On January 13, 1970, Olusegun Obasanjo, army colonel and General Officer Commanding, GOC, the Third Marine Commando Division of the Nigerian Army, arrived Amichi in the old Nnewi Division of what was then known as East Central State to accept the capitulation of Biafra from Phillip Effiong, interim leader of the enclave. The encounter occurred in the house of Chief Ben Atuchukwu, one of a pioneer generation of trading magnets whose exploits bestowed on Nnewi its reputation as the home of Nigerian enterprise.

Present in the room was Simon Nsobundu Okeke, a pioneer estate surveyor and valuer with his origins from Amichi, who was a senior official in the Biafra’s security services. Ben Atuchukwu, the man in whose house the war ended, was his paternal uncle. In the nature of the occasion, Okeke and Obasanjo were not introduced to one another on the day.

After the war, Obasanjo continued in the military, becoming in succession a cabinet minister, second-in-command to the head of state, military head of state, civilian president, and international statesman. For his part, Okeke returned to his vocation of estate management, rising to become an acknowledged leader among estate surveyors and valuers in the country.

Nearly 32 years after they first met, the destinies of both men would be joined in the most unpredictable fashion. Obasanjo was sworn in on May 29, 1999 for his second tour of duty as Nigeria’s leader. Two and a half years later, on November 28, 2001, he presided as Chief Okeke took the oath of office as Chairman of the Police Service Commission, PSC, along with six other commissioners. In assuming this office, Chief Okeke became the first Chair of the Commission in 22 years, dating back to October 1979.

Published by MayFive Media Limited, Policing the Nigeria Police is Chief Okeke’s timely and thoughtful retrospective on policing and the Nigeria Police Force, NPF. It is part memoir and part policy memo in a book that combines racy narrative with deliberative analysis, juxtaposing recall of the worst of bureaucratic and political skulduggery with high-minded invocations of the public interest.

The book unfolds in 15 chapters that address different aspects of the institutional evolution, bureaucratic machinations, relational episodes, and, reform proposals in policing and police oversight viewed from the vintage of Chief Okeke’s tenure and experience with the PSC. Some of the major themes addressed include the histories of the NPF and PSC and of presidential and political instrumentalisation of both; abuses of the roles and powers of the IGP and of the president; the role of the PSC in election monitoring; the role of the president in a transitional democracy; the travails of civilian oversight of the security services; and issues of police reform, including state police and community policing.

By way of context, the Metropolitan Police in England was a mere 32 years old when the British began the experiment that evolved into the NPF. Until the departure of the British in 1960, the NPF was under the political authority of the head of the colonial government, for the most part known as the Governor, who directed the Force at his whim.

As they retreated in 1960, the British bequeathed to the country a PSC as a civilian oversight body over the NPF. This was problematic because for a century until then, the NPF had known no such oversight nor imbibed any bureaucratic traditions that would prepare it for such. Yet they gave this oversight body extensive powers of appointment, promotion, and discipline over the NPF.

For 19 years, until 1979, the PSC persevered with some difficulty, coexisting uneasily with the regimental mentality of military rule for about 13½ years of those. Upon the transition to the presidential system of government, from October 1, 1979, the Constitution made the President ex-officio chairman and chief executive of the PSC. But 39 months later, General Muhammadu Buhari abrogated that Constitution.

The return of military rule had a profound impact on the PSC and on the idea of police oversight. For the duration of the Buhari regime, Tunde Idiagbon, the Brigadier-General who was second-in-command, served as the nominal chair of the PSC. Ibrahim Babangida, who overthrew Buhari in August promulgated the Police (Miscellaneous Provisions) Decree, No. 5 of 6 February, 1989, which abrogated the PSC, making this retrospective to the beginning of his regime on August 27, 1985. In its place, he established a Police Council, whose membership comprised the military president, all state governors, and the Inspector-General of Police. At the time, the military president appointed all state governors. As such, the Police Council comprised the president and his appointees, all of whom came from regimental traditions.

