Day: May 30, 2023

Tinubu takes the oath of office

Tinubu boosts stock exchange, market cap gains N1.5 Trillion

The equities market of the Nigerian Exchange Ltd. (NGX) opened trading for the week on a bullish note driven by investors’ confidence, following the inauguration of President Bola Tinubu.

Tinubu, in his inaugural speech, said on Monday that the former administration did not capture fuel subsidy in the 2023 budget and he would ensure a unified exchange rate as part of measures to boost the Nigerian economy.

He also assured investors that they would be able to repatriate their hard-earned dividends and profits home.

Specifically, the market capitalisation recorded a gain of N1.505 trillion or 5.22 per cent to close at N30.349 trillion from N28.844 trillion posted on Friday.

Also, the All-Share Index (ASI) rose by 2,764.47 points or 5.22 per cent to settle at 55,738.35 compared with 52,973.88 recorded at the previous trading.

Accordingly, the Year-to-Date gain moderated to 8.76 per cent.

Index heavyweights, MTN Nigeria, Dangote Cement and BUA Cement drove the market’s strong performance, alongside gains in Tier- one banking stocks such as Guaranty Trust Holding Company (GTCO), Access Holdings, United Bank for Africa (UBA) and Zenith Bank.

Access Holdings topped the most traded chart with 199.62million shares valued at N2.45 billion.

GTCO followed with 76.38 million shares worth N2.18 billion, while Zenith Bank traded 66.13 million shares valued at N1.92 billion.

UBA traded 81.99 million shares valued at N831.47 million, while Transcorp transacted 95.68 million shares worth N309.24 million.

Analysts at Vetiva Securities Ltd., said that “The market exhibited a favourable response to President Tinubu’s inauguration speech and his proposed plans for the country’s economy.

“This positive sentiment is anticipated to endure in the upcoming session, as investors responded positively to the latest transition of power to the new administration.”

Market breadth closed positive with 54 advancing stocks that outnumbered four declining ones.

Zenith Bank recorded the highest price gain of 10 per cent to close at N29.70, per share.

Transcorp Hotels and Nigeria Breweries followed with a gain 10 per cent each to close at N8.25 and N42.35, per share respectively.

Jaiz Bank and First City Monument Bank (FCMB) alao went up by 10 per cent each to close at N1.10 and N4.62 per share respectively.

On the other hand, Ikeja Hotel led the losers’ chart by 10 per cent loss to close at N2.16, per share.

NCR followed with a 9.88 per cent decrease to close N2 .76, while Tantalizer dropped by eight per cent to close 23k, per share.

Julius Barger followed with a decline of 7.94 per cent to close at N29, while International Energy Insurance was down by 6.98 per cent to close N1.20 per share.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 106.07 per cent.

A total of 1.08 billion shares valued at N15.80 billion were exchanged in 9,916 deals.

Mele Kyari GMD NNPC

N6.4 trillion fuel subsidy big burden, NNPC welcomes removal

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The Nigerian National Petroleum Company Limited (NNPC Ltd) said the decision to remove subsidy on Premium Motor Spirit (PMS) known as fuel by President Bola Tinubu is a welcome development.

Malam Mele Kyari, Group Chief Executive Officer (GCEO), NNPC Ltd. made this known at the NNPC Ltd. Towers in Abuja while briefing newsmen late Monday night after the pronouncement by the President.

Tinubu, at his inauguration as the President of the Federal Republic of Nigeria on Monday said subsidy regime will end with the commencement of his administration.

Kyari, while addressing the newsmen said the removal of the subsidy which had been a burden on NNPC’s cash flow would free up funds to enable optimal operations in the company.

“Subsidy has been a major challenge for NNPC’s continuous operations. We believe that this will free up resources to enable us continue to do great work and function as a commercial entity. We welcome this development,’’ he said.

Reacting to queues and scarcity already being experienced, the GCEO assured Nigerians of sufficient supply of products particularly the PMS, adding that the company has over 30 days of PMS storage and supply.

“There is no reason to panic, we understand that people will be scared of potential changes in price of petrol, that is not enough for people to rush to buy more than they need,’’ he added.

He however appealed to Nigerians not to be scared or indulge in panic buying.

He added that the company as the supplier of last resort as mandated by the Petroleum Industry Act (PIA) would continue to ensure availability of PMS and other petroleum products.

According to him, the NNPC Ltd. is also monitoring all its distribution networks to ensure compliance.

“The NNPC Ltd. is in discussion with the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to develop framework of the implementation of the removal of the PMS subsidy as announced by the president.

