Archive for nigeriang

Grassroots sports receives a boost

Grassroots sports receives a boost

The
National Association of Grassroots Football Developers of Nigeria has
concluded arrangement to stage the 4th edition of C. Woermann Youth
Football Championship.

As part of their
contribution to the development of football at the grassroots, the
association will use the opportunity to showcase the talents and skill
of young football players across Nigeria. The tournament, which is held
once every year, is scheduled to hold at the Legacy Pitch of the
National Stadium, Lagos, from November 21 to 24, 2010.

According to the
National Coordinator of the group, Ossy Nwokeabia, the aim is to give
grassroots football one voice and an avenue to showcase and sharpen the
skills and talents of young aspiring footballers who would have in the
first place been hidden from the eyes of the world. “C.Woermann Youth
Football championship is grassroots oriented,” he said. “We want to see
how we can contribute our quota to the development of the round leather
game. Grassroots football has been neglected, nobody cares about the
grassroots, but they have forgotten that grassroots is the bedrock of
meaningful sports development.”

A history of involvement

Nwokeabia has been
involved in the development of sports, especially football, at the
grassroots for the past six years. He is also the coordinator of Colin
Edwin Global Sport Limited, a grassroots sport development organization
that aims to bring to limelight the efforts of footballers who are
aspiring to go professional. This year, the group organized the maiden
edition of the Collin Edwin U-13 Youth Football Championship, which was
won by Soccer Pro Football Academy.

They also held the Colin Edwin
Football Tournament for Women earlier this year, where Oluwasanmi FC
came out tops at the tourney. Sixteen youth teams from across the six
geo-political zones of the federation are expected to feature in this
event. Last year’s edition was won by SAF football club of Enugu and
the Most Valuable Player of the tournament, Ugonna Anyaora currently
plays for FK Haugesund in Norwegian Premier League.

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Sharks, Dolphins tango in Port Harcourt derby

Sharks, Dolphins tango in Port Harcourt derby

Current
League leaders, Dolphin FC, will face a stern test this weekend when
they confront local rivals, Sharks FC, in the star fixture of the
Nigeria Premier League, which enters the third week this weekend.

The game is billed
for the Sharks FC Stadium, and is one of the three games that would be
shown live on Super Sport 9. Games between the two sides have always
attracted sentiments from football fans in the Garden City who have
their loyalty divided between both sides. Currently, Dolphins have a
perfect record of two wins from two games, while Sharks though unbeaten
have two points from the two games played so far. Stanley Eguma,
Dolphins manager, says it will be a game like any other game but his
side will be careful against their city neighbours. “First we thank God
that we go into that game at the top of the table with six points from
two matches,” he said. “We also know that games against Sharks are
always difficult games and we will be careful but not concentrate too
much because eventually it is a game like another we will play in the
League this season.”

Anything can happen

“The season is
still early and anything can happen,” he said. “We are still trying our
best to gel as a team and soon our fans will really get the best out of
us.” Meanwhile, Sharks media officer, Confidence Idaa, believes his
side now know how to beat Dolphins. “Whatever happened in previous
seasons will count for nothing now,” he said. “We are in a new season
and we have started well. We will beat Dolphins on Saturday.” Idaa said.

Last season in the derby, Dolphins and Sharks ended it 1-1 at the
Port Harcourt Liberation Stadium; and at the Sharks Stadium, it was a
dramatic goalless draw with Sharks failing to score twice from the
penalty spot. NPL chairman, Davidson Owumi, has also said the league
will be keeping a close watch on the match to avoid any sort of
violence. “We will be keeping a close watch on the match and we will
not hesitate to apply stiff sanctions on anybody who is found to have
acted in a way that brings the game into disrepute,” he said. “So we
urge both teams to control both their players and their supporters and
give Nigerians and the rest of Africa a fantastic derby game that we
can be proud of, and may the better side win.”

