Latest News
FEATURES
The trial of the immediate-past Governor of the Central Bank of Nigeria continued on Wednesday with a former CBN Deputy Governor, Edward Adamu, testifying as the fourth witness.
Emefiele is being prosecuted by the Federal Government over the chaotic naira redesign policy of the CBN under his watch in late 2022.
The ex-CBN helmsman faces four counts before Justice Maryanne Anenih of the Federal Capital Territory High Court, Maitama in Abuja.
Appearing as the fourth prosecution witness on Wednesday, Adamu told the court that Emefiele breached the laid down procedure in the naira design exercise of 2022.
Adamu, led in evidence by the prosecuting counsel for the Economic and Financial Crimes Commission, Rotimi Oyedepo, (SAN), told the court that during his time as a CBN staff, he witnessed previous redesigns of the naira, carried out with the aim of addressing issues of volume of currency in circulation, inflation, counterfeiting and general currency management, among others.
He, however, claimed that the 2022 naira redesign exercise carried out by Emefiele during ex-President Muhammadu Buhari’s administration was without the approval of either the President or the CBN Board, contrary to the law.
Adamu explained that the standard procedure for a naira redesign originates from the Director of Currency Operations and is passed on to the Committee of Governors, who then forward it to the CBN Board for approval before it reaches the President.
He alleged that Emefiele bypassed this process.
Instead, Adamu testified that Emefiele convened a meeting of the Committee of Governors, where he presented a purported presidential approval for the redesign and proceeded with implementation.
He further noted that, upon reviewing Exhibit E2, which was admitted as evidence, the design of the naira notes currently in circulation differed slightly from what was approved by both President Buhari and the CBN Board.
He asserted that these changes were made unilaterally by Emefiele.
During cross-examination, the defense counsel, Olalekan Ojo (SAN), asked Adamu if, prior to the recent naira redesign, it was customary for a board recommendation to precede presidential approval. Adamu confirmed that it was.
Ojo then asked if there had ever been a practice where the President gave approval before the board was informed. Adamu responded that such a practice was not the norm during his tenure.
The defence counsel further questioned Adamu on whether he was aware of instances where the President approved the release of funds to ECOWAS, the military, or other countries without prior consultation with the CBN Board or Committee of Governors. Adamu admitted to being aware of one such instance.
Ojo also inquired if Adamu knew of any consequences for not adhering to procedures outlined in the CBN Act. Adamu stated that he could not recall.
Referring to an earlier statement made to the EFCC on February 24, 2024, Ojo asked Adamu if he recalled saying that the minutes of CBN Meeting 764 were adopted. Adamu responded that he could not remember.
The defence counsel argued that the witness’s account in court was inconsistent compared to his statement to the EFCC.
The prosecution counsel objected, arguing that the witness’s testimony and prior statement were not yet in evidence before the court.
The judge subsequently allowed the witness to refresh his memory by reviewing his statement, which he did.
The defence counsel then asked Adamu if he was privy to any discussions between the former CBN governor and the President regarding the specifics of the redesign. Adamu responded in the negative.
Justice Anenih adjourned the case till November 18 for the continuation of the trial.
The Nigerian Army has detained M.A. Sadiq, former commander of the 3 Brigade in Kano, over allegations of theft and mismanagement of palliatives.
Sadiq allegedly diverted rice palliatives from the Defence Headquarters (DHQ) intended for soldiers under his command.
He is also accused of stealing official military equipment, including a MIKANO heavy-duty generator from the Military Training Camp in Falgore, Kano state, which was allegedly sold to scrap metal dealers.
He has since been relieved of his duties and replaced by A.M. Tukur, the former registrar of the Nigerian Defence Academy.
Onyema Nwachukwu, director of army public relations, confirmed the incident in a statement on Wednesday.
Nwachukwu added that investigations into the allegations are ongoing, and appropriate administrative actions will be taken based on the findings.
“The Nigerian Army has been inundated with media reports concerning the former Commander of the 3 Brigade, Brigadier General M.A. Sadiq, who is currently under military investigation for administrative discrepancies during his tenure,” he said.
“As a result, the senior officer has been relieved of his command to allow for a comprehensive investigation.
“The Nigerian Army, as a self-regulating institution built on discipline, justice, and accountability, has zero tolerance for indiscipline and misconduct that undermine its core values.
“We assure the public that a thorough investigation will be conducted, and appropriate actions will follow.
“Our commitment to transparency and integrity remains steadfast, and we guarantee a fair and impartial process that adheres to our established procedures.”
