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Capital Market Turnover Drops By 31.6% In April

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The total volume of
shares traded on the Nigerian Stock Exchange (NSE) in April dropped by 31.57 per cent, the exchanged report for the month showed on Tuesday.
The report, obtained by The Tide source revealed that during the period investors traded a total of 11.47 billion shares valued at N33.48 billion exchanged in 62,747 deals.
The figure was lower than the 16.63 billion shares worth N48.16 billion transacted in 73,155 deals in March.
A breakdown indicated that the financial services sector remained the most active, accounting for 10 billion shares valued at N18.12 billion, transacted in 12,010 deals.
It was trailed by premium board, which accounted for 824.49 million shares worth N6.96 billion exchanged in 12,010 deals.
The conglomerates sector came third with a total of 212.77 million shares valued at N297.59 million transacted in 2,322 deals.
The market capitalisation, during the review period also decreased by N83 billion or 0.95 per cent to close at N8.621 trillion against N8.704 trillion achieved in March due to price depreciation.
Besides, the NSE All-Share Index shed 243.81 points or 0.96 per cent to close at 25,306.22 compared with 25,306.22 recorded in March.
Commenting on the performance, Malam Garba Kurfi, Managing Director of APT Securities and Funds Ltd., attributed the lull to foreign exchange challenges which led to withdrawal of foreign investors from the nation’s bourse.
Kurfi said the government should open another window for foreign investors and genuine businessmen following its stance on naira devaluation.
He added the current foreign exchange policy, power sector challenges and the yet-to-be passed budget contributed to the lull.
The managing director said there was also challenge of investors’ apathy, which he said, had caused poor trading.
Also speaking, Mr Ambrose Omordion, Chief Operating Officer of InvestData Ltd., said the 2016 budget impasse had slowed down economic activities, noting that budget was critical to investment decision.
Mr Boniface Okezie, President of the Progressive Shareholders Association of Nigeria, attributed the lull to retail investors’ apathy, due to the Central Bank of Nigeria banking nationalisation.

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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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