The Nigerian Exchange Ltd. (NGX) started the week on a negative note as market capitalisation stood at N26.767 trillion, representing a 0.14 per cent decrease from the N26.805 trillion recorded on Friday.
Also, the All-Share-Index (ASI) shed 69.41 basis points or 0.14 per cent to close at 49,625.71 as against 49,695.12 the previous session.
Market breadth closed with 13 stocks that gained and lost, respectively.
Multiverse Mining & Exploration led the gainers’ table during the day, gaining 9.32 per cent to close at N2.58 per share.
FTN Cocoa Processors followed with a gain of 6.67 per cent to close at 32k, while Chams added 6.45 per cent to close at 33k per share.
Academy Press appreciated by 4.76 per cent to close at N2.20 and Regency Alliance Insurance rose by 2.04 per cent to close at 25k per share.
On the other hand, Beta Glass Company topped the losers’ chart, shedding 9.96 per cent to close at N46.10 per share.
Learn Africa trailed with a loss of 8.89 per cent to close at N2.05, while NEM Insurance declined by 7.96 per cent to close at N5.20 per share.
Japaul Gold and Tripple Gee & Co were down by 6.9 per cent each to close at 27k and 81k, respectively.
Overall the volume of shares traded stood at 86.59 million, representing a 72.86 per cent decrease from 319.09 shares at the previous session.
Also, the value of traded stocks dropped by 37.22 per cent to stand at N1.17 billion compared with N1.86 billion recorded in Friday.
Guaranty Trust Holding Company (GTCO) was the most active stock, exchanging 19.47 million shares worth N385.59 million.
Sterling Bank followed with an account of 6.21 million shares valued at N9.35 million, while Zenith Bank traded 5.92 million shares worth N118.68 million.
Fidelity Bank sold 5.38 million shares valued at N20.02 million, while Chams exchanged 5.63 million shares worth N1.87 million.
The Coalition of South-East Youth Leaders has described Sunday’s fatal attack on Sen. Ifeanyi Ubah’s motorcade as wicked and barbaric.
The President-General of the group, Mr Goodluck Ibem, made the ascertion in an interview with the News Agency of Nigeria in Awka on Monday.
NAN recalls that gunmen attacked Ubah’s motorcade at Enugwu-Ukwu Junction in Njikoka Local Government Area of the state, killing his aides and security agents attached to him.
Ibem said: “We are disheartened to receive this heartbreaking news of how our youths had their lives cut short in broad daylight.
“It is sad that such senseless killing of innocent youths, who have done nothing wrong, is happening in an area that is before now adjudged most peaceful.
“We urge the Inspector-General of Police and heads of other security agencies to immediately arrest and prosecute the perpetrators of this dastardly acts.
” Ibem said that the activities of criminals were destroying businesses in the South-East. According to him, some businessmen and women are now scared to come to do business in the zone.
He demanded that something be done urgently to put an end to violent crimes in the area.
“We call on the Gov. Chukwuma Soludo to double his effort to protect the lives and property of the people.
“Delay is dangerous, our security agents should get to work now.
“Our youths in the state should support the governor and security agents by providing credible information that would lead to the arrest of the perpetrators of the attack,” Ibem said.
He conveyed the group’s condolences to Ubah, the deceased families, governor and people of Anambra.
Gov. Ifeanyi Okowa of Delta and Vice Presidential Candidate of the Peoples Democratic Party (PDP), has congratulated the Obi of Owa, Dr Emmanuel Efeizomor II, on his 61st coronation anniversary.
Okowa in a statement by his Chief Press Secretary, Mr Olisa Ifeajika, in Asaba on Monday, described the renowned traditional ruler as a man of peace and extreme humility.
He said that Obi Efeizomor who was the immediate past Chairman of the Delta State Council of Traditional Rulers, was a symbol of equanimity and unity and had impacted positively on his people and the state.
He said that the monarch’s long reign had recorded massive development, remarkable transformation and enduring peace to Owa kingdom.
“I thank God Almighty for your life because in your reign, Owa land has continued to prosper, with sons and daughters excelling in their various endeavours.
“You have supported wonderful evolution in Owa land as well as ensured that needed peace continues to prevail across the kingdom.
“We appreciate your role and astute contributions when you served diligently as Chairman of Delta State Council of Traditional Rulers.
“As a peace builder, great patriot and elder statesman, you have done your best to positively impact on the development of your kingdom and our State, Delta.
