Months after the Maritime Workers Union of Nigeria requested that terminal charges be reviewed upwards, Ports & Terminal Multipurpose Limited has announced a 36 per cent increase in tariff on imported vehicles with effect from July 1.

In a public notice sighted by our correspondent on Tuesday, signed by the management of PTML, the terminal said the current economic conditions of surging inflation, currency devaluation and subsidy removal had increased its operational costs.

The terminal in the notice said it had received the approvals of relevant authorities for the tariff hike.

The notice read in part, “PTML would like to bring to the attention of its esteemed customers that the current economic conditions of surging inflation, coupled with the devaluation of currency and removal of fuel subsidy have caused the operational costs to increase multi-fold.

“Hence, having received the endorsement of the relevant authorities, it has become imperative to restructure our terminal tariffs from the 1st of July 2023. PTML is confident that its esteemed customers will understand the rationale behind this review that will cost assist us in ensuring our superior level of service while keeping the competitiveness of its rates.”

Our correspondent gathered that tariff on SUVs was formerly N113,000 but it has been raised to N139,420 while the tariff on SUVs that are not working has been reviewed upward to N153,395.

Terminal tariff on a saloon car which was N92,000 was hiked to N112,115 while saloon cars not working have been adjusted up to N121,575.

Recall that a few months ago, MWUN in a statement, said it was supporting a hike in terminal operators tariff so that the terminals can fulfill their commitments to the dockworkers, who are members of the union.

Reacting to this development, Acting National President of the Association of Nigerian Licensed Customs Agents, Kayode Farinto said, the agents would have to educate the importers on how to adjust to the new tariff.

“The reality on the ground is what we have all seen, subsidy removal with the exchange rate (adjustment), everything is changing. We just have to see how we can educate our importers on this.

“There is no possibility of withdrawing services. The reality on the ground is that the government has removed subsidy. Fuel is now N500 per litre; the dollar is not stable. There is no more official rate. And we can just be naïve as if we don’t know what is on the ground.”

Punch

President Bola Tinubu and his party, the All Progressive Congress (APC), have closed their defence in Peter Obi’s suit challenging Tinubu’s victory at the Presidential Election Petition Court in Abuja.

Obi of the Labour Party came third in the 25 February presidential election, but he is urging the court to overturn Tinubu’s victory on account of electoral fraud and non-compliance with statutory provisions in the conduct of the poll.

Tinubu and the APC had on Wednesday opened their defence after Obi finished presenting his own case on 23 June,

Tinubu, APC and Nigeria’s electoral commission, INEC, are respondents in the suit.

They have closed their defence, marking the end of the trial.

It also sets the case for its next phase, which is exchanging final written and addresses among parties, and a day for closing arguments.

At Wednesday’s proceedings, Tinubu’s lead lawyer, Wole Olanipekun, tendered volumes of documents to defend the president’s mandate.

Key among the tendered documents were academic records of Tinubu from Chicago State University in the US, details of the president’s Nigerian passport and a clearance letter from the US Embassy in Nigeria to the Nigeria Police Force.

The letter from the US Consular General in Lagos dated 4 February 2003 revealed that Tinubu had no record of criminal conviction or arrest in the US.

The five-member panel of the court headed by Haruna Tsammani admitted the documents in evidence despite opposition from Obi’s lawyer, Livy Uzoukwu.

INEC’s lawyer Abubakar Mahmoud and APC’s lead counsel, Lateef Fagbemi, did not object to the admissibility of the documents.

Witness

After the documents were admitted and marked as exhibits, Olanipekun, called Tinubu’s first and only witness.

The star witness, Michael Bamidele, a senator, while being led in evidence by Olanipekun, told the court that Obi was not a genuine member of the Labour Party at the time he vied for Nigeria’s presidency.

A membership register of the Labour Party in Anambra State, Obi’s home state, Southeast Nigeria, was earlier tendered in evidence to buttress the allegation.

Under cross-examination by Fagbemi, Bamidele, who represents Ekiti Central at the Nigerian Senate, said, “There can be no criminal conviction of anyone without a charge in the US.”

Bamidele, who was called to the New York Bar since January 1999, was apparently referring to Tinubu, whom Obi and Atiku’s Abubakar of the Peoples Democratic Party, alleged he was convicted and forfeited 460,000 dollars in drug-related offences in the US.

