Speficially, the market capitalisation which opened at N15.386 trillion inched higher by N371 billion or 3.71 per cent to close at N15.957 trillion.

Also, the All-Share Index improved by 1,093.09 points or 3.71 per cent to close at 30,530.69 from 29,437.60 achieved on Wednesday.

A breakdown of the price movement chart shows that 43 stocks recorded price appreciation in contrast with 11 losers.

Nestle led the gainers’ table, gaining N129.20 to close at N1,421.70 per share.

Mobil followed with a gain of N17.80 to close at N196.10, while Total grew by N11 to close at N129.90 per share.

Dangote Cement garnered N4.70 to close at N160, while BUA Cement appreciated by N4.10 to close at N45.50 per share.

On the other hand, Guinness dominated the losers’ chart, declining by 55k to close at N17 per share.

NAHCO trailed with 12k to close at N2.10, while PZ Cussons dipped 10k to close at N4.45 per share.

Prestige Insurance lost 6k to close at 54k, while Ecobank Transnational Incorporated shed 5k to close at N5.65 per share.

Also, the volume of shares traded rose by 115.27 per cent with an exchange of 807.81 million shares valued at N10.50 billion in 8,113 deals.

This was against a turnover of 375.25 million shares worth N4.63 billion achieved in 5,947 deals on Wednesday.

The banking stocks remained investors delight with United Bank for Africa emerging the most active stock exchanging 108.55 million shares valued at N816.69 million.

Access Bank followed with 94.74 million shares worth N746.94 million, FBN Holdings traded 89.55 million shares valued at N581.46 million.

Zenith Bank traded 75.23 million shares worth N1.65 billion, while Guaranty Trust Bank exchanged 56.22 million shares valued at N1.80 billion.

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Dr Moma Enang, National Professional Officer, Natural Science Sector, UNESCO Regional Office, Abuja said this while speaking with our reporter on Friday.

Enang named the reserves as Oban Biosphere Reserve and Okwango Biosphere Reserves, both in Cross River and the Hadejia-Nguru-Bade Biosphere Reserve cutting across Yobe and Jigawa.

She said that the approval was granted through the Man and the Biosphere Programme International Coordinatiing Council (MAB-ICC) of the organisation.

Enang expressed delight over the development, saying that the additional reserves will foster efforts to ensure biodiversity in the country.

She said that MAB-ICC was saddled with the responsibility of deciding and approving new biosphere reserves as well as making recommendations on periodic review reports of biosphere reserves in UNESCO member states.

“The UNESCO Multisectoral Regional Office in Abuja, within its regular science workplan, facilitated the nomination and proposed two biosphere reserves, namely Oban Biosphere Reserve and Okwango Biosphere Reserve, both in Cross River.

“In another vein and within the framework of Biosphere and Heritage of Lake Chad (BIOPALT) project implemented in five countries of Lake Chad Basin, UNESCO again facilitated the nomination of Hadejia-Nguru-Bade Biosphere Reserve in Yobe and Jigawa.

“The nomination for the three proposed Biosphere Reserves were submitted by the Nigerian Man and Biosphere (MAB) Committee domicile in the Forestry Institute of Nigeria.

“During the 32nd session of MAB-ICC from Oct. 27 to Oct.28, the three Biosphere Reserves were approved for Nigeria,” she said.

Enang added that the organisation was committed to the conservation of biodiversity for sustainable use as well as conflict prevention.

MAB-ICC is the governing body of the UNESCO Man and the Biosphere (MAB) Programme which comprised of 34 member states elected by the organisation’s biennial General conference.

MAB Programme is an intergovernmental scientific programme, launched in 1971 to establish a scientific basis for the improvement of relationships between people and their environments.

It was reported that Nigeria initially had only one biosphere reserve, the Omo Biospere Reserve in Ogun which was established in 1977.

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Mamman made this known on Wednesday during the 2021 budget defence before the House of Representatives Committee on Power in Abuja.

He also said that the distribution system had the capacity to evacuate 5,500mw of power having grown from 4,500mw in 2015.

“Under the able leadership of President Muhammadu Buhari, the country’s grid power capacity has increased significantly from the time this administration took over in 2015 to date.

“During the period between 2015 to date, the sector has recorded successes and has faced challenges.

“In order to deliver this administration’s promise of providing stable and affordable power to Nigerians, a way forward was defined and supported by Mr President’s political will,” he said.

