Cloned Nigerian Anchor

Author: Chike Ozohili

  • IGP presents N535m 68 deceased cops’ next of kins

    IGP presents N535m 68 deceased cops’ next of kins

    The Inspector-General of Police, IGP Kayode Adeolu Egbetokun, has initiated the distribution of cheques to provide insurance benefits to the next-of-kin of deceased officers and those who have suffered permanent deformities while performing their lawful duties.

    This announcement was made in a statement released by CSP Olumuyiwa Adejobi, the Force Public Relations Officer, on Friday.

    A total sum of N535,618,788.44 was presented in cheques to 68 families of deceased officers and those who were injured or rendered disabled in the line of duty, falling under the Group Life Assurance 2022/2023 Policy Year.

    Emphasizing the value of human life, the IGP reiterated that the Nigeria Police Force, under his leadership, places great importance on the well-being of its officers and personnel.

    He affirmed the commitment of his administration to promptly fulfill the obligation of providing insurance and other benefits to police personnel who have made immense sacrifices for the country.

    Comprehensive welfare support will be provided to create an environment where every officer feels valued, protected, and motivated to give their best in service to the nation.

    In a related development, the IGP received a contribution of N70 million from Anchor Insurance Company Limited.

    This generous contribution will be used to rebuild the Kano State Command Headquarters, which suffered extensive damage from a devastating fire incident on January 14, 2023.

    The financial support will aid in restoring the infrastructure of the command, strengthening its operational capabilities, and ensuring efficient and effective policing services for the residents of Kano State.

    Expressing his deep gratitude, the IGP acknowledged the incredible resilience and unwavering commitment of the men and women who have served, as well as those currently serving on the front lines.

    commended the gallant officers of the Nigeria Police Force for their dedication, sacrifice, and unwavering allegiance to upholding the values of justice and security.

    While recognizing that their loss and injuries create an irreplaceable void, he emphasized that their legacies will forever endure in the hearts of those they touched.

    The presentation of cheques to the next-of-kin of deceased officers and the commitment to rebuilding the Kano State Command Headquarters demonstrate the IGP’s firm commitment to the welfare and well-being of police personnel and their families.

    It serves as a testament to the Nigeria Police Force’s dedication to honoring the sacrifices made by its officers in the line of duty, ensuring that their contributions are recognized and appreciated.

  • UN advocates debt repayment respite for developing countries

    UN advocates debt repayment respite for developing countries

    The United Nations has called for a pause in debt repayment by developing countries saying the Covid-19 pandemic, the cost-of-living crisis, and the war in Ukraine have pushed 165 million people into poverty since 2020.

    The report called for a “debt-poverty pause” in economically struggling countries “to redirect debt repayment towards financing social expenditures and countering the effects of macroeconomic shocks.”

    “The solution is not out of reach for the multilateral system,” the report said.

    According to another UN report, some 3.3 billion people, nearly half of humanity, live in countries that spend more on paying interest on debt than on education and health.

    And developing countries, despite having lower levels of debt, are paying more interest, partly because of higher rates.

    Experts have said that Nigeria spends about 90 percent of its revenue on debt servicing. And only recently, the Federal Government repaid the N500m Eurobond loan.

    It said further that the annual cost of lifting the 165 million newly poor people out of poverty would be over $14 billion, or 0.009 percent of global output and a little less than 4 percent of total public external debt service in 2022 for developing economies.

    “The poorest suffer the most and their incomes in 2023 are projected to remain below pre-pandemic levels,” the report said.

    “Countries that could invest in safety nets over the last three years have prevented a significant number of people from falling into poverty. In highly indebted countries, there is a correlation between high levels of debt, insufficient social spending, and an alarming increase in poverty rates.” UNDP chief Achim Steiner said.

    The report says 75 million people will have fallen into extreme poverty, defined as living on less than $2.15 a day, between 2020 and the end of 2023 — and 90 million more will fall below the poverty line of $3.65 a day.

    If the income losses among the already poor prior to the shocks are also included, the mitigation cost would reach some $107 billion, or 0.065 percent of the world’s GDP and around a fourth of total external public debt service, the report’s authors estimated.

