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Courteville, Cutix, top gainers’ chart in Tuesday’s trades

Courteville Business Solutions Plc, and Cutix Plc led the gainers’s chart in Tuesday’s trading session on the Nigerian Stock Exchange (NSE).

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Governor Fayemi explores investment options with the capital market, Nigerian Stock Exchange, Top 10 stockbrokers trade N120.4 billion worth of stocks in November , Law Union & Rock Insurance Plc Announces Notice of Board Meeting and Closed Period, NSE Hosts First Virtual Automated Trading System (ATS) Broker Certification Training Programme, Steroids from GTBANK, ZENITH Lift Nigerian bourse, as investors gain N94.2 billion

Courteville Business Solutions Plc, Cutix Plc, Cornerstone Insurance Plc, Neimeth International Pharmaceuticals and Consolidated Hallmark Insurance Plc led the gainer’s chart on the Nigerian Stock Exchange (NSE) in Tuesday’s trading session.

Details: While Courteville earned the top gainer position with 10% to close at N0.22, followed by Cutix Plc which gained 9.92% to close at N1.44. Cornerstone Insurance gained 8.57% to close at N0.38, Neimeth and Consolidated Hallmark Insurance gained 8.11% to close at N0.40, and 3.03% to close at N0.34 respectively.

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Meanwhile, Tuesday’s trading session ended in negative territory as the All-Share Index closed at 26,365.83 basis points, down by 0.09%.

Top Losers: Eterna Plc was the worst-performing stock, it dropped by 9.52% to close at N2.85. Omoluabi Mortgage Bank Plc also fell by 9.09% to close at N0.50. Followed by May & Baker Nigeria Plc, which fell by 8.68% to close at N2, Law Union & Rock Insurance Plc also fell by 7.84% to close at N0.47. FCMB Group Plc rounded off the top five losers for the day. The stock shed 4.76% to close at N1.60.

[READ ALSO: GSK, Courteville, lead worst-performing stocks on Tuesday]

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Top Trades by Volume: Zenith Bank Plc was most actively-traded stock today with 357.22 million shares valued at N6.18 billion traded in 348 deals, Omoluabi Mortgage Bank Plc followed with 174.25 million shares valued at N95.78 million in 5 deals and Fidelity Bank Plc with 31.8 million shares valued at N53.95 million traded in 120 deals.

May & Baker Nigeria Plc followed with 28 million shares valued at N56 million traded in 5 deals and Guaranty Trust Bank rounded off the top five most actively traded stocks with 25.32 million shares valued at N666.26 million traded in 198 deals.

Nigerian Stock Exchange, NSE

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Corporate Actions

Airtel Africa and Finablr entered into a global partnership to facilitate seamless inward and outbound cross-border payments.

Okomu Oil Palm Plc released its interim financial statements for the 9 months period ended 30 September 2019. It also proposed an interim dividend payment of N2 per 50k ordinary share to its shareholders whose names appear in the register of members at the close of business on Wednesday, 30th October, 2019.

Royal Exchange Plc also released its unaudited financial statements for the third quarter period ended 30 September 2019.

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United Bank for Africa Plc released its interim consolidated financial statements for the period ended 30 September 2019.

[READ ALSO: Custodian, Access bank, Lafarge lead top trades on the NSE]

Lafarge Africa Plc also notified the public that it has not received any letter from the Securities and Exchange Commission, that would warrant the Company to believe that an investigation has been launched against it.

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Cap Plc released its unaudited financial statements for the period ended 30 September 2019.

Africa Prudential Plc released its unaudited financial statements for the period ended 30 September 2019.

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Hospitality & Travel

FAAN condemns fmr Gov. Yari misconduct at Kano International Airport

it is mandatory for all VIPs to comply with public health procedures to contain COVID-19 across airports.