The Senate, on Wednesday, expressed alignment with the Supreme Court judgment of July 11, 2024, which granted financial autonomy to the 774 Local Government Areas across the country.
It faulted moves by some governors to enact laws to mandate the local government councils in their states to remit allocations into a joint account.
The Anambra State House of Assembly passed the Local Government Administration Bill 2024 on Tuesday, amid condemnation from civil society groups and opposition parties, including Labour Party lawmakers in the assembly.
They alleged that the bill was an attempt by Governor Chukwuma Soludo to arm-twist the council chairmen into paying their federal allocation back to the state.
Reports indicate that some other state houses of assembly have also enacted bills regarding local government administration.
On Wednesday at the plenary, the Red Chamber urged all three tiers of government to fully comply with the judgment and resolved to collaborate with the House of Representatives to amend certain provisions of the 1999 Constitution to ensure full implementation.
The resolutions followed motions sponsored by the Deputy President of the Senate, Jibrin Barau, and seconded by Abdul Ningi and Tahir Monguno.
Barau said, “I stand to move on behalf of this Senate for the approval of two prayers in respect of the motion that was brought by Tony Nwoye (Anambra North), thereby discarding the earlier prayers in the motion as sponsored by the mover.
“The two prayers are as follows: all states and local governments must fully comply with the recent Supreme Court judgment on the disbursement of and utilisation of funds accruing to all local governments in Nigeria.
“That the Senate ensures alterations to the relevant provisions of the constitution to provide for the full autonomy of the local governments in Nigeria.”
However, the resolutions came two hours after it faced challenges regarding the enforceability of the Supreme Court judgment at the state and local government levels.
At the commencement of the plenary, Nwoye (LP, Anambra North) invoked Senate Standing Orders 41 and 51 to raise a motion about alleged moves by some state governments to circumvent the judgment by passing counter-laws through their respective Houses of Assembly.
Nwoye, who informed the Senate that nine other senators co-sponsored the motion, specifically alleged that some governors were enacting laws to mandate local government councils in their states to remit funds into the State/Local Government Joint Account, which had been ruled against by the Supreme Court.
After Nwoye’s presentation, which included six prayers for enforcing the judgment and was seconded by Osita Izunaso (APC, Imo West), Adamu Aliero (PDP, Kebbi Central) raised a constitutional point of order to stop the debate on the motion.
Citing Section 287 of the 1999 Constitution, which makes Supreme Court judgments enforceable nationwide, Aliero urged the Senate not to “over-flog” the issue.
He said, “The Supreme Court judgement is enforceable across the country. There is no need for us to debate anything that has to do with it here.”
In agreement with Aliero, the Senate President, Godswill Akpabio, highlighted Section 162, Subsection 6 of the 1999 Constitution, which created the State/Local Government Joint Account.
He noted that the provision must be amended to allow for the full implementation of the Supreme Court judgment.
Before a final decision could be made on the motion, Nwoye invoked Order 42 of the Senate Standing Rules for a personal explanation.
Abdulrahman Kawu Summaila (NNPP, Kano South) raised a similar point of order.
The simultaneous motions led to confusion, prompting many senators to consult with the Senate President, resulting in an emergency closed-door session at 12:46 pm.
The emergency session, which lasted nearly two hours, adopted the two separate motions moved by the Deputy President of the Senate.
Anambra LP lawmakers fault LG administration bill
Faulting the passage of the LG Administration Bill in Anambra, the opposition groups said going by the extant order of the Supreme Court, the Assembly could not make laws seeking to compel the LGs to pay their federal allocations to the state government under whatever guise.
Lawmakers, who spoke during the session, said the bill would empower local governments to function effectively, insisting that there was no way to separate LGs from the states.
While passing the bill, the Speaker, Somtochukwu Udeze, said, “It seeks to clearly define the powers of the chairmen and councillors at the local government level as they relate to the council areas.
“Some of the contents of the law, such as primary school teachers, primary healthcare centre, Anambra State Universal Basic Education Board, Local Government Service Commission, and Pension Board, among others, are areas where the state and local governments interface to ensure proper administration at the local government level.”
But members of the LP in the assembly, comprising Jude Umennajiego, Paul Obu, Nkechi Ogbuefi, Patrick Okafor, Fredrick Ezenwa, Kingsley Udemezue, Henry Mbachu and Justice Azuka, in a briefing on Wednesday, said going by the extant order of the Supreme Court, the assembly could not make laws seeking to compel the local governments to remit allocations to the state under whatever guise.
