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Why Capital Market Activities Are Low For Now – Operators

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Some capital market operators have said that activities in the nation’s bourse would continue to experience mixed performances until a new government is sworn-in.
They told newsmen in Lagos that the slowdown was due to investors “wait and see’’ attitude.
The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion,  Lagos said that for now investors were repositioning ahead of the transition on May 29.
Omordion said that anxiety surrounding the economic agenda of the incoming government was also responsible for mixed performances.
Omordion, however, expressed optimism that the market would normalise once the economic blueprint of the incoming government was certain.
Managing Director, Union Standard Securities Ltd., Mr SehindeAdenagbe,  said the market would experience more influx of both local and foreign investors once an economic direction was ascertained.
Adenagbe said that the market reacted positively to the outcome of the elections but witnessed profit-taking thereafter.
He urged the incoming government to ensure friendly economic policies and patronise the capital market for developmental projects instead of depending on money market instruments.
Meanwhile, a turnover of 2.06 billion shares worth N17.18 billion were traded by investors in 25,577 deals last week.
This is against the 1.92 billion shares valued N19.402 exchanged in 23,988 deals in the preceding week.
The Financial Services Industry led the activity chart with 1.61 billion shares worth N9.90 billion traded in 14,438 deals.
The Conglomerate Industry followed with 214.68 million shares worth N1.58 billion traded in 1,604 deals.
The third place was occupied by the Consumer Goods sector with 84.94 million shares valued N3.04 billion transacted in 4,313 deals.
The All-Share Index, during the review period lost 519.33 points or 1.48 per cent to close at 34,485.72 against 35,005.05 posted in the previous week due to price losses.
Also, the market capitalisation lost N177 billion or 1.48 per cent to close at N11.751 trillion compared with N11.928 trillion recorded in the preceding week.
A breakdown of the price movement chart for the week showed that Ikeja Hotel topped the losers’ chart in percentage terms by 22.06 per cent or N1.07 to close at N3.78 per share.
Costain dropped by 16 per cent or 16k to close at N1.17, while Trans Nationwide Express declined by 13.33 per cent or 18k to close at N1.17 per share.
On the other hand, R.T. Briscoe led the gainers’ table by 20.24 per cent or 17k to close at N1.01 per share.
Neimeth International Pharmaceuticals followed with 18.95 per cent or 18k to close at N1.13, while NPF Micro Finance Bank gained 18.80 per cent or 22k to close at N1.39 per share.

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Stakeholders Meet To Assess Nigeria’s Preparedness For AFCFTA

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Stakeholders are expected to converge in Lagos today to take a look at the Nigeria’s preparedness to maximize the gains of the African Continental Free Trade Area (AfCFTA). 
The Tide learnt that stakeholders will be converging at the instance of a popular online newspaper, Primetime Reporters, to assess the progress made so far by the Federal Government through the National Action Committee on AfCFTA agreement.
The event which is the Third Annual Lecture and Awards of the online medium has as its theme: “Assessing Nigeria’s Preparedness to Maximize the Gains of AfCFTA.” 
The event will also witness conferment of awards on eight eminent Nigerians who have distinguished themselves in various fields of human endeavours.
The Managing Director/Editor-In-Chief of Primetime Reporters, Mr. Saint Augustine Nwadinamuo, made this known in a statement made available to The Tide in Lagos on Monday.
According to him, the event will hold at the National Institute of International Affairs (NIIA), Kofo Abayomi Street, Victoria Island, Lagos beginning from 10.00am.
Nwadinamuo said that the event would be chaired by a renowned legal practitioner, Barr. Osuala Emmanuel Nwagbara of the Maritime and Commercial Law Partners, Lagos, while the Director General, Lagos Chambers of Commerce and Industry (LCCI), Dr. Muda Yusuf, would be the lead paper presenter.

By: Nkpemenyie Mcdominic, Lagos

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EFCC Nabs 419 Kingpin Over N250m Fraud

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The Economic and Financial Crimes Commission (EFCC), has arrested a leader of a deadly 419 syndicate, Abayomi Kamaldeen Alaka (a.k.a Awise) over an alleged attempt to swindle an innocent Nigerian of N250 million. 
The Tide learnt that the syndicate operates from a shrine at Ashipa Town, near Abeokuta, Ogun State.
According to a statement made available to The Tide in Lagos on Sunday, by the EFCC, Awise’s arrest followed a petition by his victim, Juliet Bright who lost N250m to the fraudster after she was tricked to provide money for sacrifices and invocations to heal her of an ailment.
The statement said Bright was introduced to Alaka by one Akinola Bukola Augustina (a.ka. Iya Osun) whom she met on Facebook in the course of her search for solutions to her health challenge. 
What drew her to Augustina was the latter’s post under the name, Osunbukola Olamitutu Spriritual Healing Centre.
 Once Bright contacted Augustina, the latter promised to heal her if she could pay N16 million. 
The victim paid the money through an Access Bank account belonging to one Mohammed Sani, who later turned out to be a Bureau De Change Operator.
After paying the money without receiving healing, Augustina transferred the victim to other members of the syndicate, notably Awise. 
Bright revealed that she met Awise at his shrine in Ashipa Town and was hypnotized and subsequently transferred various sum through bank accounts and in cash to the suspect and his syndicate members, until she lost N250 million to them.
Despite all the monies collected from her, her health conditions has never improved.

By: Nkpemenyie Mcdominic, Lagos

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Expert Wants Farmers To Grow Plant Produce For Export

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An expert in Quarantine Agriculture, Dr Vincent Ozuru, has advised Nigerian farmers to give more attention to growing plants produce that could be exported.
He said that plant like the hibiscus, popularly known as Zobo is on high demand in some countries around the world, today.
Ozuru who gave the advice while speaking to aviation correspondents at Port Harcourt International Airport, Omagwa, noted that some plants produce, particularly hibiscus, had yielded huge revenue to the Federal Government through export.
According to him, Nigeria exported about 1,983 containers of hibiscus to Mexico alone in 2017 and earned $35 million within nine months of that year.
The agricultural quarantine expert explained that the export of the plant had a setback as a result of storage pest discovered by the Nigeria Agricultural Quarantine Service in some consignments.
“The issue has now been taken care of and the export is resuming again, and all matters have been resolved with the stakeholders across the value chain.
“Mexico is the largest importer of Nigerian hibiscus, and our farmers should brace up to the challenge.
“The good news is that Nigeria has a vast growing belt in hibiscus, and the harvest is available all year round.
“We need to take advantage of this opportunity to earn foreign exchange for ourselves and for the country at large, even with the commitment of the present administration to diversify the economy”, he said.
Ozuru called on Nigerian farmers to show more commitment to the growing of export produce and also endeavor to get ready information on it in order to increase their income.

By: Corlins Walter

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