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Equities Market Extends Gains By N157bn

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The Nigerian equities market Tuesday extended its positive sentiments as sustained interest in BUA Foods Plc and 15 others drove the overall capitalization N157 billion higher.

The All-Share Index (ASI) gained 287.92 points, representing a gain of 0.44 per cent to close at 65,488.67 points. Also, market capitalisation rose by N157 billion to close at N35.842 trillion.

The upturn was driven by price depreciation in large and medium capitalised stocks amongst which are; BUA Foods, Guinness Nigeria, NASCON Allied Industries, Dangote Sugar Refinery and Chemical and Allied Products (CAP).

Nigerian Equities Market Rebounds By 1.62% Profit

As measured by market breadth, market sentiment was negative, as 26 stocks lost relative to 16 gainers. Cornerstone Insurance emerged the highest price gainer of 9.84 per cent to close at N1.34, per share.  Computer Warehouse Group followed with a gain of 9.74 per cent to close at N4.28, while SCOA Nigeria advanced by 9.38 per cent to close at N1.40, per share.

Associated Bus Company rose by 8.33 per cent to close at 52 kobo, while BUA Foods appreciated by 7.91 per cent to close at N165.00, per share.

On the other side, Chellaram, SUNU Assurance and Nigerian Breweries led others on the losers’ chart with 10 per cent each to close at N3.96, 72 kobo and N38.25 respectively, per share. John Holt followed with a decline of 8.81 per cent to close at N1.45, while Mutual Benefits Assurance shed 6.82 per cent to close at 41 kobo, per share.

The total volume of trade increased by 26.7 per cent to 293.46 million units, valued at N4.12 billion, and exchanged in 5,895 deals. Transactions in the shares of Transnational Corporation (Transcorp) led the activity with 41.442 million shares worth N185.043 million. Access Holdings followed with an account of 36.158 million shares valued at N616.420 million, while Fidelity Bank traded 32.105 million shares valued at N229.733 million.

Omatek Ventures traded 15.007 million shares worth N4.293 million, while Ecobank Transnational Incorporated (ETI) traded 13.201 million shares worth N208.480 million.

Power Minister Promises To Fix National Grid, Others

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The minister of Power, Adebayo Adelabu, has promised to meter all households in Nigeria and fix the challenges affecting the national grid.

Adelabu stated this during his inaugural address after President Bola Ahmed Tinubu swore him in on Monday, August 21.

During his inaugural speech, Adelabu said his vision for the Ministry of Power is rooted in leveraging the Nigerian Electricity Act of 2023 which has opened new avenues for power provision and encourages collaboration between public and private sectors.

Adelabu vowed to fix the numerous challenges associated with the national grid and pay attention to the option of renewable energy

Adelabu promised to fix electricity challenges  “A significant goal is the universal metering of households and addressing the challenges our national power grid faces. We will equally pay critical attention to the options of renewable and alternative energies.”

He disclosed that his vision for the Ministry of Power is rooted in leveraging the Nigerian Electricity Act of 2023. Adelabu said the Ministry of Power under his leadership will foster robust partnerships between the private and public sectors and build upon the foundation laid by his predecessors.

“We will build upon the foundation laid by our predecessors and diligently work to fulfill the aspirations of our fellow citizens. Our aim is to empower Nigerians through reliable and accessible power, ensuring that every home, industry, school and business benefits from our efforts.

National Grid Collapse: Nigerian Government Continues Restoration

“Our aim is to empower Nigeria through reliable and accessible power, ensuring that every home, industry, school, and business benefits from our efforts.”

The former deputy governor of the Central Bank of Nigeria (CBN) further stated technology and talented youths will be leveraged to achieve the desired objectives. “As much as possible, we would leverage the power of technology and the bursting energies of our talented youths to achieve our desired objectives.”

The minister stated that “Key to our success will be an unwavering dedication to efficiency and collaboration. We will foster robust partnerships between the private and public sectors, working collectively to enhance the nation’s economic and social well-being. Our focus will extend to aspects of life that truly matter: from households to small businesses, educational institutions to massive industrial productions, and beyond.”

