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  •  Trading activities on the Nigerian Exchange Ltd NGX continued to decline as all indices fell by 0 21 per cent amid sustained sell pressure on some large and medium stocks Specifically the market capitalisation shed N50 billion or 0 21 per cent to close at N23 827 trillion as against N23 877 trillion recorded on Monday Also the All Share Index ASI declined by 93 35 basis points or 0 21 per cent to close at 43 745 73 from N43 839 08 posted at the previous session Consequently the year to date YTD return dipped to 2 41 per cent Market breadth closed negative with 18 stocks on the laggards s table while 14 stocks gained NAHCO led the losers chart in percentage terms by 9 35 per cent to close at N6 20 per share Regency Alliance insurance followed with 4 35 per cent to close at 24k while UPDC shed 4 21 per cent to close at 99k per share AIICO lost 3 64 per cent to close at 57k while LASACO shed 3 57 per cent to close at 87k per share Conversely Julius Berger dominated the gainers chart in percentage terms with 9 46 per cent to close at N23 45 per share Seplat followed with 8 33 per cent to close at N1 100 while Chams rose by eight per cent to close at 23k per share Linkage Assurance garnered 7 69 per cent to close at 36k while UACN appreciated by 6 15 per cent to close at N8 40 per share Analysis of today s market activities showed trade turnover settled higher relative to the previous session with the value of transactions up by 15 68 per cent A total of 172 87 million shares valued at N4 01 billion were exchanged in 4 110 deals NewsSourceCredit NAN
    Equity market: Indices fall by 0.21% amid sustained sell pressure
     Trading activities on the Nigerian Exchange Ltd NGX continued to decline as all indices fell by 0 21 per cent amid sustained sell pressure on some large and medium stocks Specifically the market capitalisation shed N50 billion or 0 21 per cent to close at N23 827 trillion as against N23 877 trillion recorded on Monday Also the All Share Index ASI declined by 93 35 basis points or 0 21 per cent to close at 43 745 73 from N43 839 08 posted at the previous session Consequently the year to date YTD return dipped to 2 41 per cent Market breadth closed negative with 18 stocks on the laggards s table while 14 stocks gained NAHCO led the losers chart in percentage terms by 9 35 per cent to close at N6 20 per share Regency Alliance insurance followed with 4 35 per cent to close at 24k while UPDC shed 4 21 per cent to close at 99k per share AIICO lost 3 64 per cent to close at 57k while LASACO shed 3 57 per cent to close at 87k per share Conversely Julius Berger dominated the gainers chart in percentage terms with 9 46 per cent to close at N23 45 per share Seplat followed with 8 33 per cent to close at N1 100 while Chams rose by eight per cent to close at 23k per share Linkage Assurance garnered 7 69 per cent to close at 36k while UACN appreciated by 6 15 per cent to close at N8 40 per share Analysis of today s market activities showed trade turnover settled higher relative to the previous session with the value of transactions up by 15 68 per cent A total of 172 87 million shares valued at N4 01 billion were exchanged in 4 110 deals NewsSourceCredit NAN
    Equity market: Indices fall by 0.21% amid sustained sell pressure
    Economy1 month ago

    Equity market: Indices fall by 0.21% amid sustained sell pressure

    Trading activities on the Nigerian Exchange Ltd. (NGX) continued to decline as all indices fell by 0.21 per cent amid sustained sell pressure on some large and medium stocks.

    Specifically, the market capitalisation shed N50 billion or 0.21 per cent, to close at N23.827 trillion as against N23,877 trillion recorded on Monday.

    Also, the All Share Index (ASI) declined by 93.35 basis points or 0.21 per cent, to close at 43,745.73 from N43,839.08 posted at the previous session.

    Consequently, the year-to-date (YTD) return dipped to 2.41 per cent, Market breadth closed negative with 18 stocks on the laggards’s table, while 14 stocks gained.

    NAHCO led the losers’ chart in percentage terms by 9.35 per cent to close at N6.20 per share.

    Regency Alliance insurance followed with 4.35 per cent to close at 24k, while UPDC shed 4.21 per cent to close at 99k per share.

    AIICO lost 3.64 per cent to close at 57k while LASACO shed 3.57 per cent to close at 87k per share.

    Conversely, Julius Berger dominated the gainers’ chart in percentage terms with 9.46 per cent to close at N23.45 per share.

    Seplat followed with 8.33 per cent to close at N1, 100, while Chams rose by eight per cent to close at 23k per share.

    Linkage Assurance garnered 7.69 per cent to close at 36k, while UACN  appreciated by 6.15 per cent to close at N8.40 per share.

    Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 15.68 per cent A total of 172.87 million shares valued at N4.01 billion were exchanged in 4,110 deals.


    NewsSourceCredit: NAN

  •  AIICO Insurance Plc is sponsoring the chemotherapy treatment of 30 women diagnosed with triple negative cancer in commemoration of the 2022 World Breast Cancer Awareness Month Mr Segun Olalandu Head Strategic Marketing and Communications Department AIICO announced this in a statement issued in Lagos Olalandu disclosed that the company is also sponsoring mammogram testing for 100 beneficiaries which includes its female staff female agents and wives of employees October is globally marked as the breast cancer awareness month to draw attention to the scourge and take proactive steps to control and prevent it AIICO is sponsoring the chemotherapy treatment of 30 women who are members of the public and had reached out for support from its NGO partner Cancer Aware Nigeria a Nigerian based cancer intervention charity The company undertook to alleviate this financial burden and also partnered Cancer Aware Nigeria through its public enlightenment programme held virtually to inform the public The Managing Executive Officer CEO AIICO Insurance Mr Babatunde Fajemirokun said the gesture was predicated on the need to prioritise the health and well being of all people especially the company s internal stakeholders Fajemirokun said this indicated the company s sustainability efforts in alignment with Goal 3 of the United Nation s Sustainable Development Goals which addresses healthy living and promotes well being A healthy work force is a harbinger of productivity and efficiency as people are at their best when they are healthy and happy hence we shall continue to prioritise their well being at all times the managing director said On the project patnership the Head Corporate Responsibility and Sustainability AIICO Mrs Abimbola Shobanjo said the insurance company seeks and work with trusted partners Shobanjo stated that its partners are experts in their field of endeavour passionate about their cause and have consistently delivered on their mandate Cancer Aware Nigeria is one of such organisations with proven track records and we will continue to work with them to impact on the society she said According to her AIICO has been observing the breast cancer awareness month for years Shobanjo stated that the insurer had facilitated initiatives to screen staff of breast cancer provide healthy breast education and assisted in taming the scourge of breast cancer nationally AIICO Insurance is a leading composite insurer in Nigeria founded in 1963 and provides life and health insurance general insurance and investment management services for individuals families and corporate customers NewsSourceCredit NAN
    AIICO sponsors cancer treatment for 30, mammogram testing for 100 others 
     AIICO Insurance Plc is sponsoring the chemotherapy treatment of 30 women diagnosed with triple negative cancer in commemoration of the 2022 World Breast Cancer Awareness Month Mr Segun Olalandu Head Strategic Marketing and Communications Department AIICO announced this in a statement issued in Lagos Olalandu disclosed that the company is also sponsoring mammogram testing for 100 beneficiaries which includes its female staff female agents and wives of employees October is globally marked as the breast cancer awareness month to draw attention to the scourge and take proactive steps to control and prevent it AIICO is sponsoring the chemotherapy treatment of 30 women who are members of the public and had reached out for support from its NGO partner Cancer Aware Nigeria a Nigerian based cancer intervention charity The company undertook to alleviate this financial burden and also partnered Cancer Aware Nigeria through its public enlightenment programme held virtually to inform the public The Managing Executive Officer CEO AIICO Insurance Mr Babatunde Fajemirokun said the gesture was predicated on the need to prioritise the health and well being of all people especially the company s internal stakeholders Fajemirokun said this indicated the company s sustainability efforts in alignment with Goal 3 of the United Nation s Sustainable Development Goals which addresses healthy living and promotes well being A healthy work force is a harbinger of productivity and efficiency as people are at their best when they are healthy and happy hence we shall continue to prioritise their well being at all times the managing director said On the project patnership the Head Corporate Responsibility and Sustainability AIICO Mrs Abimbola Shobanjo said the insurance company seeks and work with trusted partners Shobanjo stated that its partners are experts in their field of endeavour passionate about their cause and have consistently delivered on their mandate Cancer Aware Nigeria is one of such organisations with proven track records and we will continue to work with them to impact on the society she said According to her AIICO has been observing the breast cancer awareness month for years Shobanjo stated that the insurer had facilitated initiatives to screen staff of breast cancer provide healthy breast education and assisted in taming the scourge of breast cancer nationally AIICO Insurance is a leading composite insurer in Nigeria founded in 1963 and provides life and health insurance general insurance and investment management services for individuals families and corporate customers NewsSourceCredit NAN
    AIICO sponsors cancer treatment for 30, mammogram testing for 100 others 
    Economy1 month ago

    AIICO sponsors cancer treatment for 30, mammogram testing for 100 others 

    AIICO Insurance Plc is sponsoring the chemotherapy treatment of 30 women diagnosed with triple negative cancer, in commemoration of the 2022 World Breast Cancer Awareness Month.

