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Stock market records marginal gains

Stock market records marginal gains

The marginal gains
in market capitalisation recorded on Tuesday at the Nigerian Stock
Exchange (NSE), continued at the close of Wednesday’s trading as 1.09
per cent recovery was made.

The NSE market
capitalisation closed yesterday at N5.556 trillion from Tuesday’s
figures of N5.495 trillion, reflecting a N60.116 billion gain. The
market had gained N5.291 billion or 0.1 per cent on Tuesday.

The All-Share Index
also gained 1.09 per cent or 245.34 units on Wednesday, up from
22,429.09 basis points to close at 22,674.43.

Analysts at
Resource Cap, a portfolio management firm, said, “The market is
recording gains, even though marginal, after six days of bearish
(downward) performances because some portfolio managers are gradually
returning to invest in some blue chips equities.”

However, they said
the sustainability of the current positive trend remains uncertain as
investors’ confidence in the market, generally, is still on the low ebb.

Most active subsectors

The Banking
subsector, yesterday, led on the most active subsector table with
151.550 million shares valued at N1.405 billion. The volume in the
subsector was driven by shares of Guaranty Trust Bank, First Bank,
Access Bank, Zenith Bank, and Skye Bank. The five banks were also the
most traded stocks on Wednesday.

The Insurance
subsector followed in the activity chart with 30.773 million shares
worth N23.052 million. The volume in this subsector was largely boosted
by shares of Intercontinental Wapic Insurance, Aiico Insurance, and
Continental Reinsurance.

The food/beverages
subsector was third in the chart with investors exchanging 6.598
million shares worth N82.202 million. Dangote Sugar Refinery, Dangote
Flour Mills, and Tantalizers drove the subsector’ volume.

Gainers increase

The number of
stocks that gained at the close of trading session on Wednesday closed
higher at 40, as against 20 stocks recorded previous day while losers
closed lower at 18, compared with the 35 recorded on Tuesday.

Oando Oil and
Cadbury Nigeria topped the price gainers’ chart with an increase of
N2.76 and N1.15 on their opening prices of N55.50 and N23.02 per share
respectively. Unilever Nigeria and Nigerian Breweries followed in the
chart with an increase of N1.10 and N1.03, to close at N24.20 and
N71.03 per share.

On the flip side,
Ashaka Cement and Chellaram topped the chart with a decrease of 66 kobo
and 42 kobo, to close at N21.00 and N8.08 per share. Julius Berger and
First City Monument Bank followed on the list with a decrease of 40
kobo and 28 kobo respectively, on their opening prices of N8.06 and
N5.75 per share.

At the NSE floor
yesterday, Chams released its audited report for the year ended
December 2009. The company posted a negative turnover of 58.81 per cent
and negative profit after tax of 1,588.43 per cent.

Ikeja Hotels, in
its first quarter unaudited results for the year, recorded turnover
growth by 5.20 per cent and negative profit after tax of 12.35 per
cent. The company, in its second quarter results, also recorded
turnover growth by 8.04 per cent and positive profit after tax of 44.73
per cent.

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FIFA denies encouraging NFF to flout court order

FIFA denies encouraging NFF to flout court order

Football’s world governing body, FIFA has denied having prior
knowledge of any court order barring the last elections into the board of the
Nigeria Football Federation from taking place.

A Federal High Court sitting in Lagos had, in response to a
petition filed by the National Association of Nigeria Footballers (NANF),
issued an order preventing the August 26 elections from taking place.

This was however flouted by the NFF’s electoral committee who,
despite being aware of the court’s directive, went ahead with the polls that
saw Aminu Maigari emerge as the NFF’s president.

The elections have since then been overruled by the Federal High
Court but that didn’t stop the Association of Footballers from threatening to
sue FIFA following claims that FIFA representative at the polls, Primo Carvaro,
had given the electoral committee the go-ahead to proceed with the now annulled
elections.

The association made this know to FIFA in a letter signed by its
president, Harrison Jalla. The later was dated September 13, 2010, and
addressed to the FIFA president Sepp Blatter.

NANF, in its letter, also accused FIFA of attempting to shield
the impeached board members of the NFF, who are now facing corruption related
charges, and also requested an unreserved apology from it for threatening to
ban Nigeria following the nullification of the August 26 elections.

No wrong done

But FIFA’s secretary general Jerome Valcke, in a letter to the
Association dated September 27, 2010 and copied to the Confederation of African
Football (CAF), absolved their representative at the polls of any wrongdoing.