“As much as possible, we would leverage the power of technology and the bursting energies of our talented youths to achieve our desired objectives. This would be pursued by ensuring robust handshake between the Ministry’s ICT apparatus and the emerging technological ideas of young Nigerians to accelerate the envisaged transformation. Through this, we are convinced we will deliver services that would match the speed and values that the 21st century economy demands

Stephanie Linus Emerges Chairperson Of Oscars Submission Committee

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Popular actress and filmmaker, Stephanie Linus, has been announced as the chairperson of the Nigerian Official Selection Committee for the Best International Feature Film category of the prestigious Academy Awards, popularly known as the Oscars.

Recall that the founder and former chairperson of the committee, Chineze Anyaene-Abonyi, recently stepped down from the position.

The newly reconstituted members of the NOSC also include the Managing Director of the Nigerian Film Corporation, Chidia Maduekwe; the President of the Directors’ Guild of Nigeria, Victor Okhai; veteran actress, Omotola Jalade-Ekeinde; former President of DGN, Andy Amenechi; theatre practitioner, Yibo Koko; and a writer and director, Izu Ojukwu.

Other members are cinematographer, Adetokunbo Odubawo, aka DJ Tee; filmmaker, Emem Isong; director Dimeji Ajibola; writer and director, Jude Idada; director John Njamah; actress, Meg Otanwa; and Ngozi Okafor.

The new team will be responsible for collecting, screening, and voting on entries to represent Nigeria in the IFF category.

In a statement, it was stated that the new members would bring their diverse creative portfolios into the dynamics of selecting the best film from Nigeria for the IFF category.

The IFF (formerly known as the Best Foreign Language) Award is presented annually by the Academy to a feature-length film produced outside the United States that contains 50 per cent or more of non-English dialogue.

The Oscars also requires that submitted films must meet other criteria, including accurate English subtitles, shooting formats, and theatrical releases.

Budget Minister Promises Strict Project Monitoring

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Minister of Budget and Economic Planning Atiku Bagudu has said his agenda for office would be anchored on President Bola Tinubu’s ‘Renewed Hope’ agenda for sustainable economic development and democratic governance, while also outlining the key priorities of his administration.

Bagudu said he will give special emphasis to key priorities that are critical to the delivery of the promise of President Tinubu to deliver economic growth and improve the livelihood of all Nigerians.

The areas of focus include harmonisation of planning frameworks, alignment and prioritisation of medium-term development plan, presidential priorities and targets, campaign manifesto delivery with sector medium term strategic report in line with the Sustainable Development Goals (SDGs).

Speaking at his first media briefing at the headquarters of the ministry budget and economic policy in Abuja tuesday, Bugudu said under his leadership, the ministry will also promote the agreement with implementing MDAs on strategies and work plan to actualise and harmonise plans. “These agreed sector plans become the basis of the work with the budget office of the Federation and the respective MDAs to evolve a national budget.”

Bagudu told journalists that his ministry will find mechanisms of lowering the cost of monitoring and evaluation of government projects to ensure standardisation and efficiency of service including the use of technology and involvement of stakeholders, including the use of people from host communities where government projects are cited to monitor the projects.

He also promised to promote vertical harmonisation of plans between the federal government, states and indeed, other sub-nationals through the platform of the joint planning board, the National Economic Council and to also propose mechanisms that will foster cooperative planning.

The former Kebbi State governor promised to ensure there is a better linkage between economic policy development and implementation as provided in line with the mandate of the ministry as part of the plan to engender economic development. “Where there is inadequacy we propose changes, which I believe might lead to having appropriate legislation or additional clarity in mandate such that policy and implementation are linked to ensure more effective delivery,” the new minister said yesterday.

He also promised to propose an agenda of a national synergy between all tiers of government for easy and effective implementation of national plans “because we are all serving one federation – indivisible, united federation. We will start with attitudinal change; knowing that we have the support of the president.”

