Govt urges Nigerians to be vigilant at markets, churches, mosques, hotels

Photo; sturvs

FROM the Minister of Information and Culture, Alhaji Lai Mohammed, came yesterday a piece of advice that Nigerians should be vigilant at markets, hotels, churches, mosques and other crowded places which may be targets of terrorists that are now being ruthlessly dealt with by the military with a view to ending their menace by the end of the year.

He announced plan by the ministry to launch a national campaign against insurgency in the North-East regions.

Mohammed, who spoke on Saturday when he visited the Internally Displaced Persons (IDPs) camp in Bama, Borno State, stated that intelligence gathering and robust advocacy would be used to sensitise Nigerians on the need to wage war against the insurgents. He noted that no nation has ever succeeded in the fight against insurgency without support of the civilian component.

“We will let Nigerians know that the fight against insurgency is a national issue and not to see it as ethnic or religious issue,’’ he said.
The minister said that the ministry would roll out national jingles to educate Nigerians on the need to be vigilant and report any suspicious movements to the security agencies.

He commended the military for keeping Nigeria one, and taking back Bama town and other communities in the North-East from the insurgents. Mohammed said the Federal Government would ensure that no Nigerian territory remained in the hands of insurgents before the end of the year.

According to him, as the insurgents failed to make further attack on villages, they could go under to attack soft targets such as hotels, markets, mosques and churches. “I urge Nigerians to be vigilant in these public places and ensure that they know their neighbour’s means of livelihood with a view to complementing the military’s efforts against the insurgents.

“I also call for synergy between the military and the media to enhance mutual understanding in the war against insurgency because security is everybody’s business,” he said.

Responding, Borno State Governor, Alhaji Kashim Shettima, commended the minister for the visit, noting that Mohammed was the first Minister of Information to visit the state to get firsthand information on the war against insurgency. He said the state had witnessed unimaginable destruction of 27 local government areas from 2009 to date caused by the insurgents.

The governor, who blamed the insurgency on poverty and unemployment, urged the Federal Government to address the problems of poverty, unemployment and lack of hope for youth.

NSE’s indices appreciate by N69 billion

Following price gains recorded by some highly capitalised stocks, transactions on the trading floor of the Nigerian Stock Exchange closed in an upward note, causing market capitalisation to appreciate N69 billion.

Yesterday, the market capitalisation of listed equities rose by N69 billion or 0.7 per cent from N9,500 trillion recorded on Friday to N9,569 trillion while the All-share index rose by 202.89 points from 27,631.05 to 27,833.89.

On the price movement chart, 16 stocks appreciated in price, as LawUnion &Rock emerged the day’s highest price gainer with 7.27 per cent to close at N0.59 per share. Dangote Cement followed with 6.27 per cent to close at N171.15 per share. Learn Africa added 4.55 per cent to close at N0.69 per share.

Wema Bank, Port Land Paints, Aiico garnered 4.44, 4.22 and 3.26 per cent to close at N0.94,N3.95 and N0.95 per share.
Sterling Bank gained 3.21 per cent to close at N1.93 per share. Oando added 1.53 per cent to close at N5.99 per share.

Other gainers of yesterday’s transactions are Flourmills, adding 1.05 per cent to close at N19.30 per share. TRANSEXPR also added 1.02 per cent to close at N0.99 per share.

On the other hand, Tigerbrands led 29 other on the losers chart with 945 per cent to close at N1.15 per share. Honeywell followed with 9.39 per cent to close at N1.64 per share.
UACN lost 5.00 per cent to close at N24.33 per share. Skye Bank, May&Baker, Continental reinsurance shed 4.97,4.81 and 4.76 per share.

Zenith bank shed 4.74 per cent to close at N15.29 per share. Fidson and Eternaoil dropped 4.71 and 4.61 per cent to close at N2.85 and N1.45 per share

The banking sector remains the most active stock with 42 million shares worth N358million while the insurance sector followed with N8 million units values at N6million

On the whole, investors exchanged 127million shares worth N2.5 billion in 2,434 deals.

Shareholders endorse Oando’s plan to divest subsidiaries, raise N80b additional capital

Shareholders of Oando Nigeria Plc have approved the company’s plan to divest any or all shareholding and investment  in the downstream business by way of sale, transfer or any other form of disposition to enhance growth.
   
Besides, the company also received shareholders’ nod to raise N80 billion by way of rights issue to existing shareholders.
   
The shareholders, who spoke at the 38th yearly general meeting of the company held in Lagos yesterday, also authorised the company’s directors  to appoint professional advisers and other parties for the  transactions.
   
Specifically, the president of Independent shareholders Association of Nigeria, Sunny Nwosu urged the company to do everything within its powers to ‘clean up’ the balance sheet and restore the company to profitability.

Similarly, the President, Progressive Shareholders Association of Nigeria, Boniface Okezie urged the company to divest some of its assets and subsidiaries and concentrate on few that add value to the business.
   
He added that it would help reduce the indebtedness to banks and boost the working capital.
   
“Identify the buyers that would do the business in a transparent and accountable manner. There is no need having 100 subsidiaries that are not adding value to the bottomline.”
   
The Managing Director of the company, Wale Tinubu explained that the company would conclude the divestment of downstream business within the next two years.

