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NIigeria equity market loses N196 bn

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The Nigerian Stock Exchange (NSE) on Monday reacted negatively to sudden election postponement, dropping by N196 billion as predicted by financial experts.

Specifically, the market capitalisation shed N196 billion or 1.61 per cent to close at N12.004 trillion against N12.200 trillion on Friday, due to the postponement.

Also, the All-Share Index which opened at 32,715.50 lost 525.43 points or 1.61 per cent to close at 32,190.07, amid loses by blue chips.

The News Agency of Nigeria (NAN) reports that the equity market which climbed past a three-month high on Feb. 15 reversed growth, following last minute postponement of the general elections.

NAN reports that INEC announced the shift of the Feb. 16 Presidential and National Assembly elections to Feb. 23.

The Governorship and State House of Assembly as well as FCT area council elections have also been shifted from March 2 to March 9.

INEC Chairman, Prof. Mahmood Yakubu, at a news conference attributed the postponement of elections to logistics and operational problems.

Mr Sola Oni, a chartered stockbroker and Chief Executive Officer, Sofunix Investment and Communications, Lagos, said: “The sudden postponement, few hours to election period, was a sad commentary.

“It has deepened Nigeria’s political risk with dire consequences on investment decision,” Oni said.

He said that the shock caused by the announcement might jolt foreign portfolio investors who had been apprehensive of the presidential election.

“It is not unlikely that trading on the stock may be moderated by this development as it is capable of further eroding investor confidence in our market.

“Every political decision has direct or indirect impact on the financial market,“he stated.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, had earlier told NAN that the postponement, few minutes to the Election Day would further slow down economic activities.

According to the expert, it will also cause cautious trading in the nation’s bourse.

Omordion said that investors’ confidence on the recent stock market rebound would be dampened with the development.

He said that the development had heightened uncertainty in the market arena and economy.

Omordion said that investors who had started to pick up shares to position for a post-election rally were now dumping their shares due to INEC’s sudden decision to shift the polls.

An analysis of the price movement chart shows that Total recorded the highest loss, dropping by N15 to close at N190 per share.

Mobil Oil trailed with a loss of N8 to close at N75, while Guaranty Trust Bank was down by N1.45 to close at N36.50 per share.

Cement Company of Northern Nigeria declined by N1 to close at N20 per share.

Conversely, Nestle led the gainers’ table with a growth of N35 to close at N1, 800 per share.

Betaglass followed with a gain of N6.70 to close at N79, while Presco gained N6.60 to close at N72.60 per share.

Cap added N2.20 to close at N34, while Dangote Flour increased by 45k to close at N9.60 per share.

Also, the volume of shares transacted dipped by 71.13 per cent, while value of shares traded dropped by 48.23 per cent.

Consequently, investors bought and sold 233.42 million shares valued at N3.36 billion in 4,134 deals.

This was in contrast with a turnover of 808.65 million shares worth N6.49 billion traded in 6,177 deals on Friday.

Access Bank dominated trading activities accounting for 25.32 million shares worth N160.16 million.

Chams followed with an exchange of 21.70 million shares valued at N4.34 million, while United Bank for Africa traded 20.45 million shares worth N157.19 million.

Zenith Bank exchanged 15.68 million shares valued at N375.32 million, while Guaranty Trust Bank traded a total of 13.86 million shares worth N519.12 million. (NAN)

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ENHANCING PUBLIC SAFETY AND SECURITY: THE HALO TRUST AND US GOVERNMENT PARTNER TO PROVIDE AMMUNITION HANDLING AND ACCOUNTING TRAINING AT IKEJA LAGOS.

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The Nigeria Police Force Explosive Ordnance Disposal – Chemical Biological Radiological and Nuclear (NPF EOD-CBRN) has successfully completed the first batch of training for 19 personnel on Ammunition Handling and Accounting Course. The training, held in Ikeja, Lagos, from December 3-20, 2024, was organized by The HALO Trust and sponsored by the United States Department of State’s Bureau of International Narcotics and Law Enforcement Affairs.

According to The HALO Trust’s Country Director for Nigeria, Prince Ganiyu Otunba, this training is part of aholistic NPF-HALO developed project aimed at supporting personnel capacity building, addressing equipment needs, and enhancing the operational readiness of the NPF EOD-CBRN Command to mitigate explosive ordnance threats in Nigeria. A second batch of 22 personnel is scheduled to undergo the same training in January.

The Inspector General of Police, IGP Kayode Adeolu Egbetokun PhD, NPM, through the CP EOD–CBRN CP Patrick Atayeroexpressed gratitude to the Bureau of International Narcotics and Law Enforcement Affairs andThe Trust HALO for their support.

The training aimed to equip NPF EOD-CBRN personnel with the knowledge, skills, and best practices necessary to handle and account for ammunition and explosives safely and securely. The course also focused on ensuring proper accounting and record-keeping, preventing theft and diversion, reducing the risk of unplanned explosions at munitions sites, and promoting international best practices.

