Cloned Nigerian Anchor

Author: Chike Ozohili

  • Bears Return As Equity Market Sheds N154bn

    Bears Return As Equity Market Sheds N154bn

    Transactions in the nation’s equity market on Wednesday closed on a negative note, declining by N158 billion.

    Market capitalisation of listed equities dropped by 0.43 per cent to N36.386 trillion from N36.544 trillion reported the previous day.

    The NGX All Share Index also depreciated by 288.69 basis points to 66482.29 points from 66770.97 points traded the previous day.

    An analysis of the trading activities for the day showed that Oando Plc led gainers table in percentage terms, gaining 9.88 per cent to close at N9.45 per share, Redstarex followed with a gain of 9.81 per cent to close at N2.91 per unit, Triple G gained 9.68 per cent to close at N2.38 per share, RTBriscoe added 9.43 per cent to close at N0.58 per share while Universal Insurance gained 9.09 per cent to close at N0.24 per unit.

    On the contrary, Wema Bank Plc and Ikeja Hotel topped losers’ chart for the day, declining by 10 per cent each to close at N4.23 and N3.15 per share respectively, ABC Transport trailed with a loss of 8.86 per cent to close at N0.72 per unit, Royal Express down by 8.00 per cent to close at N0.46 per unit, CHi Plc fell by 5.60 per cent to close at N1.18 per unit.

    Volume of transactions increased by 293.194 million, representing 80.47 per cent as investors traded 657.515 million shares valued at N4.596 billion in 6646 deals against 364.321 million shares worth N3.851 billion in 7537 deals.

    Transactions in the shares of Universal Insurance led market activities with 336.294 million shares valued at N80.457 million, Fidelity Bank followed with account of 31.689 million shares worth N264.857 million, Chi Plc traded 25.125 million shares valued at N29.423 million, GTCO Plc traded 24.632 million shares cost N885.386 million, Wema Bank exchanged 24.016 million shares cost N103.813 million.

  • Equity Market Begins Week Bullish, Gains N213bn

    Equity Market Begins Week Bullish, Gains N213bn

    The domestic equity market opened the new week on Tuesday on a bullish run, gaining N213 billion, following profits recorded by some medium and highly capitalised stocks.

    Gains recorded in the shares of BuaCement, Oando, RTBriscoe and others impacted positively on the market.


    The market capitalisation of listed equities which closed on Friday at N36.331 trillion appreciated by 0.59 per cent to N36.544 trillion on Tuesday.
    The NGX All Share Index also appreciated by 388.83 basis points to 66770.97 points from 66382.14 points recorded the previous day.


    A review of the investment showed that BUA Cement led the gainers table in percentage terms with 9.94 per cent to close at N94.00, Betaglass followed with a gain of 9.93 per cent to close at N66.95 per unit, RTBriscoe added 9.93 per cent to close at N1.66 per unit, Oando Plc increased by 9.55 per cent to close at N8.60 per share, UAC of Nigeria gained 8.30 per cent to close at N10.85 per unit.


    On the contrary, Linkage Assurance topped losers’ chart, dropping by 10 per cent to close at N0.72 per share, CWG followed with a gain of 9.94 per cent to close at N7.79 per share, Redstarex fell by 9.86 per cent to close at N2.65 per unit, Tantalizer dipped by 9.38 per cent to close at N0.29 per unit while UPDC REIT declined by 8.97 per cent to close at N3.55 per share.


    Volume of transactions increased by 71.378 million, representing 24.37 per cent as investors traded 364.321 million shares valued at N3.851 billion in 7537 deals against 292.943 million shares costing N4.531 billion exchanged hands the previous day in 6323 deals.


    Transactions in the shares of Chi Plc led market activities with 71.536 million shares valued at N94.676 million, Fidelity Bank followed with 33.222 million shares cost N272.335 million, Oando Plc traded 26.190 million shares valued at N219.864 million, GTCO Plc exchanged 21.440 million shares cost N752.681 million, AccessCorp traded 19.916 million shares cost N318.621 million.

