Kanu survives Pompey shake-up
* Olofinjana wants Martins at Stoke
WHILE Portsmouth authorities were wielding the axe on five players, the English Premiership side still had time to offer Super Eagles’ captain, Kanu Nwankwo, a new one-year contract as the team prepares for the 2009/2010 English season.
The Fratton Park outfit confirmed that Noe Pamarot, Lauren, Djimi Traore, Glen Little and Jerome Thomas have all left Pompey after their contracts expired. However, Pompey Executive Chairman, Peter Storrie, confirmed that veteran striker Kanu, 32, and experienced defender Sol Campbell, 34, would be offered new terms at Fratton Park.
“Kanu has the option of another year, which he is considering,” Storrie told the club’s official website. “There are not any discussions going on with Sol at the moment. In terms of whether there will be further discussions, we’ll look at that next week.”
The pair was instrumental in Pompey’s FA Cup success in 2008, with Kanu scoring the winning goal and Campbell captaining the side in Portsmouth’s 1-0 victory over Cardiff City. On Tuesday, Kanu’s agent confirmed that the striker was in talks with Storrie and was close to agreeing a new one-year deal with Portsmouth.
There had been rumours that the Nigerian would end his stay at Fratton Park after his current contract expired yesterday. But Kanu has always had the option of staying with Pompey after he triggered an appearance-based clause last season to earn a 12-month extension. His representative, Samuel Okoronkwo, told The News: “I fully expect Kanu to be playing at Portsmouth next season.
“I can confirm that we are currently in negotiations with Peter Storrie and are making good progress. I am hoping, at the close of play, he will be here.
“There was interest from elsewhere, though I am not at liberty to name them. But Portsmouth holds his interest and he is willing to show loyalty to the club and stay longer. This is where he wants to be.”
Meanwhile, Super Eagles’ midfielder Seyi Olofinjana has admitted that he would love to see his compatriot, Obafemi Martins, join him at Stoke City. The Newcastle United star looks set for a move from St James’s Park after the club’s relegation to the Championship, with the Potters reportedly among his suitors. And should Stoke see off competition from a string of rivals for the 24-year-old striker’s signature, Olofinjana says he would welcome the capture.
“I have also read that Stoke are interested in Martins. He is a very good striker who would certainly improve our attack. I hope he joins us,” he told Goal.com.
Martins arrived in England in August 2006, after Newcastle shelled out a reported £10 million to bring him from Inter Milan. Despite his time in the North East being hampered by injury and managerial changes, the forward still weighed in with 35 goals.
Media reports have suggested that the clubs involved in the chase were muting a fee of around £6.5 million for Martins.
Market indices rise further by 1.3 per cent, as blue chips buoy transactions
By Helen Oji
THE bulls, yesterday, maintained dominance on the equity sector of the Nigeria Stock Exchange (NSE), following continuous price appreciation by blue chip stocks, causing market indices to rise further by 1.3 per cent.
Specifically, at close trading yesterday, the gainers table constituted of highly capitalised companies, comprising of 53 stocks while 24 less capitalised ones recorded price depreciation.
Precisely, corporate performance indices, the All-share index of NSE rose by 356.04 points or 1.3 per cent from 26,861.55 recorded on Tuesday to 27,217.59, while market capitalisation appreciated by N100 billion or 1.6 per cent, from N6.1 trillion to N6.2 trillion.
On the price movement chart, Nestle Nigeria Plc led the bills up with 901 kobo, to close at N199 per share. Guinness Nigeria Plc followed with 645 kobo, to close at N135.45 per share. Benue Cement Company Plc, UACN Plc, Julius Berger Plc, UAC Properties Plc featured on the list with 196 kobo, 182 kobo, 147 kobo and 85 kobo, to close at N44.96, N38.33, N30.90 and N17.86 per share.
Other major Gainers of yesterdays transaction includes Ecobank Translation Incorporated Plc (OTI), Ashaka Cement Plcs, Zenith Bank International Plc, United Bank for Africa Plc (UBA), Flourmills Plc and West African Portland Company Plc, adding 70 kobo, 69 kobo, 68 kobo, 67 kobo, 50 kobo and 50 kobo, to close at N14.87; N14.68, N15.00, N14.22, N24.50 and N25.50 per share.
Sub-sector remains most active in volume terms with 282.1 million shares, worth N3.4 billion while the insurance sub-sector followed with 67.4 million units, worth N62.1 million in 761 deals.
The information communication telecommunication sub-sector ranked third on the list with 19 Million Units, worth N23.8 million in 114 deals.
According to NSE, the banking sub-sector was boosted by activities in the shares of United Bank for Africa Plc (UBA) worth 63.4 million shares, worth N897.7 million in 415 deals, while First Bank of Nigeria Plc followed with 47.1 million units, valued at N1 billion in 1,786 deals.
Universal Insurance Plc dominated in volume terms in the insurance sub-sector with 9.5 million units worth N4.8 million in 53 deals, while Investment and Allied Assurance Plc followed with 9.1 million shares worth N4.5 million in 15 deals.
The information communication and telecommunication sub-sector was buoyed by activities in the shares of MTI Plc with 9.6 million units worth N5.8 million in 30 deals.
In all, 421.3 million shares, valued at N4 billion was exchanged by investors in 9,620 deals.
Oil prices slide on U.S. supply data
Crude oil prices surrendered some gains yesterday after the United States (U.S.) government reported growing domestic stores of key refined products gasoline and distillates.
