Economy

Delta APC Backs Uduaghan, Says PDP, Okowa Will Lose 2019 Poll

Published

7 years ago

05/09/2018

By Dipo Olowookere

The All Progressives Congress (APC) in Delta State has come in defence of the immediate past governor of the state, Dr Emmanuel Ewetan Uduaghan, over a statement ascribed to him that the “APC will wrest power from the PDP in 2019” which has come under attack by the ruling party in the state, Peoples Democratic Party (PDP).

In a statement signed by its Secretary, Comrade Okonji Chidi, on Tuesday, entitled “OKOWA AND PDP: EAT THE HUMBLE PIE AND BURY YOUR HEAD IN SHAME” and made available to our correspondent, the party berated the Okowa administration, saying that “every discerning mind in Delta State knows that the PDP government is a total sham”.

Read full statement below:

The All Progressives Congress, (APC) in Delta State read with pity the hogwash put together by the Delta State Chapter of the Peoples Democratic Party, dismissing the assertion by former governor of the state and revered chieftain of the APC, His Excellency, Dr. Emmanuel Eweta Uduaghan that the APC will wrest power from the PDP in 2019.

Every discerning mind in Delta State knows that the Okowa administration is a total sham, an administration that have failed in all sectors. The assertion is actually the reality on ground. The PDP which the governor claimed is “still strong and formidable” has been decimated long before now, right from 2015 when those who knew Okowa very well as an ethnic bigot and a very vindictive fellow decided to dump him. It was not the making of His Excellency, Emmanuel Uduaghan that respected chieftain like former Speaker, Rt. Hon (Barr) Victor Ochei who also know Okowa in and out dumped him and his shattered PDP.

The defection of Dr. Uduaghan to the APC which is currently shaking the political landscape and causing the PDP and Governor Okowa high fever is just the icing on the cake when they will eventually loss the 2019 governorship elections and many House of Assembly, House of Representatives and Senate seats to the All Progressives Congress, (APC).

Now that Deltans know that Okowa is a failure, will it not be better for him to eat his humble pie and start preparing his hand over note? Because if Okowa and his drowning party, PDP actually know what has befall them, they would not be jumping here and there thinking the former governor, Uduaghan is their problem. Okowa’s ouster has been in the drawing board since well-meaning and respected Deltans who were ready to work with him realized he was a deceitful fellow.

It is foolhardy for Dr. Ifeanyi Michael Osuoza State Publicity Secretary of PDP to say “when it comes to politics and elections in Delta State, Dr. Uduaghan should realise that he is less than a featherweight”. This are assertion of a party in self-pity. A former governor in capacity of Dr. Uduaghan, remains a heavyweight political figure in Delta politics in and out of government that’s why the PDP and Okowa would continue to break their head over the devastating blow and impending defeat awaiting them in 2019.

For their information, when the defection of Dr. Uduaghan who Governor Okowa de-marketed and tried to discredit became imminent, APC catch on it and started wooing him because we know the value-added advantage he will bring to our party and our avowed determination to send incumbent governor packing in 2019.

“Governor Okowa thinks he is “smart”, he thinks he can outsmart every Deltan that’s why he is always coming out with policies that are anti-people like his fraudulent “Contributory Health Insurance Scheme” which has been adjudged in the media as scam and fraud”.

There is a saying that; “he that the gods want to destroy, they first make mad”. Governor Okowa and PDP are behaving like mad dogs already in everything they are doing, including press releases they have been issuing over what Dr. Uduaghan did to them and we as a party, have the antidote that would silent them forever in Delta State.

Imagine, Osuozu giving away information that Deltans know are exactly what Governor Okowa represents. According to Osuosu, “Out of sheer arrogance and vaulting ambition, he estranged many PDP members with his bad leadership style and worked hard to frustrate and impoverish many of them” which he dashed out while trying to denigrate Dr. Uduaghan but every discerning Deltan is aware that the aforementioned were the exact style of leadership laced with fraud that Okowa has given to Deltans since his assumption of office.

Okowa that we know is an arrogant person, he is treacherous, hot tempered, vindictive, pretentious and a bigot in the highest order. But we want to also thank God and commend all those who saw all this ahead of us in faraway 2014 and decided to dump the PDP and leave Okowa to continue his clannish tendencies that would finally exile him in 2019″.

Economy

Food Concepts Return NASD OTC Exchange to Danger Zone

Published

3 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.

Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.

This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.

Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.

Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.

At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.

InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.

Economy

Investors Gain N97bn from Local Equity Market

Published

3 hours ago

05/12/2025

Dipo Olowookere

By Dipo Olowookere

The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.

This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.

UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.

On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.

Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.

Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.

A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.

This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.

For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.

Economy

Naira Loses 18 Kobo Against Dollar at Official Market, N5 at Black Market

Published

4 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.

At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.

It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.

Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.

Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.

Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.

“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.

Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.

If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.

Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.