However, committee expressed displeasure with the minister for not ensuring sanctions for Distribution Companies (DisCos) for alleged “gross irresponsibility and wickedness in the execution of their contract”.

The Chairman of the committee, Alliyu Magaji (APC-Jigawa), asked the minister to met out stiffer sanctions to the DisCos, to enable them to sit up and provide the desired services to Nigerian people.

Magaji said that if the minister ensured the sanction of the DisCos, he would become the darling of lawmakers and the entire Nigerians.

The chairman informed the minister that as far as the House was concerned, the Nigeria Bulk Electricity Trading Plc (NBET) was still under the purview of his committee.

The rep said that the purported transfer of the parastatal to the Ministry of Finance was unacceptable to the legislators.

Members of the committee raised concern about power supply to their various constituencies, urging the minister to ensure supply.

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Agba made this known on Tuesday in Abuja while briefing House of Representatives Committee on Civil Society and Development Partners on Donor Funds Receipts, Transfers and Disbursement to Government Agencies, Civil Society and Non-Governmental Organisations in Nigeria.

Breaking down the figure, Agba said that the amount comprised $ 2.34 billion received in 2015, $1.15 billion gotten in 2016 and $ 774.93 million collected in 2017.

The minister said that $22.02 billion was obtained in 2018, while $655.64 million was received in 2019 and $5.64 million got in 2020.

According to him, these donations come from the European Development Fund (EDF) and the United Nations Development Systems (UNDS).

He explained that some of the funds also came from China through the Bilateral Agreement between the Government of Nigeria and the Peoples Republic of China signed since 1972.

Agba said some funds came from Japan Activities in Nigeria via the Japan International Cooperation Agency (JICA), and Korean International Cooperation Agency (KOICA).

He said that others came from the Department for International Development (DFID), United States Agency for lnternational Development (USAID) and the German International Cooperation (GIZ).

According to him, the ministry does not receive donor funds, hence cannot transfer or disburse what is not received.

He said that Nigeria does not currently qualify for budget support because it is not classified as very poor but as a lower middle income country that is only qualified for projects/programmes support.

“The implication of this is that Donors do not give us the funds for management, rather Donors work with the sectoral stakeholders to fund the project directly after identifying the needs by the MDAs/States in line with the Paris Declaration on Aid Effectiveness.

“For the purpose of clarification, the Federal Ministry of Finance, Budget and National Planning is responsible for coordinating Nigeria’s multilateral and bilateral economic cooperation including development aid and technical assistance programmers by signing of cooperation agreements.

“These agreements are signed after obtaining Power of Attorney from Ministry of Foreign Affairs; the ministry also facilitates the implementation of programmes and projects as well as carrying out monitoring and evaluation.

“In carrying out these functions, the role of the ministry is to coordinate the Bilateral and Multilateral Institutions, Non-Governmental Organisations (NGOs), International Non-Governmental Organisations (INGOs), as well as Civil Society Organisations (CSOs).

“Interventions in these identified areas are done directly in collaboration with the relevant Ministries, Departments and Agencies (MDAS) as well as States and Local Government Areas through their implementing Agencies.

“In view of the above, procurement is carried out directly by the Donors,” he said.

In his remarks, the Chairman of the Committee, Rep. Kabiru Idris (APC-Kano) said that the committee had received several petitions, alleging misappropriation, misuse, and diversion of donor funds.

He said that petitions on falsification of performance reports for the purpose of obtaining more funds from Donor Agencies/Organisations had also reached the committee.

The lawmaker said that the committee had also received a referral from the House of Representatives, mandating it to investigate the operations of Non-Governmental Organisations (NGOs) so as to ascertain their sources of funding.

He said that the committee is expected to find out the bases of operations and locations of NGOs following a deliberation on a motion titled “Need for Special Intervention in the Protracted Situation in the Country” by the green chambers.

“It was in the light of the foregoing that we wrote you two letters:

“To brief the committee on how the Department of International Corporation has been carrying out its responsibilities of managing Multilateral and Bilateral Economic Cooperation including Development Aid and Technical Assistance Programmes.

“Also Donor funds received by Government Agencies and NGOs from 2015 to date and the operations of NGOs particularly those operating in the Northeast, so as to ascertain their sources of funding, their bases of operations and their locations,” he said.

The chairman said that the information gathered from the interaction would enable the Committee to effectively carry out its oversight mandate.

Kabir said that the committee would embark on further engagements with NGOs, both local and international for more clarifications.