“On behalf of my family, the government and people of Delta, I congratulate you, Your Royal Majesty, Obi (Dr) Emmanuel Efeizomor, Obi of Owa Kingdom, on the occasion of your 61st coronation anniversary, ” the governor said.
He wished the monarch many more years on the throne of his forebears.
One thousand Cross River youths from the three senatorial districts on Monday received laptops and starter packs from the Nigerian Content Development and Monitoring Board (NCDMB) after a training programme.
The trainees are also expected to receive N120,000 as stipends, a shop each and registration of business names which were selected for the training in phone repairs, hardware, software and entrepreneurship development.
During the graduation ceremony of the trainees in Calabar, Mr Simbi Wabote, Executive Secretary, NCDMB said in the era of the fourth industrial revolution, mobile technology had become an indispensable tool.
He said that the telecommunication industry was one of the fastest growing in the nation and was contributing massively to the nation’s Gross Domestic Product (GDP).
“According to data from Nigeria Communications Commission and Nigeria Bureau of Statistics, Nigeria’s tele-density grew from 1.89 per cent in 2002 to 102.47 per cent in 2021.“Similarly, Nigeria’s total subscription to the network now stands at 195 million while the number of android phone users now stands at 56 million,” he noted.
He appealed to the trainees to effectively use what they have learnt, adding that their involvement in the programme had the capacity to increase the GDP of the nation.
On his part, Mr Legor Idagbo, Chairman, Nigeria Content Development and Monitoring Committee in the House of Representatives, noted that similar programmes had earlier been held in Kano, Kaduna, Bauchi, Jigawa and Yobe states.
Idagbo, representing Bekwarra, Obudu and Obanliku Federal Constituency of Cross River, facilitated the initiative, saying the selection of the trainees was random and apolitical based on those that applied.
While reeling out the benefits of the programme for the trainees, he told them that the ball was in their courts, adding that they would only succeed by practising what they had been taught.
“It is the mindset that you have that will make you succeed; I want to challenge you to ensure that we see 50 to 60 per cent success from this training,” he said.
Similarly, Gov. Ben Ayade advised the beneficiaries to use the equipment they would be receiving to make their lives better while becoming entrepreneurs.
Represented by his deputy, Prof. Ivara Esu, the governor appealed to the beneficiaries not to sell what they have been given but use them to their betterment and that of the state.
“Use what you have been given well, don’t sell them, they are for your good.
“The state is giving you three years tax exemption, access to funds, different initiatives from the Federal Government and protection from multiple taxation,” he said.
The Speaker of the House of Representatives, Rep. Femi Gbajabiamila, has appointed Mr Olanrewaju Wasiu as his new Chief of Staff.
This is contained in a statement by his spokesperson, Mr Lanre Lasisi on Monday in Abuja.
Lasisi said that Gbajabiamila also appointed nine other aides to ensure efficient delivery of the Legislative Agenda.
He said that the appointment became necessary following the resignation of some aides to seek for elective offices.
Wasiu was the Deputy Chief of Staff and his appointment came after the resignation of the former Chief of Staff, Mr Sanusi Rikji.
He said that the other appointments included that of Mr Olufunmi Badmus who was the former Special Adviser on Special Duties now appointed as the Deputy Chief of Staff.
Mr Abdulrauf Modibbo appointed as Special Assistant, Political (North East) while Mr Lamir Ibrahim was appointed as the Special Assistant, Executive Relations.
Also, Chief Kenneth Uzoigwe was appointed as Special Assistant, Political (South East) while Mr Bisi Irinoye was appointed as Special Assistant, Legislative Matters.
Others were Mr Ibrahim Ladega, Special Assistant, Political (South West) Mr Jamila Mauzu, Senior Legislative Assistant I, Obiageli Onu, Senior Legislative Assistant II, and Mr Kunle Bello, Senior Legislative Assistant III.
The speaker advised the new political appointees to discharge their duties in compliance with the revised schedule of duties in the office of the speaker.
He urged them to exercise utmost commitment to the implementation of the Revised Legislative Agenda of the 9th House of Representatives.