“Before the elections of the new NFF board scheduled on 26
August 2010 and since some Nigerian medias were reporting on alleged court
actions, FIFA asked the NFF management if it was the case. The NFF confirmed
the rumours but denied that it had been served with any court order.

“Our representative, Mr Primo Corvaro, attended the elections on
26 August 2010 and contrary to what you state in your letter, he has never
received any court order from Mr Singabele or anybody else during his stay. We
therefore deny categorically your allegations,” FIFA said in its reply.

NANF had alleged in its letter that Corvaro was informed prior
to the elections about the court order by a member of the NFF board Peter
Singabele.

Ban threat

Valcke also gave reasons for FIFA’s threat to ban Nigeria after
the elections were annulled.

“In the days following the election, rumours about court actions
surfaced again in the medias and as a consequence, we sent a letter to the NFF
in which we stated that such actions would be considered as an interference
from a third party according to the FIFA statutes,” he said.

“We also referred to article 64 paragraph 2 and paragraph 3 which state that
recourse to ordinary courts was prohibited and that it was the duty of all FIFA
member associations to ensure that this stipulation was implemented by their
members.”

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United need strong defence against Valencia

United need strong defence against Valencia

Manchester United’s visit to a raucous Estadi de Mestalla will
be without last season’s goal king, Wayne Rooney. The official reason given for
Rooney’s absence is that the striker has failed to recover from the ankle knock
he suffered in Sunday’s 2-2 draw at Bolton.

The Red Devils, who have conceded nine goals in their last five
games, will however be buoyed by the return to defensive duties of Rio
Ferdinand.

“It is hard to explain what is going wrong. A lot of the goals
we have conceded have been from set pieces. It is not the true Manchester
United,” said Nemanja Vidic about the goals United conceded, mostly when away
from home.

Against Valencia, who are riding high in the La Liga and are yet
to taste defeat this season,United must keep a tight defensive line against the
likes of Roberto Soldado, a nippy Pablo Hernández and Juan Manuel Mata.

Vidic seems to know this.

“We have to be much better in Spain than we were at Bolton.
Valencia are in decent form and top of La Liga. That shows how well they are
playing at the moment,” the defender said.

Key Battles

Mehmet Topal v Darren Fletcher

Topal is Valencia’s midfield enforcer and the clash with Darren
Fletcher will be the key to this match.

Roberto Soldado v Rio Ferdinand

Valencia’s in-form striker will be facing a defender that has
played just 180 minutes in the new season and the Spaniard wants to establish
himself after leaving Real Madrid.

David Navarro v Dimitar Berbatov

Berbatov is the man of the hour for United but against Navaro,
he will be meeting a defender who will go to any length to get his job done.
Navarro had sparked an infamous brawl in a Champions League tie with Inter
Milan in 2007 during which he broke the nose of an opponent.

Rafa’s experience should count

Inter will look to bounce back from the 0-1 loss to Roma last
weekend at the Stadio Giuseppe Meazza as they face a luckless Werder Bremen who
lie in 12th position in the Bundesliga. The german team have conceded 14 goals
and though Inter had more of the scoring chances against Roma at the weekend,
they fell to a 92nd minute goal by Marco Vucinic. Against a very unpredictable
Werder Bremen, Rafael Benitez will be counting on his Champions League
experiences not to repeat the mistakes made against Roma.

The good thing for the Spanish tactician is that his teams are normally
better prepared for knock-out football. The German team is plagued by injuries.
Mezut Ozil was sold to Real Madrid without being replaced and captain, Torsten
Frings has been sidelined with a hip complaint. However, Inter will have to be
wary of Marco Marin as he tries to run the show for the ‘Die Grun-Weißen’ – the
green and whites in the middle of the park.

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Valencia not taking injury-hit Man United lightly

Valencia not taking injury-hit Man United lightly

Valencia are expecting a stiff Champions League test at home to
Manchester United on Wednesday despite the English club’s injury problems,
according to midfielder Juan Mata.

Wayne Rooney, Ryan Giggs and Paul Scholes are unavailable for
the Group C clash at the Mestalla but Mata said the La Liga leaders were ready
for a typically resilient performance from the three-times European champions.

“British teams are very physical and the pace of the games is
much faster than in Spain,” the World Cup-winning Spain international told a
news conference on Tuesday.

