Economy
BJAN Chairman Princewill Ekwujuru to be Buried September 2
By Dipo Olowookere
The remains of the Chairman of the Brand Journalists Association of Nigeria (BJAN), Mr Princewill Ekwujuru, would be laid to rest on Thursday, September 2, 2021, at Njaba, Imo State.
This was confirmed in a statement jointly signed by the Chairman and Secretary of the burial committee, Mr Goddie Ofoseh and Mr Godwin Anyebe, respectively.
Mr Ekwujuru died last month after he was admitted to the hospital for surgery following an auto accident he had in the Ojo area of Lagos State. He was until his death a reporter with Vanguard Newspaper
Mr Ofose, who handed over to the reigns of BJAN to the deceased, disclosed in the statement that “his family needs all your support,” noting that “details of funeral rites will be made available in subsequent days.”
Meanwhile, more people and organisations are reacting to the death of the respected journalist.
The Chief Press Secretary (CPS) to the Governor of Lagos State, Mr Gboyega Akosile, said in a statement that, “I received with shock the news of the unexpected and painful demise of Princewill Ekwujuru, Chairman of BJAN, a thoroughbred professional, veteran brand reporter, personal friend and colleague.”
According to him, “I was actually devastated by the news of his death despite efforts by BJAN and the marketing industry to save his life.”
“My heartfelt condolences to his wife and children as I extend prayer of comfort and relief to them at this trying moment,” he further said, adding that, “May the good Lord ease the pain and grant them the fortitude to bear the irreparable loss.”
“To the executive and entire members of BJAN, I pray that the association is strengthened at this moment of grief,” Mr Akosile further disclosed.
Also, the management and staff of Chenist United, in their condolence message, expressed shock over the painful exit of Mr Ekwujuru, who they described as a friend of the Chenist family.
In a statement signed by Mr Adebayo Sowemimo, Executive Director, Media Communications, Chenist United, the organisation said, “We carefully monitored the events in the past two weeks when the unfortunate accident happened, hoping that he will survive it. We are saddened that, despite all the efforts put together to help him stay alive, he could not make it.”
“Our heart goes out to the exco and the entire members of the association and it’s our prayer that God will grant the association the fortitude to bear this irreparable loss.
“In the same vein, we convey our condolences to his wife and children and also pray that God strengthened them at this trying time,” Mr Sowemimo said.
In addition, the Advertising Practitioners Council of Nigeria (APCON) expressed shock over the unexpected death of Mr Ekwujuru.
In a condolence card, the advertising regulatory body prayed that God should comfort members of BJAN, the wife, children and friends of the deceased.
On their part, the Executive Council and members of the Advertisers Association of Nigeria (ADVAN) sent their sincere condolences to members of BJAN, family and friends of late Mr Ekwujuru, noting that God grant them the fortitude to bear the irreparable loss.
Similarly, British America Tobacco (BAT) asked God to grant members of BJAN and the Ekwujurus the fortitude to bear the irreparable loss.
In his message, the CEO of FoodCo Nigeria Limited, Mr Ade Sun-Bashorun, commiserated “with BJAN on the death of your Chairman, Mr Princewill Ekwujuru.”
“We will always remember Mr Ekwujuru as a remarkable journalist who exemplified the virtues of professionalism and integrity and whose robust reportage helped elevate the discourse in Nigeria’s consumer goods and retail space.
“He was also the rallying point of our engagement with BJAN, an association he was clearly passionate about. Through his efforts, FoodCo was able to forge a strong symbiotic relationship with the body,” he stated.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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.
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.
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