalisation of listed equities, which opened at N55.

278 trillion, increased by 0.
40 per cent or N219 billion to close at N55.497 trillion.

The All-Share Index added 0.40 per cent or 386 points, closing at 97,745.73, compared to 97,359.76 posted on Thursday.

As a result, the Year-To-Date (YTD) returns advanced by 35.

63 per cent.

Similarly, market breadth closed positively with 36 gainers and 10 losers on the floor of the Exchange.

On the gainers’ table, May and Baker, Oando, Oando and Okumu Oil led by 10 per cent each to close at N7.04, N25.30 and N321.20 per share, respectively.

Total followed closely by 9.98 per cent to close at N427.70 and United Capital rose by 9.95 per cent to close at N12.15 per share.

On the other hand, Mecure led the losers’ table by 9.82 per cent to close at N7.35, ABC Transport trailed by 70k, while Sovereign Trust Insurance lost 9.09 per cent to close at 50k per share.

Sunu Assurances shed 8.16 per cent to close at N1.35 and UPDC Real Estate Investment Trust depreciated by 6.92 per cent to close at N1.21 per share.

However, trading activities reflected a downward trend as the total value of shares traded decreased by 53.68 per cent.

A total of 210.91 million shares valued at N3.95 billion exchanged hands in 6,603 deals, in contrast to 565.12 million shares valued at N8.53 billion exchanged in 6,821 deals recorded previously.

Meanwhile, United Bank For Africa (UBA) led the activity table in volume and value with 37.64 million shares valued at N752.02 million, followed by Japaul Gold Group with 17.18 million shares worth N30.18 million.

Oando Plc sold 14.88 million shares worth N371.03 million, Zenith Bank transacted 13.76 million shares valued at N489.98 million and Veritas Kapital sold 11.69 million shares worth N11.68 million.(NAN)

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Over 60 Youth Groups Dissociate Themselves from October 1 Protest

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From Mike Tayese, Yenagoa

Frontline youth leaders under the auspices of over 60 youth organisations have declared their members will not participate in the rumoured national protest being planned by some persons and groups for October 1 against the administration of President Bola Tinubu.

The president of Nigeria Youth Organization, Duke Alamboye, made the position of the youth leaders known when he led a delegation of representatives of the groups on a courtesy visit to the Administrator of the Presidential Amnesty Programme (PAP), Dr Dennis Otuaro, in Abuja on Thursday.

This was contained in a press release by the Special Assistant on Media to the PAP Administrator, Igoniko Oduma, on Thursday.

The youth bodies include the National Youth Congress, Arewa Youth Council, Yoruba Youth Council, Ohaneze Youth Council, South-South Advocate, Niger Delta Coalition, the Nigeria Nexus, Youth Parliament of Nigeria, Green Africa Youth Initiative, Youth Foundation for Non-Violence in Nigeria, Niger Delta Youth Parliament, National Association of Nigerian Students, and Youth Empowerment for Peace and Security, among others.

Alamboye said that they would work together with a network of other youth groups to ensure that Nigerian youths were not misled into taking part in any ill-advised protest against the government of Tinubu.

He said they would carry out a series of activities in the days ahead, including a world press conference and a youth summit, to sensitize Nigerians on the need to shun any demonstration in the country.

Alamboye urged youths to embrace constructive dialogue and explore available channels of engagement with the government to express their views instead of disrupting the peace and stability of the nation.

He said, “Concerning the state of the nation, we are not unaware of the agitation from certain quarters calling for a nationwide protest on October 1, 2024. It is a protest against President Bola Ahmed Tinubu’s government.

“As youth leaders and lovers of peace and national advancement, the Nigeria Youth Organization would like to inform you of our plan and intention to hold a world press conference on the 23rd of September, 2024, geared towards sensitizing the average Nigerian youth on the need to shun the planned protest.

