₦airaland Forum

more

President Muhammadu Buhari’s delay to provide a clear economic direction, worsened by the absence of a federal cabinet has cost investors trillions of naira within the first three months of his Presidency.

In the 90 days of the current administration so far, analysts agree that the road has been rough, with the market capitalisation (the cumulative value of quoted companies) of the Nigerian Stock Exchange (NSE) shedding N1.749 trillion between May 28 and last Friday, August 28, 2015.

Consequently, capitalisation fell from N11.659 trillion to N10.836 trillion, translating to about seven per cent decline within the review period.

Last week alone, the NSE’s benchmark index lost 3.56 per cent, just as investors’ became 331.97 billion poorer.

In the words of one stockbroker who craved anonymity: “Whatever you are seeing in the market today is due to the uncertainties that pervade the country since the emergence of President Muhammad Buhari. No foreign investor will want to do business in a country that does not have a clear direction which it intends to follow as regards economic blueprint.”

Specifically, within the three-month period, according Ambrose Omordion, Chief Research Officer at Lagos-based InvestData Limited in an interview with Daily Independent, 25 stocks accounted for the bulk of the loss or N1.642 trillion. This was led by Nigerian Breweries, whose investors lost a significant N272.681 billion, representing a 22.91 per cent drop from N1.190 trillion on May 28 to N917.476 billion on Friday. Zenith Bank’s owners lost N218.20 billion or 32.41 per cent of their investment’s worthwhile Guaranty Trust Bank followed with N212.493 billion or 24.93 per cent.

The share price of Dangote Cement, which accounts for a third of the market’s worth fell by N10.11 each, translating to a N172.279 billion loss to investors, ahead of the N104.821 billion lost by investors of Oando Plc within the period.

FBN Holdings which had a capitalisation of N336.697 billion at the close of trading on May 28, lost N126.710 billion or 37.63 per cent when it closed at N209.987 billion on Friday. This is just as Ecobank Transnational Incorporated shed N72.113 billion and Guinness Nigeria, N54.106 billion.



Read more http://newswirengr.com/2015/08/31/buharis-inability-to-provide-economic-direction-investors-lose-n1-8tr-on-nse-in-three-months/?utm_source=&utm_medium=twitter

MORE

A RENOWNED GROUP KNOWN AS BudgIT TOOK TO ITS TWITTER HANDLE TO SHOW ITS DISPLEASURE ON HOW THE PRESIDENT AND HIS MEDIA TEAM HAVE BEEN TRYING TO DENY ITS CAMPAIGN PROMISES. THESE ARE SOME OF ITS TWEETS.

OMG, I PRAY THIS DOESN'T ESCALATE, I WENT TO STADIUM YESTERDAY HALMOD BAR, AND WAS TOLD WHAT HAPPENED ON FRIDAY NIGHT. STADIUM WAS TURN INTO A WAR ZONE AS SOME RIVAL CULT GROUP FULLY ARMED ATTACKED THE PLACE AS AT 11.30PM. SO AM THINKING THIS MIGHT BE A REPRISAL.

I KNEW WEN OGUNDAMISI WAS CAMPAIGNING FOR BUHARI, AM HAPPY SEEING HIM COME AFTER BUHARI AND APC THIS WAY, GOOD TO SEE HIM WAIL. WE TOLD PEOPLE PEOPLE WE WAIL FOR BETTER DEMOCRACY, GOOD TO SEE SOME OTHER PEOPLE COMING ON BOARD.

APC DON CONFUSE I SWEAR

MORE TWEETS

more tweets

Nigerians took to twitter today to attack APC spokesman LIA MOHAMMED after his interview with channels, after he denied APC's campaign promises and also say JONATHAN's handover note cannot be published. These and some other comment did not go down well sith some Nigerian, they move to twitter to show they displeasure to LIA MOHAMMED's comment.

Barely a month after it resumed production, the Warri Refining and Petrochemical Company Limited has been shut down again, a situation that may constitute a setback to the new administration’s current efforts at shoring up local supply of petroleum products.

The Nigerian National Petroleum Corporation said on Sunday that it took the action because the pipelines supplying crude oil to the Warri refinery had been compromised by vandals.

It, however, said the closure would be temporary as it hoped to reopen the refinery on Tuesday (tomorrow).

The Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ohi Alegbe, told our correspondent that the crude supply to the Warri refinery was done in batches, adding that it was expected that the facility should have at least 25 days sufficiency of crude, but this was not so.