  • 2,733 Road Accidents Occurred In Q1 2023 – NBS

    2,733 Road Accidents Occurred In Q1 2023 – NBS

    The National Bureau of Statistics (NBS) has said that the total number of 2,733 road traffic crashes occurred in the first quarter of 2023.

    The bureau, in its Road Transport Data Q1 2023, indicated a 24.44 per cent decrease from the previous quarter which recorded 3,617 and an 18.30 per cent fall from 3,345 in Q1 2022.

    It also noted that serious cases of traffic crashes stood at 1,801 in Q1 2023, compared to fatal and minor cases with 677 and 255 respectively.

    However, there was a decline in the three categories of cases in the quarter under review relative to the preceding quarter.

    “A total of 1,185 males were killed in Q1 2023, accounting for 82.23% of 1,441 persons killed, compared to 256 (17.77%) females killed.

    “Also, a total of 6,386 males were injured during the period, indicating 76.58% of 8,339 injured persons compared to 1,953 (23.42%) females injured.

    “A total of 4,095 vehicles were involved in road traffic crashes in Q1 2023, lower compared to the previous quarter which recorded 5,407, indicating a decrease of 24.26%,” the report said.

    By region, the North-Central recorded the highest number of crashes in Q1 2023 with 973, followed by the South-West with 678, while the South-South had the least with 122.

    “Similarly, the North-Central recorded the highest number of casualties with 2,928, followed by the North-West with 2,323, while the South-South recorded the least with 464,” the report added.

  • BUA Cement’s Price Reduction Will Boost Affordable Housing –Minister

    BUA Cement’s Price Reduction Will Boost Affordable Housing –Minister

    The Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa has commended the decision by BUA Cement Plc to reduce the price of cement to N3,500 from about N5,500.

    According to the minister, the gesture will reduce the cost of cement, which is a major cost in building construction.

    A statement by Deputy Director, Information, Federal Ministry of Housing and Urban Development, Salisu Haiba Badamasi Tuesday in Abuja, quoted Dangiwa as saying that BUA Cement Plc’s decision represents a substantial stride toward easing the financial burden on aspiring homeowners.

    He underscored that the soaring cost of cement has led to a drastic increase in house prices, making them unaffordable for the average Nigerian.

    Dangiwa emphasized that since assuming office, he has made promoting the delivery of affordable housing a top priority in line with the Renewed Hope Agenda of Mr. President

    “The escalating prices of building materials, especially cement, have placed a daunting obstacle on the path to homeownership for many Nigerians. BUA Cement Plc’s decision to reduce the price of cement to N3,500 is highly commendable. It reflects their understanding of the struggles faced by ordinary Nigerians and is a positive step towards making housing more affordable and attainable for all,” he noted.

    “I commend BUA Cement Plc for their socially responsible decision to reduce the price of cement. Accessible and affordable housing is a fundamental right, and this move by BUA Cement Plc will undoubtedly alleviate the challenges faced by our citizens. It demonstrates a shared commitment to improving the lives of our people and furthering the goals of sustainable urban development”

    The Minister added that the company’s initiative will not only benefit individual homeowners but will also stimulate economic growth, create jobs, and lift many Nigerians out of poverty by fostering affordable housing construction and infrastructure development.

    The minister urged other industry players to emulate BUA Cement’s example, urging them to consider the social impact of their decisions.

    He expressed the belief that collaborative efforts between the government and private sector entities are essential in overcoming the challenges related to housing affordability and ensuring the realization of decent living conditions for every Nigerian citizen.

  • Housing Deficit: Developer Promises 1,000 Homes For Nigerians In 10 years

    Housing Deficit: Developer Promises 1,000 Homes For Nigerians In 10 years

    In celebration of the 2023 World Habitat Day, a real estate agency, Roomeo Construction Company, has said it has set an audacious goal of providing 1,000 homes for Nigerians within 10 years, starting in 2024, in order to eliminate barriers to attaining gainful and sustainable returns on real estate.