“We want people to seek dialogue as a better reconciliation tool for venting their grievances. We also hope to organise a summit on October 1 as a follow-up to the world press conference. We anticipate that all well-meaning stakeholders will play vital roles in charting a better cause for our youths.”

The youth leader congratulated Otuaro on his appointment and commended the President for putting a square peg in a square hole through the appointment of Otuaro.

He stressed that they were solidly behind Tinubu and the PAP boss.

Also speaking, Henry Okonkwo of the Ohaneze Youth Council, Tobi Bakare (Yoruba Youth Council), Ifon Daniel (Niger Delta Youth Parliament), and Nasir Lawal (Arewa Youth Council), among others, corroborated Alamboye and expressed support for the president.

Responding, the PAP Administrator praised the youth leaders for dissociating themselves from any planned protest, noting that Tinubu was a youth-friendly leader who had appointed several youths to serve in different capacities in his government.

Otuaro urged them not to allow themselves to be manipulated into unpatriotic activities in the name of protest, as the president needs more time for the benefits of his people-oriented reforms, policies, and programmes to manifest.

While thanking the youth groups for their decision and support for Tinubu, he said, “Mr. President means well for the country. It is reassuring to know that Nigerian youths are with Mr President, who has been in office for a little over a year.

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Edo 2024: NPFL Reschedules Insurance, Shooting Stars Match

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The Nigerian Football Premier League (NPFL) has rescheduled the Day 3 Match of the league between Bendel Insurance FC of Benin and Shooting Stars FC of Ibadan to Oct 2.

The announcement is contained in a letter addressed to the chairmen and general managers of the clubs by the Chief Operating Officer of the league, Davidson Owumi.

The Benin Arsenal were to host the Oluyole Boys as the two clubs are fondly called by their fans, on Sunday.

The match, however, clashed with 2024 off-cycle governorship election in Edo, when vehicular movement is usually restricted. (NAN)

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Tax Evasion: BIRS Shutdown Ortom’s Company over N93.5m

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From Attah Ede, Makurdi

Benue Internal Revenue Service (BIRS) has shutdown Oracle Business Ltd, belonging to former Governor Samuel Ortom for allegedly owing taxes to the tune of N93.5m.

The premises of Jagshu and Ubgechi Filling Stations were also shutdown over alleged N2.

1m and N2.1m tax defaults respectively in Makurdi.

The tax defaulters operation was carried out at the weekend by the Acting Executive Chairman of Benue Internal Revenue Service, Sunday Odagba in company of the Board’s Secretary/Legal Adviser, Ushahemba Dekaa

The action followed an order from a State High Court sitting in Makurdi which mandated the Board to enforce the consequences of the default.

The BIRS Legal Adviser, Ushahemba Dekaa told journalists after sealing the premises of Oracle Business Ltd that the company defaulted in its obligations for payment of taxes for six years, hence the clamp down.

According to him, the board has been monitoring the tax of the company all these while and the company keep on going back and forth in relation to payment which they failed to do.

He said the board equally organized several meetings and engagements with the companies, yet no compliance even when BIRS were using soft approach to ensure that they paid their taxes and levies but all to no avail.

On his part, the Group Managing Director of Oracle Business, Chris Omiyi argued that the company got letters of tax evaluation totalling N138m. “We sent our tax consultant to them and the liability dropped to N38million.

“Even that amount was spurious but because we are peace-loving we agreed to pay the N38million. But there is still a dispute of N15million which we are to resolve in the office. They fixed a date for the resolution, we got there the people we deal with were not on seat.

“The issue is that you said a company owes tax and we have started paying what you said we owe. Whatever that is in dispute we bring it forward and if it is overruled then we pay that which is in dispute because we have paid all others.”

In his remark the BIRS Acting Chairman, Sunday Odangba stated Oracle Business and other affected companies failed in their obligations.

He explained that the board on several occasions served them demand notices which they did not object and they did not pay.

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