Business
China Visits Nigeria With 3 Ships, Strengthens Bilateral Relationship
Published
10 months agoon
By
EditorThe Chinese Navy Escort Task Group (ETG) 162, comprising MSL Destroyer NANNING, MSL Frigate SANYA, and Supply Ship WEISHANHU, on Sunday visited Nigeria to strengthen bilateral relationship between the two countries.
The Chinese Ambassador to Nigeria, Mr Chi Jian Chun, said that the visitation of the Chinese envoy, scheduled for July 2 to 6, would also enhance maritime security within West Africa.
The News Agency of Nigeria (NAN) reports that MSL Destroyer NANNING, made the port call at Nigerian Port Authority (NPA) Berth 21, while the other two ships remained at anchorage.
Chun said that the delegation from China was big with more than 700 people and three ships to Nigeria.
READ ALSO: France Riot: What I Expect From Nigerian Youths – Charly Boy
“The visit is to further deepen the relationship the two countries have with one another and also seek to strengthen and improve our relationship and cooperation with each other.
“This visit demonstrates the harmony and symphony between Nigeria and China,” he said.
The ambassador said that China and Nigeria would continue to work together and promote peace and harmony while also seeking ways to make contributions to the international community.
“I believe that this visit will deepen the cooperation between both countries military sector so that we can work together to overcome obstacles.
READ ALSO: Oil Spills: Group Expresses Worry Over Activities Of Companies, Tasks Govt On Clean-up
“We will continue to do more things to facilitate and promote the relationship between the two countries,” Chun said.
Also, the Flag Officer Commanding (FOC) Western Naval Command, Rear Adm. Joseph Akpan, said the visitation would further help to cement the relationship between the two countries.
This is “especially between the Nigerian Navy and the Chinese Navy as well as the military. This will help us fight crimes, especially in the Gulf of Guinea.
“During their period of stay, our men will be interacting, we will be having some sporting activities, exchange of momentous and gifts.
READ ALSO: IG Summons Policemen Who Ran Over Handcuffed Man In Edo
“We will also discuss the future of both navies, especially on how we can benefit from each other,” Akpan said.
The FOC added that the term called ‘sea riders’ enabled some of the Nigerian Navy personnel onboard the Chinese ship and they could also have some of their own men onboard our ship.
“This helps to foster friendship across the horizon,” Akpan said.
NAN reports that the Chinese people resident in Lagos came out in their numbers to welcome the Chinese envoy at the NPA.
There was also a rich display of the culture of the Chinese people which could be seen in the colourful display of their synchronised dance routine at the port.
(NAN)
You may like
Court Sentences Chinese To Death For Killing Nigerian Girlfriend
See Five Countries That Have Landed On The Moon
Blinken To Visit Nigeria As Russia, China Make Gains in Africa
China’s Imports From Nigeria Rise 22.5% In Q3’23 – Chinese Consul General
AI Scientist, Founder Of China’s SenseTime Dies
At Least 20 Killed, 19 Missing In China Rainstorms
Business
Stock Market Review: FBN Holdings Leads 41 Others As Investors Gain N811bn
Published
16 hours agoon
May 4, 2024By
EditorFBN Holdings Plc has topped 41 other advanced equities to pull the Nigerian Exchange Ltd.(NGX) market indices up by 1.46 per cent, week-on-week, making investors gain N811 billion.
The market, having opened for four days in the week, following the May Day holiday, had FBN Holdings leading the gainers’ table by 32.68 per cent to close at N27 per share.
Sterling Financial Holdings followed by 27.75 per cent to close at N4.88, while UACN gained 24.60 per cent to close at N15.45 per share.
Julius Berger added 23.76 to close at N72.40, while Flour Mills rose by 20.66 per cent to close at N36.80 per share.
READ ALSO: Teenager Jailed For Life For Murder Of 16-year-old Boy At House Party
Conversely, Nascon Allied Industries Plc led the losers’ table by 17.03 per cent to close at N43.60, University Press trailed by 16.67 per cent to close N2.05 per share.
Neimeth International Pharmaceuticals shed 14.14 per cent to close at N1.70, Berger Paints Plc declined by 9.87 per cent to close at N13.70 and Vitafoam Nigeria lost 9.81 per cent to close at N17 per share.
Meanwhile, 42 equities appreciated in price during the week, higher than 27 equities in the previous week.
Thirty-six equities depreciated in price, lower than 43 in the previous week, while 76 equities remained unchanged, lower than 84 recorded in the previous week.
READ ALSO: Shell Set To Build Gas Pipelines In Oyo
Consequently, the All-Share Index and Market Capitalisation appreciated by 1.46 per cent to close the week at 99,587.25 and N56.323 trillion, respectively, in contrast to 98,152.91 and N55.512 trillion posted last week.
Similarly, all other indices finished higher with the exception of NGX Consumer Goods, NGX Oil and Gas and NGX Industrial Goods which depreciated by 0.26, 0.68 and 0.36 per cent, respectively, while NGX ASeM and NGX Sovereign Bond indices closed flat.
Meanwhile, a total turnover of 1.941 billion shares worth N32.644 billion in 35,807 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.839 billion shares, valued at N34.258 billion, that exchanged hands last week in 37,528 deals.
