By Taiye Olayemi

The stock market closed the week on a positive note with market value growing by N91 billion.

Specifically, market capitalisation which opened at N67,102 trillion, closed at N67,193 trillion, gaining N91 billion or 0.14 per cent.

Similarly, All-Share Index improved by 146 points or 0.14 per cent to close at 107,821.39, compared to 107,675.46 posted on Thursday.

On the price movement chart, 34 stocks recorded price depreciation against 26 gainers.

Red Star Express led the losers’ chart, dropping by 9.96 per to close at N6.60 per share.

Also, Learn Africa fell by 9.84 per cent to close at N3.30 per share, Multiverse Mining and Exploration dropped by 9.72 per cent to close at N9.75 per share.

Also, Cadbury Nigeria inched down by 9.62 per cent to close at N26.30 per share.

Linkage Assurance Plc lost by 5.80 per cent to close at N1.30 per share.

Austin Laz and Company led the gainers’ chart with a 10 per cent gain to close at N2.09 per share.

This is followed by Oando with a gain of 9.94 per cent to close at N58.05 per share while Caverton increased by 9.67 per cent to close at N2.95 per shere.

Also, John Holt rose by 9.62 per cent to close at N7.98 and PZ gained 9.09 per cent to close at N35.40 per share.

A total of 458.26 million shares worth N14.078 billion were exchanged in 12,213 transactions, compared with 423.42 million shares worth N9.57 billion exchanged in 11,112 transactions on Thursday.

On the activity table, Zenith Bank maintained the lead in volume and value of deals, exchanging 122 million shares worth N5.9 billion. (NAN) (nannews.ng)

Edited by Maureen Atuonwu

By Ginika Okoye

The Nigeria Deposit Insurance Corporation (NDIC) has appealed for the continued support of external solicitors of the corporation in facilitating debt recovery and assets realisation of failed banks.

Mr Hassan Bello, the Managing Director of NDIC, made the appeal at the 2024 Sensitisation Seminar for External Solicitors of the NDIC in Abuja on Thursday.

Bello, represented by Hafsat Abdulaziz, Head, General Legal Services Unit, NDIC, said that recovery of debts and the realisation of assets were crucial to achieving the corporation’s objectives.

He sought the continued collaboration and support of the solicitors in promoting financial systems stability through a deeper understanding of the Deposit Insurance System (DIS) dynamics in the country.

Bello said the consistent support the corporation had received from its external solicitors was evident in the impressive attendance and active participation at previous seminars.

He said that the failure of Heritage Bank necessitated the engagement of new external solicitors hence, the essence of the workshop.

According to him, the recent failure of Heritage Bank, highlighted the intricate nature of bank liquidation and the vital role of collaboration with external solicitors.

”Liquidation, by its nature, is intertwined with litigation.

“The NDIC, in fulfilling its responsibilities, engages in legal proceedings both as plaintiff and defendant, representing the interests of depositors and creditors while also pursuing debt recovery from debtors of closed banks.

“While we acknowledge the challenges some of you have encountered during litigation, we urge you to continue your diligent efforts in assisting the corporation with debt recovery and asset realisation.

“The NDIC deeply values its stakeholders as essential partners in achieving its corporate objectives,” the managing director said.

Afam Osigwe, the President of the Nigerian Bar Association (NBA), said the workshop would help to boost the understanding of solicitors on issues of debt and assets recoveries of failed banks.

Osigwe, represented by Bolatumi Animashaun, the Second Vice-President of NBA, appealed to the NDIC to extend the seminar to solicitors in states to improve their understanding on deposit insurance systems.

In a lecture, a retired Federal High Court judge, Justice Ibrahim Buba, called on NDIC solicitors to deploy advocacy, leverage technology in handling debt and assets recovery cases of the corporation.

The lecture is entitled: ‘Navigating Bank Failure, Debt Recovery and Systemic Stability’.

Buba advised NDIC solicitors to always conduct an in-depth research and due diligence on debtors of failed bank which they were seeking recovery from to know how to approach the matter.

“You are captains in this matter, navigate well.

“Know that debt recovery is your target and if you do not recover the debt, you have added to bank failure and instability of the economy,” he said.

Also, Dr Francis Agbu (SAN), in a lecture with title ‘Repercussion and Recovery Strategies for Debts Owed to Failed Banks’, said that clarity was required in filing proceedings on debt and assets recovery of failed banks.

The News Agency of Nigeria (NAN) reports that the annual workshop was attended by law professionals from the bar and bench from Lagos and the Federal Capital Territory (FCT). (NAN) (www.nannews.ng)

Edited by Maureen Atuonwu

By Naomi Sharang

The Chairman of the Senate Committee on Finance, Sen. Sani Musa, has assured that the Senate would produce legislation from the tax reform bills aimed at making Nigeria’s economy a trillion-dollar base.

He added that President Bola Tinubu had tasked the National Assembly with this goal and that the legislature was committed to creating a tax law acceptable across the country.

Musa made the statement while speaking with journalists in Abuja on Tuesday.

He emphasised that following the recently concluded public hearing on the tax reform bills, the committee would consider all stakeholders’ input on their merits.

“We are going to give this country a piece of legislation that is workable.

“We will review everything and, after this, go on a three-day retreat for consultations with experts.

“We are also consulting with the Attorney-General of the Federation to ensure the law is constitutional and practical,” Musa said.

He stressed that the focus was on creating a law acceptable to all Nigerians.

He noted that the President had envisioned a one trillion-dollar economy for Nigeria, reflecting the direction of the reform.

In related comments, Sen. Abdul Ningi of Bauchi Central supported the bills, describing them as essential for Nigeria’s development and dispelling claims of regional opposition.

He said, “This tax reform has embraced a Nigerian dimension, not a north-south dichotomy.” (NAN)(www.nannews.ng)

Edited by Abiemwense Moru

By Salif Atojoko

President Bola Tinubu says he strongly supports an Africa-led credit rating agency (ACRA), saying it will provide fairer, more transparent credit assessments for African economies.

The President said this at the 38th Ordinary Session of the Assembly of the African Union (AU) Heads of State and Government in Addis Ababa, Ethiopia, on Sunday.

“An independent Africa-led rating agency will help provide fairer assessments of African economies and reduce the bias often observed in existing global rating agencies,” the President said.

President Tinubu commended the African Union (AU), the African Development Bank (AfDB), and the Specialised Technical Committee (STC) on Finance for their visionary leadership in advancing an African framework for financing development among member states.

He affirmed that the Africa Financing Stability Mechanism (AFSM) is crucial as the continent continues to face significant challenges.

He identified the challenges as rising borrowing costs, debt overhang, low domestic resource mobilisation, and limited access to long-term affordable financing.

“The establishment of the AFSM underscores the collective commitment of member states to addressing financial vulnerabilities and fostering economic resilience across the continent.

“This mechanism is envisioned to support member states in achieving their national development objectives, and it will also help create economic opportunities for citizens,” he said.

The Nigerian leader acknowledged the significant progress made at the 5th Extraordinary Session of the Specialised Technical Committee on Finance, held in November 2024 in Abuja, Nigeria, which reached key decisions.

“The adoption of the AFSM by member states is expected to enhance financial stability, strengthen resilience against external shocks, and provide a more coordinated approach to managing financial risks across the continent,” he said. (NAN) (www.nannews.ng)

Edited by Emmanuel Yashim