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Lagos International Airport to get two terminals - FG 

The management of the Federal Airports Authority of Nigeria (FAAN) has strongly condemned the conduct of the former Governor of Zamfara State, Alh. Abdulaziz Yari, for blatantly violating the Public Health procedures (COVID-19) on travels at the Malam Aminu Kano International Airport.

This was disclosed in a statement issued by the agency on Wednesday. The former governor reportedly refused to adhere to the protocols and procedures implemented by FAAN while travelling on Saturday 11th, July 2020.

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FAAN disclosed that he reportedly refused to adhere to the protocols by forcefully pushing away an officer of the Environment Department when he insisted that his luggage must be disinfected.

It stated, “The former Governor said the officer should have known he is a VIP. This irresponsible act endangers all other airport users, it is unacceptable, and as such it has been duly escalated.”

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Back story

Last week, Minister of Aviation, Hadi Sirika, during Monday’s briefing of the Presidential Task Force (PTF) on COVID-19, explained that it is mandatory for all VIPs to comply with public health procedures in place to contain COVID-19 across airports.

While speaking on the new procedures during this COVID-19 era, the minister said that mandatory temperature and symptoms checks will be carried out at the airport terminals and frequent washing of hands should be done at the airports.

He said, “Face masks must be worn at all times inside the airport and airplane and anyone who does not do that will not be allowed inside the airport terminals.

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“Physical distancing will be maintained at all times just as unruly passengers will not be allowed to board the aircrafts or fly as no pilot will be allowed to fly a plane carrying an unruly passenger.”

FAAN warns

Going forward, the agency warned that all airport users, especially esteemed VIPs , should respect the Presidential directive by observing the Public Health travel protocols put in place to protect all air travellers against infection and the spread of the COVID-19 pandemic.

 

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Financial Services

NEXIM Bank issues rebuttal following explosive N50 billion fraud allegation

NEXIM Bank was established in 1991 and is devoted to diversifying Nigeria’s non-oil export base.

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Nexim Bank

Following numerous claims accusing Abba Bello, the Managing Director of Nigerian Export-Import Bank (NEXIM Bank) of diverting the whopping sum of N50 billion, the organisation finally issued a rebuttal yesterday in an attempt to clear its name.

A detailed statement that was signed by NEXIM Bank’s Corporate Communications Department described the accusations as false. The statement also noted that ‘a faceless organisation’ known as Citizens Committee for Corruption Free Nigeria (CCCN) had been the one behind the fraud claims.

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The statement further noted that Nexim Bank initially ignored the accusations, but felt the need to respond after those leveling accusations against the organisation showed no sign of stopping.

READ MORE: NEXIM Bank set to disburse ₦25bn loan to non-oil exporters

The intrigues: In an obvious attempt to absolve the Abba Bello-led management of these fraud allegations, the statement had attacked NEXIM Bank’s immediate past management team. The erstwhile management was dissolved in 2017 by President Muhammadu Buhari due to gross incompetence. Apparently, Abba Bello was brought on board to help rescue Nexim Bank from its huge non-performing loan problem which was worsened by what the statement described as “reckless abuse of process” which led to insider related loans and an absolute breakdown of professionalism in bank’s loan administration processes.

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The statement then praised Bello for successfully re-tooling NEXIM Bank and bringing it back from the brink of failure within the 3-year period he had been in charge. The statement also noted that NEXIM Bank reported profits of N2.03 billion and N1.09 billion in full-year 2019 and 2018 respectively, as against losses of N569 million and N8.03 billion in 2017 and 2016, respectively.