    Speaking Monday in Abuja, during the launch of a debut 12-unit, 2-bedroom serviced apartment building in Kaura District of Abuja, known as Sequence 1, the founder/CEO of Roomeo Construct Limited, Mr. Doyin Adewola, said the intervention of the company is to encourage affordable and sustainable urban housing in Abuja.

    He said: “Our world is facing unprecedented challenges regarding sustainability and it’s up to every one of us to take action to make a difference. Let’s consider what we can do to ensure our habitats remain vibrant and healthy for generations. The Theme to mark World Habitat Day this year is Resilient Urban Economies, and we will look at how cities can drive growth and recovery.

    “Our cities in Nigeria can be a powerful driver of growth and recovery by investing in infrastructure, promoting innovation, and fostering a supportive business environment. Cities can also attract new businesses and talent by offering a high quality of life, access to education and healthcare, and a diverse and inclusive community.

    “We at Roomeo have set an audacious 10-year goal to provide 1,000 homes for Nigerians starting in 2024. We will continue to eliminate the barriers to attaining gainful and sustainable returns on real estate. We ask that you join us as we make our dream a reality.”

    Also speaking, Director, Department of Development Control, Abuja Metropolitan Management Council (AMMC), Town Planner Mukhtar Galadima Usman, advised real estate firms to always adhere to approved building plans, lamenting that many realtors have been in the habit of cutting corners, hence the prevalent building collapse.

    Similarly, a construction engineer, Engr. Dr. Otunba Victor Omo-Raydon, said the government must identify and prosecute landowners, investors, consultants, architects, structural engineers, quantity surveyors, and project managers involved in cutting corners to curb the menace of building collapse, lamenting government was not doing much in this aspect.

  • CSR: Chevron Spends $100m In 23 years

    CSR: Chevron Spends $100m In 23 years

    The establishment of Partnership Initiatives In The Niger Delta (PIND) by Chevron has gulped over $100 million and leveraged a corresponding amount from investors and partners.

    In 2010, Chevron established the PIND, a non-profit organization working with partners to complement the GMoU, build peace and address the macro socio-economic issues in the Niger Delta region.

    The PIND’s programmes have continued to create socio-economic impact in the Niger Delta region through the twin pillars of economic development and peace building, leading to increased productivity and incomes, jobs, and reduced conflict,” said, Esimaje Brikinn, Chevron Nigeria’s General Manager, Policy, Government and Public Affairs.

    Brikinn, in a statement during Nigeria’s 63rd Independence Anniversary, highlighted Chevron Nigeria’s focus on helping to engender the development of communities in the Niger Delta through the erstwhile Global Memorandum of Understanding (GMoU), a community-driven, participatory partnership model for community engagement pioneered by Chevron Nigeria in 2005.

    “Through the GMoU, we provided funds to execute hundreds of projects in the communities where we operate in the Niger Delta region.

    This has led to social investment projects benefitting over 600 communities in the Niger Delta area. We will be leveraging our experience with the GMoU in the implementation of the Host Community Development Trust (HCDT) provisions of the Petroleum Industry Act (PIA)”, he stated.

    For the last 10 years, one of the Chevron Nigeria companies, Chevron Nigeria Limited, CNL, has spent an estimated annual average of $1 billion on Nigerian suppliers and service providers.

    The Chairman and Managing Director, Chevron Nigeria and Mid-Africa Business unit, Rick Kennedy, said “Chevron does all this, not because it is compelled to, but because it is the right thing to do.”

    Brikinn further narrated that Chevron Nigeria’s social investment footprint extends beyond its areas of operation, adding, “Among other health initiatives, Chevron Nigeria built and donated a DNA Molecular laboratory to the University of Lagos Teaching Hospital, and the facility is very significant to medical research in Nigeria.”

    In the heat of the coronavirus pandemic, Chevron Nigeria donated a Polymerase Chain Reaction (PCR) laboratory to Warri Central Hospital to support the Delta State government in the fight against the COVID-19 pandemic, in addition to other industry-collaborations.

