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Popular Nigerian On Air personality, Do2dtun, has stated that denying the late Nollywood actor, Saint Obi, access to his children led to his death.
Do2dtun made this known while berating partners who use children as a weapon against their exes.
Recalling his conversation with Saint Obi’s family, Do2dtun revealed that the actor died in his family house in Jos.
In a post on his official X on Sunday, the on air personality wrote: “Let’s normalize the fact that children are not objects. They have rights. When a child demands the right to see or be with a parent and you deny them, you have trampled on their rights. Listen! A child is not a material meant for one person to keep.
“I spoke to a family member of Saint Obi. He passed away in their house in Jos and you have absolutely no idea what that man went through. Denying him his kids and fighting eventually took his life.
“You believe you are winning a fight by weaponizing kids? I am sorry; YOU ARE A LOSER.”
The price of rice in Nigeria is projected to increase by 32 per cent in 2024, according to AFEX’s recent wet season crop production report.
However, the report stated that rice production is expected to rise by approximately 4 per cent.
“While there is an expected increase in production by approximately 4 per cent, we anticipate a potential surge in the price of paddy rice by up to around 32 per cent,” the leading African commodities player stated.
The report attributed the projected production increase to the absence of a flood in 2023.
Meanwhile, DAILY POST gathered a 50kg bag of rice jumped to an average price of N55,000 from N12,000 ten years ago.
The development comes as Nigeria’s food inflation rate increased to 31.52 per cent in October 2023 from 30.64 per cent in September 2023, according to the latest National Bureau of Statistics report.
• Opposition parties kick against profligacy
• Allegations scandalous, says Rhodes-Vivour
• Official waste complicating state fiscal crisis
Scrutiny over profligacy in statecraft and fiscal recklessness has shifted from the centre to Lagos, the supposed Centre of Excellence, and its peers at the weekend, as the state government was kicked for what its critics described as frivolous procurements, which run into several billions of naira.
Other states in similar baskets are tied with the Lagos State government in a campaign that shocked the social media space. This comes at a time the country is enmeshed in a revenue crisis with the current administration tottering around a fiscal cliff and a debt mess not seen in the history of the country.
Funso Doherty, a chartered accountant and governorship candidate of the African Democratic Congress (ADC) in the 2023 election, had hit the social media trend lines at the weekend, after writing an open letter to Gov. Babajide Sanwo-Olu, requesting an explanation over certain budget items he dismissed as frivolous and requires “greater scrutiny”.
“Under the office of the Chief of Staff, procurement of a brand-new Lexus LX 600 bulletproof sport utility vehicle for use in the pool of office of Chief awarded for the total sum of N440,750,000.
“Replacement of liquid fragrance in the office of Mr. Governor, Lagos house Ikeja awarded for the sum of N7,475,000.
“In addition, Decorations for the venue of political delegates for the sum of N20,084,550.
“Flying hours expenses for ad-hoc Charter plane by Lagos State Government awarded for the sum of N400,000,000,” he wrote.
The attached document, which has set the Internet on fire with millions of netizens joining the politicians in calling for probity, claimed the government allocated N69.94 billion for the rehabilitation, reconstruction and upgrade of the phase of the Eti Osa/Lekki Epe Expressway (phase b) from Greensprings to Abraham Adesanya in Eti Osa and Ibeju-Lekki local government.
It added that sundry consultancy services received generous allocations ranging from N2 billion to N7 billion from the state, which has been bleeding, like every other state in the country.
The call comes while the state goes cap-in-hand in search of funding from the private sector for critical infrastructure, including rail and road projects.
Two weeks, the governor was in Marrakesh, Morocco where he pitched Lagos to international investors at a boardroom session where he touted Lagos as a city where every African and other people in the rest of the world could come to “play and work”.
In an exclusive interview, he told The Guardian that infrastructure was on top of his shopping list as he mounted the rostrum to engage the international community on the opportunities the coastal state offers.
Recently, Sanwo-Olu signed a partnership agreement worth $1.35 billion with the African Export-Import Bank and Access Bank for the construction of the long-proposed Fourth Mainland Bridge, the Omu Creek Project, the Second Phase of the Lagos Rail Mass Transit and Blue Line from Mile-2 to Okokomaiko.
Also, the state is sinking into a debt crisis like every other state in the country. As at the end of June, the state government sat close to one-sixth of the total domestic debts owed by the sub-national entities. In absolute terms, it owed N996 billion to local debtors captured and managed by the Debt Management Office (DMO).
Sanwo-Olu
Its $1.26 billion external debt is also disproportionately higher – almost 30 per cent of the value of external debt commitments of all the 36 states and the Federal Capital Territory (FCT).
But the state government has argued that it is unequally yoked with its peers in terms of debt-carrying capacity – the ability to pay, internally-generated revenue, infrastructure need and size of the economy.
Yet, critics said the state government ought to have shown an example in terms of fiscal discipline and others. They are particularly piqued about the nature of expenditures the government has to shoulder.
The spending of over N20 million on political delegates has particularly caught the attention of social media critics. Such responsibility, some have suggested, should have been passed on to the political or offset by the governor.
For featuring in the state procurement book and many others, Prof. Sam Amadi, a lawyer and rights activist, said that redeeming the state is a near impossibility, adding that it has been hijacked by intellectual hypocrisy.
Interestingly, the contentious expenditures are partly funded by debt, with a projected deficit amounting to ₦350.411 billion.
But it is not only Lagos that is battling to assure taxpayers that it has not chosen luxury and waste in place of prudent resource management. The Oyo State government is also being called out to explain how it spent N43.5 million to purchase 55 fire extinguishers in the current budget.
Several other governors face similar queries in what is currently assuming an organised social protest over the state governments’ questionable expenditure lines.
According to state statistics, Benue State Governor Hyacinth Alia has also sanctioned N2,040,780,000 for the purchase of cars for himself, his deputy, members of the House of Assembly, and other state officials.
The money was approved on September 5, 2023, according to state financial documents. It is just one of the governor’s many questionable expenses, which have totaled more than N40 billion in just five months.
In Abia State, there are concerns that the state government is also spending huge sums of money on road projects and office maintenance.