“In physical terms, we’ll have to be at our peak,” he added.
“But we also have to stick to our football philosophy and keep possession of
the ball and hopefully that will be enough.” Valencia began their Champions
League campaign with a comfortable win over Bursaspor, thrashing the Turkish
champions 4-0 away as United were held to a 0-0 draw at home by Scottish side
Rangers.

Impressive form

Mata has been in impressive form this season to help Unai
Emery’s side to the top of the domestic standings, while United have been inconsistent
and twice had to come from behind to salvage a 2-2 draw with Bolton Wanderers
on Sunday.

Mata said Giggs, a fellow left-footer, was one of his boyhood
heroes and he was disappointed not to face the 36-year-old Welshman.

“Ryan Giggs has been a player I have liked very much since I was
little,” he said.

“He is a big loss because of his professionalism and experience
but for sure whoever takes his place will do their best. They’ll be missing
important players but I think they have a big enough squad to cope.” Valencia
coach Unai Emery had words of praise for his United counterpart Alex Ferguson,
saying the 68-year-old was an example for all coaches to follow.

“I don’t know him very well personally but I know his
background, career and the trophies he has won,” Emery said.

“He is a model for any coach around the world and you can learn
a great deal from him.

“We always show great respect for every team but showing respect is very
different to fear. We respect Manchester United and their players but we don’t
have the slightest fear of any opponent

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Nigeria Premier League postponed again

Nigeria Premier League postponed again

The Nigeria Premier
League (NPL) has been postponed for the umpteenth time. The league,
which was expected to start on October 2 is now scheduled to start
three weeks later on October 23.

Also, a record 24
clubs, including Bayelsa United, which had been relegated at the end of
last season, will be part of the new league format.

In the same vein,
Gateway FC of Abeokuta, Wikki Tourists of Bauchi and Ranchers Bees of
Kaduna who were all also relegated will be part of the enlarged Premier
League.

These decisions were reached at a parley held yesterday in Abuja between the Sports Minister,

Isa Bio, the NPL board members, and the club owners.

With this new development, a new draw for the fixtures of the annual competition is expected very soon.

On the issue of the
eligibility of Davidson Owumi as NPL chairman, the meeting ruled that
Owumi should continue in office even though his challenger, Rumson
Baribote was given the leeway to seek redress if he is not satisfied
with the decision taken. Baribote had contested against Owumi for the
NPL chairmanship and argued that Owumi had been removed as chairman of
Ranger International football club before the election and that he was
therefore not qualified to contest.

However Austin
Popo, the executive secretary of Association of Footballers of Nigeria
(APFON) described the latest move as a scratch on the surface. He
argued that the more fundamental issue of players’ welfare has not been
properly addressed.

“What they did was just to scratch the surface. There are far more
fundamental things at stake like the vaccum created with the NFF board
still not in place and also the welfare of the main actors, the
players. If these issues are not addressed, the league will not start
even by the new date of October 23.” Popo said.

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No independence celebration for school children in Aba

No independence celebration for school children in Aba

Aba, the economic
nerve centre of Abia State, is almost a ghost of itself with schools
and banks closed, as the siege on the city and its adjoining local
governments by kidnappers, continue. There is growing uncertainty over
the early release of the 15 school children abducted on Monday on their
way to school.

The Abia state
Commissioner of Police, Jonathan Johnson, however, said the closure of
banks was a panic measure that did not reflect the real security
situation in the city, adding that there were enough security personnel
posted to each of the banks in the city.

Throughout the
metropolis, as well as the Ogbor hill and Umungasi areas of Aba, there
is a near absence of school buses that usually run through the streets
to pick school children, and the few that were seen were without
pupils, as their parents were afraid of sending them to school.
Virtually every private school in the city has voluntarily closed.

There were also no
march past rehearsals in the schools that were open as was the case in
most of the schools last week, in preparation for our nations golden
jubilee celebration.

One of the
proprietors of the schools visited, who closed her school yesterday,
said it was sad that the government has shown no commensurate interest
in the safety of the kids the same way they did when the four
journalists were kidnapped. She expressed wonder that the government
could not buy tracking equipment for the police since they know that
kidnapping in Aba has become endemic and sophisticated, rather than
engaging in an amnesty that will not work, as the kidnappers are mere
criminals who might not embrace the programme.

“This amnesty thing
will not work. These are armed robbers who are into kidnapping because
it is an easier way of picking their millions without sweat,” she said.