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Yakubu wants more goals for Everton

Yakubu wants more goals for Everton

Everton’s
Nigerian-born striker, Aiyegbeni Yakubu, is confident he can rediscover
the goal scoring form which saw him enter the record books of the
Liverpool-based English Premier League outfit.

In his debut season
with Everton, back in the 2007/08 campaign, Yakubu became the first
Everton player to score over 20 goals in a league season since Peter
Beardsley. However, the Nigerian international’s progress was truncated
by a serious Achilles injury in a November 2008 game against Tottenham
at White Hart Lane and had a slow return to fitness. This season,
Yakubu has found the back of the net just once, scoring the winning
goal against Stoke City, but he believes he is not too far off from
hitting peak form and insists he is in the mood to bolster an Everton
side that has scored just 14 times in 13 Premier League games this
season.

“I always believe I
can score and I believe I can score goals like I did here before,” he
said. “Even when I don’t score I feel I am not under pressure because I
honestly believe I will score no matter what. As a striker you need
goals, they give you that confidence. When you start scoring you start
to look fresher in games. For me to score means a lot and I think there
is more to come. I think my fitness now is really good, much better
than last season, even better than two seasons ago. When you are fit it
shows in your performance on the pitch. You aren’t tired, you want the
ball and you want to run. If you play for Everton, you have to be fit.”

Fighting for the chance

Yakubu, who over
the course of his football career has appeared for Nigerian side,
Julius Berger; Israeli side Maccabi Haifa; and the England based trio
of Derby County, Portsmouth and Middlesbrough, recently started seven
consecutive games but returaned to the bench for Everton’s last two
outings against Arsenal and Bolton Wanderers. He came off the bench to
play in those two games but feels the competition for places within the
Everton first team will drive him towards those heights once more. “We
have competition in the team,” he said. “Louis Saha is a good striker;
then there is Jermaine Beckford and Victor Anichebe, so I have to fight
for my place. For me, it’s a challenge. When you have people behind you
and by your side and they are watching you and looking to take your
place then it is a challenge. You have to work harder on the pitch and
give everything. For me to play, I have to take my chances when I get
them. I need to keep working hard and hopefully I can start scoring
regularly.”

Hopefully, that may come to pass when Everton travels to the Stadium of Light to take on Sunderland on Monday, November 22.

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France’s Premier League players show way

France’s Premier League players show way

England’s
abject performance in their 2-1 defeat to France at Wembley, on
Wednesday, created a huge media backlash the following morning,
although one fact was largely overlooked.

While Fabio
Capello’s experimental team was outclassed for virtually the entire
match, there were some very good English Premier League players on
display at Wembley. The trouble for Capello was they were playing for
France. Fullback Bacary Sagna, who provided the pass for Mathieu
Valbuena’a goal, which put France 2-0 ahead, and Samir Nasri, who
largely ran the match with a brilliant midfield display, both earn
their keep playing for Arsenal.

The London club also had two players in
the England team – fullback Kieran Gibbs winning only his second cap,
and the largely anonymous Theo Walcott, who was replaced at halftime
after a frustrating night on the right wing. Chelsea’s Florent Malouda
also had a huge impact, creating Karim Benzema’s opening goal after 16
minutes. But the French trio’s performances, along with those of the
outstanding Yoann Gourcuff and Benzema, continually illustrated the
technical gulf in class between the sides.

Arsene Wenger,
Arsenal’s hugely successful French manager and ideally placed to judge
the merits of the two sides, told The Sun newspaper: “It’s despairing;
the (England) team were without fight. As soon as England won the ball
back they lost it again. They lost the ball straight away on the first
pass. They avoided tackles. There was only one team on the pitch. The
richness of a country’s football is assessed by the depth of its
players. When there are five players missing for England you don’t see
much in reserve to take up the challenge. There were too many players
not at the right level to take on this French team.” Former Ireland
international Tony Cascarino, writing in The Times, criticised the
tactics used by Capello, despite the experimental nature of his team.