Alegbe explained that although the Warri refiery would commence operations soon, its supply of crude through pipelines had been badly compromised.

He said, “Warri (refinery) is temporarily shut down and will resume in the new week. This is because the level of supply of crude there is very low. The refinery is supposed to be supplied crude endlessly and it should have at least 25 days sufficiency; so, if you supply crude in batches because the pipelines have been compromised, then your feed stock will not be regular.

“Therefore until you reach that supply level where you have at least 25 days sufficiency, your best bet is to shut down temporarily, otherwise you may damage the equipment. We supply crude by vessels because most of the pipelines have been compromised.”

The Warri refinery, which was inaugurated in 1978, is the first Nigerian government’s wholly-owned refinery built to process 100,000 barrels of crude oil per day but was later de-bottlenecked to process 125,000 barrels per day in 1987.

It was essentially built to add value to some of the refinery by-products such as propylene rich stock and decant oil.

Supply from local refineries had received a major boost last month when the Port Harcourt and Warri refineries began production following a successful re-streaming after a nine-month phased rehabilitation exercise conducted by in-house engineers and technicians.

The NNPC said on July 29 in a statement in Abuja that the refineries had commenced preliminary production of petroleum products after successful test-runs.

While the Port Harcourt Refinery Company was said to be ramping up its operation to about 60 per cent of its 210,000 barrels per day name plate capacity, the Warri refinery’s production was projected to hit 80 per cent of its installed 125,000bpd capacity.

On Thursday, the NNPC announced new measures aimed at reducing cost and strengthening operational efficiency across its refineries.

It stated that after proper evaluation and in line with the terms of contract for the delivery of crude oil to the nation’s refineries in Warri, Port Harcourt and Kaduna, its management had resolved to cancel the current contract of crude supply to refineries due to the exorbitant cost and inappropriate process of engagement.

The corporation explained that as a stop-gap measure, NIDAS Marine Limited, a subsidiary of the NNPC, had been engaged to provide crude delivery service on negotiated industry standard rate, pending the establishment of substantive contract.

Copyright PUNCH.
http://www.punchng.com/business/business-economy/nnpc-shuts-warri-refinery-over-vandalism/

WHATS HAPPENING

It aright

Amechi the traitor, ambassador to Haiti. Go and answer ur case. I pray pdp wins Edo state. So oshiomole can of worms will be exposed like this

This is a "talk na do governor" he has turn rivers to a complete construction site and on the other hand probing his predecessor, unlike Buhari who say we have to wait for him to clean up "so called PDP mess" before the brainwashed masturbators will so the scam called change, they voted for.

NICE ONE, THIS IS MY MENTOR AND LEADER ANYTIME ANYDAY. APC HAVE BEEN TRYING TO DENT GEJ'S IMAGE, EVEN BEFORE THEIR SO CALLED PROBE, ONE THING THE IS KILLING APC IS GEJ'S SILENCE BECAUSE DESPITE ALL THEIR VUVUZELA ABOUT GEJ'S LOOT D MAN HAS NOT SAID ANYTHING. MY CANDID ADVISE TO APC IS TO STOP MAKING NOISE AND BEGIN THE SO-CALLED PROBE. AM SUPRISED THE DSS AND EFCC HAVE NOT ARRESTED AMECHI AND FASHOLA, SAME WAY SULE LAMIDO WAS ARRESTED.

AM SO SURPRISE WITH DSS INTERFERENCE IN RIVERS AND AKWA IBOM, MUST APC GOVERN AN OIL PRODUCING STATE. I TRUST MY PEOPLE IN SOUTH-SOUTH, IF ANYTHING HAPPENS, APC WILL BLAME THEMSELVES

Ok

If u support Apc and till now u have nothing to say about all these excused definitely u need cele floging

We are win the war - buhari 2015
boko haram are our misguided brothers, not terrorist- buhari 2015
war against boko haram is a war against the north.

their is no GEJ to blame again so I pity people who still resides in that war zone because our media are busy with politics and cannot tell us about their plights, like they did wen GEJ was in power.

