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Economy

NDIC signs MoU with Korean counterpart to strengthen deposit insurance

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The Nigeria Deposit Insurance Corporation (NDIC) has signed an agreement with the Korea Deposit Insurance Corporation (KDIC) to strengthen the Deposit Insurance System (DIS) in their respective jurisdictions.

In a statement on Wednesday, the spokesman of NDIC, Mr Mohammed Ibrahim, said the signing was done at the KDIC headquarters in Seoul, the South Korean capital.

Ibrahim said the Memorandum of Understanding (MOU) covered a wide range of issues intended to enhance the protection of banks’ depositors.

He listed some areas covered by the MoU as promotion of communication, enhancement of existing cooperation, provision of support and mutual understanding as well as collaboration.

These, according to him,  is necessitated by the “increasing globalisation and complexity of large financial institutions and the unique challenges they pose for regulatory authorities.”

“The MOU also provides for effective international working relationship between both agencies along with the enhancement of their roles in financial regulatory initiatives and policy deliberations.

“There will also be periodic exchange of staff between both institutions and bilateral meetings on regular basis.

“This is to enhance mutual understanding that promotes development of the DIS in both Nigeria and South Korea,” he said.

Ibrahim said the Chairman of KDIC, Mr WI Seongbak, and the Managing Director of NDIC, Mr Umaru Ibrahim, signed for their respective bodies.

 

 

Foreign

Separate autopsies indicate Floyd’s death is homicide

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Two separate autopsies of George Floyd, the Minneapolis black man who died in police custody last week, released Monday both indicated his death was a homicide, although they differed in details.

One of the posthumous reports, issued by the Hennepin County Medical Examiner’s Office, listed “cardiopulmonary arrest complicating law enforcement subdual, restraint and neck compression” as the cause of Floyd’s death on May 25, which triggered nationwide protests against racism and police abuse – some of them turning violent.

The official account came hours after a separate autopsy commissioned by Floyd’s family stated that “asphyxiation from sustained pressure was the cause” of the 46-year-old’s death. The autopsy found that there was “neck and back compression that led to a lack of blood flow to the brain,” the Floyd family’s attorney, Benjamin Crump, said during a press conference Monday.

The medical examiner’s autopsy found “no physical findings that support a diagnosis of traumatic asphyxia or strangulation,” while suggesting that Floyd’s existing health conditions — coronary artery disease and hypertensive heart disease — combined with being restrained by police and any “potential intoxicants in his system” contributed to his death.

The report said its finding “is not a legal determination of culpability or intent, and should not be used to usurp the judicial process.”

The family-commissioned autopsy, however, said “weight on the back, handcuffs and positioning were contributory factors because they impaired the ability of Mr. Floyd‘s diaphragm to function.”

Michael Baden, one of the doctors who performed the family-commissioned autopsy, said “there is no other health issue that could cause or contribute to the death. Police have this false impression that if you can talk, you can breathe. That’s not true.”

Being handcuffed and pinned to the ground by police officers, Floyd pleaded for help during the final moment of his life, crying that he could not breathe. Derek Chauvin, one of the officers, kept kneeling on Floyd’s neck for almost nine minutes.

All the four officers involved in the incident have been fired, and Chauvin has been charged with third-degree murder and manslaughter.

For George Floyd, the ambulance was his hearse,” Crump, the family attorney, said emotionally at the press conference. “Beyond question, he would be alive today if not for the pressure applied to his neck by fired officer Derek Chauvin and the strain on his body from two additional officers kneeling on him.”

Mr. Floyd‘s death was a homicide by officers who taunted him while holding him down for more than eight minutes. And the officer who stood by doing nothing was a physical blue shield – a living symbol of the code of silence,” Crump added.

(XINHUA)

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Education

Nasarawa SSG indicted over project scam, to refund over N248.5m

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The Nasarawa State House of Assembly’s ad-hoc Committee, investigating alleged projects scam of N1 billion for the renovation/fencing of secondary schools, has indicted the Secretary to the State Government (SSG), Alhaji Aliyu Tijani.

Tijjani has therefore been ordered to refund the government N248.5 million of the unaccounted funds, released in 2018.

The Chairman of the ad-hoc committee, Mr Daniel Ogazi, (APC- Kokona East), who made this known on Monday in Lafia, while presenting the committee’s report during the House0′ proceedings, noted that the SSG was the state’s Commissioner for Education when the alleged fraud occurred.

Ogazi said that the former commissioner displayed blatant inefficiency, incompetence and ineffectiveness in the performance of his official duties.

He said based on the committee’s recommendations, N873, 233,942.60 was expended as discovered from the Payment Vouchers (PVs), excluding 5 per cent deductions for Monitoring and Evaluation (M&E), as payments for the completed and uncompleted  projects.