Capello gave first starts to striker Andy Carroll and midfielder Jordan
Henderson, and instead of starting with his usual 4-4-2 formation,
Capello opted to start Carroll as a single front man. “Andy Carroll can
play up front with anybody,” Cascarino wrote. “The trouble last night
was that he was up front with nobody.”

Vastly superior

France, like
England, are rebuilding their team after a similarly disappointing
World Cup but they displayed vastly superior technical ability on a
rainy night and a slippery pitch. While Laurent Blanc’s team passed and
moved with speed and intelligence, England was largely static and
passed poorly and played like 11 individuals who had only just met.
Even allowing that Capello was experimenting – only three of the
starting line-up played in their World Cup defeat to Germany which saw
them eliminated in the second round – their tactics looked askew.

This frailty again
raises doubts about Capello’s ability to create a side good enough to
challenge for the European title in 2012 and whether the Italian is
still the right man to lead England.

France replaced Raymond Domenech after their World Cup failure, and
under Blanc have shown visible signs of improvement, winning their last
four games and topping their Euro 2012 qualifying group. England, by
contrast, stuck with Capello after the World Cup, and although England
have started their qualifying campaign with two wins and a draw,
Wednesday’s poor display shows he is a long way behind Blanc in his
plans for the future.

According to most of the British media on
Thursday, that future should be very short-lived. Few criticise him for
making changes to the side and playing some young players, but the
media were unanimous in criticising the performance England produced as
a result.

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Society of Non-Fiction Authors opens for business

Society of Non-Fiction Authors opens for business

As part of
activities geared towards a successful inception, the Society of
Non-Fiction Authors of Nigeria (SONFAN), held its first press
conference at their National secretariat on October 25, 2010.

SONFAN, the
umbrella body for anyone in Nigeria engaged in writing academic and
non-fiction works, was incorporated in earlier this year and began
operation on October 1.

On hand for the
SONFAN briefing were: the group’ss interim President Osa Egonwa; the
treasurer, Fidelia Omusopa; the Executive Director, Inyang Ekanem and
other officials.

About SONFAN

In his address, the
president (also a professor of Art and Art History and Human
Development at Delta State University, Abraka) outlined the reasons
behind the establishment of the association and its aims and objectives.

“There arose the
need to organise writers of academic and non-fiction works in Nigeria
into an umbrella organisation that would serve their common and
professional interests,” he said.

“This became even
more pressing because writers in other fields have been organised and
the strength of the organisation has become evident in the vibrancy of
not just the associations but also in the activities they engage in,”
he added.

“Consequently,
SONFAN was incorporated to nurture, advance and promote intellectual
endowments, aspirations and pursuits in Nigeria as well as protecting
the intellectual property rights of authors locally and
internationally, individually and in collaboration with governments,
agencies, institutions and international partners,” Egonwa declared.

The president
decried the ignorance of many writers about the importance of knowing
and protecting their rights, especially in relation to intellectual
properties.

He argued that it
is not enough to publish a book or release an album and be paid a token
amount of money. Monies in the form of royalties ought to accrue to the
creator each time his work is used as a copyright material, Egonwa
insisted. So the job of the association is to enlighten people that
once you are an author of a non-fictional works, you have rights.

Interactive session

As he fielded
questions from journalists, the SONFAN president delved into some of
the key problems the association plans to tackle. The first is what he
termed ‘The evil of photocopying’.

Photocopying is one
of the major ways many non-fiction and even fiction writers are cheated
out of the gains that should be credited to them from their works. “It
is only in Nigeria that people photocopy indiscriminately,” he stated.

“In developed
countries, the photocopying machines have already been programmed with
information about the writers. So the monetary gains from photocopying
a particular writer’s work(s) will be paid to the necessary
royalty-collecting organization,” he pointed out.

Egonwa counseled
that people should photocopy rightly by obtaining a licence. Plans are
also afoot to enlighten and garner support from the National
Universities Commission (NUC) and various universities across the
country to institute the proper procedures for photocopying.