Prof. Abdulqadir Abikan, the National President of Muslim Lawyers Association of Nigeria (MULAN), has commended the Federal Mortgage Bank of Nigeria (FMBN) for introducing ‘Non-Interest Rent to Own Housing Product’ to enable a broader spectrum of Nigerians own their homes.According to the University of Ilorin (Unilorin) Bulletin issued on Monday, Abikan made the commendation when he led a team of MULAN executive committee members on a courtesy visit to the FMBN Management Team at the Bank’s Head office in Abuja.Abikan, who is also the immediate past Director of the School of Preliminary Studies, Unilorin, said the association received the news of FMBN’s approval of the non-interest rent-to-own product with extreme excitement.“This is because it provides an alternative mortgage scheme for many Nigerians whose religious beliefs do not allow them to benefit from the Bank’s housing products because of their interest-based nature.“We believe the decision will engender a more inclusive mortgage system for a broader spectrum of Nigerians.” The MULAN president added that the association is ready and willing to partner with the FMBN towards ensuring a smooth implementation of the non-interest housing products through the provision of relevant advisory services by its members.He explained that FMBN developed the product to eliminate the challenges that eligible Nigerians who want to own their homes through the National Housing Fund (NHF) scheme face because of the interest-based nature of the bank’s existing housing products.“The product uses a rent-to-own model that allows beneficiaries to move into FMBN and non-FMBN-funded homes and conveniently pay towards full ownership using or annual rentals.“The product’s financing structure is based on the non-interest financing contract of Ijarah Muntahia Bitamleek (Lease to Own),” he said.Abikan noted that FMBN retains ownership of the property until the financing term ends or at any time during the lease period that the beneficiary wishes to purchase the property.Receiving the MULAN team, Mr Madu Hamman, the Managing Executive of FMBN, commended them for the visit while assuring of the bank’s readiness to collaborate with the association towards ensuring a hitch-free provision of the non-interest housing product.Hamman, who was represented by the bank’s Executive Director, Loans and Mortgage Services, Alhaji Lukman Mustapha, observed that the FMBN non-interest rent-to-own product is available to Nigerians who must be contributors to the NHF scheme.He added that it covers both FMBN and non-FMBN-funded properties with a maximum price of N15 million.Hamman explained that beneficiaries have the options to pay to own the property in or annual rental installments over 30 years, depending on their age and years in service.He encouraged members of MULAN to become ambassadors of the non-interest rent-to-own product.The FMBN boss advised the association to take the news outside of the association to other prospective home owners within their respective areas of influence and network.NewsSourceCredit: NAN
The Minister of Transportation, Mr Mu’azu Sambo, has directed the management of the Nigerian Maritime Administration and Safety Agency, (NIMASA), to promptly deploy the Modular Floating Dockyard acquired by the agency.
NIMASA Director General, Dr Bashir Jamoh, gave the directive in a statement in Lagos on Monday.
Jamoh said that the minister described the deployment of the dockyard as one of the low hanging fruits he hoped would be delivered to the nation within the next few months.
“When we met with the minister last month, he made it clear that we need to deploy the Modular Floating Dockyard for the benefit of Nigerians.
“ The truth is that we are working round the clock daily to ensure the dockyard is put to use.
“We are working closely with the Nigerian Ports Authority, NPA using lessons from past mistakes, to ensure a productive and sustainable deployment of the modular dockyard,” he said.
The NIMASA boss said that both NIMASA and NPA were set to complete the operationalisation of the NIMASA dockyard.
He said this would begin with the installation of dolphins and repair of facilities at the NPA Continental Shipyard facility, from where the floating dock would be operated.
Jamoh noted that NIMASA had completed the ongoing discussions with its co-partner, NPA and other managing partners to provide the Continental Shipyard for the anchoring of the Dockyard.
“The Infrastructure Concession Regulatory Commission (ICRC) is closely providing guidance for the deployment of the national asset on a Public Private Partnership PPP model.
“The floating dock needs to go through an installation process before it starts functioning or be put to use.
African agtech innovators from the four corners of the continent were victorious in the eighth edition of Pitch AgriHack. The 2022 competition saw a 30% increase in completed applications with entries from 37 African countries.
Representing Egypt and Tunisia in the north, Zimbabwe in the south, Ghana and Nigeria in the west, and Kenya in the east, six youth-led agribusinesses have received their share of $45,000 to invest in growing their businesses.
The winners had the opportunity to pitch their businesses to delegates at the African Green Revolution Forum (AGRF), where they participated in Africa's largest agribusiness matchmaking platform, AGRF Agribusiness Dealroom (https://bit.ly/ 3eJahk2).
More than 800 companies, 15 government delegations and 150 public and private investors gathered at the Dealroom to generate new and interesting opportunities.
"Pitch AgriHack is about creating impact through investment in Africa's young agtech entrepreneurs."
said Mumbi Maina, leader of the agribusiness negotiating room at AGRA.
