Investors have continued to backpedal on the stock market, especially in the banking sector, on the back of the proposed recapitalization of the banks announced late last month by the Central Bank of Nigeria, CBN.

The risk-off sentiment resulted in the loss of N633 billion as investors took profits from the banks.

Consequently, the market capitalization of all the listed equities fell to N57.87 trillion at the close of the holiday-shortened week from N58.498 trillion in the previous week, representing a 1.1 per cent decrease.

Also, the benchmark All Share Index (ASI) of the Nigerian Exchange Limited (NGX) declined by 1.1 per cent to 102,314.56 basis points from 103,437.67 basis points in the previous week, driven by losses in the shares of Guaranty Trust Company (GTCo) Plc (-13.75%), FBN Holdings Plc (-11.15%) and Zenith Bank Plc (-5.88%).

Month-to-Date (MtD) and Year-to-Date (YtD) returns slipped to -2.1 per cent and +36.8 per cent, respectively.

Further analysis shows that activity level was also impacted by the shortened trading week, as the total trading volume and value weakened by 69.2 per cent Week-on-Week (w/w) and 50.5 per cent w/w, to 734 04 million units and N31.58 billion respectively.

Sectoral performance was negative, reflecting the sour mood in the market.

Precisely, all the major sectoral indices declined with the banking sector, leading with 7.2 per cent depreciation, followed by the insurance sector 2.4 per cent; consumer goods sector (-1.3%); oil and gas sector (-0.3%) and the industrial goods sector which fell by 0.2 per cent.

Analysts at Cordros Capital, in their projection for the week, said: “Looking forward, we anticipate that market sentiments will remain negative, with investors continuing to react unfavourably to the potential dilution stemming from the CBN’s recapitalization initiative.”

“In the medium term, we expect investors’ sentiments to be influenced by developments in the macroeconomic landscape and corporate actions,” they added.

Analysts at Parthian Securities, however, projected that the market performance will be mixed this week, saying: “We expect investors sentiment to be mixed at this week’s trading session.”

The Nigerian Army has debunked a viral report that it recruited repented Boko Haram members.

On Thursday, one Hauwakulu Tabra was reported to have been killed by Adamu Muhammad, a soldier she was in a relationship with, at the army barracks in Enugu.

A report on Saturday said two senior military officers alleged that the soldier was a repented Boko Haram member who joined the Civilian Joint Task Force and was later enlisted into the Nigerian Army in 2021.

But in a statement on Sunday by Onyema Nwachuckwu, director of press, the army said while it is highly regrettable that the lady was killed, the incident should not be used to propagate the claim that the act was committed by a repentant Boko Haram member recruited into the Nigerian Army.

“The NA has at no point in time, either in the past or present enlisted repentant Boko Haram members to its strength. However, considerations were given to Civilian Joint Task Force (CJTF) who in the fight against terrorism and insurgency in the North East distinguished themselves morally and patriotically,” the statement reads.

“Such members of the CJTF must have also shown commitment, dedication and loyalty to the service and the nation.

“The sad incident of the gruesome murder of Miss Hauwakulu Tabra by Private Adamu Muhammad occurred on the night of Thursday 11 April 2024 and her corpse was discovered within the barracks on Friday 12 April 2024.

“Preliminary investigations revealed that the late Hauwakulu Tabra was actually murdered by the said soldier, who is presently in detention for further investigation to unravel the motive behind his actions.”

The army condoled with the family of the deceased and reiterated that at no time did it enlist repentant Boko Haram members into its fold “as mischievously insinuated”.

“The general public should be rest assured that justice will be served, as the NA will not condone any unprofessional conduct or indiscipline within its ranks,” the statement added.

No fewer than 15 federal government ministries, departments, and agencies (MDAs), including the Presidency, and their associated agencies have allocated a staggering N8,997,097,623 billion to welfare packages out of the over N46 billion earmarked for vague “miscellaneous” expenses across board in the 2024 national budget, investigations by this newspaper has revealed.

These MDAs exploit this ambiguous budget line to allocate funds to non-viable causes while the country and its citizens, particularly those in the private sector, grapple with economic hardships.

