Operators bare fangs over N4.5tr losses, blame government

Capital market operators have been irked by the loss of value put at about N4.5 trillion in the last one year, blaming the government for the slow pace of development witnessed in the nation’ s capital market, which has persisted over the years. The operators who renewed the call on government to urgently initiate intervention measures either directly or indirectly, to help reverse the long reign of bears and revive the market, lamented that government has not invested in such a way that could encourage people to participate in the development projects.According to them, there is no visible evidence of direct or indirect government funding in the development of the market or incentives for institutions responsible for market development by providing the necessary funds and ensuring that they have proper logistics to carry people along. Indeed, the market has been engulfed by persistent sell pressure and investors’ apathy since the first quarter of 2018, after the market had recorded significant upsurge in 2017, with an increase of N4.5 trillion in market capitalisation, which conferred it the third best performing stock exchange in the world then.Specifically, the capitalisation, which stood at N15.55 trillion as at February 28, 2018, now stands at N11.02 trillion as at Thursday, April 11, 2019, representing N4.5 trillion or 41.5 per cent loss. “The way it works, if they buy through them, they can target some companies, buy stocks of these companies and by the time they do this, there will be activity in the market and you see a lot of investors both foreign and local returning to the market.“It would stimulate the market with liquidity. This is when government comes into the market and releases some amount of money into the market to buy stocks and as they are buying, even the foreign investors will know that there are no fundamental issues with the listed firms,” he added.

April 22, 2019 02:15 UTC

CMDs lament inadequate funding of teaching hospitals

Adequate funding of teaching hospitals will reduce medical tourism – NMACorroborating the CMDs, the President, Nigerian Medical Association, Dr Francis Faduyile, in an interview with one of our correspondents, lamented the underfunding of the teaching hospitals. Faduyile said the problems of most teaching hospitals in Nigeria were inadequate infrastructure, lack of enough skilled manpower and inadequate funding. Further analysis showed that during the three-year period, the University College Hospital, Ibadan was allocated N37.12bn; LUTH, N20.96bn; Ahmadu Bello University Teaching Hospital, N21.19bn; UNTH, N32.09bn; while N24.92 was allocated to the University of Benin Teaching Hospital. Others are OAUTH, N25.59bn; University of Ilorin Teaching Hospital, N23.38bn; University of Jos Teaching Hospital, N21.26bn; University of Port Harcourt Teaching Hospital,N6.91bn; University of Calabar Teaching Hospital, N27.34bn; University of Maiduguri Teaching Hospital, N21.23bn; Usman Dan Fodio University Teaching Hospital N19.48bn; and Aminu Kano University Teaching Hospital, N22.16bn. Also, the Nnamdi Azikiwe University Teaching Hospital was allocated N23.94bn; University of Abuja Teaching Hospital, N17.02bn; ATBUTH, N12.15bn; Federal Teaching Hospital, Abakaliki, N36.53bn; Federal Teaching Hospital, Gombe, N11.09bn; Federal Teaching Hospital, Ado Ekiti, N17.65bn; Federal Specialist Hospital, Irrua, N17.24bn; and the University of Uyo Teaching Hospital, N18.37bn.


April 22, 2019 00:11 UTC

UN highlights environmental cost of staying fashionable | The Guardian Nigeria News - Nigeria and World News

According to UNCTAD, some 93 billion cubic metres of water – enough to meet the needs of five million people – is used by the fashion industry annually, and around half a million tons of microfibre, which is the equivalent of three million barrels of oil, is now being dumped into the ocean every year.As for carbon emissions, the industry is responsible for more than all international flights and maritime shipping combined. If we carry on with a business-as-usual approach, the greenhouse gas emissions from the industry are expected to rise by almost 50 per cent by 2030.”Despite the grim statistics, producers and consumers of fashion are increasingly waking up to the idea that the industry needs to change. A number of companies, including large volume retailers, are integrating sustainability principles into their business strategies. Examples include the global clothing chain H&M, which has a garment collection scheme; jeans manufacturer Guess, which is involved in a wardrobe recycling programme; and outdoor clothing company Patagonia, which produces jackets using polyester from recycled bottles. Smaller companies are also helping change the environmental landscape of fashion and building sustainability into their whole business model.Among them are the Swiss firm Freitag, which upcycles truck tarpaulins, seat belts and seat belts to make bags and backpacks; Indosole, which makes shoes from discarded tyres; and Novel Supply, a Canadian clothing business, which has a “take-back scheme,” so that the company can reuse and recycle them.

April 21, 2019 21:56 UTC

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