Disagrees with ECOWAS election report on violence

However, Bamidele, who is the leader of the current Senate, disagreed with a portion of the ECOWAS election observation mission report concerning widespread violence during the recent general elections.

Under cross-examination by Uzoukwu, Bamidele attributed cases of killings and arson in Nigeria’s Southeast region to the grisly activities of the outlawed Indigenous People of Biafra (IPOB).

The separatist group has been waging a struggle against the Nigerian state, demanding a declaration of the State of Biafra.

In his testimony on Wednesday, Bamidele blamed IPOB for the brutal killing of a senatorial ticket-holder in Enugu, a few days before the presidential and National Assembly elections on 25 February.

This was after Uzoukwu drew Bamidele’s attention to the ECOWAS report on the outcome of the general elections.

“I agree with the conclusion, but I disagree with that part of the ECOWAS election observation mission report concerning widespread violence during the polls,” Bamidele told the court.

“I attribute the killings in Enugu of the Senatorial candidate to IPOB activities,” he added.

After Bamidele concluded his testimony, he was discharged from the witness box.
Olanipekun then went on to tender the tons of documentary evidence led by his team, adding that Bamidele’s witness had “covered the field in the case.”

Subsequently, Olanipekun informed the court that his client’s defence had ended.

Toeing Olanipekun’s line of submission, APC’s lawyer, Fagbemi, adopted the evidence led by Tinubu’s legal team as theirs.

“There is no need to subject your Lordships to the torture of sitting and writing in long hand. Therefore, we have established our case through the 2nd respondent (Tinubu).
“We have called evidence, but we are not calling any witness,” Fagbemi told the court.

Case set for closing arguments

Following the conclusion of their defence, chairman of the five-member court, Tsammani, said, “The respondents shall have ten days to file their final written addresses, while the petitioner shall have seven days to reply.”

Tsammani added that the parties should be notified of when the hearing would resume for the adoption of their final written addresses.

PT

WESTERN PERSPECTIVE

Russian missile strikes apartment block in Lviv, kills at least three

A Russian missile attack killed at least three people in the western Ukrainian city of Lviv, and rescuers were searching through the debris of a apartment building for survivors and casualties, the local mayor said.

"Three people have been killed," Mayor Andriy Sadovy said in a post on his Telegram channel. He said the street would remain closed until emergency workers "clear debris and pull out all the dead."

Sadovy said in a previous post that eight people had been wounded, but it was unclear if the three who died were included in that number. He said about 60 apartments and 50 cars were damaged.

Regional Governor Maksym Kozytskyi posted a 13-second video showing a wide, curving, four-storey apartment building with parts of the upper floors missing or in rubble.

The posts from the officials followed widespread air alerts across Ukraine and reports of cruise missiles entering Ukrainian airspace. Sadovy reported a series of explosions in the city.

** Ukraine's Zelenskiy says sought Western weapons to start counteroffensive sooner

Ukrainian President Volodymyr Zelenskiy told CNN he wanted a counteroffensive against occupying Russian forces to have started sooner than it did in June and that he had urged Western allies to quicken the supply of weapons for that mission, according to excerpts via a translator released on Wednesday.

"I wanted our counteroffensive to happen much earlier, because everyone understood that if the counteroffensive unfolds later, then a bigger part of our territory will be mined," Zelenskiy said. "We give our enemy the time and possibility to place more mines and prepare their defensive lines."

He said difficulties in the battlefield had led to Ukrainian forces slowing down the counteroffensive, which is aimed at reclaiming territory in eastern and southern Ukraine seized by Russia since its February 2022 invasion began.

The Ukrainian leader has consistently pushed the United States and other Western allies to supply his armed forces with more sophisticated weaponry, such as U.S.-made F-16 fighter jets and longer range missiles.

He did so again in the CNN interview while also thanking Washington and the European allies for their support.

"It's not even about the Ukrainian advantage in the sky over the Russians," Zelenskiy said. "This is only about being equal. F-16s help not only those on the battlefield to move forward. It is simply very difficult without cover from the air."