The Budget Office of the Federation received the largest allocation for miscellaneous expenses, with a whopping N920,301,938,040 billion earmarked, taking advantage of cozy relations with a compromised National Assembly, which often colludes to inflate budget figures for clandestine agendas.

Notably, the Presidency alone allocated a sum of N1,574,940,619 billion in the 2024 budget. A breakdown of this allocation reveals allocations such as N673.17 million for welfare packages at the State House, N39.83 million for the Vice President’s office, N1.88 million for the State House Liaison Office in Lagos, N13.9 million for the Bureau of Public Enterprises (BPE), and N104.54 million for the Economic and Financial Crimes Commission (EFCC).

Other beneficiaries include the Nigerian Financial Intelligence Unit (NFIU) with N584.88 million, the Bureau of Public Procurement (BPP) with N100.95 million, the Nigerian Extractive Industry Transparency Initiative (NEITI) with N95.84 million, the National Atomic Energy Commission with N30 million, the National Agriculture Land Development Agency with N15 million, and the National Council on Climate Change with N14.82 million.

In a disturbing trend, the Ministry of Budget and Economic Planning, which responsible for the budget preparation process and its oversight agencies, allocated N371,589,777 million for staff welfare. However, details regarding how these funds will be utilized remain vague, with no specific breakdown of beneficiaries or expenditure.

Details of the total amount show that while the ministry’s headquarters would spend N185,637,214 million on welfare package, the Nigerian Institute and Social Research under its supervision would take N50 million for the same item, with the Centre for Management Development taking another N20 million. Also the National Bureau of Statistics under the ministry is also expected to take N115,952,563 million for the same welfare package for staff.

If that sounds strange, Federal Ministry of Finance and four agencies under its supervision have concluded plans to spend N655,125,689 million on welfare package that is different from salaries/wages, allowances, and other frivolous items, including the litany of repeated items on the budget list.

While the headquarters of the ministry budgeted N180 million for welfare packages, Debt Management Office will spend N15 million on welfare package for its few staff members that would draw a total of N845,131,167 million as salaries from the national budget.

In the same vein, the Office of the Accountant-general of the Federation budgeted N228,940,407 million as welfare for the same staff that would draw N3,732,858,625 billion from the federal budget.

After a deduction of N2,048,231,918 billion salaries for its very few staff, Pension Transitional Arrangement Directorate (PTAD) has earmarked another N177,517,162 million as unexplainable welfare package.

The investigation also revealed that the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) joined the band wagon as its welfare package is worth N25,420,000 million, while National Salaries, Incomes and Wages Commission plans to spend N28,248,120 million on welfare packages. Curiously, Nigerian Bulk Electricity Trading Plc did not vote any amount for welfare.

The Ministry of Interior stands out with one of the largest allocations for miscellaneous and welfare packages, with a total of N2,290,896,818 billion approved, with an additional N561,298,825 million allocated to welfare expenses. The discretion afforded to MDA heads in spending these funds often leads to misappropriation and diversion.

A breakdown of the budgetary provisions showed that the Ministry of Interior, as the mother agency, will get N94,392, 582 for miscellaneous, while its welfare packages will gulp N35,172,505 million respectively. Under the ministry, the Nigeria Immigration Service (NIS) is apportioned N1,075, 259, 358 for miscellaneous and N390,330,443 for welfare packages.

According to the budget document, the Nigeria Security and Civil Defence Corps will spend N722,986,563 on miscellaneous, while welfare packages will gulp N60,500,000 million.

The sum of N121,060,932 million was earmarked for miscellaneous while N14,876, 290 million was apportioned to welfare for the Nigeria Correctional Service.

For the office of the Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB), N17,614,457 million was allotted to miscellaneous and N9,842, 857 was earmarked for welfare packages.

Meanwhile, N259,582,926 million was set aside for miscellaneous, while N50, 576,730 million was allotted to welfare packages for the Federal Fire Service (FFS).

The Ministry of Steel Development has budgeted a total of N62.38 million as welfare in the 2024 Appropriation Act. A breakdown of the budgeted sum indicates that the Ministry of Steel Development headquarters has N30 million; the National Steel Raw Materials Exploration Agency budgeted N4.76 million; the National Metal Development Centre, N1.416 million; Metal Training Institute, N2.518 million; National Iron Ore Mining Project, however had no specific budget for welfare but had a miscellaneous budget of N8.52 million.