READ ALSO: Officer Who Shot Man Dead During Fuel Queue Tumult Identified — Lagos Police
The financial services industry measured by volume led the activity chart with 1.496 billion shares valued at N22.453 billion traded in 19,225 deals, thus contributing 77.08 and 68.78 per cent to the total equity turnover volume and value, respectively.
The consumer goods industry followed with 144.722 million shares worth N5.063 billion in 4,966 deals.
In the third place was the conglomerates industry, with a turnover of 109.978 million shares worth N1.539 billion in 2,064 deals.
Trading in the top three equities, namely Abbey Mortgage Bank Plc, Guaranty Trust Holdings Company Plc and Access Holdings Plc, measured by volume, accounted for 898.940 million shares worth N14.314 billion in 5,518 deals.
These contributed 46.31 and 43.85 per cent to the total equity turnover volume and value, respectively.
(NAN)
Business
BREAKIN: NDIC Increases Maximum Deposit Insurance Coverage
Published
3 days agoon
May 2, 2024By
EditorThe Nigeria Deposit Insurance Corporation (NDIC) on Thursday increased the maximum deposit insurance coverage levels for Deposit Money Banks from N500,000 to N5 million.
The Managing Director of NDIC, Bello Hassan, announced this in Abuja at a press conference, stating that it takes effect immediately.
He said, “For Deposit Money Banks, the increase of the maximum deposit insurance coverage from N500,000 to N5,000,000, would provide full coverage of 98.98% of the total depositors compared with the current cover of 89.20%.
READ ALSO: [BREAKING] Coastal Highway: FG To Pay N2.75bn Compensation Today
“In terms of the value of deposit covered, the revised coverage would increase the value of deposits covered by deposit insurance to 25.37% compared with the current cover of 6.31% of total value of deposits.
“The increase of the maximum deposit insurance coverage from N200,000 to N2,000,000, would provide full coverage of 99.27% of the total depositors compared with the current level of 98.76% and would increase the value of deposits covered by deposit insurance to 34.43% compared with 14.38% of total value of deposit, currently covered.
“The increase of the maximum deposit insurance coverage from N500,000 to N2,000,000 would provide full coverage of 99.34% of the total depositors compared with the current 97.98% and would increase the value of deposits covered by deposit insurance to 21.04% compared with 10.77% of total value of deposit, currently covered.”
READ ALSO: Mother Of Four Hacked To Death By Neighbour, Son In Edo
Hassan also stated that raising the maximum deposit insurance coverage for primary mortgage banks from N500,000 to N2,000,000 would provide full coverage for 99.99% of total depositors and increase the value of deposits covered by deposit insurance to 43.10% of the total deposit value, up from the current 40.60% cover.
The Corporation has also raised the maximum pass-through deposit insurance coverage for subscribers of Mobile Money Operators from N500,000 to N5,000,000 per subscriber.
Chairman of Dangote Industries Limited, Aliko Dangote has said that the devaluation of Naira created the biggest mess for the company in 2023.
Speaking at the annual general meeting of Dangote Sugar Refinery, Dangote said this affected lots of companies in the country.
He said: “We are doing whatever it takes to make sure that at the end of the day, we will be paying dividends because if you look at our dividends last year, it was almost 50 percent more so we will try and get out of the mess.
READ ALSO: Ex-policeman Who filmed Wife Having Wex With Her Superior Found Guilty Of Stalking
“The biggest mess created was actually the devaluation of the naira from N460 to N1,400. You can see almost 97 percent of the companies, especially in food and beverages businesses, none of them will pay dividends this year for sure but, we will try and get out of it as soon as possible.
“We want to see that at the end of the day, no matter how small, we will be able to pay some dividends, especially if there is a rebound of the naira.”
2023: Why INEC Servers Failed To Work – Peter Obi
UK Clears The Air On Categories Of Students Eligible To Bring Dependants During Studies
Underbridge Tenants: Lagos Govt Uncovers Identity Of Ring Leader
Trending
- Politics4 days ago
Why Candidate Who Needs Interpreter Can’t Be Edo Gov – Shaibu
- News4 days ago
Ex-policeman Who filmed Wife Having Wex With Her Superior Found Guilty Of Stalking
- News3 days ago
Why Abia Policeman Dropped His Rifle, Uniform, Walked Away From His Job – Report
- Metro4 days ago
Mother Of Four Hacked To Death By Neighbour, Son In Edo
- Metro4 days ago
Police Foil Cult Initiation In Edo, Arrest 35 Suspects
- News5 days ago
JUST IN: FG Approves Salary Increase For Civil Servants
- Metro4 days ago
Outrage As Masquerades Brutally Flog Nurse Until She Falls In Gutter In Enugu [PHOTOS]
- News3 days ago
JUST IN: Police Arrest Mastermind Of Abuja-Kaduna Train Attack
- News5 days ago
Tinubu, GEJ, Abdulsalami Abubakar, Others To Grace Igbinedion University 25th Anniversary
- Politics4 days ago
Edo Poll: Youth Leader Tackles Orbih, Shaibu Over Anti-Ighodalo Stance, Wants Them Suspended