The minister said a new framework for coordinated planning and budgeting roles within MDAs that is operationally linked to the Ministry of Budget and Economic Planning is beginning to emerge with the adoption of a plan-linked budgeting system in the preparation of future budgets of the federal government.

To optimise the gains of the policy, he said the Ministry of Budget and Economic Planning needs to develop appropriate institutional frameworks to effectively operationalise the emergence of the National Planning Commission and Budget Office of the Federation.

The national planning minister stated that the National Bureau of Statistics (NBS) , during his tenure, would develop a clear measurable road map to a re-alignment of the National Statistical System (NSS) to achieve sector targets and SDG’s milestones.

He said the newly approved Social Protection Policy under the ministry would be given special attention in order to assuage the growing challenges of poverty and access to improved conditions of livelihood in its implementation. “We will pay special attention to social inclusion, welfare and the cardinal responsibility of states and local governments as vehicles of outreach to the citizens.”

Permanent secretary of the ministry Nebeolisa Anako said the appointment and deployment of Senator Bagudu to the ministry portends visible prospects for it in particular and the country at large.

He expressed the hope that the new minister would bring on board his wealth of experience, having served in several public offices for the enhancement of the budgetary processes of the federal government.

Minister Promises To Focus More On Innovation

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The Minister of Innovation, Science and Technology, Uche Nnaji says he will focus on Innovation rather than following mere routines in the Ministry.

Nnaji stated this at the handing over Ceremony of the Ministry to him by the Permanent Secretary, James Sule at the Ministry’s headquarters in Abuja Nigeria’s capital.

F.G Says Science, Technology, Innovation Created Six Million Jobs In 8 Years

He asked for a strong collaboration between the Ministry and agencies, to achieve the desired goals.

The Minister said; “Let’s unite and work together for shared objectives through effective communication. We are here to innovate, not to merely follow routines. Our swift and inventive actions will define us as a Ministry driven by innovation.”

Uche noted that for any nation to progress, it must have it’s foundation rooted in Knowledge, Science and Innovation.

He insisted that briefings on the implementation of the National Science Technology and Innovation Policy must be given by the Directors in the Ministry and Director Generals of the various agencies in the Ministry.

Biden In Maui – U.S. President Praises Remarkable Resiliency Of People

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U.S. President Joe Biden has praised the “remarkable resiliency” of the people of Maui, after wildfires killed more than 114 people on the Hawaiian island two weeks ago, and said America would stand by them for as long as it takes.

“We’re focused on what’s next. That’s rebuilding for the long term …and doing it together,” said Biden, visibly moved after a tour of the blackened city of Lahaina. He added he would make sure “your voices are heard” and local traditions and wishes were respected.

“The American people stand with you,” he told survivors of the Aug. 8 wildfires, standing alongside Governor Josh Green, Hawaii’s senators and the representative for Maui in Congress. “For as long as it takes, we’re going to be with you.”

Biden, wearing an ornate lei, later told 400 people at a community event that featured traditional music and heartfelt speeches by local leaders: “Jill and I are here to grieve with you but also we want you to know the entire country is here for you.”

He emphasized repeatedly that the rebuilding would follow the wishes of the people of Lahaina and lauded the strong sense of community he had seen during his visit.

“It’s going to be a long road,” he said, noting the symbolism of an historic banyan tree where he spoke earlier that was damaged but survived the fires.

“I know it’s a metaphor, but that’s you. That’s who you are. There’s no quit in Hawaii, there’s no quit in America, there’s no quit in us.”

In both remarks, the president shared his own grief when a vehicle accident killed his first wife and young daughter, and said he recognized what Maui people were feeling — “that hollow feeling you have in your chest like you’re being sucked into a black hole.”

Green thanked Biden for his help and praised what he called the unprecedented speed of the federal response.

Japan To Release Fukushima Water Into Ocean From August 24

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Japan said on Tuesday it will start releasing into the sea more than 1 million metric tons of treated radioactive water from the wrecked Fukushima nuclear power plant on Aug. 24, going ahead with a plan heavily criticised by China.

