Category Economy

By Chinyere Joel-Nwokeoma

Lagos, April 1, 2020 (NAN) Nigerian Breweries (NB) Plc has notified the Nigerian Stock Exchange (NSE) and the investing public of the resignation of Mr Atedo Peterside from its board of directors.

Mr Uaboi Agbebaku, the Company Secretary, stated this in a notice on Wednesday on the NSE web site.

“Nigerian Breweries hereby informs the NSE and the investing public of the receipt from Peterside, a notice of resignation from the company’s Board of Directors.

“Following the outbreak of the Coronavirus pandemic, Peterside recently set up the Anap Foundation COVID-19 Think Tank,” Agbebaku said.

He explained that Peterside informed the board that his resignation was to enable him focus fully on fulfilling the objectives of the Think Tank, especially as the pandemic continues to escalate.

According to him, the resignation takes effect on April 1.

“Peterside joined the board on August 21, 2008 and served as the Chairman of the Remuneration Committee and subsequently the Governance Committee during his time on the board,” he added. (NAN)
JNC/IKU/WOJ

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Edited by Tayo Ikujuni/Wale Ojetimi

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Market
By Emmanuel Acha
Enugu, April 1, 2020 (NAN) Enugu State Government has announced the closure of popular Ogbete Main Market in Enugu metropolis following health concerns.

A statement on Wednesday by the Commissioner for Information, Mr Chidi Aroh, said the decision to shut the market was a fallout of Gov. Ifeanyi Ugwuanyi’s visit to the area.

Aroh said the governor had gone to the market with heads of security agencies to ascertain compliance with government’s order closing markets and borders.

“Following the non-compliance by traders and the urgent need to start the fumigation of the market, the state government ordered the immediate closure of the market, including adjoining sections and Akwata,” Aroh said. (NAN)
EOA/CHOM/WOJ

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Edited by Chioma Ugboma/Wale Ojetimi

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By Ijendu Iheaka
Aba (Abia), April 1, 2020 (NAN) A Civil Society Organisation, Coalition of South East Youth Leaders (COSEYL), has condemned the hike in prices of food items during the lockdown in Abia due to the COVID-19 pandemic.
The group described y what it called the astronomical hike in prices of food items by market unions in Aba, the state capital, and other markets within the state as callous and insensitive to the plight of the masses.
In a statement issued on Wednesday in Aba, the group said, “Where people prey on their fellow citizens in a time of crises is worse than witchcraft and must be stopped by government.”
The statement, which was signed by Chief Goodluck Ibem and Dr Kanice Igwe, the President-General and Secretary-General of COSEYL respectively, flayed the development and urged the state government to speedily remedy the situation.
“On March 30, a man brought in a full trailer load of garri into one of the big markets in Aba.
“He asked the garri union members of the market, who are the only ones authorised (by their union) to sell any garri that comes into the market, to buy from him and resell at N14,000 per bag.
“But they (union members) told the vendor of the garri that it would be sold for N35,000 per bag and that there was nothing anyone could do about it.
“With this wicked act, it is clear now that the market union has ascribed to itself powers above those of the governor of Abia State by implementing decisions that are contrary to the governor’s decision.
“This act is absurd and chaotic, and should not be allowed to stand in Abia or anywhere in Nigeria, because it is inhuman to act in such a manner, especially at a time when Coronavirus is ravaging nations and destroying people,” the group said.
COSEYL said that the arbitrary exercise of powers by such unions to the detriment of law-abiding citizens, portended danger, as it could result in deaths of the people due to starvation.
“These ugly situations must not be allowed to stand, otherwise Abia State residents may experience sickness and hunger, resulting in untimely deaths and increase in crimes, after the lockdown.
“The governor must dissolve these wicked and egocentric market unions, whose aims and purpose are to ensure that Abians suffer and starve to death.
“This is the height of wickedness exhibited by these so-called food vendor unions.
“As a group mandated by the people to speak for them, we will not fold our hands and watch wicked and egocentric food union leaders to continue to exploit hapless and helpless people because of the lockdown,” it said.
The group, therefore, called on the state government, the Commissioner for Trade and Investment, the Abia State Price Regulatory Board and the Taskforce Committee for Covid -19 to immediately stop what it called the acts of wickedness.
It also demanded the immediate dismantling of all food unions in Abia and prosecution of those found culpable of exploiting and extorting hapless and helpless people because of the lockdown. (NAN)
IEI/AOS/WAS
Edited by Bayo Sekoni and ‘Wale Sadeeq

Shares

By Chinyere Joel-Nwokeoma

Lagos, April 1, 2020 (NAN) Activities opened for the month of April on Wednesday still on a bearish trend, with a loss of 0.94 per cent.

