NSE bleeds as investors lose N87bn in four days

Activities on the Nigerian Stock Exchange (NSE) ended in the red as stocks shed a total of N87 billion between Monday, August 6 and Thursday, August 9.

Market capitalisation dropped to N13.22 trillion on Thursday; the last time it was in such corridors was in December 2017.

There were 22 losers at the end of Thursday’s trading day as against 12 gainers.

NAN reports that Ambrose Omordion, the chief operating officer, InvestData Ltd., in Lagos, attributed the persistent decline to political risk ahead of the election and mixed sector quarter earnings announced by some companies.

Omordion said that second-quarter earnings had been mixed with most commercial banks posting a decline in loans growth, while several consumer goods companies recorded lower profits.

Mobil Oil topped the losers’ chart shedding N10 to close at N170 per share.

FBN Holdings trailed with a loss of 45k to close at N9.50, while Vitafoam was down by 36k to close at N3.24 per share.

PZ industries depreciated by 20k to close at N14.05, while Zenith Bank losing 15k to close at N23.60 per share.

On the other hand, International Breweries led the price gainers’ table, gaining 50k to close at N31 per share.

Sterling Bank followed with a gain of 13k to close at N1.49, while Ecobank Transnational gained 10k to close at N22.15 per share.

Eterna Oil also appreciated by 10k to close at N6.10, while Stanbic IBTC grew by 10k to close at N50 per share.

UBA was the most at active stock in volume terms, trading 27.22 million shares worth N260.24 million.

Law Union and Rock Insurance followed with 25 million shares valued at N22.50 million, while Zenith International Bank traded 19.92 million shares worth N71.39 million.

Courteville traded 19.69 million shares worth N4.13 million, while Regency Insurance sold 13.13 million shares valued at N3.05 million.

In all, a total of 188.26 million shares valued at N1.29 billion were transacted by investors in 2,795 deals.

This is in contrast to the 114.04 million shares worth N730.08 million traded in 2,610 deals on Wednesday. - TheCable

FACT !!! ASUU : ‘Non payment of salaries will deepen corruption’

The Ibadan Zone of the Academic Staff Union of Universities (ASUU) has said that non-payment of salaries to workers and university lecturers will deepen corruption and heighten security tensions in the country when students are sent home owing to strikes.

The Zone lashed out at the failure of the Oyo and Osun States’ government over their failure to pay 10months salary arrears and their defaulting over statutory function to Ladoke Akintola University, Ogbomoso.

ASUU said that strike currently on in the LAUTECH branch may become full blown if the governments fail to address their demands within the duration of the warning strike.

The bone of contention is that the owner states refused to fund the University and this has led to 10months unpaid salaries, non-payment of earned academic allowances, pension and gratuity and National Health Insurance Schemes.

The Ladoke Akintola University had on Thursday proceeded on two weeks warning strike over non-payment of 10months salary arrears by the two owner states and the refusal to fund the university.

A release signed by the Ibadan Zonal Coordinator of ASUU, Dr Ade Adejumo said allowing the university workers to proceed on another round of strikes would put the progress of the institution on hold and expose the students to crime and criminality.

Adejumo who maintained that it was the height of irresponsibility and insensitivity on the part of the governors of Osun and Oyo to attend to the financial needs of the institution.”

The lecturers had to put on hold the first semester examination of the 2017/2018 session put the academic session a shaky and uncertain future.

The chairman of ASUU LAUTECH Dr. Biodun Olaniran had maintained that while the lecturers had the interest of the students at heart, it is becoming practically impossible to be responsible parents to their families while their children needs are largely unmet.

ASUU said the union had communicated the governments on the Memorandum of Action before suspending the 10 months strike last year on the need not to renege on the agreement while government continues to beg the question.

“It is total corruption to deliberately create conditions that will make people vulnerable to crime and criminality. Why will government not pay people and be expecting them to work. Which of the governors is not getting paid and receiving security votes? If workers are coming to work for ten months without pay, a reasonable government should be worried about how the people are coping and surviving rather than think everything is normal. This warning strike is to alert the public of an impending full blown total strike if the government refuses to accede to the request of the ASUU members,” he stated. - The Nation

Chelsea man Zouma undergoes Everton medical

Chelsea defender Kurt Zouma appears to be closing in on a loan switch to Everton.