Meanwhile, opposition parties in Lagos State have lampooned Governor Sanwo-Olu for being insensitive to the plight of the people passing through excruciating pains without meaningful palliatives from the government.
They said it is unfortunate to discover billions of naira budgeted and spent on questionable projects and items in the state.
The Lagos State chapter of the Peoples’ Democratic Party (PDP) yesterday condemned the “extravagant” spending of Sanwo-Olu and the ruling All Progressives Congress (APC) administration in the state, particularly about the 2023 budget.
Speaking with The Guardian, the state’s publicity secretary, Hakeem Amode said it is crucial to scrutinise these expenditures to ensure accountability and transparency for the benefit of the people.
He stated that despite being a centre of excellence, Lagos State is in dire need of comprehensive infrastructure development covering vital sectors such as road networks, education, healthcare, environmental services, housing, security, employment, and agriculture, among others.
According to him, this concern arises because of recent discoveries regarding the state government’s expenditure, raising questions about the judicious use of public funds.
“Several line items in the 2023 budget reveal the profligate spending of the Lagos State Government: N7 million for air fresheners, N400 million for Charter flights, N20 billion for consultation fees, N531 million for Church renovation and N20 billion for fans, lighten and fridges.
“We hereby call on concerned agencies to thoroughly investigate these projects and expenditures to ensure transparency and accountability in the use of public funds meant for the development of Lagos State.
“As a party, we advocate for good governance and believe that the people of Lagos deserve better.”
Speaking in this vein, a public affairs analyst and Convener, Reset Lagos PDP, Dr Adetokunbo Pearse flayed Governor Sanwo-Olu’s outrageous spending in the state, saying that it was uncalled for in this time of severe economic hardship for the people.
“At any time, it would be outrageous for the Lagos State government to allocate N 7 million naira for the procurement of Air Freshener, 400 Million naira for Charter flights, N2 billion for fans and fridges, N20 billion for Consultants and N30 million per month for the office of the wife of the Deputy Governor.
“In these times of severe economic hardship for the citizens Nationwide, this reckless spending of taxpayers’ money clearly demonstrates that Governor Sanwo-Olu, and Lagos State Assembly couldn’t care less about the people who voted them in office.
“They claim that there is insufficient funding for Education, Health, and Public Transportation. Most of Lagos neighborhood roads are in a state of disrepair, and you dare to allocate N30 million monthly to your spouse.
“This monumental insensitivity is a sin against God and Man.! We call on all the residents of Lagos to rise in protest against it now!
“And shortly, at the next election, we want Governor Sanwo-Olu, the sycophants, and the Obasa-led rubber stamp Assembly to know that we, the people, will pay them back for this transgression against us.
“They have lost our trust. They have failed to govern with the fear of God. They do not deserve our vote and will not be getting our support!”
Gbadebo Rhodes-Vivour
On his part, Labour Party (LP) gubernatorial candidate in the last election, Gbadebo Rhodes-Vivour described it “as frivolous spending and scandalous, adding that it was irresponsible for the state government to spend taxpayers’ money with such recklessness and impunity.
“And the citizens are rightly outraged by this mind-boggling corruption, especially having to deal with the current economic downturn brought about largely by the incompetence and sheer mismanagement of the economy by the APC.
“How can the governor have the audacity to pay his legal fees with state resources? How can they be spending billions on websites and cannot sustainably subsidize public transportation? The governor’s actions are utterly ignominious and he should resign his posting immediately. I also strongly believe that the Speaker of the Lagos House who has failed in providing appropriate oversight should also resign his position as speaker forthwith.
“To your question about the implications of this reckless spending, I would say they are obvious and predictable. Firstly, it explains why there are not enough resources to carry out people-oriented projects in Lagos state. It explains why our roads are terrible, why we can’t power street lights, why the boats on our waterways are rickety, why public transportation is expensive, why there isn’t an affordable housing scheme and why quality healthcare services aren’t extended to the vulnerable.
“In clear terms, what this data has revealed, and I campaigned vigorously on this, is that the state is working hard to enrich a few politically connected individuals and their cronies while taxpayers are left in daily misery. It is unacceptable and we cannot continue like this.”
However, Lagos APC’s Publicity Secretary, Seye Oladejo stated that “budgets are proposals of government spending.”
Speaking to The Guardian, he said, “It’s money on paper, not expenditures. I don’t know why a budget proposal should cause a cry. Lagos PDP has never been in government, hence the lack of knowledge. And that is why we will not mind as a party helping the PDP to be knowledgeable on government functioning by organising a training/workshop to learn the rudiments of government.
“There is no cash backup to the proposal, but if there’s a reason to want to commit funds to such in the future, they will.
“It’s like allocating money for an emergency, which cannot be predicted. If there’s no need to spend the money, it will just be on paper.
“It’s just a budget estimate; it is nothing anyone should lose sleep over. A lot of time, most of this budget ends up not being spent. They are estimates, it doesn’t mean money has been allotted to them. The opposition should stop clutching at straws, elections are over.”
[Guardian]
In a bid to ramp up Nigeria’s oil production output, for the first time in 25 years the federal government is now ready to benefit from what is considered one of the juiciest oil blocks in Africa, the controversial OPL 245, an online media, Empowered Newswire reports.
The oil block is estimated to hold over nine billion barrels of crude oil, nearly a quarter of the nation’s total proven oil reserves.
Authoritative sources say the Tinubu administration is open to releasing the oil block to prospective developers, including local and foreign investors.
Specifically, it was learnt that Shell with headquarters in Netherlands, and ENI, an Italian energy firm, which had both been involved in previous attempts to develop the oil field, are favoured to get President Bola Ahmed Tinubu’s nod.
In fact, an Oil Mining Licence, OML, may be issued to the two international oil companies, both of whom have been collaborating on the controversial oil block and the scandal-ridden Oil Prospecting Licence (OPL).
Already, the April 29, 1998 controversial licence to Malabu Oil & Gas Limited has now expired over two years ago and both Shell and ENI – the Dutch and Italian IOCs which had been involved in the oil block deals – have indicated willingness to partake in further development of the block if the Tinubu Presidency grants approval.
A statement from ENI says to further develop the oil block, investments running into billions would still have to be made by whoever gets the mining licence.