The plan, approved two years ago by the Japanese government as crucial to decommissioning the plant operated by Tokyo Electric Power Company (Tepco) (9501.T), has also faced criticism from local fishing groups fearing reputational damage.

“I expect the water release to start on August 24, weather conditions permitting,” Prime Minister Fumio Kishida said.

The announcement comes a day after the government said it had won “a degree of understanding” from the fishing industry over the release of the water into the Pacific Ocean, even as fishing groups said they still feared the reputational damage would ruin their livelihood.

The water will initially be released in smaller portions and with extra checks, with the first discharge totalling 7,800 cubic metres over about 17 days starting Thursday, Tepco said.

That water will contain about 190 becquerels of tritium per litre, below the World Health Organisation drinking water limit of 10,000 becquerels per litre, according to Tepco. A becquerel is a unit of radioactivity.

Japan has said that the water release is safe. The International Atomic Energy Agency (IAEA), the U.N. nuclear watchdog, greenlighted the plan in July, saying that it met international standards and that the impact it would have on people and the environment was “negligible”.

About 56% of respondents to a survey conducted by Japanese broadcaster FNN over the weekend said they supported the release, while 37% opposed.

“The IAEA and many other countries have said it’s safe, so I believe it is. But fishermen are facing so many problems so the Japanese government needs to do something to convince them,” said 77-year-old NGO worker Hiroko Hashimoto.

Wildfires: Greece Discovers 18 Charred Bodies Found In Southern Europe

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Patients of a chronic diseases management foundation get evacuated as a wildfire burns near Alexandroupolis, in the region of Evros, Greece, August 22, 2023. REUTERS/Alexandros Avramidis

Eighteen charred bodies were found in a remote village in northeastern Greece on Tuesday where wildfires have been raging for days, the fire brigade said, as a heatwave that has seen red alerts issued across southern Europe turned deadly.

Firefighters said they were investigating whether the bodies, found near a shack south of the village of Avantas, were migrants. The surrounding Evros region is a popular route for migrants from the Middle East and Asia crossing from Turkey.

In Spain, Italy and Portugal, firefighters were battling blazes as the region suffered hot, dry and windy conditions that scientists have linked to climate change.

Temperatures in many parts of the region were expected to reach or exceed 40 degrees Celsius (104 degrees Fahrenheit), forecasters said. Italy and France declared red alerts in a number of areas.

The latest heatwave comes after a July that was the hottest month on record. Some 20,000 people were evacuated on the Greek island of Rhodes in mid-July and a severe fire hit Spain’s La Palma.

Blazes on Hawaii’s Maui island earlier this month killed more than 110 people, while Canada this week deployed the military in British Columbia to tackle fast-spreading fires.

In Greece, gale-force winds complicated the efforts to control the fires.

“Weather conditions are extreme and will remain extreme for the coming days,” Fire Service spokesman Vassilis Varthakogiannis told ERT TV.

Fifty-six firefighters arrived in Greece from Romania on Tuesday and Athens was expecting further assistance from the Czech Republic, Croatia, Germany and Sweden.

The 18 bodies were found south of the village of Avantas near the vast Dadia forest, authorities said. Another body thought to belong to a migrant was found on Monday, in a rural area some 40 km (25 miles) away.

“Given that there have been no reports of disappearances or missing residents from the surrounding areas, the possibility that these are people who entered the country illegally is being investigated,” the fire brigade said. It said searches were ongoing.

In the Greek port town of Alexandroupolis, not far from Avantas, wildfires forced the evacuation of dozens of hospital patients, including newborn babies. A ferry was turned into a makeshift hospital after 65 patients were evacuated from the University Hospital.

Elderly patients lay on mattresses strewn across the cafeteria floor, paramedics attended to others on stretchers and a woman held a man resting on a sofa, an IV drip attached to his hand.

 Fires also broke out on Tuesday near the capital Athens, where a blaze on the city’s outskirts, on the foothills of Mount Parnitha, burned homes and forced residents to flee.

