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NGX: Investors Gain N12bn after 3-day Negative Posts

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Investors gained N11.98 billion after a three-day consecutive negative trading at the nation’s equities market.

The market capitalisation stood at N27.807 trillion, representing a 0.04 per cent, an increase from the N27.795 trillion recorded at close of trade on Tuesday.

The gains were recorded majorly on trading of banks’ stocks such as Guaranty Trust Holding Company(GTCO), United Bank for Africa (UBA), Sterling Bank, among others.

Also, the All Share Index (ASI) marginally gained one basis point to close at 51,7563.

73 points from 51,556.54 points on Wednesday.

This made the month-to-date and year-to-date performance to stand at 0.49per cent and
20.

71 per cent, respectively.

The market breadth was positive with 15 stocks in the gainers’ chart as against 10 in the losers’ chart.

Academy Press recorded the highest price gain of 9.55 per cent to close at N1.72 per share.

NAHCO followed with a gain of 9.41 per cent to close at N9.30 per share, while FTNCocoa rose by 9.38 per cent to close at 35k per share.

Honey Flour rose by 9.39 per cent to close at N2.97, while Ikeja Hotel gained 8.20 per cent to close at N1.32 per share.

On the other hand, RT Briscoe led the losers’ chart by 8.11 per cent each, to close at 34k per share.

UPDC depreciated by 7.87 per cent to close at N1.17 per share.

Regal Insurance followed with a decline of 7.41 per cent to close at 25k per share, while Japaul Gold lost 3.45 per cent to close at 28k per share.

Also, First Bank of Nigeria Holdings (FBNH) lost 3.20 per cent to close at N10.60 per share.

Meanwhile, shares of JaizbBank led the volume chart with 42.10 million shares valued at N36.61 million.

GTCO followed with 19.45 million shares worth N396.76 million, while Sterling Bank traded 9.41 million shares valued at N14.08.

UBA traded 6.87 million shares valued at N51.37 million, while NAHCO traded 5.18 million shares worth N46.14 million.

Market activity as measured by volume of trades rose to 143,288 million units of shares, representing 5.94 per cent increase 135.259 million units traded the previous day.

Also, the value of traded stocks went up by 22.07 per cent, standing at 1.756 billion as against a value of 1.439 billion recorded on Wednesday.(NAN)

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BIPC activates judicial processes to eject allottees from estates

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From Attah Ede Makurdi

The Benue Investment and Property Company Limited (BIPC), on Wednesday, obtained judicial administrative order to individuals who have defaulted on the terms of payment for the BIPC Evergreen Estates located at Nyiman and Northbank axis in Makurdi of Benue State.

The Managing Director of the company, Dr.

Raymond Asemakaha, explained that the affected persons were earlier given a sufficient grace period before the judicial process of ejection was activated.

Dr.Asemakaha in a statement he personally signed and made available to newsmen in Makurdi, the decision to eject the allottees followed the expiration of the period of grace conveyed to the allottees/occupants of BIPC Evergreen Housing Estates.

He said affected allottees are yet to pay the purchase price as stipulated in the Provisional Offer letters, adding that the management is pleased to inform the general public that the company has activated administrative and Judicial processes of ejecting such allottees/occupants.

“As a business entity with a mandate to maximize profits for the shareholder, Management is compelled to explore this line of action in order to minimize the losses associated with the continued occupation of the estates by such allottees/occupants.”

“The ejection exercise is not in any way aimed at victimizing the allottees /occupants as the company has exhausted the internal remedies provided in the provisional offer letter including but not limited to verbal and written persuasion to the allottees/occupants of the Estates to pay the purchase price annually or monthly but to no avail.”

“Members of the public are therefore enjoined not to be misled by the unsubstantiated reasons advanced by such allottees as noncompliance with the ejection exercise will attract punitive legal consequences” the statement concluded.

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Give Tinubu More Time to Solve Challenges – Gowon

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Former President Yakubu Gowon
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Retired Gen. Yakubu Gowon has urged Nigerians to give more time to the  President Bola Tinubu-led administration, toward resolving the various challenges confronting the country.

He added that it was too early in the life of the administration to begin to resolve all the inherited crisis in different sectors.

Gowon said this after a meeting with Tinubu at the Presidential Villa on Wednesday in Abuja.

“Well, I was telling him that no Nigerian leader that get there and will not have all the report of what is being said about him.

“But certainly, there’s no doubt from what one hears and what one sees on the various media.

I think the government is trying its best to deal with the various problems of the country.

“Don’t you worry,  you will get criticised but people who get there know better than you know.

“I think all what one can say is that Nigerians, we’ve got to give the President time to get things really done. And it is too early to say absolute result, perfect result will be achieved now.”

Gowon said  the meeting with the President also centred on the issue of the challenges facing the ECOWAS subregions, adding that it must be settled amicably.

“Being the surviving leader, or founding fathers of the ECOWAS, I think we had to discuss some of his plans in order to see what can be done to bring the matter under control,” Gowon said.

He debunked claims on social media that he refused to attend an event organised by ECOWAS, adding that this was probably due to miscommunication.

“I think there was a miscommunication but then, it gave the opportunity for the  President to call me so that we can discuss what I was to do.”(NAN)

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Tinubu Appoints New Immigration CG

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President Bola Tinubu has approved the appointment of DCG Kemi Nandap,  as the new Comptroller-General of the Nigeria Immigration Service (NIS).

A statement by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, on Wednesday in Abuja, disclosed that the appointment is with effect from March 1.

“The President anticipates that the new comptroller-general will deepen the ongoing reforms in the service and create a robust mechanism for efficient and dedicated service delivery to Nigerians.

“As well as strengthen the nation’s security through proactive and effective border security and migration management.

He said that Nandap would take over from Mrs Caroline Adepoju, whose term in office expires on Feb.

29.

Ngelale said that before her appointment, Nandap was the Deputy Comptroller – General (DCG)  in charge of the Migration Directorate of the service.(NAN)

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