An Aso Villa source confirmed that the president is keen to explore the oil block, especially considering its huge reserves at a time that Nigeria’s oil output is struggling to meet its OPEC quota. At the last count, in June this year OPEC had to reduce Nigeria’s future quota by over 20 percent from 1.74 mb/d to 1.38mb/d. This new quota will become effective next January if Nigeria’s output remains low.
Already the federal government has decided to end the legal cases abroad on the contention around the ownership of the oil block.
However, the former attorney-general of the federation Mohammed Adoke, SAN, who was the country’s chief law officer when an agreement was signed for Nigeria to be paid $1.1billion for OPL 245, is still facing prosecution in Nigeria on various allegations, including fraud and money laundering.
But inside sources say no conclusive evidence has been found to prove the allegations against Adoke, on which grounds the former AGF is seeking an exoneration with the emergence of a new administration. The case against Adoke was brought by the Economic and Financial Crimes Commission (EFCC), and the case files are still open.
But investigators say certain properties were traced to Adoke suspected to have been bought with proceeds of the bribes drawn from the settlement of the case. However, Adoke was said to have shown proof that the property was purchased through a bank loan.
Adoke also argued that he got then President Goodluck Jonathan’s approval for the agreement which saw the $1.1bn settlement money moved from Nigeria’s JP Morgan account in New York to two Nigerian banks where the money was allegedly shared to individuals, according to investigation documents seen by Empowered Newswire. Specifically, it is believed that $800 million was paid to Malabu out of the over $1billion settlement. Nigeria got only about $200 million.
Several local and international court cases were instituted since the OPL 245 was questionably awarded on April 29, 1998 to Malabu Oil and Gas, RC 334442, owned by then petroleum resources minister, Dan Etete, and members of the late General Sani Abacha when he was the head of state.
Meanwhile, authoritative sources also confirmed that the federal government is in fact aware that Malabu Oil and Gas, owned by Dan Etete and members of the late General Sani Abacha never paid up the signature bonus of $20 million it was obliged to pay within 30 days of the licence grant.
Sources said Malabu initially only paid $2.04 million on May 15, 1999. The legal opinion, according to senior lawyers in the Tinubu administration, is that in fact “Malabu never earned a legal title to OPL 245.”
In 2019 President Muhammadu Buhari rejected a request from ENI seeking to convert the OPL into a mining licence. In the circumstances, authoritative sources say President Tinubu is much more favourably disposed to granting the request now.
Meanwhile, efforts to get comments from the federal government, the oil sector regulator and the operators yielded no positive outcome.
LEADERSHIP sent an email request to the head, Public Affairs And Communications, Nigerian Upstream Petroleum Regulatory Commission, Mrs Olaide Shonola but at the time of filing this report, she was yet to respond.
Also, Nneamaka Okafor, the special adiver on Media and Communications to the minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri promised to revert with responses from the minister but failed to do so at press time.
The spokespersons of Shell and Eni too failed to respond.
[Leadership]
The National Secretary of New Nigeria’s People Party (NNPP), Olaposi Oginni, has attributed the removal of Kano State Governor, Abba Yusuf, to the former Presidential candidate of the party, Senator Rabiu Kwankwaso.
In response to the confirmation of the removal of Kano State Governor, Abba Yusuf by the Court of Appeal on the grounds of alleged irregularities and electoral malpractices, Oginni squarely attributed the blame to Kwankwaso’s avarice and relentless pursuit of power and prominence.
In a statement released to the press on Sunday, the party secretary alleged that the absence of internal democracy, orchestrated by Kwankwaso, was the root cause of the loss in Kano. He highlighted that numerous essential and constitutional measures had been neglected since Kwankwaso assumed the role of the party’s flagbearer.
Oginni further asserted that names of individuals who did not partake in the NNPP’s gubernatorial primaries were erroneously submitted to the Independent National Electoral Commission’s portal.
Oginni cited Kwankwaso’s actions as the reason for the governor’s removal and alleged that the party leadership could no longer tolerate his anti-party activities. He urged Kwankwaso and the party to apologize to Dr Boniface Okechukwu Aniebonam for causing NNPP avoidable headaches before the final judgement at the Supreme Court.
He added, “It is unfortunate that this avoidable embarrassment of the removal of Kano State governor was as a result of unholy activities in the Maitama house of Senator Rabiu Musa Kwankwaso in the build-up to 2023 general elections when the party situation room was relocated to Kwankwaso’s bedroom“.
“It is on record that Kwankwaso and his Kwakwasya’s group joined NNPP in February 2022 with desperation to hijack the structure of the party at all levels”, Oginni said.
“It is obvious that in Kwankwaso’s desperation and greediness, most relevant and constitutional things were left undone. Senator Rabiu Musa Kwankwaso incapacitated the defunct NWC to the extent that the then National Chairman and Secretary were crippled and unable to perform their statutory duties because of Kwankwaso.
“It was only Kwankwaso that was ordering the loading of candidate’s names in his house with or without primaries”.
“For instance in Ogun State, Kwankwaso uploaded the name of someone who never participated in the NNPP’s governorship primaries as the governorship candidate for Ogun State to replace Jobi Fayoyin, who emerged at the primary. It is very clear that the lack of internal democracy orchestrated by Kwankwaso brought about this Kano calamity.
“The Kwankwaso open display of political prostitution caused another avoidable collateral damage to the Kano State governor electoral victory of NNPP”.
“It is on record that the Board of Trustees of New Nigeria People’s Party and the New National Working Committee led by Major Agbo expelled Senator Rabiu Musa Kwankwaso from NNPP for his anti-party activities.
“Kwankwaso who was formerly fraternizing with President Bola Ahmed Tinubu in a desperate lobbying for a ministerial position was also within a few days seeing with Atiku and Obi plotting how to remove the president at the Tribunal and Supreme Court through “CSU” bullet.
“The leadership of NNPP could no longer tolerate this disgusting act of inconsistency and quickly expelled Kwankwaso from the party.
“We cannot pretend that all is well within the party with the expulsion of Kwankwaso and sacking of the Kano State Governor.
“It is nemesis catching up with the defunct NWC who stupidly passed a resolution of the expulsion of the founder of the party, Dr. Boniface Okechukwu Aniebonam.