In the 41 years since its creation in 1960 until 2001, therefore, the PSC was not in existence for 14 years; notionally existed under military rule for another 13½ years; and only functioned under civil rule for nine and a half (9½) years. For four of those nine and a half years, the president also chaired the Commission. This chequered history did not equip the Commission with any institutional memory. At inauguration in 2001, it had no office or staff. The 1999 Constitution had also re-designed the Commission in one fundamental way: unlike the period until 1985, it placed the Inspector-General of Police, IGP, outside the powers and purview of the PSC.

Under the Constitution, the president appoints the IGP, controls and instructs him and can also fire him at will. The IGP commands the NPF. The Police Council, whose membership comprises the president, state governors and the Chairman of the PSC, coexists with the Commission. Its role is confined to the declared purpose of advising the president in the appointment of the IGP. Chief Okeke recalls no such process as having taken place in his five years on the Council, which he describes as “next to moribund”.

The result was two-fold. First, in 2001, both the presidency and the IGP were unused to the idea of independent civilian oversight. Second when he assumed office in 2001 as the Chair of the PSC, Chief Okeke was in a unique pickle: he had no predecessor from whose experience he could draw but he was up against an institution and officers with fond memories of the days when the NPF brooked no oversight and was the plaything of the president.

Over five years in the role of PSC Chairman, Chief Okeke worked with one president and three IGPs: the first was fired, the second was convicted for fraud and  embezzlement, and the third, as Chief Okeke writes, “practically shoved aside the Police Service Commission and took directives only from the President”. With few allies, the job the PSC Chairman verged on impossible. It was just not for the faint of heart.

At the end of his tenure in 2006, Chief Okeke chose wisely not to seek reappointment. Unknown to him, the Inspector-General of Police, Sunday Ehindero, had advocated with and advised the president that it was better to have the PSC headed by a retired police officer. In February, 2023, President Obasanjo, who implemented this advice, admitted it was mistake, saying: “When you make a retired police officer the head of the PSC, it is like asking a thief to catch a thief.’’

But this mistake birthed a Nigerian tradition: since 2006, the PSC has been retirement home to a succession of former IGPs. Far from making the relationship better, this deepened antipathy between the PSC and the NPF, introducing the added complication of inter-personal psycho-drama between incumbent IGPs on the one hand, and former IGPs who were their superiors on the other. The case between the IGP and the PSC over the question of primacy in the matter of recruitment of police personnel is pending at the Supreme Court.

This then is the narrative of interlocked and overlapping destinies and mutating machinations that makes Policing the Nigeria Police such a compelling read. The book offers thoughtful insights on policing for the country and argues a persuasive case for decentralisation of the NPF, dispassionately examining proposals for state police, community policing, and even vigilantes. Anyone interested in making policing both effective and accountable in Nigeria has a duty to read it.

A lawyer and a teacher, Odinkalu can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

A 19-year-old student, Benjamin Daberechi has been arrested by operatives of the National Drug Law Enforcement Agency, NDLEA, for attempting to export 7.2 kg of methamphetamine concealed in crayfish to Europe where he was going for studies.

The 19-year-old student was arrested at the Nnamdi Azikiwe International Airport, Abuja, Wednesday, during an outward clearance of passengers on Turkish Airlines flight TK 0624.

Femi Babafemi, the agency’s spokesperson, in a statement on Sunday, explained that the suspect had during an interview with the operatives claimed he was heading to Cyprus.

He said a white substance found in his luggage tested positive for Methamphetamine.

The statement explained, “While being interviewed by operatives, Daberechi claimed he was a student on his way to Cyprus for studies, but upon a thorough search of his luggage, he was found in possession of 7.2kg of whitish substance neatly concealed inside a sack of crayfish.”

He disclosed that a field test of the substance, however, proved positive to Methamphetamine.

He further revealed that a female lawyer identified as Ebikpolade Helen was arrested after operatives had recovered 5kg of cannabis and 12 bottles of skuchies in her Lekki apartment.