Former President Muhammadu Buhari set June 2023 as the date for the removal of fuel subsidy.

The federal government had explained that if it continues to service the subsidy, the country will spend N6.4 trillion annually.

Buhari’s new deadline for removing fuel subsidy will be a month after he hands over to his successor in May 2023, leaving the new leader to deal with any backlash and commotion that may follow the decision.

The government said the Medium Term Expenditure Framework was that if the nation holds on to fuel subsidy as it is designed now, it will be incurring from January to December a subsidy cost of N6.4 trillion.

Judges at the PEPC( Presidential Election Tribunal

Obi’s ‘moon’ witness rattled in court by Tinubu, APC lawyers

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Lawyers to President Bola Ahmed Tinubu, INEC and the All Progressives Congress rattled a witness of Peter Obi, the Labour Party candidate, when the witness faced cross examination today.

The lawyers bombarded the witness, identified as Lawrence Nwakaeti, with questions on whether the document he claimed contained an indictment of the president on drug accusation was registered in Nigeria or the U.S. consular office in Nigeria.

He was also asked whether he obtained a police certification of the document in the U.S. He replied no.

Nevertheless, the Presidential Election Petition Court, (PEPC), admitted the documents.

Lawyers to Tinubu, Kashim Shettima and the APC told the court that they opposed the documents, but said they would expatiate on their objection in their closing remarks.

The document tendered on Tuesday was a United States District Court judgment, which Peter Obi claimed indicted Tinubu, because it ordered his forfeiture of 460,000 dollars in a drug suspicion offence.

Nwakaeti, who was jokingly called a ‘moon witness instead of a star witness’, was led in evidence by Mr Jibrin Okutepa, SAN.

Nwakaeti told the court that he was a registered voter and that he voted at a polling unit in his hometown in Anambra on Feb. 25.

Counsel to the respondents raised objections to the admission of the document in evidence but reserved their arguments to their objections until the final address stage.

Under cross examination by counsel to Tinubu, Mr Wole Olanipekun, SAN, the witness admitted that the judgment was not registered in Nigeria.

Nwakaeti also admitted that there was no certificate from any Consular in Nigeria or America in support of the judgment but that the judgement was obtained and certified by the person in whose custody it was.

The witness told the court that he had been to the United States and also that he had read the judgment in its entirety adding that he would be surprised if no mention was made of 460,000 dollars forfeiture in it.

While also cross examining the witness, counsel to the All Progressives Congress, (APC), Mr Lateef Fagbemi, SAN, sought to know if the document had the certification of any police officer in the United States.

“Do you have a certificate given under the hand of a police officer in the United States where the alleged conviction took place.

“Are you aware of a formal clearance report dated Feb. 4, 2003 issued under the legal attache’ of the United States embassy in respect of the alleged indictment and forfeiture?”

The witness told the court that he had no certificate from the police and that he was not aware of any such report.

The witness further told the court that he did not have the charges against Tinubu because there were no charges since the indictment was from a civil forfeiture proceeding.

Since Nwakaeti was the petitioner’s only witness for the day, the Chairman of the Court, Justice Haruna Tsammani adjourned further hearing in the petition until Wednesday.


Full Transcript of Cross Examination:

LP: I apply that the witness be recalled to the witness box. Witness is listed as Number 7 LUNN in our petition

Court: Is he a star witness?

LP: No he’s a moon witness (joke). He’s an ordinary witness Where do you live?

W: Ihiala Anambra state

LP: On 20th of March 2023 you deposed to a witness statement to this honourable court. Please identify it.

W: I can identify my deposition

LP: What do you want to do with it.

W: Before I continue I wish to ask to apply to amend at paragraph 10. I mistakenly inserted 14th July (not February) 2022.

LP: My Lords I hope you effect this corrections before we progress. I so apply

Court: Any objections?

Respondents: No objections

Court: In the absence of any opposition it is hereby amended.

W: I seek to adopt same as my evidence

LP: In Para 17 of witness disposition you referred to the proceedings of the US district courts. Are these the documents you referred to then?

W: Yes they are

LP: I apply to tender that document which has been listed at number 5, pages 2 to the last of exhibit BA. Witness referred to it in paragraph 17 of his deposition.

Court: Objections?

INEC: No objection

T/S: Yes. I will put in the objection with arguments in our final Address

APC: I am objecting but I’ll do so in my final address.

Court: Admitted and marked as exhibit

T/s: His time is up.

LP: Please look at paragraph 7-11 of exh BA1 to BA4, are they the documents you referred to in your deposition?