“Recognizing that Dr. Boniface Okechukwu Aniebonam is the founder and spiritual head of NNPP, Gov. Yusuf and Kwankwaso needed to openly apologize to him for causing NNPP avoidable headache before the final judgement at the Supreme Court. I strongly believe it is not over until it’s over.
“If Kwankwaso is humble enough to beg the founder of NNPP and Dr. Aniebonam forgives. God Himself shall forgive Kwankwaso and Gov Yusuf and the hope shall rise again.
“However, one does not need to be a lawyer or judge to know that the case of Gov. Abbah Yusuf of Kano State is more spiritual than physical. This is because it is obvious that NNPP won Kano State flat in the last general election, judging from every empirical evidence, including but not limited to State, Federal House and Senatorial seat results.
“It is also settled cases in the Appeal and Supreme Courts that only the party and its members can determine who is a member or not. Even the court and the INEC do not have the locus standi to determine membership of a party.
Therefore, Senator Kwankwaso should approach God and seek forgiveness for allowing inconsequential and meddlesome interlopers to dictate and pronounce the expulsion of Knapp’s founder, a known messenger of God.
“I believe that the Supreme Court will reverse the avoidable injustice done to the governor of Kano State and the people of Kano who have elected Governor Abbah Yusuf as their choice.
“The political angle of this avoidable injustice to the electorates of Kano State is not above intervention if only Senator Kwankwaso will purge himself of arrogance and proudness”, Oginni concluded.
[pNaijaNews]
Nigeria’s headline inflation rate surged to 27.33% in October 2023, marking a 0.61% increase from September’s 26.72%.
Year-on-year, this represents a substantial 6.24% rise compared to October 2022, when the inflation rate was at 21.09%.
The impact of such inflation on investments is crucial to understand, as it erodes the purchasing power of money over time.
While investors often concentrate on nominal return’ which is the actual percentage gain or loss on an investment, it is equally crucial to consider real returns, which account for inflation.
Real returns offer a more accurate reflection of the actual increase in purchasing power and are vital in an inflationary situation.
In this context, traditional asset classes, such as bonds and cash equivalents, often face challenges in providing positive real returns, while stocks generally have the potential to outperform inflation and provide positive real returns though individual stock performance can vary widely.
Some stocks may indeed experience negative real returns, especially if their growth doesn’t outpace inflation.
The interplay becomes especially evident in stock investment when considering the total return of stocks, which includes capital gains and dividend yields, about the inflation rate.
In 2022, for example, this played out, showcasing divergent outcomes among stocks. Some recorded positive real returns, indicating growth that outpaced the closing inflation rate of 21.34%, while others grappled with negative real returns
Take, for instance, Guinness Nigeria Plc, which achieved an impressive total return of 87.99% for 2022.
Considering the inflation rate closing at 21.34%, Guinness Plc secured a real return of 54.93%. This indicates that the investment in Guinness Plc not only outpaced the inflation rate but also provided a substantial real return, reflecting strong performance during the period in question.
In contrast, within the penny stock category, AXA Mansard recorded a total return of +4.21% in 2022. However, when factoring in the inflation rate of 21.34%, the real return for AXA Mansard turned negative, settling at -14.12%.
This reminds us that even in a positive total return scenario, the impact of inflation can result in a diminished real return.
In 2023, penny stocks have shown resilience and growth. Over 40 of these stocks have year-to-date gains above the current inflation rate.
Notably, ten standout performers, including CHAM, JAPAULGOLD, FTNCocoa, Ikeja Hotel, OMATEK, Golden Breweries, ABC Transport, THOMASWY, SUNUAssurance, and TRIPPLEG, have not only outpaced inflation but have soared with triple-digit year-to-date gains.
Penny stocks, identified by their modest per-share value often below N5, present an accessible entry into the market, making them an attractive option for investors.
Their affordability, coupled with the potential for significant returns, positions penny stocks as an enticing opportunity for individuals seeking to venture into investing without a substantial upfront commitment.
However, it’s essential to acknowledge the dual nature of penny stocks. Characterized by high volatility, these stocks are prone to substantial drawdowns, making them a blend of high-risk and high-profit instruments.
Consequently, some stock analysts caution against adopting long-term buy-and-hold strategies in the penny stock sector.
The tendency for short-term trades in this domain highlights the need for investors to navigate with care and consider the associated risks in their investment decisions.
This cautionary approach becomes particularly relevant, even when examining the performance of the top ten penny stock performers in 2023 in comparison to their 2022 performance.
In 2022, except for Thomas Watt Nigeria, which recorded a year-to-date gain of +169.44%, the remaining nine top performers for 2023 either remained stagnant or experienced negative year-to-date returns.
Therefore, it becomes crucial for investors to discern opportune moments to capitalize on profits, given the cyclic returns often associated with these stocks.
However, it’s crucial to acknowledge the absence of guarantees in equity investments. At best, such investments may be considered inflation-protected.
Against the backdrop of the current inflation rate of 27.33%, these penny stocks have not only weathered the economic storm but have also surpassed the rising inflation.
Omatek Ventures: +335% YTD
Omatek Ventures, with a 335% share price YtD gain, emerged as the 5th most-performing penny stock on the NGX.
It commands trading liquidity with a trading volume of 393 million shares over the past four months, ranking it as the 17th most traded stock on the NGX.
OMATEK, which operates in the ICT/Computers and Peripherals sector/subsector, is presently the 112th most valuable stock with a market capitalization of NGN 2.56 billion.
However, it has not paid dividends for the past five years, and there are concerns about the share price growth being unsupported by earnings, given the company’s loss after tax recorded over the past five years.
Ikeja Hotels Plc: +349.52% YTD
In 2022, Ikeja Hotels faced a setback, witnessing a decline and losing about 14% of its share price value. However, a turnaround occurred in the current year, as the stock rebounded significantly, gaining around 350%.
In contrast to OMATEK, Ikeja Hotels has a relatively positive dividend history. It has distributed dividends for three out of the last five years.
Additionally, the company displayed financial resilience in the first nine months of 2023, reporting a pre-tax profit of N1.070 billion compared to a pre-tax loss of N72 million in the corresponding period of the previous year.
Despite this recent positive performance, the company’s earnings have not been stable over the last five years, including a reported pre-tax loss of N3.357 billion in 2022.
