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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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Tinubu Celebrates Alia at 59th Birthday

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President Bola Tinubu has warmly felicitated with the Governor of Benue State, Reverend Father Hyacinth Alia, as he marks his 59th birthday today.

The President extolled Governor Alia’s compassion and humanitarian spirit, which said was evident from his service in the priesthood and public office.

He noted that the Governor has remained faithful to his calling, translating the virtues of integrity and selflessness into transformative leadership for the people of Benue State.

“President Tinubu commends Governor Alia’s unwavering commitment to peace, security, and stability in Benue, acknowledging the courage and clarity with which he pursues lasting solutions that foster good governance and development” his spokesman, Bayo Onanuga said in a statement in Abuja.

The President affirmed his administration’s strong support for these ideals, noting that they aligned with the broader goals of the Renewed Hope Agenda to secure the nation, uplift lives, and promote unity across all regions.

“I urge you to continue steering Benue State on a path of healing, progress, and purposeful governance. The nation stands with you, Governor Alia.

“On this special day, I pray for God’s continued blessings upon you—granting you wisdom, strength, and good health as you steer Benue toward greater heights”the statemetn quoted Tinubu to have said.

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Police Smash Mini Truck-snatching Syndicate

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The Police Command in Enugu state has smashed an armed robbery and mini-truck snatching syndicate. The feat was achieved by the police operatives attached to the Ozalla Police Division, in collaboration with Neighbourhood Watch personnel on Sunday. The Command’s Spokesman, SP Daniel Ndukwe, said in a statement on Wednesday in Enugu said that one male suspect, Chinedu Onwuka, 35, has been detained in connection with the incidence.

“The operatives also rescued a male victim, who had been tied to a tree in the bush, and recovered his Daihatsu Hijet mini truck, locally known as “Diana”, which the suspect and his fleeing accomplices had stolen at gunpoint.
“The suspect and his gang had hired the driver to transport bags of sand from the Ogbete area of Enugu metropolis to Umuatuaboma in Nkanu West Local Government Area.
“However, along the Umuatuaboma–Obuofia Road, they diverted the vehicle into a bush at gunpoint, tied the driver to a tree, and fled with the truck. “A prompt response by the operatives led to the arrest of the suspect, while others escaped,” he said. The spokesman said that during interrogation, the suspect confessed to the crime and admitted to participating in a similar operation in April. He added that the suspect confessed to being paid ₦90,000 as proceeds from the sale of another snatched mini truck. “Investigations are ongoing to apprehend the fleeing suspects,” he said. Ndukwe said that the state’s Commissioner of Police, Mr Mamman Giwa, had reaffirmed the Command’s unwavering resolve to clamp down on unrepentant criminals of the state. He urged mini truck and other types of truck operators to remain vigilant and cautious about whom they accept conveyance jobs from and their destinations. (NAN)

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Court Case Stalls Reps Hearing on Takeover of Benue, Zamfara Houses of Assembly

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The House of Representatives Committee on Public Petitions has adjourned hearing in a petition seeking the National Assembly to takeover Benue and Zamfara State Houses of Assembly to May 28.The Chairman of the committee Rep. Bitrus Laori (PDP-Adamawa) gave the ruling on at the resumption of hearing on Wednesday in Abuja.

He said that the adjournment became necessary as the committee had been served court documents, notifying it that the matter is currently in court.
Laori said that the detials is Suit No. FHC/MKD/CS/146/2025) filed on May 5, 2025 at Federal High Court, Makurdi Division and had been adjourned to May 19.The chairman also said that the leadership of the Benue State House of Assembly had also written a letter to the Senate and House of Representatives Benue Caucuses seeking an interaction over the matter.
“In view of the court processes and the request of the Benue State House of Assembly leadership seeking to dialogue with Senate and House of Representatives Caucuses, the decision to continue sitting on the petition or not will be determined on the next adjourned date, May 28,” he said.Daily Asset reports that in Benue, the House of Assembly suspended 13 lawmakers for three months over their alleged opposition to the removal of the Chief Judge, Justice Maurice Ikpambese.The judge was accused of gross misconduct and corruption, sparking controversy and division within the assembly .While in Zamfara, the political crisis deepened in February 2024 when the Assembly suspended ten lawmakers.Of the 10 suspended lawmakers for allegedly convening an illegal plenary session, four are from the All Progressives Congress (APC) and six from the Peoples Democratic Party (PDP).Report says that the situation in Zamfara has since escalated into a leadership tussle, with two lawmakers, Mr Bilyaminu Moriki and Mr Bashar Gummi, both laying claim to the speakership.The Gummi-led faction reportedly held a parallel sitting during which they purportedly impeached Moriki.In response, the Moriki-led Assembly suspended 10 members aligned with Gummi, labeling the impeachment as invalid and accusing the group of conducting an illegal session.These crises form the basis of the petitions currently before the House of Representatives Committee on Public Petitions.Daily Asset observed that the governors and speakers of both State Houses of Assembly who were agains, invited last week did not appear.However, the petitioners, the Guardian of Democracy and Rule of Law represented by a lawyer, Mr Emmanuel Onwudiwe as well as the suspended members of Benue and Zamfara State Houses of Assembly were present. (NAN)

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