He said that the Lekki Lagos-based female lawyer, Helen, who specialises in the production and distribution of skuchies, a mixture of cannabis, opioids, and black currant, was arrested in a follow-up operation in Awka, Anambra State following an earlier seizure of 5kg cannabis and 12 bottles of prepared skuchies in her apartment at Lekki.

Babafemi added that operatives of the Tincan Port Command of the Agency on Tuesday, July 11, intercepted 116.5kg consignment of Colorado, a strong strain of cannabis concealed in bags hidden in a heap of used vehicles parts on the floor of a container marked FCIU 8459700, bearing three units of used vehicles imported from Toronto, Canada.

Based on intelligence, the statement stated that the agency had requested a 100% examination of the container which arrived at the TICT terminal of the port on June 14, saying that a joint examination with the Nigeria Customs Service, Department of State Services, and other stakeholders on Tuesday, July 11, however, led to the discovery of 233 parcels of the illicit substance stashed inside travelling bags on the floor of the container, covered with used vehicle spare parts.

The statement explained that attempts to export various quantities of illicit substances through courier companies were equally thwarted by NDLEA operatives of the Directorate of Operation and General Investigations in Lagos, pointing out that 336 grams of skunk stuffed inside computer hard drives going to Dubai, United Arab Emirates, were seized at a courier firm.

[DailyPost]

Vice-President Kashim Shettima has sought the support of Nigerians for the federal government’s soon-to-be unveiled solution to the raging crisis in the North West.

Daily Trust reports that the zone has been battling with increased banditry that has cost hundreds of lives and displaced thousands more with many stakeholders already advocating for a different approach to the government’s military strategy to the crisis.

But the Chief of Army Staff, Maj. Gen. Taoreed Lagbaja, reportedly kicked against amnesty programme for bandits and terrorists in the country last week, saying rather than repent, beneficiaries of such programmes see the programme as an avenue to regroup and attack innocent citizens.

But speaking in Kano on Sunday, the Vice President said the President Bola Tinubu is determined to redefine the meaning and concept of modern governance.

He said there cannot be a military solution to the crisis in the North West.

He said, “The crisis we have in the North West, further accentuated by poverty and social exclusion is something the president is determined to frontally confront and in the coming weeks, he is going to unveil the solution.

“Unless we want to engage in an endless war of attrition, there cannot be a military solution to the crisis in the North-West There has to be a kinetic and non-kinetic solution. And President Bola Tinubu in the next couple of weeks will unveil the Pulaku solution which will address the grievances and social exclusion of our Fulbe cousins in the Northwest; towards addressing the root causes of all the banditry and insurgency in the nation.”

The VP, who was in Kano on a condolence visit to the Emir of Kano, Alhaji Aminu Ado Bayero over the death of Malam Imam Galadanci, an in-law to the Sultan of Sokoto and also to the Emir of Bichi, Nasiru Ado Bayero, was received and led to the Emir’s palace by Kano state governor, Abba Kabir Yusuf.

At the Emir Palace, the Emir of Kano appreciated President Tinubu and the VP and expressed optimism that both of them would come up with policies and actions that will further engender development of the country.

The World Bank has attributed the frequent building collapse in Lagos State to gaps and loopholes in the permitting process and the use of unqualified professionals in the design and construction of buildings.

It also listed the absence of a legally adopted building design code, limited land available for development and lack of systems to ensure the quality of construction materials as well as other reasons buildings cave in regularly in the state.

The bank revealed this in a report on housing regulatory framework standards in sub-Saharan Africa.

According to the bank, only about 10 per cent of construction sites obtain permits, and even when permits are obtained, final construction can still deviate from their requirements.

A report by the Lagos State branch of the Building Collapse Prevention Guild early this year revealed that 115 incidents of building collapse occurred in the capital city in the last 10 years.

