News
TransCorp’s Shares Nosedive as ‘Brokers Bank on Company

Tony Elumelu, chairman, Transcorp Plc got stockbroker’s nod for a job well done, in spite of apathy gripping long term investors of Transcorp plc over their inability to recoup their dwindling investment in the conglomerate in the past six years following its initial public offers (IPO) sold at N7.50 per share in 2006, Nigeria CommunicationsWeek can now report.
Elumelu took over the chairmanship of the Transcorp’s board after what seems a protracted boardroom wrangling due to the company’s inability to live to its initial blitz in the days of former President Olusegun Obasanjo.
President Obasanjo had put together what looks like who-is-who in Nigeria business climate to set up the Transnational Corporation of Nigeria PLC, ostensibly to put Nigerians in charge of the economy.
But all that seems to have fizzled out after it lost control of Nigeria Telecommunications Plc (Nitel), due to poor management.
Several of its top management staff were also arraigned by the Economic and Financial Crimes Commission (EFCC) for funds misappropriation.
These along with the harsh operating environment have conspired to limit the growth of the company and its share price has bottomed out at N0.50 on the daily official list (DLO).
Nigeria communicationsWeek investigations pointed to short selling of Transcorp shares on the floor of the exchange by inpatient investors.
These investors prematurely take out their profits- on- investments leading to the lowering of the share price on the exchange last week.
These speculative activities led to the firm’s inability to establish momentum of price appreciation on the market to 0.98k traded the previous week at a total of 19 Million shares exchanges in the second week of November, 2012.
Emeka Maduegbena, a leading stock broker said short selling is normal phenomenon in capital play across the world. He noted that Transcorp would bounce back.
John Olabisi, of trading for Mainstreet stock brokers noted that short selling is allowed. The market does not have anything against such activities.
But the board of directors of Transcorp reassures investors of good dividends in its upcoming annual general meeting (AGM).
The recent Transcorp foray into power and energy subsector of the Nigeria economy is an added incentive for shareholders who see it as a move in the direction.
It is believed the new investment is the right management move aimed at restoring investors’ confidence in company’s stocks.
News
FG to Create 1m Technology Jobs – Minister

Bosun Tijani, minister for Communication, Innovation and Digital Economy, has stated that the federal government is geared towards creating about one million technology jobs for teeming Nigerian youth.
Tijani stated this at the official opening of a solar-powered community ICT center built by the National Information Technology Development Agency (NITDA) in Abeokuta, as part of activities marking the 38th Lisabi festival.
The minister emphasised the commitment of President Bola Tinubu’s administration to invest in the digital economy, driving inclusive growth and empowering the country’s teeming youth population.
“The president made it very clear when I came into office, that he will spend efforts and resources in creating one million technology jobs. So, for anybody that is following the development in the world today you will see that there’s no world without technology.
“There is a strong shortage of technology workforce all over the world, and while a lot of the developed countries have ageing population, and not giving birth to kids, in Nigeria, the average age is 16.9, so our young people are being projected to be the workforce of the future, not only for Nigeria.
“This center here is one of many. In the next two months, we are launching about 30 of them all over the country. This center will be properly animated and we will put resources into ensuring that there are courses for young people to come and take here.
“We are also going to ensure that there are job opportunities that we can connect them to and if anyone wants to follow, follow the three million Technical Talent Program which we have started already in the country”, he said.
He therefore charged the youth to remain focus, and not be discouraged, adding that there is massive employment opportunities in technology as there is no enough people to work in technology all over the world.
“If you ask anyone that works in technology, the entry salary is between N350,000 to N500,000. Technology pays really well, so instead of worrying about things being hard, they should take advantage of centers like this, empower themselves and go for the opportunities the world has to offer them”, he added.
Speaking earlier, Oba Adedotun Are, Alake and Paramount ruler of Egbaland, lauded President Tinubu for approving the centre in Abeokuta, saying that this has no doubt marked another new dawn for the people of Egbaland, given rapid growth, development, and economic empowerment of the people.
News
NIPSS Projects Petrol Prices to Hit ₦750/Litre Before Year’s End!

National Institute for Policy and Strategic Studies (NIPSS) has predicted that the price of Premium Motor Spirit (petrol) will decline as Dangote Refinery and other local refineries commence full operations.
Speaking on Channels Television on Tuesday, April 1, NIPSS Director-General Ayo Omotayo expressed optimism that fuel prices would fall once more refineries become operational.
He projected that petrol prices could drop to around N750 per litre before the end of the year with a more stable exchange rate.
“We’re looking at it coming down as low as N750 before the end of the year. And of course, foreign exchange will still drop to about 1.3 before the end of the year, and it is going to continue like that as more of our refineries come into place.
Omotayo acknowledged the current economic hardships but insisted that the policy would benefit Nigerians in the long run.Traditional Nigerian cuisine
“The gains at this time are very little, but in the long run, we will make up for whatever sacrifices we have made today as Nigerians” he stated
News
TikTok Sale Deal Expected Before April 5 Deadline – Trump

U.S. President Donald Trump has stated that a deal for the sale of TikTok’s U.S. operations is expected to be finalized before the April 5 deadline.

U.S. President Donald Trump
The deadline, set by legislation passed in January, mandates TikTok’s Chinese parent company, ByteDance, to divest its U.S. assets or face a nationwide ban due to national security concerns.
Multiple non-Chinese firms have expressed interest in acquiring TikTok’s U.S. operations.
Private equity firm Blackstone is considering a minority investment, potentially joining existing non-Chinese shareholders such as Susquehanna International Group and General Atlantic.
In a strategic move to facilitate the sale, Trump suggested that he might consider a reduction in tariffs on China, acknowledging that Chinese regulatory approval may be required for the deal to proceed.
The White House has been actively involved in negotiations to ensure that TikTok remains operational in the U.S. while addressing national security risks.
With TikTok’s 170 million American users watching closely, the outcome of the sale is expected to have a major impact on the social media landscape and the broader tech industry.
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