    Mr Segun Olalandu, Head, Strategic Marketing and Communications Department, AIICO, announced this in a statement issued in Lagos.

    Olalandu disclosed that the company is also sponsoring mammogram testing for 100 beneficiaries, which includes its female staff, female agents and wives of employees.

    “October is globally marked as the breast cancer awareness month to draw attention to the scourge and take proactive steps to control and prevent it.

    “AIICO is sponsoring the chemotherapy treatment of 30 women who are members of the public and had reached out for support from its NGO partner – Cancer Aware Nigeria, a Nigerian-based cancer intervention charity.

    “The company undertook to alleviate this financial burden and also partnered Cancer Aware Nigeria through its public enlightenment programme held virtually to inform the public.

    The Managing Executive Officer (CEO) AIICO Insurance, Mr Babatunde Fajemirokun, said the gesture  was predicated on the need to prioritise the health and well-being of all people.

    especially the company’s internal stakeholders.

    Fajemirokun said this indicated the company’s sustainability efforts in alignment with Goal 3 of the United Nation’s Sustainable Development Goals which addresses healthy living and promotes well-being.

    “A healthy work force is a harbinger of productivity and efficiency, as people are at their best when they are healthy and happy, hence; we shall continue to prioritise their well-being at all times,” the managing director said.

    On the project patnership, the Head, Corporate Responsibility and Sustainability, AIICO, Mrs Abimbola Shobanjo said the insurance company seeks and work with trusted partners.

    Shobanjo stated that its partners are experts in their field of endeavour, passionate about their cause and have consistently delivered on their mandate.

    “Cancer Aware Nigeria is one of such organisations with proven track records and we will continue to work with them to impact on the society,” she said.

    According to her, AIICO has been observing the breast cancer awareness month for years.

    Shobanjo stated that the insurer had facilitated initiatives to screen staff of breast cancer, provide healthy breast education and assisted in taming the scourge of breast cancer nationally.

    AIICO Insurance is a leading composite insurer in Nigeria, founded in 1963 and  provides life and health insurance, general insurance and investment management services for individuals, families and corporate customers.


    NewsSourceCredit: NAN

  •  The Nigerian equities market on Thursday reversed its three day bullish streak due to profit taking mainly in stocks of Airtel Africa Accordingly investors gained N127 billion or 0 52 per cent as market capitalisation went down to N24 306 trillion from N 24 433 trillion the previous day Accordingly the All Share Index ASI declined by 234 6 points or 0 52 per cent to 44 625 18 from 44 859 78 recorded on Wednesday Consequently the Year to Date YTD gain moderately to 4 5 per cent The market sentiment was positive as 11 stocks gained relative to nine losers Regent Alliance Insurance led the gainers chart in percentage terms by 8 7 per cent each to close at 25k per share Sovereign Trust Insurance followed with eight per cent to close at 27k while Japaul Gold and Ventures was up by 7 41 per cent to close at 29k per share Conerstone Insurance rose by 4 17 per cent to close at 50k while UACN gained 4 07 per cent to close at N8 95 per share On the other hand Phamadeko led the losers chart in percentage terms by 9 76 per cent to close at N1 85 per share Linkage Assurance followed with a decline of 9 3 per cent to close at 39k while WAPIC Insurance lost 8 33 per cent to close at 33k per share ABC Transport dropped by 7 41 per cent to close at 25k while AIICO shed 3 45 per cent to close at 56k per share The total volume traded decreased by 22 per cent to 153 52 million units valued at N2 22 billion exchanged in 4 041 deals The total volume traded increased by 61 4 per cent to 150 97 million units valued at 1 55 billion and exchanged in 2 905 deals NewsSourceCredit NAN
    Equity market dips by N127bn
     The Nigerian equities market on Thursday reversed its three day bullish streak due to profit taking mainly in stocks of Airtel Africa Accordingly investors gained N127 billion or 0 52 per cent as market capitalisation went down to N24 306 trillion from N 24 433 trillion the previous day Accordingly the All Share Index ASI declined by 234 6 points or 0 52 per cent to 44 625 18 from 44 859 78 recorded on Wednesday Consequently the Year to Date YTD gain moderately to 4 5 per cent The market sentiment was positive as 11 stocks gained relative to nine losers Regent Alliance Insurance led the gainers chart in percentage terms by 8 7 per cent each to close at 25k per share Sovereign Trust Insurance followed with eight per cent to close at 27k while Japaul Gold and Ventures was up by 7 41 per cent to close at 29k per share Conerstone Insurance rose by 4 17 per cent to close at 50k while UACN gained 4 07 per cent to close at N8 95 per share On the other hand Phamadeko led the losers chart in percentage terms by 9 76 per cent to close at N1 85 per share Linkage Assurance followed with a decline of 9 3 per cent to close at 39k while WAPIC Insurance lost 8 33 per cent to close at 33k per share ABC Transport dropped by 7 41 per cent to close at 25k while AIICO shed 3 45 per cent to close at 56k per share The total volume traded decreased by 22 per cent to 153 52 million units valued at N2 22 billion exchanged in 4 041 deals The total volume traded increased by 61 4 per cent to 150 97 million units valued at 1 55 billion and exchanged in 2 905 deals NewsSourceCredit NAN
    Equity market dips by N127bn
    Economy1 month ago

    Equity market dips by N127bn

    The Nigerian equities market on Thursday reversed its three-day bullish streak due to profit-taking, mainly in stocks of Airtel Africa.

    Accordingly, investors gained N127 billion or 0.52 per cent as market capitalisation went down to N24.306 trillion from N 24.433 trillion the previous day.

    Accordingly, the All-Share Index (ASI) declined by 234.6 points or  0.52  per cent to 44,625.18 from 44.859.78 recorded on Wednesday.

    Consequently, the Year-to-Date (YTD) gain moderately to 4.5 per cent.

    The market sentiment was positive as 11 stocks gained relative to nine losers. 

    Regent Alliance Insurance  led the gainers’ chart in percentage terms by 8.7 per cent each to close at 25k per share.

    Sovereign Trust Insurance  followed with eight per cent to close at 27k, while Japaul Gold and Ventures was up by 7.41, per cent to close at 29k, per share.

    Conerstone Insurance rose by 4.17 per cent to close at 50k, while  UACN gained 4.07 per cent to close at N8.95, per share.

    On the other hand, Phamadeko  led the losers’ chart in percentage terms by 9.76 per cent to close at N1.85 per share.

    Linkage Assurance  followed with a decline of 9.3 per cent to close at 39k, while WAPIC Insurance  lost 8.33 per cent to close at 33k per share.

    ABC Transport dropped by 7.41 per cent to close at 25k, while AIICO shed 3.45 per cent to close at 56k per share.

    The total volume traded decreased by 22 per cent to 153.52 million units valued at N2.22 billion exchanged in 4,041 deals.

    The total volume traded increased by 61.4 per cent to 150.97 million units, valued at 1.55 billion, and exchanged in 2,905 deals.


