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Tag: loss

  • NGX opens December with N409bn loss

    NGX opens December with N409bn loss

    Activities on the Nigerian Exchange Ltd. (NGX) resumed the month of December on Wednesday in red with a loss of N409 billion due to profit taking in MTN Nigeria Communications (MTNN) and 22 others.

    Specifically, the market capitalisation which opened at N22.566 trillion shed N409 billion or 1.81 per cent to close at N22.157 trillion.

    Also, the NGX All-Share Index inched lower by 784.89 points or 1.81 per cent to close at 42,463.16 from 43,248.05 on Tuesday.

    Accordingly, Year-to-Date gain moderated to 5.4 per cent.

    The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; MTNN, Africa Prudential, Access Bank, Flour Mills of Nigeria and Ecobank Transnational Incorporated.

    Consequently, market sentiment was negative with 23 laggards, relative to 15 gainers.

    MTNN dominated the losers’ chart in percentage terms by 10 per cent to close at N171 per share.

    African Prudential followed with 7.69 per cent to close at N6.00, while UACN Property Development Company lost 7.48 per cent to close at 99k per share.

    Royal Exchange declined by 5.56 per cent to close at 51k, while Honeywell Flour Mills shed 5.32 per cent to close at N3.74 per share.

    Conversely, Cornerstone Insurance led the gainers’chart in percentage terms with 7.69 per cent to close at 56k per share.

    AXA Mansard Insurance followed with 7.55 per cent to close at N2.28, while Chams went up five per cent to close at 21k per share.

    Nigerian Exchange Group (NGXGroup) increased by 3.66 per cent to close at N17, while FTN Cocoa processors appreciated by 2.56 per cent to close at 40k per share.

    However, the total volume of trades increased by 49.16 per cent to 335.48 million units valued at N3.55 billion exchanged in 3,891 deals.

    This was in contrast with 224.91 million shares worth N3.71 billion traded in 4,331 deals on Tuesday.

    Transactions in the shares of FBN Holdings topped the activity chart with 133.99 million shares valued at N1.57 billion.

    Universal Insurance followed with 36.19 million shares valued at N7.24 million, while Zenith Bank traded 18.34 million shares worth N440.11 million.

    Guaranty Trust Holding Company sold 13.59 million shares valued at N334.80 million, while Transcorp accounted 10.54 million shares worth N10.19 million.

  • Why our loss in 2015 is blessing in disguise – New PDP National Chairman

    Why our loss in 2015 is blessing in disguise – New PDP National Chairman

    The National Chairman-elect of the Peoples Democratic Party (PDP), Dr Iyorchia Ayu, has said the party’s loss of the presidential election in 2015 was a blessing in disguise.

    According to him, the last six years of the All Progressives Congress (APC) has left no one in doubt that Nigeria was far better under the PDP administration.

    He thinks the PDP might have become complacent had the party remained in government till now.

    Speaking with reporters in Abuja, Ayu said the PDP under his watch will reposition the party to take back power in 2023.

    He said: “My priority is for the party to take power. Political parties’ priority is always to win.

    “Therefore, I reviewed the reasons why we lost power in 2015 and I am going to work to unite the party, to sharpen the programmes of the party, market the party to the Nigerian electorate in a way that they will be prepared to vote for us.

    “In a democracy, it’s normal for a political party to lose power. If we didn’t lose power, maybe we would have become a dictatorship or become complacent.

    “To believe in democracy…there must have been something we were doing wrong or must have done wrong that the Nigerian electorate shifted.”

  • TNG Lifestyle: 5 ways to cope with the loss of a loved one

    TNG Lifestyle: 5 ways to cope with the loss of a loved one

    Coping with the loss of a close friend or family member may be one of the hardest challenges that many of us face. When we lose a spouse, sibling or parent our grief can be particularly strong. Loss is understood as a natural part of life, but we can still be overcome by shock and confusion, leading to prolonged periods of sorrow or depression. The sadness characteristically diminishes in intensity as time passes, but grieving is an important process in order to overcome these feelings and continue to embrace the time you had with your loved one.

     

    There is no “normal” time period for someone to grieve. Don’t expect to pass through phases of grief either, as research suggests that most people do not go through stages as progressive steps.

     

    The following strategies may help grieving individuals find relief.

     

    1.  Talk about the death of your loved one with friends or colleagues in order to help you understand what happened and remember your friend or family member. Avoidance can lead to isolation and will disrupt the healing process with your support systems.

    2 Accept your feelings. You may experience a wide range of emotions from sadness, anger or even exhaustion. All of these moods are normal and it’s important to recognize when you are feeling this way. If you feel stuck or overwhelmed by these emotions, it may be helpful to talk with a licensed psychologist or other mental health professional who can help you cope with your feelings and find ways to get back on track.

    3 Take care of yourself and your family. Eating healthy foods, exercising and getting plenty of sleep can help your physical and emotional health. The grieving process can take a toll on one’s body. Make sure you check in with your loved ones and that they are taking the necessary healthy steps to maintain their health.