Last week, Zelenskiy said the counteroffensive was "slower than desired", without getting too specific but he said advances had been made "in all directions".

Reuters was unable to verify the situation on the battlefield. Russia has not acknowledged Ukrainian gains and has said Ukraine's forces are suffering heavy casualties.

Russian President Vladimir Putin will be attempting to consolidate his power following a short-lived mutiny on June 24 by Wagner Group mercenaries led by Yevgeny Prigozhin, Zelenskiy said. Prigozhin has gone into exile in Belarus after striking a deal with Putin.

"After all these events, where did Putin go?" asked Zelenskiy. "He rarely comes outside to the street. We see him in his offices, etc., but we never see him out and about."

Days after the mutiny, Putin appeared in public to tell about 2,500 Russian security personnel at a ceremony on a square in the Kremlin complex in Moscow that the people and the armed forces stood together in opposition to the rebel mercenaries.

"You have saved our motherland from upheaval. In fact, you have stopped a civil war," he said.

RUSSIAN PERSPECTIVE

Newsweek reveals CIA role in Ukraine

Central Intelligence Agency has boots on the ground in Ukraine and operates a clandestine supply network to help the government in Kiev fight Russia, Newsweek reported on Wednesday, citing anonymous sources within the US government.

“The CIA was central to the war even before it started,” claimed the article, written by William Arkin. Its director, William Burns, famously visited Moscow in January 2022 and, though he failed to persuade Russia not to “invade,” he got the Kremlin to accept US “rules” – at least according to Arkin and his sources.

Supposedly articulated by US President Joe Biden, the “rules” state that Washington and Kiev “will not undertake any actions that might threaten Russia itself or the survival of the Russian state.” In return, Moscow “won’t escalate the war beyond Ukraine or resort to the use of nuclear weapons.” 

It “falls to the US to enforce those pledges,” a senior defense intelligence official told Newsweek on condition of anonymity. Arkin said he spoke with “over a dozen” officials and intelligence experts over the course of a three-month investigation. No named sources appear in the article.

Arkin’s sources admitted that the CIA is running a campaign of support for Ukraine based out of Poland, including a “gray fleet” of commercial aircraft shuttling weapons and other material through central and eastern Europe. CIA agents also “went into and out of Ukraine on secret missions, to assist with the operations of new weapons and systems,” but always tried to “avoid direct confrontation with Russian troops.”

“Is the CIA on the ground inside Ukraine? Yes, but it’s also not nefarious,”said another senior intelligence officer, who framed it as part of a Biden administration effort to “keep Americans out of harm’s way and reassure Russia that it doesn’t need to escalate.”

The problem appears to be that Ukraine is not following Biden’s “rules,”however. Newsweek blames Kiev for the attack on the Nord Stream pipelines, the Kerch Bridge bombing, and the drone attacks on Russian air bases and the Kremlin. These attacks have “raised questions” as to whether the CIA knows enough about Ukrainian plans “to both influence them and to adhere to their secret agreement with Moscow.”

The agency is now “as uncertain about Vladimir Zelensky’s thinking and intentions as it is about [Russian President] Vladimir Putin’s,” the article claims.

“The CIA learned with the attack on the Crimean Bridge that Zelensky either didn’t have complete control over his own military or didn’t want to know of certain actions,” according to the anonymous military intelligence official.

Meanwhile, Zelensky himself directly contradicted Arkin’s article two days before it was published. “We don’t have any secrets from the CIA,” he told CNN on Monday, commenting on a recent visit to Kiev by the agency’s director.

Reuters/RT

By now, it should be clear to all that no one is safe from bad government policies, including its cheerleaders. The effects of wrong-headed approach to governance is evident in every home, every plate of food (if any), quality of living; even on Abuja’s now near empty streets, and near collapse of small-scale businesses. We all bear the brunt of ill-advised and ill-timed policies as recently enunciated by the new government of President Bola Tinubu.

In contrast, the over 100 convoy of cars in the president’s movement in Lagos, the almost 50 SUVs seen earlier during his triumphant return to Abuja in preparation for the inauguration; the governors’ and lawmakers’ convoys, numerous aides and the flamboyance, lavish lifestyle, waste associated with them and their retinue — of staff, family members, appointees, all show the polarity in the lives of those in authority and the governed.