The others are Ajaokuta Steel Company, N2.16 million budgeted for welfare while the National Steel Council has N13 million budgeted for welfare.

The sister Ministry of Solid Minerals Development has a total budget of N126.37 million for welfare, with the bulk of N70 million budgeted by the ministry’s headquarters.
The agencies under the ministry include Geological Survey Agency of Nigeria, N3.06 million; Mining Cadastre Office, N22.60 million; Solid Mineral Development Fund, N5.708 million; and the Nigeria Mining & Geosciences Institute, N2.5 million.

The Federal Ministry of Tourism is not left out of including suspicious and frivolous items in the budget. N491, 466, 376 million was allocated for miscellaneous and welfare packages as first line charge. The ministry has a budget of N18, 867, 308, 651 for 2024.

The ubiquitous embezzlement is also exemplified by the Ministry of Arts, Culture and Creative Economy and the agencies under its watch when they allocated N60, 886, 252 million to welfare packages out of the N590,977,343 million earmarked for miscellaneous expenses.

Similarly, the federal government further allocated a total of N251, 419, 160 for miscellaneous and welfare packages to the Ministry of Women Affairs and its agency, National Centre for Women Development.
In its latest budget allocation, the federal government allocated N355,065,055 million towards welfare packages for MDAs in education.

Details of the amount include that the mother ministry alone would get: N79,205,369 million; National Institute for Education Planning and Administration: N40,451,885 million; National Library of Nigeria, N23,500,000 million; Nomadic Education Commission, N500,000; NERDC: N36,514,584; National Business and Technical Education Board, N3,665,435 million.

Despite the current economic hardship facing Nigerians, the Federal Ministry of Sports Development has earmarked a whopping N3,156 billion in the 2024 appropriation act to take care of refreshment/meals, settlement of honorarium, welfare packages for the eggheads and other miscellaneous expenses.
That is apart from the N9,387,143 million to be spent on vague welfare packages. The amount is left for the supervising minister and permanent secretary to determine how it would be spent.

For the Federal Ministry of Labour and Employment, N2,638,634,610 billion is needed to augment welfare packages for the staff in the ministry’s headquarters and its agencies, Industrial Arbitration Panel (IAP), National Productivity Centre (NPC), Nigeria Social Insurance Trust Fund (NSITF), Michael Imoudu National Institute for Labour Studies (MINILS) and National Directorate of Employment (NDE), despite the billions of naira only voted for what is tagged miscellaneous.

On it’s part, the Ministry of Water Resources and Sanitation got N37.14 million allocated for welfare packages in the 2024 budget, while Ministry of Niger Delta allocated a substantial sum of N80,113,609 for the welfare packages that lack specifics.

The budget document that was obtained by LEADERSHIP revealed that the Office of the Head of Civil Service of the Federation allocated N398 million for welfare packages alone in the 2024 fiscal year, while the Federal Minister of Justice and the agencies under it were allocated the sum of N180,151,316 million for welfare packages in the 2024 budget.

The sister Federal Ministry of Health and Social Welfare allocated N285, 582, 708 for welfare in the 2024 budget, while the Federal Ministry of Environment budgeted a total sum of N301,068,141 million or welfare packages in 2024.

Amidst persistent acute hunger faced by many Nigerians, the Federal Ministry of Agriculture and Food Security has earmarked a substantial sum of N327,430,823 million for welfare packages in the 2024 approved budget.

According to the budget document, the ministry’s headquarters in Abuja received a notable N95.5 million from the welfare package.

A further breakdown revealed the allocation of welfare funds across various agricultural bodies. The Nigeria Agricultural Quarantine Service (NAQS) received N50 million, while the Nigerian Institute of Animal Science and the Nigeria Institute of Oceanography and Marine Research were allocated N20.149 million and N20.156 million respectively.

Other notable welfare allocations include N10.5 million for the National Agricultural Development Fund, N8.6 million for the National Root Crops Research Institute in Umudike and N5.5 million for the National Horticulture Research Institute in Ibadan.

