NEWS
Investors Lose N267bn, as Stock Market Reverses Gain
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The stock market, on Thursday, reversed some gains from its previous sessions, indicating a loss of N267 billion from the portfolios of investors.
Selloffs in MTN Nigeria, Oando Plc, United Bank For Africa (UBA), Fidelity Bank, FCMB Group, alongside Cadbury and United Capital, amongst other declined stocks, drove the market to a negative terrain.
Specifically, the market capitalisation closed at N56.
615 trillion, having lost N267 billion or 0.47 per cent from an opening of N56.882 trillion.The All-Share Index also declined by 0.47 per cent or 464 points to settle at 98,523.56 points, against 98,987.42 points reported on Wednesday.
Consequently, the Year-To-Date return fell by 31.
76 per cent.However, the market breadth closed positive with 29 gainers and 26 losers.
On the gainers’ log, FTN Cocoa led 28 other advanced stocks by 9.82 per cent to close at N1.79 per share.
Also, Caverton led 25 other declined stocks on the losers’ log by 9.83 per cent to close at N2.97 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 47.44 per cent.
A total of 344.36 million shares valued at N6.61 billion were exchanged in 9,005 deals, compared to 603.31 million shares valued at N12.58 billion, traded in 9,723 deals posted in the previous session.
Meanwhile, UBA led the activity chart in volume and value with 29.18 million shares worth N756.09 million. (NAN)
NEWS
Ode Omi Seeks Capital Status for Proposed Lagoon State
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By David Torough, Abuja
Ode Omi Kingdom in Ogun State has formally requested to be designated as the capital of the proposed Lagoon State, citing its strategic location, economic potential, and cultural heritage.
In separate letters addressed to President Bola Tinubu, the Senate President, and the Speaker of the House of Representatives on Monday, High Chief Shittu A.
Adeyemi, the Balogun of Ode Omi Kingdom, argued that making Ode Omi the capital would benefit both the community and the state.In his letter to President Tinubu, Adeyemi emphasized the town’s economic and geographical advantages, stating that Ode Omi’s proximity to major waterways and the coastline presents immense opportunities for growth.
“Ode Omi is strategically located along the coastal road, offering an expansive and picturesque landscape that is uniquely suitable for administrative and developmental activities,” he wrote.
He urged the president to consider the creation of new states as part of Nigeria’s development agenda, arguing that decentralized governance would enhance service delivery. “By selecting Ode Omi as the capital of Lagoon State, we can harness the potential of our land and resources to foster economic growth, improve living standards, and create job opportunities for our youth,” he said.
In his appeal to the Senate, Adeyemi highlighted the town’s potential as a center for trade and commerce, which could drive economic development in the new state.
“Ode Omi is uniquely positioned along the coastal road, providing an expansive and scenic landscape that is well-suited for administrative functions and development,” he wrote.
He argued that selecting Ode Omi would create job opportunities and improve infrastructure in the region, ensuring that Lagoon State has a capital that embodies the aspirations of its people. “A capital city should be more than just an administrative center; it should be a hub of commerce, governance, and culture. Ode Omi has all the attributes to serve this role effectively,” he noted.
In his letter to the Speaker of the House, Adeyemi stressed the cultural significance of Ode Omi and its potential to attract tourism and investment.
“Ode Omi has a rich cultural heritage and a strong sense of community. Establishing the capital here would not only honor our traditions but also promote cultural tourism, attracting visitors from across the country and beyond,” he stated.
He further emphasized the town’s geographical advantages, saying, “Accessibility is key to a successful capital, and Ode Omi is well-positioned to connect with various regions, making it an ideal choice.”
Adeyemi assured lawmakers of the kingdom’s commitment to working with stakeholders to ensure sustainable development. “We are committed to collaborating with the National Assembly and all relevant bodies to ensure that the development of Lagoon State’s capital benefits all residents,” he said.
NEWS
Nigeria, UK Partner to Boost Security Measures
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The Nigeria Police Force and the British Embassy in Nigeria have launched a collaboration to enhance security and combat crime in Kogi.
