Nigerian Stock Exchange Losses N27bn Over Tribunal’s Judgment, As LP Rejects Ruling

The Nigerian Stock Exchange has recorded a massive loss of over N27 billion over waiting for the Presidential Tribunal Judgment, this is as Labour Party (LP) rejected the ruling of the Tribunal, ENigeria Newspaper reports.

ENigeria Newspaper reports that the decline in Nigerian equities in Wednesday’s trading session was a result of major investors’ insistence on waiting for the outcome and ruling of the Presidential Election Petition Tribunal (PEPT).

The PEPT had on Wednesday upheld President Bola Ahmed Tinubu’s victory at the last February 2023 Presidential Election held amid heavy controversies and multiple recorded cases of violence and other alleged infractions. There was however tension in the Stock Exchange as investors were uncertain if Tinubu would emerge victorious at the Tribunal, hence the decline in equities value.

According to data recovered from the Stock Exchange by ENigeria Newspaper on Wednesday, the All-Share Index traded 0.07% lower to close at 68,286.28 against 68,334.68 index points recorded in the previous day’s trading session.

The market capitalization of equities saw a loss of N27 billion to close at N37.373 trillion, 0.07% lower than the N37,400 trillion recorded in the previous trading session.

Guineains, Beta Glass, and Calverton led the top gainer’s chart as they all gained +10.00%, +9.91%, and +9.84%, respectively.
Meanwhile, Vitafoam, Veritaskap and Linkassure led the top losers’ chart, losing –10.00%, -7.69%, and –5.56%, respectively.

BREAKING: Labour Party Rejects Tribunal Ruling in Favour of Tinubu

The Labour Party (LP) has rejected the judgement delivered on Wednesday by the Presidential Election Petition Court (PEPC).

The Tribunal had dismissed petitions by the party and its presidential candidate in the 2023 election, Peter Obi, stating that they did not prove their cases against the election of incumbent, President Bola Tinubu.

National Publicity Secretary of the LP, Obiora Ifoh, stated the party’s position in a press release.
Part of the statement read:

“The Labour Party watched with dismay and trepidation the dismissal of petitions by the five-man panel of the Presidential Election Petition Court led by Justice Haruna Tsammani today, and we reject the outcome of the judgment in its entirety because justice was not served and it did not reflect the law and the desire of the people.
“Nigerians were witnesses to the electoral robbery that took place on February 25, 2023, which was globally condemned, but the Tribunal in its wisdom, refused to accept the obvious.
“What is at stake is democracy, and we will not relent until the people will prevail.
“We salute the doggedness of our team of lawyers who fearlessly exposed the wrath in our system. We can only weep for democracy in Nigeria, but we refuse to give up on Nigeria.”

The party further said its position would be presented after consultation with its lawyers when the certified true copy of the judgement is made available.

JUST IN: FG Says Nigerians To Now Pay More For Prepaid Meters

Nigerians are to henceforth pay more for prepaid meters, according to a directive by the Federal Government, ENigeria Newspaper reports.
The directive was contained in a circular released by the Nigerian Electricity Regulatory Commission (NERC) which approved an upward review of the prices of prepaid meters or prepaid electricity meters in Nigeria. CONT. READING

Source: ENigeria Newspaper