The NPF appreciates the support provided by the United States government, which will have a profoundly positive impact on the society.

CP Patrick Atayero emphasized the importance of responsible ammunition management in preventing the proliferation of illicit weapons and reducing the risk of unplanned explosions at munitions sites. He urged all stakeholders to collaborate with the Police in efforts to prevent the diversion, misuse, and unauthorized handling of explosive and other hazardous materials.

About HALO

The HALO Trust is the world’s largest humanitarian organization engaged in the field of Mine Action and weapons and ammunition management. With over 35 years’ experience, The HALO Trust is the most experienced organization in the field of Weapons and Ammunition Management, rehabilitating and constructing armouries and ammunition stores to international standards, disposing of unsafe and unserviceable weapons and ammunition, and building national capacity to allow for the safe, accountable and secure management and control of weapons and ammunition.

The HALO Trust presently implements Mine Action and weapons and ammunition management projects in 30 countries and territories. In 2024, HALO trained a total of 106 Nigeria security forces personnel in weapons and ammunition management.

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Aliu Gafar delivers stellar performance as Esusu in Femi Adebayo’s Seven Doors

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By Rtn. Victor Ojelabi

The much-anticipated movie series Seven Doors by Femi Adebayo has finally premiered, currently showing on Netflix, captivating audiences with its intricate storytelling and compelling characters.

The movie begins with a haunting scene of seven women under a mysterious spell leaping to their deaths from a waterfall, setting the tone for a gripping tale that unravels in Ilara Kingdom.

The series explores various societal issues, including corruption, greed, gluttony, family values, malicious conspiracies, and the delicate balance of law and order.

Central to its plot is the calamitous fate of Oba Adedunjoye, the Onilara of Ilara, whose failure to perform traditional rites—symbolised by knocking on seven doors—unleashes devastating consequences on his kingdom.

At the heart of this chaos is Esusu, a malevolent and exiled villain whose return wreaks havoc.

Esusu, a ni ohun t’Eledumare o ni.
Eledumare o ni ika, ika ni Esusu

The character of Esusu, pivotal to the story’s depth, is masterfully brought to life by Aliu Gafar.

Gafar’s first appearance, late in Episode 2, immediately shifts the narrative, introducing a chilling force that spares no one, not even the royal family. His commanding portrayal encapsulates the essence of Esusu, a man whose wickedness defies comprehension.

The backstory reveals Esusu’s sinister pact with Ọba Adejuwọn, an ancestor of Adedunjoye.

Desperation led Adejuwon to seek Esusu’s help to evade death—a move that came at an unthinkable cost, forgetting that bi alọ ba lọ, abọ nbọ (a pendulum that swings to is still coming to swing fro).

Esusu’s return demanded not only royal treatment but the freedom to live as he pleased, challenging the very fabric of the kingdom.

Gafar embodies this complex character with remarkable precision, delivering a performance that is both chilling and unforgettable.

With almost two decades in Nollywood, Aliu Gafar has solidified his reputation as a versatile and dedicated actor.

His extensive filmography includes acclaimed productions such as Jagun Jagun, Anikulapo, Iyalode, Eefin, and Omo Ajele.

His role in Seven Doors further cements his legacy as a master of his craft, showcasing his ability to seamlessly portray multifaceted characters.

The Yoruba actor has also garnered accolades for his work, including the Best Actor award at the Dallas International Yoruba Movies Awards for his role in Peregun.

His commitment to the industry and his talent for captivating performances continue to make him a force to be reckoned with in Nollywood.

In Seven Doors, Gafar’s nuanced performance as Esusu elevates the series, demonstrating his ability to command attention and bring depth to a complex narrative.

His contribution to the Nigerian film industry remains invaluable, and his portrayal of Esusu is a testament to his enduring excellence.

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Ogun State Prominent Monarchs, Business Tycoons, Others Honor Olusho Agba At The Confession 2024

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The Olusho Agba’s confession 2024 attracted more dignitaries as three respected monarchs in Ogun honour the event by physical appearance, alongside side most prominent CEOs in Ogun.

 

The royal fathers present at the laudable event held at Continental Suits in Abeokuta include HRM Oba Oyabanji Adetunji (Oloja Of Oja Odan) HRM Oba Buhari Makinde (Oniwoye of Iwoye Land) HRM. Oba Lukmon Kuoye (Olu of Imasayi).

 

Also Chief Executive Officer of IBD Foundation, Dr. Mrs. Lara Dende, the Chief Executive Officer of Pelican Valley Nigeria Limited Amb. Dr Tunde Adeyemo and CEO of Zolakaz Oil and Gas Alh. Sanni Azeez was also present at the event.

 

The Confession 2024 features a series of content creators, comedians, singers and dancers, and artists of different fields such as Dr Smile, Hafeez Oyetoro (Simply Saka), Woli 3310, Chukwuka Jude, Babalegba

Biola Adekunle, Femi Obimodede, Ishau Abidemi, and many more.

 

Below are some pictures from the event…

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