“During our investigation, we summoned the Commissioner for Education, her principal officers and management staff, the former Permanent Secretary of the Ministry, the former Commissioner for Education now SSG, Commissioner for Works, his principal officers, as well as the contractors that handled various projects.

“And during our investigation, the SSG agreed that he will take responsibility for his action.

“The total released contract sum was N1. 084 billion only, and if N873, 233,942.60 is deducted from the total contract sum, this will amount to N210, 766, 057.40.

“Then add 5 per cent Monitoring and Evaluation which is N37, 718, 499.19. The total sum of unaccounted funds will amount to N248, 484,556.60,” he said.

Ogazi urged the government to declare a state of emergency on all abandoned projects to ensure its completion.

“All contractors who completed their work should be paid immediately by the ministry and all payments made to the unknown contractors should be refunded to government coffers immediately.

“Funds should be released to contractors who have the capacity and ability to carry out the work,” he said.

He also called on contractors who collected money and refused to carry out the renovation/fencing to do so within one month or face the consequences.

The committee’s  chairman urged the ministry of education to take on the spot assessment of all uncompleted projects to see the level of work done and to make funds available for the completion of the same in the interest of development.

Alhaji Ibrahim Abdullahi, the Speaker of the House, after receiving the report, said it would be deliberated upon on Tuesday.

The News Agency of Nigeria , reports that the speaker had on March 17, constituted the ad-hoc committee to carry out thorough investigation on the alleged misuse of the funds.


Edited By: Philip Dzeremo/Nyisom Fiyigon Dore (NAN)

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General news

Police confirm arrest of alleged adulterated fertiliser syndicate In Minna

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The police on Wednesday confirmed the arrest of the leader of a syndicate who allegedly speacialises in adulterating Nigerian-made fertilisers in Niger.

The Command PPRO, ASP Wasiu Abiodun, told the News Agency of Nigeria on Wednesday over the telephone that the arrest was made possible following intelligence report.

He said the suspect, identified as Alhaji Maikudi Abdullahi, was arrested following intelligence reports of the “surreptitious activities” in his factory called “Farm Centre ”.

According to him, thw centre is located in the Minna metropolis, where he allegedly adulterated TAK Agro brand of NPK fertilisers.

He said a total of 445 bags of adulterated fertiliser were allegedly found in the factory, stacked and ready for shipment to unsuspecting farmers.

“A team of Policemen attached to Kpakungu Division while on patrol along Kpakungu-Bida road on May 22, 2020, intercepted and arrested one Nma Mohammed at Bida town, driving one Haice bus with Reg. no. Niger AA-994-WSH.

“The bus was loaded with 50 bags of fertiliser suspected to be adulterated.

During Police interrogation, the suspect mentioned one Alhaji Maikudi Abdullahi of Farm Center, Minna, who contracted him to carry the said fertiliser to Bida.

“Further investigation led to the arrest of the said Alhaji Maikudi Abdullahi and a recovery of more 456 bags of same products in his possession at Farm Center, Minna.

“Suspects confessed to the crime and the case is now under investigation,” Abiodun said.

Abiodun assured that the Police Command in Niger was determined to frustrate the efforts of unscrupulous elements who are out to sabotage the effort of the Federal Government at encouraging local production of agro inputs.

He also said that criminal would not find any hiding place in the state.

Edited By: Angela Okisor/Sadiya Hamza (NAN)

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Defence/Security

Police dislodge alleged car theft syndicate in Adamawa, arrest 1

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The police in Adamawa have dislodged a suspected  car theft syndicate, arrested a suspect and recovered one stolen vehicle.

The  state Police Public Relations Officer, DSP Sulaiman Nguroje, made the disclosure on Sunday in Yola.

Nguroje said that a Toyota Corolla  with registration number UGB408LQ and other stolen items were recovered from the suspect.

He said that the arrest was made by operatives attached to the Intelligence Bureau of the state police command on Thursday at 6.30p.m.

He said that the arrested suspect was a 38-year-old man.

The spokesman  said that the police  recovered a snatched Toyota Corolla, 2004 model with  44 sets of new t-shirts, shoes and trousers.

“The suspect was caught after robbing one Mr Adams M. S. from Abakaliki of the car and running to Adamawa to dispose  of it.

“Immediately the report got to police, investigation commenced, and that led to the arrest and recovery of the Toyota Corolla  and other valuables,’’ Nguroje said.

He said the state Commissioner of Police in Adamawa, Mr Olugnenga Adeyanju, had warned residents of the state to desist from buying cars and other valuables from roadside vendors.

Edited By: Johnson Eyiangho/Ijeoma Popoola (NAN)

 

 

 

 

 

 

 

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Economy

NSE’s key indices improve further by 1.25%

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Transactions on the Nigerian Stock Exchange (NSE) remained upbeat on Thursday for four consecutive days, with the key performance indicators improving further by 1.25 per cent.