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Speficially, the All-Share Index on Tuesday rose by 202.33 points or 0.70 per cent to close at 28,980.29 compared with 28,777.96 achieved on Monday.

Also, the market capitalisation inched higher by N106 billion or 0.70 per cent to close at N15.147 trillion against N15.041 trillion recorded on Monday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Flour Mills, Conoil, Guinness, Cadbury and Guaranty Trust Bank.

The Managing Director, APT Securities and Funds Ltd., Malam Garba Kurfi, attributed the persistent rally to crash in money market instruments.

Kurfi described the capital market as the best alternative investment with good returns at the moment.

“The capital market stand today as the best alternative investment with good returns.

“The money market has crashed to a single digit rate of return on investment, same with Treasury Bills, commercial papers, FGN Savings and FGN Bonds,” Kurfi said.

He said that impressive third quarter results released by some companies contributed to the rally.

Market breadth closed positive with 46 gainers in contrast with two laggards.

Linkage Assurance led the gainers’ chart in percentage terms, appreciating by 10 per cent to close at 44k per share.

Conoil followed with 9.81 per cent to close at N17.35, while Northern Nigeria Flour Mills rose by 9.79 per cent to close at N4.60 per share.

Portland Paints and Products rose by 9.76 per cent to close at N2.25, while Livestock Feeds appreciated by 9.68 per cent to close at 68k per share.

On the other hand, Wema Bank dominated the losers’ chart in percentage terms, losing 1.72 per cent to close at 57k per share.

NEM Insurance followed with a loss of 1.46 per cent to close at N2.03 per share.

Also, the total volume of traded increased by 13.1 per cent to 385.59 million shares valued at N2.91 billion exchanged in 5,283 deals.

This was in contrast with 340.80 million shares worth N5.56 billion transacted in 4,235 deals on Monday.

Transactions in the shares of FBN Holdings topped the activity chart with 81.78 million shares valued at N505.53 million.

Access Bank followed with 50.72 million shares worth N391.24 million, while Fidelity Bank traded 35.19 million shares valued at N75.11 million.

Ecobank Transnational Incorporated sold 24.15 million shares worth N121.17 million, while United Bank for Africa accounted for 20.49 million shares worth N147.12 million.

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Mr Femi Adesina, the Special Adviser to the President on Media and Publicity, said Buhari stated this when he received the outgoing High Commissioner of Bangladesh, MD Shameen Ashan, in a virtual farewell audience on Tuesday.

The President congratulated the envoy on “the strides you have attained on the relationship between our two friendly countries.

“We will continue to expand on what you have achieved, operations in agriculture, military cooperation, and in many other areas, will continue.’’

In his remarks, the outgoing High Commissioner thanked Nigeria for the support he received in about two-and-a-half years he spent in the country.

He noted that bilateral relations between the two countries had improved tremendously, with many Memoranda of Understanding signed, and others still in the works.

“Over 60 delegates visited Nigeria from my country for different purposes during my tenure.

“My wife and I will miss beautiful Nigeria,” he said.

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The acting Canadian High Commissioner to Nigeria, Mr. Ryan Ward, in a statement, said that the investment will help Nigeria continue its fight against the COVID-19 pandemic.

He said that the funds will facilitate the further mobilization of resources and programming in support of the National COVID-19 Multi-Sectoral Pandemic Response Plan, developed by the Presidential Task Force.

“This includes support for the procurement of critical medical supplies, strengthening the capacity of the health system to respond, and addressing the social impact on the most vulnerable,” he said.

The COVID-19 Basket Fund is being implemented by the UN system in Nigeria through a Project Management Board comprising representatives of the Presidential Task Force on COVID-19 Response, relevant Government agencies, contributing donors and the UN system.

“The COVID-19 pandemic continues to have a significant impact on the health and well-being of Nigerians, with women and girls being disproportionately affected.

“Canada’s contribution to the COVID-19 Basket Fund reinforces the importance of working together, under the leadership of the Government of Nigeria, to further prevent its spread and address the needs of those most affected,” he said.

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Akume made the statement on Thursday in Abuja when representatives of Ahmadu Bello University (ABU) Postgraduate Council conferred on him the Gamji Award of Excellence and also inducted him into the ABU Sardauna Hall of Fame.

The minister noted that challenges were part of nation building, adding that the World Bank already projected a growth rate of 3.3 per cent for the country by 2021.

He expressed confidence that Nigeria would exit recession by 2021 even as efforts were being made to repay debts, stressing that Nigerians had a duty to make Nigeria great again.