“Beyond the prize money, we seek to catalyze relationships between our finalists and future collaborators and investors.
These are the relationships that will revolutionize the food system.” Competing in three categories of open competition – early stage, mature or growth stage, and female led – Pitch AgriHack winners and runners-up received cash prizes of $10,000 and $5,000 respectively.
A fourth invitation-only category known as the AYuTe Africa Challenge (https://bit.ly/3DfWcoH), an initiative of Heifer International, will award grants of up to US$1.5 million later this year to scalable businesses that are already generating a measurable impact.
for small farmers in Africa.
In 2022, AYuTe Africa Challenge is expanding its role as an African agritech accelerator.
New national competitions in Ethiopia, Kenya, Nigeria, Rwanda, Senegal and Uganda offer young innovators the chance to secure funding and visibility to scale their ideas and ambitions.
For the second year in a row, Heifer International, AGRF and Generation Africa worked together to host this popular technology competition.
“At Heifer International, we believe that youth and innovation are the driving force to transform the food and agriculture sector in Africa,” said Adesuwa Ifedi, Senior Vice President of Africa Programs at Heifer International.
“By harnessing technology, youth have the potential to unlock economic growth, create job opportunities for millions, and empower small farmers to become self-sufficient.
We are excited about the future of Africa's agriculture and the role innovators like these play in shaping it."
Satellite mapping of yield are just a few of the ideas that came out of this year's Pitch AgriHack competition.
These African agritech innovators are creating more comprehensive solutions to solve the problems of small farmers Pitch AgriHack 2022 winners are: Early Stage Winners: Winner: Imen Hbiri of RoboCare in Tunisia Robocare's patented multispectral disease detector minimizes pesticides and increases efficiency by helping greenhouse farmers in Tunisia detect and treat infections long before human eyes can see them https://www.RoboCare.tn/ Finalist: Donald Mudenge of Mbeu Yedu in Zimbabwe Mbeu Yedu understands that seeds they are currency.Its platform digitizes the Community Seed Banks to give five small farmers access to higher v varieties of seeds, precise information on plantations, agro-fintech products, value-added services and buyers https://MbeuYedu.com/ Mature and growth stage winners: Winner: Hamis El Gabry from Mozare3 in Egypt.
Mozare3 is an agricultural technology company that connects small farmers in Egypt with the agricultural supply chain.
Their model combines contract farming, agronomic support, finance and market access to increase yields and income https://www.Mozare3.net/ Runner-up: Allan Coredo of FarmIT in Kenya.
FarmIT innovatively combines crop mapping and market linkages to help Kenyan vegetable farmers.
They use satellite imagery, analytics and artificial intelligence to provide simplified agronomic advice and link farmers with confidence to big buyers with accurate yield predictions https://Farmit.co.ke/ Women-led agribusiness winners: Winner: Esther Kimani from Farmer LifeLine Technologies in Kenya Farmer LifeLine helps Kenyan farmers stay ahead of pests and pathogens with a patented disease-detection device that leverages solar-powered cameras, artificial intelligence, data analytics and machine learning.
http://www.FarmerLifeLine.co.ke Finalist: Anaporka Adazabra from Farmio in Ghana.
With its Smart Greenhouse package, Farmio guarantees a 120% increase in productivity for farmers in Ghana.
Their SuperApp connects growers with investors, buyers, consumers, agricultural experts, and service providers.
http://www.Farmiogh.com The achievements of Pitch AgriHack winners were recognized in a winners showcase and innovators panel discussion at the AGRF Summit.
“The youth of Africa are full of ideas.
They are working hard to make dreams of stability and prosperity a reality for themselves and their communities.
For many of them, it seems that the opportunity they need is out of reach.
All they need is a friend to help them take a step towards self-sufficiency,” said Amanda Namayi, GoGettaz leader at Generation Africa during the event.
“Our goal is to catalyze impact,” said Dickson Naftali, director of Generation Africa at the Pitch AgriHack Winners Showcase and Innovators Panel at the AGRF Summit.
“Everyone on the stage today is making the business of agriculture easier, more productive and more predictable for small farmers.
They are the front line in revolutionizing our food systems.” Of the companies applying for Pitch AgriHack, 20% are growth or mature stage companies and almost 80% are early stage startups.
This is due in part to the youthful demographics of the competition.
However, looking at other sources of research, as discussed in the 2022 Generation Africa Call to Action (https://bit.ly/3BvNDVt) published ahead of the AGRF Summit, it is clear that more funding and investment is needed.
