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BusinessDay 07 Feb 2018

BusinessDay 07 Feb

Nigeria stocks fall second straight session as US turbulence escalates …Merrill Lynch says VIX surge not yet replicated in bond markets LOLADE AKINMURELE The Nigerian stock market fell the second straight day Tuesday amid a global sell-off that has sent chills down the spines of global equity market bulls. The Nigerian All-Share Index, which gauges the price movement in the shares of listed companies, started the week on a bearish note, sliding 0.85 percent Monday and a further 0.87 percent Tuesday, according to data obtained from the Nigerian Stock Exchange. Traders say investors are selling down on counters that have rallied and expect the trend will be sustained for a while. Meanwhile, what began with rising US bond yields has become a selloff across global equity markets, as investors Continues on page 38 NEWS YOU CAN TRUST I **WEDNESDAY 07 FEBRUARY 2018 I VOL. 14, NO 540 I N300 @ g NPA makes N299bn revenues as businesses suffer from Apapa gridlock FG parastatals generate trillions from seaports without investment in infrastructure AMAKA ANAGOR-EWUZIE & ANTHONIA OBOKOH Access into the major economic gateways, Apapa and Tin-Can Island seaports by motorists, commuters and port users, has again become a hard nut to crack as the traffic gridlock into the Apapa port city, worsened in the past few days, without any hope in sight. This comes as the management of the Nigerian Ports Authority (NPA) said on Tuesday in Lagos, that it has grown its revenue profile in the 2017 financial year by 84.68 percent to N299.56 billion. A statement issued on Tuesday and signed by Abdullahi Inside P. 17 Goje, general manager, Corporate and Strategic Communications of NPA, said that 2017 revenue of the authority, exceeded the 2016 figure of N162.20 billion by 84.68 percent. According to him, the 2017 revenue was the highest generated by the Authority in the past five years. Giving a breakdown of the 5-year revenue figure, Goje said Continues on page 4 L-R: Aminu Ismail, executive director, operations, Asset Management Corporation of Nigeria (AMCON); Ahmed Kuru, MD/CEO, AMCON; Jones Chukwudi Onyereri, chairman, House of Reps Committee on Banking and Currency; Kola Ayeye, executive director, credits, AMCON, and Eberechukwu Uneze, executive director, assets, AMCON, when the House Committee visited AMCON as part of its oversight function at AMCON head office, Abuja, yesterday. 2019: National Assembly moves closer to changing order of elections ... moves presidential elections from first to last OWEDE AGBAJILEKE, Abuja In a move that could significantly impact on the outcome of elections in 2019, the National Assembly Conference Committee on the Electoral Act (Amendment) Bill has adopted the new schedule of elections as approved by the House of Continues on page 38 Ben Enwonwu’s recovered work to go for N150m in London art auction ... auctioneer broadcasts live to bidders in Lagos OBINNA EMELIKE Adetutu Ademiluyi, a painting of an Ife princess by Ben Enwonwu, late Nigerian legendary sculptor, is set to break records of auctions sales of works by an African artist in London with an expected sale Continues on page 38

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