“Recently, Anambra State Local Government Administration Bill was brought to the Assembly.
“Some sections of the bill, particularly sections 13, 14 and 16 seek to compel the Local Governments to pay their federal allocation into an account to be established by the state government, thereby running foul of the Supreme Court judgment.
“Consequently, we as the Labour Party caucus in the state House of Assembly wish to state as follows: That we stand by the decision of the Supreme Court, the highest court in the land, on the autonomy of the Local Government and the management of their funds.
“That going by the extant order of the Supreme Court, the state House of Assembly cannot make laws seeking to compel the local governments to pay in their federal allocation to the state government under whatever guise.
“We, therefore, stand with the overwhelming majority of Anambra people in upholding the constitution and the Supreme Court decision.”
Reacting, the Executive Director of Civil Rights and Liberty Organisation, Dr Ralph Uche, described the bill as “anti-people” aimed at denying the Local Government the funds meant for grassroots development.
Uche, a lawyer, said, “The bill seeks to compel local government areas to remit a portion of their federal allocations into a consolidated account controlled by the state, which is a wrong development, considering that the local government areas have suffered lack of dividends of democracy in the last 10 years.”
The spokesman to the Speaker of the Anambra Assembly, Emma Madu, confirmed that the assembly passed the bill on Tuesday, with 26 lawmakers in attendance.
Section 13(1) of the bill stipulates that the state shall maintain a “State Joint Local Government Account,” into which all federal allocations to LGAs must be deposited.
Section 14(3) further mandates that each LGA must, within two working days of receiving their allocations from the Federation Account, remit a state-determined percentage to the consolidated account. This requirement applies even if the allocations are received directly from the Federation Account.
Section 14(4) outlines that if the state receives the LGA allocation on their behalf, it must deduct the specified percentage before disbursing the remaining funds to the LGA.
Oyo awaiting committee recommendations
Oyo State Governor, Seyi Makinde, said the state still awaits the recommendations of the two committees set up to review the July 11 Supreme Court judgment granting financial autonomy to Local Government.
The governor, on July 15, set up two committees, technical and legal, with a mandate to review the judgment and come up with recommendations, within six weeks.
Makinde had said the decision to form the committees was because the judgment created a constitutional lacuna that could throw up challenges and problems to the effective running of local government administration.
Though the six weeks had expired, Chief Press Secretary to the Governor, Dr Sulaimon Olanrewaju, speaking with The PUNCH, on Wednesday, said the committee was still meeting and yet to turn in its recommendations.
He said the next move of the state government concerning the judgment would be informed by the recommendations of the committee.
Aside from expecting the recommendation of the state’s committees, Olanrewaju said it was also curious that the Federal Government was yet to come up with a template for implementation of the judgment in states.
He argued that the Federal Government also identified the challenges in the implementation of the judgment, which informed its decision to set up a committee headed by the Secretary to the Government of the Federation.
The FG committee was also yet to turn in its recommendations.
He absolved Makinde of being keen on frustrating the judgment, adding, however, that the governor desired to resolve the identified lacuna that could create problems for people at the grassroots.
“Our committees are still working, they have not turned in their recommendations.
“Even the Federal Government which said it would give a template has not come up with a template. The Federal Government said we should give them three months and that time has not lapsed.
“So, we are still waiting to see what they are going to recommend before we know what we are going to do.
“But our committees are still working, still meeting and have not come up with our recommendations. Whatever the committees recommend is going to inform the next step that the state government will take.
“It is a fallacy to say that the governor is fighting tooth and nail to subvert the Supreme Court judgment.
“What the governor said from the outset is that the judgment created a constitutional lacuna. It is because of the lacuna that he set up committees,” he said.
Olanrewaju added, “We have this judgment and if we don’t attend to this lacuna, it will create problems for us at the grassroots level. How do we now, given our peculiar situation, manage this judgment without subjecting our people to hardship? That was the whole essence of setting up the committees.
“So, this issue of colluding, trying to frustrate, no. How can he frustrate the judgment? Is he the President? But what the whole nation has come to realise is that ab initio, the governor was right.
“If there was no lacuna, why has the judgment not been effected by those who got the judgment? So, it is not about Seyi Makinde; it is about the gaps in the judgment.
“The Federal Government set up a committee headed by the Secretary to the Government of the Federation to look into it and work towards the implementation of the judgment. We are still waiting for the recommendations of the committee.