“We have noted recent incessant attacks on the Nigerian Export-Import Bank (NEXIM Bank) and its management in a section of the media, predominantly the social media. Most recently, a report has been trending on the social media claiming that a petition has been forwarded to the Economic and Financial Crimes Commission (EFCC), calling for a probe of the Managing Director/Chief Executive of Nexim Bank, Mr Abba Bello, over alleged corruption and mismanagement of the N50 billion Rediscounting and Refinancing Facility (RRF), provided by the Federal Government…

READ MORE: Buhari orders probe of past administrations over $9 billion U.K judgment

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“The current management of the bank, led by Mr Abba Bello, resumed office in April 2017 to replace the erstwhile government, which was removed by President Muhammadu Buhari, GCFR, over issues relating to gross incompetence, which had made the bank almost insolvent, with huge non-performing loans, exacerbated by reckless abuse of process, insider related loans and lack of professionalism in loans administration, amongst other issues,” some parts of the statement said.

More details: Citizens Committee for Corruption Free Nigeria (CCCN) had started a petition with the Economic and Financial Crimes Commission (EFCC), calling for Bello’s probe over the alleged diversion of N50 billion from Nexim Bank’s coffers. Specifically, the petition had accused Abba Bello of diverting and mismanaging the N50 billion Rediscounting and Refinancing Facility which was availed by the Federal Government to assist commercial and merchant banks to provide short-term finance in support of exports.

NEXIM Bank also clarified on the N50 billion Rediscounting and Refinancing Facility, noting that the money has been used to fund about 60 projects since it was released by the Federal Government in 2018. The bank said the track records of the fund’s beneficiaries are verifiable, and that the loans were adequately secured.

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Note that NEXIM Bank was established in 1991 and is devoted to diversifying Nigeria’s non-oil export base through the provision of adequate financing.

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Tech News

Gokada Founder, Fahim Saleh murdered in New York apartment

Mr. Fahim Saleh’s body was found decapitated and dismembered with an electric saw.

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Gokada Founder Fahim Saleh murdered in New York apartment

Fahim Saleh, the entrepreneur who founded Gokada, has been murdered in his luxury New York City apartment, according to the New York Times.

Police detectives in New York disclosed that Mr Saleh’s body was found decapitated and dismembered with an electric saw. His head, limbs, and torso were said to have been found in different parts of the apartment after whoever murdered him tried to clean up the crime scene.

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The police also revealed that plastic bags were found on the scene of the murder, which they say could have been an effort to “clean up” evidence of the murder.

The casualty was identified as 33 years old, Fahim Saleh, tech entrepreneur and Gokada founder who owned the apartment. His body was found by his sister, 3:30 pm New York time after she went to check on him after not hearing from him in 24 hours, calling the police immediately after finding the body.

Police also believe his sister’s arrival may have interrupted the evidence clean up, as the electric saw was still plugged in. Police are investigating it as a case of homicide.

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READ MORE: Bike-hailing firms in talks with Lagos State to resume operations

Surveillance video showed Mr. Saleh entering the elevator with someone else in a black mask and suit, the person also follows Saleh as he enters his apartment, and a fight began between the two. Police say there is a second exit through a service entrance in the apartment.

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Fahim Saleh was born in Saudi Arabia to Bangladeshi parents before settling in New York with his family and started coding as a teenager. He founded PrankDial after graduating from Bentley University where he recorded his first success in tech.

READ ALSO: Gokada returns amidst price war, market expansion and government regulations 

He founded the bike hailing company Gokada, which began operations in Lagos 2 years ago. Gokada has raised $12.4 million according to Startup listing site Crunchbase. During their venture capital raise of $5.3 million in 2019, Saleh announced plans to expand Gokada services into a club with restaurants, letting drivers relax and get things they need from a  Gokada shop such as food.

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Gokada had to reduce operations in Lagos after the February Okada ban. The Lagos Sate Government had banned okada services in Apapa LGA, Apapa Iganmu LCDA, Lagos Mainland LGA, Yaba LCDA, Surulere LGA, Itire-Ikate LCDA, Coker-Aguda LCDA,  Ikeja LGA, Onigbongbo LCDA, Ojodu LCDA, Eti-Osa LGA, Ikoyi-Obalende LCDA, Iru-Victoria Island LCDA, Lagos Island LGA and Lagos Island East LCDA.

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