Stock Market recovery excites Aganga

 

 

The Minister of Industry, Trade and Investment, Olusegun Aganga, has hailed the recovery  the Nigerian bourse has been recording since last year, saying it would  encourage  more companies to access funds for their operations and contribute to the growth of the economy.

The Nigerian stock market, which witnessed a downturn in 2008, remained bearish till 2012 when it started rebounding. That year the market rose by 35.4 per cent  and has  appreciated by about 20 per cent so far this year. Aganga said the rebound was commendable,  saying it a reflection of the efforts of the management of the Nigerian Stock Exchange (NSE) to reposition the exchange and make it investors’ and issuers’ choice.

The minister, who spoke at the NSE CEO Sectoral Dinner organised for entrepreneurs in industrial goods sector in Lagos last week, noted that  the Federal Government is aware of the challenges of  Nigerian manufacturers  are facing and was doing everything to address them.

“At a point investor confidence hit its lowest ebb due to huge losses recorded in the market. But today the story is different as confidence is returning fast. Last year, I understand the market rose by over 30 per cent and this year it has done  almost 20 per cent. This is the result of the various efforts and initiatives of the management of   stock exchange under the leadership of the Oscar Onyema, is putting in place,” he said.
According to Aganga, investors should take advantage of the rebound and invest in the Nigerian equities market while companies should access the market for cheaper funds.

“We understand that one of the challenges of   industries is high cost of funding. While  the government is making efforts to address that, the rebound of the stock market will also assist companies to have access to funding. The government is also putting in place an institute that will facilitate access to cheaper funding. The body will in the future raise funds from the capital market for on-lending to industries,” Aganga said.

Source: Thisdaylive

Trial of former Governor's son commences

 

 

The trial of Mr. Mustapha Audu, son of the former governor of Kogi State, Abubakar Audu, and his wife, Zara, commenced Monday, before Justice Abubakar Sadiq Umar of the High Court of the Federal Capital Territory (FCT), Abuja.

A statement made available to journalists by Economic and Financial Crimes Commission (EFCC), said Mustapha, his wife and their company, Constructor Guild Limited, are being prosecuted for their alleged role in a N18 million land scam.

The statement alleged that the accused falsely obtained the sum from Nike Kolawole, under the pretext that they would get her a four-bedroom house at two different location in  Abuja. The statement also added that when they were first arraigned on February, they pleaded not guilty to the three-count charge preferred against them.

At the resumed hearing, key prosecution witness, Nike Kolawole, while being led in evidence stated how the accused persons persuaded her to sign an agreement to develop properties for her in Abuja but failed to deliver.

According to her, she met the second accused, Zara, whom she confided in, that she was interested in buying properties in Abuja, but would prefer an arrangement that allows for payment by instalment as she would be unable to mobilise all the funds at once for the type of properties which she desired.

When a proposal was presented to her for a four bedroom bungalow to be built at a yet-to-be procured land at Camelyn Estate, Idu Sabo and another property at Katampe Extension both in Abuja, Kolawole said she signed the agreement, convinced by the pedigree of the developers as evidenced by photographs of commissioned houses developed by their company in Lagos and the lands acquired by them in Abuja, which were shown to her by the accused persons.

She stated that two separate agreements were drafted on June 6, 2011 in which she agreed to pay a total of N53 million for both houses. She said she immediately paid the sum of N3 million as commitment fee and subsequently paid N10 million and N5 million respectively for the take off of both projects.

But in December 20, 2011, Kolawole informed the second accused that she was no longer interested in the properties since no moves were made to construct the houses and therefore asked for a refund. The accused persons promised in writing to refund her by March, 2012; a promise they never kept.

Following Kolawole’s testimony, the defence counsel, Okechukwu Ajunwa, asked for a short date to enable him cross-examine the witness.

The case was adjourned to May 21 to 22.

Source: Thisdaylive