”Leave out Makinde concerning the issue of trying to frustrate the judgment. Those who got the judgment should implement their judgment.”
The University of Calabar (UniCal) has suspended one of its lecturers, Joseph Akpan, for allegedly altering examination result scripts using his privileged position as Head of Department (HOD) of Pharmacology.
The institution’s Vice-Chancellor (V-C), Prof. Florence Obi, disclosed on Wednesday in Calabar that Akpa allegedly altered students’ scores in the Introduction to General Antimicrobial Pharmacology (PHM 311) course results.
Florence claimed the HOD altered the scores in 235 result scripts out of the 242 result scripts entrusted in his care, adding that only five scripts were genuinely marked without alteration.
The V-C also noted that Akpan had admitted to the alleged misconduct before the Senate Examination Misconduct Committee (SEMC).
According to her, the lecturer allegedly admitted that he inflated the scores of students in PHM 311 to protect the department’s image, which management finds ridiculous and unacceptable.
She added, “The lecturer also (allegedly) gave out marks to two students, who did not participate in the examinations.
“Consequently, the management of the University has directed that he should be relieved of his appointment as HOD and Coordinator of PHM 311, as well as suspended from duty with effect from Oct. 8, 2024.
“Akpan’s official responsibilities are to be reassigned to other qualified lecturers in the department.
“He has also been directed to stay away from the university forthwith unless while responding to the invitation of relevant committees.”
A prominent member of the New Nigeria Peoples Party (NNPP), Buba Galadima, has refuted the claims that the party’s 2023 presidential candidate, Senator Rabiu Musa Kwankwaso, would not mind to serve as a running mate to the former Labour Party (LP) presidential candidate, Peter Obi.
Galadima, who is a political associate of Kwankwaso, provided this clarification in response to reports stemming from a recent interview with the former NNPP presidential candidate.
Galadima expressed disappointment that certain media outlets misinterpreted Kwankwaso’s stance regarding the potential of becoming Obi’s running mate, noting that Kwankwaso has neither considered nor will consider this option for the 2027 presidential election.
He emphasized that the NNPP presidential candidate is fully prepared to assume the presidency in 2027, asserting that Kwankwaso possesses both the political acumen and intellectual capability necessary to address Nigeria’s challenges if elected.
Galadima highlighted that during the interview, Kwankwaso outlined his political and intellectual credentials, which he believes provide him with a significant advantage over politicians such as Obi.
He further suggested that Peter Obi should contemplate joining the Kwankwasiyya Movement to aid in liberating Nigeria from the burdens of ineffective leadership.
“The NNPP presidential flagbearer is far ahead of the former Anambra state Governor in everything. So, saying that Kwankwaso will serve as Obi’s running mate in next three years is like relegating him to the background as such speculation does not hold water.
“To those that have listened and clearly understood the interview, what Senator Kwankwaso said was like humiliating Peter Obi not the opposite,” Galadima told PM News.
A Peoples Democratic Party (PDP) national chairmanship aspirant, Conrad Utaan, has said that the All Progressives Congress (APC) might win the 2027 election.
He warned that this would be the case if the ongoing issues within the PDP continues.
Utaan stated this while addressing newsmen in Abuja on Wednesday.
He lamented that internal crisis has rendered all key figures in the PDP ineffective.
Naija News reports that the PDP has been grappling with internal disputes since the buildup to the 2023 presidential election, which contributed to the party’s candidate, Atiku Abubakar, losing to the incumbent President Bola Tinubu of the APC.
Speaking on the situation, Utaan said, “Look, there’s so much confusion in our party, the PDP. The APC, as much as we hate to admit it, may just stroll into another term by 2027 if the PDP continues this way with this crisis.
“The big names in the PDP have become dormant because of the issues we have found ourselves in within the party. That is the reason why we are advocating for North Central to complete its term as PDP National Chairman to resolve all issues.
“By the way, this term ends in November 2025. I am not running to be chairman for four years. I am running to complete the term of the North Central, the term of Benue, the term of Benue North West Central District, even if it’s for two days. It belongs to the North Central. It belongs to Benue. It belongs to Zone B of Benue. It’s ours, even if it’s for two days.”
Utaan, who described it as a shame that the PDP has been mired in an internal crisis for so long, emphasised the urgent need for the North Central to propose a replacement for Damagum to be approved at the National Executive Committee meeting on October 24.