    Chevron Nigeria has also implemented health initiatives such as the Roll Back Malaria programmes, Prevention of mother-to-child transmission of HIV/AIDS and awareness programmes on River blindness, etc.

    In its Deep offshore operations, Chevron Nigeria has continued to implement projects and programmes in the areas of health, education, and economic development across Nigeria.

    Brikinn said the Star Deepwater Petroleum Company Limited (a Chevron company) and its parties in the Agbami field – Famfa Oil Limited, Nigerian National Petroleum Corporation (NNPC), Equinor Nigeria Energy Company Limited, and Prime 127 Nigeria Limited – have been investing in fighting Tuberculosis with the construction and equipment of chest clinics in Nigeria to support the treatment and care of tuberculosis patients in Nigeria.

  • PetroNor Announces $20m OML 113 Acquisition Deal

    PetroNor Announces $20m OML 113 Acquisition Deal

    PetroNor E&P has announced a binding agreement with New Age (African Global Energy) to acquire New Age’s interests in OML 113 in Nigeria which contains the Aje field.

    This acquisition not only strengthens the company’s position in OML 113 but also opens up exciting possibilities for future growth in the energy transition and strategic flexibility.

    According to the agreement, PetroNor will pay New Age $6 million cash plus a deferred future gas production payment up to a maximum of $20 million to acquire New Age’s entities holding a project economic and voting interest in the OML 113 Joint Operation Agreement (JOA) of 32 per cent.

    Subject to completion, the agreement will not only increase PetroNor’s economic stake but also reinforce the company’s active involvement and influence in the licence partnership plan for the re-development of the Field.

    PetroNor’s existing position in OML 113 was achieved through the acquisition of Panoro Energy’s Nigeria interests in a transaction which was completed in 2022. The company is working with the OML 113 operator, Yinka Folawiyo Petroleum (‘YFP’), to create a jointly owned company, Aje Production AS, which will hold a project economic and JOA voting interest of 39 per cent.

    Following completion of these transactions, PetroNor and YFP related entities will have a project economic and JOA voting interest of 71 per cent.

    The Aje field is estimated to contain recoverable resources of 480 billion cubic feet, BCF of gas, 54 million barrels, mmbbls oil, condensate and LPG. The acquisition of New Age’s Aje interests will increase PetroNor’s net 2C contingent resources in Aje from 27.1 mmboe to 70.1 mmboe.

    Interim CEO of PetroNor Jens Pace said: “This acquisition is consistent with PetroNor’s commitment to expanding its portfolio while demonstrating shareholder value. Acquiring New Age’s interests represents a big step in achieving the partner alignment necessary to move forward with plans for the re-development of the Aje field. We are excited about the potential value of this gas resource which is located close to major population centres and offers a cleaner source of energy for power generation and industrial use compared to current alternatives.”

    Completion of the transaction is subject to customary conditions, including regulatory approvals in Nigeria.

  • Insufficient Supply Fueling FX Market Pressures –Peter Obi

    Insufficient Supply Fueling FX Market Pressures –Peter Obi

    Labour Party’s presidential candidate in the 2023 election, Mr. Peter Obi, has noted that Nigeria’s current foreign exchange liquidity challenges is primarily due to insufficient supply of the greenback to the ma

    Fielding questions on Arise TV’s ‘The Morning Show’ on Monday, Obi said there should have been broad consultation before the government rolled out the policy.

    “You can’t float a currency you don’t have supply with. It’s like building a non-gated house in a criminal-ridden society. You have to have a defence mechanism. Nobody floats what you don’t have a supply for. I believe that now that we have new CBN leadership, they have to look at the overall monetary policy.

    “It’s again not something you announce haphazardly. It’s something you look at critically. Nobody floats his currency without having an adequate supply. When you don’t have adequate supply, there will be pressure and criminality. We should have worked on eliminating those criminalities and excesses in our FX regime,” he said.

    The former Anambra State governor insisted that rather than float the naira, he would have devalued the naira.

