NEWS
MTN, Tier-1 Banks Lift Market Cap by N138bn

Recovering from its previous session’s loss, the equity market opened the week bullish, as investors gained N138 billion.
Gains in MTN Nigeria, Guaranty Trust Holding Company(GTCO), Zenith Bank, Access Corporation, FBN Holdings, Fidelity Bank, Wema Bank, Stanbic IBTC, among other advanced equities, pulled the market up.
Specifically, the Nigerian Exchange Ltd.
(NGX) market capitalisation added N138 billion or 0. 22 per cent to an opening of N61.303 trillion, to close at N61.441 trillion.The All-Share Index also rose by 0.22 per cent or 227.1 points to close at 101,356.15, against 101,129.09 recorded on Friday.
Consequently, the Year-To-Date (YTD) return rose to 35.
55 per cent.Market breadth closed positive with 58 gainers and 20 losers on the floor of the exchange.
On the gainers’ chart, Champion Breweries, International Breweries, Axa Mansard, MRS and Okomu Oil led by 10 per cent each, to close at N4.18, N5.50, N8.25, N198 and N403.70 per share, respectively.
Conversely, Austin Laz led the losers’ chart by 9.84 per cent to close at N1.65, Aradel Holdings trailed by 9.64 per cent to close at N600 per share.
Oando lost 8.63 per cent to close at N63.50, Veritas Kapital shed 4.44 per cent to close at N1.29 and Omatek declined by 4.41 per cent to close at 65k per share.
However, trade turnover settled lower, relative to the previous session, with the value of transactions down by 1.31 per cent.
A total of 503.19 million shares valued at N16.27 billion were exchanged in 12,490 deals, compared to 515.56 million shares valued at N16.49 billion traded in 11,554 deals transacted in the previous session.
Meanwhile, GTCO led the activity chart in volume with 39.38 million shares, while Aradel led in value of deals worth N3.71 billion.
In its prediction for the week, Analysts at Cowry Asset Management Ltd., said the equities market is expected to maintain its bullish momentum, supported by year-end window-dressing activities by fund managers.
The analysts said market participants would also closely monitor the impact of the recently published Consumer Price Index (CPI) data on their portfolios and market strategies.
According to them, the optimism surrounding improved macroeconomic indicators and ongoing portfolio rebalancing efforts is likely to sustain market activity.
“As the year draws to a close, strategic positioning is anticipated to guide trading decisions, promising an eventful conclusion to a record breaking year for the local bourse,” the analysts said. (NAN)
NEWS
Strike: JUSUN Members Lock out Judges, Lawyers, Litigants in Federal Courts in Ibadan

Judges, lawyers and litigants at the Federal High Court, Court of Appeal and National Industrial Court in Ibadan, on Monday, were locked out by protesting members of the Judiciary Staff Union of Nigeria (JUSUN).The national leadership of JUSUN had directed its members in the federal courts to embark on a strike on Monday over unpaid 25 per cent and 35 per cent salary increment, minimum wage and wage award.
A JUSUN official at the National Industrial Court, who craved anonymity, told Daily Asset in Ibadan that their salary was no longer enough as a result of current economic situation in the country. He said that the workers were seriously suffering while judges in the courts did not see them as part of them.According to the official, several steps taken to ensure their demands are met have been unsuccessful.The JUSUN representative said that no fewer than 10 members of staff of the National Industrial Court nationwide had died from February 2025 till date.“The suffering is too much and we are not asking for too much,” he said.Also speaking, a JUSUN official at the Court of Appeal, Ibadan, Mr Atanda Babatunde, said the strike was embarked on in compliance with the directive of the national leadership of JUSUN.Babatunde said that the strike would continue untill their demands were met.A lawyer, Mr Ismail Saka, who was at the Court of Appeal, Ibadan, expressed his disappointed over the strike.Saka said that he had been notified of his case coming up today and was surprised to have been locked out due to JUSUN strike.He said that one of his clients came from Sango-Ota, Ogun State, for the case, risking his life and wasting time and resources.He said that it was the right of JUSUN to embark on strike due to their entitlement while everyone was aware of the current economic reality in Nigeria.‘I urge the federal government to be compassionate and pay them their demands, which will make them live comfortable lives and not to be corrupted.Also, Mr Wale Oyegoke, who had a case at the Federal High Court in Ibadan, said he was angry that his case did not hold as a result of JUSUN strike.Oyegoke said that the Federal Government must treat the judiciary workers well, being a sensitive area.He said that the cost of living in Nigeria was already high while government was getting enough money due to subsidy removal.“The cost of transportation is very high, and if care is not taken, these staff will spend all their earnings on transportation.“I, as a person, spend N60,000 weekly on transportation.“Leaving home today, I thought my case would go on, but I am dsappointed that cases are not going on due to the strike.,” he said.A litigant, Mr Seye Olawale, who came from Lagos State, said that he was seriously pained risking his life on the bad road and wasting time and resources to come to Ibadan.(NAN)NEWS
C’ River Govt. Threatens to Sanction Firm for N1.2bn Unpaid Tax

The Cross River Government has threatened severe penalty on a firm, Bao Yao Iron and Steel Company, for owing the state N1.2 billion accrued tax liabilities.This was disclosed by Mr Ayi Bassey, Director Compliance, Cross River Internal Revenue Service (IRS) on Monday during a compliance drive by the service to the premises of the firm in Calabar.
Bassey said the service had taken steps provided by law but the company refused to discharge its statutory responsibility to the government. “We have served them demand notice, final demand notice; for four periods they have been issued pre action notices and they have done nothing to show they have a responsibility to the state.“As a service, we view this as a deliberate attempt on the part of the management of the company to undermine the developmental efforts of the present administration in the state.“We have placed the non compliance stickers as our final demand to them, beyond this, we will take necessary steps to ensure we enforce compliance,” he said.On his part, Mr Emmanuel Esira, Director Legal Services and Enforcement of Cross River IRS said the visitation was a further administrative step to get the company informed of their indebtedness to the government.According to him, “the tax we are asking for are deductions from staff salaries that have not been remitted to the tax authorities in the state since 2009.“The notification stickers will be on their premises until they comply and if they don’t respond, we will take further actions.Esira urged other companies doing business in the state not to allow situations to get to the point where they have to paste non compliance stickers in their premises before they carry out their obligations. (NAN)NEWS
Court Remands Man for Allegedly Stealing Electric Cable

A Badagry Chief Magistrates’ Court in Lagos State on Thursday, ordered the remand of a 35-year-old man, Segun Deala, for stealing Eko Electricity Distribution Company (EKEDC) cable.Deal whose address was not provided, had pleaded guilty to a two-count charge bordering on stealing and breach of peace.
The Chief Magistrate, Nurudeen Layeni ordered that he should be kept at the Awhajigho correctional facility in Badagry. He adjourned the case until Aug. 14, for fact and sentencingEarlier, the prosecution, ASP Edet Ekpo told the Court that the defendant committed the offences on May 9, at about 2p.m., at Gbenapon Ajara-Topa, Badagry, Lagos.Ekpo said that the defendant stole some length of electric cable with value yet unknown belonging to the EKEDC .He said the defendant conducted himself in a manner likely to cause breach of peace by destroying the cable.According to prosecutor, the offences contravened Sections 287 and 168 of the Criminal Law of Lagos 2015.