    NewsSourceCredit: NAN

  •  The market capitalisation of the Nigerian Exchange Ltd NGX on Wednesday grew by N39 billion or 0 16 per cent to close at N24 434 trillion from N24 395 trillion on Tuesday Similarly the All Share Index ASI rose by 71 64 basis points or 0 16 per cent to close at 44 859 78 basis points from 44 788 14 basis points the previous trading session However market breadth remained negative as 12 stocks posted gains while 19 stocks declined Multiverse Mining amp Exploration and R T Briscoe Nigeria recorded the highest price gain of 10 per cent each to close at N4 62 and 33k while University Press followed with a gain 9 15 per cent to close at N1 79 per share FTN Cocoa processors went up by 7 41 per cent to close at 29k while AIICO Insurance and Geregu Power appreciated by 5 45 per cent each to close at 58k and N116 00 per share On the other hand Cutix led the losers chart by 6 51 per cent to close at N2 01 per share Jaiz Bank followed with a decline of 6 19 per cent to close at 91 kobo while Dangote Sugar Refinery went down by 5 83 to close at N15 35 per share Sterling Bank lost 3 85 per cent to close at N1 50 while Sovereign Trust Insurance shed 3 85 per cent to close at 25k per share The total volume traded declined by 41 26 per cent to 93 515 million shares worth N3 383 billion and traded in 3 187 deals Transactions in the shares of Geregu Power topped the activity chart with 12 794 million shares valued at N1 292 billion Sterling Bank followed with 9 485 million shares worth N14 276 million while Access Holdings traded 6 318 million shares valued at N48 610 million Zenith Bank traded 6 246 million shares valued at N122 708 million while Ecobank Transnational Incorporated ETI transacted 5 623 million shares worth N62 411 million On market outlook analysts at United Capital Plc expect mixed sentiments to persist as pre election risks amplify and investors anticipate the release of companies third quarter results NewsSourceCredit NAN
    Equity market gains further by N39bn
     The market capitalisation of the Nigerian Exchange Ltd NGX on Wednesday grew by N39 billion or 0 16 per cent to close at N24 434 trillion from N24 395 trillion on Tuesday Similarly the All Share Index ASI rose by 71 64 basis points or 0 16 per cent to close at 44 859 78 basis points from 44 788 14 basis points the previous trading session However market breadth remained negative as 12 stocks posted gains while 19 stocks declined Multiverse Mining amp Exploration and R T Briscoe Nigeria recorded the highest price gain of 10 per cent each to close at N4 62 and 33k while University Press followed with a gain 9 15 per cent to close at N1 79 per share FTN Cocoa processors went up by 7 41 per cent to close at 29k while AIICO Insurance and Geregu Power appreciated by 5 45 per cent each to close at 58k and N116 00 per share On the other hand Cutix led the losers chart by 6 51 per cent to close at N2 01 per share Jaiz Bank followed with a decline of 6 19 per cent to close at 91 kobo while Dangote Sugar Refinery went down by 5 83 to close at N15 35 per share Sterling Bank lost 3 85 per cent to close at N1 50 while Sovereign Trust Insurance shed 3 85 per cent to close at 25k per share The total volume traded declined by 41 26 per cent to 93 515 million shares worth N3 383 billion and traded in 3 187 deals Transactions in the shares of Geregu Power topped the activity chart with 12 794 million shares valued at N1 292 billion Sterling Bank followed with 9 485 million shares worth N14 276 million while Access Holdings traded 6 318 million shares valued at N48 610 million Zenith Bank traded 6 246 million shares valued at N122 708 million while Ecobank Transnational Incorporated ETI transacted 5 623 million shares worth N62 411 million On market outlook analysts at United Capital Plc expect mixed sentiments to persist as pre election risks amplify and investors anticipate the release of companies third quarter results NewsSourceCredit NAN
    Equity market gains further by N39bn
    Economy1 month ago

    Equity market gains further by N39bn

    The market capitalisation of the Nigerian Exchange Ltd. (NGX) on Wednesday grew by N39 billion or 0.16 per cent to close at N24.434 trillion from N24.395 trillion on Tuesday.

    Similarly, the All Share Index (ASI) rose by 71.64 basis points or 0.16 per cent to close at 44,859.78 basis points from 44,788.14 basis points the previous trading session.

    However, market breadth remained negative as 12 stocks posted gains, while 19 stocks declined.

    Multiverse Mining & Exploration and R.

    T. Briscoe Nigeria recorded the highest price gain of 10 per cent each to close at N4.62 and 33k, while University Press followed with a gain 9.15 per cent to close at N1.79 per share.

    FTN Cocoa processors went up by 7.41 per cent to close at 29k, while AIICO Insurance and Geregu Power appreciated by 5.45 per cent each to close at 58k and N116.00, per share.

    On the other hand, Cutix led the losers’ chart by 6.51 per cent to close at N2.01, per share.

    Jaiz Bank followed with a decline of 6.19 per cent to close at 91 kobo, while Dangote Sugar Refinery went down by 5.83 to close at N15.35 per share.

    Sterling Bank lost 3.85 per cent to close at N1.50, while Sovereign Trust Insurance shed 3.85 per cent to close at 25k, per share.

    The total volume traded declined by 41.26 per cent to 93.515 million shares, worth N3.383 billion, and traded in 3,187 deals.

    Transactions in the shares of Geregu Power topped the activity chart with 12.794 million shares valued at N1.292 billion.

    Sterling Bank followed with 9.485 million shares worth N14.276 million, while Access Holdings traded 6.318 million shares valued at N48.610 million.

    Zenith Bank traded 6.246 million shares valued at N122.708 million, while Ecobank Transnational Incorporated (ETI) transacted 5.623 million shares worth N62.411 million.

    On market outlook, analysts at United Capital Plc expect mixed sentiments to persist, as pre-election risks amplify and investors anticipate the release of companies’ third quarter results.


    NewsSourceCredit: NAN

  •  The Nigerian Exchange Ltd NGX declined further on Wednesday as market capitalisation depreciated by N570 billion or 2 31 per cent to close at N24 139 trillion from N24 709 trillion on Tuesday Also the All Share Index ASI fell by 1 048 17 points or 2 31 per cent to 44 318 15 from 45 366 32 recorded at the previous trading The market breath ended negative with 17 stocks on the losers charts while 16 stocks gained Fidelity Bank led the gainers with 34k to close at N3 83 per share Jaiz Bank followed with an appreciation of six kobo to close 91k per share Mutual Banefits Assurance rose by two kobo to close at 31k while AIICO garnered three kobo to close at 57k per share Oando rose by 20k to close at N4 60 per share Conversely Regency Alliance Insurance led the loser s chat with a depreciation of 7 41 per cent to close at 25k per share Unity Bank followed dropping by 6 98 per cent to close at 40k per share while Access Bank Holding lost by 5 14 per cent to close at N8 30 per share Airtel Africa declined by N145 80 to close at N1 312 20 while MRS shed N1 40 to close at N12 95 per share Analysis of today s market activities showed trade turnover settled lower relative to the previous session with the value of transactions decreasing by 61 per cent A total of 165 35 million shares valued at N3 67 billion were exchanged in 3 183 deals In highest volume category FBNH Holding shares recorded 48 09 million traded shares valued at N461 77 million It was followed by Guaranty Trust Holding Company GTCO which sold 18 55 million shares worth N344 43 while Sterling Bank holding transacted 8 28 million shares valued at N12 79 Also Chams traded 7 67 million shares valued at N2 13 million while Zenith Bank transacted 6 32 shares worth N128 88 million NewsSourceCredit NAN
    Stock market decreases further by 2.31%
     The Nigerian Exchange Ltd NGX declined further on Wednesday as market capitalisation depreciated by N570 billion or 2 31 per cent to close at N24 139 trillion from N24 709 trillion on Tuesday Also the All Share Index ASI fell by 1 048 17 points or 2 31 per cent to 44 318 15 from 45 366 32 recorded at the previous trading The market breath ended negative with 17 stocks on the losers charts while 16 stocks gained Fidelity Bank led the gainers with 34k to close at N3 83 per share Jaiz Bank followed with an appreciation of six kobo to close 91k per share Mutual Banefits Assurance rose by two kobo to close at 31k while AIICO garnered three kobo to close at 57k per share Oando rose by 20k to close at N4 60 per share Conversely Regency Alliance Insurance led the loser s chat with a depreciation of 7 41 per cent to close at 25k per share Unity Bank followed dropping by 6 98 per cent to close at 40k per share while Access Bank Holding lost by 5 14 per cent to close at N8 30 per share Airtel Africa declined by N145 80 to close at N1 312 20 while MRS shed N1 40 to close at N12 95 per share Analysis of today s market activities showed trade turnover settled lower relative to the previous session with the value of transactions decreasing by 61 per cent A total of 165 35 million shares valued at N3 67 billion were exchanged in 3 183 deals In highest volume category FBNH Holding shares recorded 48 09 million traded shares valued at N461 77 million It was followed by Guaranty Trust Holding Company GTCO which sold 18 55 million shares worth N344 43 while Sterling Bank holding transacted 8 28 million shares valued at N12 79 Also Chams traded 7 67 million shares valued at N2 13 million while Zenith Bank transacted 6 32 shares worth N128 88 million NewsSourceCredit NAN
    Stock market decreases further by 2.31%
    Economy1 month ago

    Stock market decreases further by 2.31%

    The Nigerian Exchange Ltd. (NGX) declined further on Wednesday as market capitalisation depreciated by N570 billion or 2.31 per cent, to close at N24.139 trillion from N24.709 trillion on Tuesday.

