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NGX moves 180.30m shares worth N1.72bn

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The Nigerian Exchange (NGX) Ltd on Friday moved 180.30 million shares worth N1.72 billion traded in 3,158 deals in cautious trading.

The turnover represented a decrease of 31.22 per cent when compared with 262.14 million shares valued at N1.99 billion recorded in 3,955 deals on Thursday.

An analysis of the activity chart shows that Transacorp was the most active stock, exchanging 20.53 million shares worth N18.69 million.

 

Access Bank trailed with 18.53 million shares valued at N170.48 million, while Unity Bank sold 15.29 million shares worth N7.88 million.

 

Mutual Benefits Assurance traded 11.81 million shares valued at N3.35 million, while FBN Holdings exchanged 11.77 million shares worth N88.04 million.

 

However, the NGX All-Share Index recorded marginal gain, appreciating by 8.82 points or 0.02 per cent to 39,261.01 from 39,252.19 posted on Thursday.

 

Similarly, the market capitalisation of listed equities increased by N4 billion or 0.02 per cent to N20.455 trillion from N20.451 trillion reported on Thursday.

 

Neimeth international Pharmaceutical led the gainers’ chart in percentage terms, gaining 7.57 per cent to close at N1.99 per share.

 

Transcorp followed with 5.62 per cent to close at 94k per share, while UPDC Plc gained 4.68 per cent to close at N1.79 per share.

 

Sovereign Trust Insurance added four per cent to close at 26k, while FlourMill added 3.99 per cent to close at N30 per share.

 

Conversely, Mutual Benefit Assurance topped the laggards’ chart in percentage terms, dropping 9.68 per cent to close at 28k per share.

 

FTN Cocoa trailed 8.16 per cent to close at 45k, while NPF Microfinance Bank dipped 7.89 per cent to close at N1.75 per share.

 

HoneyWell Flour Mills was down by 5.13 per cent to close at N3.70, while Chams lost 4.55 per cent to close at 21k per share. (NAN)

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Reps Minority caucus back Governors, Demands probe into $418m judgement debts

Jonas Ezieke, Abuja

The Minority Caucus in the House of Representatives cautions against the reported approval by President Muhammadu Buhari for the payment of the $418 million suspicious debt despite wide spread national objection by stakeholders, including state governors, chairmen of local governments and anti-graft agencies.

 

The Minority caucus urges President Buhari to note that the consent judgement being relied upon for the payment is cloudy, opaque and raises apprehensions of huge swindle on the national treasure which requires immediate investigation by the Economic and Financial Crimes Commission (EFCC).

 

The caucus therefore calls on President Buhari to, in the national interest, immediately halt the payment processes until after the investigations.

 

The caucus insists that the objection raised by the Association of Local Governments in Nigeria (ALGON) and the Nigeria Governor’s Forum, (NGF), in calling for forensic audit into the claims by the creditors, must be taken into consideration.

 

This is essentially because governance is a collective responsibility of all tiers and as such all views must be considered before such decisions are reached and implemented.

 

As lawmakers, our caucus insists that the approval to funnel out $418 million out of the national treasure under such hazy consent judgment and in the absence of the forensic audit, smacks of an endorsement of corruption.

 

Our caucus urges President Buhari not to allow himself to be misled or entangled in this nebulous enterprise but to listen to the state governors and allow for the audit, particularly on the particulars of claims by creditors as well as the circumstances leading to the suspicious consent judgement.

 

The Minority caucus demands that the Attorney General and Minister of Justice should avail himself of the audit to bring the processes and circumstances surrounding the judgment debt to public glare.

 

The caucus maintains that the open audit should unravel those behind the consent judgment, the propriety of such measures as well as why the objection by the governors was ignored.

 

This is more so as the consent judgement predicated the payment of the doubtful $418 million on deductions from allocations to states and local governments, a development that will put unwarranted burden on the already overstrained tiers of government and worsen the economic and infrastructural deficit in the country.

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