“What came to us in the North Central was the national chairman of the PDP, and then all of a sudden, we discovered that Damagum was becoming more or less a substantive chairman. And then nobody was saying anything, you know, so again, I took it upon myself to give it a challenge.
“And our case should not be an exception. The Chairman of the PDP is for the North Central Zone. If the party, or the National Executive Committee of the party, decides that Damagum should be a substantive chairman, they should come out and inform the North Central. If not, the North Central must bring a replacement; the North East cannot have both the Deputy National Chairman and the National Chairman at the same time when we in North Central are left with nothing,” he said.
He stressed that the PDP urgently needs peace and genuine reconciliation, stating that he is not too proud to ask all stakeholders for help in achieving this.
Former Minister of Transportation, Rotimi Amaechi, has expressed frustration over the perceived complacency of Nigerians in the face of ongoing economic challenges.
In an interview with Igbere TV, Amaechi criticized the lack of proactive responses from the populace, particularly the youth, regarding the rising cost of living.
Amaechi, who previously served as the governor of Rivers State, noted that he anticipated a surge of protests from young people demanding action against the deteriorating economic conditions.
He said, “People should be angry because you cannot see a group of people stealing your money without doing anything. I am really angry with the citizens because they are not doing anything.
“Look at what happened in Edo State, should any politician be campaigning in Edo State? See, some of us cannot afford to buy diesel again because it’s costly.”
Naija News understands that Amaechi’s call comes hours after the Nigerian National Petroleum Company Limited (NNPCL) announced that it had increased the ex-depot prices for Premium Motor Spirit (PMS), better known as fuel for marketers.
NNPCL Retail Limited communicated this change through a price list, indicating that the ex-depot price in Calabar is now set at ₦1,050 per litre.
According to the National Oil Company, the ex-depot price in Lagos is ₦1,010 per litre, while in Port Harcourt, it stands at ₦1,045. Additionally, the prices in Ogara, Koko, and Warri are all set at ₦1,040 per litre.
Petroleum marketers have confirmed that the recent fuel price hike by the Nigerian National Petroleum Company Limited (NNPCL) is due to the complete removal of subsidies on Premium Motor Spirit (petrol).
As a result, NNPCL has raised the pump prices to ₦1,030 per litre in Abuja, the Federal Capital Territory, and ₦998 per litre in Lagos.
This clarification came from spokesperson for the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, during an interview with DAILY POST on Wednesday.
Ukadike’s comments were in response to the latest price adjustment at NNPC stations, which increased from ₦897 per litre to ₦1,030.
This hike follows a previous increase by NNPCL, where the pump price jumped from ₦617 to ₦897 per litre.
Ukadike said, “It is a price template that shows that the total deregulation of the oil and gas sector and the implementation of the Petroleum Industry Act have taken off.
“With this, I don’t think there is anything like a subsidy on petroleum products now. NNPCL is now selling as they are buying from Dangote Refinery. NNPCL is no longer a middleman for oil marketers. Marketers are to buy petrol products from Dangote Refinery. It has become a willing buyer, selling relationship. We are embracing the new NNPCL price template.”
However, Ukadike mentioned that neither NNPCL nor Dangote Refinery has yet disclosed their ex-depot prices, which are essential in determining the resale price for marketers.
“Although they have not released their ex-depot prices, we are waiting for NNPCL’s ex-depot prices. Once the ex-depot prices of NNPCL and that of Dangote Refinery are released, we will now choose where to buy our petroleum products and stock our filling stations,” he concluded.
The U.S. said on Tuesday it may ask a judge to force Alphabet's (GOOGL.O), opens new tab Google to divest parts of its business, such as its Chrome browser and Android operating system, that it says are used to maintain an illegal monopoly in online search.
In a landmark case, a judge found in August that Google, which processes 90% of U.S. internet searches, had built an illegal monopoly. The Justice Department's proposed remedies have the potential to reshape how Americans find information on the internet while shrinking Google's revenues and giving its competitors more room to grow.
Advertisement · Scroll to continue
"Fully remedying these harms requires not only ending Google's control of distribution today, but also ensuring Google cannot control the distribution of tomorrow," the Justice Department said, opens new tab.
The proposed fixes will also aim to keep Google's past dominance from extending to the burgeoning business of artificial intelligence, prosecutors said.
The Justice Department might also ask the court to end Google's payments to have its search engine pre-installed or set as the default on new devices.
Google has made annual payments - $26.3 billion in 2021 - to companies including Apple (AAPL.O), opens new tab and other device manufacturers to ensure that its search engine remained the default on smartphones and browsers, keeping its market share strong.