Fighting talk

Meanwhile, the
heavy presence of soldiers was noticed in Aba on Thursday, especially
along the Port Harcourt Express Road, an indication that the government
might possibly go on the offensive against the hoodlums.

In a broadcast to
the state, the governor, Theodore Orji, assured the parents of the
kidnapped children that his administration, in conjunction with the
federal government, was doing everything in their power to ensure that
the young victims are released quickly and safely to rejoin their
parents, teachers and friends.

He emphasised that
his government is determined to stop this trend of kidnapping in Abia
State. “Despite attempts to build a theory of intentions around the
incidents of kidnapping in Abia State, our view now is that these
kidnappers are not reacting to any realistic issues that are of utmost
importance to their societies or to the state,” he said.

“These kidnappers
are mere gold diggers, whose resolution and trade ambition is to make
easy money and to secure the betterment of themselves alone, and so the
government will not allow a few disgruntled elements in criminal garb
to hold the entire state hostage. Government has been challenged, and
we have decided to take the utmost measure available to implement the
might and weight of government’s forces.”

Meanwhile, the police have raided the camps of some suspected
kidnappers in Ukwa West area of the state. However, the kidnappers had
escaped before the arrival of the police.

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American city declares October 1 Nigerian – American Day

American city declares October 1 Nigerian – American Day

The Mayor of the
City of Cleveland, Frank G. Jackson, has declared October 1, 2010, as
the Nigerian-American Day in the city. The Mayor made the proclamation
to mark the celebration of the golden jubilee anniversary of Nigeria’s
independence.

In a statement
announcing the declaration, Mr. Jackson remarked that the proclamation
is also a recognition of the contributions of Nigerians ( about 10, 000
Nigerian-Americans) living in the Greater Cleveland, most of whom are
professionals in the field of medicine, science, engineering, academia,
and business men and women.

“On behalf of the
citizens of the City of Cleveland, I am honoured to offer the
proclamation designating October 1, 2010, as Nigerian-American Day in
the City of Cleveland,” he declared.

In another
development, the Congress woman, representing 11th District Ohio,
Marcia Fudge, will be the keynote speaker at the event scheduled by the
Nigerian community in Greater Cleveland to celebrate the anniversary.

Part of this year’s independence celebration includes the extension
of scholarship awards to Nigerians and Americans in Greater Cleveland,
display of Nigeria’s cultural heritage and artefacts such as Nigerian
dances and masquerades, which will include the Eyo festival masquerade,
Ekwe dance, and Abang dance groups.

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Interpol search militant leader’s South African home

Interpol search militant leader’s South African home

Following an
alleged intelligence report that there are planned attacks in Abuja by
the popular militant group, Movement for the Emancipation of the Niger
Delta (MEND), during the 50th anniversary celebrations, the Nigerian
government allegedly prompted the South African Police to invade the
Johannesburg home of Henry Okah, the leader of MEND, in the early hours
of yesterday.

Sources who spoke
in confidence with NEXT revealed that over 30 South African police
officers smashed down Mr Okah’s doors and gained entry into his home at
about 3am South African time, with sophisticated weapons in full
display as well as about six sniffing dogs, at the instance of the
federal government of Nigeria.

“We have been told
that the Nigerian government informed the South African police that it
is imperative that Mr Okah’s home is searched yesterday because they
would find arms and explosives. The federal government has been sending
spurious petitions to the South African government about Mr Okah,
alleging all kinds of things.

“They said he is
exporting arms and explosives from South Africa into Nigeria. But when
the South African police invaded his home, they found nothing. Even
with their sniffing dogs, they did not find anything,” a source said to
NEXT yesterday in Abuja.

Reports have it
that the search at Mr Okah’s home, which lasted for about 10 hours,
from 3am till about 1pm, yielded neither explosives nor arms.

Ima Niboro, the
spokesman for the federal government neither responded to the phone
calls nor the text messages sent to him to make enquiries about the
role of the presidency in the role.

Federal government’s gripe

Although the Umaru
Yar’Adua led government released Mr Okah from a 13-month long detention
and granted him amnesty in 2009, unconfirmed reports state that Mr
Okah’s name has been placed on the INTERPOL red alert in Nigeria, in
connection with arms and drug trafficking.