The stratified society being created by dimming the hope for Eldorado that Nigerians had hoped the new president represents, speaks volume, from his actions so far. Welcome to President Bola Tinubu’s republic. Within one month of his coming to power, everything nosedived, for worse. The initial euphoria of ‘an action government’ has since given way to disillusionment. Replacing President Muhammadu Buhari who took almost six months to appoint some principal staff, with the same dullness dogging his government in eight years, the Tinubu regime was ushered in with open hands and excitement because he was at least proactive having taken some salient actions and made key appointments early in the day. How good or bad those decisions are, are now measured and talked about in every home, office or street corner in the country.

Tinubu told us to tighten our belts and make sacrifices for the country. He removed petrol subsidy, the last semblance of government impact in the lives of the people, and floated the Naira almost in one fell swoop with devastating consequences.

These twin actions erased all pretensions about renewing our hopes in good governance, because there was no iota of thought for the poor. Normally, before a new government unleashes terror, it tries to cuddle and romance the people with some positive vibes in friendly policy pronouncements, as a means of appreciation. No, not with Tinubu. From the get go, he showed the ugly signs of things to come. The cancellation of the official forex has raised the naira beyond the black-market rate that Tinubu inherited.

I am not an economic analyst, but as a practical and realistic player in the Nigerian street economic system, my experience of the last few days is proof that the government has fleeced us. Tinubu cancelled multiple exchange rates and unified same. On paper. For instance, If you want any hard currency like dollars or pounds, you have to purchase at the black-market rate (which is still multiple). Yet, you still have to go through CBN’s Import and Export (I&E) window using Form A. What is the point of form A again (supposedly the official market rate window of the previous government), whereas there is no facilitation by CBN and while you still have to buy dollars from the black market and process through a dorm account. The only reason I guess is to enable you and I pay tax to a government that has abdicated its responsibility of protecting and managing the nation’s fiscal and monetary policies? In simple term, citizens are made to pay for services not rendered by CBN, in addition to bank charges.

Meanwhile, the much-talked about palliatives to cushion the effect of the new policy measures may soon become stale. If it was so easy to pronounce by fiat that ‘subsidy is gone’, why is it so difficult to pronounce palliatives into instant action? Is it when more Nigerians have been pushed further down the poverty level as predicted by the World Bank which observed that further 7.1 million more poor Nigerians will be added to the 133 million dimensionally poor, that the palliatives will come? Isn’t that medicine after death?

Meanwhile countries of the West which we love to copy blindly still subsidise and offer palliatives to their citizens. In a Bloomberg report of November 2022, it was revealed that the German government was going to spend 83.3 billion Euro to subsidise the 2023 energy prices. The subsidies will cover the cost of gas and district heating, and reduce the cost of electricity for households and businesses to protect them from “higher energy prices”. It was also disclosed in the same report that governments across Euro area have spent 200 billion Euro to support energy and economic output. Not doing the above is tantamount to committing mass murder in Europe considering their inclement weather. But for Nigeria, the impunity of those who govern us is celebrated, even more by those oppressed and or impacted adversely.

In his weekly column in Tribune, Farooq Kperogi, noted that the US government subsidises and gives palliatives as a form of social service despite officials’ involvement in corruption, maintaining that instead of stopping the palliatives, the government fights the inherent corruption in its application of the palliatives. Contrary to this logic, what the Tinubu government has done so far is to condone corruption and allow those involved in forex exchange and fuel subsidy scams go scot-free. The vulnerable is punished for the infractions of the rich while the poor wallows in more misery.

By his action so far, we have an idea of the colour of the Tinubu government and its direction in the coming days. Are you surprised that the new government is yet to make concrete statements concerning the twin challenges of corruption and insecurity plaguing the country and the possibility of local refining of crude? What is his position on our comatose refineries and over 70 registered Modular refineries? The new government should have got those refineries working before subsidy removal. I do like the electricity bill that he signed into law. States and groups now have the opportunity to generate their own power without recourse to the federal government.

Instead, Tinubu has created more damage and confusion in the system, while doing more politically correct things such as board dissolution, key personal appointments, fuel and forex matters and removal of CBN governor Emefiele and EFCC chairman Abdulrasheed Bawa, which analysts say bordered on personal vendetta.