Google, which plans to appeal, said in a corporate blog post that the proposals were "radical" and said they "go far beyond the specific legal issues in this case."
Google maintains that its search engine has won users with its quality, adding that it faces robust competition from Amazon (AMZN.O), opens new tab and other sites, and that users can choose other search engines as their default.
The world's fourth-largest company with a market capitalization of over $2 trillion, Alphabet is under mounting legal pressure from competitors and antitrust authorities.
A U.S. judge ruled on Monday in a separate case that Google must open up its lucrative app store, Play, to greater competition, including making Android apps available from rival sources. Google is also fighting a Justice Department case that seeks the breakup of its web advertising business.
As part of its efforts to prevent Google's dominance from extending into AI, the Justice Department said it may seek to make available to rivals the indexes, data and models it uses for Google search and AI-assisted search features.
The logo for Google LLC is seen at their office in Manhattan, New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo Purchase Licensing Rights, opens new tab
Other orders prosecutors may seek include restricting Google from entering agreements that limit other AI competitors' access to web content and letting websites opt out of Google using their content to train AI models.
Google said the AI-related proposals could stifle the sector.
"There are enormous risks to the government putting its thumb on the scale of this vital industry — skewing investment, distorting incentives, hobbling emerging business models — all at precisely the moment that we need to encourage investment," Google said.
The Justice Department is expected to file a more detailed proposal with the court by Nov. 20. Google will have a chance to propose its own remedies by Dec. 20.
U.S. District Judge Amit Mehta's ruling in Washington was a major win for antitrust enforcers who have brought an ambitious set of cases against Big Tech companies over the past four years.
The U.S. has also sued Meta Platforms (META.O), opens new tab, Amazon.com and Apple claiming they illegally maintain monopolies.
Some of the ideas in the Justice Department's proposals to break up Google had previously garnered support from Google's smaller competitors such as reviews site Yelp (YELP.N), opens new tab and rival search engine company DuckDuckGo.
Yelp, which sued Google over search in August, says spinning off Google's Chrome browser and AI services should be on the table. Yelp also wants Google to be prohibited from giving preference to Google's local business pages in search results.
In Europe, Google is unlikely to face a breakup order from EU antitrust chief Margrethe Vestager before she leaves office next month due to the complexity of the case although there is pressure to speed up the process, sources with direct knowledge of the matter told Reuters.
Reuters reported last month that Vestager is considering an order to end Google's anti-competitive practices in its adtech business, but will not order a breakup as she had previously warned.
Google earlier this year sought to end the EU antitrust investigation with an offer to sell its advertising marketplace AdX but European publishers rejected the proposal as insufficient, other people with direct knowledge of the matter told Reuters.
The Technology Roundup newsletter brings the latest news and trends straight to your inbox. Sign up here.
Reporting by Jody Godoy in New York, additional reporting by Foo Yun Chee in Brussels; Editing by Matthew Lewis, Chris Sanders, Edwina Gibbs, Elaine Hardcastle
[Reuters]
At the end of Q3 2024, Dangote Cement, Airtel Africa, and BUA Foods emerged as the top three most valuable companies in Nigeria by market capitalization, collectively accounting for 43% of the total equities market capitalization.
During this period, the equities market gained N33.66 billion, with the entire gain recorded in September, indicating market improvement.
However, the market had previously lost N1.09 trillion and N36.04 billion in July and August, respectively, before gaining N1.16 trillion in September.
The All-Share Index, a measure of market performance, declined by 1.50%, closing the quarter at 98,558.79 points, down from 100,057.49 points at the end of June 2024.
In terms of market capitalization, the market’s value decreased slightly from N56.60 trillion in July to N56.3 trillion in September.
Among the banking sector, only Guaranty Trust Holding Company and Zenith Bank surpassed the N1 trillion mark during the quarter under review, excluding the impact of the ongoing market recapitalization exercise in the sector.
Notably, the top ten companies collectively represented approximately 75% of the entire market, with a combined value of N42.33 trillion, and all valued above N1 trillion each.
The analysis, based on data from the Nigerian Exchange (NGX) by Nairametrics Research, showcases a diverse list across six industries. These include two firms each in the Industrial Goods, ICT, Services, and Banking sectors, alongside one each in the Consumer Goods and Oil & Gas industries.