Regarding the issue
of piracy, SONFAN informed journalists that they are also involved in
the fight; however the NCC (Nigeria Copyright Commission) is already at
the forefront of

this battle, Egonwa noted.

On their bid to
inform writers about their rights, the SONFAN president expressed
surprise that even some academics are not aware of the rights covering
their works. In this regard, the association is already making contacts
with the Academic Staff Union of Universities (ASUU) and other
professional bodies in order to create awareness.

Egonwa also shed
more light on the association’s relationship with the Reproduction
Rights Society of Nigeria (REPRONIG), the body responsible for
protecting the rights of the Print Media. It is licensed by the
Nigerian Copyrights Commission to collect and distribute payments from
users of copyrighted works to their owners. However, with the inception
of SONFAN, REPRONIG after collecting these rights will be able to get
to the

relevant authors to pay them their royalties.

Contributions in
the form of grants from supporting organisations and members’ annual
dues, are some of the means by which the association will be funded.

The group called on
all non-fiction writers, teachers and journalists – because newspaper
articles also qualify as non-fiction – to join the association, as long
as they have about 150 pages of work(s) they have written.

Members of the public interested in joining the association or
finding out more about it, can visit the SONFAN National Secretariat at
Adedayo House, 36 Abeokuta Expressway, Cement Bus Stop, Lagos.

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Baba Segi’s house of misfits

Baba Segi’s house of misfits

The Secret Lives of Baba Segi’s Wives

By Lola Shoneyin

245pp; Cassava Republic Press

Lola Shoneyin’s
debut novel, ‘The Secret Lives of Baba Segi’s Wives’ offers a critical
look at the Nigerian polygamous household. And quite like Abimbola
Adunni Adelakun’s ‘Under the Brown Rusted Roof’, the novel bares the
age-old matrimonial arrangement – warts and all.

‘The Secret Lives
of Baba Segi’s Wives’ is told in an alternation of first person
narratives and the third person omniscient observer, which very deftly
elevates the theme and chronology of the narrative.

The novel
chronicles the marital life of Bolanle and the challenges she faces as
the youngest and educated wife of Baba Segi’s four wives. It explores
the psychological metamorphosis of Bolanle, in the midst of rivals who
are made insecure by the same qualities that charm their husband.

Bolanle displays
an unsettling naivety even when confronted with threats such as
poisoning. The one-up Bolanle’s co-wives can boast is their fecundity,
and they use it well; as after two years, Bolanle’s belly remains “as
flat as a pauper’s footstool.”

This
underachievement in the sight of her husband and his wives ensures that
her place in her husband’s house remains insecure. And the significance
of this is illustrated with the analogy of the armchairs. Bolanle is
denied having her own armchair in the family living room, until she is
swollen with child.

However, Bolanle
does eventually fulfil the prediction of her senior wives; she turns
out to be a harbinger of misfortune in a house which before her time
had breathed deep of untold secrets and a traditional understanding.

One quality that
sets ‘The Secret Lives of Baba Segi’s Wives’ above many novels of its
ilk is the voice and language Shoneyin adopts – one rarely used by
Nigerian authors. Weaving a tapestry from different points of view, the
plot unfolds; equally employing an almost verbatim transliteration of
traditional Yoruba expressions like Iya tope’s description of her
daughters: “They have eyes in their stomachs”, which translates in
Yoruba parlance as ‘Oju Inu’ (perceptiveness).

Shoneyin also
exhibites dexterity in striking a balance in character development.
Though the novel is based on the experiences of Bolanle, the other
characters are given an equal voice, which makes them no less valuable
to the plot.

The author
displays a willingness to explore some thought provoking ideas such as
the dual existence of good and evil in the same being. Babe Segi is
both a rogue and a knight. He is quick to point Bolanle out as “the
barren wife” but just as quick to be philosophical in his
disappointment: “When you buy guavas, you cannot open every single one
for rottenness. And where you find rottenness you do not always throw
the guava away; you bite around the rot and hope it will quench your
craving.”

