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Stock Market Indices Tilt Northward

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The Equity market of the Nigerian Stock Exchange (NSE) finished in the green last week with the key market indicators tilting in the north ward direction.
Specifically the all share index, the Nigerian Stock market benchmark index surged by 1.61 per cent to close at 22,653.17 basis points as against 22,293.53 basis points of the preceding week.
The market capitalisation of listed equities added about N200 billion to finish at N5.34 trillion as against N5.2 trillion recorded the previous week.
Market analysts had attributed the development to the ongoing banking reform carried out by the Central Bank of Nigeria (CBN) and the positive changes in the macroeconomic level of the country’s economy.
The NSE-30 index, a gauge for the stock performance of 30 largest companies in the market according to the NSE weekly report, rose by 2.6 per cent to close at 863.38 points.
The barometer for measuring the performance of food and beverage stocks, the NSE food and beverages index was up by 2.56 per cent to close at 475.40 points.
The NSE banking index, a gauge for banking stocks rose by 1.3 per cent to close at 371.93 points. While the NSE Oil and Gas index rose by 5.95 per cent to close at 308.51 points.
The NSE Insurance index, a gauge that measures performance of insurance stocks, however took a downward trend as it dropped by 1.95 per cent to close at 306.03 points.
Flour Mills of Nigeria Plc led the pack of 41 stocks that appreciated in price for the week with a gain of 603 Kobo to close at N29.03 per share while Oando traded with 579 Kobo gain to close at N93.99 per share.
Other price gainers in the top 10 category were African Petroleum Plc 535 Kobo, Mobil Oil Nigeria Plc 473 Kobo, UAC Nigeria Plc 430 Kobo, Nigerian Breweries Plc 350 Kobo, Nestle Nigeria Plc 299 Kobo, Lafarge Cement WAPCO 255 Kobo, Conoil Plc 141 Kobo and Guaranty Trust Bank Plc 135 Kobo.
On the flipside, Eterna Oil & Gas Plc led the pack of 55 stocks that drifted in the red in terms of their share prices dropping 120 Kobo to close at N11.20 per share while Nigerian Bottling Company Plc followed with 115 Kobo loss to close at N22.30 per share.
Other price drifters in the top 10 top bracket for the week include Seven Up Bottling Company Plc 92 Kobo, BOC Gases Plc 74 Kobo, FCMB Plc 64 Kobo, Spring Bank Plc 52 Kobo, African Alliance Insurance Plc 48 Kobo, RT Briscoe Plc 45 Kobo, Portland Points Plc 36 Kobo and Oceanic Bank International Plc 35 Kobo.

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NIGCOMSAT Seeks Policy To Harness AI Potentials 

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The Nigerian Communications Satellite Limited (NIGCOMSAT), the country’s satellite operator, has called for immediate promolgation of policy action that will enable the country to harness the potentials of Artificial Intelligence (AI).
NIGCOMSAT, also warned that Nigeria risks missing out on Africa’s projected $1.2trillion share of the global AI economy by 2030.
Managing Director of NIGCOMSAT, Nkechi Egerton-Idehen, disclosed this in a statement issued at the weekend following her participation in the Meeting of the National Council for Communications, Innovation, and Digital Economy.
“Artificial intelligence is reshaping industries, economies, and societies worldwide, with projections that it will contribute up to $15.7trillion to the global economy by 2030. Africa stands to gain $1.2trillion of this if the right policies and innovations are in place”, Idehen said, citing a PricewaterhouseCoopers report.
The NIGCOMSAT MD underscored the transformative potential of AI in agriculture, highlighting its applicability in Benue State, widely regarded as Nigeria’s “food basket.”
According to her, machine learning tools could revolutionize agricultural practices by improving pest detection and optimizing planting schedules using satellite imagery.
“AI offers us the chance to not only flourish economically but also to achieve food security. However, we must ask ourselves if we are prepared to manage this technology responsibly”, she added.
Idehen also noted that internet access remains a significant barrier to AI adoption in Nigeria.
“For AI tools to be effective, basic digital infrastructure is essential. Addressing this gap must be a priority.
“AI is happening. We have the opportunity to manage this technology revolution responsibly, both in Africa and globally, through innovation and governance”, she said.
In August 2024, the Federal Ministry of Communications, Innovation, and Digital Economy released a draft National Artificial Intelligence Strategy, aiming to position Nigeria as a global leader in AI.