Here is a ranking of the most valuable companies in Nigeria as of the end of September 2024:
10. Zenith Bank (Banking) – N1.19 trillion
Zenith Bank ranks tenth among Nigeria’s top-valued companies, with a market capitalization of N1.19 trillion as of September 2024, contributing 2% to the total market and achieving a 6% stock price appreciation.
9. Guaranty Trust Holding Company (Banking) – N1.41 trillion
GT Holding ranks ninth with a valuation of N1.41 trillion, representing 2.5% of the total equity market. The company’s stock saw a 7% price appreciation.
8. Transcorp Power (Services) – N2.26 trillion
Transcorp Power, listed on the stock exchange in 2023, has maintained a stable position, representing 4% of the market capitalization. However, its stock price declined by 19% during the quarter.
7. Seplat Energy (Oil & Gas) – N2.41 trillion
Seplat led the Oil & Gas sector in the quarter under review with a valuation of N2.41 trillion, accounting for 7% of the market. Its share price appreciated by 8% during the quarter.
6. Geregu Power (Services) – N2.88 trillion
Geregu Power improved its ranking, moving from tenth place in Q3 2023 to sixth place in Q3 2024, representing 5% of the market’s capitalization. The share price also appreciated by 15%.
5. BUA Cement (Industrial Goods) – N3.72 trillion
BUA Cement maintained its fifth-place position year-on-year in Q3, with a market capitalization of N3.72 trillion, representing about 7% of the market. However, the stock price declined by 23% during the quarter.
4. MTN Nigeria (ICT)–N4.01 trillion
MTN Nigeria recorded a consistent decline in share price following its full-year 2023 report, resulting in a market capitalization of N4.01 trillion, representing 7% of the market. The share price declined by 11%.
3. BUA Foods (Consumer Goods) – N7.11 trillion
BUA Foods is the only company from the Consumer Goods sector in the top ten, ranking third with a market capitalization of N7.11 trillion, approximately 13% of the market.
2. Airtel Africa (ICT) – N8.27 trillion
Airtel Africa overtook MTN Nigeria to become the second most valuable company in Q3 2024, with a market capitalization of N8.27 trillion, accounting for 15% of the Nigerian equities market. The stock price appreciated by 5% during the quarter.
1. Dangote Cement (Industrial Goods) – N9.07 trillion
Dangote Cement retained its position as Nigeria’s most valuable company by market capitalization, with a value of N9.07 trillion, representing 16% of the equities market. Despite this, the stock price experienced fluctuations, ending the quarter with a 19% decline.
More...
Naija News understands that this new online portal will enable Nigerians to convert their petrol-fueled vehicles to CNG, with the option to defer payment for the conversion expenses.
This information was shared in a statement by the National Orientation Agency (NOA) via its official X account on Tuesday.
The government noted that this payment scheme is designed to enable drivers to undertake vehicle conversions immediately while repaying the costs in manageable monthly instalments at competitive rates.
“Switching to Compressed Natural Gas (CNG) is now more accessible than ever. With flexible payment plans tailored to fit your budget, transitioning from petrol to CNG has never been smoother or more affordable.
“These payment options allow you to convert your vehicle now and pay later with affordable monthly instalments at competitive rates.
“With an easy online application and quick approval process, you’ll receive support every step of the way to ensure a hassle-free experience,” the government stated.
The Nigerian government is expanding CNG conversion centres nationwide through the Presidential CNG initiative.
In the past six months, conversion centres have been established in the Federal Capital Territory, Abuja, as well as in Ogun, Ekiti, Nasarawa, and several other states.
The Federal Government aims to convert 1 million vehicles by the year 2027.
Officials have stated that the CNG initiative is expected to lower road transportation expenses by 40 per cent.
This initiative comes at a time when Nigerians are facing increased transportation costs, with fuel prices rising to between ₦950.22 and ₦1,100 per litre, up from ₦770.
[NaijaNews]
The federal government has called on Nigerians to obtain permission before using the national anthem.
According to a statement on Wednesday by the Director General of the National Orientation Agency (NOA), Mallam Lanre Issa-Onilu, the move was to prevent the anthem’s misinterpretation and ensure proper representation of national symbols.
“As custodians of Nigeria’s national symbols, the NOA is tasked with preventing all forms of misuse. The DG emphasised that permission must be sought from the Agency before using the National Anthem to avoid misrepresentation,” the statement partly read.
Mallam Issa-Onilu did not elaborate on specific contexts where permission would be required. However, he announced that press conferences would be held nationwide to educate the public on this and other new policies of the agency.