Consequently, the All-Share Index which opened at 24,452.23 rose by 306.16 points or 1.25 per cent to close at 24,758.39.

Also, the market capitalisation grew by N159 billion or 1.25 per cent to close at N12.902 trillion compared with N12.743 trillion recorded on Wednesday.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are: Mobil, BUA Cement, Unilever, Guinness Nigeria and Zenith Bank.

Experts at United Capital Plc attributed the market rally to recovery in share prices driven by rebalancing in the oil market which resulted in 94 per cent rebound in oil prices from 18 dollars per barrel to about 35 dollars per barrel within a month.

They also attributed the rally to increasing indications that governments around the world would reopen their economies regardless of the anxiety around COVID-19.

They said cheap market valuation of high quality stocks; sustained dividend declaration by corporates, translating into attractive dividend yield amid poor rates on T-bills and sizable market liquidity contributed to the market rally.

Market closed positively with 29 gainers and nine losers.

Sunu Assurances dominated the gainers’ trend in percentage terms, increasing by 10 per cent, to close at 22k, per share.

Red Star Express followed with a gain 9.97 per cent to close at N3.75, while Mobil rose by 9.95 per cent to close at N194.50, per share.

BUA Cement garnered 9.88 per cent to close at N35.60, while Cutix appreciated by 9.40 per cent to close at N1.63, per share.

Conversely, Arbico Plc led the losers’ chart in percentage terms, dropping by 9.91 per cent, to close at N2.09, per share.

Oando dipped 5.76 per cent to close at N2,62, while Flour Mills lost 4.76 per cent to close at N20, per share.

NPF Micro Finance Bank declined by 3.55 per cent to close at N1.90, while Union Diagnostic and Jaiz Bank shed 3.33 per cent each, to close at 29k and 58k, per share respectively.

However, the total volume traded declined by 19.70 per cent with an exchange of 350.77 million shares, worth N3.71 billion traded in 5,239 deals.

This was against a total of 436.84 million shares valued at N5.41 billion achieved in 5,195 deals on Wednesday.

Transactions in the shares of Zenith Bank topped the activity chart with 57.42 million shares valued at N961.39 million.

Ekocorp followed with 57.003 million shares worth N342.02 million, while FBN Holdings sold 44.36 million shares valued at N230.97 million.

Guaranty Trust Bank accounted for 32 million shares worth N764.79 million, while Lafarge Africa transacted 28.38 million shares valued at N312.42 million.

Edited By: Kamal Tayo Oropo/Salif Atojoko (NAN)

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General news

Indicted Rwandan genocide suspect Kabuga appears before French court

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Rwandan genocide suspect Felicien Kabuga indicted in his absence on charges of bankrolling ethnic militias that massacred some 800,000 people in 1994 was brought before a French court on Wednesday.

In his first appearance in public in more than two decades, the octogenarian was brought into the courtroom in a wheelchair, dressed in jeans and a blue jumper and wearing a face mask.

He spoke to confirm his identity.

Kabuga was arrested on Saturday in a Paris suburb and the court is to decide whether to transfer him for trial to a UN war crimes tribunal.

Edited By: Emmanuel Okara/Silas Nwoha (NAN)

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Economy

Transactions remain upbeat on NSE, indices up 1.09%

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The nation’s bourse maintained bullish mood on Tuesday with the key performance indices increasing further by 1.09 per cent on gains by some blue chips.

Speficially, the All-Share Index (ASI) rose by 261.12 points or 1.09 per cent to close at 24,202.87 against 23,941.75 recorded on Monday.

Also, investors gained N136 billion in value as market capitalisation closed higher at N12.613 trillion compared with N12.477 trillion on Monday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, Dangote Cement, Presco, Unilever and Guaranty Trust Bank.

Analysts at Afrinvest Limited stated that “We expect to see gains in the next trading session as investors continue to seek bargain hunting opportunities.”

Market breadth closed strongly positive with 29 gainers and eight laggards.

Caverton led the gainers’ table in percentage terms, improving by 10 per cent, to close at N2.75 per share.

Okomu Oil followed with 9.99 per cent to close at N64.40, while Unilever appreciated by 9.85 per cent to close at N15.05 per share.

C & I Leasing rose by 9.78 per cent to close at N5.05, while Cutix appreciated by 9.56 per cent to close at N1.49, per share.

On the other hand, Lasaco Assurance dominated the losers’ chart in percentage terms, dropping by eight per cent, to close at 23k per share.

Nigerian Aviation Handling Company followed with a decline of 4.51 per cent to close at N2.33, while Wapic Insurance shed 3.33 per cent, to close at 29k, per share.

International Breweries lost three per cent to close at N4.85, while Wema Bank declined by 1.69 per cent to close at 58k, per share.

The banking sector led the activity chart with Access Bank the most active, accounting for 80,65 million shares valued at N545.81 million.