The central defender is undergoing a medical at Everton ahead of a potential loan move from Chelsea, according to the Telegraph’s Chris Bascombe.

Everton want to add further quality to their ranks following a hectic finale to the summer transfer window, with Zouma identified as a loan target.

The 5pm deadline for buying English clubs has already passed, but the Toffees have apparently submitted an extension request to the Premier League as they look to thrash out a deal for the Frenchman.

Zouma spent last season on loan at Stoke City but failed to impress, as the Potters were consigned to relegation down to the Championship.

Chelsea have evidently deemed Zouma as surplus to requirements for the upcoming season, with the player now set to move on and gain first-team experience elsewhere. - Read Sport

Transfer news : Ings expected to finalise Saints move

Southampton look set to finalise the signing of Danny Ings from Liverpool on a season-long loan, according to BBC journalist Ian Dennis.

The transfer deadline shut at 5pm earlier today, but Southampton were able to submit a deal sheet to the Premier League and extend that to complete the move.

Ian Dennis now reports that Ings should now sign for Southampton and the deal is progressing as we speak.

The deal is expected to be a season-long loan with the option to sign him permanently at the end of the season.

Liverpool were thought to have wanted a fee in the region of £20m earlier in the window.

It is unclear as to whether they have lowered that coming into the final hours of the transfer window on Thursday. - Read Sport

Twelve killed as gunmen rob banks in Edo

Twelve persons including a policeman have been killed by armed robbers who attacked a police station and invaded two banks in Igarra, headquarters of Akoko-Edo local government area.

Two persons who were detained at the police station in Akoko-Edo for minor offences were also killed by the robbers.

Witnesses said the robbers first attacked the police station which is about 1.2 kilometre from the banks to demobilise the the policemen on duty.

The robbers were said to have burnt the official vehicle of the newly posted Area Commander and killed a policeman in the process.

Three other persons near the police station were reportedly hit by stray bullets.

Four persons were killed within the premises of the two banks as witnesses claimed the robbers could not get access to the vault of the banks.

A youth who gave Ofei Obende said policemen posted to the bank tried to resist the robbers but were overpowered by their heavy firepower.

Secretary to the paramount ruler of the community, Otaru of Igarra, Elder Folorunsho Dania confirmed the incident saying, “This is a serious case, armed robbers have besieged Igarra. So many lives killed, ten dead persons have been counted.

“The police station was set ablaze, the Area Commander’s new car set ablaze because we have an area commander now. Close to the police station, three people were killed and in the banks too; Keystone and Unity Banks many persons were killed and the banks raided.

“It is a calamity. In all, ten lives have gone. They could not access the strong room of the banks. The people that were killed in bank were outside the bank premises. Four persons killed within the bank premises, a policeman killed in the police station then a stone throw from the police station, three persons were killed. I am right at the police station. - The Nation

Why there are rising incidence of deaths in Ogun – FRSC

The Ogun State Command of the Federal Road Safety Commission (FRSC) on Thursday, blamed impatience and outright disobedience of traffic rules by motorists for the rising cases of auto crashes and deaths in the state.

Mr Clement Oladele, the Ogun Sector Commander of FRSC, made this known at the 2018 Stakeholders’ Forum organised by the Sango-Ota Command in Ota.

He stated that in the first and second quarters of this year, 91 and 160 deaths respectively were recorded by the command, adding that the deaths had surpassed the entire 210 recorded in 2017.

Oladele said arrests and other efforts by the command to caution motorists as they approach construction sites on highways had also yielded little result.

According to him, most of the crashes occur in construction areas, especially at Ogunmakin, Mowe, on the Lagos-Ibadan Expressway.

“The increase in road crashes and fatalities is due to outright disobedience to traffic rules such as non-usage of seat-belt and use of second hand (tokunbo) tyres.

“We implore all motorists to adhere to the 50km speed limit at construction sites and regular use of seat-belt as well as desist from buying tokunbo tyres to reduce crashes and fatalities in the state,” he said.