The DG also clarified the precise colours of the Nigerian flag, specifying that it is “green, white, and green, with the correct shade of green being Emerald 2.0.”
Issa-Onilu also highlighted several key achievements under his leadership, including the establishment of audio-visual studios, the launch of an upgraded NOA website featuring the CLHEEAN-NOA AI voice and chat assistant, and recent Federal Executive Council (FEC) approvals on institutional policies.
He credited these advancements to the support of President Bola Tinubu.
Reflecting on the past, Issa-Onilu noted that previous administrations focused heavily on infrastructure development, often at the expense of value orientation.
He cited the decline of social institutions such as the Boys’ Scouts, Girls’ Brigade, and the WAI Brigade as evidence of this oversight.
He added that the current administration, however, recognises the importance of value orientation, with President Tinubu backing the National Identity Project and the NOA’s new initiatives.
One of these initiatives, he said, is the Citizen Value Brigade (CVB), designed to instill Nigerian values in children.
“We advise Nigerians not to allow their children to search for heroes elsewhere, especially during their formative years,” Issa-Onilu remarked.
He said the CVB will start with 1,000 children per state and the Federal Capital Territory, aiming to create “homegrown heroes” for future generations.
To counter foreign influences on young Nigerians, Issa-Onilu also emphasised the need for local cartoon content that aligns with Nigerian values.
He urged both leaders and citizens to uphold the principles of equality and Meritocracy, as outlined in the National Values Charter, which he described as central to Nigeria’s progress.
LEADERSHIP recalls that President Tinubu recently signed a bill restoring the old national anthem, “Nigeria, We Hail Thee,” originally written in 1959 by Lillian Jean Williams and composed by Frances Berda.
[Leadership]
The Chairman/CEO of the National Hajj Commission (NAHCON), Prof. Abdullahi Saleh Usman, has said the commission is working hard to ensure reduction in 2025 hajj fare which was projected to hit N10 million.
Although the commission has not announced the fare, it confirmed that the federal government would not subsidise hajj payment for pilgrims in 2025.
Daily Trust had reported how the subsidy removal could hike the hajj fare by almost N10million if the naira maintains its current rate of N1,650 to a dollar.
Speaking to BBC Hausa service on, the NAHCON Chairman said the commission is working round the clock to ensure there is a reduction in the amount intending pilgrims would pay for the 2025 hajj operation.
He said, “Firstly, this is not our hope, and this is not what we want to happen. There has not been any announcement that it will happen. What we are doing, and based on the advice we are giving and getting, we are working to ensure that it (the fare) did not get there, and we are optimistic and hopeful it will not get there, God willing.
“Our hope is to even have a reduction from what was paid last year, and this is what we are working round the clock to achieve. And we are optimistic that we will achieve this with Allah’s help.”
Asked to comment on the suspension of hajj-related operations by the Association for Hajj and Umrah Operators of Nigeria (AHOUN), Prof. Sale said, “Although I was not in office when the suspension was announced, when I came, I invited them for a meeting where we discussed and reached an agreement. We understood their demands and we will do our level best to ensure that we resolve the issues.
“The issue that they are not going to participate in the 2025 hajj exercise – I think I can say – has been resolved. We had a meeting with them which I presided over. We asked them to advise and give us recommendations on what they think should be done to resolve the issues, they did, and we are going to work on that, in sha Allah.”
[DailyTrust]
The Court of Appeal sitting in Enugu has upheld the sack of Hon. Simon Atigwe of the Peoples Democratic Party, PDP, from the House of Representatives by Election Petition Tribunal.
The court also affirmed the declaration of Hon. Dennis Nnamdi Agbo of the Labour Party, LP, as the winner of the 3rd February, 2024 re-run election for Igbo-Eze North/Udenu Federal Constituency.
The judgement was unanimously delivered by the three members of the panel and read out by the chairman of the panel Justice Ekanem.
One of the Labour Party lawyers, Ifeanyi Ogenyi confirmed this in a post on Wednesday.
“”Congratulations to the people of Igbo Eze North/Udenu Federal constituency.
“The wheel of justice turns slowly, but it grinds.Truth and justice has prevail, no matter the wait. Dennis Agbo has prevailed!,” he wrote.
DAILY POST recalls that the Independent National Electoral Commission, INEC, had declared Atigwe the winner of the re-run election.
But Agbo, who had earlier won the February 25th, 2023 election but was sacked by the appellate court proceeded to the tribunal to challenge Atigwe’s declaration and won the case, and too at the Appeal court.
[DailyPost]