However, what the
novel enjoys in structure it lacks in vocabulary application, as the
author in a slightly pedantic manner employs elevated vocabulary where
only the basic is needed. If Shoneyin had maintained a third person
narrative the following statement may have been appropriate “What would
Teacher say, If he saw me here heaving like a pursued duiker?” Problem
is, Shoneyin wrote this statement while adopting the voice of Baba
Segi, an uneducated businessman living in a semi rural town.

The work
‘duiker’, which means antelope, is unfamiliar at best in an African
setting, even to the educated. Many such language inconsistencies
freckle Shoneyin’s narrative. One gets the impression that the novel is
set in an earlier time; therefore, it is also rather anachronistic that
Iya Femi cites Bantu, a contemporary African musician. The author seems
irrevocably caught between a pastoral imagination and foreign
civilisation.

Shoneyin makes
suggestions and allows the reader’s imagination to run riot without
subsequent guidance. One major cop-out is the implied lesbianism of Iya
Segi. Readers are led down an intriguing route when they read Iya Segi:
“I could not stop looking at her – everything about her fascinated me.
I was awash with lust.” But the author declines to pursue this,
Shoneyin missing the opportunity to widen the novel’s plot and make it
less predictable.

Despite attempts
to create an emotive personality in Bolanle, one cannot summon empathy
for her because she is not real. Everything about her character seems
fictional – her unrelenting naivety, her fascination with unusual
crockery, the drawn-out effect of a childhood ordeal and her choice of
a spouse. Bolanle fails to resonate; and quite frankly, save for a few
characters; the Alao family is a house of misfits.

Baba Segi is
perhaps the most rounded and intriguing character of the novel. We get
to know him better than we do any of his wives. And rather than fault
his decision at the novel’s conclusion, we applaud it because we know
and appreciate his personality. It is such descriptions as the
following that make him so: “Baba Segi was open ended, he could never
keep things in. his senses were connected to his gut and anything that
did not agree with him had a way of speeding up his digestive system.
Bad smells, bad news and the sight of anything repulsive had an
immediate expulsive effect: what went in through his mouth recently
shot out through his mouth, and what had settled in sped through his
intestines and out of his rear end.”

The conclusion is
one of the best parts of the novel though a few loose ends remain in
the exploration of the wives’s long-held secrets and the emotions
behind them. One had also hoped that Iya Tope would evolve in the
household beyond a single outburst.

Nonetheless, The Secret Lives of Baba Segi’s Wives is a book which
elucidates the intricacies inherent in the typical polygamous Nigerian
home. And the wonderful use of language and grammar, save for a few
editing oversights, ensure that it is an enjoyable read. Lola Shoneyin
possesses a strong adventurous voice and is representative of the new
crop of female writers who will undoubtedly play an important part in
promoting Nigerian literature.

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Manufacturers mute on credit availability

Manufacturers mute on credit availability

The Manufacturers
Association of Nigeria (MAN) will not comment on issues of interest to
its members, particularly as it concerns credit availability.

The association,
whose mission statement is to promote, in close cooperation with its
members, other organs of the organised private sector, the government,
and other stakeholders in the economy, an enabling environment for
industrial development, growth and prosperity of the society at large,
declined to make comments on the state of credit availability to its
members, after several enquiries and visits to its Lagos office.

The World Bank last
week released a report titled ‘Nigeria’s credit squeeze and beyond’,
saying that there was no evidence of credit squeeze in Nigeria and that
credit to manufacturing and commerce have been squeezed, but only a
little, a contrary view to the general belief of a credit squeeze in
the nation’s economy.

“A credit squeeze
does not appear to have taken place. Credit was not going to productive
sectors, instead it was going to margin lending, oil importers, and
insider lending. In early 2010, liquidity rises and interest rates
plummet. After that, rumours and anecdotes about a credit squeeze start
to circulate,” the report said.

The organisation
insists that credit is growing in most sectors and that money is not
the solution, as there are lots of liquidity in the system.