Guaranty Trust Bank sold 41.89 million shares worth N971.99 million, while Zenith Bank traded 39.75 million shares valued at N628.86 million.

FBN Holdings transacted 33.87 million shares worth N169.29 million, while Lasaco Assurance exchanged 19.75 million shares worth N4.63 million.

In all, investors bought and sold 339.76 million shares valued at N3.92 billion traded in 4,784 deals.

This was in contrast with a turnover of 331.001 million shares worth N2.93 billion achieved in 5,544 deals on Monday.

Edited By: Wale Ojetimi (NAN)

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Foreign

China’s economic recovery quickens amid improving leading indicators

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China’s economic activities are picking up the pace of resumption, as shown by several leading indicators including the number of cargo volume, power generation, consumption, and excavator sales, reported Economic Information Daily Thursday.

Data from the China Academy of Transportation Sciences showed that cargo transport rebounded to the previous average level in April as economic activities are accelerating restoration nationwide.

In the period, the China Transportation Services Index stood at 131.5 points with the contraction narrowing 6.6 basis points from the previous month, and the sub-index for cargo transport fell 1.2 per cent from a year ago.

In another sign of recovery, daily electricity generation edged up 1.17 per cent year on year last month to 18.21 billion kilowatt-hours, seeing a monthly growth of 3.01 per cent.

Amid the positive trend for the epidemic containment, growth momentum is also gathering in electricity consumption, which is expected to rise by 2 per cent in April from the previous year, according to the State Grid Energy Research Institute.

Transaction on the excavator market became more active, with sales for 25 leading excavator makers soaring 59.9 per cent from one year ago to 45,400 last month, marking a growth rate of over 50 per cent after 13 months, data from the China Construction Machinery Association showed.

Considering investment growth in infrastructure and real estate sectors and the spread of the epidemic overseas, Lv Juan, an analyst with the China Securities, predicted a 17.74 per cent growth in excavator sales in 2020.

In May, this sector will maintain a year-on-year increase of more than 50 per cent, Lv estimated.

As domestic production and demand showed significant signs of recovery last month, several institutes expected macroeconomic data to further improve in the period, with the value-added industrial output returning to positive growth.

Edited By: Remi Koleoso (NAN)

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Economy

NSE: Trading reverses negative trend, indices up 0.06%

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The Nigerian Stock Exchange (NSE) on Wednesday returned to positive path with key market indicators appreciating marginally by 0.06 per cent on renewed interest in highly capitalised equities.

Specifically, the All Share Index (ASI) increased by 13.54 points, to close at 23,709.44 against 23,695.90 on Tuesday.

Accordingly, Month-to-Date gain increased to 3.0 per cent, as Year-to-Date losses moderated to -11.7 per cent.

Similarly, the market capitalisation, which opened at N12.349 trillion rose by N7 billion or 0.06 per cent to close at N12.356 trillion.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are: Mobil Nigeria, Total, Unilever, Stanbic IBTC Holdings and Guaranty Trust Bank.

“We expect a push up in activity in the next trading session to further strenghen today’s positive stance, as activity has dwindled consecutively into the mid-week,” analysts at APT Securities and Funds Limited said.

Market breadth closed positive, with 20 gainers versus eight losers.

Unilever Nigeria led the gainers chart in percentage terms, with growing 9.96 per cent, to close at N12.70 per share.

Mobil Nigeria followed with 9.94 per cent growth to close at N176.90, while May and Baker increased by 9.70 per cent to close at N2.94 per share.

NPF Microfinance Bank improved by 9.63 per cent to close at N1.48, while AXA Mansard Insurance appreciated by 8.23 per cent to close at N1.71 per share.

Conversely, Union Diagnostic & Clinical Services and Jaiz Bank led the losers’ chart in percentage terms deopping by 6.45 per cent each, to close at 29k and 58k per share, respectively.

Champion Breweries followed with a loss of 6.17 per cent to close at 76k per share.

AIICO Insurance lost 4.12 per cent to close at 93k, while Fidson Healthcare shed 2.85 per cent to close at N2.39 per share.

The total volume of shares traded showed that investors exchanged 159.24 million shares worth N1.54 billion transacted in 3,573 deals.

This was in contrast with a total of 155.75 million shares valued at N1.68 billion shares achieved in 4,005 deals on Tuesday.

Transactions in the shares of FBN Holdings topped the activity chart with 50.77 million shares valued at N242.086 million.

Access Bank followed with 10.85 million shares worth N68.61 million, while United Bank for Africa traded 9.79 million shares valued at N59.53 million.

Regency Alliance Insurance sold 7.53 million shares worth N1.51 million, while Zenith Bank transacted 7.41 million shares worth N111.80 million.

Edited By: Kamal Tayo Oropo/ Oluwole Sogunle (NAN)

 

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