Yet, it is no brainer that refining locally, ordering manufacturers of highly consumed goods such as car and phone companies to establish their plants here if they want to operate in the Nigerian market etc will create employment opportunities for citizens, reduce fuel prices, and stabilise forex to a certain extent and draw hard currencies back home.

On security, our story has not changed. At least 123 deaths have occurred since Tinubu’s inauguration according to Isa Sanusi, Acting Nigeria Director of Amnesty International.

“It is horrific that attacks by gunmen have claimed at least 123 lives more weeks after Tinubu assumed office on 29 May. Rural communities, always bracing themselves for the next bout of violence, are facing deadly attacks by rampaging killers. Protecting lives should be the utmost priority of the new government. The Nigerian authorities must urgently take steps to stop the bloodletting.

“The brazen failure of the authorities to protect the people of Nigeria is gradually becoming the ‘norm’ in the country. The government said it will enact security measures in response to these attacks, but these promises have not translated into meaningful action that protects the lives of vulnerable communities. The Nigerian authorities have also consistently failed to carry out independent, effective, impartial and thorough investigations into these killings — and this is fuelling impunity.

“The Nigerian authorities are obliged under international human rights law, regional human rights treaties and Nigeria’s own constitution to protect the human rights of all people without discrimination — and that includes the right to life. Those suspected of criminal responsibility for these callous crimes must urgently be brought to justice in fair trials.”. None of these has happened so far.

To be honest, Tinubu has his job cut out for him, and Nigerians were eager and even impatient for a life-changing experience as contained in his policy documents and espoused by his minders. Asking for more time and sacrifice is no elixir to our pain. As president now, Tinubu lives on the state, which provides all his needs. He doesn’t pay for electricity bills, accommodation, or transportation. His security is guaranteed; his wellbeing (and healthcare) is on the state as against the citizens who struggle daily to eat. What kind of sacrifice will he make as a Nigerian, not as president, because we know that in Nigeria leadership takes and manages everything ? We have the right to know.

Already Tinubu has lost the euphoria and initial advantage going for him. Going forward, he may have to do a lot to mitigate the negative impact of his initial policies to prove his doubters wrong and make meaningful impact in a bleeding country. It will be too bad to associate his regime with only enriching the rich and further pauperising the poor.

Nano-sized particles made from copper and silver are able to kill cancercells with minimal side effects to healthy tissues.

This is the promise of new research from the Middle East, who demonstrated a new delivery mechanism for the cancer-killing nanoparticles in cell cultures in the laboratory.

If realized clinically, the new treatment approach could offer an alternative to chemotherapy, which comes with some inherent limitations.

Chemotherapy drugs tend to have a low tumor specificity and cause unpleasant side effects. On top of this, cancers can develop resistance to these treatments, leading to relapse.

The nanoparticle approach, however, can be delivered with far greater specificity to cancer cells, and may overcome conventional resistance issues.

The study was undertaken by mechanical engineer Professor, Yousef Haik of the University of Sharjah, in the United Arab Emirates, and his colleagues.

Haik said: "Our treatment is based on administering silver-copper nanoparticles that kill cancer cells, but leave surrounding healthy cells intact."

Metallic nanoparticles have been attracting considerable attention for their potential in the treatment of cancer thanks to their reduced toxicity, lack of stability and retention.

What is novel about the work of Haik and his team, however, is the approach they are using to get their nanoparticles into the target cancer cells.

Their technique involves taking advantage of a form of natural cell-to-cell communication that relies on exosomes - nano-scale, sac-like "vesicles" that carry genetic material and proteins from the cell that produced them to others.

By binding their metallic nanoparticles up with wheat germ agglutinin and feeding them into healthy cells of the type as the cancer in question, the team were able to get them preferentially delivered to the target cells.

Thanks to the binding protein, the particles get incorporated into exosomes which are formed, Haik explained, "through a biogenesis process and shed outside the cells as drug-loaded vesicles".

He added: "Exosomes derived from healthy cells tend to preferentially accumulate in tumor cells of the same tissue origin ten times more than any other cells due to composition matching between these exosomes and these cells."

