This was primarily driven by sustained interest in stocks like Austinlaz, Industrial and Medical Gases, Union Dicon Salt, Zichis Agro Allied Industries, RT Briscoe and 30 other equities.

The market capitalisation, which opened at N106.162 trillion, closed at N106.494 trillion, recording a gain of 0.31 per cent or N332 billion.

Similarly, the All-Share Index rose from 165,384.64 to 165,901.57, an increase of 0.31 per cent or 516.93 points.

Also, market sentiment closed bullish, with 35 gainers against 34 decliners.

Industrial and Medical Gases, Union Dicon Salt, Zichis Agro Allied Industries and Austinlaz led the gainers’ chart by 10 per cent each, closing at N34.65, N9.90, N5 06 and N4.07 per share respectively.

RT Briscoe gained by 9.95 per cent, finishing at N9.50 per share.

Conversely, Cutix and Omatek Ventures led the losers’ chart by 10 per cent each, settling at N3.15 and N2.43 per share.

Also, Union Homes Real Estate Investment dropped by 9.95 per cent, ending the session at N76.90, Sunu Assurances shed by 9.94 per cent, closing at N4.62 while Deap Capital Management fell by 9.93 per cent, finishing at N7.62 per share.

A total of 736.4 million shares valued at N24.7 billion were exchanged across 46,026 transactions, compared to 762.8 million shares worth N18.4 billion that was earlier traded in 55,374 deals.

This revealed a 3.45 per cent decline in the volume, 17 per cent fall in deals and 29 per cent increase in the market value.

GTCO recorded the highest volume and value, with 65.90 million shares traded at N6.53 billion.

This accounted for 8.95 per cent and 26.47 per cent of the day’s total volume and value, respectively.

Source: NAN

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The announcement is contained in a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali in Abuja.

According to Sidi-Ali, Yetunde Oni is the new Managing Director/Chief Executive Officer, CEO, of Union Bank while Mannir Ringim is the new Executive Director of the bank.

She said for Keystone Bank, Hassan Imam had been appointed as the new Managing Director/ CEO, while Chioma Mang was the new Executive Director.

She said Lawal Akintola was also appointed as Managing Director/ CEO of Polaris Bank, and Chris Ofikulu, Executive Director.

“The appointments take immediate effect,” Sidi-Ali said.

The decision to dissolve the board and management of the three banks and appoint new ones comes after the special investigator panel probing the CBN turned in its report.

The report had accused the former CBN governor, Godwin Emefiele, of using two Dubai-based companies, Luxis International and Magna International, to set up Titan Trust Bank (TTB) as proxies for the acquisition of Union Bank.

The panel, led by Jim Obazee, on December 24, 2023, summoned Babatunde Lemo, chairman of TTB, over the institution’s acquisition of Union Bank.

It also alleged impropriety in the transactions behind the acquisition of Keystone Bank.

Source: NAN

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Mrs Hakama Sidi-Ali, Acting Director, Corporate Communications Department of the CBN, disclosed this in a statement on Wednesday in Abuja.

According to Sidi-Ali, this action became necessary due to the non-compliance of the three banks and their respective boards with the provisions of Banks and Other Financial Institutions Act, 2020.

She said that the banks’ infractions varied from regulatory non-compliance, corporate governance failure, and disregarding the conditions under which their licenses were granted.

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She said that the managements of the affected banks also got involved in activities that posed a threat to financial stability.

“The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.

“Our banking system remains strong and resilient,” she said.

Source: NAN

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Speaking with reporters in Lagos, Mayungbe said the Central Working Committee of UTQEN approved the dissolution of Delta State executive of the union after series of advice in several correspondences.

According to him despite the dissolution, the Delta State executive led by Eluaka had continued to disregard the resolution of the Central Working Committee, CWC, of the union of February 18, 2021

He explained that Eluaka and his team were elected for a period of four years and after the expiration of their tenure on January 4, 2021, the headquarters of the union directed that he handed over to a Caretaker committee in line with our constitution, but he refused.

According to him, the constitution empowers the national body to dissolve state executives after the expiration of their tenure and constitute a caretaker committee to conduct free and fair election within three month.

According to Mayungbe, letters of dissolution were written to the entire state executives where there tenure had expired directing them to handover to a Caretaker Committee adding that they all complied with the exception of Delta State led by Eluaka.

He said, “the headquarters received a petition from a lawyer in Delta State asking us to intervene before it is too late.”

“Eluaka was elected as Delta State chairman of the union for a tenure of four years and his tenure expired on January 4.

“We then decided to install a Caretaker Committee to conduct election within three months but he would not allow the committee to work.

“He was going about accusing us meddling in the affairs of the state,” he added.

According to him, Eluaka was accused of serious misconduct for allegedly duplicating materials printed by the national headquarters adding that the matter was already before Police.

His words: “This is a man that has been accused of misconduct. He was caught red-handed duplicating materials of the union, printing unauthorized tickets. He also single-handedly removed those that were elected with him. After sending them away, he replaced them with other persons without notifying the national headquarters. Out of thirteen elected officers, only three of them were running the affairs of the union.

“Is this the kind of person we should give the mandate to be the caretaker again? We are not asking him to leave the union. What we are saying is that, there should be a caretaker committee that will conduct fresh election and anyone interested can collect forms from the headquarters and go to every local government councils in the state to campaign. We are not going to handpick anybody rather members would elect whosoever they want. That is what we told him before he started grumbling and fighting everybody.”

He said that there are complaints from members in Delta State accusing Eluaka of giving membership forms to non-members adding that it had created problems in the union.

A letter dated February 18, 2021, jointly signed by the National President, Mayungbe, and the General Secretary, Comrade Yusuf Adudu entitled ‘’dissolution of all elected state and local government executives,’’ stated that the Central Working Committee of the union at its sitting on February 17, 2021 directed that all elected state and local government executives in Delta State were dissolved upon tenure expiration.

The letter also directed that a Caretaker Committee would be constituted to run the affairs of the union in the state pending the election of a new executive.

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