Options for early-stage startups in the African agricultural space.
Many of the agtech innovators who made it to the Pitch AgriHack finals identified this issue and have financing options built into their offerings.
Of the various Generation Africa programs, it is clear that Africa's largest economy, Nigeria, also has the largest number of activated youth seeking opportunities in the agricultural sector.
Forty-four percent (44%) of the entries for Pitch AgriHack come from Nigerian entrepreneurs.
Other top countries to apply for the competition were Africa's technology pioneer Kenya, followed by Uganda, Ghana and Rwanda.
Pitch AgriHack was fortunate to once again host three veteran judges from the previous panel: Nixon Gecheo, Senior Program Director: Digital Systems and Solutions for Agriculture at AGRA (https://AGRA.org/) Barbra Muzata, Head of Communications at Corteva AgriScience (https://www.Corteva.com/) Ken Lohento, digital innovation strategy consultant at FAO (https://www.FAO.org/home/) They were joined by new additions: Victor Mugo, Head of Global Partnerships at the World Food Forum (https://www.World-Food-Forum.org/) Faith Dube, Director of Business Development and Partner Services at Cassava SmartTech (https://bit.
ly/3DnUkud) Barbara Chivandire, General Manager-Reimagine Rural Africa at Higher Life Foundation (https://www.HigherLifeFoundation.com/)
The Vice Chancellor, Kwara State University (KWASU), Malete, Prof. Muhammed Akanbi, has congratulated Prof. Wahab Egbewole, on his appointment as the 12th Vice-Chancellor of the University of Ilorin (Unilorin).
This is contained in a statement issued by the Acting Director, University Relations, Dr Saeedat Aliyu, on Monday in Ilorin.
”Prof. Egbewole, a professor of Jurisprudence and International Law and Senior Advocate of Nigeria, has served in many offices and contributed in many cardinal areas of University administration.
”His erudition and service known nationally and internationally makes him excellently placed to lead the administration of the institution,” Aliyu said.
She further extended the felicitations of KWASU to her sister university on the appointment of an experienced administrator as vice-chancellor.
”We hope that Prof. Egbewole’s administration will further cement the cordial and mutually beneficial relationship between the institutions,” the statement said.
The News Agency of Nigeria recalls that Egbewole emerged as the 12th vice chancellor of Unilorin on Sept. 8, as announced by the Pro-Chancellor of the institution, Malam Abidu Yazid.
Egbewole is expected to take over from his outgoing vice-chancellor, Prof. Sulyman Abdulkareem, whose tenure ends on Oct. 15.
The Nigeria Security and Civil Defence Corps (NSCDC), Ondo State Command, says it has arrested a pregnant woman and 10 other suspects involved in alleged illegal oil bunkering in the state.
Dr Hammed Abodunrin, the NSCDC State Commandant made the disclosure while parading the suspects before newsmen on Monday in Akure.
Abodunrin explained that the suspects were arrested at Waterway in Iju-Osun, Irele Local Government Area of the state with products suspected to be adulterated diesel.
He explained that the quantity had not been ascertained, but added that the product was packed in drums, polythene bags and jerrycans loaded in four wooden boats.
Abodunrin said the arrest of the suspects was in response to the directive of NSCDC Commandant General to reorganise the corps’ anti-vandalism unit to strengthen its operations.
He said that the command had benefited from the recent deployment of gunboats to beep up operations in the waterways.
“All these efforts have started yielding positive results.
As of Sunday, 11 suspects were arrested with products suspected to be adulterated AGO.
“One of them is a heavily pregnant woman and two are minors, so we decided not to take them into custody because of their conditions.
“We have taken their statements, whenever we need them we will pick them up and we are going to conduct investigation immediately and take them to court as soon as we conclude our investigation,” he said.
Abodunrin alleged that the suspects were unable to say where they got the consignment from and conveying it to.
He warned criminals to stay away from the state, as the corps was determined to track, arrest and prosecute them.
The NSCDC commandant urged members of the public to be vigilant and always give adequate information for the corps to stem vandalism of critical national assets in the state.
“It’s a renewed fight against oil theft, against economic sabotage and a renewed fight to ensure that citizens can be sure of what their country can give them,” he said.
One of the boat drivers said it was his first time of dealing in petroleum products.
He told the News Agency of Nigeria NAN that he was arrested with 20 drums of kerosene.
“I didn’t know that it’s illegal and I thought kerosene was what people could buy and sell.
“I am not the one that really owns the product, I was driving an engine boat for someone,” he claimed.