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ENDSARS

#EndSARS: Curfew, widespread looting triggers losses for Nigerian Stocks

Market breadth closed negative as WAPIC led 4 Gainers as against 34 Losers topped by ARDOVA at the end of today’s session.

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Nigerian bourse recorded its first trading loss this week amid the rising political crisis in Nigerian major cities.

The All Share Index plunged by 0.75% to close at 28,449.49 points as against +0.03% appreciation recorded on Tuesday.

  • Its Year-to-Date (YTD) returns currently stands at +5.99%. Investors’ losses stood at N113.07 billion.
  • Today’s trading session at the Nigerian bourse went positive as volume moved up by +9.84%, as against the +3.48% uptick recorded on Tuesday. UBA, ZENITH BANK, and GUARANTY were the most active to boost market turnover.
  • NNFM leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.
  • Market breadth closed negative as WAPIC led 4 Gainers as against 34 Losers topped by ARDOVA at the end of today’s session – an unimproved performance when compared with the previous outlook.

Top gainers

  1. WAPIC down 10.00% to close at N0.44
  2. PORTPAINT down 2.50% to close at N2.05
  3. UAC-PROP down 1.23% to close at N0.82
  4. NB down 0.97% to close at N52
  5. ASOSAVINGS down 0.00% to close at N0.5

Top losers

  1. ARDOVA up 6.30% to close at N11.9
  2. GUINNESS up 5.88% to close at N16
  3. WAPCO up 4.42% to close at N17.3
  4. JBERGER up 3.17% to close at N16.8
  5. MTNN up 1.43% to close at N138

Unsurprisingly, the Nigerian bourse ended its mid-week trading session on a bearish note amid falling crude oil prices and disruption among major economic hubs in Nigeria, particularly Lagos.

  • The major theme weighing on stock traders and local investors remained the ongoing EndSARS protests. This has led to a suspension in economic activities and intensified selling pressure by the bears.
  • Nairametrics envisage caution buying, as many investors now consider a wait and see approach amid high political tensions in Nigerian major cities.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Business News

Lekki Tollgate Shooting: US says security forces shot in the air, no information on fatalities

The U.S Government has said that the Nigerian security forces fired shots into the air to disperse #EndSARS protesters at the Lekki Toll Gate.

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Victims of #EndSARS protest receive interest free loans worth N10.5 million, #EndSARS: A day by day timeline of the protest that has brought Nigeria to its knees.

The United States Government has said that the Nigerian security forces fired shots into the air to disperse #EndSARS protesters at the Lekki Toll Gate in Lagos on October 20, 2020.

This contradicts allegations from media reports that some eyewitnesses saw soldiers firing live ammunition at the peaceful protesters.

This disclosure is contained in the 2020 Country Reports on Human Rights Practices: Nigeria released by the US Department of State on Tuesday, March 30, 2021.

The report pointed out that there was no accurate information on the number of fatalities from the shootings contrary to Amnesty International’s report that 10 people died during the incident as a result of gunshot wounds.

READ: Lagos State police says no protest happened at Lekki Tollgate, describes viral video as fake

What the report on Human Rights Practices on Nigeria is saying

The report partly reads, “On Oct. 20, members of the security forces enforced curfew by firing shots into the air to disperse protesters, who had gathered at the Lekki Toll Gate in Lagos to protest abusive practices by the Nigerian Police Force’s Special Anti-Robbery Squad (SARS).

Accurate information on fatalities resulting from the shooting was not available at year’s end.

Amnesty International reported 10 persons died during the event, but the government disputed Amnesty’s report, and no other organisation was able to verify the claim.

READ: Lekki shooting: LCC video footage shows soldiers arriving in several trucks

The government reported two deaths connected to the event. One body from the toll gate showed signs of blunt force trauma.

A second body from another location in Lagos State had bullet wounds. The government acknowledged that soldiers armed with live ammunition were present at the Lekki Toll Gate.”

What you should know

  • It can be recalled that in the aftermath of the alleged shooting of #EndSARS protesters at the Lekki Tollgate, US-based media outfit, Cable News Network (CNN), in its investigate report, aired a video allegedly showing Nigerian soldiers shooting at unarmed protesters at the tollgate, based on video evidence from mobile phones and witnesses.
  • The Federal Government in its response insisted that the military did not shoot at the #EndSARS protesters, describing the alleged mass killings as a massacre without bodies.
  • Also, President Muhammadu Buhari, while expressing his disgust at the coverage of the incident by foreign media organisations like CNN and BBC, said that their reports on the EndSARS protests were not balanced.

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Business

ICPC Chairman reveals #EndSARS protests was financed with cryptocurrency

ICPC Chairman has revealed to the Nigerian Senate that the #EndSARS protest was largely funded with cryptocurrency.

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School feeding, ICPC, FIRS moves to stop tax evasion with newly launched intelligence system 

The Chairman of Independent Corrupt Practices and Other Related Commission (ICPC), Bolaji Owasanoye has revealed to the Nigerian Senate that the #EndSARS protest was largely funded with cryptocurrency.

This is as he said there are strong indications that it could be used to fund Insurgency in the country.

According to a report from Vanguard, this disclosure was made by the ICPC Chairman, during an interactive session with Senate Joint Committee on Banking, ICT, Cybercrime and Capital Market led by Senator Uba Sani on Tuesday, February 23, 2021.

READ: ICPC uncovers N9.8 billion Government money hidden in Aso Savings

The Joint committee was mandated to look at the decision of the Central Bank of Nigeria (CBN) to ban Cryptocurrency in Nigeria.

The ICPC boss while supporting the position of the CBN, said that the nature of operations of Cryptocurrency exposes it to money laundering and terrorism financing.

Meanwhile, the Nigerian Financial Intelligence Unit (NFIU) has said that the agency averted a $3million fraud linked to 20 bank accounts.

READ: ICPC moves against NDDC top management over corruption allegations, quizzes directors

Hotflex

Owasanoye further explained that the anti-graft agency currently has a number of cases linked to Cryptocurrency but is unable to track the suspects.

He brought the attention of the Senate to a period in 2018 when a number of globally rated financial institutions said their financial statements had been hacked with the perpetrators asking to be paid in Cryptocurrencies.

ICPC Chairman noted that the CBN as a regulator has the responsibility to ensure sound financial stability and it will be difficult to achieve in the case of Cryptocurrencies where the players are anonymous.

While sharing the experience of the Indian Supreme Court and how it ruled and admitted that it does not know what it is, he urged the Lawmakers to as a matter of urgency, take decisive action against Cryptocurrencies.

READ: Most powerful financial leader takes side with CBN, says Bitcoin is untrustworthy

What you should know

  • It can be recalled that the CBN had directed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges, warning of severe regulatory sanctions in the event of any breach of the directive.
  • The apex bank warned the Deposit Money Banks, Non-Financial Institutions and other Financial Institutions against doing business in crypto and other digital assets.
  • The latest directive is coming after the CBN had in 2018 stated that cryptocurrencies are not legal tender and as such are illegal.

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