    “There is a human cost of inaction in not restructuring developing countries’ sovereign debt. We need new mechanisms to anticipate and absorb shocks and make the financial architecture work for the most vulnerable,” Steiner added.

  • Knocks trail Tinubu’s planned N8,000 cash to Nigerians

    Knocks trail Tinubu’s planned N8,000 cash to Nigerians

    The plan by President Bola Ahmed Tinubu’s administration to make available N8,000 monthly to over 12 million households has continued to elicit reactions from Nigerians.

    A cross-section of Nigerians have questioned the wisdom in the Federal Government doling out cash as they say that the process is not sustainable in the long run.

    According to them, past experiences of cash transfers by the government hfailed to yield the intended result.

    Founder of N.E.W Foundation, Dr. Kelechukwu Okezie, insisted that N8000 to 12 million Nigerians monthly to cushion the fuel petroleum subsidy removal is not the best way to go.

    Okezie told NIGERIAN ANCHOR that the government should invest in massive food production considering the country’s high inflation rate.

    Data by the National Bureau of Statistics (NBS) states that food inflation for the month of May rose to 24.82% on a year-on-year basis, 5.33% higher than May 2022 (19.50%).

    He said, “Over 140 million Nigerians are within the poverty net and N8,000 is like a drop in the ocean. Let the government invest in food subsidies because the cost of food has gone high.

    “Tinubu should create a consumer welfare board that monitors the cost of food and supports farmers with that sum. It will help have a ripple effect to support families. 

    “Again, remove all forms of fees in schools, criminalize collection of any form of levy in schools and this will help solve the stress parents are going through.

    “We have beggars on the streets, we have out of school children scavenging in the streets, these groups of Nigerians should be captured and given the support through accredited religious centres if we must ensure transparency and accountability.”

    Similarly, writing on his verified twitter handle, social activist, Reno Omokri, while commending the federal government for the move, said the monthly payment should be on the condition that “children in recipient families must attend school and have their payment vouchers signed by the principal/headmaster of their school to prove that they attended school throughout that month; failure of which they will not be paid. 

    “That way, Nigeria will reduce her current population of 20 million out-of-school children. And it will have an immediate impact on our economy, as educated children tend to be healthier, less likely to engage in terrorism and criminality, and also less likely to be teenage parents. 

    “Furthermore, as a nation, we should not only give fish to people experiencing poverty. We should also teach willing Nigerians how to fish. 

    “I, therefore, recommend to the President that he may want to provide free training and business grants (not loans, but grants) to at least half a million Nigerian youths to enable them to start up verifiable small and medium-scale enterprises.

    “Nigeria’s situation is similar to that of the United States of the 1930s, and this was how President FDR Roosevelt empowered Americans through the New Deal. 

    “In that way, the President will help Nigerian youths to help themselves as well as to help Nigeria. 

    Legal Practitioner, Alex Uriri Esq, questioned the process that will be used to select the 12 million recipients of the cash transfers.

    He said, “And how are the due beneficial recipients going to be responsibly and equitably selected? Please who knows of any or how many Isokos benefited from the Trader Money largesse? Same for the School feeding programme when students were locked down for months due to Covid-19 pandemic?”

    On his part, a writer, Ubara Obaro said the money was too small considering the present inflationary trends.  

    “12 million poor Nigerians receive 8k every month. That means receiving less than 300 hundred naira daily in an economy where 300 hundred naira cannot buy a packet of salt.

    “Congratulations to the 12 million Nigerians. God don butter ona bread!” he said.

  • 391 killed, 207 abducted across Nigeria in May – Report

    391 killed, 207 abducted across Nigeria in May – Report

    *Says violent killings dropped by 28.26% compared to April

    Global Rights Nigeria has disclosed that at least 391 people were killed with over 207 persons abducted in 91 communities across the country in the month of May 2023.

    In its mass atrocities report for the month of May, the non-governmental organization said the figure is the 3rd lowest recorded since the start of the year.

    According to the NGO, the figure showed a 28.26 percent decrease in violent killings compared to what was recorded in April. Moreover, abductions have gone down by 22.30 percent compared to the previous month of February. 

    Nigeria Mourns is a data-tracking report summarising mass atrocities across Nigeria.  