The News Agency of Nigeria (NAN) reports that the forum tagged, “Importance of Seat-belt and Tyre Safety,” was organised by the command in collaboration with Shell Nigeria Gas.

Also speaking, Mr Adekunle Oguntoyinbo, the Sango-Ota Unit Commander of FRSC, said that 60 per cent of the dead would have lived if they had used seat-belts.

Oguntoyinbo said that prominent Nigerians were among the dead due to disobedience to traffic rules.

He reiterated that the forum was aimed at reawakening motorists on the need to be safety conscious. - Daily Post

Osinbajo reveals reason for current political issues in Nigeria

Acting President, Yemi Osinbajo has described the current political happenings in Nigeria as a battle between the good and bad elements whose aim was to continue suffocating the nation by milking it dry.

According to the News Agency of Nigeria, NAN, Osinbajo said that the Federal Government “would not compromise” in the ongoing war against corruption and protection of national interest.

Osinbajo made the declaration in Daura on Thursday while addressing thousands of the All Progressives Congress loyalists at a campaign rally for Saturday’s Katsina north senatorial district bye-election.

He reeled out the achievements of the administration which focused on transforming the nation’s infrastructure like roads, rail lines, agriculture, education, health, security and the fight against corruption.

“We will not relent,” he said, adding that no amount of blackmail will stop the government.

He used the occasion to call on the electorate in Daura north senatorial district to vote for the APC, noting that the election was necessitated by the death of the senator for the area, late Mustafa Bukar.

Earlier, Katsina state governor, Aminu Masari described the current face-off in Nigeria’s Senate as unfortunate, uncalled for and saddening.

He called on Nigerians of every divide to continue to support the transformation agenda of President Muhammadu Buhari, stressing that “this country must be reformed to the right path of progress and prosperity.”

Also, Kano State Governor, Abdullahi Ganduje who spoke on behalf of the Northwest governors, described the bye-election as a testing ground, preparatory to the 2019 general elections and called on the electorate to use their votes wisely.

APC National Chairman, Mr Adams Oshimhole called on the electorates to vote for the APC and shun financial inducements.

He described president Buhari as honest, gentle and one of the most decent Nigerian leader ever produced.

He said Nigeria would in the near future be bailed out of poverty, crimes and insecurity whose seed was laid by the 16 years of the Peoples Democratic Party rule in the country. - Daily Post

How much do you drink? Whatever you say, your GP will double it

However much you say you drink, your doctors will double the figure, new research suggests.

Polling of almost 200 GPs found they were unlikely to believe patients when they grilled them on their lifestyle habits.

Most used an “alcohol multiplier” - assuming that patients were likely to admit to drinking around half as much as they really do, the polling by insurers found.

A parallel survey of adults found many had little idea how much they were drinking - and even less idea what consitutes a safe limit.

It follows warnings that the baby boomer generation is fast becoming the booziest age group, with men and women in their 70s suffering the results of decades of excess.

The survey of 191 doctors by Direct Line Life Insurance found that overall, they believed just 40 per cent of patients accurately represent how much alcohol they consume.  Young women were the most likely to underestimate their intake.

And GPs reckoned 21 per cent of their patients had symptoms of high alcohol dependency, with a further 19 per cent showing moderate dependence.

The survey of 2,000 adults found many admitted to being economical with the truth, when doctors asked them about their drinking habits.

Advice from Dame Sally Davies, the country’s chief medical officer, says men and women should drink no more than 14 units of alcohol a week.

The guidance - which brought men’s limits down in 2016, followed advice from Dame Sally to women to “do as I do” and think about the risks of breast cancer before having a glass of wine.

Almost one third of those polled did not know what the limits are, and one in five said they regularly drank more.

One in five said they did not keep track, while 16 per cent said “everyone misrepresents how much they drink”. Almost as many - 14 per cent - feared being judged by their family doctor, with just as many deciding the information was irrelevent.

More than one in ten admitted they were surprised by how much they were drinking, when they calculated their units, and said they revised down their total, telling their doctors their habits were in line with recommended guidelines.