    Also, the All-Share Index (ASI) fell by 1, 048.17 points or 2.31 per cent to 44, 318.15 from 45, 366.32 recorded at the previous trading.

    The market breath ended negative with 17 stocks on the losers’ charts, while 16 stocks gained.

    Fidelity Bank led the gainers with 34k to close at N3.83 per share.

    Jaiz Bank followed with an appreciation of six kobo to close 91k per share.

    Mutual Banefits Assurance rose by two kobo to close at 31k, while AIICO garnered three kobo to close at 57k per share.

    Oando rose by 20k to close at N4.60 per share.

    Conversely, Regency Alliance Insurance led the loser’s chat with a depreciation of 7.41 per cent to close at 25k per share.

    Unity Bank followed dropping by 6.98 per cent to close at 40k per share, while Access Bank Holding lost by 5.14 per cent to close at N8.30 per share.

    Airtel Africa declined by N145.80 to close at N1,312.20, while MRS shed N1.40 to close at N12.95 per share.

    Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions decreasing by 61 per cent.

    A total of 165.35 million shares valued at N3.67 billion were exchanged in 3,183 deals.

    In highest volume category, FBNH Holding shares recorded 48.09 million traded shares valued at N461.77 million.

    It was followed by Guaranty Trust Holding Company (GTCO), which sold 18.55 million shares worth N344.43, while Sterling Bank holding transacted 8.28 million shares valued at N12.79. Also, Chams traded 7.67 million shares valued at N2.13 million, while Zenith Bank transacted 6.32 shares worth N128.88 million.


    NewsSourceCredit: NAN

  •  The market capitalisation of the Nigerian Exchange Ltd NGX dropped by N655 billion following the hike in the nation s inflation rate to 20 77 per cent The News of Nigeria reports that the National Bureau of Statistics NBS on Monday announced the inflation rate for September standing at 20 77 per cent as against 20 5 per cent in August The market capitalisation lost N656 billion or 2 53 per cent to close at N25 254 trillion from N25 909 trillion recorded on Friday Similarly the All Share Index ASI decreased by 1 203 09 basis points or 2 53 per cent to close at 46 365 95 basis points compared with 47 569 04 posted on Friday The downturn was impacted by losses recorded in Airtel Africa Plc Similarly the stock market s weak performance was driven by selloffs in Airtel Africa depreciating by 10 per cent Analysts at United Capital Plc said bargain hunting would continue as investors looked forward to the third quarter ended September thus cherry picking stocks with great underlying fundamentals However we maintain that the broader equities market will remain in a lull pending the release of Q3 2022 results United Capital said However market breadth closed positive with 14 gainers versus five losers PZ Cussons Nigeria recorded the highest price gain of 9 52 per cent to close at N9 20 per share University Press followed with a gain 9 33 per cent to close at N1 64 while Courteville Business Solutions appreciated by 4 35 per cent to close at 48 kobo per share Cutix went up by 3 50 per cent to close at N2 07 while Wapic Insurance appreciated by 2 86 per cent to close at 36 kobo per share On the other hand Airtel Africa led the losers chart by 10 per cent to close at N1 620 00 per share Sovereign Trust Insurance followed with a decline of 7 14 per cent to close at 26 kobo while AIICO Insurance went down by 7 02 to close at 53 kobo per share Dangote Sugar Refinery lost 2 80 per cent to close at N15 60 while Fidson Healthcare shed 2 51 per cent to close at N8 94 per share The total volume traded rose by 10 89 per cent to 137 983 million shares worth N4 317 billion and traded in 3 234 deals Transactions in the shares of Guaranty Trust Holding Company GTCO topped the activity chart with 33 715 million shares valued at N609 863 million Courteville Business Solutions followed with 26 138 million shares worth N12 545 million while Fidelity Bank traded 19 980 million shares valued at N69 022 million Sterling Bank traded 8 930 million shares valued at N13 767 million while United Bank for Africa UBA transacted 6 526 million shares worth N45 million NewsSourceCredit NAN
    Inflation pushes stock market down by N655bn
     The market capitalisation of the Nigerian Exchange Ltd NGX dropped by N655 billion following the hike in the nation s inflation rate to 20 77 per cent The News of Nigeria reports that the National Bureau of Statistics NBS on Monday announced the inflation rate for September standing at 20 77 per cent as against 20 5 per cent in August The market capitalisation lost N656 billion or 2 53 per cent to close at N25 254 trillion from N25 909 trillion recorded on Friday Similarly the All Share Index ASI decreased by 1 203 09 basis points or 2 53 per cent to close at 46 365 95 basis points compared with 47 569 04 posted on Friday The downturn was impacted by losses recorded in Airtel Africa Plc Similarly the stock market s weak performance was driven by selloffs in Airtel Africa depreciating by 10 per cent Analysts at United Capital Plc said bargain hunting would continue as investors looked forward to the third quarter ended September thus cherry picking stocks with great underlying fundamentals However we maintain that the broader equities market will remain in a lull pending the release of Q3 2022 results United Capital said However market breadth closed positive with 14 gainers versus five losers PZ Cussons Nigeria recorded the highest price gain of 9 52 per cent to close at N9 20 per share University Press followed with a gain 9 33 per cent to close at N1 64 while Courteville Business Solutions appreciated by 4 35 per cent to close at 48 kobo per share Cutix went up by 3 50 per cent to close at N2 07 while Wapic Insurance appreciated by 2 86 per cent to close at 36 kobo per share On the other hand Airtel Africa led the losers chart by 10 per cent to close at N1 620 00 per share Sovereign Trust Insurance followed with a decline of 7 14 per cent to close at 26 kobo while AIICO Insurance went down by 7 02 to close at 53 kobo per share Dangote Sugar Refinery lost 2 80 per cent to close at N15 60 while Fidson Healthcare shed 2 51 per cent to close at N8 94 per share The total volume traded rose by 10 89 per cent to 137 983 million shares worth N4 317 billion and traded in 3 234 deals Transactions in the shares of Guaranty Trust Holding Company GTCO topped the activity chart with 33 715 million shares valued at N609 863 million Courteville Business Solutions followed with 26 138 million shares worth N12 545 million while Fidelity Bank traded 19 980 million shares valued at N69 022 million Sterling Bank traded 8 930 million shares valued at N13 767 million while United Bank for Africa UBA transacted 6 526 million shares worth N45 million NewsSourceCredit NAN
    Inflation pushes stock market down by N655bn
    Economy2 months ago

    Inflation pushes stock market down by N655bn

    The market capitalisation of the Nigerian Exchange Ltd (NGX) dropped by N655 billion, following the hike in the nation’s inflation rate to 20.77 per cent.

    The News of Nigeria reports that the National Bureau of Statistics (NBS) on Monday announced the inflation rate for September, standing at 20.77 per cent as against 20.5 per cent in August.

    The market capitalisation lost N656 billion or 2.53 per cent to close at N25.254 trillion from N25.909 trillion recorded on Friday.

    Similarly, the All Share Index (ASI) decreased by 1,203.09 basis points or 2.53 per cent to close at 46,365.95 basis points compared with 47, 569.04 posted on Friday.

    The downturn was impacted by losses recorded in Airtel Africa Plc. Similarly, the stock market’s weak performance was driven by selloffs in Airtel Africa, depreciating by 10 per cent.