Emmanuel Ojukwu,
the spokesman of the Nigerian Police, has denied any knowledge of the
raid. Mr Ojukwu, who told NEXT in Abuja that he is also the spokesman
for the INTERPOL in Nigeria, said that he was unaware that Mr Okah’s
name had been placed on red alert by the INTERPOL.

“I have no
information. I am not aware of that. I speak for the Nigerian police
and the INTERPOL and I am not aware of either the invasion or any red
alert,” Mr Ojukwu said in a telephone interview.

Mr Okah, in
response, said that he was unshaken but that he was upset that his
children were frightened by the police officers who tore down their
bedroom doors and barged into their rooms with rifles.

“I am not surprised by the federal government’s actions. What I am
surprised at is that the South African government would allow
themselves to be used by Nigerians. I am, however, not moved by
whatever means the government is trying to use to intimidate me. I am
constantly fighting against the oppression of my people in the Niger
Delta,” Mr Okah said in a statement obtained by NEXT.

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Jonathan campaign organisation accuses Atiku of calumny

Jonathan campaign organisation accuses Atiku of calumny

The Goodluck/Sambo Campaign
Organisation has berated former vice president Atiku Abubakar for
allegedly continuing with his campaign of calumny against Goodluck
Jonathan, despite the president’s clarification on the controversial
zoning arrangement adopted by the Peoples Democratic Party (PDP).

The organisation stated this in
reaction to a statement credited to Mr Abubakar that the president
could not be “trusted with the PDP mandate in 2011” because of his
interpretation of the party’s position on zoning.

A settled matter

Mr Jonathan had
last Monday declared that the ruling party never zoned the presidency
to any part of the country. He spoke at the PDP headquarters after
submitting his nomination forms to the leadership of the party.

“The Goodluck/Sambo
Campaign Organisation has noted that in spite of President Goodluck
Jonathan’s clear articulation of the issue of zoning and the decision
of the Peoples Democratic Party (PDP) on the matter, former Vice
President Abubakar has continued his campaign of calumny aimed at
impugning the character and integrity of the president,” a statement by
the director of media and publicity, Sully Abu said.

It said that Mr
Abubakar’s comment on the president’s personality was rather curious
given his own antecedents and the fact that he was only recently
admitted into the PDP after long running battles with his local Adamawa
State chapter of the party.

The organization
said the PDP zoning issue has been resolved by the party, just as it
enjoined all its loyal members to respect that position and stop using
it as a diversion from tackling the real issues that affect the
Nigerian people.

The organisation’s
spokesperson said that the decision was a product of a meeting held in
Abuja yesterday by the zonal coordinators of the Jonathan/Sambo for
President Campaign.

Those at the
meeting presided over by Dalhatu Tafida, the organization’s director
general were: state governors: Liyel Imoke of Cross River; Isa Yuguda
of Bauchi; Gbenga Danile of Ogun; and Gabriel Suswam of Benue.

A former Deputy Speaker of the House of Representatives, Chibudom Nwuche, was also in attendance.

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Emir’s daughter found after abduction

Emir’s daughter found after abduction

One of the
daughters of the Emir of Lafia has been found less than 48 hours after
she was abducted from the grounds of her father’s palace. Hadiza
Mustapha Isa Agwai was found in the early hours of Thursday,
disorientated but unharmed.

According to a
source, the 22-year-old was abducted on Tuesday after being coerced by
a group of men masquerading as commercial motorcyclists. The details of
the kidnapping are still unclear but it is believed that Miss Agwai was
just returning from work when she was taken.

The Secretary to
the Lafia Emirate, Hudu Aliyu Mailafiya, revealed in a telephone
interview with NEXT that the Emir’s daughter was found at exactly 5am
on Thursday in a confused and bewildered state. He added that although
that she was not speaking lucidly, she managed to reveal that her
assailants took her to a bush somewhere near Nasarawa Eggon, about 30
minutes away from Lafia.

Her account also revealed that her abductors had other people in their custody, one of whom was killed in her presence.

Miss Agwai was
unavailable for further comment, as investigations showed that she had
been immediately taken to the State Security Service head office in
Lafia for a debrief. Mr Mailafiya explained that she was taken in for
questioning to enable the security agents get some more leads on her
captors.

When NEXT visited the office of the SSS in Lafia, we were denied access to the Emir’s daughter who was still in their custody.

Mr Mailafiya however assured that as soon as she was released from
questioning, he would make sure that a press briefing is arranged so
that Miss Agwai can give full details of the abduction.

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