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NSE Indices Down By 1.4%

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The Nigerian Stock Market last week finished on a negative note as the corporate performance indices, the all share index and aggregate market capitalisation of listed equities phged by 1.4 per cent each.

Specifically, the benchmark index, all share index of the Exchange fell from 21,508.59 basis points at which it opened the week to 21,217.77 basis points last Wednesday while the aggregate market capitalisation of listed equities closed lower at N5.047 trillion compared with N5.116 trillion at which it opened the week.

A peep at the market showed that even though the number of stocks that recorded price appreciation was higher it was not enough to push the market indices as 41 stocks surged in their prices while 25 others depreciated.

West African Portland Company Plc recorded the highest  gain last Wednesday garnering  147 Kobo to close at N30.97 per share followed by Seven Up Bottling Company Plc which added 140 Kobo to close at N25.40 per share.

Glaxo Smith Kline Consumer Plc and PZ Cussons Plc grew by 112 Kobo each to close at N23.62 per share and N23.61 per share respectively.

Flour Mill Nigeria Plc, UAC Properties Development Plc, Nestle Nigeria Plc among others gained 100 Kobo, 95 Kobo and 59 Kobo to close at N33.50, N20.12 and  N235.93 per share in that order.

On the down side, UAC Nigeria Plc led those that drifted in the red in terms of their share prices nose diving by 200 Kobo to close at N38 per share while Conoil Plc followed with 166 loss to close at N31.68 per share.

United Bank for Africa Plc went down by 61 Kobo to close at N11.63 per share, Nigerian Breweries Plc eased by 50 Kobo to close at N52.50 per share, Zenith Bank Plc shed 32 Kobo to close at N13.75 per share and Access Bank Plc dropped 31 Kobo to close at N6.68 per share.

Diamond Bank Plc, Skye Bank Plc, Ashaka Cement PLc, Guaranty Assurance Plc among others fell by 25 Kobo, 22 Kobo, 21 Kobo and 14 Kobo to close at N7.10, N5.20, N12.29 and N2.84 per share respectively.

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Infrastructure Deficit, Insecurity, Limit Maritime Contribution To GDP – Expert

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A Maritime stake holder, and Chairman of Sifax Group, Taiwo Afolabi, has attributed maritime industry’s minimal contribution to Nigeria’s Gross Domestic Product (GDP) to infrastructure deficit, insecurity on the nation’s waterways, low level of technology adoption, and deployment in the sector.
Afolabi made this known at the 5th Taiwo Afolabi Annual Maritime (TAAM) conference organised by the Maritime Forum of the faculty of law, University of Lagos.
Afolabi noted that other hindrances are foreign exchange bottleneck and inconsistent policies.
“These have limited the ability of the sector to contribute significantly to the country’s Gross Domestic Product GDP.
“If well harnessed, the maritime industry has the potential to become a major revenue earner for the country, particularly with the declining oil revenue.
“The lessons of the last few years as a nation should not be lost on us. The non-oil sector is increasingly becoming the mainstay of the country’s economy. We have funded our national budget in the last few years majorly without proceeds from oil but from other sectors.
“The days of our over reliance on oil is behind us now and it’s about time we focused on transitioning from an oil-dependent economy to non-oil reliance.
“The maritime sector, I can say without any fear of contradiction, will play a crucial role in this economic transitioning if more attention is committed to the industry.
“Judging by the potentials of the industry, we are of the opinion and belief that Nigeria’s maritime industry can rank among the best in the world.
“It will only take careful planning, progressive policies, generous funding, enabling environment, friendly economic policies, manpower development and massive infrastructural development”, he noted.

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Loans Repayment Default: DMO Exonerates Nigeria

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The Debt Management Office (DMO) has refuted the claim by the Socio-Economic Rights and Accountability Project (SERAP) that Nigeria has defaulted in repaying its Chinese loans.
SERAP had in an earlier statement hailed the judgement that ordered the present regime led by President Muhammadu Buhari to account for how it spent $460 million obtained from China to fund the Abuja Closed-Circuit Television project which later was not implemented.
The NGO also quoted a report in its statement saying “Nigeria has failed to repay loans for which penalties stand at N41.31bn”.
But DMO in its refuttal said the statement is ‘false’ as Nigeria has not defaulted in its loan repayment.
It said, “Nigeria is fully committed to housing its debt obligations and has not defaulted on any of its debt service obligations”, DMO said on Monday.
SERAP had sued the Federal Government following a 2019 disclosure by the Minister of Finance, Zainab Ahmed that “Nigeria was servicing the loan”, adding that she had “no explanations on the status of the project”.
She reportedly said, “We are servicing the loan. I have no information on the status of the CCTV project”.
Giving his judgement, Justice Nwite agreed with SERAP that “there is a reasonable cause of action against the government. Accounting for the spending of the $460 million Chinese loan is in the interest of the public. It will be inimical for the court to refuse SERAP’s application for judicial review of the government’s action”.
The presiding justice also said the Minister of Finance is in charge of the finance of the country and “cannot by any stretch of imagination be oblivious of the amount of money paid to the contractors for the Abuja CCTV contract and the money meant for the construction of the headquarters of the Code of Conduct Bureau (CCB)”, SERAP said.

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CBN Names Four Firms To Print Cheques

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Nigeria’s apex banking institution, Central Bank of Nigeria (CBN), has named four local firms for the printing of cheques, excluding the Nigeria Security Printing and Minting Company (NPSMC) PLC.
The list of the approved firms for the printing of cheques was contained in a circular issued by CBN.
The circular, which was signed by the Director of Banking Services, Sam Okojere, said the approved firms include Superflux International Limited, Tripple Gee and Company, Yaliam Press Limited, and Marvelous Mike Press.
“The re-accreditation of Cheques Printers and Cheque Personalisers is in line with the relevant qualification criteria”, CBN stated.
The circular also revealed that seven banks were approved as personalisers of cheques: they are Zenith Bank Plc, Ecobank Plc, First Bank Ltd, Stanbic IBTC Bank Plc, Keystone Bank Ltd, Providus Bank Ltd and Wema Bank Plc.
It further disclosed that all accredited printers and personalisers had been duly notified and certificates issued.
The Nigeria Security Printing and Minting Company Plc is the sole printer of N200, N500, and N1000 new notes.
Nigeria Security Printing and Minting Company Plc and Euphoria Group Limited were accredited and approved on Thursday, 04 December 2014, in a letter REF: BPS/DIR/GEN/CIR/02/033.

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