    “Communal Clashes claimed the highest number of deaths in April, with 135 deaths ahead of Banditry which accounts for at least 122 casualties, followed by Herdsmen-related Killings which constitutes at least 44 casualties.

    “Secessionist activities in the Southeast claimed at least 28 lives. Cult Clashes were responsible for at least 34 deaths while Boko Haram/ISWAP and Isolated Attacks claimed at least 14 lives respectively,” it said.

    Out of the 391 killings recorded, 7.16 percent representing 28 deaths were security personnel representing.

    A breakdown revealed that 16 cops and 12 military personnel were killed across the country in April, while the remaining 92.84% of the lives lost were civilians (at least 363 deaths).

    The report noted that “Though the data on killings of security operatives shows a significant decrease, the continued loss of lives of security personnel in Nigeria creates significant challenges and dangers in recent years, with reports of attacks by armed groups and criminal organizations.”

    The report further revealed that at least 207 people were kidnapped across the country with bandits operating mainly in the Northwest and North Central parts of the country being the main perpetrators.  

    “72.25% representing 151 of such abductions took place in the North-Central and Northwest parts of the country respectively while the Northeast had at least 3 reported abductions within the period under review.

    “However, 27.75% of casualties representing 58 abductions happened in the Southern part of the country. The South-South recorded at least 36 abductions; the Southeast recorded at least 10 abduction cases while the Southwest recorded 12 people abducted.

    “Even with this seeming decrease in abduction cases compared to what was recorded previously, it has been confirmed that this emerging form of mass atrocities continues to pose a threat to the free movement of citizens in pursuit of their livelihoods,” Global Rights said.

    While acknowledging a decrease in mass atrocities, the report noted the increased Herdsmen related killings in the North-Central part of the country especially Benue State leaves a lot to be desired as the mayhem continues to escalate.

    “Sadly, the continued unending reported loss of lives of security personnel is a grievous assault which continuously strikes an air of palpable fear to the consciousness of all Nigerians raising doubts as to the capacity of the nation’s military to effectively secure her land and people.

    To allay these fears in the minds of people, there’s a need for a sustained and far-reaching military offensive against criminality in the different regions of the country which are all experiencing one form of human rights violation or the other,” the report said.

  • Shell plans cut in renewable power unit

    Shell plans cut in renewable power unit

    Shell Plc is exploring options for its global renewable power operations, including a potential stake sale to outside investors, reports have said.

    According to World Oil, the UK energy giant is working with advisers to study a range of possibilities that could also include separating the business into a more independent unit.

    Shell, reports further say, has approached several international investors to gauge their interest in buying a stake.

    The deliberations come as Chief Executive Officer Wael Sawan focuses the company’s investments on fossil fuels in a bid to increase shareholder returns and narrow the valuation gap with Shell’s U.S. peers.

    The newspaper says there is no certainty yet as discussions are still at an early stage. Shell may also consider introducing outside investors into some other operations such as its downstream assets, one of the people said.

    A representative for Shell declined to comment beyond a capital markets day presentation in June, when the company flagged plans to divest certain power assets through 2025, but also make selective investments in the business.

    If a deal does happen, it could be a significant shift in Shell’s green strategy. The oil major has spent more than two decades trying to figure out just how big of a player it wants to be in renewables. Over the years, some CEOs have set targets for low-carbon alternatives to oil and gas, only for their successors to focus more squarely on the fuels that drive most of the company’s profits, but also cause climate change.

    Shell’s approach in recent years was emblematic of the European oil majors’ efforts to position their businesses for a world that cuts carbon emissions and relies less on fossil fuels in the coming years. It’s been a stark contrast to their U.S. peers Exxon Mobil Corp. and Chevron Corp., which have stuck more closely to their core businesses of oil and gas.

    Under previous CEO van Beurden, Shell rapidly grew its green power business and briefly sought to become the world’s biggest electricity producer. The company’s portfolio, which had 6.4 gigawatts in operation or development at the end of last year, includes offshore and onshore wind farms in Europe and the US. It recently acquired Indian solar developer Sprng Energy, Danish biofuels producer Nature Energy and American renewable power company Savion.

    So far investors have rewarded the US oil majors’ strategy, pushing their valuations far above their European competitors.