    “What we would have done is devalue the currency to about 600 or thereabout while trying to manage what you have and encouraging exports. I can tell you that not even in the developed world has anybody left their currency to market forces because you might not be able to control it. After all, you cannot reverse your policy.

    “These are announcement defects that would have been well thought through by a proper economic team and consultation,” he added.

    It would be recalled that in June 2023, the Central Bank of Nigeria (CBN) unified exchange rate windows to maintain Naira stability against foreign currencies, notably the United States Dollar.

    The exchange rate in the investors’ and exporters’ window hit N810.78/$1 on Thursday, the highest rate for the day, and also fell to a low of N590/$1.

    However in the parallel market, bureau de change operators demanded an average rate of N1008 per dollar.  

  • NDIC Pays N16.18bn Dividends To Depositors Of 20 Liquidated Banks

    NDIC Pays N16.18bn Dividends To Depositors Of 20 Liquidated Banks

    Following impressive recoveries from debtors and realisation of assets of banks in liquidation, the Nigeria Deposit Insurance Corporation (NDIC) has announced declaration of N16.18 billion liquidation dividends to depositors, creditors and shareholders of 20 banks in-liquidation. 

    Liquidation dividend represents amount in excess of the insured sums paid by the NDIC to depositors of a closed bank from recoveries made from realisation of assets of failed financial institutions. It also covers amount paid to creditors and shareholders of closed bank after full payment to depositors of such defunct bank. 

    To this end, the Corporation has commenced verification and payment of stakeholders covered by the declarations within 30 days, starting from 28th September 2023. 

    A statement signed by Director, Communication & Public Affairs of the Corporation, BASHIR A. NUHU, Monday in Abuja, theongoing payment is sequel to earlier payment of various sums which cumulatively amounted to N45.45 billion as liquidation dividends in respect of the 20 banks as at July 2023.

    The closed banks covered by the exercise are Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, Merchant Bank of Africa (MBA), Premier Commercial Bank, North South Bank and Prime Merchant Bank. Others are Commercial Trust Bank, Cooperative and Commerce Bank, Rims Merchant Bank, Pan African Bank, Fortune Bank, All States Trust Bank, Nigeria Merchant Bank and Amicable Bank in-liquidation. 

    Relevant stakeholders have been requested to visit any of the NDIC’s offices closer to them or go to the claims page on the Corporation’s website, www.ndic.gov.ng to download, complete and submit the verification form with prescribed supporting documents to the dedicated email for the purpose: claimscomplaints@ndic.gov.ng. 

  • Tragic Electrocution Claims Family Of Four In Taraba

    Tragic Electrocution Claims Family Of Four In Taraba

    The Taraba State Police Command has confirmed a devastating incident involving the electrocution of a family of four in the Dinyavo area of Jalingo, the state capital.

    The tragic incident occurred around 11:00 a.m. on Monday and is believed to have been caused by a power surge.

    According to Mr. Abdullahi Usman, the command’s Public Relations Officer, the police were informed of the incident promptly.

    He stated, “At about 11:00 a.m. on Monday, we were reliably informed that a house located at Dinyavoh area of Jalingo was on fire. Detectives from GRA Police Division were quickly deployed to the scene and, on arrival, found the four victims with burns suspected to be from electrocution.”

    The victims have been identified as Remond Ofonbuk (44 years old), his wife, Mfonbong Remond, their son Hevean Remond (15 years old), and another son, First Remond (13 years old).

    Usman explained, “We have received information indicating that immediately power was restored, the transformer serving the area blew up. We learned that many houses within the neighborhood experienced high electric voltage which might have led to the fire outbreak that inflicted burns on the victims.”

    Despite the rapid response and evacuation of the victims to the Federal Medical Centre in Jalingo for treatment, they were tragically pronounced dead upon arrival at the hospital.

    The deceased’s bodies have been taken to the hospital’s mortuary for autopsy, while authorities have initiated an investigation to determine the exact cause of the devastating incident.