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Economy

Stock Market Records Mixed Performances As Investors Loses Billions Of Naira

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Stock Market

Stock Market Records Mixed Performances As Investors Loses Billions Of Naira

Stock market records mixed performances as investors loses billions of naira. On Monday, the stock market recorded mixed performances.

Specifically, the market capitalisation shed a marginal loss of N8 billion or 0.01 per cent to close at N66.343 trillion from N66.351 trillion recorded on Friday.

However, the All-Share Index dropped by 0.15 per cent or 155.96 points to close at 105,799.17 against 105,955.13 posted on Friday.

The difference in the performance indices was due to the listing of Sterling Financial Holding Company Plc’s 16,666,666,667 ordinary shares of 50k each at N4.50 per share through Private Placement on the exchange.

Meanwhile, the market breadth closed negative, with 35 losers and 18 gainers. On the losers’ chart, eTranzact International declined by 10 per cent to close at N5.85 per share, while Sunu Assurance dropped by 9.92 per cent to close at N4.63 per share.

Prestige Assurance lost 8.26 per cent to close at N1, and Sovereign Trust Insurance declined by 7.77 per cent to close at 95k. Similarly, Red Star Express fell by 7.76 per cent to close at N5.35 per share.

On the gainers’ chart, X Academy soared by 9.92 per cent to close at N2.88 per share, while Neimeth International Pharmaceutical gained by 8.43 per cent to close at N2.70 per share.

Tantalizer increased by 6.83 per cent to close at N3.13 per share, and Dangote Sugar soared by 4.71 per cent, to close at N36.70 per share. Also, Stanbic gained by 4.24 per cent, to close at N61.50 per share.

A total of 477.51 million shares worth N7.049 billion were exchanged across 13,520 transactions.

This is compared to 750.56 million shares worth N11.056 billion that were exchanged across 10,584 transactions recorded in the previous section.

Transactions in the shares of Jaiz Bank topped the activity chart with 197.42 million shares worth N606.15 million.

Zenith Bank followed with 25.976 million shares valued at N1.235 billion, while Sovereign Trust Insurance traded 19.26 million shares worth N18.525 million.

Stock Market

Stock Market

Prestige Assurance sold 18.542 million shares valued at N18.991 million, and Fidelity Bank transacted 15.895 million shares worth N27.047 million.

Stockbrokers at Atlass Portfolios Ltd. attributed the market performance to the additional listing rather than widespread sell-offs.

“Beyond the impact of the new listing, the market downturn was driven by profit-taking activities in key stocks across major market sectors,” he said.

Economy

Sanwo-Olu Swears In 8 New Permanent Secretaries

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Sanwo-Olu

Sanwo-Olu Swears In 8 New Permanent Secretaries

Sanwo-Olu swears in 8 new permanent secretaries. With this batch, Mr Sanwo-Olu has sworn in 111 permanent secretaries—the highest in the state’s history.

Lagos State Governor Babajide Sanwo-Olu has sworn in eight newly appointed permanent secretaries, urging them to embrace the THEMES Plus developmental agenda with vigour.

The governor gave the charge during the swearing-in ceremony on Thursday at the Banquet Hall, Lagos House, Ikeja.
Mr Sanwo-Olu described the new appointees as drivers of innovation, tasked with formulating policies to improve the lives of Lagos residents.

“As you take office, embrace the development agenda with renewed energy, working towards sustainable progress and prosperity for all Lagosians,” Mr Sanwo-Olu advised.

He reiterated that Lagos State prioritises excellence to ensure the best hands tackle social and economic challenges facing the state.
“With your elevation comes greater responsibility and expectation. You are entrusted with public service and must lead by example at all times.

“We expect nothing less than excellence, which has earned you this position through your hard work and dedication,” the governor said.

Mr Sanwo-Olu emphasised that governance is a collective effort, urging collaboration with colleagues and citizens for effective service delivery.
“Engage with feedback, respond constructively to criticism, and always prioritise the public good over personal interests,” he stated.

Sanwo-Olu

Sanwo-Olu

The head of service, Bode Agoro, said the appointments aim to revitalise civil service structures for the benefit of Lagos residents.

The new permanent secretaries include Abiola Idowu, Health Facilities Monitoring and Accreditation Agency, and Olarewaju Adebanjo, Citizens Mediation Bureau.

Others are Olarenwaju Bajulaye, Ministry of Arts, Culture and Tourism; Also Mahmood, Ministry of Finance; Wasiu Agbabiaka, Civil Service Commission.
Gbolahan Oki, Urban Development, Ministry of Physical Planning, and others were also sworn in and assigned to various portfolios

With this batch, Mr Sanwo-Olu has sworn in 111 permanent secretaries—the highest in the state’s history.

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Economy

NYSC To Pay Corps Members N77,000 Monthly From March Says DG

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NYSC

NYSC To Pay Corps Members N77,000 Monthly From March Says DG

NYSC to pay Corps members N77,000 monthly from March says DG. The Director General of the National Youth Service Corps (NYSC), Brigadier General Olakunle Oluseye Nafiu, has announced that corps members will receive an increased monthly allowance of N77,000 starting March 2025.

Speaking in Abuja, Nafiu reaffirmed the Federal Government’s commitment to corps members’ welfare, assuring them of timely payments.

NYSC

NYSC

He praised the NYSC’s role in promoting national unity and urged members to remain dedicated and disciplined.

“With effect from March, you will receive Seventy-Seven Thousand Naira as your monthly allowance. The nation and the scheme appreciate your service,” he stated.

Corps members expressed gratitude for the increment, commending the NYSC management for its efforts.

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Crime

High Court Rejects EFCC’s Additional Proof Evidence On Emefiele

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Emefiele

High Court Rejects EFCC’s Additional Proof Evidence On Emefiele

High Court rejects EFCC’s additional proof evidence on Emefiele. Justice Hamza Muazu of the Federal Capital Territory High Court Abuja, has rejected the additional proof of evidence brought by the Economic and Financial Crimes Commission (EFCC) against a former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in the alleged procurement fraud trial brought against him.

Delivering ruling in a motion on notice filed by Emefiele to object to the action of the EFCC, Justice Muazu held that the Commission had on February 12, 2024, first filed additional proof of evidence against the former CBN governor to accommodate the evidence of a former Secretary to the Government of the Federation, Boss Mustapha and one Bamayi Haruna Mairiga.

The judge, who noted that the charge against Emefiele was filed since August 14, 2023 and his plea taking on November 16, 2023, said that the action of the EFCC would amount to denial of fair trial because the former governor of CBN was not confronted with the new evidence during investigation as required by law.

Justice Muazu further added that the action of EFCC amounted to trial by ambush and a clear case of fishing for evidence in the trial that commenced since November 28, 2023.

Justice Muazu pointed out that allowing the additional proof of evidence after the charge had been amended severally was prejudicial to the defendant, as his right to fair hearing is being breached.

Emefiele

Emefiele

The judge held that the position of the law is that the charge was filed upon the completion of investigation and prima facie case established against any defendant in a criminal matter, adding that in the instant case, the contrary is the case.

The judge however, declined to strike out the charge for being a product of incomplete or ongoing investigation and therefore speculative as claimed by Emefiele.

Justice Muaza said that the charge cannot be struck down because both the defendant and the prosecution had joined issues with each other and trial almost completed.

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