Andrew Misell, a director at Alcohol Concern and Alcohol Research UK, said: "This is not the first piece of research to indicate that we don't always tell the truth about how much we drink. A lot of us, if we're honest with ourselves, will be able to remember occasions when we've been economical with the truth when discussing with our doctor how much we eat, drink and exercise. It really highlights our strange relationship with alcohol. We don't mind joking about heavy drinking episodes, but we clam up when asked to talk seriously about how much we drink and why." 

Professor Helen Stokes-Lampard, Chairman of the Royal College of GPs, said family doctors were not “killjoys” and that it was best to tell them the truth.

“Over-consumption of alcohol can have a huge negative effect on our health and wellbeing, so being honest with your GP or other healthcare professional, as well as yourself, about how much you drink is an important first step in understanding how it could be impacting your life.

“GPs understand that it might sometimes be difficult for people to keep track of how much alcohol they drink, and that some patients might not want to disclose the amount because they’re embarrassed or worried about being judged by their doctor. But patients should be reassured that GPs are medical professionals, highly trained to have sensitive, non-judgemental conversations about anything that might be affecting their overall health and wellbeing,” she said.

The GP said everyone should be encouraged to try to limit their intake to a maximum of 14 units a week, with at least two alcohol-free days a week.

Jane Morgan, business manager at Direct Line Life Insurance, said: “Most of us enjoy a drink from time to time, but no matter how much alcohol you consume it’s important to be honest with your doctor about it. Without all the correct information about your lifestyle you may not get the right diagnosis or treatment.”

She also said customers should be honest about their drinking when buying health or life insurance policies.

Helen Clark, deputy director of drugs, alcohol and tobacco at PHE said: “It’s all too easy for the amount of alcohol you drink to creep up on you. That’s why it’s important people try to keep track of how much they’re drinking.

"The Chief Medical Officer’s advice is not to regularly drink more than 14 units a week. Some glasses of wine can contain as many as three units of alcohol. Our One You Drink Free Days app is a simple and easy way to help track and reduce your drinking.” - The Telegraph

Politician dismantles boreholes after losing election, asks residents to look elsewhere for water

Patrick Okumu-Ringa, a Ugandan politician, has reacted angrily to a defeat in a recent parliamentary by-election.

Okumu-Ringa, who lost in the recently concluded Nebbi municipality parliamentary poll, decided to dismantle all the boreholes he had sunk in the area.
The boreholes have been supplying water to the residents, free of charge, for the past two decades.
Confirming the dismantling, the lawmaker accused his constituents of not appreciating his efforts to empower them.

He said the residents abused his generosity by not supporting his parliamentary bid, adding that he had no regrets over his actions.
He, however, indicated his willingness to reconcile with residents and assemble the boreholes at an “appropriate time”.
“I am hurt, but I will reconcile with residents and assemble the boreholes,” he said.

“For now, let them look for water elsewhere. Our people are not appreciative; all I wanted from them was votes. I have educated so many children, but all they tell me is that I have done nothing.”
Asked if his action would not be considered offensive by the government, he said: “I don’t think the government should be offended. I used my money to sink the boreholes, and in any case, even National Water and Sewerage Corporation doesn’t supply free water.”

The process of dismantling the boreholes started on Monday and was concluded on Wednesday, three days after the election results were announced.
Okumu-Ringa is said to own huge chunks of land in the municipality and had drilled 10 boreholes in different wards which had been supplying water to area residents for free.

However, things changed after his bid to make a comeback to parliament was nipped in the bud on successive occasions.
He initially lost during the ruling party NRM’s nominations but opted to run as an independent candidate, claiming President Yoweri Museveni’s party had rigged him out.

But again, he lost in the main elections, coming a distant third by securing 1,270 votes out of the 9,940 votes cast. - TheCable

29-year-old teacher docked for allegedly raping 13-year-old student

An Ikeja Chief Magistrates’ Court on Thursday remanded a 29-year-old teacher, David Irjiobi, for allegedly raping one of his students.

