NEWS
MTN, Tier-1 Banks’ Stocks Lift NGX Gains by N157bn
Renewed interest in MTN Nigeria, alongside sustained interest in Tier-one banks’ stocks on Thursday further raised the equity market higher by 0.27 per cent.
Specifically, investors gained N157 billion or 0.27 per cent, making the market capitalisation which opened at N58.963 trillion, to close at N59.
120 trillion.Consequently, the All-Share Index grew by 0.
27 per cent or 278. 42 points, to close at 104,562.06, as against 104,283.64 recorded on Wednesday.As a result, the year-to-date (YTD) return on the index rose to 39.84 per cent.
Buy interest in Guaranty Trust Holding Company (GTCO), Zenith Bank, Wema Bank, Transnational Corporation, Prestige Assurance, Sovereign Trust Insurance, among other top traders, kept the market in the green.
The market breadth also closed positive with 39 leading equities outnumbering 19 declining stocks on the floor of the Exchange.
Meanwhile, Morison Industries Plc led the gainers table by 10 per cent to close at N1.76, Ikeja Hotel followed by 9.91 per cent to close at N6.43 per share.
Julius Berger gained 9.73 per cent to close at N66, while Omatek appreciated by 9.72 per cent to close at 79k.
UPDC Real Estate Investment Trust went up by 9.57 per cent to close at N5.15 per share.
On the other hand, FTN Cocoa led the losers’ table by 9.60 per cent to close at N1.60
ABC Transport trailed by 9.41 per cent to close at 77k, while Guinea Insurance lost 7.89 per cent to close at 35k.
NGX Group shed 6.75 per cent to close at N21.40 and Chams declined by 6.34 per cent to close at N1.92 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 36.61 per cent.
A total of 623.08 million shares valued at N16.95 billion were exchanged in 10,257 deals, compared to 499.71 billion shares valued at N12.41 billion exchanged in 10,260 deals posted previously.
Zenith Bank led the activity chart in volume with 88.36 million shares valued at 3.89 billion, followed by GTCO which led in value with 78.68 million shares worth N4.11 billion.
Access Corporation sold 56.74 million shares worth N1.39 billion, UBA traded 54.94 million shares valued at N1.54 billion and Fidelity Bank transacted 50.78 million shares worth N504.23 million. (NAN)
NEWS
Police Neutralise 6 Hoodlums, Recover Firearms in Bauchi
The Police Command in Bauchi State, says it has neutralised six hoodlums in a crackdown against criminal elements in Ningi Local Government Area of the state.
The police operatives also recovered arms and ammunition during the operations.
The Commissioner of Police in the state, Awwal Musa, stated this at a news conference on Friday in Bauchi.
“The Command neutralise six hoodlums, recover firearms and ammunition in Ningi axis.
“Apprehension of a suspect for illegal possession of two AK-47 rifles and 343 rounds of ammunition
“Mop-up of illegal firearms from public spaces and arrest of suspects in connection with criminal conspiracy and culpable homicide,” he said.
He reiterated commiment to suppress criminal activities across border communities in Alkaleri, Ningi and Toro LGAs.
According to Musa, the command is collaborating with sister security agencies and quasi security outfits enhancing community policing and partnership with local stakeholders.
“We urge all citizens to support our efforts by reporting suspicious activities promptly,” he said. (NAN)
NEWS
Why Tax Reform Bills May not be Recalled – Tinubu
Proposed tax reform bills at the National Assembly will not be withdrawn, says President Bola Tinubu.
The National Economic Council (NEC) on Thursday called for the bills’ withdrawal for further consultations.
The President, in a statement on Friday by Mr Bayo Onanuga, his Special Adviser, Information and Strategy, however, urged that the legislative process be allowed to take its course.
Tinubu said the legislative process, which had already begun, provided an opportunity for inputs and necessary changes without withdrawing the bills from the National Assembly.
He welcomed further consultations and engagement with key stakeholders to address any reservations about the bills while the National Assembly considered them for passage.
The statement read: “When President Tinubu set up the Presidential Committee on Tax and Fiscal Policy Reform in August 2023, he had only one objective.
“This is to reposition the economy for better productivity and efficiency and make the operating environment for investment and businesses more conducive.
“This objective remains more critical even today than ever before.”
The committee worked for over a year and received inputs from various segments of society across the geopolitical zones.
Inputs were received from trade associations, professional bodies, various MDAs, governors, traders, students, business owners and the organised private sector.
“The tax reform bills that emerged were distilled from the extensive work of the Presidential Committee.
“The tax bills before the National Assembly aim to streamline Nigeria’s tax administration processes, completely overhaul the nation’s tax operations, and align them with global best practices,” the statement read in part.
