BUSINESS
Markets Reopens, Normalcy Returns in Bagana after Communal Clashes
From Joseph Amedu, Lokoja
Relief has come the way of embattled people of Bagana Community in Omala Local Government Area of Kogi State as the colonel Babanawa-led peace committee has reopened the market which was closed down for over five months in the wake of the lingering bloodshed in the area.
The people of Bagana and its environs, were full of joy when the committee visited the deserted community recently to instill confidence and restore hope in the people who have been displayed from their homes for several months.
The people were estatic when the news of reopening of the market spread in the community.
Speaking with our correspondent, a member of the committee as well as that of Igala Cultural Development Association ICDA and Chairman, Kogi State Council of Nigeria Medical Association Dr.
Omakoji Oyigu called on the warring factions to sheath their swords and embrace peace through the widow opened by the committee.Oyigu noted with sadness the level of destruction and human casualty caused by the imbroglio, which has brought about huge humanitarian crisis not to only Bagana community but to the entire LGA,
He pointed out that Bagana being the trading and economic hub of the LGA should not be allowed to continue with the senseless and madness killings and destruction of property, hence, the constitution of the committee.
He added that, after careful and meticulous study of the situation, the committee decided to open the market as preliminary measure to reduce the economic hardship on the people.
He assured the people that security architecture have been mobilised to keep vigil on the town and its environs so as to give confidence to the people to return home.
Dr. Oyigu, said the Committee has in the interim, directed the the gagos of Hausa, Igala, Ihankpe and Otutubatu to fashion out all inclusive vigilante organisation that will take care of the security of the town, while the men of the Nigerian Navy will reinforce with the local vigilante on market day to provide security to lives and property.
He called on sons and daughters of the communities to avail the committee with useful memorandum that will assist in bring permanent peace to the area.
He solicited the cooperation of all those affected and infected by the 8th year old crisis to put the ugly event behind and appreciate peace to move the area forward.
It could be recalled that the Chairman of Omala Local Government Council Hon. Ibrahim Aboh, recently constituted Col. Suleiman Babanawa Committee to provide solutions to the Bagana crisis, who hit the ground running with the opening of the commodity market in Bagana.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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