The report partly read, “Based on past studies and consultations with the government and key stakeholders, the main drivers for building collapse in Lagos are the absence of a legally adopted building design code in Lagos State. This contributes to poor quality design and construction, increasing vulnerability and reducing building design life.

“Another reason is the limited land available for development, combined with a lack of risk-informed site selection. As land in Lagos is scarce, some builders, particularly the poor, are forced to choose risky sites for construction. In addition, site-specific risk information is not readily available.

“Lack of systems to ensure the quality of construction materials: Materials in the marketplace often do not meet the Nigerian national standards, which include minimum material standards, certification mechanisms, and testing requirements. In addition, material testing facilities in Lagos have limited capacity.”

According to the bank, as a result of a failure in regulation, building collapses occur during the rainy season due to construction on inappropriate sites and/or flood damage to foundations and structures.

It also stressed that the building control authority was under-resourced and lacked adequate transportation and equipment to carry out effective site monitoring and inspection.

To resolve this, the World Bank proposed collaboration between the government and private sector as well as bottom-up outreach to inform communities about the risks associated with low-quality construction and design.

Governor Babagana Zulum of Borno State has expressed dismay over the lack of electricity and poor condition at the General Hospital in Gwoza town.

Zulum, who was on a day working visit to Gwoza, spent the night in the town which is the headquarter of Gwoza Local Government Area of southern Borno.

The governor, who has the habit of paying surprise visits to government institutions in a bid to obtain first-hand account of happenings, went to the hospital at midnight on Saturday.

Zulum went round to assess the hospital.

“It is unacceptable that a critical healthcare facility like this Gwoza General Hospital is deprived of basic amenities such as electricity. This situation compromises the quality of care provided to patients and hampers the efforts of our dedicated healthcare professionals.

“We are not here to trade blame, we are here to find solutions. Nobody brought to my knowledge the deplorable conditions of this place.

“I will neither exonerate myself nor the local government authority. We (all) have failed to provide what is needed. However, I want to assure you (patients and the rest of the people) that insha’Allah, we will fix this, we will make the working environment here better than it is now,” Zulum said,

As part of measures to change the situation he saw, Governor Zulum ordered the immediate commencement of rehabilitation works which will include power restoration at the hospital.

Meanwhile, Governor Zulum was impressed with medical staff who, despite the poor situation of the General Hospital, were on ground to provide services.

Zulum announced reward for all the staff for being dedicated in the face of challenges.

To Take Decision Soon

There are strong indications that the federal government is favourably disposed to raising the minimum wage to as high as N200k per month as demanded by the organised labour in the country.

However, state governors are urging for caution while Anambra State governor Charles Soludo has been asked to chair a Technical Working Group (TWG) to resolve the issues and its various dimensions.

LEADERSHIP gathered that the matter was discussed at the last month’s National Economic Council (NEC) meeting and it was there that the Salaries, Incomes & Wages Commission made a presentation on how the federal government can meet up with the demand of N200,000 per month minimum wage.

Sources, who spoke with Empowered News Network, revealed that President Bola Ahmed Tinubu is specifically and personally convinced that the demand of the organised labour is not unrealistic pointing to his campaign promises as a proof of his readiness to handle the challenge.

Recall that President Tinubu as president-elect also said on Workers Day on May 1 that “In the Nigeria, I shall have the honour and privilege to lead from May 29, workers will have more than a minimum wage. You will have a living wage to have a decent life and provide for your families.”

At the NEC meeting which the president inaugurated in June, the Salaries & Wages Commission costed the financial implications of the said minimum wage increase and showed how the federal government could pay it, with a certain recommendation that it was well within the capacity of the federal government. But at the meeting the state governors who make up the membership of the NEC raised questions over the proposal.

Leading the governors at the meeting was Anambra State governor, Prof Charles Soludo who argued that before adopting the presentation to significantly raise the national minimum wage, it would be important for NEC to first understand where the money would come from, how much would come and what states would get.