Can you imagine what Liar Mohammed is saying, so the brainwashed people who voted for the scam called change have to wait, if it takes 10 years to clean the so called mess. Well I think APC Are just confused on what to do with power now that they have it. My advice for APC is to take a clue from Wike of rivers. Who is so far the most performing Governor as of now, he is work on one hand and on d other hand cleaning Amechi and APC's mess in rivers. Mteeeew

Gbawe:
Sorry to disappoint you but factual evidence, tied to how GEJ did things the wrong way and with the wrong people deliberately, show this is not the case. Jonathan was only interested in enriching himself, his cronies and his associates. This is why he handed marketers licence to undeserving and unqualified crooks who later went on to carry out the biggest fuel subsidy scam in the history of Nigeria and this is also the reason he conceded the power assets, under the 'privatisation' scheme, into the incompetent hands of his cronies who charged Nigerians more yet produced only worsening darkness.

At some level, I think you fans of GEJ should begin to tell yourselves the truth. Seeing and acknowledging the truth about GEJ, i.e the fact he was destructively corrupt and incompetent, does not make you culpable because you supported him. It is okay to start accepting the truth which takes nothing away from you even as you voted for GEJ. You don't have to continue seeing and saying what is not true because this assuages your feeling of guilt over voting for a failed President. The truth coming out about GEJ , which is that he did not do much good anywhere or for anyone, cannot be denied. Sorry to tell you that.

all this ur sermon made no sense as u have not told us buhari's input,

Hmmmmm, i know only God will safe us from APC and their Lies. I know with time, those brainwashed already will come to their senses. I trust my Edo people to cure Oshiomole's mouth and memory diarrhea problem when time comes

Can somebody remind me why buhari is Nigerians president, he told us some of these thing during elections, now he's the president and still complaining. APC should get to work and telling us abt PDP.

Beremx:

if you think the handle is fake, then go and read Garba's tweet yesterday and confirm by your self. Its not that hard.

All thanks to the hero of Nigeria's Democracy, my mentor and a gentleman. Who had clear vision on solving our power problem. God will continue to bless GEJ anywhere he is. The only question I always ask is what value has buhari added, but D answer from those brainless fulls is body language. But y have this same body language not stop the killing in the north. Why have there been no employment with this same body language, why are corrpt people like fashola, amechi, fayemi and co not been arrest by this same body language. Talk is cheap but before u quote me remember to add a useful input by buhari to power improvements, because we knee GEJ's input

Hmmmm well I wasn't expecting anything from buhari, that's y am not surprised at his appointment, the only set of people I feel pity for is the southwest, who despite wat GEJ did, they still claimed they were marginalized. I wonder what their complain will be this time, after buhari finish appointing people he trusts from the north.

President Buhari's spokesman, Garba Shehu came under serious attack yesterday for daring to compare the president to Lee Kuan-Yu and Indians Prime minister Modi. Some argue Garba's basis for this comparison, while nothing is on to prove his claim. Others also asked if Garba's twitter have not been hack, because they were surprise to hear that, from the president spokes man.

i also saw it somewhere on social media, they should continue, we will know who will take the day wen the time comes.

The Senior Staff Association of Nigerian Universities (SSANU) has asked President Muhammadu Buhari to look beyond the immediate past administration of Goodluck Jonathan in its corruption investigations and recover all money stolen from the nation’s treasury.

The National President of the union, Comrade Samson Ugwoke, said this while addressing the National Executive Council meeting/Pre-National Delegate Conference in Jos.

He said the association was in total support of the ongoing fight against corruption by the Buhari government.

He said the government should not spare anyone found to have been involved in stealing the nation’s resources, lamenting that several trillions of naira had been looted from government treasury by those entrusted with public offices.

Comrade Ugwoke said, “The present administration seems to be pursuing anti-corruption war. Corruption has killed this country. We have heard of billions and trillions of naira being looted by officers of government and all of them stashed abroad, not even in our country and in our own banks.

“They use Nigerian money to grow and improve the economy of other countries, leaving us in poverty. SSANU supports the fight against corruption but with a caveat, Mr. President should pursue whoever has stolen our money to return it to our coffers.

“The probe of the looters should not be selective, it should be total, that is the stand of SSANU. It should be total and be extended to 1999, so that those who have killed this country since 1999 should be brought to book.”

http://thenationonlineng.net/ssanu-to-buhari-extend-probe-beyond-jonathans-regime/

A PLOT OF LAND FOR SALE, THE LOCATION IS IN GRACE VILLA, BEHIND ICAN OFFICE, OKE-MOSAN, ABEOKUTA. CALL 08057624365 IF INTERESTED

WETIN CONCERN AGBERO WITH OVERLOAD, SINCE BUHARI HAS CHOOSE TO BECOME THE PRESIDENT OF 95%. THE REMAINING 5% HAVE GOT ITS OWN PRESIDENT.