The tax reform bills include the Nigeria Tax Bill, which seeks to eliminate multiple taxation and make Nigeria’s economy more competitive by simplifying tax obligations for businesses and individuals nationwide.
The Nigeria Tax Administration Bill (NTAB) proposes new rules governing the administration of all taxes in the country.
Its objective is to harmonise tax administrative processes across federal, state and local jurisdictions to ease taxpayers’ compliance and enhance the revenue for all tiers of government.
The Nigeria Revenue Service (Establishment) seeks to re-establish the Federal Inland Revenue Service (FIRS) as the Nigeria Revenue Service (NRS) to better reflect its mandate as the revenue agency for the entire federation, not just the Federal Government.
The Joint Revenue Board Establishment proposes creating a Joint Revenue Board to replace the Joint Tax Board, covering federal and all state tax authorities.
The fourth bill will also establish the Office of Tax Ombudsman under the Joint Revenue Board, protecting taxpayers’ interests and facilitating dispute resolution.
The statement read: “The bills’ overarching objective is to effectively coordinate federal, state, and local tax authorities, thereby eliminating the overlapping responsibilities, confusion, and inefficiency that have plagued tax administration in Nigeria for decades.
“Under existing laws, taxes like Company Income Tax, Personal Income Tax, Capital Gains Tax, Petroleum Profits Tax, Tertiary Education Tax, Value-Added and other taxing provisions in numerous laws are administered separately, with individual legislative frameworks.”
The proposed reforms seek to consolidate these numerous taxes, integrating them and excise duties into a unified structure to reduce administrative fragmentation.
“While there may be differences in approach or specific provisions of the new tax bills, what is not in contention is the need to review our tax laws and how we administer them to serve our overall national development agenda.
“President Tinubu will continue to respect and welcome the advice and recommendations of the National Economic Council, an essential constitutional organ of government on economic matters,” the statement read. (NAN)
NEWS
Minister, NMA Hail NSA, Security Forces over Rescue of Kaduna Doctor
Dr Tunji Alausa, former Minister of State for Health and Social Development, has commended the Office of the National Security Adviser (ONSA), for rescuing Dr Ganiyat Popoola and her nephew.
Alausa also commended the military and other security agencies for the safe rescue of the kidnapped victims after 10 months in captivity.
Alausa, now Minister of Education, gave the commendation when the rescued victims got reunited with their family by the National Security Adviser (NSA), Mallam Nuhu Ribadu.
on Friday in Abuja.He thanked President Bola Tinubu for his commitment to the safety and security of all citizens, as well as the NSA for facilitating the release of Dr Popoola without ransom.
According to him, President Bola Tinubu has invested so much resources in making the country safe.
“As we can see, security is significantly better all across the country but we are not there yet but it is going to continue to get better.
“I will also like to thank the entire armed forces for working so hard to secure the release of Dr. Popoola.
“More importantly, the NSA, who continuously reassures us that Dr. Popoola is alive in spite of being in captivity for about 10 months,” he said.
Alausa said that Popoola and her nephew have been released without any bad occurrences.
“This shows the skills of our armed forces, they did this without paying ransom and they secured the release of Popoola and her nephew.
“The country Nigeria is forever grateful to them,” he said.
The minister also thanked the Nigerian Medical Association (NMA) and the National Association of Resident Doctors (NARD) for their perseverance, trust in the government and persistence in ensuring the safe release of their colleague.
He urged all Nigerians to join hands with the security forces to fight insecurity in the country, adding that the challenges should be seen as Nigeria’s.
On his part, the President of NMA, Dr Bala Audu, described the rescue of Popoola along with her nephew as a miraculous outcome that all Nigerian doctors and indeed all Nigerians were happy with.
Audu acknowledged the specific efforts and persistence of all Nigerian doctors through NARD and the persistence of the Minister of Health in reaching out to the ONSA.
Also, the President of NARD, Dr Tope Osundare, expressed appreciation to President Tinubu for the support and concern for all the doctors all over the country.
Osundare said the collaborative efforts of the government agencies and institutions in synergy with NMA, ensured the release of Dr Popoola.
“We were emotionally traumatised as a body, we had our meetings, we had our protests and we had the reassurance.
“That is why our thanks go to the President and the NSA for all that they have done to ensure the release of Dr Poppola out of captivity.
“Today we are celebrating and we are happy that she is out of this captivity because I can imagine what she has gone through within that period of over 10 months.
“Today we want to appreciate God and appreciate everyone that has been involved,” he said.
The Defence Headquarters (DHQ) had earlier in the day confirmed the rescue of Popoola and other victims through non-kinetic operations in a series of operations with other security agencies.
The Director of Defence Media Operations, Maj.-Gen. Edward Buba, in a statement, said that the details of their release had remained classified due to ongoing operations. (NAN)