Nelson Ugwuagbo

The Nigerian stock Market experienced a decline on the first trading day of the week on Monday following the broader global market downturn.

This decline resulted in a N93bn loss in market capitalisation which now stands at N55.40tn.

The All-Share Index fell to 97,582.41 points, down 0.17 per cent from the previous close of 97,741.86 points.

The day trading saw 9,738 transactions totalling N6.217bn, with 324.02m units of shares exchanged. The market breadth was negative, as 23 equities gained while 25 equities saw their prices drop.

Among the top gainers were International Breweries, Presco Plc, and Sovereign Trust Insurance, each posting a 10 per cent increase to close at N4.62, N485.10, and N0.55, respectively.

Conversely, Chams Plc led the losers with a 10 per cent decline to close at N1.98, followed by University Press Plc, which shed 9.92 per cent to close at N2.18, and The Initiate Plc, down 8.26 per cent to end at N2.

The trading volume saw a 54 per cent increase to 324.02m shares, and the number of deals rose by 47 per cent to 9,738. Zenith Bank recorded the highest volume of 37m traded shares, with United Bank for Africa, Veritas Kapital Assurance, and Oando following with 35m, 25.5m, and 20.3m shares, respectively.

This downturn in the Nigerian market is part of a larger global trend. International share markets also tumbled on Monday as investors reacted to fears of a potential recession in the United States.

A tailor behind the spread of Russian flag in Kano, North West Nigeria, has been arrested.

Leadingreporters gathered that thousands of Nigerians who joined the #EndBadGovernance protest are waving the foreign flags in different parts of the country.

The trend started last week in few places where protest held, but by Monday, the number of those waving the flags increased by a wide margin.

This development comes after President Bola Tinubu warned protesters against being used to promote an unconstitutional agenda.

“Let us work together to build a brighter future for ourselves and for generations to come. Let us choose hope over fear, unity over division, and progress over stagnation. The economy is recovering; Please, don’t shut out its oxygen. Now that we have been enjoying democratic governance for 25 years, do not let the enemies of democracy use you to promote an unconstitutional agenda that will set us back on our democratic journey. Forward ever, backward never!” he had said

On Monday, the police cracked down on a tailor in Kano, including some of the youths using the flag to protest.

The tailor simply identified as Ahmed was said to be in possession of some Russian flags at the time of his arrest.

He has since been taken into custody for interrogation.

Operatives of the Department of State Services (DSS) have arrested criminal elements who diverted 1200 bags of rice which the federal government sent to Katsina State.

Beyond the diverted rice, the saboteurs also diverted 48 bags of rice kits.

The Spokesman for the DSS, Dr. Peter Afunanya, gave the figure at a press briefing in Abuja today.
Afunanya disclosed that in July, the DSS arrested several criminal elements involved in oil theft, kidnapping, burglary, cultism, terrorism and insurgency.

Others arrested by the security agency included: high terrorist leaders, logistic facilitators, gun runners and improvised explosive devices.

The Spokesman said beyond the arrests, semi-automatic double barrel, cartridges, pump action rifles, locally-made pistols, IED initiators, AK47 rifles, magazines and batteries were seized by the DSS operatives.

Details later…

Former Military President, General Ibrahim Babangida has denied claims that he endorsed military rule over democratic governance.

In a statement released by his media office and signed by Mahmud Abdullahi in Minna, Babangida reaffirmed his commitment to democratic rule and urged Nigerians to embrace and ensure its success.

The statement addressed a post from a parody account on X (formerly Twitter) with the handle @General_Ibbro, which falsely attributed to Babangida an endorsement of military rule’s virtues over democracy.

The parody account carried Babangida’s picture and name, as well as the Nigerian coat of arms, to give the impression of authenticity. However, Babangida’s office emphasized that the account does not belong to him and that he did not sanction any of the posts.

The statement noted that this was not the first time the parody account had caused confusion and embarrassment by posting false information. During the presidential elections last year, the account claimed that Babangida had endorsed a particular candidate and party, which was also false.

Babangida’s office reaffirmed his commitment to democratic rule, stating that he believes Nigeria’s democracy is resilient and has come to stay. He urged Nigerians to work together to safeguard the democratic process and overcome the country’s challenges.

The statement emphasized that Babangida has always advocated for more democracy, not less, and that he is proud of the Nigerian military’s support for democratic governments since 1999.

He advised the public to ignore any posts from the parody account and to verify information through official channels before sharing.

Despite appeal by President Tinubu to suspend the #EndBadGovernance protest, organisers of the ‘End Hunger’ protest in Lagos have announced plans to resume their demonstration at Gani Fawehinmi Freedom Park, Ojota, on Monday, August 5, 2024.

This decision was made known In a statement issued on Sunday, signed by Hassan Taiwo, Ayoyinka Oni, and Adegboyega Adeniji on behalf of the #EndBadGovernanceInNigeria Organising Committee.

The statement followed the President’s broadcast earlier in the day, where Tinubu acknowledged the protesters’ concerns and urged them to suspend their demonstrations in favor of dialogue.

We consider the President’s decision to address the nation an important victory for our movement,” the organizers said.

“Without our courage and resolve to dare the odds, even this acknowledgement would not have happened. So far, we have demonstrated that a President is not greater than the rest of the country,” the statement read.

The group criticised the President for what they described as a dual approach: offering dialogue while also demanding an end to the protests.

They also condemned recent violence against protesters, including attacks by thugs during a Sunday morning worship session and an incident where a protester was struck on live television.

“In our view, the president cannot be approbating and reprobating at the same time. The President cannot offer an olive branch while at the same time holding a dagger to our throat,” the trio said.

The organizers then called on Nigerian youth and the general public to join them at 7 a.m. on Monday at Gani Fawehinmi Park for the fifth day of protests.