    Shell’s renewable-power business has come under pressure as Sawan pursues what he’s called a “ruthless” approach to prioritizing returns, meaning the unit has to generate profits in addition to cutting the company’s carbon footprint.

    While Sawan said he will continue to invest in renewable power, he vowed to be more selective and only pursue projects that create sufficient value.

  • Set aside judgment restraining us from imposing fines, NBC asks Court

    Set aside judgment restraining us from imposing fines, NBC asks Court

    The National Broadcasting Commission (NBC) has filed a motion at a Federal High Court in Abuja, asking it to set aside its May 10, 2023 judgment in which it, among other things, issued an order of perpetual injunction restraining the Commission from further imposing fines on radio and television stations.

    In the motion filed on its behalf by Babatunde Ogala (SAN), the Commission is asking the court to set aside the judgment, claiming that it lacked jurisdiction to render the verdict and that it arrived at the decision in ignorance of relevant facts.

    The judgment arose from a suit instituted by Abuja-based lawyer, Mr. Noah Ajare, on behalf of Media Rights Agenda (MRA), challenging the powers of NBC to fine broadcasters, following a March 1, 2019 announcement by the then Director General of the Commission, Mallam Ishaq Kawu, that the Commission had imposed a fine of N500,000 each on 45 broadcast stations for alleged contraventions of the Nigeria Broadcasting Code.

    In his judgment delivered on May 10, 2023, Justice James Omotosho ruled that fines are sanctions imposed on a person who has been found guilty of a criminal offence and that by Nigerian law, only courts of law are empowered to impose sanctions for criminal offences. In setting aside the fines of N500,000 each imposed on the stations, he held that the NBC “is neither a court nor a judicial tribunal to make pronouncements on the guilt of broadcast stations notwithstanding what the NBC Code says,” adding that the Commission’s action violated the constitution.

    But contrary to the finding of the judge in his judgment that the NBC “was served with the Originating Summons on 24th February 2022 and served with several hearing notices but failed to file any process”, the Commission is alleging that the originating summons in the suit, which led to the judgment, was not served on it.

    It is also claiming that MRA “has two un-appealed, subsisting and binding decisions of the Federal High Court on the same issues and parties” and that rather than appeal those decisions, it brought a fresh suit, setting the Court on a collision course with decisions of the other Federal High Court in the same complex.

    The NBC cited in support of its claim a suit filed by MRA in 2021 against the NBC in which the organization challenged the constitutionality and legality of the Commission’s action on May 27, 2020 in imposing fines of N250,000 on Breeze FM radio, based in Lafia, Nasarawa State; N500,000 on Adaba FM radio in Akure, Ondo State; and N250,000 on Albarka FM radio in Ilorin, Kwara State.  Justice Obiora Atuegwu Egwuatu delivered judgment on March 2, 2023, dismissing the suit.

    It also cited another suit brought against NBC by seven organisations, namely the Socio-Economic Rights and Accountability Project (SERAP), the Centre for Journalism Innovation and Development (CJID), MRA, HEDA Resource Centre, the International Centre for Investigating Reporting (ICIR), the African Centre for Media and Information Literacy (AFRICMIL), and Premium Times. In that suit, the seven organizations challenged the NBC’s imposition of fines of N3 million each on Channels Television, Arise Television and the Africa Independent Television (AIT) over their coverage of the ENDSARs protests as well as another imposition of a fine of N5 million on Nigeria Info 99.3 by the NBC without giving the stations an opportunity to respond any allegation against them. Justice Nkeonye Maha delivered judgment in the suit on April 26, 2022, dismissing the suit.

    The NBC is claiming that these suits and their outcome was not brought to the attention of court and that if the court had been aware of them, it would have reached a different decision in its May 10, 2023 judgment.

    Justice Omotosho has fixed the hearing of the motion for October 5, 2023.

  • Presidency rolls out measures to tackle rising food prices

    Presidency rolls out measures to tackle rising food prices

    President Bola Tinubu has ordered immediate action to stem rising food prices and ensure sustainable food security in the country.