Irjiobi, who resides at 13, Kekereowo Str., Ilasamaja, Lagos, is being tried for rape.

The Police prosecutor, Christopher John told the court, that the offence was committed sometime in March at 25, Abiola Alao Str., Ijeshatedo, Lagos.

He said, “the accused always followed the 13 year-old girl to her home after school.

“The girl’s guardian used to come home in the evening and the girl gets home before them and opens the door with the extra key with her.

“The accused knew about the arrangement and follows her to her house. He raped the girl on three different occasions and warned the girl not to tell anyone.

‘’The girl’s grandmother saw some changes in her behaviour when she went to spend her holidays with her and the woman asked some questions.

“It was then the girl opened up to the grandmother and told her about the accused.”

The Chief Magistrate, Mr P. E Nwaka, had refused to take the plea of the accused, and remanded him in Kirikiri Prison.

The offence contravened Section 259 of the Criminal Law of Lagos State 2015, which attracts life imprisonment. - Daily Post

I’ll look into allegations of human rights abuse, says acting DSS DG

Mathew Seiyifa, acting director-general of the Department of State Service (DSS), has promised to look into the complaints of human rights abuse filed against the service.

In the last three years, the secret police has been accused of disregard for the rule of law and arbitrary arrest.

Speaking in Abuja on Thursday, Seiyifa said under him, the service would take a different approach.

He also promised to collaborate with other security agencies in security management and to promote national interest.

Seiyifa added that the service would not be intimidated in the discharge of its role in line with the rule of law.

He was appointed following the sack of Lawal Daura who took over from Ita Ekpeyong.

Acting President Yemi Osinbajo ordered the dismissal of Daura after DSS operatives invaded the national assembly and prevented some lawmakers from going into the chamber. -TheCable

Transfer news : New signings 'difficult' for Tottenham - Pochettino

Tottenham are the only Premier League club yet to add a new signing during the transfer window and Mauricio Pochettino feels that is unlikely to change as the deadline approaches.

Spurs finished an impressive third in the Premier League last season and reached the last 16 of the Champions League, while manager Pochettino penned a new five-year contract in May.

Reinforcements have not been forthcoming ahead of Saturday's opening game against Newcastle United but the Tottenham boss is content to have kept star names such as England captain Harry Kane for another push for elusive honours.

"It is so difficult now, only four hours to the end [of the transfer window]," Pochettino said. "Until the game finishes you can't say it is the end of the game but in four hours it will be difficult to sign players.

"I am happy to keep all the squad together, there were many rumours during the summer about players out.

"The club made a massive effort to try and extend the contract of Harry Kane, just one example. The club is trying to finish the [new] stadium as soon as possible. 

"It is difficult to understand for people in football that Tottenham didn't sign or didn't sell players but sometimes in football you need to behave differently. 

"We are happy with our squad and we cannot improve our squad. It is better to keep our squad all together. We believe a lot in our players."

Pushed for the latest on Aston Villa midfielder and widely reported Spurs target Jack Grealish, Pochettino replied: "I don't like to talk about the players who are with other teams.

"There are many rumours during the transfer window. There is no point talking about players at another club. 

"I am happy with the squad, happy with the players. We work to improve the squad, but when it is not possible, it is not possible and we move on. 

"I believe in the way that we work and I have no doubt we will be competitive, with or without signings."

Harry Winks and Josh Onomah – the latter having been touted as a potential makeweight in a deal for Grealish – will miss the trip to St James' Park along with Erik Lamela (muscular), Victor Wanyama (knee) and Juan Foyth (thigh). - Goal

Transfer news : Courtois completes Real Madrid switch

Chelsea have confirmed that Thibaut Courtois has now officially completed his move to Spanish giants Real Madrid.

The club announced on Wednesday night that they had agreed a deal with Real Madrid, with Courtois having completed a medical and agreed a six-year contract this morning.

As part of the deal, Mateo Kovacic has joined Chelsea on a season-long loan from Real Madrid – which was confirmed earlier today.

The fee is thought to be in the region of €40m with Courtois having had one year left on his deal.

Chelsea had been attempting to tie Courtois down to a new deal, but were unsuccessful in their negotiations.