Haik said: "If the finding is applied as treatment, the novel drug will damage cancerous cells, leaving no harmful effects on the surrounding healthy tissues.

"Silver and copper nanoparticles have shown to preferentially kill cancer cells at low concentration without any effect on healthy cells within the therapeutic dose."

The study, he added, provides a fresh and significant platform for a "complimentary anticancer drug and a smart delivery vesicle".

He went on to suggest the work will serve as "a foundational resource for the emerging field of nanoengineering and medicine."

The researchers have cautioned that further investigation will be needed before their approach might be considered for clinical applications.

However, Haik concluded: "Our study demonstrated the feasibility of producing novel drug carriers from healthy cells."

The full findings of the study were published in the journal Advanced Biology.

Daily Express, US

One happy exception to this rule is Ed O’Reilly, who helped build and co-found a successful software development business after several failures of his own. And while he learned a fair amount from his own missteps, he often found answers and lessons needed in the books he read. 

The first thing he learnt to do was to pivot. His original career path was to become an actuary, but events conspired to interest him in programming. “I never used any of the complex maths from actuarial science in business, but because I was used to learning such complicated things, learning to code afterward was reasonably easy by comparison,” he explains. 

O’Reilly made the switch after realising that he didn’t want to spend his life calculating pension fund profitability. He also knew he needed an outlet for his knowledge and creativity, so he got into software development. 

With the constant need to improve himself and the business, books were a source of guidance on self and business development for him. This, combined with his eagerness to learn about marketing, automation and networking, meant that he often read and for many hours at a time. He still does. 

When the business, Nona Digital, was acquired by Yoco, O’Reilly moved into the position of head of capability for the African FinTech company. Looking back at the books that helped him on his journey, he singled out five worthy of a special mention.

Traction by Gino Wickman 

The first entry on his recommendation list is a book that is suitable for both early- and late-stage businesses. It is specific with actionable practices, rules and approaches to running a business and provides an entrepreneurial operating system. 

“Implementing Traction took our business to the next level and forever changed the way I run companies and lead people,” says O’Reilly. 

Wickman shows entrepreneurs many simple yet effective ways to run their companies with more focus, growth and enjoyment. It is certainly helpful for any entrepreneur at any stage of their business growth. 

Multipliers by Greg McKeown and Liz Wiseman

In growing any business, you need not only the right leader(s) and team but also people who are open to learning more about themselves and how they can improve. This inspired O’Reilly’s second pick. 

The core idea in this book is that brilliant people are either multipliers or diminishers of those around them. “Truly great individual performers can be bad for your business if they suppress the people around them rather than lifting them up. Focus on those that improve the people around them as the end effect will be massive,” he explains.

He reports that Multipliers taught him lessons about himself and others while reminding him to focus on raising those around him and making sure that he built a team willing to do the same. 

It focuses on what leaders can do to inspire their teams to do and be better. This practical read by leadership expert Liz Wiseman and management consultant Greg McKeown expands on different leadership styles and how specific methods can drive new ideas, organisational changes and innovation. 

After closing this book, you’ll know if you’re a multiplier or diminisher. But if you are a diminisher, you can still change by implementing the tips provided, says O’Reilly. 

Building a Story Brand by Donald Miller 

At this point, you might have the right business strategy and a team that can drive it home, but how will they do that? Knowing how to market what you’re selling takes us to his next recommendation. 

He describes this as “the best book on marketing ever,” and here’s why: It is simply written yet powerful as it makes readers think about the narrative and positioning of their business. “After reading this, we fundamentally altered our course for the better, and I will apply the lessons therein in every business I’m ever involved in,” insists O’Reilly. 

As it happens, Building a Story Brand is also recommended by Darrah Brustein, founder, author and life coach, in An Entrepreneur’s Book Guide for 2022. 

Maps of Meaning by Jordan Peterson

In focusing on his journey and self-development, the next book resonated with him. It covers various topics from ancient cultures to neuroscience and modern Christianity. 

While reading this, he learnt not to “casually dismiss the hard-fought lessons of the past and assume that I am an independent entity and not a product of the culture I’ve grown up in.” In doing so, he started appreciating historical efforts and approaches and used the lessons to build his own path. 