The Lake Chad Research Institute in Maiduguri was granted N12.190 million, with smaller sums allocated to the Agricultural Research Council of Nigeria (ARCN), N2 million, and the Institute of Freshwater Fish in New Bussa, N2.45 million, amongst others.

These allocations raise serious concerns about the misuse of public funds, especially in light of the prevailing economic challenges faced by Nigerians. Despite the urgent need for fiscal prudence and accountability, budget allocations continue to be marred by opacity and inefficiency, further eroding public trust in government institutions.

Many people believe that urgent measures must be taken to enhance transparency and accountability in budgetary processes, ensuring that public funds are utilized judiciously for the benefit of all citizens.
Without decisive action to curb corruption and mismanagement, Nigeria’s development aspirations will remain elusive, perpetuating the cycle of poverty and inequality.

The Federal Government has appealed to members of the National Union of Electricity Employees not to down tools over the recent electricity tariff hike.

This is as the union insisted that they would withdraw their services should the government fail to rescind its decision on the removal of subsidy on the tariff payable by Band A customers.

The National President of the union, Adebiyi Adeyeye, in an interview with our correspondent on Sunday said the union stood by its warning to the Federal Government.

The Nigerian Electricity Regulatory Commission had on April 3 raised the electricity tariff for customers enjoying 20 hours of power supply daily.

Customers in this category were said to be under the Band A classification and the increase raised their tariff to N225 per kilowatt-hour, from N66KWh.

In its earlier reaction, the union had warned the government to reverse the tariff hike saying, “If the government fails to address the crippling cost of electricity, NUEE will not hesitate to take strong action, including the swift withdrawal of our members expected to be used by DisCos to impose the tariff hike on the good people, to protect the livelihood of our members.”

Speaking with our correspondent, Adeyeye the supply of 20 hours of electricity is not feasible with the current infrastructure.

“We just want the citizen to know that this thing is not possible, it is not feasible, you cannot give what you don’t have. When we don’t have the energy to give to the people and you ask our people to go out and collect such money, you know it is dangerous. Most times we don’t disclose what to do to the public because our sector is very critical to the nation,” he stated.

While saying that the union has yet to give any ultimatum on strike, he stressed the NUEE is advising the government to do the needful “before we will withdraw our services”.

He explained, “The reason why we are saying this is simple, you ask our members to go the the public to collect 20-hour tariff from people that are not even experiencing a four-hour supply of electricity. There is no way there won’t be crises between our staff and those customers.

“We’ve recorded a lot of attacks on our members, even with the present situation. And these guys have nothing to defend themselves. They have targets to meet where there is no supply. Our members are being threatened by the DisCos, even when they know that what they are promising Nigerians is not feasible”.

He disclosed that the union must save its members from daily attacks, saying the hike would aggravate the attacks.

“We told our members that they cannot go out and collect that kind of tariff from unmetered customers. More than 70 per cent of these Band A customers are not metered. The government is just promising what we don’t have. We are the ones working there, we know we don’t have the transformers to distribute such load. 20 hours of electricity is not possible except for those on eligible lines. We were not carried before the tariff hike,” the union leader emphasised.

Adeyeye, who said the union would not accept any threat from anyone said, “On the issue of strike, it is not what we normally do directly. We said it that we would withdraw our services if the government fails to do the needful, and we are still under that ‘if’. They still have time to do the needful. It is very difficult for us to collect such money. We don’t have the equipment to supply even 10 hours of electricity to the people.

“We stand on our point, and they can’t bring people from anywhere to come and do this work. We Nigerians will do this work ourselves and heaven will not fall. If they fail to do the needful, we will withdraw our members, and we will never accept any threat from anybody. Nigeria belongs to all of us”.

Meanwhile, the Minister of Power, Adebayo Adelabu, has urged the union not to withdraw its members.

In an interview, Adelabu, who spoke through his media aide, Bolaji Tunji, said the government was doing everything to improve supply in Nigeria and everybody will be happy at the end of the day.

“We just want to appeal to the labour union to understand what led to this. This is not about strike. it is about understanding; so that we can all work together. It is not anybody’s joy that there are blackouts all the time. These steps are being taken to solve the problems in the power sector. I beg the labour union to understand that this will galvanise the economy and create jobs.