This inconsistency in earnings might raise questions about the sustainability of the share price rally and whether it is fully supported by underlying fundamentals.
FTN Cocoa Processors: +489.66% YTD
FTN Cocoa Processors is the 22nd most traded stock on the Nigerian Stock Exchange over the past three months with a total volume of 226 million shares.
This suggests significant market activity and investor interest in the stock and could have an impact on the share price.
Higher trading volumes often indicate increased market liquidity and may attract more investors, contributing to price movements.
However, it is better to approach FTN Cocoa’s share price rally with caution, as it appears not to be supported by the company’s financial performance.
The company has consistently reported pre-tax losses over the past five years, and this trend continued into 2023 with a pre-tax loss of N332 million in Q3.
Additionally, FTN Cocoa lacks a stable dividend history, having not paid dividends over the last five years.
Given these factors, investors are advised to carefully consider the risks and potential implications of the share price movement considering the company’s financial record.
Japaul Gold and Ventures Plc: +507.14% YTD
Japaul Gold, formerly known as Japaul Oil and Maritime Services Plc, operates as a Nigerian upstream service company involved in diverse sectors including mining, oil and gas, maritime, dredging, transportation, engineering, and construction services.
Over the past three months, Japaul Gold has experienced significant trading activity, with an impressive volume exceeding 1.3 billion shares.
This places the company as the 6th most traded stock on the Nigerian Stock Exchange (NGX).
Japaul Gold’s financial performance has been a mix of ups and downs. Investors might perceive the company’s 9M 2023 results as a return to its golden era in 2019 when it reported a substantial pre-tax profit of N41 billion.
CHAMS Plc: +827.27% YTD
Chams Plc is Nigeria’s leading provider of integrated identity management and payment transactional systems. CHAMS Plc with a share price YtD gain of 827.27% is ranked first on the NGX in terms of share price YtD performance.
The stock has also seen trading liquidity, with a substantial volume of 707 million shares traded over the past three months.
This suggests a significant level of market activity and investor interest in Chams Plc.
The positive momentum in Chams Plc’s share price may be attributed to investors perceiving its financial performance in 9M 2023 as a welcomed improvement.
The company has recorded pre-tax losses over the last five years; however, in 9M 2023, it reported a pre-tax profit of N255 million.
[Nairametrics]
The Court of Appeal sitting in Abuja, on Sunday, nullified the election of Governor Caleb Mutfwang of Plateau State.
The appellate court, in a unanimous decision by a three-member panel of Justices, held that Mutfwang was not validly nominated and sponsored by the Peoples Democratic Party, PDP, to participate in the gubernatorial contest that held on March 18.
It held that all the votes that were credited to him and the PDP after the election amounted to wasted votes.
Consequently, the appellate court panel, led by Justice Elfrieda Williams-Dawodu, ordered the Independent National Electoral Commission, INEC, to withdraw the Certificate of Return that it earlier issued to Mutfwang of the PDP as winner of the governorship poll.
It ordered that the candidate that got the second majority lawful votes at the election, should be sworn in as governor of the state.
The judgement followed an appeal that was lodged against governor Muftwang’s election by the governorship candidate of the All Progressive Congress, APC, in the state, Mr. Nentawe Goshwe.
INEC had declared that Mutfwang of the PDP won the gubernatorial contest with a total of 525,299 votes, ahead of the APC candidate, Goshwe, who polled 481,370 votes.
Dissatisfied with the outcome of the election, Goshwe, went before the Plateau State Governorship Election Petition Tribunal to challenge it.
He, among other things, contended that the PDP lacked a political structure in the states and was therefore incapable of validly nominating or sponsoring any candidate for the governorship poll.
Besides, he argued that the election of Mutfwang was not conducted in compliance with the Electoral Act, insisting that he did not win the majority of lawful votes cast during the election.
Meanwhile, a three-member panel of the tribunal headed by Justuce R. Irele-Ifijeh, in a unanimous decision, dismissed Goshwe’s petition as lacking in merit.
Not happy with the judgement of the tribunal, Goshwe brought the case before the appellate court, maintaining his ground that the PDP candidate, governor Muftwang, lacked the platform and legal qualification to contest the election.
He further alleged that the election was marred by over-voting and non-compliance with key provisions of the the 2022 Electoral Act.
While adopting his final brief of argument, Goshwe, through his team of lawyers led by Prof. Fakunle Olagoke, SAN, told the court that Mutfwang was not qualified to contest the election by virtue of a lack of valid sponsorship by a political party, contrary to section 177 (C) of the 1999 Constitution, as amended.
However, the governor, through his counsel, Chief Kanu Agabi, SAN, urged the court to dismiss the appeal and uphold the earlier verdict of the tribunal.
Agabi, SAN, argued that the issue of nomination and sponsorship of a candidate for an election was purely an internal affair of a political party which no court had the jurisdiction to wad into.
More so, he contended that the Appellant lacked the locus standi to query a nomination and sponsorship of the candidate of another political party.
Likewise, the counsel for the PDP, Mr. Emeka Etiaba, SAN, urged the court to strike out grounds 1 and 8 of the Appellant’s grounds of appeal, saying they lacked competence.
Etiaba, SAN, argued that governor Mutfwang emerged as gubernatorial flag-bearer of the PDP, through a validly conducted primary election he said was duly monitored by INEC.
Delivering its judgement in the matter on Sunday, the appellate court upheld the appeal and nullified the election of governor Mutfwang.
Other Justices on the panel were; Muhammed Mustapha and Okon Abang.
It will be recalled that the same panel of the appellate court had on November 7, also sacked a Senator and three members of the House of Representatives in the state that won their respective elections on the platform of the PDP.
The panel based its decision on failure of the PDP to fully comply with a court order that was made in 2022, which it said directed the party to conduct congress in the 17 Local Government Areas in the state.
It held that an evidence the PDP produced to prove that it complied with the order, showed that 12 LGAs were excluded in a purported congress it held to select its candidates for the 2023 general elections.
The appellate court, therefore, held that though the lawmakers won their respective seats during the National Assembly election that held on February 25, all the scores that were credited them, amounted to wasted votes as they were not valid candidates.
[Vanguard]
A humanitarian Oyinade Samuel-Eluwole has advocated the establishment of a ministry for Men Affairs to tackle issues relating to men, particularly, the menace of suicide among male folks.