    Analysts at United Capital Plc said bargain hunting would continue as investors looked forward to the third quarter ended September, thus cherry-picking stocks with great underlying fundamentals.

    “However, we maintain that the broader equities market will remain in a lull pending the release of Q3, 2022 results,” United Capital said.

    However, market breadth closed positive, with 14 gainers versus five losers.

    PZ Cussons Nigeria recorded the highest price gain of 9.52 per cent to close at N9.20, per share.

    University Press followed with a gain 9.33 per cent to close at N1.64, while Courteville Business Solutions appreciated by 4.35 per cent to close at 48 kobo, per share.

    Cutix went up by 3.50 per cent to close at N2.07, while Wapic Insurance appreciated by 2.86 per cent  to close at 36 kobo,  per share.

    On the other hand, Airtel Africa led the losers’ chart by 10 per cent to close at N1,620.00, per share.

    Sovereign Trust Insurance followed with a decline of 7.14 per cent to close at 26 kobo, while AIICO Insurance went down by 7.02 to close at 53 kobo, per share.

    Dangote Sugar Refinery lost 2.80 per cent to close at N15.60, while Fidson Healthcare shed 2.51 per cent to close at N8.94, per share.

    The total volume traded rose by 10.89 per cent to 137.983 million shares, worth N4.317 billion, and traded in 3,234 deals.

    Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 33.715 million shares valued at N609.863 million.

    Courteville Business Solutions followed with 26.138 million shares worth N12.545 million, while Fidelity Bank traded 19.980 million shares valued at N69.022 million.

    Sterling Bank traded 8.930 million shares valued at N13.767 million, while United Bank for Africa (UBA) transacted 6.526 million shares worth N45 million.


    NewsSourceCredit: NAN

  •  The equity market recorded a loss of N78 billion or 0 29 per cent on Tuesday as market capitalisation closed at N26 373 trillion compared with N26 451 trillion posted on Friday Similarly the All Share Index dipped by 144 42 points or 0 29 per cent to close at 48 879 74 from 49 024 16 recorded on Friday Selloffs in Tier one banks such as Zenith Bank Access Holding FBN Holding and Guaranty Trust Holding Company GTCO were the primary drivers of the market s weak performance As a result the year to date YTD return fell to 14 43 per cent Analysts at Vetiva Securities Ltd said We expect another mixed day of trading tomorrow amid bargain hunting activities across board as investors continue to tread cautiously in the market Overall there were nine gainers and 21 losers with Multiverse Mining and Exploration leading the gainers chart with 9 76 per cent to close at N4 05 per share RTBriscoe followed with a rise of 8 82 per cent to close at 37k while NGX Group gained by 7 5 per cent to close at N21 50 per share AIICO Insurance rose by 5 77 per cent to close 55k per share Africa Prudential appreciated by four per cent to close at N5 20 Conversely International Breweries led the losers chat with a depreciation of 9 09 per cent to close at N4 50 per share Red Star Express declined by 7 83 per cent to close at N2 12 while Sovereign Trust Insurance went down by 7 41 per cent to close at 25k per share Japaul Gold and Ventures fell by 7 14 per cent to close at 26k per share Also Consolidated Hallmark Insurance lost by 7 02 per cent to close at 53k per share A total of 125 95 million shares valued at N3 07 billion were exchanged in 4 145 deals GTCO recorded the highest volume of 17 19 million shares traded worth N1 26 billion Zenith Bank followed having sold 14 39 million shares valued at N283 88million United Bank for Africa UBA traded 10 67 million shares worth N73 19 million while NGX Group sold 8 35 million shares amounting to N173 92 million Also Chams sold 6 78 million shares worth 1 87 million NewsSourceCredit NAN
    Equity market records losses, indices down 0.29%
     The equity market recorded a loss of N78 billion or 0 29 per cent on Tuesday as market capitalisation closed at N26 373 trillion compared with N26 451 trillion posted on Friday Similarly the All Share Index dipped by 144 42 points or 0 29 per cent to close at 48 879 74 from 49 024 16 recorded on Friday Selloffs in Tier one banks such as Zenith Bank Access Holding FBN Holding and Guaranty Trust Holding Company GTCO were the primary drivers of the market s weak performance As a result the year to date YTD return fell to 14 43 per cent Analysts at Vetiva Securities Ltd said We expect another mixed day of trading tomorrow amid bargain hunting activities across board as investors continue to tread cautiously in the market Overall there were nine gainers and 21 losers with Multiverse Mining and Exploration leading the gainers chart with 9 76 per cent to close at N4 05 per share RTBriscoe followed with a rise of 8 82 per cent to close at 37k while NGX Group gained by 7 5 per cent to close at N21 50 per share AIICO Insurance rose by 5 77 per cent to close 55k per share Africa Prudential appreciated by four per cent to close at N5 20 Conversely International Breweries led the losers chat with a depreciation of 9 09 per cent to close at N4 50 per share Red Star Express declined by 7 83 per cent to close at N2 12 while Sovereign Trust Insurance went down by 7 41 per cent to close at 25k per share Japaul Gold and Ventures fell by 7 14 per cent to close at 26k per share Also Consolidated Hallmark Insurance lost by 7 02 per cent to close at 53k per share A total of 125 95 million shares valued at N3 07 billion were exchanged in 4 145 deals GTCO recorded the highest volume of 17 19 million shares traded worth N1 26 billion Zenith Bank followed having sold 14 39 million shares valued at N283 88million United Bank for Africa UBA traded 10 67 million shares worth N73 19 million while NGX Group sold 8 35 million shares amounting to N173 92 million Also Chams sold 6 78 million shares worth 1 87 million NewsSourceCredit NAN
    Equity market records losses, indices down 0.29%
    Economy2 months ago

    Equity market records losses, indices down 0.29%

    The equity market recorded a loss of N78 billion or 0.29 per cent on Tuesday as market capitalisation closed at N26.373 trillion compared with N26.451 trillion posted on Friday.

    Similarly, the All-Share Index dipped by 144.42 points or 0.29 per cent to close at 48, 879.74 from 49,024.16 recorded on Friday.

    Selloffs in Tier-one banks such as Zenith Bank, Access Holding, FBN Holding and Guaranty Trust Holding Company (GTCO) were the primary drivers of the market’s weak performance.

    As a result, the year-to-date (YTD) return fell to 14.43 per cent.

    Analysts at Vetiva Securities Ltd. said, “We expect another mixed day of trading tomorrow, amid bargain hunting activities across board as investors continue to tread cautiously in the market.

    ” Overall there were nine gainers and 21 losers, with Multiverse Mining and Exploration leading the gainers’ chart with 9.76 per cent to close at N4.05 per share.

    RTBriscoe followed with a rise of 8.82 per cent to close at 37k, while NGX Group gained by 7.5 per cent to close at N21.50 per share.

    AIICO Insurance rose by 5.77 per cent to close 55k per share.

    Africa Prudential appreciated by four per cent to close at N5.20. Conversely, International Breweries led the losers’ chat with a depreciation of 9.09 per cent to close at N4.50 per share.

    Red Star Express declined by 7.83  per cent to close at N2.12, while Sovereign Trust Insurance went down by 7.41 per cent to close at 25k per share.

    Japaul Gold and Ventures fell by 7.14 per cent to close at 26k per share.

    Also, Consolidated Hallmark Insurance lost by 7.02 per cent to close at 53k per share.

    A total of 125.95 million shares valued at N3.07 billion were exchanged in 4.145 deals.

    GTCO recorded the highest volume of 17.19 million shares traded worth N1.26  billion.

    Zenith Bank followed, having sold 14.39 million shares valued at N283.88million.

    United Bank for Africa(UBA) traded 10.67 million shares worth N73.19 million, while NGX Group sold 8.35 million shares amounting to N173.92 million.

    Also, Chams sold 6.78 million shares worth 1.87 million.