It begs the question, “Why have people from different cultures and eras formulated myths and stories with similar structures? What does this similarity tell us about the mind, morality and structure of the world itself?” If you are also intrigued, Maps of Meaning might just answer a few questions you also have. 

The Hitchhiker’s Guide to the Galaxy by Douglas Adams

It’s not often that a work of fiction makes a list of business book recommendations, but O’Reilly isn’t alone in this one. Elon Musk, the founder of Tesla, SpaceX and a few other companies, also named The Hitchhiker’s Guide to the Galaxy a source of inspiration. 

“Adams makes this point that it’s actually the question that is harder than the answer,” explains Musk. 

For his part, O’Reilly says Adams’ classic – actually five or six books in one – provided a valuable lesson. “The world is a silly place. Don’t take things, or yourself, too seriously. Stop and laugh at all the ridiculous things around you and let your imagination run wild.” 

You might also have difficult questions that you need to answer, and the first and best place to start looking for those answers is by opening a book, as great entrepreneurs do. 

Inc

Stock investors recorded a significant loss of N671bn on Tuesday at the Nigerian equity market which had posted a strong start at the beginning of the second half of the year, signaling President Bola Tinubu’s administration.

The All-Share Index closed at 60,715.04 index points, 1.99 per cent less than the 61,949.24 index points it recorded at the end of the previous trading day.

In a remarkable one-day loss, the market value of shares fell by N671bn, (1.99 per cent), to N33.06tn at the close of trading. This was from N33.731tn recorded in the previous day’s session.

CHIPLC, ETERNA, and CHAMS topped the gainers list, appreciating by 10 per cent, 9.96 per cent and 9.88 per cent, respectively.

LASACO, PZ, and WEMABANK led the losers, going down by -13.86 per cent, -10.00 per cent and –9.98 per cent respectively.

The value of shares exchanged was N12.21bn, 13.03 per cent lower than the N14.04bn recorded in the previous day’s session.

In terms of volume, 1.11 billion shares were exchanged, in contrast to 1.20 million traded during the previous session.

FCMB, STERLING and TRANSCORP ranked as the most traded stocks, with 180.75 million, 107.54 million and 105.87 million units of shares traded respectively.

Value-wise, the top three traded shares were ACCESSCORP (N1.34bn), UBA (N1.12bn), and FCMB (N981.47m).

Tuesday’s bearish trend brings to an end a market rally that saw investors record impressive gains to close the first half of the year on a positive note.

The N671bn loss eclipses the N533bn gain recorded on Monday, as investors chose to take profit following an impressive market rally streak.

Punch

MTN Nigeria and Airtel Nigeria have emerged as the most capitalised companies in the country with N5.56 trillion and N4.49trn to lead eight other companies on the stock exchange’s 10 most capitalised companies in June. 

In a data released by the exchange yesterday, the two telecom operators’ combined N10.5trn capital base gave the ICT sector an edge over the industrial goods sector which parades Dangote and BUA with a combined capital of N7.98trn, and the consumer goods sector which has Nestle and BUA with N3.43trn. 

Data shows that the financial sector got N2.11trn while oil and gas had N823.7billion and utility sector N750bn. 

In the last three years, the ICT sector has been leading other sectors in their contribution to the country’s Gross Domestic Product (GDP). 

Nigerian Communications Commission (NCC) had said the telecommunication industry has recorded over $70 billion in investment in the past 22 years.

“From $500 million investments in the sector as of 2001, the telecommunications industry has recorded over $70 billion investment till date,”  the NCC said.

Daily Trust

Nigeria is leading the pack in terms of cryptocurrency awareness, a recent survey conducted by the private blockchain software company ConsenSys and YouGov has found.

The study, which polled more than 15,158 people in 15 countries, showed that 92% of the world’s population are aware of cryptocurrencies, with some 99% of Nigerian respondents demonstrating awareness of crypto.
Speaking to RT, crypto experts from the West African nation highlighted the misconception that Nigeria lacks technological prowess, saying the country has seen a remarkable increase in the exploration of the digital economy, a trend that is being embraced by both young and old people.

Crypto enthusiast Adiele Great said he lost a freelance job due to difficulties receiving payments from outside Nigeria, but the blockchain technology now lets him “collect payment easily and instantly.”