In a speech to commemorate the 2023 International Men’s Day in Nigeria, the founder Elizabethan Humanitarian Life Foundation reiterated that it was high time the federal government set up the ministry to rescue men.
Mrs Samuel-Oyewole said, ” Suicide is a global problem but it is worrisome to have Nigeria as one epicentre of suicide in the world and the majority of reported cases are males.
The foundation decried the frightening suicide statistics, adding that reports indicated that suicide incidents in Nigeria are 80.6% males, and out of this, 51.8% are married while 33.6% are students.
Getting appropriate data, according to her, is a challenge in Nigeria but we have to tackle this menace collectively to avoid losing our men to suicide.
“The major causes are not far-fetched: they are mainly financial lack and challenges, societal expectations, and marital conflicts as precipitating factors. You can see the need to allow males to express themselves and speak. This intervention and medium is what the Elizabethan Humanitarian Foundation stands for.”
She outlined far-reaching approaches aimed at tackling the menace, starting from the grassroots, to society and the world at large.
She said with the grassroots model, the foundation intends to ”talk and listen to their hearts, encourage them, and give them hope. Be a bridge between them and individuals, organisations, and governmental agencies”
” We intend to work with the Ministry of Education, Information and Strategy, Health, Interior, Youth and Sports, Justice, and Humanitarian Affairs
”Part of the experiences we gained at the outreach is the data we generated from our survey of the differentials between the male gender and female gender in terms of the level of social needs of the male gender compared to the female gender. We were also able to underscore the fundamental challenges the males face from the point of grassroots knowledge beyond some esoteric assertions of the issues that are not based on facts.
“We are still collating the figures and as soon as we finish with the data collation and analysis we will share them with the public. But, in the interim, we are aware based on our on-the-ground assessment that we are losing lots of our youths, especially the males, to drugs.
“We also noticed that the lack of financial capabilities of parents has made them let their children go to the streets. By our estimation, based on our interaction with the youths on the streets where we visited, eight out of ten of the youths are willing to leave the streets, go back to school, and are ready to learn trades, handwork, or technical jobs.
”A high percentage of them opened up to us that they were ready to move out of the streets if the opportunity comes. A lot of them clamour for free education because many are out of school, mostly because of school fees – even as low as five thousand naira only.
Sharing her experience on the level of acceptance from the society on the rescue mission, Mrs Samuel-Oluwole said” the acceptance has been very encouraging from all quarters. It is a known fact that the male gender needs help, and they are prepared to talk about it at this rate.
The acceptance level is expected because parents are losing their children not only to the streets but a lot who are still with their parents are already disconnected. While wives are losing their homes. So the overall picture is like at last, help has come. People move so fast to ask questions on what to expect and are ready to express themselves.
“Like every other venture, you don’t expect a new initiative to flow or flourish without initial teething problems and challenges. But, despite all these, we are still trudging on. We embarked on a self-sponsored opinion survey of males in our society and came to the understanding of what the male gender in our society goes through – from cradle to adulthood. We realised that the challenges are enormous.
“We also realised that to accomplish our goal we will need to partner and to collaborate with other bodies and organisations who are in similar advocacy terrain such as we do. They may not necessarily focus on the male gender as we do, but they are obviously fighting for the well-being of people in our society.
The Nigerian Navy’s Forward Operating Base (FOB) on Sunday, in Badagry, Lagos, seized 50 sacks of cannabis sativa valued at N70 million from the Gbethrome neighbourhood.
According to Lt.Commander Kelly Umoru, FOB Base Operations Officer, the goods were taken by staff from an unfinished building close to the beach at approximately 6.30am.
Umoru said the navy agents took action in response to a tip-off on the whereabouts of alleged smugglers in the region.
“You will recall that on Nov.9, 2023, the Flag Officer Commanding, Western Navy Command Operations, Rear Admiral Mustapha Hussain flagged off an operation codenamed ‘ Water Guard’ line with the Chief of Naval Staff’s directive..
“FOB Badagry on Sunday, Nov.19, acting on credible human intelligence, stormed Gbethrome and discovered 50 sacks of suspected cannabis sativa stored in an abandoned building near the beach.
“Each of the sacks contains about 200 parcels. The market value of the items is N70 million,” he said.
Umoru promised to give the goods to the relevant organisation to take the required steps.
Recall that the Nigerian Navy in Badagry handed over to the National Drug Law Enforcement Agency (NDLEA) 27 sacks of cannabis sativa valued at N35 million on October 4.
The FOB Commanding Officer, Navy Capt. Aiwuyor Adams-Aliu said the objects were taken by agents on September 29 at Pako Beach in Badagry.
Seven years after his escape from prison custody following his conviction for drug dealing, a notorious distributor of illicit substances within the Federal Capital Territory, Abuja, Ibrahim Momoh, popularly known as Ibrahim Bendel, has been arrested by operatives of the National Drug Law Enforcement Agency, NDLEA, during a raid of his hideout at Filin Dabo, Dei-Dei area of the national’s capital.
This was disclosed in a statement on Sunday issued by the spokesperson for the NDLEA, Femi Babafemi.
Momoh was first arrested on 27th November 2014 with cannabis sativa weighing 385.1kgs, prosecuted, convicted and sentenced to seven and a half years in prison on 22nd July 2015.
While serving his jail term at Kuje, he escaped from prison custody on 16th May 2016.
However, following credible intelligence, NDLEA operatives on 20th November 2022 stormed the warehouse of the fleeing ex-convict, Momoh, and recovered 81 jumbo bags of cannabis weighing 1,278kgs.
The store was located within his poultry farm in the Dei-Dei area of the FCT.
Though Momoh was not around at the time, his warehouse manager, a 55-year-old Ghanaian, Richard Forson Gordon, was arrested, prosecuted and sentenced to two years in jail.
The Agency thereafter declared Momoh wanted.
The manhunt for the drug lord paid off on 5th November 2023 when operatives again raided his hideout at Filin Dabo, Dei-Dei area of Abuja, where he was arrested with 56.9kgs of cannabis sativa and 42.7 grams of Diazepam.