    NewsSourceCredit: NAN

  •  Air Peace has introduced an insurance package from AIICO Insurance Plc to compensate unpleasant experiences of domestic travellers A statement by Mr Segun Olalandu Head Strategic Marketing and Communications Department AIICO on Monday in Lagos said the product was for the personal benefit of the air passengers at a premium of N1 000 per flight Olalandu stated that with the product passengers were entitled to compensation for inconveniences suffered due to flight cancellations delays baggage loss or damage and medical expenses on accident or permanent disability Passengers have a choice to opt out of the insurance package and there is a free cover for one accompanying infant below two years named in the travel manifest per flight This product has been launched by Air Peace and passengers have begun to enjoy a more relaxing air travel experience With the assurance that inconveniences suffered because of unforeseen flight cancellation delays missing or delayed baggage shall be compensated he said According to him the agreement between the organisations will bring innovation to the aviation industry through embedded insurance that meets customers needs The Chief Operating Officer of Air Peace Mrs Oluwatoyin Olajide said the insurance package was introduced to address the issues around passengers experiences concerning lost or damaged luggage and more recently the pain of missed flights Olajide said these concerns are now fully addressed with an insurance product from AIICO a tier one insurance company in Nigeria we believe this solution will make these challenges a thing of the past Mr Babatunde Fajemirokun Managing Executive Officer of AIICO Insurance Plc said the insurer was delighted with the endeavour which aligned with its continued focus on innovative products that brought wholesome peace of mind to customers Mr Olusanjo Shodimu AIICO s Chief Information Officer said the underwriter had developed and leveraged the required technology to make the process for the customer seamless All they do is make flight bookings the rest is where we link the companies and processes that deliver a product which guarantees them a worry free risk cover sold via the airline s online ticket platform Passengers will be compensated for inconveniences suffered from the aforementioned incidents within three working days once a claim is reported and all documentations submitted We are not just saying that we value our customers but to deliver on giving them a great travel experience with this product It is a real stop gap for our customers so they do not experience undue financial burdens due to their travels Olajide said NewsSourceCredit NAN
    Air Peace partners AIICO Insurance to compensate air travellers
     Air Peace has introduced an insurance package from AIICO Insurance Plc to compensate unpleasant experiences of domestic travellers A statement by Mr Segun Olalandu Head Strategic Marketing and Communications Department AIICO on Monday in Lagos said the product was for the personal benefit of the air passengers at a premium of N1 000 per flight Olalandu stated that with the product passengers were entitled to compensation for inconveniences suffered due to flight cancellations delays baggage loss or damage and medical expenses on accident or permanent disability Passengers have a choice to opt out of the insurance package and there is a free cover for one accompanying infant below two years named in the travel manifest per flight This product has been launched by Air Peace and passengers have begun to enjoy a more relaxing air travel experience With the assurance that inconveniences suffered because of unforeseen flight cancellation delays missing or delayed baggage shall be compensated he said According to him the agreement between the organisations will bring innovation to the aviation industry through embedded insurance that meets customers needs The Chief Operating Officer of Air Peace Mrs Oluwatoyin Olajide said the insurance package was introduced to address the issues around passengers experiences concerning lost or damaged luggage and more recently the pain of missed flights Olajide said these concerns are now fully addressed with an insurance product from AIICO a tier one insurance company in Nigeria we believe this solution will make these challenges a thing of the past Mr Babatunde Fajemirokun Managing Executive Officer of AIICO Insurance Plc said the insurer was delighted with the endeavour which aligned with its continued focus on innovative products that brought wholesome peace of mind to customers Mr Olusanjo Shodimu AIICO s Chief Information Officer said the underwriter had developed and leveraged the required technology to make the process for the customer seamless All they do is make flight bookings the rest is where we link the companies and processes that deliver a product which guarantees them a worry free risk cover sold via the airline s online ticket platform Passengers will be compensated for inconveniences suffered from the aforementioned incidents within three working days once a claim is reported and all documentations submitted We are not just saying that we value our customers but to deliver on giving them a great travel experience with this product It is a real stop gap for our customers so they do not experience undue financial burdens due to their travels Olajide said NewsSourceCredit NAN
    Air Peace partners AIICO Insurance to compensate air travellers
    Economy2 months ago

    Air Peace partners AIICO Insurance to compensate air travellers

    Air Peace has introduced an insurance package from AIICO Insurance Plc., to compensate unpleasant experiences of domestic travellers.

    A statement by Mr Segun Olalandu, Head, Strategic Marketing and Communications Department, AIICO, on Monday in Lagos, said the product was for the personal benefit of the air passengers at a premium of N1,000 per flight.

    Olalandu stated that with the product passengers were entitled to compensation for inconveniences suffered due to flight cancellations, delays, baggage loss or damage and medical expenses on accident or permanent disability.

    “Passengers have a choice to opt out of the insurance package and there is a free cover for one accompanying infant (below two years) named in the travel manifest per flight.

    “This product has been launched by Air Peace and passengers have begun to enjoy a more relaxing air travel experience.

    “With the assurance that inconveniences suffered because of unforeseen flight cancellation, delays, missing or delayed baggage shall be compensated,” he said.

    According to him, the agreement between the organisations will bring innovation to the aviation industry through embedded insurance that meets customers’ needs.

    The Chief Operating Officer of Air Peace, Mrs Oluwatoyin Olajide, said the insurance package was introduced to address the issues around passengers’ experiences concerning lost or damaged luggage and more recently, the pain of missed flights.

    Olajide said: “these concerns are now fully addressed with an insurance product from AIICO, a tier-one insurance company in Nigeria, we believe this solution will make these challenges a thing of the past.

    ” Mr Babatunde Fajemirokun, Managing Executive Officer of AIICO Insurance Plc, said the insurer was delighted with the endeavour, which aligned with its continued focus on innovative products that brought wholesome peace of mind to customers.

    Mr Olusanjo Shodimu, AIICO’s Chief Information Officer, said the underwriter had developed and leveraged the required technology to make the process for the customer seamless.

    “All they do is make flight bookings; the rest is where we link the companies and processes that deliver a product which guarantees them a worry-free risk cover sold via the airline’s online ticket platform.

    “Passengers will be compensated for inconveniences suffered from the aforementioned incidents within three working days, once a claim is reported and all documentations submitted.

    “We are not just saying that we value our customers but to deliver on giving them a great travel experience with this product.

    “It is a real stop-gap for our customers, so they do not experience undue financial burdens due to their travels,” Olajide said.