W: Yes
LP: Thank you my Lord. I surrender him to cross examination

INEC: Witness, confirm to the court that you are a registered voter

W: I have my PVC and I voted on the 25th day of February, 2023

INEC: What’s your polling unit

W: Located in front of my house. Umuezala Village Square. That’s my polling unit

INEC: Will I be correct to say that you played no other role in the election

W: I’m a legal practitioner, not an author.

INEc: Confirm to the court if you have ever appeared to the Court of Appeal or Supreme Court as an Amicus on any constitutional matter

W: No

INEC: please confirm that your statements in Para 4, 15, 16 & 17 of your deposition are the legal opinion you have formed on the exhibit you have identified.

W: They are not my legal opinion but matters of pure law

INEC: You said you’re from Amoka Community. Confirm to the court that there was crises

LP: I object because there is nothing related to this in his deposition. The sky is not the limit for cross examination.

Court: INEC what are you driving at?

INEC: I want to establish that he is a serial at causing crises. It is relevant for injuring his credibility in this election. He caused the crisis such that they have two presidents in the elections

T/S: Good Day my Learned friend. Did you prepare the statement and reached the conclusion or it was prepared for you?

W: I vetted it myself and I did not draw conclusion but I stated facts

T/S: Have you been to US? When and where?

W: Been Once in 2003, in Michigan.

T/S: In para: 17 & 18 you stated emphatically that the 2nd respondent was fined 460k dollars in the US. Do you still stand by it?

W: Yes I do

T/S: I suggest to you that you have never read through exhibit P5 series

W: I read through the entire document.

T/S: Will it surprise you that it was never indicated that in this document you tendered that no word, paragraph, line and sentence referred to him being fined?

W: I will be surprised because he was fined & the document speaks for itself.

T/S: We argue that these documents are not registered in Nigeria. Are they?

W: No but allow me to explain

T/S: No certificate from either the consul of United States, you know that?

W: There are certificates

S: Is there a certificate issued by any consular in US or Nigeria?

W: No certificates from the consular

T/S: Lastly, you tendered exhibit P1-P4, judgement of the Supreme Court. It settles any matter, Is that right?

Court: Objection to that question?

W: No.

APC: Do you have in Exh PA5 series, a certificate given under the hand of a police officer in the area where this occurred in the US?

W: None from the police

APC: Are you aware that a letter dated 6th of July, 2023, was written to the 1st respondent by the 4th respondent in respect to his nomination

W: I am not aware

APC: Are you aware of a formal clearance document dated 1st day of Feb, 2003?
W: Not aware

APC: You are aware that all the proceedings in exh B5 proceedings were civil?
W: Civil Forfeiture

APC: Do you have a copy of the charge?

W: I did not mention charge so I don’t have it.

LP: No re-examination my Lords

Notes: NB: T/S is Tinubu/ Shettima counsel

W is Witness

Judges at the PEPC( Presidential Election Tribunal

Tinubu: Tribunal adjourns APM’s case

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The Presidential Election Petition Court (PEPC) has adjourned till Friday hearing in the petition by the Allied Peoples Movement (APM) challenging the election of President Bola Tinubu.

APM wants Tinubu’s election invalidated over the nomination of Kashim Shettima as a replacement for Kabir Masari as the vice presidential candidate of the All Progressives Congress (APC).

The adjournment is to enable the lawyer to the APM, Shehu Abubakar and other parties obtain copies of the May 26 judgment of the Supreme Court on the appeal by the Peoples Democratic Party (PDP) challenging the APC’s nomination of Shettima, which the PDP had termed double nomination.

Abubakar sought the adjournment upon an observation by lawyer to the President, Bola Tinubu and Shettima, Wole Olanipekun (SAN), that the Supreme Court judgment has an effect on the petition by the APM, which deals solely with the same issue of Shettima ‘s nomination.

Olanipekun promised to obtain a CTC of the judgment and make it available to the court within two days.

He also said he hopes to meet with the lawyer to the petitioner to know whether, in view of the judgment, the APM will still continue with its case.

Abubakar said he needed time to enable him obtain the judgment, study same to ascertain its effect on his client’s case and decide what further steps to take.

The petition of the APM is one of the three petitions now pending before the PEPC against the February 25 presidential election.

Justice Haruna Tsammani heads the five-member panel of the PEPC hearing the petition.

Culled from The Nation

About

Senator Bola Ahmed Tinubu is a man of many traditional honours across the country, from north to south, west to east. The array of titles he has garnered was only comparable to that of Chief Moshood Abiola, winner of the 1993 Presidential election.

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