Meanwhile, in another raid in the same area of the FCT on Monday, 13th November, a suspect, Yusufa Ibrahim, 27, was arrested with 75.3kgs of cannabis.
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Nollywood actress, Angela Okorie has revealed that she dumped her estranged husband, Chukwuma Orizu because she “fell out of love.”
The mother of one said she became tired of marriage because of pressure from her husband’s family members who were constantly asking her to quit entertainment.
Okorie spoke in a recent podcast interview hosted by her colleague, Iyabo Ojo.
She said, “I won’t advise anybody to be in a marriage when you’re not in love with the man. I think that’s the reason a lot of women cheat. In this Lekki, you have too many women who cheat in their marriages.
“For me, I fell out of love. The man [my ex-husband] was a good man. I fell out of love because of what his family was doing. The family didn’t want me to continue acting. They didn’t want me to do anything acting. They were like, ‘If we are going to marry you, you’ll stop doing entertainment.’ And I will be like, ‘Even my mum can’t even stop me. That is my life. Do you know how many years it took me?’
“He [my ex-husband] was in support of me. He doesn’t even stress me but because of the whole saga, it was like I was in a place where the people didn’t even understand my vision. They don’t understand what I’m chasing. You need to chase it with me. This is what your wife wants. You can’t kill my dream. This is what I’ve worked for so many years to get here. So, you can’t just wake up and say, “Because you want to marry me, give up on my dreams.”
Cindy Okafor, former Big Brother Naija reality show star has claimed she rarely regrets the departure of a man from her life.
Speaking in her latest interview with Saturday Beats, Cindy said she has never felt disheartened by someone’s exit.
While highlighting her strong feeling of independence, she revealed the only reason she might find it difficult to cope with a man’s exit from her life.
The reality star noted that the only scenario in which she could struggle to deal after a breakup is if a man purchased a house for her and then opted to quit the relationship.
“Perhaps if a man buys a house for me and decides to leave me, I might not be able to do without him.
“There’s no way I will say I can’t cope with a man’s exit from my life.”
Governor Babajide Sanwo-Olu of Lagos State has spoken on Lagos participation in the Lord Mayor’s Show in London, the inauguration of the Lagos International Financial Centre Council, commitment of his administration to attract more investments to the State and President Bola Tinubu’s government.
Naija News reports that the governor spoke on these issues during an interview on ‘Business Live with Ian King on Sky News’ in London, on Friday.
Read the full transcript of the interview below:
What kind of growth are you expecting in Lagos State?
Right now, the population of Lagos is over 20 million and we will be conducting another census later next year, maybe by the second quarter or third quarter. But in terms of GDP, we have seen two, three percent GDP growth in the last four years. So, it is about $130 billion now. In terms of numbers, it makes the state the fifth-largest GDP growth in Africa. The GDP of Lagos is actually bigger than the GDP of Kenya; is bigger than Ghana, is bigger than Rwanda and is bigger than Senegal. So, Lagos as a sub-national, is actually very big in how it stands and how it sits and it is all of that conversation that we think a lot of people need to know what is happening in Lagos and how we can use the Lagos story to sort of tell the African story and be able to put it into where it should really be.
You just established the Lagos International Financial Council, what are you seeking to achieve with that?
The whole idea is for us to be able to let the world know what is happening in Lagos. We are starting with London because we have a lot of history with the city of London and we want them to know what is happening in Lagos. The Council will set up strategies where we can handhold companies; we can handhold British companies and investors, foreign direct investors that want to come into Lagos. Let us know what are the red tapes. What are the things they want us to do? The regulatory framework and legal framework. What kind of permits do they need to have? What kind of approvals do they need to have?
The Council is going to set up structures where communication and collaboration would happen; where we can set them on the right trajectory, where we can indeed listen to them and know what are the things they require us to do. And going forward, we have been able to also analyse how well we are doing that to be able to respond to the needs of the private sector at that time. And I on the political side can indeed give it all of the fit.
We are looking at business to government, and business to business, but pretty much just making sure that the environment is suitable for business. It is conducive and we can indeed grow the economy of the city and the state, create jobs for our people, and by extension also create wealth for the investors who are coming into the system.
In seeking to attract international investments into Lagos, what are your priorities? Which are the sectors that you are most keen to expand?
The tech industry is very important. For the past three or four years, Lagos has remained the tech startup capital in Africa. So, there is still a lot of depth that we need to bring into that space. The financial services. Yes, there are a lot of financial products that still need to be deepened in that sector. So, we want to see a lot more international financial organisations come into Lagos.
We want the creative industry to also have a play in our economy. Then, of course, general and consumer products. Because of the population we have, we believe anything indeed could have a market. You could have your share of the market. Petrochemicals, consumer products. Any of those three or four areas will indeed do very well in Lagos.
It sounds from what you are saying, the economy is very service-focused…
Pretty much. The reason is because we are just a little tiny space. We don’t have that much arable land for farming or agricultural products. You can see us leveraging on the final part of it which is value addition. But in terms of real agricultural land space, we don’t have the space. We can do very well because of the population in terms of services, technology, communication, IT, infrastructure, and anything around that space.
Obviously, Nigeria as a whole is a very young country. It is a young population. Is Lagos pretty similar in that respect?
We lead that population; we lead that young, beautiful and capable population. About 60 to 65 percent of our population are under 35 and it is growing. They are very capable, resource-driven and intelligent. So, these are some of the skills we want the organised practice to come and annex. You could be in Lagos and be working for a company in the United Kingdom or Europe with the kind of infrastructure that we are putting in place and we know that they are ready and good to go. So those are the future of work you can get in Lagos. The population is there.
One of the problems Nigeria has had historically is holding onto its talent and stopping people from going to work overseas. Is that still an issue for you and are you finding it easy to retain talent?
Well, it is still an issue, but that is why we are here and that is why I am having this conversation and we are trying to do the collaboration. That is one of the reasons the Council was set up for them to see us all as a global market, where it doesn’t matter where you are. We want to still be able to retain them as Nigerians back home but give them the global opportunity, that they all seek to benefit from. We are trying to say we can derisk some of those risks that come with trying to not secure the talent. They can be back in Nigeria, in Lagos while they are working for international companies. That is what technology does these days.
Who do you think you are competing with primarily?