Part of the expectations and planning is that with the new foreign exchange policy more cash would be available to be shared by the federal and states governments under the FAAC monthly distribution. In which case according to informed sources there would be enough surplus cash to enable the significant raising of the minimum wage from N30,000 to N100, 000 monthly.

Similarly, the savings from the fuel subsidy would further mean more cash inflow to the federation account.

At the June NEC meeting, a sub-committee was formed to review the situation as was publicly announced, composed of governors led by Kebbi State governor with six other governors among the members. They are the governors of Anambra, Benue, Kaduna, Bauchi, Cross River and Oyo states with each representing the six geopolitical zones.

In the sub-committee are also the director-general of Budget Office of the Federation, Governor of Central Bank of Nigeria, Accountant General of the Federation and the representative of NNPCL. Others included representatives from the organised labour (TUC and NLC) and Ms. Rukayyat El-Rufai, according to a statement from the Office of the Vice President who is NEC’s chairman.

The sub-committee at its meeting soon after the NEC last month, formed a Technical Working Group, TWG, with Governor Soludo as chairman to interrogate the issues around raising the minimum wage understanding that it is both the federal and state governments and not just the federal government that would be responsible for the payment of the new minimum wage.

Under Soludo’s leadership the TWG has met at least thrice last month; on the 24th, 27th and 30th respectively.

In one of its major resolutions the TWG resolved that negotiations with labour must be two-tracked between the federal government in one hand and the state governments in another hand.

Later this month the NEC would meet to receive the report of the sub-committee and take a final decision on the national minimum wage which would then be forwarded to the president as an advisory.

It was further gathered that what is most likely is that at the very least federal government workers would be receiving the huge minimum wage increase, while the Soludo TWG would determine the fate of the states’ workers.

The Federal Government has withdrawn the Mobile Police Force personnel attached to several Very Important Persons, including ex-governors, former ministers and lawmakers.

The order, which was contained in a police wireless message from Mopol 45 Force Headquarters, Abuja, affected Daura Buhari, brother to former President Muhammadu Buhari as well as former First Lady, Aisha Buhari’s sibling and former Secretary to the Government of the Federation, Boss Mustapha.

The development came a few weeks after the IG vowed to withdraw Police Mobile Force personnel from VIP escort and guard duties.

He had also announced plans to establish the Special Intervention Squad, which according to him, would have 40,000 highly trained police officers including selected officers from the Police Mobile Force.

This, the IG said, was to allow the police to take back its place in the “internal security architecture” of the country.

Egbetokun, who spoke during a meeting with Squadron leaders and Tactical Commanders in Abuja, on June 26, stated, “We shall effect the withdrawal of PMF personnel from VIP escort/guard duties. While the protection of dignitaries remains paramount, it is imperative that we realign our priorities to address the escalating security challenges faced by the nation as a whole. By relieving the PMF of VIP escort and guard duties, we can redirect their focus and efforts toward addressing critical security concerns that affect our communities at large.

“In a bid to kick-start the process of regaining our pride of place in the internal security architecture of our dear country first and foremost, modalities for the creation of a new special squad – the Special Intervention Squad have been initiated.

“This special squad shall consist of 40,000 specially trained elite officers. The Squad will be formed by selecting officers from the pool of existing Police Mobile Force personnel and all tactical units in the country.

“These officers will undergo intensive pre-deployment training to make them combat-ready for frontline operational duties in all the states of the Federation, with a particular focus on areas plagued with unrest and turmoil.

“By pooling together the expertise and experience of our PMF personnel and other tactical units, we can establish a formidable force that is well-equipped to handle the evolving challenges we face.”

Egbetokun set up a committee headed by the Deputy Inspector-General of Police (Operations), Adeleke Bode, to assess and advise on how the new policies could be implemented seamlessly.

The committee submitted

The PUNCH reports that thousands of police operatives were attached to public officials, ex-political officer holders, businessmen and other private individuals, thus reducing the number of police personnel required to protect the public while fewer officers were available for core police duties like investigations and patrols.

