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How Nigeria’s Stock Market Will Survive COVID-19 – Experts

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Some experts are optimistic that the capital market would recover from the devastating effect of the COVID-19 pandemic and rebound in 2021.
The Tide source reports that the capital market lost N1.71 trillion or 12.54 per cent as market capitalisation fell from N13.657 trillion on February 28 to N11.945 trillion as at close of trading on April 20.
The decline in capitalisation was attributed to the exit of foreign investors due to currency risks and the crash in the global oil price as aftermaths of the COVID-19 pandemic.
The experts, however, said the capital market had shown signs of recovery in the last couple of days, and that if government’s stimulus packages were appropriately channelled and executed the market would rebound in 2021.
They said stockbroking firms should seek ways to recapitalise and embrace merger to achieve economies of scale during the post-COVID-19 era.
Uche Uwaleke, a Professor of Finance and Capital Market at the Nasarawa State University Keffi, urged the capital market players to map out strategies to keep the market afloat in the post-COVID-19 era.
He said the Securities and Exchange Commission (SEC) should continue to implement investor confidence-building measures with emphasis on e-transactions, including its zero tolerance on infractions and Ponzi schemes.
He added that the Exchange should speed up its demutualisation process to make room for more capital needed to upgrade trading information technology infrastructure made imperative by COVID-19.
“In order to be more efficient, achieve economies of scale as well as effectively comply with Minimum Operating Standards set by the Exchange, stockbroking firms should seek ways to recapitalise including the option of merger,” he stated.
Mr Uwaleke said the government should quicken the process of restoring growth and making the domestic environment conducive for both local and foreign investors in the stock market.
“One of the strongest influences on foreign portfolio investments in Nigeria going forward will be the recent monetary and fiscal policies’ shifts which tend towards a free market economy,” Uwaleke added.

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RSG Floats MNET Culture Content Promo

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The Rivers State Ministry of Culture and Tourism  has floated a culture content platform in collaboration with digital television group, Multichoice.

Permanent Secretary, Ministry of Culture and Tourism, Mr. Freddy Ndigbara, disclosed this after a meeting with MultiChoice Head of Content Acquisition, Don Dotun Ojon, in Port Harcourt.

He assured that content entrepreneurs and film makers would enjoy the platform by promoting culture and other contents to sell the states tourism potentials.

He said MultiChoice M-net was now open to increase its patronage for content shots on locations in Rivers State, describing the State as one that has numerous potentials for film tourism.

“We were privileged to have Don Ojon with us at the Rivers International Film Festival (RIFF) at the weekend in Bonny and he saw, first hand, the numerous sites and opportunities that are open to creatives in the State. After that, we felt it was important to deepen the conversation and he obliged. This is a cheering news for the sector in the State,” he said.

Ndigbara stated that “Rivers State has many more untold stories to tell, many more contents to reel out and the assurances from the M-net Acquisition Manager is an indication that the industry in the state will soon enjoy a new lease of life”.

The Permanent Secretary thanked Ojon for the visit and assured that creatives in the State would grap this opportunity and show the world that Rivers State is a major hub for film tourism in Nigeria.

On his part, Ojon said the visit was to discuss on ways of promoting tourism in the State using creatives and film.

Ojon said although the company has recently been acquired by canal+ France and is undergoing restructuring, he would promote the chances of Rivers State to host the MultiChoice talent factory in the State.

With Asaba, capital of Delta State, being saturated, Ojon said the next port is Rivers  State, which he said is capable of building fresh crop of creatives, new locations, new story lines and concepts.

He, therefore, called for collaboration from stakeholders in the State.

Kevin Nengia

 

 

 

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APC Presidential Campaign Storms PH, ‘Morrow

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Barring last minute changes, the presidential campaign train of the All Progressives Congress (APC) will storm Port Harcourt, Rivers State capital, tomorrow.

This is according to a campaign timetable released by the APC Campaign Council last month.

The Tide reports that the APC presidential campaign kicked off in Kaduna on October 24 with President Bola Tinubu in attendance.