The partnership began on Monday with a meeting between Kogi Commissioner of Police, Mr Miller Dantawaye, and a British Embassy delegation.
The delegation, led by Mr Andrew Marshall, discussed intelligence-led operations and counter-kidnapping strategies with the Commissioner of Police.
Marshall stressed the importance of synergy in tackling security threats, highlighting the need for effective intelligence gathering to track criminal activities.
He described crime as a major obstacle to peace and societal progress.
In response, Dantawaye assured the delegation of the police’s commitment to strengthening security measures and acknowledged the importance of international cooperation.
The Commissioner of Police pledged to intensify efforts, including robust stop-and-search operations and strategic intelligence sharing.
He also encouraged the British Embassy to provide intelligence on criminal activities to enable swift responses from law enforcement agencies.
According to him, the visit marks a significant step toward reinforcing security partnerships and improving crime-fighting strategies in Kogi.
Dantawaye added, “Collaboration with foreign partners is crucial, given their advanced security capabilities and resources.” (NAN)
NEWS
Lawyers Debate Marriage Dissolution Jurisdiction
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Some Lagos-based lawyers have argued that dissolving a marriage that has broken down irretrievably is not the exclusive preserve of the high court.
They said this in separate interviews on Monday that whether a high court had jurisdiction to dissolve a marriage depended on the type of marriage contracted.
Mr Ogedi Ogu, Country Director of Advocacy for Justice and Accountability (AJA), said no law compels a spouse to remain in an abusive marriage.
Parties are free to seek separation.“For every toxic marriage, it is safer for the parties to live apart for their individual well-being.
“While only a court can dissolve a marriage contracted under the Act, the law does not require parties to cohabit until dissolution is granted.
“Desertion is a ground for dissolution if a spouse has left the marriage and they have lived apart for at least one or two years.
“However, even in a toxic marriage, only a high court can dissolve a statutory marriage,” he added.
Ogu also noted that customary marriages are dissolved by customary courts.
Mrs Ebere Obiora, Coordinator of the African Women Lawyers Association (AWLA), Ogun Chapter, said the Matrimonial Causes Act (MCA) grants the high court jurisdiction over marital disputes.
“However, an abused spouse should not have to remain in a toxic marriage while waiting for their divorce petition to be granted,” she argued.
“The final dissolution legally ends the marriage, but delays in divorce proceedings can pose a serious risk to an abused partner.
“This highlights the importance of judicial separation, which offers a legal alternative while the marriage remains valid,” she said.
Obiora explained that judicial separation prohibits physical contact but does not terminate the marriage.
She added that affected parties could still apply to the court for a full dissolution.
The Principal Partner of Ayoola Chambers, Mr Julius Ayoola, said that divorce procedures depend on the type of marriage involved.
He argued that dissolving a broken marriage is not necessarily the exclusive jurisdiction of the high court.
A statutory marriage, he explained, must be dissolved in a high court, while a customary marriage is handled by a customary court.
“A customary marriage can be dissolved in a customary court if the parties choose,” he said.
“In some cases, couples may avoid court altogether and dissolve the marriage by returning the bride price.
“In Igbo culture, a customary marriage is considered dissolved once the bride price is returned,” he added.
However, Ayoola noted that a high court might still intervene in matters concerning child custody and welfare.
“The high court has jurisdiction over the welfare of children,” he stated.
Senior Advocate of Nigeria (SAN), Prof. Samson Erugo, argued that couples do not need a high court ruling before separating.
“The requirement that only a high court can dissolve a marriage does not reflect reality and often causes undue hardship,” he said.
“In some places, couples can agree to separate through mediation or a dissolution agreement.
“Such an agreement can be filed in court and adopted without the stress of a full trial.
“I believe Nigeria should adopt this more flexible approach in clear cases of irretrievable breakdown,” he stated.
Erugo added that the high court requirement stems from Christian beliefs about marriage sanctity.
“This rule is a colonial legacy and has been embraced by local cultures seeking to protect marriage.
“While these arguments remain valid, modern realities should allow for exceptions,” he said. (NAN)