Though previous IGs had withdrawn the police orderlies deployed to protect some politicians in the past, the cops found their way back to the VIPs.

Statutorily, only the president, vice president, governors, local council chairmen, legislative principal officers in the states and at federal level, magistrates and judges are entitled to police protection.

But this privilege has over the years been extended to just about anybody who can pay, leaving ever fewer personnel for real police work.

However, the Force headquarters in its order with reference CB: 4001/DOPS/45PMF/FHQ/ABJ/VOL.15/353 signed by the AIG MOPOL, directed the addressees to implement the directive with immediate effect.

The message was addressed to DSPs Lauretta Iruonagbe; Yusuf Ishaq; Okeme Emmanuel; Ilesanmi Temidayo; Emmanuel Akaniro; Yakubu Francis; Chindo Atege; Zakari Mohammed and ASPs Osori Sani; Job Andrew; Iyabo Oluwadamilola, and Yakubu Anthony who are believed to be attached to some of the affected dignitaries.

VIPs affected by the withdrawal order include former governors of Imo State, Ikedi Ohakim and Rochas Okorocha; former governor of Bauchi, Adamu Muazu; ex- Gombe State governor, Danjuma Goje and former governors of Ogun and Zamfara, Gbenga Daniel and Bello Matawalle, respectively.

Similarly, the MOPOL attached to some former ministers who served under the Buhari administration were withdrawn.

They are ex-Minister of Police Affairs, Maigari Dingyadi; former Minister of State for Petroleum, Timipreye Sylva; former Minister of State for Mines and Steel, Gbemisola Saraki; former Minister of State for Science, Technology and Innovation, Henry Ikoh; former Minister of State for Budget and National Planning, Clem Agba and former Minister of State for Power, Goddy Agba.

Also, the orderlies working with the former Chairman Senate Committee on Police Affairs, Haliru Dauda; former Chairman House Committee on Police Affairs, Rabiu Lawan, and Senator Stephen Adey, were equally withdrawn.

The mobile police officers to the suspended National Chairman of the Peoples Democratic Party, Iyorchia Ayu were also affected.

The order read in part, “You are directed to withdraw all personnel mine attached to the under-listed politicians: Former governor of Imo state, Ikedi Ohakim; former Secretary to the Government of the Federation, Boss Mustapha; former governor of Bauchi, Adamu Muazu; former governor of Imo, Rochas Okorocha; former governor of Gombe State, Danjuma Goje; former governor of Ogun, Gbenga Daniel; former governor of Zamfara, Bello Matawalle; former Minister of Police Affairs, Maigari Dingyadi; former Minister of State for Petroleum, Timipreye Sylva; former Clerk of the National Assembly; Aisha Buhari brother; Daura, brother to the former president Buhari ; APC National women leader; former Minister of State for Mines and Steel; former Chairman Senate Committee on Police Affairs, Haliru Dauda; former Minister of State for Science, Technology and Innovation; former Minister of State for Power; National Chairman of the Peoples Democratic Party, Iyocha Ayu; former Chairman House Committee on Police Affairs, Rabiu Lawan; Minister of State for Budget and National Planning, Clem Agba and former Senator Stephen Adey. Treat as very important.”

Reacting to the action of the police authorities, the media aide to Senator Gbenga Daniel, Steve Oliyide, said it was in the power of the IG to determine the security architecture of the country.

Oliyide said, “It is actually within the precinct and powers of the IGP to determine the security architecture for the country and Senator Otunba Gbenga Daniel will support any and every initiative towards strengthening the country’s security system, notwithstanding any temporary discomfort to his personal safety.’’

“Once there are composite security arrangements for the entire country, it also suggests that VIPs too will also be secured, and Senator Daniel has implicit confidence in the capacity of the IGP to provide and make adequate security for all in the circumstance. Where and when the need arises, I am sure he will arrange complimentary security supports,” he added.