Exploring Octávio Frias De Oliveira Bridge, Brazil

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The Octávio Frias de Oliveira Bridge is an iconic bridge that serves also as a landmark which is located in the city of São Paulo, within the coastal southern part of the Federative Republic of Brazil.

This unique cable-stayed bridge stands tall at a height of 138 m (453 ft) and has a length of 1,600 m (5,249 ft), making it the longest cable-stayed bridge in Brazil and interestingly enough the only one to have two curved tracks.

What makes the Octávio Frias de Oliveira Bridge so special is not just its impressive size, which certainly is very captivating, but also its striking design, due to its two curved tracks that intersect in the middle, creating a unique ‘X’ shape that has become an emblematic symbol of São Paulo’s skyline.

Additionally, the bridge is illuminated with LED lights at night, making it a breathtaking sight to behold every night and quite the attraction for bridge lovers and architecture enthusiasts.

The bridge was officially completed in 2008, after three years of construction, and it was officially opened on 10 May.

Commissioned by the Octávio Frias de Oliveira Group, a prominent Brazilian real estate company, as part of a broader project aimed at revitalizing the Marginal Pinheiros highway, it is considered to be one of the busiest highways in the city, and probably in the country.

The bridge’s unique design was the brainchild of Swiss architect Jean Nouvel, who won an international competition for the bridge’s design, where the architecture of the bridge is a blend of form and function, with its unique shape allowing for greater stability and resistance to wind and earthquakes.

The construction of the Octávio Frias de Oliveira Bridge was a massive undertaking that required the expertise of engineers, architects, and construction workers from around the world, and its building required using over 2,000 tons of steel and use of advanced construction techniques, including the use of hydraulic jacks to lift and install the massive concrete pillars that support the bridge.

Nevertheless, the Octávio Frias de Oliveira Bridge is an important landmark in São Paulo and a symbol of the city’s growth and modernization, becoming a popular tourist attraction, drawing visitors from around the world who are coming to admire its striking design and breathtaking views of the city.

Additionally, it should always be mentioned that it was the first cable-stayed bridge in the world to have two curved tracks intersecting at a single point, and this has brought it numerous awards for its innovative design and construction, including the 2009 Gustav Lindenthal Medal, one of the most prestigious awards in the field of bridge engineering.

In conclusion, the Octávio Frias de Oliveira Bridge is a testament to human ingenuity and creativity, a towering symbol of modernity and progress that stands tall in the heart of São Paulo, Brazil, alluring people with its striking design, innovative construction, and breathtaking views capturing the hearts and imaginations of people from around the world, making it one of the most important cultural landmarks and symbols of Brazil’s vibrant spirit and rich cultural heritage.

UK Government Approves Free Sixth-Form College Plans

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Plans by world-renowned Eton College to open selective sixth-form centres in three English towns have been approved.

The private school has teamed up with Star Academies to create the colleges in Dudley, Middlesbrough and Oldham.

It hopes to offer transformative outcomes for young people in disadvantaged areas.

Eton, where many of the country’s prime ministers studied, will contribute about £1m per college annually on top of current funding levels.

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Each of the sixth-form colleges will admit 240 students a year, and have 480 students across Year 12 and Year 13 when full.

A spokesperson for Eton College and Star Academies said the aim was that most of its students would aspire to go to a top university and this will be reflected in the GCSE results they will need for admission.

The spokesperson said they will be called Eton Star Dudley, Eton Star Oldham and Eton Star Teesside.

They will be co-educational, unlike Eton, and the students will not wear the traditional Eton uniform of a black tailcoat.

The DfE has approved 15 new schools – including the three Eton Star sixth forms – in parts of the country where education outcomes are weakest.

A northern version of the Brit School in Bradford which has nurtured performers such as Adele and Amy Winehouse, is among the free school applications approved.

Plans have also been approved for two university technical colleges, one new all-through school for pupils aged four to 16, a primary school, two secondary schools and a further five 16-19 free schools.

Education Secretary Gillian Keegan said the ministry wants to make more good school places available to families and these 15 new free schools will bring brand new opportunities to young people from Bradford to Bristol.