The latest portfolio investment report from the Nigerian Stock Exchange has shown that transactions by foreign investors stood at 66.77 percent in September 2019, up from 52.38 percent in the preceding month while the transactions by domestic investors stood at 33.23 percent, down from 47.62 percent in August. This indicates that transactions by foreign investors outperformed those of their local counterparts by 34 percent, showing a third consecutive monthly increase of the foreign portfolio participation in the Nigerian equity market. Meanwhile, participation by local investors has declined consecutively since July. Specifically, total transactions by foreign investors increased from N63.90 billion in August 2019 to ₦94.45 billion in September 2019 while transaction by domestic investors decreased to ₦47 billion in September from ₦58.09 billion in August. The total transactions on the NSE, in September, increased by 15.95 percent to ₦141.45 billion, up from ₦121.99 billion on the increase of foreign investors’ participation.
The Minister of Communications, Isa Pantami, has ordered the NCC to compel telecommunications service providers to reduce the prices of data offered subscribers and end the ‘illegal’ deduction of subscribers’ data by the telcos. Yusuf Abubakar, a spokesman, said Pantami gave the order after he received a progress report on the implementation of Short-Term Performance Targets set for the NCC. The minister was said to be worried that Nigerians were paying so much for data without enjoying value for money spent. A report from a UK-based price comparison website – Cable, showed that Nigeria is not among the top 10 African countries with low average price of data, a position Pantami finds worrisome considering the fact that the country has over 174 million internet users made public by the Nigerian Communications Commission. The NCC had urged the minister to help address some challenges faced by operators in the telecommunications industry, including vandalism of infrastructure, inadequate power supply, disputes over right of way and multiple taxes.
A daily energy report by the advisory power team, Office of the Vice President, showed that Electricity Generation Companies, comprising gas-fired and hydro stations, said they could not generate 1,631.5 megawatts of electricity on Saturday due to unavailability of gas. According to the report, 0 megawatts of electricity was generated due to the unavailability of transmission infrastructure during the period. Similarly, 3,258.5 megawatts were not generated due to high frequency resulting from the unavailability of distribution infrastructure. The report, however, said the GenCos released an average of 3,349 MegaWatts/hour of electricity into the national grid on Saturday as the electricity sent out by the GenCos was down by 16.77 megawatts from the 3,365 released on Friday. Zero (0) megawatts was recorded as losses due to water management procedures. The power sector lost an estimated ₦2.34 billion on Saturday due to insufficient gas supply, distribution and transmission infrastructure. On sector reform/activities, the report showed that the dominant constraint for Saturday was high frequency resulting from the unavailability of distribution infrastructure as the peak generation attained on Saturday was 4,093.4 megawatts.
The Federal High Court sitting in Lagos has ordered the temporary forfeiture of two properties belonging to a former Senate President, Bukola Saraki, in the Ikoyi area of Lagos. An EFCC lawyer, Nnaemeka Omewa, had approached the court seeking an order of interim forfeiture of the properties located at 17A McDonald Road, Ikoyi. Omewa told the court that they were acquired through “proceeds of unlawful activities”. The EFCC alleged that while serving as governor of Kwara State, Saraki withdrew over ₦12 billion in cash from the account of the Kwara State Government and paid same into his accounts domiciled in Access and Zenith Banks through one of his personal assistant, Abdul Adama. Ruling on the application, Mohammed Liman, the presiding judge, ordered interim forfeiture of the two properties and instructed the EFCC to publish the order in a national newspaper within 14 days, for anyone with an interest in the properties to show cause why they should not be finally forfeited to the FG.