Courtois won two Premier League titles in his four seasons as Chelsea’s number one, raking in over 100 appearances for the club.

The Belgian international was awarded the Golden Glove at the World Cup this summer for his efforts with his country in Russia. -Read Sport

Boris Johnson remark does not 'reach bar' for criminal offence - Met Chief

Johnson's comments comparing women who wear the burka to "bank robbers" and "letter boxes" would not "reach the bar" for a criminal offence, the Metropolitan Police commissioner Cressida Dick has said.

Commissioner Cressida Dick admitted that "some people have clearly found it offensive" but that officers that specialise in dealing with hate crime believed "he did not commit a criminal offence".

She stressed no allegation had yet been received that Mr Johnson committed a hate crime.

Speaking to the BBC's Asian Network, Ms Dick said: "I'm not a Muslim woman... I know that many people have found this offensive.

"I also know that many other people believe strongly that in the whole of the article, what Mr Johnson appears to have been attempting to do was say that there shouldn't be a ban - and that he was encouraging legitimate debate."

She continued: "I have to think of this as a police officer. "I can tell you that some people have clearly found it offensive.

"I can also tell you that I spoke last night to my very experience officers who deal with hate crime.

"And although we have not yet received any allegation of such a crime, I can tell you that my preliminary view from having spoken to them is that what Mr Johnson said would not reach the bar for a criminal offence.

"He did not commit a criminal offence."

Earlier this week, a source close to Mr Johnson said it was "ridiculous" his views were "being attacked".

"We must not fall into the trap of shutting down the debate on difficult issues," they told Sky News.

"We have to call it out. If we fail to speak up for liberal values then we are simply yielding ground to reactionaries and extremists."

What is a burka, niqab or hijab?

Hijab: The word, meaning "barrier" and referring to the act of covering up in general, is used to describe headscarves warn by Muslim women.

They come in different styles and colours, but those commonly worn in the UK cover the head and neck and leave the face clear.

Niqab: The niqab is a veil covering the face which leaves an area around the eyes clear. It is worn with a headscarf, and can also be worn with a separate eye veil.

Burka: The burka is a one-piece veil that covers the entire face and body. It has just a mesh screen for women to see through.

A Sky Data poll has since found 45% think Mr Johnson should apologise for his comparison of Muslim women who wear the burka.

Some 48% think he should not apologise.

People in Mr Johnson's former stomping ground of London are most critical of the man they twice elected mayor, saying he should apologise by 51% to 41%. - Sky News

FG approves N17bn tracking devices for fuel distribution

The federal government has approved N17 billion for the installation of devices to monitor the movement of refined petroleum products across the country.

While addressing journalists at the end of the federal executive council meeting on Wednesday, Emmanuel Ibe Kachikwu, minister of state for petroleum resources, said the installation of the devices will last for three years.

The project is expected to be carried out under the Petroleum Equalisation Fund.

“The narrative is that we have all struggled with this whole subsidy payment and how much is consumed in Nigeria, volumes of products moved out illegally and the whole impact on federation accounts allocation committee,” Kachikwu said.

“The essence of what PEF is doing is that this will enable us to track refined petroleum products’ movement from the point of the LC (Letter of Credit) opening from the vessels that come into Nigeria, up until the point where they are discharged into tanks in Nigeria; and from the tanks into trucks in Nigeria.

“We will also monitor the trucks till they deliver the products into the storage tanks for the filling stations and they are discharged and sold. So, that will produce a 100% holistic monitoring of these products.”

According to the minister, this would allow the government to ascertain the actual consumption of petroleum products consumed by Nigerians.

“There has been so much going on in terms of the movement of consumption numbers from over 30 million litres a day to 70 million litres to 80 million litres a day during the difficult times. And the challenge the president has given me is to rein that in. Let us know what we consume in reality; let us know where these products are going and this process will be able to track every truck.

“So, a typical truck will be licensed with a driver, with a transport company; so, if a truck misses, you can find the transporter and the company that takes responsibility. We expect this to be over a period of three years but we promise that within one year, the real effects of this will begin to show.” - TheCable