The former SGF could not be reached for comment on Sunday as he did not respond to several calls and a message sent to him on WhatsApp.

Also, Matawalle, who was also affected by the new development, was not available for comment. The former Principal Private Secretary to the former governor, Lawal Maradun failed to react on behalf of his principal despite repeated messages sent to his mobile phone number.

Commenting on the development, Deputy Inspector-General of Police Adedayo Adeoye (retd.) commended the IG for making good his word.

He, however, expressed fear that the directives could be truncated by the VIPs.

Adeoye said, “I am in total support of what the IG is doing but my fear is that they will not allow him to complete this. Others have tried it in the past and did not succeed.

‘’He needs the president’s support to implement this to the letter. For me, there should be no special protection unit for anybody. The law provides a guideline for people entitled to police protection. We should follow that.”

A retired Commissioner of Police, Emmanuel Ojukwu described the attachment of the mobile police to VIPs as an abuse, adding that the VIPs had denied Nigerians the valuable contributions of the mobile police personnel.

The former force spokesman noted, “The police have what is called a special protection unit for the VIPs to harvest police to protect them. Mobile Police was not created for that. The mobile police is the combatant arm of the police; As a result, the VIPs want the utmost protection; that explains why they have been going for the mobile police.”

A retired FCT Commissioner of Police, Lawrence Alobi, said the withdrawal of mobile police would bolster the security architecture of the country.

He added that the VIPs have nothing to fear as the personnel of the Special Protection Unit are equal to the task.

“Security operations are about the need and the reality on the ground. The IG must have assessed these before giving that order. Also, the primary duty of the government is to secure the lives and properties of the citizens and not only the VIPs,”

Of the N33.1trillion total Nigerian Exchange (NGX) market capitalisation, 10 out of 156 listed companies control N25.62trillion translating to 77.1 per cent of the entire market valuation in six months, LEADERSHIP learnt.

The 10 companies are; MTN Nigerian Communications (MTNN) Plc, Airtel Africa, Dangote Cement, BUA Cement, BUA Foods, Zenith Bank, Guaranty Trust Holding Company (GTCO), Nestlé Nigeria, Seplat Energy and Geregu Power.

The total number of companies on the NGX as at June 30, 2023 are 156 with total capitalisation of N33.198 trillion. The NGX market capitalisation of the equities refers to the total value of the equities of all the listed companies on the Exchange.

These 10 stocks are called large cap and they dictate market trading direction through positive or negative performance as a company’s stock is generally classified as large-cap, mid-cap or small-cap.

MTNN has taken over to become most capitalized stock of the NGX, with a market capitalisation of N5.565 trillion, accounting for about 16.76 per cent of the total equities market capitalisation as as June 30, 2023. Airtel Africa’ market capitalisation followed by N4.960 trillion as it declined by N1.185 trillion from N6.145 trillion on January 2, 2023; while Dangote Cement followed with a valuation of N4.857 trillion.

BUA Cement recorded a total capitalization of N3.124 trillion, while BUA Foods achieved N2.444 trillion capitalization, gaining N1.274 trillion in six months.

Zenith Bank total capitalisation grew by N298 billion to N1.075 trillion, while Guaranty Trust Holding Company (GTCO) recorded a half year growth of N353 billion to N1.030 trillion.

Nestle Nigeria, Seplat Energy and Geregu Power capitalization stood at N990.820 billion, N823.705 billion and N750 billion respectively as at June 30, 2023.

The equities market performance in 2023 has maintained the uptrend momentum from 2022. As at June 30, 2023, the NGX All Share Index has a year-to-date (YTD) return of 18.5 per cent, driven by strong share price performances of large-cap stocks such as Dangote Cement, BUA Foods, Geregu Power and MTNN; impressive earnings performance as well as dividend declarations; and positivity following the inauguration address by President Bola Tinubu and subsequent policy reforms; including the new FX liberalisation policy.