     

     

    4 Reach out and help others dealing with the loss. Spending time with loved ones of the deceased can help everyone cope. Whether it’s sharing stories or listening to your loved one’s favorite music, these small efforts can make a big difference to some. Helping others has the added benefit of making you feel better as well.

    5 Remember and celebrate the lives of your loved ones. Anniversaries of a lost loved one can be a difficult time for friends and family, but it can also be a time for remembrance and honoring them. It may be that you decide to collect donations to a favorite charity of the deceased, passing on a family name to a baby or planting a garden in memory. What you choose is up to you, as long as it allows you to honor that unique relationship in a way that feels right to you.

     

  • I warned Trump of his imminent loss to Biden – Cleric

    I warned Trump of his imminent loss to Biden – Cleric

    Founder and senior cleric of Inri Evangelical Spiritual Church, Primate Elijah Ayodele has said that he warned American President Donald Trump about his re-election bid several years back.

    The cleric in an interview claimed that he told Trump to be very careful with his policies and administrative style if he wants to be reelected.

    Ayodele said he also warned Trump about Joe Biden, stating that he said if Biden is chosen by the democrats, he would deliver.

    In the 2017/2018, 2019/2020, and 2020/2021 editions of Warning to the Nations, a divine publication written by the cleric, Ayodele warned that the 2020 US election would not be easy.

    The cleric in the book stated that if the Democrats present a good candidate, they can defeat the Republican.

    Ayodele wrote that the President of America will not manage his words very well during his campaign.

    “I foresee that some members of his inner caucus will resign from his government. Donald Trump will use violent language against any candidate coming from the Democratic Party. Republicans supporters may not give them support as expected.

    The cleric also in the 2020/21 edition of Warning to the Nations, stated that: “Trump will fight the Democrats just to get his victory. He will take series of steps just to see that he wins the election. Trump will be out with so much blackmail. He will bring out various allegations against the Democrats that can tear the country apart.”

  • COVID-19: FAAN declares N17.5b loss in 23 weeks

    COVID-19: FAAN declares N17.5b loss in 23 weeks

    The Federal Airports Authority of Nigeria (FAAN) said it lost N17.5billion of aeronautic charges in 23 weeks and incurred N1.4 billion loss of non-aeronautic charges between April and June, 2020.

    Its Managing Director, Capt. Hamisu Yadudu who disclosed this at a virtual stakeholders meeting said the agency’s Internally Generated Revenue (IGR) dipped by over 90 per cent in the last six months due to the COVID-19 pandemic.

    Yadudu said that notwithstanding the challenges posed by COVID-19 on FAAN’s revenue, the agency has ensured that local airports under its management commenced domestic operations after meeting the requirements set by Presidential Task Force (PTF) on COVID-19.

    He said it was upon meeting the conditions prescribed that the Nigerian Civil Aviation Authority (NCAA) and other regulatory agencies issued clearance to airports to reopen.

    Yadudu said during the lock down, its managers opened airports that were involved in evacuation flight arrangements.

    This according to him, further made the agency incur cost on maintenance and utilities despite the total decline in traffic as well as revenue.

    According to him, “In spite of the drastic drop in revenue, FAAN has managed to ensure that all its local airports have commenced domestic operations having met the requirements by Presidential Task Force (PTF) on COVID-19, NCAA and other regulatory bodies and have been issued clearance to reopen.”

    “Plans are also at advanced stage to ensure that the International Airports are set for re-opening on the 29th of August, 2020 as announced by the Minister of Aviation as we will be seeing during the course of this meeting. All these have come at a huge cost to the Authority with little or no cash inflow,” he said

    Speaking on the protocols put in place for the commencement of international operations as guideline to ensure that more than 1,280 international passengers are allowed on a daily basis, Yadudu said that it would translate to reduced revenue for the agency, as fewer passengers would be coming in.

    “The above automatically translates to fewer passengers and limited income even with the resumption of international operations. All these are issues of great concern to the authority and partly what has necessitated the need for all our stakeholders to rub minds on strategies to adopt to ensure that the industry remains in operation to provide the very much needed service,” Yadudu said.

    The Director of Finance and Accounts (DFA), Mrs. Nike Aboderin in her presentation titled, “Ongoing COVID-19 and Implications on FAAN” revealed that the agency lost over N17.5 billion of aeronautic charges in 23 weeks and also N1.4 billion loss of non-aeronautic charges from April to June, 2020.

    She explained that the loss is huge compared to the same period in 2019.

    Aboderin lamented that compared to 2019, only 8.7 per cent of the agency’s non-aeronautical revenue charges were collected from April to June 2020.

    She pointed out that as a result of the pandemic FAAN customers were not only defaulting on payment for services rendered to them but that there is an increasing request for payment suspension, deferral and waivers

    Aboderin further stated that 87 per cent of 2020 budgeted overhead cost was wiped out in six months with up to 95 per cent decline in weekly revenues.

  • COVID-19 lockdown: Manchester United declares £28m loss

    As many clubs continue to count their losses on the back of the coronavirus pandemic, English Premier League heavyweight, Manchester United, has announced a £28 million loss so far with the figure expected to rise.

