The Nigerian stock market witnessed ongoing positive momentum as investors gained N363 billion, bringing the cumulative capital appreciation for the year to N3.04 trillion.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) closed 0.83 percent higher, crossing the 80,000-point mark to reach 80,328.58 points.
The market capitalization rose to N43.957 trillion, marking a 0.83 percent increase. Notably, Zenith Bank, Guaranty Trust Company (GTCo), and United Bank for Africa (UBA) drove the market performance with positive returns.
All five sectors, including insurance, banking, industrial goods, oil & gas, and consumer goods, reflected overall market appreciation.
The market saw increased activity, with total traded volume rising by 33.3 percent to 1.19 billion units, and the value traded increasing by 6.48% to N15.26 billion.
The $19 billion Dangote Refinery is set to commence refining operations after receiving its sixth one million barrels of crude oil.
The latest delivery of Agbami crude oil via MT ALMI SUN will provide the refinery with the required stocks for test runs.
The refinery, with a capacity of 650,000 barrels per day, is under construction in the Lekki Free Zone near Lagos, Nigeria. Once fully operational, it is expected to be Africa’s largest oil refinery and the world’s biggest single-train facility.
The initial run will produce diesel, aviation fuel, and Liquefied Petroleum Gas (LPG) before progressing to Premium Motor Spirit (PMS).
The refinery is a significant development for Nigeria and the West African region, aiming to reduce dependence on fuel imports.
Peter Obi, the Labour Party (LP) presidential candidate in the February 25, 2023 General Elections, has raised concerns about the Federal Government’s substantial borrowing and extravagant spending on non-essential procurements.
Obi warned that such a pattern, if not curtailed, could lead to economic wreckage.
The former Anambra State governor particularly criticized the government’s securitization of Ways and Means borrowing from the Central Bank of Nigeria (CBN), emphasizing that this practice is against the law and the CBN Act.
He highlighted the act’s stipulation that the federal government’s borrowing from the CBN should not exceed 5% of the previous year’s revenue.
Obi expressed his worry about the unsustainable trend of lavish spending funded by substantial borrowing, citing non-essential procurements and luxury projects labeled as “capital” expenditure in the 2024 budget.
He urged the government to halt this pattern, emphasizing the potential risks it poses to the nation’s economy and the well-being of its citizens.
The former governor called for a focus on rational economic management, stating that the administration’s current approach piles an unsustainable level of debt on the economy, burdening the populace. Obi also criticized the lack of transparency in accounting for the accumulated debts and questioned the specific projects being funded by the borrowed funds.
He raised red flags about the illegal securitization of Ways and Means borrowing, citing violations of the CBN Act. Obi highlighted the need for public accountability and transparency in disclosing the purpose and utilization of the borrowed funds.
He concluded by emphasizing the importance of addressing fundamental issues of rational economic management beyond political considerations.
Tragedy Strikes as Two-Year-Old Girl Electrocuted in Lagos
A two-year-old girl lost her life in the Langbasa area of Lagos State after coming into contact with an exposed wire connected to her neighbor’s house. The incident occurred on January 2, around 11:30 am.
The victim’s father, Mudashiru, shared the heartbreaking details, revealing that his daughter touched a wire linked to the neighbor’s gate, resulting in electrocution.
The distraught father conveyed the pain of losing his beloved daughter, expressing the depth of his grief. The child was rushed to a nearby hospital, where the doctor confirmed her death. The body has been deposited in the mortuary.
A neighbor emphasized that residents had been cautioned to cover exposed wires in their homes, particularly when small children are present. The tragic incident serves as a reminder of the importance of electrical safety measures to prevent such heartbreaking occurrences.
The Lagos State Police Command Public Relations Officer, Benjamin Hundeyin, confirmed the report, stating that the investigation is ongoing, and updates will be provided.
Additionally, another incident in Mushin involves a mother battling for her life after losing two children to electrocution when they attempted to turn on the television after returning from school. The parents were reportedly away or inside the room during the tragic incident.
Anambra State Commissioner of Police, Aderemi Adeoye, announced the arrest of approximately 30 suspects, including kidnappers, armed robbers, cultists, and hoodlums, during a press briefing in Awka.
The arrests were made between December 1, 2023, and the present, contributing to improved security in the state.
Among the apprehended suspects were 12 kidnappers, nine armed robbery suspects, six cult members, and three insurgents.
The operations led to the rescue of two abducted victims during confrontations with criminal elements. Additionally, 11 stolen vehicles, 12 firearms, and 40 live ammunition were recovered from the criminal groups.
Commissioner Adeoye highlighted the dedication of law enforcement during the holiday season, sacrificing celebrations to ensure the safety of Anambra residents.
He emphasized the successful manhunt against criminals responsible for the killing of two police officers in Aguata LGA on December 28, 2023, and the subsequent rescue of a kidnapped individual during a confrontation in Ogboji, Orumba South LGA.
While addressing the media, Adeoye expressed gratitude for the peaceful New Year in the state and assured continued efforts to maintain security and transparency in reporting law enforcement activities.
Gunmen suspected to be Fulani herders attacked the Logo Local Government Area of Benue State, killing at least seven people in a renewed act of violence.
The assailants targeted a commercial vehicle between Arufu and Chembe villages, shooting at passengers. Later, they invaded Mchia community, where seven more people were killed, and several others were reported missing.