We are truly competing with ourselves and we cannot sit back and just be okay with the status quo. No, we cannot. We know there is a whole lot that we can give as a state, as a people and as a country. We are the largest in the continent in terms of GDP and population. But we need to double up. We need to be able to let the world know what the potentials are. We have a new government at the central; the central government is just less than six months old.
Last week, the President (Bola Tinubu) was in Saudi Arabia. In the last two months, he has been in India, UAE and Saudi Arabia. His Vice President (Kashim Shettima) has been to China. They have been to Brazil. So, we are all out now, just telling the real story of what is happening in our country and me in my state so that people will understand that there is still a lot of energy we have. There are a lot of people that we need to be able to show out and bring investment, create wealth, reduce poverty and give people a sense of what the world has for us to be able to take on.
It sounds like the United Kingdom is the biggest foreign direct investor in Nigeria. From what you are saying, it sounds as though that might not be the case for too much longer if you have Saudi money and Chinese money coming in differently….
That is why they shouldn’t miss this opportunity. The Saudis are coming, the Chinese and the Americans are there already. The British are there because historically in the colony of Lagos, Nigeria and Britain have been for almost two centuries now. But we still cannot just leave the comfort zone. We have been there for 30 or 40 years but we still need to be creative, innovate and think out of the box. We need to be able to tell the stories differently because the world is actually becoming a lot more competitive.
You know competition is critical. Sustainability is very important for us. So, we need to also be able to come and show, and that is one of the things we have been able to achieve from the Lord Mayor’s Show just for people to know what we are about, what we are doing and to be able to let the business community in the United Kingdom where there is a larger diaspora population know in the United Kingdom that we are also open for more business.
President Bola Tinubu introduced a wide range of economic reforms shortly after he was elected. We are six months on from that now. Have they achieved what you would have hoped they would have done?
I believe six months is a short term but in terms of a clear strategy and focus, he is there. What he has done, no President in Nigeria has been able to take the audacity to remove the subsidy on petrol pump prices. That in itself will save the country about $2.5 billion. These are funds that can go into other areas in education, health and poverty reduction. But more importantly, is what he brings to the table in terms of having been a Governor in Lagos State before. That is one.
Secondly, the fact that he is challenging his cabinet members to say to them, if you don’t sit up and do the right thing, I am going to kick you out. He had said that to them two, three weeks ago and he said to them that we got a job to do, we have to do it well. So, what we are asking our citizens is, let us give him a bit more time. It is pretty tight up right now, but let us give him a bit more time. He set up a very bold, laudable agenda in his Renewed Hope. I think another six months from now we will begin to see the relief coming out from all of his interventions and I believe that the population will be better off for it.
[NaijaNews]
“Subsidy removal, unification of exchange rate could fuel Nigeria’s economic growth” – Morgan Stanley
AdminMorgan Stanley, a global leader in investment banking has revealed that President Bola Tinubu’s policies that put an end to fuel subsidies and the unification of the naira’s exchange rate, could fuel economic growth for Nigeria.
This declaration is contained in a recently published article titled, “Investment Outlook: Nigeria’s New Dawn” on the website of the American multinational investment banking firm.
According to the report by Morgan Stanley, the interventionist policies of former president Muhammadu Buhari -namely, multiple foreign exchange rates and fuel subsidies- led to economic bottlenecks and hindered the private sector’s ability to grow.
The report further explained that during the last eight years of the past administration, Nigeria, which was one of the fastest-growing economies in the world from 2001 to 2014, grew only 1.4% on average despite a 2.8% growth in the working-age population.
Opportunities for investors that could spark Nigeria’s economic growth
The report by Morgan Stanley further reiterated that the removal of fuel subsidies, which cost the country a whopping $10 billion in 2022 and benefited only 3% of the poorest 40% of Nigerians, could revive Nigeria’s growth in the next two to three years.
Also, the unification of Nigeria’s exchange rate by President Tinubu’s administration would reverse the 60% decline in foreign direct investment witnessed under Buhari.
According to Morgan Stanley, President Tinubu’s intention to grow the economy primarily through private investment could lead to a strong rise in incomes, which, combined with a young and fast-growing population, could usher in a new consumer class and several investment opportunities.
The report noted that the mobile banking and consumer segments are two sectors that present unique opportunities for investors seeking to invest in Nigeria.
Nigeria’s low mobile data penetration and usage levels, which is one-tenth of South Africa’s internet usage when compared, presents opportunities for providers of telecommunications-led mobile-money services, which are still in the near stages of growth.
- “Although more than 85% of the adult population has a mobile phone, around 55% have no bank account, and only 10% have a mobile money account.
- “Should mobile money penetration levels in Nigeria climb to the 75% to 95% levels seen in Senegal, Ghana, and Kenya, it would drastically increase financial inclusion and present an attractive investment opportunity, particularly in telecom operators,” the report read in part.
Furthermore, Morgan Stanley suggested that investable opportunities in several consumer segments in Nigeria are likely to arise as well.
The report asserts that should the economic policies of the current administration result in households having ample income to cover essential needs, Nigerians would be able to gradually afford more discretionary purchases.
If the policies of President Tinubu work as intended, such a dynamic in Nigeria could help the consumer goods market grow 150% from an estimated $240 billion in 2023 to about $603 billion in 2030.
This could present investment opportunities in several sectors, including packaged food and beverages, household and personal care products, education, healthcare, and even durable goods like appliances and transportation.
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Morgan Stanley also notes that the export of services offers Nigeria untapped opportunities. According to the report, the 125 million Nigerians who speak English underpin successful service-export industries.
The report further reveals that the music and film industries offer another potential avenue for service exports.
- “Nigeria is home to two of the most well-known “Afrobeats” artists, in a music genre that has amassed more than 16 billion plays on popular streaming platforms.
- Meanwhile, the Nigerian film industry, affectionately known as “Nollywood,” produces around 2,500 films per year and is attracting investments from major global media companies.
- By 2030, Africa’s film and music industries—which are dominated by Nigerian productions—could be worth 20 billion dollars and create 20 million jobs,” the report stated.
Morgan Stanley noted that once the current administration had succeeded in reversing the harmful policies and economic malaise of the past administration, Nigeria could witness a sharp upturn in economic growth in the next two to three years.
[Nairametrics]