Corlins Walter

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We Have Spent N1bn On Electrification -LG Boss

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The Chairman of Emohua Local Government Council, Chief David Omereji, has said  the council has so far spent over N1 billion  for the electrification of communities in the area.
Omereji said this while addressing staff of the council at the council headquarters recently.
He said the move was part of his administration’s resolve to ensure  peace and development of the LGA.
According to him,  the Council spent about N29 million on monthly basis for the maintenance of the Emohua Local Vigilante group known as OSPAC, with each member being paid a stipend of N100, 000 monthly.
He diaclosed that 11 out of the 14 wards are currently enjoying electricity, while efforts are on to light-up the remaining ones.
“I also want to use this opportunity to inform the political class for purposes of records and for the understanding of the people that the Council under my watch have done more than enough”, he said .
The Emolga boss explained  that all that have been achieved  were through the personal effort of the Council, without support from anybody as rumoured in some quarters.
Omereji further reaveled that a number of other projects, including roads, fencing of schools, hospitals, courts premises, and reconstruction of some abandoned buildings at the Council Headquarters are being undertaken by his administration.
He enjoined the people of the area to support his administration’s drive to bring purposeful development to the LGA.
The Emohua Council boss, who reiterated his hatred for noise making, stated that  his  works would speak for him, and solicited the support of staff of the council and the entire people of the area.
He noted the fact that some people may not be happy with his achievements, saying that he would remain focused, while  advising critics of his government to do so constructively with facts and figures.

King Onunwor

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Ogoni Rejects NNPC-Sahara  OML11 Deal … Wants FG’s Intervention

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The Movement for the Survival of the Ogoni People (MOSOP) has raised some ethical questions over a Financial and Technical Services Agreement (FTSA) between Sahara Energy and West African Gas Limited (WAGL), an affiliate of the Nigerian National Petroleum Company (NNPC).
MOSOP said the agreement was not done in good faith, not in the interest of the Nigerian people, and did not follow due process.
Foremost Ogoni born activist and  MOSOP  leader, Fegalo Nsuke, who made this known in Abuja, weekend, described the Sahara-WAGL deal as fraudulent, deceptive and an insult on the intelligence and integrity of the Nigerian nation.
Nsuke called on President Bola Ahmed Tinubu to cancel that FTSA between Sahara Energy and WAGL, noting that the agreement is fraught with irregularities and deceptive.
“What Sahara and the NNPC did in the FTSA between Sahara and WAGL is shameful and depicts high level corruption in public service of our country.
“WAGL is an affiliate of Sahara and the NNPC. How then can Sahara go into an agreement with its own affiliate? It’s as good as going into an agreement with itself. This is deceptive and fraudulent”, Nsuke said.
He continued that “Sahara Energy is certainly not a company the Ogoni people want on their soil and we are calling on Mr. President, Bola Ahmed Tinubu, to terminate any deal between the NNPC and Sahara Energy over OML 11, and to allow for an inclusive arrangement that considers a fair treatment of the Ogoni people in the distribution of revenues from natural resource extraction on Ogoni soil.
“The last Ogoni Congress has been unequivocal on the Ogoni demand for justice and has given a clear path to resolve the three decade old conflict between all critical parties.
“It will be good to explore this path to peace and development for Ogoni and for our country”.
Nsuke accused Sahara Energy and the NNPC of frustrating the progress made by MOSOP to achieve a permanent solution to the Ogoni problem.
He urged a presidential intervention with deep consideration for a fair treatment of the Ogoni people in order to permanently address the problem.
He noted that Sahara Energy should give up on the Ogoni area to allow for an engagement in the interest of the country and the people.
Recall that MOSOP and Sagara Energy have recently been engaged in a row in what MOSOP describes as an unholy relationship between Sahara Energy and the NNPC over OML 11.
MOSOP expressly rejected Sahara Energy and called for a fair treatment of the Ogoni people in natural resource extraction in Ogoni.
It noted that Ogoni people, led by MOSOP, paid the sacrifice to take the oil from Shell, hence “the position of MOSOP must be taken into consideration in decisions relating to resumption of oil production in Ogoni”.

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