The News Agency of Nigeria (NAN) reports that the All-Share Index (ASI) dipped199.93 points or 0.94 per cent to close at 21,100.54, compared with 21,300.47 on Tuesday.

Similarly, the market capitalisation declined by N104 billion, to close at N10.996 trillion in contrast with N11.100 trillion on Tuesday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, among which are Dangote Cement, Guinness Nigeria, Flour Mills of Nigeria, Unilever Nigeria and Nigerian Breweries.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said market outlook for the month of April and May remain unstable and mixed.

Omordion stated that investors should invest wisely, using dates, bids, offers, and volume, when taking an investment decision.

Market breadth closed negative with six gainers in contrast with 26 losers.

Unilever led the losers’ chart in percentage terms, losing 10 per cent to close at N9.90 per share.

Dangote Cement followed with a decline of 9.95 per cent to close at N116.80, while Guinness Nigeria shed 9.92 per cent to close at N22.70 per share.

Flour Mills dipped 9.88 to close at N19.15, while Ecobank Transnational Incorporated shed 8.99 per cent to close at N4.05 per share.

On the other hand, MTN led the gainers’ chart in percentage terms, gaining 9.33 per cent, to close at N98.40 per share.

International Breweries followed with 9.18 per cent, to close at N5.35, while Livestock Feeds rose by 8.47 per cent, to close at 64k per share.

Cadbury rose by 4.41 per cent to close at N7.10, while Aviation Handling Company and Wapic Insurance gained four per cent each, to close at N2.60 and 26k per share, respectively.

Also, the volume of shares transacted dipped 63.38 per cent with an exchange of 154.551 million shares valued at N1.77 billion transacted in 3,415 deals.

This was in contrast with 422 million shares worth N1.72 billion achieved in 3,448 deals on Tuesday.

Transactions in the shares of Zenith Bank topped the activity chart with 38.67 million shares, valued at N443.55 million.

Guaranty Trust Bank followed with 22.25 million shares, worth N391.06 million, while FBN Holdings traded 14.94 million shares, valued at N58.64 million.

Access Bank sold 14.11 million shares, worth N81.36 million, while Fidelity Bank transacted 10.65 million shares, worth N18.86 million. (NAN)

JNC/CCN/SOA

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Edited by Chinyere Nwachukwu/Oluwole Sogunle

Adjustment

By Nana Musa
Abuja, April 1, 2020 (NAN) The Independent Petroleum Marketers Association of Nigeria(IPMAN), has directed  its members to adjust to the new Premium Motor Spirit (PMS)  pump price of N123.50 per liter approved by the Federal Government.

The National Public Relations Office of IPMAN, Alhaji Suleiman Yakubu, told the News Agency of Nigeria, (NAN) in Abuja on Wednesday, that most filling stations have adopted the new price, and that others will also abide in due course.

“We support the government and its policies, as we also know that government has its citizens’ welfare at heart.

“Some of the marketers just took products before the reduction,  so it came as a shock, we will find a way to deal with the situation,”Yakubu assured.

The IPMAN spokesperson, advised their members to obey the government directive as the country is currently on lockdown as a result of the COVID-19 pandemic.

“We have to adjust to what the template gives,”he said.

NAN recalls that the federal government had on March 18,  reduced the pump price of PMS (petrol) from N145.00 to N125.00.

It was further reduced on March 31, from N125.00 to N123.50k per liter with  effect from April 1. (NAN)
NHM/KOLE/IU
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Edited by Remi Koleoso and Isaac Ukpoju

Onitsha chamber urges FG to enforce compliance to new pump price

Enforcement
By Lucy Osuizigbo-Okechukwu

Nwachukwu said: “This reduction was an action taken by the Federal Government to reflect the current crash in the global price per barrel of crude oil.

“The irony of this lowered official pump price of petrol is on the compliance by the independent marketers in virtually all filling stations with the exception of the NNPC stations.

“The FG’s directives given on petrol official pump price reduction, along with other products (Diesel and Kerosene), to our National Oil Company, was targeted for the benefit of all Nigerians.

“This is yet to be effected by filling stations.

“Had this price review been the other way round, an upward review,  every filling station
would have happily rushed and quickly adjusted their dispensing meters instantly, even before the news filters out officially in the country.”

Nwachukwu described the non-compliance attitude of oil marketers as a clear corrupt practice being perpetrated against the vulnerable masses and petroleum products consumers nationwide

“We, in the Organised Private Sector (OPS) and ONICCIMA, call the attention of the federal government and the Petroleum Resources Ministry to this act.

“The monitoring team from the PPPRA, Pipelines and Product Marketing Company (PPMC) or the Directorate of Petroleum Resources (DPR)  should please do something about this reluctance and lawlessness, exhibited by these products marketers all over
the nation.