    At a briefing in Abuja by Presidential Adviser on Special Duties, Communications, and Strategy, Mr Dele Alake, Tinubu said the interventions were meant to have an immediate impact on the most vulnerable Nigerians.

    “As a hands-on- leader who follows developments across the country every day, Mr. President is not unmindful of the rising cost of food and how it affects the citizens. While availability is not a problem, affordability has been a major issue to many Nigerians in all parts of the country.

    “This has led to a significant drop in demand thereby undermining the viability of the entire agriculture and food value chain.”

    To contain this trend, the President announced the declaration of a state of emergency on food security, and other measures.

    He said all matters pertaining to food and water availability and affordability, now fall within the purview of the National Security Council.

    The president said other initiatives would be deployed in the coming weeks to reverse the inflationary trend and guarantee future uninterrupted supplies of affordable foods to ordinary Nigerians.

    “As with most emergencies, there are immediate, medium- and long-term interventions and solutions.

    “In the immediate term, we intend to deploy some savings from the fuel subsidy removal into the Agricultural sector focusing on revamping the agricultural sector.”

    He said that a Memorandum of Partnership between the government and agricultural stakeholders had been drafted, containing decisions taken and proposed actions.

    “We will immediately release fertilizers and grains to farmers and households to mitigate the effects of the subsidy removal.

    “There must be an urgent synergy between the Ministry of Agriculture and the Ministry of Water Resources to ensure adequate irrigation of farmlands and to guarantee that food is produced all-year round.”

    He said that the country could no longer rely on seasonal farming for affordable food items.

    “We shall create and support a National Commodity Board that will review and continuously assess food prices as well as maintain a strategic food reserve that will be used as a price stabilisation mechanism for critical grains and other food items.

    “Through this board, the government will moderate spikes and dips in food prices.”

    The president added that to achieve these objectives stakeholders have been drafted to support the interventions.

    The stakeholders include National Commodity Exchange, Seed Companies, National Seed Council and Research institutes, and NIRSAL Microfinance Bank.

    Others are, Food Processing/ Agric Processing associations, private sector holders and Prime Anchors, smallholder farmers, crop associations and fertilizer producers, blenders and suppliers associations.

    “In furtherance of this, the federal government would engage security architecture to protect the farms and the farmers so that farmers can return to the farmlands without fear of attacks.

    “The Central Bank will continue to play a major role of funding the agricultural value chain.”

    Tinubu said that the government would activate its land banks to enable more Nigerians to return to farming.

    “There are currently 500,000 hectares of already mapped land that will be used to increase the availability of arable land for farming which will immediately impact food output.”

    He added that the “government will also collaborate with mechanization companies to clear more forests and make them available for farming

    “There are currently 11 rivers basins that will ensure planting of crops during the dry season with irrigation schemes that will guarantee continuous farming production all year round, to stem the seasonal glut and scarcity that we usually experience.

    “We will deploy concessionary capital/funding to the sector, especially towards fertilizer, processing, mechanization, seeds, chemicals, equipment, feed, labour, etc.

    “The concessionary funds will ensure food is always available and affordable thereby having a direct impact on Nigeria’s Human Capital Index (HCI).

    “This administration is focused on ensuring the HCI numbers, which currently rank as the 3rd lowest in the world, are improved for increased productivity.”

    The President further said that the government would explore other means of transportation including rail and water transport, to reduce freight costs, thereby impacting food prices.

    “The cost of transporting Agricultural products has been a major challenge due to permits, toll gates, and other associated costs.

    “When the costs of moving farm produce is significantly impacted, it will immediately be passed to the consumers, which will affect the price of food.”

    He added that existing warehouses and tanks would be revamped to cut waste and ensure efficient preservation of food items.

    Tinubu also pledged to increase revenue from food and agricultural exports.

    “As we ensure there is sufficient, affordable food for the populace, we will concurrently work on stimulating the export capacity of the Agric sector.”

    He said to enhance trade facilitation, transportation, storage, and export will be improved by working with the Nigeria Customs Service.

    According to him, the customs service has assured the government that the bottlenecks being experienced in exporting and importing food items as well as intra-city transportation through tolling will be removed.

    The President stressed that the measures would bring about positive outcomes through massive boost in employment and job creation.