They urged the Nigeria Labour Congress, the Trade Union Congress, the media, and the Nigerian Bar Association to support their cause and not “stand idly by” as they face suppression.

Novak Djokovic has won his first Olympic gold medal, defeating Carlos Alcaraz in a thrilling final. This victory marks the last significant achievement missing from Djokovic’s illustrious career.

Djokovic, 37, produced an emotional and stunning display to defeat Alcaraz 7-6 (7-3) 7-6 (7-2) in a match that will be remembered as one of the greatest of the year. This win completes Djokovic’s career Golden Slam, adding to his men’s-record 24 Grand Slam titles and most weeks spent at No 1 in the rankings.

Djokovic had previously won a bronze medal at the 2008 Summer Olympics but had never won gold, losing to the eventual winner each time. However, playing for Serbia, he produced a superb performance to win in straight sets, despite losing to Alcaraz in the Wimbledon final just three weeks ago.

An overwhelmed Djokovic expressed his emotions, saying, “I’m too proud, too happy, thrilled to win a gold for the first time in my career for my country.” He considered this win the biggest success of his career, having already won everything there is to win individually.

Djokovic celebrated his historic win, saying, “I’m super grateful for the blessing to win a golden medal for my country. To complete the Golden Slam. To complete all the records.”

He joins Serena Williams, Rafael Nadal, Andre Agassi and Steffi Graf as just the fifth player to complete the career Golden Slam of all four Grand Slam titles and Olympic singles gold.

Saturday night was tragic and sorrowful for Indigenes of Umucheke community in Okwe, Onuimo Local Government Area of Imo State, as unidentified gunmen shot and killed seven prominent leaders, leaving the community in shock and grief.

Residens of the area said the gunmen attacked the victims at a meeting held at the home of the president general of the community who was also murdered.

Spokesperson of the Imo state police command, Henry Okoye has on confirmed the murder.

He said Commissioner of Police in the state Danjuma Aboki described the incident as a very unfortunate one and that the command is saddened by the tragic incident.

He said investigation has begun to unravel the miscreants responsible for the dastardly act and make them face the full wrath of the law.

Recall that last week, gunmen also ambushed and killed four policemen in the Irete community along Onitsha Road in Owerri, the Imo State capital.

According to sources, the gunmen attacked the policemen who were on stop-and-search duty in the area.

The latest attack is part of a disturbing trend of violence in Imo State and the South-East region, where non-state actors have been carrying out frequent and deadly attacks on security personnel and innocent civilians, resulting in numerous casualties and widespread insecurity in recent years.

The Emir of Kano, Muhammadu Sanusi II, has called for calm after protests in the state turned violent, resulting in the looting and vandalization of public and private properties.

While addressing newsmen on Friday, the Emir urged youths to desist from looting and vandalizing properties, stating that such actions are not in the interest of the people and the state.

He expressed sadness over the loss of lives and the destruction of important buildings, including the Kano Printing Press and the ICT Hub of the Nigerian Communications Commission (NCC), which was due to be commissioned the following week.

The Emir emphasized that the destroyed properties belong to the people of Kano, and that the losses will have to be borne by the community. He noted that the Kano Printing Press, which was burnt down, was a valuable resource that could have been used for human development projects.

He also lamented the vandalization of the multi-million naira ICT Hub, which would have benefited the youths of Kano by providing training in computer appreciation and other skills.

The Emir appealed to the public to avoid buying stolen goods and encouraged those who had looted items to return them to their rightful owners.

Finally, he prayed for the repose of the souls of those who lost their lives and property during the protests.

The Chief of Defence Staff, Gen. Christopher Musa, in a press conference in Abuja on Friday said that the Nigerian military may intervene to control looting and crisis in the ongoing hunger protest.

Musa said, “We are supporting the police all through. We are just on standby. The police are doing a good job; they are handling the situation for now.

“Unless it breaches beyond what they can handle, then the military will step in. The military is on standby and we are watching day and night.”

The CDS noted that while he’s aware of the “grievances” of the protesters on the challenging economic difficulties in the country, he urged them to show some understanding to the Federal Government.

Musa appealed to Nigerians to be united during these trying times and also cautioned against the vandalisation of property and looting.

“So, we want to call on all Nigerians to understand the government. If you have grievances, which I know people have, a lot of challenges here and there, and it is not only in Nigeria alone; everywhere in the world is facing one economic or security crisis or the other. And so, it is important to understand that we are not alone.

But what we can do is not allow criminals and individuals that have lost out to take advantage of this to destroy our country. We should realise that these destructions, monies have to be used to replace them so that we can move forward.

“We know we are challenged as a nation but we know we will overcome working together as Nigerians… Let us avoid anything that will bring mayhem to our country,” he said.

He warned that the military will be professional in its conduct and ensure the prosecution of anyone caught looting and/or stealing, saying, “We will take action and the action we will take, we will take it professionally. Anyone that is caught will be taken to court and will be dealt with.

Youths hiding under the guise of the #EndBadGovernace protest broke into the Digital park of the Nigerian Communications Commission (NCC) in Kano, vandalizing the property and carting away with millions worth of equipment, including computers and furniture.

This news was disclosed in an interview with Channels Television by Dr. Bosun Tijani, the minister of Communication, Innovation and Digital Economy.

When asked to estimate the value of the vandalized facility and the looted equipment, the Minister stated that the loss to the attack runs into millions if not billions of Naira, as the property was damaged and about 150 laptops and desktops were stolen. 

He however, noted that a private company in Kano had indicated interest in renovating the vandalized facility.

The Minister, however, noted that the vandalization of the facility would not impede the future plans for the Kano ICT Park as the Ministry is already getting support to make sure the park is renovated for your use.