    NewsSourceCredit: NAN

  •  Justice Oluwatoyin Taiwo of an Ikeja Special Offences Court on Wednesday acquitted three staff members of the American International Insurance Company Limited AIICO charged with fraud of N1 5 billion The News Agency of Nigeria that Taiwo in a ruling in a no case submission filed by the defendants Onome Harriet Olajumoke Akano Olabode Ogunlere and the Former Managing Director of AIICO Lanre Fabunmi who is at large stated that the three staff members had no case to answer She held that the prosecution failed to prove the alleged offence against the defendants while ruling on the no case submission filed by the defendants The judge held that during the trial the right prosecution witness who was an investigator had stated during cross examination that he had never came across any document showing that the defendants and former Managing Director of the company Mr Lanre Fabunmi met and carried out any illegal act She also referred to the evidence of the second prosecution witness who stated that before any payment was made it must go through its internal control client service and the Managing Director approves The court held that none of the defendants had shown to be part of Internal control or hatching a plan to steal from the company with the managing director Taiwo said believing the evidence of the prosecution that the defendants got huge sums as sales commission meant they connived with the Managing Director would be speculation on the part of the court Lack of concrete evidence creates doubt in the mind of the court and the court does not act on speculations let alone conjectures that are ambiguously speculative Suspicion no matter how grave is not evidence and cannot be the basis for conviction of any person in law Suspicion remains suspicion and cannot graduate to convincing evidence no matter how grave the suspicion can be See the case of Happy Kingsley Idemudia VS The State 2015 LPELR 24835 SC Haruna VS State 2019 LPELR 47805 CA It is obvious that the offence of conspiracy to commit an offence will necessarily precede in point of time the offence of the actual commission of the offence to which the conspiracy relates She said The judge said the prosecution was expected to prove that indeed there was a meeting of minds between the defendants and the MD to commit the offence The myriad of evidence to prove the payment of the sales commission also reveals that the defendants in any capacity did not approve the payment to themselves In final analysis the case of the prosecution is riddled with speculations half truths and insufficient evidence to support the amended information The case of the prosecution was thoroughly whittled down under cross examination and the remnants of the evidence have not established a case against the defendants warranting the need for them to enter their evidence Consequently having failed to establish a prima facie case against the defendants the no case submission made by the defendants is hereby upheld The defendants are hereby discharged and acquitted Taiwo ruled NAN reports that the Economic and Financial Crimes Commission EFCC had charged the defendants on a 22 count amended charge bordering on conspiracy stealing dishonest conversion of funds for purpose of purchasing properties and converting funds belongs to the firm The defendants had pleaded not guilty to all the charge The prosecution team led by Mr Rotimi Jacobs SAN had opened their case and called eight witnesses with several documents tendered as exhibits before they closed their case The prosecution had during the trial told the court the process of sales in the investment arm of AIICO The first prosecution witness Eguarekhide Longe had said that he was working with AIICO Pension Longe said the company sold insurance contracts and got money and invests According to him the Insurance group deployed a broad agency network to sell insurance contracts and for agency work done the sales commission was paid to the agent He told the court that the sales commission was usually approved by the board and that the Managing Director could sign more than N5million Longe further told the court that none of the defendants were board members or directors of the company The defendants through their counsel Mr Adeyinka Olumide Fusika SAN Mr Tayo Oyetibo SAN and Dr Muiz Banire SAN for first to third defendants respectively had filed a no case submission which was argued before the court after the prosecution closed its case The defence counsel submitted and drew the court s attention to the evidence of prosecution witnesses during cross examination who agreed that the sales commission paid in 2020 to prove the exact amount stolen by the defendant to establish a prima facie case They also argued that the court should consider evidence of prosecution witnesses as well as the exhibits P to see that defendants never stole or converted money belonging to the company but they were entitled to the sales commission The counsel also argued that none of the prosecution witnesses testified as to rule prohibiting payment of sales commission to staff www ng NewsSourceCredit NAN
    Judge frees 3 AIICO staff members accused of N1.5bn fraud 
     Justice Oluwatoyin Taiwo of an Ikeja Special Offences Court on Wednesday acquitted three staff members of the American International Insurance Company Limited AIICO charged with fraud of N1 5 billion The News Agency of Nigeria that Taiwo in a ruling in a no case submission filed by the defendants Onome Harriet Olajumoke Akano Olabode Ogunlere and the Former Managing Director of AIICO Lanre Fabunmi who is at large stated that the three staff members had no case to answer She held that the prosecution failed to prove the alleged offence against the defendants while ruling on the no case submission filed by the defendants The judge held that during the trial the right prosecution witness who was an investigator had stated during cross examination that he had never came across any document showing that the defendants and former Managing Director of the company Mr Lanre Fabunmi met and carried out any illegal act She also referred to the evidence of the second prosecution witness who stated that before any payment was made it must go through its internal control client service and the Managing Director approves The court held that none of the defendants had shown to be part of Internal control or hatching a plan to steal from the company with the managing director Taiwo said believing the evidence of the prosecution that the defendants got huge sums as sales commission meant they connived with the Managing Director would be speculation on the part of the court Lack of concrete evidence creates doubt in the mind of the court and the court does not act on speculations let alone conjectures that are ambiguously speculative Suspicion no matter how grave is not evidence and cannot be the basis for conviction of any person in law Suspicion remains suspicion and cannot graduate to convincing evidence no matter how grave the suspicion can be See the case of Happy Kingsley Idemudia VS The State 2015 LPELR 24835 SC Haruna VS State 2019 LPELR 47805 CA It is obvious that the offence of conspiracy to commit an offence will necessarily precede in point of time the offence of the actual commission of the offence to which the conspiracy relates She said The judge said the prosecution was expected to prove that indeed there was a meeting of minds between the defendants and the MD to commit the offence The myriad of evidence to prove the payment of the sales commission also reveals that the defendants in any capacity did not approve the payment to themselves In final analysis the case of the prosecution is riddled with speculations half truths and insufficient evidence to support the amended information The case of the prosecution was thoroughly whittled down under cross examination and the remnants of the evidence have not established a case against the defendants warranting the need for them to enter their evidence Consequently having failed to establish a prima facie case against the defendants the no case submission made by the defendants is hereby upheld The defendants are hereby discharged and acquitted Taiwo ruled NAN reports that the Economic and Financial Crimes Commission EFCC had charged the defendants on a 22 count amended charge bordering on conspiracy stealing dishonest conversion of funds for purpose of purchasing properties and converting funds belongs to the firm The defendants had pleaded not guilty to all the charge The prosecution team led by Mr Rotimi Jacobs SAN had opened their case and called eight witnesses with several documents tendered as exhibits before they closed their case The prosecution had during the trial told the court the process of sales in the investment arm of AIICO The first prosecution witness Eguarekhide Longe had said that he was working with AIICO Pension Longe said the company sold insurance contracts and got money and invests According to him the Insurance group deployed a broad agency network to sell insurance contracts and for agency work done the sales commission was paid to the agent He told the court that the sales commission was usually approved by the board and that the Managing Director could sign more than N5million Longe further told the court that none of the defendants were board members or directors of the company The defendants through their counsel Mr Adeyinka Olumide Fusika SAN Mr Tayo Oyetibo SAN and Dr Muiz Banire SAN for first to third defendants respectively had filed a no case submission which was argued before the court after the prosecution closed its case The defence counsel submitted and drew the court s attention to the evidence of prosecution witnesses during cross examination who agreed that the sales commission paid in 2020 to prove the exact amount stolen by the defendant to establish a prima facie case They also argued that the court should consider evidence of prosecution witnesses as well as the exhibits P to see that defendants never stole or converted money belonging to the company but they were entitled to the sales commission The counsel also argued that none of the prosecution witnesses testified as to rule prohibiting payment of sales commission to staff www ng NewsSourceCredit NAN
    Judge frees 3 AIICO staff members accused of N1.5bn fraud 
    General news2 months ago

    Judge frees 3 AIICO staff members accused of N1.5bn fraud 

    Justice Oluwatoyin Taiwo of an Ikeja Special Offences Court, on Wednesday acquitted three staff members of the American International Insurance Company Limited, (AIICO) charged with fraud of N1.5 billion The News Agency of Nigeria that Taiwo, in a ruling in a no-case submission filed by the defendants-Onome Harriet, Olajumoke Akano, Olabode Ogunlere  and the Former Managing Director of AIICO,  Lanre Fabunmi, who is at large, stated that the three staff members had no case to answer.

    She held that the prosecution failed to prove the alleged offence against the defendants while ruling on the no case submission filed by the defendants.

    The judge held that during the trial, the right prosecution witness who was an investigator had stated during cross examination that he had never came across any document showing that the defendants and former Managing Director of the company, Mr Lanre Fabunmi met and carried out any illegal act.

    She also referred to the evidence of the second prosecution witness who stated that before any payment was made, it must go through its internal control client service and the Managing Director approves.

    The court held that none of the defendants had shown to be part of Internal control or hatching a plan to steal from the company with the managing director.

    Taiwo said believing the evidence of the prosecution that the defendants got huge sums as sales commission meant they connived with the Managing Director would be speculation on the part of the court.

    “Lack of concrete evidence creates doubt in the mind of the court and the court does not act on speculations, let alone conjectures that are ambiguously speculative.

    “Suspicion no matter how grave is not evidence and cannot be the basis for conviction of any person in law.

    Suspicion remains suspicion and cannot graduate to convincing evidence no matter how grave the suspicion can be.

    “See the case of Happy Kingsley Idemudia VS The State (2015) LPELR- 24835 (SC).

    Haruna VS State (2019) LPELR- 47805 (CA).

    “It is obvious that the offence of conspiracy to commit an offence will necessarily precede in point of time the offence of the actual commission of the offence to which the conspiracy relates.

    ” She said.

    The judge said the prosecution was expected to prove that indeed there was a meeting of minds between the defendants and the MD to commit the offence.

    “The myriad of evidence to prove the payment of the sales commission also reveals that the defendants in any capacity did not approve the payment to themselves.

    “In final analysis, the case of the prosecution is riddled with speculations, half truths and insufficient evidence to support the amended information.

    “The case of the prosecution was thoroughly whittled down under cross examination and the remnants of the evidence have not established a case against the defendants warranting the need for them to enter their evidence.

    “Consequently, having failed to establish a prima facie case against the defendants, the no case submission made by the defendants is hereby upheld.

    The defendants are hereby discharged and acquitted,” Taiwo ruled.