    This was disclosed in a statement on the club’s website on Thursday as it announced its third-quarter results for the period ending March 31, 2020.

    According to Chief Financial Officer, Mr Cliff Baty, the club will return £20 million in television revenue even though the league is concluded.

    According to Mr Baty, United also lost £8 million in the last three weeks of March when three of their games were postponed.

    He explained that television broadcasters are getting the money due to the change of dates and time for the fixtures.

    The 20-time winners of the league had 11 of their games moved due to the COVID-19 pandemic and last played against LASK in a last 16 Europa League tie.

    Speaking further, Mr Baty said with the calling off of games, the club’s sponsorship revenue dropped, retail sales got hit and matchday revenue fell also.

    The team’s Vice President, Mr Ed Woodward, admitted that football will not be business as usual for the foreseeable future.

    “Our third-quarter results published today reflect a partial impact that the pandemic has had on the club, while the greater impact will be in the current quarter and likely beyond.

    “There are still profound challenges ahead, and for football as a whole, and it is safe to say it will not be business as usual for some time,” he said.

    Premier League teams returned to training this week as matches are expected to restart in June.

  • 2019: APC Senator under attacks for predicting Buhari's loss in Northeast

    A serving senator on the platform of the ruling All Progressives Congress (APC), Bukar Abba Ibrahim on Monday came under heavy attacks for predicting a loss for President Muhammadu Buhari and the party in the Northeast in next year’s elections.

    His comment does not reflect the reality on ground and he is not speaking for Yobe State and the North east, a member of the House of Representatives, Goni Bukar Lawan, said.

    But Senator Ibrahim denied the statements he reportedly made during the public presentation of his book as part of activities to mark his 70th birthday in Abuja at the weekend.

    A statement by his media aide Yusuf Ali, quoted Senator Ibrahim, a three-time Yobe State Goveror and three-time senator as saying: “The senator remains a progressive politician who does not encourage rigging and would never have made such a statement like ‘massive rigging will not save APC/Buhari, APC is worse than PDP etc’, after fighting so hard to save Nigeria from the PDP.”

    Rep. Lawan, chairman of the House Committee on Sports, told reporters after attending a meeting of the Nigeria Olympic Committee (NOC) in Lagos yesterday said:

    “I feel bad that I am constrained to react to the disturbing comment of one of our leaders in Yobe State, His Excellency, Senator Bukar Abba Ibrahim, who is probably still unhappy with the outcome of the APC primaries because he lost the APC senatorial ticket to outgoing Governor Ibrahim Gaidam. I also didn’t get a ticket like the Senator but we all must make sacrifice for the APC; after all, the party has given us chances to be at the National Assembly. Senator Ibrahim’s wife, who is a minister, is the only member of the Federal Executive Council that succeeded in getting the APC’s ticket to contest election in 2019.

    “All other ministers failed in their bids for tickets. I think the Senator is one of the major beneficiaries of the APC. We must know that other people also need opportunities to serve our people. Senator Ibrahim saying that APC will lose in Yobe and the northeast is a joke.

    “Any grassroots politician who is very conversant with political feelers in Yobe and neighboring Borno State can tell anyone that come 2019, the APC is coasting to overwhelming victory in these two states and insha’Allah, the whole of Northeast. The PDP is divided in both Borno and Yobe states while the APC is clearly the beautiful bride. So, how can anyone in all honesty raise doubts about the chances of APC in Yobe, Borno and the rest of the Northeast? “Our people are fully with President Muhammadu Buhari; no one can doubt this. Yobe and Borno are among the greatest beneficiaries of the APC because under the PDP, our major problem was the overwhelming attacks of Boko Haram.

    “The APC government of President Buhari is squarely fighting the Boko Haram. We are fully with our governors of Borno and Yobe and we are fully behind our governorship candidates Mala Mai Buni (Yobe) and Prof. Babagana Umara Zulum (Borno). We are behind all our national and state assembly candidates and by the grace of God, the APC will record resounding victory in the Northeast.

    “I think Senator Ibrahim needs to remember that he is an elder statesman and elders don’t just say anything in public.

    “Elders either speak wisely in public or they keep quiet” he said.

    The Statement by Senator Ibrahim reads: ”The distinguished Senator Bukar Abba Ibrahim has reacted to newspapers reports published and making the rounds in the social media sites that he is a loyal APC party member, a chieftain and an elder statesman. President Muhammadu Buhari is his president, he supported him as he will continue to support Buhari 2019 and even beyond.

    ”He mean no harm or to disparage the party which he fought so hard to build with other progressives element in 2015 to save Nigeria from drift and the decadence of the PDP.

    ”Many have given it different interpretations as it suit them, some quoted him out of context for political reasons. What he said is a wake up call for his party to work harder towards the next general elections to win overwhelmingly.

    ”I want to make it categorically clear that Sen Bukar did not say and will never say, “Mass rigging will not save APC/Buhari, APC is worse than PDP, PMB should not expect Votes from N/East, 2019 Dicey for PMB in N/East, etc as it’s been circulated in the media”.