Anawah Joseph, a community leader, revealed that the attackers laid ambush on the road, targeting the commercial vehicle and later launching an assault on Mchia, resulting in the tragic loss of lives.
The Chairman of the local government, Rev Adagbe Jonathan, confirmed the incident, stating that seven persons were killed, and efforts were underway to locate missing individuals.
The motive behind the attack is suspected to involve armed Fulani herders collaborating with Jukun militias. The local authorities are coordinating with law enforcement to address the situation and provide support to the affected community.
The Federal Capital Territory Administration (FCTA) is set to introduce a Unified Standard Transportation System in Abuja, aimed at enhancing transportation efficiency.
Dr Abdulateef Bello, the Director of the Directorate of Road Traffic Services (DRTS), announced the plan during a stakeholders’ engagement meeting.
The initiative includes the recovery and reorganization of taxi ranks in the capital city, ensuring they accommodate licensed operators for a more structured and regulated transport network. Dr Bello emphasized the need for standardization in Abuja’s transportation system, considering the city’s rapid development.
To address mass transit challenges, the administration is collaborating with consultants to introduce buses powered by Compressed Natural Gas (CNG). These buses, once deployed on various routes, will replace aging vehicles and taxis, contributing to the improvement of traffic flow in Abuja.
Stakeholders, including Dr Abubakar Sadiq and Okorie Victor, expressed support for the administration’s initiatives during the meeting. Dr Sadiq welcomed the developments and highlighted the importance of considering critical players in the transportation sector, while Mr Victor urged robust sensitization campaigns to ensure effective comprehension of evolving policies by all stakeholders.
The Nigerian Defence Academy (NDA), based in Kaduna, has issued a notice to residents of Mando, Tsamiya, Kauya, and Afaka general areas, assuring them not to panic about an upcoming shooting exercise. The exercise is part of the Range Management Package for Army Cadets of the 71 Regular Course at the military university.
In a statement by the Academy Public Relations Officer, Maj. Mohammed Maidawa, residents were urged not to be alarmed, emphasizing that the shooting exercise, scheduled between January 9 and February 2, 2024, is a routine activity for Army cadets.
While reassuring the public that necessary safety measures have been implemented for the successful conduct of the exercise, the statement cautioned against trespassing into the shooting range during the specified period. The NDA’s communication aimed to alleviate concerns among residents and ensure a smooth execution of the scheduled training.
The Nigerian Medical Association (NMA) has declared its intent to disregard the directive by the Medical Dental Council of Nigeria (MDCN) cautioning doctors against striking.
In an interview with our correspondent, the NMA President, Uche Ojinmah, asserted that doctors would not heed the MDCN’s warning and hinted at a potential withdrawal of services across health institutions if the Federal Government fails to implement the upward review of the Consolidated Medical Salary Structure by January 31, 2024.
The MDCN had, in a letter dated January 4, 2024, cautioned doctors against sending patients away during strikes. The directive emphasized that patients on admission should not be discharged solely due to a strike, and emergency units must remain operational with scheduled practitioners.
Ojinmah criticized the MDCN’s stance, stating, “How will MDCN tell me not to fight for my salary? They didn’t even issue a letter to demand equal pay with senators or judges or what is being paid in America.
” He highlighted the delayed implementation of a salary increment since July 2023, emphasizing that doctors would defend their rights and called for the government to fulfill promises.
The NMA had earlier set a deadline of January 31, 2024, for the Federal Government to meet demands, including the review of the Consolidated Medical Salary Structure and arrears payment, or face a potential industrial action in the health sector.
The association also urged the implementation of the newly approved accruement allowance with arrears from June 2022.
As the situation unfolds, tension remains high within the healthcare sector, with the NMA signaling a readiness to take further action to address perceived injustices related to salary reviews and other welfare issues.
From 2020 to 2024, the Federal Ministry of Humanitarian Affairs and Poverty Alleviation had a total budgetary allocation of N2.38tn, as revealed by data from the budget office. This timeframe witnessed changes in nomenclature, initially established by former President Buhari as the Federal Ministry of Humanitarian Affairs, Disaster Management, and Social Development in August 2019. President Tinubu’s administration in May 2023 later renamed it the Federal Ministry of Humanitarian Affairs and Poverty Alleviation.
Budget allocations for each year varied, with 2024 recording the highest at N532.5bn. The breakdown of allocations to the ministry and its agencies over the years indicated varying distributions among entities like the National Emergency Management Agency, National Social Investment Office, North-East Development Commission, National Commission for Refugees, and National Agency for the Prohibition of Trafficking in Persons.
In 2023, the ministry and its agencies received a total appropriation of N426bn, a figure criticized by the suspended minister, Betta Edu. She argued before the Joint National Assembly Committee that the N532.5bn allocated in the 2024 budget was insufficient to combat poverty nationwide, emphasizing the need for additional funding due to inflation.
Amidst the unfolding events, the United Global Resolve for Peace, a civil society group, commended President Tinubu’s decisive action in suspending Minister Edu. The group acknowledged the President’s responsiveness to civil society concerns and advocated for the comprehensive reformation of the entire humanitarian ministry. This call aligns with the President’s establishment of a panel to reform social programs, emphasizing the necessity of measures to enhance the effectiveness and integrity of poverty alleviation efforts and societal needs addressed by the ministry.