    NAN reports that the Economic and Financial Crimes Commission (EFCC) had charged the defendants on a 22-count amended charge bordering on conspiracy, stealing, dishonest conversion of funds for purpose of purchasing properties and converting funds belongs to the firm.

    The defendants had pleaded not guilty to all the charge.

    The prosecution team led by Mr. Rotimi Jacobs, SAN, had opened their case and called eight witnesses with several documents tendered as exhibits before they closed their case.

    The prosecution had during the trial, told the court the process of sales in the investment arm of AIICO.

    The first prosecution witness (Eguarekhide Longe) had said that he was working with AIICO Pension.

    Longe said the company sold insurance contracts and got money and invests.

    According to him, the Insurance group deployed a broad agency network to sell insurance contracts and for agency work done, the sales commission was paid to the agent.

    He told the court that the sales commission was usually approved by the board and that the Managing Director could sign more than N5million.

    Longe further told the court that none of the defendants were board members or directors of the company.

    The defendants, through their counsel, Mr Adeyinka Olumide-Fusika, SAN, Mr. Tayo Oyetibo (SAN) and Dr Muiz Banire, SAN, for first to third defendants respectively, had filed a no-case submission which was argued before the court after the prosecution closed its case.

    The defence counsel submitted and drew the court’s attention to the evidence of prosecution witnesses during cross examination, who agreed that the sales commission paid in 2020 to prove the exact amount stolen by the defendant to establish a prima facie case.

    They also argued that the court should consider evidence of prosecution witnesses as well as the exhibits P to see that defendants never stole or converted money belonging to the company, but they were entitled to the sales commission.

    The counsel also argued that none of the prosecution witnesses testified as to rule prohibiting payment of sales commission to staff.

    www.

    ng
    NewsSourceCredit: NAN

  •  The equity market slipped on Monday due to selloffs in tier one stocks Consequently market capitalisation shed N27 87 billion representing 0 10 per cent to close at N26 740 trillion compared with N26 768 trillion recorded on Tuesday The All Shares Index ASI also lost 51 79 basis points or 0 10 per cent to close at 49 575 93 as against the 49 627 72 posted on Tuesday The market s weak performance was due selloffs in the shares of Zenith Bank and United Bank for Africa UBA Analyst at Vetiva Dealing and Brokage said Outside of the structured deals market activity remained low as investors stay on the sidelines given the current macro economic conditions Barring any significant positive close in any of the heavyweights we are likely to see another bearish close tomorrow Market breadth also closed negative as 18 stocks declined while 14 appreciated FTN Cocoa Processors topped the losers chart shedding 3k to close at 29k per share Chams trailed also with a loss of 3k to close at 30k while WAPIC declined by2 k to close at 36k per share Cutix was down by 11k to close at N2 15 while AIICO lost 2k to close at 55k per share On the other hand Regency Alliance Insurance led the gainers table gaining 2k to close at 27k per share ABC Transports followed with a gain of 2k to close at 30k while JapaulGold added 1k to close at 28k per share Livestock Feeds appreciated by 4k to close at N1 15 and Honeywell Flour Mills rose by 7k to close at N2 40 per share Analysis of the market activities showed that trade turnover settled higher relative to the previous session with the value of transactions increasing by 97 76 per cent A total of 197 46 million shares valued at N2 94 billion were exchanged in 3 462 deals compared with the 160 24 million units valued at N1 488 billion and exchanged in 3 847 deals Transactions in the shares of Courteville Business Solutions topped the activity chart with 87 14 million shares valued at N50 million Zenith Bank followed with 18 25 million shares worth N360 26 million while Guaranty Trust Holding Company GTCO traded 9 48 million shares valued at N187 39 million Conerstone Insurance traded 9 36 million shares valued at N57 04 million while Sterling Bank transacted 7 79 million shares worth N11 7 million NewsSourceCredit NAN
    Selloffs in tier-one stocks push equity market downward
     The equity market slipped on Monday due to selloffs in tier one stocks Consequently market capitalisation shed N27 87 billion representing 0 10 per cent to close at N26 740 trillion compared with N26 768 trillion recorded on Tuesday The All Shares Index ASI also lost 51 79 basis points or 0 10 per cent to close at 49 575 93 as against the 49 627 72 posted on Tuesday The market s weak performance was due selloffs in the shares of Zenith Bank and United Bank for Africa UBA Analyst at Vetiva Dealing and Brokage said Outside of the structured deals market activity remained low as investors stay on the sidelines given the current macro economic conditions Barring any significant positive close in any of the heavyweights we are likely to see another bearish close tomorrow Market breadth also closed negative as 18 stocks declined while 14 appreciated FTN Cocoa Processors topped the losers chart shedding 3k to close at 29k per share Chams trailed also with a loss of 3k to close at 30k while WAPIC declined by2 k to close at 36k per share Cutix was down by 11k to close at N2 15 while AIICO lost 2k to close at 55k per share On the other hand Regency Alliance Insurance led the gainers table gaining 2k to close at 27k per share ABC Transports followed with a gain of 2k to close at 30k while JapaulGold added 1k to close at 28k per share Livestock Feeds appreciated by 4k to close at N1 15 and Honeywell Flour Mills rose by 7k to close at N2 40 per share Analysis of the market activities showed that trade turnover settled higher relative to the previous session with the value of transactions increasing by 97 76 per cent A total of 197 46 million shares valued at N2 94 billion were exchanged in 3 462 deals compared with the 160 24 million units valued at N1 488 billion and exchanged in 3 847 deals Transactions in the shares of Courteville Business Solutions topped the activity chart with 87 14 million shares valued at N50 million Zenith Bank followed with 18 25 million shares worth N360 26 million while Guaranty Trust Holding Company GTCO traded 9 48 million shares valued at N187 39 million Conerstone Insurance traded 9 36 million shares valued at N57 04 million while Sterling Bank transacted 7 79 million shares worth N11 7 million NewsSourceCredit NAN
    Selloffs in tier-one stocks push equity market downward
    Economy3 months ago

    Selloffs in tier-one stocks push equity market downward

    The equity market slipped on Monday due to selloffs in tier-one stocks.

    Consequently, market capitalisation shed N27.87 billion, representing 0.10 per cent, to close at N26.740 trillion compared with N26.768 trillion recorded on Tuesday.

    The All Shares Index (ASI) also lost 51.79 basis points or 0.10 per cent to close at 49,575.93 as against the 49,627.72 posted on Tuesday.

    The market’s weak performance was due selloffs in the shares of Zenith Bank and United Bank for Africa(UBA).

    Analyst at Vetiva Dealing and Brokage said, “Outside of the structured deals, market activity remained low as investors stay on the sidelines given the current macro-economic conditions.

    “Barring any significant positive close in any of the heavyweights, we are likely to see another bearish close tomorrow.

    ” Market breadth also closed negative as 18 stocks declined, while 14 appreciated.

    FTN Cocoa Processors topped the losers’ chart, shedding 3k to close at 29k per share.

    Chams trailed also with a loss of 3k to close at 30k, while WAPIC declined by2 k to close at 36k per share.

    Cutix was down by 11k to close at N2.15, while AIICO lost 2k to close at 55k per share.

    On the other hand, Regency Alliance Insurance led the gainers’ table, gaining 2k to close at 27k per share.

    ABC Transports followed with a gain of 2k to close at 30k, while JapaulGold added 1k to close at 28k per share.

    Livestock Feeds appreciated by 4k to close at N1.15 and Honeywell Flour Mills rose by 7k to close at N2.40 per share.

    Analysis of the market activities showed that trade turnover settled higher relative to the previous session, with the value of transactions increasing by 97.76 per cent.

    A total of 197.46 million shares valued at N2.94 billion were exchanged in 3,462 deals compared with the 160.24 million units valued at N1.488 billion and exchanged in 3,847 deals.

    Transactions in the shares of Courteville Business Solutions topped the activity chart with 87.14 million shares valued at N50 million.

    Zenith Bank followed with 18.25 million shares worth N360.26 million, while Guaranty Trust Holding Company(GTCO) traded 9.48 million shares valued at N187.39 million.

    Conerstone Insurance traded 9.36 million shares valued at N57.04 million, while Sterling Bank transacted 7.79 million shares worth N11.7 million.


    NewsSourceCredit: NAN

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