News

Bua Cement, MTNN Lift NGX By N237bn

Published

3 months ago

October 22, 2021

Bullish sentiments persisted on the Nigerian Exchange (NGX) Limited yesterday with the market capitalisation increasing further by N237 billion due to investors’ sentiment in bellwethers.
The bellwethers are BUA Cement, MTN Nigeria Commnuciations (MTNN) and Airtel Africa.
Specifically, the market capitalisation surged by N237 billion to close at N21.764 trillion against N21.526 trillion posted on Wednesday.
Similarly, the All-Share Index expanded by 454.40 points or 1.10 per cent to close at 41,704.11 from 41,249.71 achieved on Wednesday.
Consequently, month-to-date and year-to-date gains increased to 3.7 per cent and 3.6 per cent, respectively.
The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Airtel Africa, BUA Cement, Nigerian Breweries, Nigerian Exchange Group and MTNN.
Analysts at Afrinvest Limited said, “ In the final trading session of the week, we anticipate a pullback occasioned by profit-taking activities.”
Consequently, the market breadth closed positive with 23 gainers as against 18 losers.
Cutix drove the gainers’ chart in percentage terms with 10 per cent to close at N5.50 per share.
Nigerian Exchange Group followed with 9.79 per cent to close at N23.55, while Consolidated Hallmark Insurance appreciated by 9.09 per cent to close at 60k per share.
Nigerian Breweries went up by 7.41 per cent to close at N51.45, while BUA Cement appreciated by 6.12 per cent to close at N72 per share.
On the other hand, The Initiates Plc (TIP) led the losers’ chart in percentage terms by 8.51 per cent to close at 43k per share.
Neimeth International Pharmaceuticals followed with 4.86 per cent to close at N1.76, while Universal Insurance lost 4.76 per cent to close at 20k per share.
Nigerian Aviation Handling Company shed 3.61 per cent to close at N3.47, while Unity Bank and Royal Exchange depreciated by 3.51 per cent each to close at 55k per share.
The total volume of trades declined by 56.7 per cent to 216.19 million units valued at N3.38 billion exchanged in 4,272 deals.
This was in contrast with a turnover of 499.51 million shares worth N5.08 billion exchanged in 5,998 deals on Wednesday.
Transactions in the shares of FBNH topped the activity chart with 51.92 million shares valued at N628.33 million.
Ecobank Transnational Incorporated followed with 20.02 million shares worth N143.69 million, while Transcorp traded 14.65 million shares valued at N14.97 million.
Access Bank traded 13.03 million shares worth N124.23 million, while Fidelity Bank transacted 12.48 million shares worth N34.16 million.

News

Nigeria, US Sign Pact To Reduce Illicit Trafficking Of Ancient Arts

Published

2 days ago

January 21, 2022

The Tide

The Federal Government and the United States, yesterday, signed the Cultural Property Implementation Act (CPIA) Agreement.

According to the Minister of Information and Culture, Lai Mohammed, the CPIA would reduce the pillage of Nigeria’s ancient arts which are mostly smuggled to Europe, the US and other places for the benefit of art collectors.

Mohammed said the signing of the MoU became necessary because, despite all efforts by the Ministry of Information and Culture and the National Commission for Museums and Monuments, with the assistance of law enforcement agencies, to prevent illicit export of the nation’s archaeological and ethnological materials, widespread looting and illicit excavation of these materials still continue.

He said this when he signed a Memorandum of Understanding on the CPIA with the US Ambassador to Nigeria, Mary Beth Leonard, in the presence of the Minister of Foreign Affairs, Mr Geoffrey Onyeama, in Abuja.

Special Assistant to the President on Media, Office of the Minister of Information and Culture, Segun Adeyemi, disclosed this in a statement titled, ‘Nigeria, US Sign Pact To Reduce Illicit Trafficking of Ancient Arts.’

Mohammed was quoted as saying, “This legislation was enacted by the United States to restrict the importation into the US of archaeological materials ranging in date from 1500 B.C. to A.D. 1770 as well as ethnological materials, including those associated with royal activity, religious activity, etc from nations that have entered into the kind of bilateral initiative that we are signing here with the United States today.”

The minister said on the basis of the agreement, Nigerian antiquities being imported into the US without the requisite export permit will be seized at the border of the US and returned to Nigeria without the arduous and costly task of going through the labyrinth of judicial and diplomatic processes.

“We are optimistic that this agreement will reduce the pillage of our irreplaceable archaeological and ethnological materials, as the market for these materials is being shut in the United States against illicit traffickers.

“The agreement will last for an initial period of five years. If it works well, as we anticipate it will, it shall be renewed for a longer term. We implore other friendly nations to take a cue from the United States of America and join us in finding means to prevent the illegal importation of our antiquities into their countries,” he said.

The minister, who thanked the US Government, in particular the US Embassy in Nigeria, for making the MoU possible, said the Nigerian Government looks forward to a diligent implementation of the landmark agreement, so it can become a game-changer in the nation’s efforts to prevent the looting of its priceless ancient works of art.