“This must be enforced, “” he said. (NAN)
LCO/DE/DCU

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Edited by Dorcas Jonah/Donald Ugwu

SEC wants public companies to publish impact of COVID-19 on businesses

Impact

By Ginika Okoye

Abuja, April 1, 2020 (NAN) The Securities and Exchange Commission (SEC) has called on public companies to publish the impact of coronavirus on their business operations.

SEC in acircular dated March 31, and released in Abuja on Wednesday, advised the companies to publish the information on their websites and or other relevant media.

“All public companies are required to continue to make material disclosures to investors on the impact of COVID-19 pandemic on their business operations,” the commission stated.

According to SEC, they should also continue to disclose the trend and outlook of the company as well as updates on implementation of business continuity plans.

The commission said it would continue to engage and collaborate with all stakeholders to ensure that the capital market remained resilient, adding that the move was part of its business continuity process.

“In compliance with the Federal Government’s directives on the cessation of movement in Lagos, Ogun and the Federal Capital Territory, SEC has activated its business continuity process.

“In light of the global pandemic of the Corona Virus Disease (COVID-19), the commission wishes to provide additional guidance to the capital market as follows:

“Public companies who plan to conduct Annual General Meetings are required to ensure that the conduct of the meetings comply with the provisions of the Companies and Allied Matters Act, the Investments and Securities Act, the SEC Rules and Regulations, among others.

“Debt issuers are also expected to continue to engage trustees to ensure that relevant disclosures are provided,’’ the commission said.

The commission enjoined all Capital Market Operators (CMOs) to continue to monitor the real and potential risks COVID-19 might have had on their business operations and the discharge of services to investors and clients.

SEC called on all issuers and trustees who might require further guidance to contact it through the following email addresses: quotedcoyreturns@sec.gov.ng,offerapplications@sec.gov.ng, and dhpostoffer@sec.gov.ng.

“While we work to maintain market stability, we encourage everyone to continue to comply with all directives issued by the Federal Government and relevant agencies during this challenging period,” it added. (NAN)

GINI/FF/EMO
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Edited by Fela Fashoro/Ejike Obeta

COVID-19: Kaduna residents lament hike in prices of food items
Hike
By Mabel Yakubu
Kaduna, April 1, 2020(NAN) Some Kaduna residents have lamented over the hike in the prices of food items, following the stay-at-home order imposed by the state government as part of measures to curtail the spread of COVID-19.

A crosss section of residents who spoke in separate interviews with the News Agency of Nigeria (NAN) on Wednesday said the rate at which prices of food items have risen, was alarming, as people could not longer afford food.

NAN reports that Gov. Nasir El-Rufai, had on March 23, ordered civil servants to work from home and later imposed curfew in the state on March 27.

A civil servant, Mrs Mary Isaac, said that traders had taken advantage of the current situation to exploit consumers.

“I came to the market to buy a bag of rice which was sold at N22,000 two weeks ago but to my surprise, I was told that a bag of rice was N27,000 and I had no option but to buy.

“I was able to buy, but what about others who can’t afford such amount, how will they cope?” she said.

Isaac appealed to traders to always think about other people when situations like that arose, as not everyone has the money to purchase things when prices go up.

Another resident, Musa Liman said he knew that traders would increase the prices of food items as such has been common with them “as they have no fear of God.”

He said it had not been easy for him to afford some of the food item because of the sudden increase in price, but said he and his family had to manage in order to survive.

According to Liman, the prices of corn, maize, tomatoes and rice have increased in just two weeks and even the traders with old stock have increased their prices without thinking of those who do not have the resources.

”People complained that the government do not care about the common man when it is the common man that lacked compassion for his or her neighbour,” he lamented.

He urged Nigerians to come together as one, in order to fight COVID-19 rather than starving one another to death through the increase of price of food items.

Liman, however, pleaded with the government to stop traders from the habit of increasing price of food items whenever the country is faced with situations.

A motorcyclist, Amos John, said it had not been easy to feed his family with the little money he saved since the state government gave a stay-at-home order as well as banned motorcycles from the road.

“I pray this situation will not lead me to beg in order to feed my family, because I do not know where I will get money as the prices of food items have increased and there is no work for me.

“If a measure of Garri can be sold at N300 as against its former price of N90, then how will people survive in this lockdown as this is an essential food item for most people,” he said.

John therefore advised the government to regulate the prices of food items in the market.

He however commended the Federal and State governments for their efforts in trying to stop COVID-19 from spreading.

“This is the time to help each other, as every Nigerian is in one way or the other affected by this pandemic, it’s not only those who have tested positive for it,” John said.(NAN)
PMY/JEO/MZA
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Edited by Janefrances Oraka/Maharazu Ahmed