“Our conclusion is
that the real sector is not affected. Credit to the real sector has not
been squeezed, because less than one percent of Nigerian businesses
ever had access to bank finance. There is the need for responsible
growth in lending to the real sector, current incentive for banks with
low interest rates on government paper and squeezed bank margins.”

Bashir Borodo, the
president, Manufacturers Association of Nigeria (MAN), refused to
comment as he did not pick his calls. Jide Mike, the director general,
promised to respond to enquiries related to credit to the manufacturing
sector, but did not do so, even after visits to the secretariat.

“We have a
procedure here. It is only the director general and the president that
can speak. I can only facilitate the process of getting a response,”
said Rasheed Adegbenro, the corporate affairs official of the
association.

The association
serves and represents nearly 2000 companies in private and public
sectors in manufacturing, construction, and service sectors of the
national economy. Among other things, it is supposed to advise,
consult, and where necessary, join issues with government and other
bodies. However, on matters that affect its members, it is reluctant to
speak up for them.

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Exxon says Nigeria oil platform raid cuts output

Exxon says Nigeria oil platform raid cuts output

Exxon Mobil said on
Tuesday eight people were missing, following a raid on a Nigerian
offshore oil platform on November 14, that knocked out 45,000 barrels
per day of condensate production.

“Mobil Producing
Nigeria…confirms that unknown armed persons boarded the Oso platform
on November 14. At this time, eight people remain unaccounted for,” the
company said in a statement.

“NGL (natural gas
liquids) and condensate production of about 45,000 bpd on the facility
have been shut in, as a precautionary measure,” Exxon added.

Oso is one of Nigeria’s biggest condensate fields, with about eight platforms whose total output averages about 75,000 bpd.

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Government considers new biofuels development policy

Government considers new biofuels development policy

The Federal
Government is considering a new biofuels development policy for a
viable alternative to the continued dependence on imported petroleum
products as fuels for energy supplies in the country.

A forum recently
facilitated by the Petroleum Products Pricing Regulatory Agency (PPPRA)
has already recommended the constitution of a technical committee to
undertake a comprehensive review of the 2007 national biofuels policy,
to remove all impediments to achieving the bio-fuels development
initiative, and replace with a framework that will be more commercially
friendly.

The Energy
Commission of Nigeria (ECN) is expected to provide the necessary
technical input to the deliberations, particularly concerning previous
and ongoing biofuels initiatives, as well as the existing relationship
between producers and foreign off-take partners from China and
Singapore. This will also enable Nigeria gain access to the carbon
credit available under the Clean Development Mechanism (CDM).

During a recent
meeting in Abuja, attended by the Department of Petroleum Resources
(DPR) and other government monitoring and regulatory agencies in the
oil and gas industry, members observed that the provisions of the
existing policy document were inadequate to help realise the national
objective.

Participants were
of the opinion that rather than have an agreement entered into solely
with the Nigerian National Petroleum Corporation (NNPC), as envisaged
under a previous arrangement, the proposed policy should make it an
industry-wide pact, to enable depot owners and petroleum products
marketers partake, in line with the current reforms in the petroleum
industry.

Unhelpful policies for local production

They also pointed
out that the current import-based policy on petroleum products supply
in existence was a dis-incentive to local production and domestic self
sufficiency in fuels production.

The Biofuels Policy
and Incentives (2007), which was approved by the Federal Executive
Council on June 20, 2007, and gazetted to facilitate the promotion of a
national bio-fuels development programme in the country, was, however,
found to contain some lapses, including its being dependent on import
as well as state-controlled monopoly.

The NNPC was
mandated to create an enabling environment for the take-off of a
domestic ethanol fuel industry, to gradually reduce the country’s
dependence on imported petroleum products, reduce the negative impact
of environmental pollution, as well as create a commercially viable
industry capable of sustaining the creation of domestic job
opportunities.