Light, sweet crude for August delivery was recently up 48 cents, or 0.7 per cent, at $70.37 a barrel on the New York Mercantile Exchange. Brent crude on the ICE Futures exchange was 56 cents higher at $69.86 a barrel.
The crude market was close to $72 a barrel before the Energy Information Administration issued its weekly update on U.S. petroleum inventories.
The agency said commercial crude stockpiles declined by 3.7 million barrels to 350.2 million barrels in the week ended June 26, the fourth straight weekly drawdown. Analysts polled earlier by Dow Jones Newswires had expected a 2.1 million-barrel decline.
At the same time, gasoline stockpiles grew by 2.3 million barrels and distillates, which include diesel and heating oil, rose by 2.9 million barrels, each increasing more than expected.
The market had rallied overnight on separate data from the American Petroleum Institute, which had reported a much larger 6.8 million-barrel decline in crude stocks.
“The stats are slightly bearish overall,” with the sum of crude and refined products inventories increasing, said Morgan Downey, a commodities trader at Standard Chartered in New York.
“The EIA data is also more bearish than last night’s weekly API statistics,” he said.
Swelling gasoline and distillate stocks hit gasoline and heating oil futures. Front-month August reformulated gasoline blendstock, or RBOB, fell four points to $1.9016 a gallon. August heating oil fell 61 points, or 0.3 per cent, to $1.7816 a gallon.
Crude posted an eight-month high above $73 a barrel earlier this week, as militant attacks on Nigerian oil facilities cut the country’s supply.
Royal Dutch Shell PLC said Wednesday that production at its Nigerian onshore unit has fallen to 140,000 barrels a day following a string of recent attacks. In 2008, production from Shell-run operations in Nigeria- the majority based onshore- averaged more than 850,000 barrels of oil equivalent a day.
Chinese investors eye Ogun industrial estates
Charles Coffie Gyamfi, Abeokuta
NO fewer than 43 Chinese industrialists have held talks with top Ogun State government officials, with the aim of establishing industrial plants in the state.
In the delegation, led by the Governor of Zhejiany, the largest Province in China , Mr. Lu Zushan were top Chinese government officials.
The event, which was organised by the state government, was held at the Valley View Auditorium, Government House, Abeokuta .
Governor Gbenga Daniel stated that his administration had provided a very conducive environment for investors to establish in the state and urged them, both at home and abroad, to seize the opportunity.
Daniel said Ogun had been blessed with abundant natural resources such as grass sand, granite stone, gypsum, clay and Kaolin others, he said were quartz, phosphate, tar sand.
He also mentioned cassava and cotton which he said Ogun is the largest producer in Nigeria as well as Kolanut and rice as some of the agriculture products in commercial quantities in Ogun.
Daniel described the state as the fastest growing state in Nigeria in terms of population.
“There is also crude oil in the state. Geologists have disclosed that oil was found in the state in 1908. It was 50 years after that the first oil was spotted in Cross River State”, Daniel stated.
The Chinese Governor, Zushan, in his speech, said he had seen Ogun as a potential industrial hub and promised that his government would partner with the state and also encourage industrialists to establish in the state.
The governor stated that the visit would not only enhance cordial relationship between the two States but also Nigeria as a whole.
According to him, some companies in his State had already set up industries. Zushan disclosed that his State has a population of 52 million and had moved from an agrarian State in 1970 to a highly industrialised state.
NCC waiver saga: Mobitel sues EFCC
Mobitel Limited has sued the Economic and Financial Crimes Commission (EFCC) for infringement of its fundamental rights following the harassment, arrest and detention of its President and Chief Executive Officer, Mr Johnson Salako on Thursday, June 25, without a court order.
The Mobitel submission, filed on June 26, at the Federal High Court, Abuja with suit number FHC/ABJ/M/365/2009, sought for a redress on the infringement of Salako’s fundamental human rights. And also joining suit, a redress was sought for Mr Adeyemi Akinsanya, the Chairman of Mobitel Nigeria Limited from an intended infringement of his fundamental human rights.
The suit also sought for Salako’s immediate release by the crimes commission, and an injunction restraining the EFFC from further harassing, arresting or detaining Salako, and either intending to harass and arrest Mr Akinsanya pending the hearing and determination of the suit.
Mobitel has re-iterated that the continuous detention of its chief executive officer, by operatives of the EFCC is unnecessary, illegal and a blatant disregard of the law and constitutional rights of the individual.
The company is requesting the EFCC to produce and show the court order it ostensibly obtained, giving it legal backing to detain the Mobitel boss. The EFCC has not produced this warrant or restraining order, as at press time.
Media reports over the weekend had confirmed the detention of Salako by the EFCC, which is alleging that the Nigerian Communications Commission (NCC) acted wrongly, in granting the former management of Mobitel a waiver over its outstanding fiduciary responsibilities to the Federal Government.
Industry watchers and telecoms industry professionals close to matter were therefore wondering why the EFCC has not taken up the matter with the NCC, instead of visiting regulatory sins on Mobitel management commitments and intimidating the current executives and management of the company.
In detaining Salako, the EFCC may have been disregarding a recent NCC submission to the Mrs Farida Waziri-led agency, which clearly stated that after due reconciliation of Mobitel case files ‘it became apparent that the company (Mobitel) had been over-billed and had already over paid” its debts.