The campaign train later moved to Cross River, Gombe, Nasarawa, and Ekiti on November 2, 3, 4 and 5 respectively with the Vice President, Kashim Shettima representing the President at the rallies.

President Tinubu is personally scheduled to attend 12 states including Rivers, Kaduna, Plateau, Oyo, Borno, Enugu, Bauchi, Sokoto, Delta, Kano, Adamawa and Lagos.

The Rivers State rally, scheduled to hold at the Adokiye Amiesimaka Stadium, Port Harcourt, is expected to witness a large crowd of party supporters drawn from a coalition of political parties in the State.

The party is expected to round off its presidential campaign in Lagos State on January 9, 2027.

The Tide reports that Tinubu has not visited Rivers State as President since he assumed office in May 2023. His last physical visit to the State was before his inauguration on Wednesday, May 3 – Thursday, May 4, 2023, when he was hosted by then Governor Nyesom Wike in Port Harcourt to commission the Rumuola/Rumuokwuta Flyover and the Magistrates’ Court Complex.

Tomorrow’s visit will be his first to the State since assuming office.

 

 

 

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 2027: Be Politically Neutral, Fubara Tasks Traditional Rulers

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Rivers State Governor, Sir Siminalayi Fubara, has charged traditional rulers in the State to maintain neutrality, ensure fairness and uphold peace in their domains as the country prepares for the 2027 general elections.

Fubara gave the charge on Wednesday while declaring open the 126th,  127th and 128th Combined Quarterly Meeting of the Rivers State Traditional Rulers Council, in Port Harcourt.

The governor said the primary function of traditional rulers is to administer justice and ensure fairness, saying their conduct must not lead to division and unmanageable crises.

“Let me therefore, request, if that is the right word to use, that please, as we are entering into this political season actively, everyone should ensure that your conduct promoted  peace in your place. Your actions should not be what would lead to the division and multiple crisis that we cannot manage as a government.

“I  think with that, we can all live as one and we can also continue to make this progress that we are trying with all our mind, our body and our soul, to ensure that we deliver  to our dear State,” he said.

Fubara urged  the royal fathers to abide by the oath and constitution they swore to before ascending their respective stools,  in the interest of stability and progress of the State.

He also enjoined them  to set aside individual sentiments and place the interest of Rivers State above personal considerations, noting that this principle has guided his own day-to-day governance of the State.

“I want to enjoin everyone to keep aside issues of individual sentiments and ensure that the interest of our state supersedes whatever thing that we have in our mind. This is not just what I’m saying here, it is what I’ve also practiced and displayed in my day-to-day life in the governance of our dear State,” he said.

On the appeal for improved welfare  for traditional rulers, the governor clarified that the delay in actualising some of the requests they made  in the past was not from the government but from the inability of the Council to put its house in order.

Fubara explained that the issue of stipends paid to the traditional rulers by the local government councils,  was a statutory benefit provided for in the constitution and not what a state governor can change by mere verbal   pronouncements.

He assured that he remains a man of his word and will fulfill his promises  to the traditional rulers before leaving office, next year.

He reaffirmed his respect for the traditional institution as custodians of culture and the closest link to the people, thanking them for their prayers and support.

The governor urged the royal fathers to ensure that the combined quarterly meeting  featured fruitful deliberations that will strengthen peace and development in the State.

Earlier, the Chairman of the Rivers State Council of Traditional Rulers and Paramount Ruler of Apara Kingdom, His Royal Majesty, Eze Chike Amadi Worlu Wodo,  expressed  profound gratitude to the State Government for its efforts in  maintaining a cordial relationship with the traditional institution.

Wodo highlighted the importance of traditional rulers in conflict resolution, noting that their closeness to the people places them in a strategic position to mediate in  disputes involving chieftaincy matters, family disputes and land ownership in their respective communities.

The royal father drew the attention of the State Government to some  challenges affecting the performance of the traditional institution, particularly the lack of official utility vehicles and logistical support needed to discharge its responsibilities effectively.

He also appealed for improved monthly stipends and better welfare provisions to reflect prevailing economic realities.

 

 

 

 

 

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