In May, Nigeria’s federal government approved the implementation of its National Blockchain Policy to assist the country in developing a regulatory framework to govern the technology’s adoption.

Blockchain expert Chukwuemeka Gerald said that, if it’s properly implemented, the policy will benefit the Nigerian economy.

“The government actually has a huge role to play,” Chukwuemeka said, explaining that the West African nation has been studying the cryptocurrency sector successes of the United Arab Emirates government.

“If you understand the likes of the United Arab Emirates, these guys are actually taxing crypto companies and Web3 companies and giving them good regulations and also a level playing ground for them to come in and establish their business,” he stated, adding that it can be a “win-win” situation for both government and operators.

Russia Today

Independent National Electoral Commission (INEC), on Tuesday, closed its defence after calling its only witness to testify in opposition to the petition filed by Peter Obi and the Labour Party (LP) at the Presidential Election Petition Court (PEPC).

INEC’s lawyer, Abubakar Mahmoud, announced the closure of the first respondent’s case after its witness, Lawrence Bayode, a Deputy Director in the Information and Communication Technology (ICT) Department of the commission, finished testifying.

The electoral commission similarly closed its case concerning the petition filed by the presidential candidate of the Peoples Democratic Party (PDP), with Bayode also testifying as its sole witness.

Atiku’s legal team took advantage of the INEC witness to tender the European Union ((EU) Observers’ final report, which was critical of the 25 February presidential election, as an exhibit in court on Monday.

Both Atiku and Obi are by their separate petitions challenging the outcome of the 25 February poll, which had President Bola Tinubu as the winner.

Before calling on Bayode to testify in Obi’s case on Tuesday, the INEC lawyer tendered some documents which were admitted and marked as exhibits.

Led in evidence by Mahmood, the witness told the court that he worked for INEC for 24 years.

Cross-examination

Under cross-examination by Patrick Ikwueto, counsel for the petitioners, the witness told the court that the testing of the software application for the election was carried out on 4 February.

He added that there was a report on the testing, but it was not with him in the court.

The petitioners tendered the e-transmission saver web and compliance form through the witness. The court admitted and marked the documents as exhibits.

The witness told the court that the pre-production test was conducted before the election.

He was asked if the hard copy of the results would differ from the ones in the IreV portal (an online portal designed to receive and display photographic photos of polling unit results in real time. He said no.

He, however, added that anything could happen when sending the results from form EC8A (polling unit result sheet) to the IreV.

He admitted that performance, functionality and vulnerability tests were conducted before the election.

The witness agreed with Ikwueto that the report of the e-transmission application identifies remediation to be undertaken to resolve the high vulnerability identified in the report.

The witness said he does not know INEC ‘s web address where its materials are published.

While also cross-examining the witness, Wole Olanipekun, counsel for President Tinubu and Vice President Kashim Shettima, asked if the foundation and authenticity of any election by INEC are rooted in forms EC8A and EC8E, the witness said yes.

The witness added that blurred documents downloaded from INEC IreV would not affect the physical results in form EC8A because the image is irrelevant.

He said the election ends with the recording, snapping and sending of results to INEC‘s IreV.

Answering questions from APC counsel Lateef Fagbemi, the witness said the physical results are used for computing the election’s final results.

He said the glitches that occurred on election day did not affect the collation of the results.

He added that if what was downloaded from the IreV was not clear, the physical results could be obtained.

He told the court further that ECOWAS monitored the election, but he does not have their report.

The witness stated that the cloud trial log account of INEC can be obtained from Amazon Web Services (AWS).

INEC’s defence closed

After the testimony of the sole witness, INEC’s lawyer, Mahmoud, told the court that INEC’s defence in the Obi and Labour Party petition is closed.

Olanipekun later told the court that Tinubu and Shetimma, listed as second and third respondents in the petition, will open their defence Wednesday.

The five-member panel headed by Haruna Tsammani adjourned until Wednesday for them to open their defence.

Obi and his Labour Party (LP) are petitioners in the petition marked CA/PEPC/03/2023 challenging the election which brought Tinubu to office.

Respondents are the Independent National Electoral Commission (INEC), Tinubu, Shettima, and the All Progressives Congress (APC).

NAN