In her remarks, the US Ambassador to Nigeria, Beth Leonard, said the agreement was aimed at preserving, restoring and protecting Nigeria’s cultural heritage.

“In Nigeria, over the past decade, the US Mission has partnered with the Nigerian government and state institutions to preserve cultural landmarks and sites through projects worth over one million dollars and funded by the US Ambassador’s Fund for Cultural Preservation.

“Just last November, I signed a grant award to digitally survey the Busanyin Shrine located within the Osun Osogbo Sacred Grove. That $125,000 grant will help document a series of shrines within the Grove and provide training to local professionals in digital tools and cultural heritage management,” she said.

News

Three Out Of 10 Nigerians Are Mentally Sick -Reps

Published

2 days ago

January 21, 2022

The Tide

The House of Representatives has said that three out of every 10 Nigerians have one form of mental illness or another.
Quoting the World Health Organisation (WHO) statistics, the House added that over 20,000,000 Nigerians were currently suffering from various degrees of mental illness or disorder without psychiatric health care.
To this end, the House mandated its Committees on Health Institutions and Healthcare Services to liaise with the Federal Ministry of Health towards improving mental health facilities around the country and further carry out serious sensitization of Nigerians on this issue.
It also asked the Committee on Health Institution to explore the modalities of liaising with stakeholders in the health sector to promote, educate and sensitise Nigerians on mental health.
The resolution, however, followed a motion titled “Need to Address the Rising Cases of Mental Health in Nigeria” presented by Hon. Uchechuku Nnam-Obi from Rivers State and considered by the House at yesterday’s plenary.
Presenting his motion, Nnam-Obi noted that the World Health Organisation (WHO) considers mental health as a state of well-being in which the individual can cope with the stress of life, work productively and contribute to the community.
According to him, mental illness manifests in mood disorder, anxiety disorder, trauma-related disorder, personality disorder, old age-related disorder, substance abuse disorder or mental pattern that causes significant distress or impairment of personal functioning.
He said: “According to the World Health Organisation statistics, over twenty million Nigerians are currently suffering from various degrees of mental illness or disorder without psychiatric health care.
“Three out of 10 Nigerians have one form of mental illness or the other, presently there is no mental health legislation in Nigeria. However, the Nigerian mental health policy is the only framework that has access to mental healthcare, dealing with mental and neurological disorders in Nigeria, discouraging stigmatisation against persons with mental disorders and has institutionalised standards for Psychiatric practice.
“The increase in cases of depression is traceable to multifactorial inter and intrapersonal issues which leads to suicidal death in the country and this requires urgent attention.
“Nigeria has only 130 Psychiatrists with over 20million citizens suffering from mental disorders.
“With the few functional Mental Health Facilities and inadequate mental health practitioners in the country, mental health cases are left for traditional practitioners, hence the upsurge in mental health in Nigeria.
“The statistics are troubling and the continued lack of a legal framework on mental health in the country will simply cause the situation to degenerate”
Adopting the motion, the House gave six weeks to the committees within which to carry out the assignment and report back to it for further legislative action.

News

Wike, PDP Govs Commiserate With Tambuwal Over Brother’s Death

Published

2 days ago

January 21, 2022

The Tide

Representatives of the Peoples Democratic Party (PDP) Governors’ Forum, yesterday, paid a condolence visit to the Sokoto State Governor, Hon. Aminu Tambuwal over the death of his elder brother, Alhaji Muhammed Bello.
Bello, who is also the Waziri of Tambuwal, passed on in Sokoto, last Tuesday night at the age 87.
He was the head of the Tambuwal family.
On the PDP governors’ delegation were, Governors Okezie Ikpeazu of Abia State; Nyesom Wike (Rivers); Ifeanyi Ugwuanyi (Enugu); Oluseyi Makinde (Oyo); and Ahmadu Fintiri of Adamawa State.
The Vice Chairman of the PDP Governors’ Forum, Dr Okezie Ikpeazu, who led the delegation, said they were in Sokoto to commiserate with Tambuwal and his entire family over the sudden death of his elder brother.
“We feel your pain, and we understand that a great vacuum has been created, not only within the caliphate, but across Nigeria and other places where Daddy had sphere of influence. We believe that God Almighty will grant you the fortitude to bear this great loss.
“We are, however, consoled by the fact that Daddy left legacies that will remain indelible; one of them is your very good self and your impact and contributions to our dear country.”
The governors urged the Tambuwal family, particularly the Sokoto State governor, to remain strong, steadfast and uphold those virtues which the late Waziri of Tambuwal, cherished so much.
In his response, Sokoto StateGovernor, Hon. Aminu Tambuwal, who is the PDP Governors’ Forum chairman, said the entire Tambuwal family was gladdened by the condolence visit.
According to him, his late elder brother, who lived his life in the service of community, held the family title, Waziri of Tambuwal for 37 years after the demise of their father.
“We are, indeed, very highly consoled not only by your presence, but your words of consolation. For you to have left behind whatever you are doing in your respective states to come all the way to Sokoto this afternoon, shows clearly how you sympathise with us and how close you are to us. I assure you that we appreciate this.”