“The imperative for
a policy review is that given the fact that bio-fuels markets worldwide
are mandate-driven, Nigeria cannot afford to be an exemption. There
need for the biofuels policy document to be reviewed by a sub-committee
before presentation to the main committee. There is also the need to
incorporate other relevant organisations, such as the financial
institutions, farmers association, etc.,” said Abiodun Ibikunle, the
PPPRA executive secretary.

The technical
committee on biofuels development, which is expected to be inaugurated
next week by the minister of petroleum resources, Diezani
Alison-Madueke, will include the NNPC, Major Oil Marketers Association
of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association
(DAPPMA), DPR, PPPRA, and Standard Organisation of Nigeria (SON).

Others are
representatives of the ECN, Central Bank of Nigeria (CBN), New
Partnership for Africa’s Development (NEPAD), National Association of
Road Transport Owners (NARTO), farmers association, federal ministries
of finance and petroleum resources.

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Stock Exchange gains N2.334tr in October

Stock Exchange gains N2.334tr in October

The
Nigerian Stock Exchange recorded a total gain of N2.334 trillion on
equities at the close of trading activities in October, showing the
improvement of some key market indicators on the upturn.

The
market value of the 214 listed equities, which opened the month at
N5.648 trillion, closed on the last trading day in October at N7.982
trillion, reflecting a N2.334 trillion gains, or a 41.32 percent
increase. Also, the NSE All-Share Index, which opened at 23,050.59
basis points, closed the month at 25,042.16, an increase of 1,991.57
units or 8.64 percent, as against the decline of 1,217.65 points or 5.1
percent recorded in September.

The
Exchange’s strategy and business development department said the
increase in market capitalisation in October can be attributed largely
to the listing of Dangote Cement in the Building Materials subsector.

“Other factors included the listing of Kaduna State Bond and the increase in equity prices,” it said.

The
Exchange also said the stock market recorded a 10-month growth rate of
55.4 percent and 40.8 percent in equity market capitalisation and
aggregate market capitalisation.

Market turnover

The
market recorded a turnover of 6.71billion shares, valued at N90.6
billion, in 117,203 deals during October, in contrast to a total of
4.84 billion shares, valued at N47.25 billion, exchanged during
September in 117,366 deals.

Consequently,
trading volume and value rose by 39 percent and 92 percent, while the
number of executed trades dropped by 0.1 percent, when compared with
September. The value of trades had in September rose by 0.7 percent,
while the trading volume dropped by 8.1 percent.

Aggregate
stock market turnover between January and October 2010 were 79 billion
shares, valued at N670.42 billion, exchanged in 1,677,550 deals. In the
comparable period during 2009, the market recorded turnover of 85.94
billion shares, valued at N582 billion, in 1,504,778 deals.

Measuring
by turnover volume, the Banking subsector was the most active in
October, with traded volume of 3.9 billion shares valued at N30.81
billion, while the Insurance subsector was second, with traded volume
of 893.14 million shares, valued at N595.54 million, exchanged in 4,220
deals. The Food/Beverages subsector was third, with transaction volume
of 351.72 million, valued at N10.1 billion.

A
total of 165 equities out of the 214 listed were traded during the
month, compared with 174 in September. First Bank of Nigeria Plc was
the most active stock in October, with transaction volume of 443.82
million shares, followed by Access Bank Plc, with 404.44 million shares.

Research
team at Access Bank said, “The market would likely receive further
support from the recent creation of the Alternative Securities/Private
Placement Exchange, to replace the second-tier securities market, in a
bid to stimulate the activities of the capital market.”

Bond trading

Over-The-Counter
(OTC) bond market, a turnover of 1.1 billion units worth N1.036 billion
was recorded in October, in contrast to a total of 998 million shares
valued at N946.5 billion exchanged during the preceding month.

The
most active bond, in terms of volume, was the 10 percent Federal
Government of Nigeria (FGN) Bond July 2030 (formerly 7th FGN Bond 2030
Series 3), with traded volume 284.8 million units valued at N230.5
billion. It was followed by 9.45 percent FGN January 2013, with a
traded volume of 123.65 million units valued at N127.84 billion.

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