    “Indeed, agriculture already accounts for about 35.21 per cent of employment in Nigeria (as at 2021), the target is to double this percentage to about 70 per cent in the long term.”

    He said that this would be in line with his pledge to create jobs, as the initiative is expected to achieve between five to 10 million more jobs created within the value chain.

    The jobs he said would come through working with the current 500,000 hectares of arable land and the several hundreds of thousands more farmlands to be developed in the medium term.

    The president, therefore, called on all Nigerians to partner with the government to ensure the success of the strategic intervention.

    “This administration is working assiduously to ensure that Nigerians do not struggle with their essential needs,” he added.

    Tinubu assured Nigerians that the administration would not relent in its efforts “until all strategic interventions are deployed efficiently and effectively and until every household is positively impacted”.

  • Failed Transactions: Tribunal imposes N120m fine on Stanbic-IBTC

    Failed Transactions: Tribunal imposes N120m fine on Stanbic-IBTC

    The Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja has imposed a fine of N120 million against Stanbic-IBTC Bank over the bank’s failure to complete a transfer request for a customer.

    In a split decision of two to one, the tribunal convicted the bank for contravening the provisions of Section 130(1)(a) of the FCCP Act, 2018 and Section 5(2)(8) and (9) of the Central Bank of Nigeria Regulation on Instant Interbank Electronic Transfers.

    The tribunal said the fine was imposed due to the bank’s failure to comply with the 10 minutes or at most one-hour mandatory timeline for failed transfers to be reversed as provided by Sections 154 and 155 of the FCCP Act, 2018.

    The lead judgement delivered by Hon. Sola Salako-Ajulo also ordered the bank to pay the claimant, Mr. Clement Osuya, the sum of N1 million as the cost of filing the action.

    “The tribunal holds that in as much as the defendant (IBTC) failed to comply with the two instructions of the claimant to transfer the sums of N500,000 to another account in Access Bank, as no transfer took place at both times, defines that the defendant breached the banker-customer contractual relationship between the two parties,” Ajulo said.

     The tribunal, however, refused to award the sum of N5 million to Osuya as compensation on the grounds that he failed to prove any injury he suffered as a result of the failure of service delivery by the bank.

    Hon. Ibrahim Yakubu concurred with the verdict of Salako-Ajulo while the presiding judge, Hon. Chuma Mbonu disagreed and gave a minority judgment.

    Mbonu in his minority judgment held that the tribunal lacked the jurisdiction to entertain the petition.

    According to him, the tribunal has the powers of appellate jurisdiction and not of original jurisdiction and he consequently struck the suit out for lacking in merit.

    Recall that Osuya had filed a petition against the bank, challenging its failure on two occasions to transfer the sum of N500,000 from his IBTC account to his Access Bank account.

    He claimed that the money was for the payment of school fees for his children.

    He told the tribunal that on Sept. 8, 2022, he filled out a form under the NIS Instant Payment option for a transfer of the sum of N500,000 to his Access Bank account.

    He held that whereas the money, on both occasions left his IBTC account as the account was debited,  it never arrived in his Access bank account because it was not credited.

    Osuya told the tribunal that the reversal on the first transaction was done after 24 hours while that of the second transaction was reversed after 72 hours.

    He further alleged that this neglect of duty of care by the bank caused him trauma, embarrassment, and a dent in his reputation as he was forced to collect a loan.

    The bank, through its counsel, Mr. Marcel Osigbemhe had blamed the failure of the transaction on the third-party NIPS service.

    Osigbemhe, in a brief remark, expressed his displeasure over the judgment, saying he wondered how his client could be convicted when there were clearly no charges brought against it.

    Counsel to the claimant, Ms. Deborah Solomon, for her part, thanked the Tribunal for the well-considered judgment.

    The fine is to be paid into the tribunal’s Remitta account.

  • Nigeria, still Africa’s largest crude oil producer- OPEC

    Nigeria, still Africa’s largest crude oil producer- OPEC

    Nigeria retained its position as Africa’s largest producer of Petroleum in June, pumping 1,298 million barrels per day, while production in Angola, Algeria and Congo dropped during the period under review.

    Secondary sources put Nigeria’s crude output at 1,249 million barrels per day last month while recording 1,184 million barrels for May.