Speaking on this development, the chief economist/head, Investment Research of PanAfrican Capital Holdings, Mr. Moses Ojo, said impressive corporate earnings and dividend pay out to shareholders contributed to these companies’ price appreciation.

According to Ojo, the three companies are the largest companies by market capitalisation on the NGX and that if these companies record one per cent gain, it will affect the direction of the stock market.

“The financial results of these companies have been impressive despite foreign and domestic challenges. Despite reporting high operating cost, the likes of MTNN and Airtel Africa have maintained robust fundamentals,” he said.

The chief operating officer, InvestData Consulting Limited, Ambrose Omorodion attributed stock price appreciation in these companies to stability and its classification, saying “investors are always after highly capitalised stocks across the world. These are companies where Pension Fund Administrators, foreign and high network investors are ready to take positions. These companies are defensive stocks and they control over 50 per cent value on the NGX.”

Omordion explained that, “in any market of the world there are different categories of stocks that lead to different indexes to measure their performance. These 10 stocks or companies on the NGX influence the general market performance as a result of its capitalisation.

“It is expected that these companies should have created more wealth for Nigerians due to their huge earnings but the shareholding structure and float has not helped in this matter.

“To reduce the influence of these 10 companies and balance the market, more new companies should be encouraged to list on the Exchange. The present market fragmentation is not the best for our market; we need to have a standardized market where we have companies from across the sectors of the economy listed so that no one firm or few firms will be domineering and dictating the movement of the market as we currently experience.”

He however said, it is not too good for these few companies to keep dominating the market because it does not represent the whole economy, and some of these companies are having float problems due to their shareholding structure, saying, this shows that the market is not deep and does not represent the size of the economy.

Omordion said, government and the market regulators should encourage companies to list and participate, saying, “making the right policies to drive economic growth and encourage small businesses to list by reducing cost of listing and post listing requirements are key to addressing this issue.”

Osun State Governor, Ademola Adeleke, has urged Nigerians not to see age as a barrier to pursuing educational dreams, saying one of the conditions he was given before his 2022 governorship ambition would be supported, was for him to complete his education.

Adeleke spoke at the combined 9th undergraduate and 5th postgraduate convocation ceremonies of the Adeleke University, Ede, Osun State, on Sunday, where 75 postgraduate and 537 undergraduate students were conferred with various degrees.

The governor, who said that after losing the 2018 governorship election, he was subjected to the worst personality attacks and assaults, added that he had to leave the country to escape the attack and to complete his degree programme, after his elder brother, Dr. Deji Adeleke insisted he must complete his education, or forgo his 2022 governorship ambition.

He said, “Dr Tajudeen Adeleke encouraged me to move ahead. Before I went into exile, he called me to a meeting where we discussed. He told me that I should look at what I have been subjected to, by those saying I was not educated. He advised me that I should go to America for studies.

“He said the only thing I can do for Osun people if I am ready to be governor is that I must get educated, I must complete my education, and without completing it, I should forget my governorship ambition.

“At my age then, I successfully re-enrolled and completed my degree programme. I am proud of that achievement and I thank my family and friends for their total support. I came back to re-contest in 2022 as a brand-new graduate. The rest is now history. What is the lesson? Our age must never be a barrier to educational pursuit. What we need is commitment and passion to succeed.”

In his remarks, Dr Deji Adeleke, who is the founder of the university, said if Nigerians resolved to change the country for the better, it could be achieved.

Dr Adeleke, while lamenting the bad attitude of many Nigerians to nation-building, which according to him was hurting the country, noted that about 120 corps members that worked as INEC ad hoc staff during the 2022 Osun governorship election, suddenly disappeared on election day to frustrate the exercise, and did not show up at their different polling units until the leadership of the scheme threatened them.

Speaking further on the bad followership, Adeleke, said components in the turbine that had not been installed, imported for the 1250MW power plant he was building in Ajebandele, Ondo State, were looted by people.

He urged Nigerians who desire a good country to contribute their quota to nation-building and stop apportioning blame to those in positions of authority.