“I want to appeal to the union to bear with us. It is for the good of the nation,” he stated.

The rivalry between former presidential candidate Atiku Abubakar and Minister of the Federal Capital Territory Nyesome Wike has escalated as the Peoples Democratic Party (PDP) gears up for its 98th National Executive Committee (NEC) meeting on Thursday, April 18.

One of the key issues expected to dominate the meeting is the leadership of the party, with calls for the replacement of acting National Chairman Umar Damagum. Damagum assumed the role following the suspension of National Chairman Iyorchia Ayu by the court in March last year.

Sources within the party reveal that Atiku’s camp is backing former Benue State Governor Gabriel Suswam for the position, while Wike’s camp, supported by some PDP governors, is pushing for Damagum to be confirmed as the substantive chairman to complete Ayu’s tenure.

The power struggle between Atiku and Wike dates back to the build-up to the 2023 general elections when Atiku defeated Wike for the PDP presidential ticket and subsequently chose Ifeanyi Okowa as his running mate instead of Wike. The fallout led to Wike supporting the eventual winner, President Bola Tinubu of the All Progressives Congress.

A member of the PDP North Central Caucus, speaking on condition of anonymity, stated, “Wike and some PDP governors want Damagum to be confirmed as the PDP substantive chairman. They are supporting someone from the North-East to complete the tenure of a position zoned to the North Central for their selfish reasons.”

However, a highly placed member of the PDP National Working Committee asserted that the position of National Chairman is not vacant since Ayu’s case is still in court. The source added, “The PDP Constitution does not specify the duration or tenure for someone to assume the role of acting party leader. Therefore, Damagum will continue to serve in that capacity.”

As the NEC meeting approaches, the PDP faces internal divisions and a battle for control between the Atiku and Wike factions.

Bayer Leverkusen lifted the Bundesliga title for the first time in their 120-year history on Sunday, with a 5-0 victory over Werder Bremen.

The title win breaks Bayern Munich’s 11-year stranglehold on the German top flight.

Xabi Alonso’s Leverkusen knew victory would secure the title with five games to spare, but there were no signs of nerves in a dominant performance.

A hat-trick from Florian Wirtz and goals from Victor Boniface and Granit Xhaka extended their unbeaten run to a stunning 43 games in all competitions.

Alonso looked ahead to Thursday’s Europa League trip to London to face West Ham, making seven changes to his starting XI and benching stars Wirtz, Jeremie Frimpong and Alex Grimaldo, the latter for the first time in the league this season.

Piero Hincapie, Grimaldo’s replacement, had an early effort at goal saved but it would be the fit-again Boniface, making his first start since mid-December, who put the home side in front.

With 22 minutes gone, Jonas Hofmann was felled in the box by Bremen’s Julian Malatini, with the referee pointing to the spot after VAR urged him to view the contact again on the monitor.

Boniface stepped up and nervelessly slotted the penalty past a helpless Michael Zetterer to send the home fans into raptures.

Hofmann was almost the provider again shortly before half-time, his pass finding Amine Adli who fired against the crossbar.

Bremen started the second half strongly but their hopes of spoiling the party were snuffed out on the 60-minute mark, Boniface finding Xhaka who unleashed a long-range rocket before slapping his badge in front of the ecstatic home fans.

Wirtz, who came on at half-time for Adli, replicated Xhaka’s effort eight minutes later from almost the same spot on the pitch.

He added another with seven minutes remaining before sealing his hat-trick in the 90th minute as Leverkusen rid themselves of their nearly men tag in style.

A former National Vice Chairman, North-West, of the All Progressives Congress, APC, Salihu Lukman said imposition of candidates is rampant in the party because relevant party organs are not meeting.

Lukman stated this in a statement on Sunday.

According to him, if organs of the party are meeting regularly, impositions of candidates would be minimised.

He added that for party organs to be made functional, the issue of party funding must be resolved beyond the current reality of dependence on elected representatives.

Lukman called for deliberate reforms in the ruling party ahead of the 2027 general election.

He said, “The whole issue of activating all party structures and making them functional in line with provisions of the APC Constitution must be guaranteed.

“Once APC, being the ruling party, can operate based on provisions of its Constitution, the campaign to reform Nigerian politics and expand democratic space will be made much easier.