    According to the Organization of the Petroleum Exporting Countries (OPEC) Monthly Oil Market Report, Nigeria increased its production output compared to the 1,277 million barrels per day it pumped in May of 2023.

    Angola followed next, with Direct Communication stating the country produced 1,102 million bpd in June, lower than the 1,148 million barrels reported the month before.

    However, Secondary Sources said Angola’s crude oil output increased slightly in the review month, rising from 1,111 million barrels in May to 1,119 million bpd in June.

    Algeria’s Direct Communication showed that production declined to 957,000 barrels, from 973,000 bpd in May, while Congo recorded a slight dip to 262,000 barrels bpd last month, from 266,000 barrels.

    Meanwhile, according to OPEC’s secondary sources, “total OPEC-13 crude oil production averaged 28.19 mb/d in June 2023, higher by 91 tb/d m-o-m. Crude oil output increased mainly in IR Iran and Iraq, while production in Angola declined.”

    According to OPEC, “Nigeria’s economy grew by 3.3 per cent in 2022, but is forecast to decelerate in 2023. Growth in the first quarter of 2023 stood at 2.4 per cent year-on-year in the first quarter of 2023, after growth of 3.6 per cent in the fourth quarter of 2022, an indicator for this year’s anticipated slowdown.

    “The seasonally adjusted first quarter of 20231 GDP growth rate on a quarterly basis even contracted by 0.8 per cent. Weakening growth in the services, manufacturing, and agricultural sectors are developments to be considered in the 2023 growth trend.

    “Moreover, high inflation continues to burden the economy. Inflation data for May shows an ongoing acceleration, with an annual rate of 22.4 per cent year-on-year, compared with 22.2 per cent in April and 22 per cent in March. Food inflation has been a key factor in this rise, reaching 24.8 per cent year-on-year in May, after 24.6 per cent in April and 24.5 per cent in March.

    “Consequently, the Central Bank of Nigeria lifted the key policy rate by 50 bp to 18.5 per cent in May, but this policy rate has remained unchanged since. Despite the challenges, May’s Stanbic IBTC Bank Nigeria PMI held up well, retracting only slightly to stand at 52.3 in June, after 54 in May and 53.8 in April.”

  • Nigeria’s equity market declines further, sheds N707bn

    Nigeria’s equity market declines further, sheds N707bn

    For the second day, the domestic equity market on Thursday sustained a negative trend, declining by N707 billion as profit-taking activities persisted.

    The market capitalisation of listed equities declined further by 2.03 percent to N34.167 trillion from N34.874 trillion reported the previous day.

    The NGX All Share Index also depreciated by 1,297.99 basis points to 62748.94 from 64046.93 points recorded on Wednesday.

    A review of transactions during the day showed that JohnHolt led gainers table in percentage terms, gaining 10 per cent to close at N1.65 per unit, Dangote Sugar Refinery followed with a gain of 9.94 percent to close at N29.85 per share, Nascon gained 9.91 percent to close at N25.50 per share, Skyways Aviation Handling also increased by 9.80 percent to close at N13.45 per unit, Gold Breweries added 9.74 percent to close at N2.93 per share.

    The NSE trading result also showed that five listed companies declined by 10 percent at the close of trading on Thursday.

    Specifically, Stanbic IBTC, Fidelity Bank, Wema Bank shed 10 percent to close at N61.20 per share, N7.11 and N4.50 per share respectively. Omatek and Transco Hotel also dipped by 10 per cent to close respectively at N0.45 and N35.55 per unit.

    The volume of trades declined by 364.533 million, representing 31.34 per cent as investors traded 798.467 million shares valued at N10.449 billion in 10296 deals against 1.163 billion shares worth N12.694 billion exchanged hands the previous day in 13878 deals.

    Transactions in the shares of United Bank for Africa led market activity with 99.015 million shares valued at N1.331 billion, FBNHoldings followed with account of 72.688 million shares valued at N1.284 billion, Transnational Corporation of Nigeria exchanged 68.797 million shares valued at N280.804 million, FCMB group traded 67.892 million shares valued at N415.893 million while GTCO Plc traded 51.243 million shares cost N1.770 billion.