He pointed out that the company has continued to execute its strategic plan as outlined in previous years, successfully completing the first segment of the 10 km Greater Lagos Pipeline Ijora – Marina extension, and signed an agreement with an indigenous contractor for the 9km extension of the CHGC pipeline in Port Harcourt.

The company, according to him, has also signed agreements with General Electric, Nigeria to engage in various initiatives to develop power generation projects, compressed natural gas facilities and mini Liquefied Natural Gas (LNG) projects, aimed at aggressively expanding its gas footprint in Nigeria whilst remaining the gas provider of choice to consumers.

“Oando steadily navigated the ups and downs of the cyclical oil & gas market by adapting quickly, recording key operational milestones and being fiscally innovative to enable its business operations run efficiently. This led to an 82% increase in 2P reserves from 230.6 MMboe to 420.3 MMboe and an 11 fold increase in production from 4,531 boe/day in H1 2014 to 55,399 boe/day in H1 2015.”

Tinubu also explained that the company also reset its crude oil hedge floor price from an average of $95.35 per barrel to $65 per barrel.

This measure, according to him, saved the company $65 million in interest payments over the remaining term of the loan facilities used in its landmark acquisition of ConocoPhillips Nigeria.

He told shareholders that the company also upsized $91 million of its senior secured facility from $215 Million to $306 Million, and repaid its $100 Million African Export-Import Bank subordinated loan facility, thus reducing its debt position from $900million as of July 2014 to $500million as of October 2015.
He added that the company also completed the construction of the Island Jetty in Apapa, Lagos which will provide a more efficient platform for product receipt to all marketers and lead to higher margin volumes with an estimated $36 million expected annually in revenue and $120 million demurrage cost-savings for the sector per annum.

“Looking to the future, Oando’s E&P subsidiary is expected to contribute $150 million on an annual basis translating to expected dividends for shareholders once its debt  portfolio is cleared. It is incumbent for us to change because the whole world is changing. We cannot continue to grow without reviewing our balance sheet and selling what we fell is unprofitable for the company.”

The company recorded a turnover of N424.68 billion compared to N449.87 billion achieved in the corresponding period of 2013 while loss after tax stood at N179 billion compared to profit after tax of N4.68 billion posted in 2013.

Similarly, the company for the six months ended June 30, 2015 declared a revenue of N60.32 billion against N55.67 billion posted in the comparative period of 2014.

Fireman dies, 5 injured as fire razes Onitsha market

The Anambra Fire Service on Monday lost one of its staff while fighting the inferno that gutted the Ochanja Market, Onitsha.

The Acting Director of the service, Mr Innocent Mbonu, who confirmed the death of the staff, however, refused to give the name of the deceased.

Mbonu explained that a storey building in the market collapsed on two of his staff in an attempt to stop the fire, adding that one died instantly while the other was receiving treatment at a hospital.

“Eive other persons sustained various degrees of injury while 15 shops, mostly shoe shops, were razed during the inferno,” he said.

When contacted, the Police Public Relations Officer in the state, Mr Ali Okechukwu, said that the cause of the fire could not be ascertained.

“The governor was there. When government comes out with its report on the cause of the fire, we shall all know but the place is calm now,” Okechukwu said.

Reacting, a member of the market’s vigilance group said that the fire started at about 3 a.m. from a shop line and extended to other areas.

The security guard, who pleaded anonymity, said that efforts by the firemen and others to put out the fire were unsuccessful.

“The fireman met his untimely death when he climbed a storey building to spray water but unfortunately for him, the building collapsed and he was consumed by fire.

“Another official of the fire service broke his leg and was among the five that sustained various degrees of injury,” the source said.

An eyewitness further disclosed that a cash of N1.5 million was recovered in one of the shops and was handed over to the owner of the shop.

Gov. Willie Obiano of Anambra, who rushed to the fire scene early in the day, said he would set up an investigative panel to find the immediate and remote causes of the fire outbreak.

Obiano said that he would provide a fire-fighting vehicle and other equipment and urged the traders to be calm.

Social Media Bill: Buhari differs with Senate, restates commitment to free speech.

Buhari

IN what looked like a major public disagreement with the Senate over the controversial Frivolous Petitions and Other Matters Bill, (also known as Social Media Bill) before the Senate, President Muhammadu Buhari on Monday reiterated the commitment of his administration to the protection of free speech in keeping with democratic tradition.

The President’s reaction, which was contained in a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu came against the background of the public hostility towards the bill now being debated by the Senate.

Shehu noted that the President had sworn to defend the constitution of Nigeria and would not lend his hand to anything that is inconsistent with the constitution, but added that Buhari was not averse to lawful regulation, so long as that is done within the ambit of the constitution which he swore to uphold.

He added, “The President said free speech is central to democratic societies anywhere in the world. The President explained that without free speech, elected representatives won’t be able to gauge public feelings and moods about governance issues.

“As a key component of democratic principles,” the President acknowledged that people in democratic societies “are so emotionally attached to free speech that they would defend it with all their might.”

Shehu explained that Buhari was fully aware of the public reservations about the proposed legislation but assured that there is no cause for alarm, “because the Senate is a democratic senate. The President won’t assent to any legislation that may be inconsistent with the constitution of Nigeria.”