“If organs of the party are meeting regularly, problems of impositions of candidates will be minimised.

“In any case, issues leading to imposition of candidates are made possible and stronger because organs of the party vested with the responsibility of decisions regarding party primary are undermined.

“Consequently, party stakeholders who should have a say in decisions that can guarantee free and fair primary are marginalised.

“As much as party organs are meeting as prescribed by the party Constitution, incidences of imposition will be minimised.”

The Organised Labour are demanding ₦615,000 as the new minimum wage for workers, due to the hardship in the country.

An executive of the organized labour, requesting anonymity as he lacked authorization to speak on the issue, disclosed to Sunday PUNCH that the consensus on the new monthly wage of ₦615,000 was reached through consultations facilitated by the NLC and TUC.

The source said, “We (NLC and TUC) have given our figures to the government (on the minimum wage), and it is ₦615,000. That is the position of the NLC and TUC on the matter. The government has been informed as well.”

Recall that the President of the Nigeria Labour Congress (NLC), Joe Ajaero, had said in an interview that rising inflation in the country might push organised labour to demand ₦1 million as the minimum wage.

As a result, various controversies emerged, with experts expressing doubts about the feasibility or long-term viability of the proposed wage.

However, in an interview with Punch correspondent, another labour leader emphasized that the NLC and TUC had tentatively agreed on setting the new wage at ₦615,000.

When questioned about whether the May 1 deadline was still feasible, the labour leader said, “What I want you to know is that we are doing our best. Both the TUC and NLC have harmonised, and they have sent their position to the government.

“We are in the process. Be assured that once anything happens, I will, as usual, inform you. That is all I can tell you for now because we have not met, even though we have submitted our unified positions to the Federal Government. We will be speaking with one voice.

“But, let me also hint to you that with the removal of the electricity tariff subsidy, we are going to have another round of serious conversations with the government.

“Mind you, the tariff increase is also very good for us, because they (the government) did it when the new minimum wage process had not been concluded. So, it is going to be a good ground for us to ask for more.

“Our position will be defended based on the new price of ₦225 per kWh of electricity. Although we (the government and Labour) are not in agreement, we are waiting to meet and decide on the next point of action.”

Iran’s mission to the United Nations has said the country’s missiles and drones fired toward Israel were justified, warning the United States to “stay away.”

“It is a conflict between Iran and the rogue Israeli regime, from which the U.S. MUST STAY AWAY!,” Iran’s mission to the United Nations said in a statement, according to Fox News.

Iran’s warning came after U.S. officials confirmed to Fox News that the United States military is continuing to shoot down Iranian drones that are headed toward Israel.

“U.S. forces in the region continue to shoot down Iranian-launched drones targeting Israel. Our forces remain postured to provide additional defensive support and to protect U.S. forces operating in the region,” a U.S. military official said.

According to Iran’s mission to the United Nations, the attacks were justified by Article 51 of the UN Charter, which recognizes a member of the United Nations’ right to self-defence if attacked by another nation.

Iran said that the missiles and drones were launched in a retaliatory attack to an Israeli airstrike on the Iranian consulate in Syria which killed several generals.

“Iran’s military action was in response to the Zionist regime’s aggression against our diplomatic premises in Damascus,” the statement said.

Israel has not taken responsibility for the attack on Iran’s consulate in Damascus.

Iran said that the retaliatory attack could be deemed concluded. However, should the Israeli regime make another mistake, its response will be considerably more severe.

Former President Trump has shared a heated message to those in attendance at his rally in Pennsylvania on Saturday, after Iran’s attack on Israel, vowing it should not have happened.

Fox News reports that Trump joined other GOP politicians in voicing their concerns about President Joe Biden’s administration and the attacks.

“Before going any further, I want to say God bless the people of Israel. They’re under attack right now. That’s because we show great weakness,” Trump said.

“The weakness that we’ve shown is unbelievable, and it would not have happened if we were in office. You know that. They know that, and everybody knows that,” the former President added.

Trump said America is praying for Israel and is sending absolute support to everyone in harm’s way.

DAILY POST reported that Israel witnessed an unprecedented air attack from Iran on Saturday being a retaliation against Israeli attack on its consul in Syria.