According to him, working together with a determination to succeed can bring the nation to its former place of glory.

Mr Sagir Adam, the President of ABU PG council, said the title was conferred on the minister because of his exemplary leadership role, while describing him as an epitome of humanitarian service.

In a related development, the Northern Youths Council of Nigeria (NYCN) also conferred on the minister the title of Jagara Matasan Arewa, which means an epitome of administrative prudence.

Mr Isah Abubakar, the NYCN President said Akume was being honoured in appreciation of his immense contribution towards a united and indivisible Nigeria.

According to him, Akume is regarded as a vanguard of youth emancipation who serves as a bridge for national unity.

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Specifically, the market capitalisation shed N113 billion or 0.75 per cent to close at N14.870 trillion against N14.983 trillion recorded on Tuesday.

Also, the All-Share Index dipped 216.33 points or 0.75 per cent to close at 28,449.49 compared with 28,665.82 achieved on Tuesday.

Consequently, the month-to-date and year-to-date gains both moderated to 6.0 per share.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the loss to panic selloff by investors in reactions to the shooting of protesters and disruptions of economic activities.

Omordion said that the development had worsened the nation’s political and economic risk that would further delay economic recovery.

“The state of the nation at this point will affect local and international investors confidence in the market and the economy in general,” he said.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, among which are; MTN Nigeria Communications, Guinness, Lafarge Africa, Ardova and Julius Berger.

Market sentiment was negative with 34 losers in contrast with four gainers.

On the other hand, Royal Exchange led the losers’ chart in percentage terms by eight per cent to close at 23 kobo per share.

Neimeth International Pharmaceuticals followed with 7.57 per cent to close at N1.71, while Union Diagnostic and Clinical Services shed 7.41 per cent to close at 25k per share.

Lasaco Assurance dipped 7.14 per cent to close at 26k, while United Capital shed 7.03 per cent to close at N3.57 per share.

Conversely, Wapic Insurance topped the gainers’ chart, gaining 10 per cent to close at 44k per share.

Portland Paints and Products followed with 2.50 per cent to close at N2.05, while UACN Property garnered 1.23 per cent to close at 82 per share.,

Nigerian Breweries appreciated by 0.97 per cent to close at N52 per share.

However, the total volume of shares traded rose by 9.84 per cent to 326.58 million shares worth N4.23 billion traded in 4,367 deals.

This was in contrast with a total of 296.31 million shares valued at N2.93 billion exchanged in 4,736 deals on Tuesday.

Transactions in the shares of United Bank for Africa topped the activity chart with 40.29 million shares worth N272.15 million.

Zenith Bank followed with 39.61 million shares valued at N800.94 million, while Guaranty Trust Bank traded 38.19 million shares worth N1.14 million.

Transcorp accounted for 31.18 million shares valued at N18.72 million, while FBN Holdings sold 29.97 million shares worth N181.01 million.

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Agba stated this at the appraisal meeting of the proposed Nigeria Cares (N-CARES) programme organised by the Community and Social Development Project (CSDP), an initiative of the Federal Government, on Tuesday in Abuja.

The minister explained that the Federal Government had created windows of interventions as captured in the Economic Sustainability Plan.

He urged states to leverage on the N560 billion and N462 billion available for MSMEs and Agriculture sectors to mitigate the effect of COVID-19 on their people.

Agba urged representatives of the 36 States and the Federal Capital Territory (FCT) at the meeting to pass the information to the relevant MDAs and groups for the benefit of their states.

“It is on the recommendation of the Economic Sustainability Plan that we are here today. The World Bank Loan of 750 million dollars is to support interventions geared towards helping Nigerians recover quickly from the effect of COVID-19.

“This loan is in line with the Federal Government Plan of action for recovery. As we must have heard, the loan of 20 million dollars per state and 15 million dollars for FCT is based on performance for result.

“It is therefore expected that at the end of the two years of this emergency intervention, our people in the state will not ask us questions on how we spend the loan because we shall have visible results to show.”

The National Coordinator of CSDP, Dr Abdulkarim Obaje, said that the programme was aimed at mitigating the effects of COVID-19 pandemic on citizens, infrastructure and the economy.

Obaje said that the programme was designed to cover all the 36 States and FCT, assuring that CSDP was technically prepared to provide all that was needed to drive the programme.

He said that the Federal Government has shown high commitment towards lifting 100 million Nigerians out of poverty over the next 10 years.

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