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NCC redeploys 6 directors, 47 senior officers

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The new Executive Vice Chairman of the Nigerian Communications Commission (NCC) Prof Umar Garba Danbatta has reshuffled 53 management staff and reversed the deployment of some staff made in the twilight of his predecessor’s tenure, Daily Trust can report.
Danbatta also approved the postings of some staff from NCC’s headquarters in Abuja to zonal offices, according to a letter exclusively obtained by our reporter in Abuja yesterday.
The postings which took effect from yesterday (August 10), affected six directors, three deputy directors, 14 assistant directors, seven principal managers, three senior managers, four managers, five deputy managers, four senior officers and one officer, according to the letter dated 7th August 2015 and signed by Prof. Danbatta.
A former director of special duties Ms Funlola Akiode is now the director of licensing and authorization while Mrs Maryam Bayi, who was the director of consumer affairs bureau, is now the director human capital and infrastructure development of the commission.
Others are: Abigail Sholanke from financial services to special duties, Abdullahi Maikano from USPF to consumer affairs, Fidelis Onah from human capital and infrastructure to technical standards, Alhassan Haru moved from technical standards to new media.
But Tony Ojobo, Josephine Amuwa, Austine Nwaulune, Felix Adeoye, Nnamdi Nwokike and Ayodeji Shofolahan, retained their offices in public affairs, policy competition, spectrum administration, commission secretariat, corporate planning and project department respectively.
The deputy directors affected in the new postings are: Jerry Ugwu (commission secretariat), Felicia Onwegbulum (head, internal audit) and Mrs Amina Shehu (corporate planning).
Mathew Maganda (head, human capital), Chidi Diugwu (P/H zonal office), Oluwatoyin Asaju (spectrum administration), Chukwuma Azikwe (corporate planning), Ayuba Shuiabu (secretary, USPS), Okoh Aihe (public affairs), Yakubu Gontor (head, finance services) and  Alkasim Umar (head, zonal operations, CMD) were the assistant directors affected.
Other assistant directors affected are: Usman Malah (chief of staff), Abba Adamu (HITP, USPS), Chinelo Ofomata (legal services, NCC), Nkechi Obiekwe (policy competition), Edoyemi Ogoh (technical standard) and Kelechi Nwankwo (HSCPM, USPS).
The seven principal managers affected in the new reshuffling are: M.B Dari (HFS, USPS), Chizua Whyte (HLS, USPS), Babagana Digima (HIP, USPS), Tanimu Bawa (IP, USPS), Stella Erebor (licensing &authorization), Tayo Mohammed (head, procurement, USPS) and Anthony Ikemefuna (technical standards).
Amadi Chiemezie (Ibadan zonal office), Hauwa Wakili (procurement dept) and Ifeoma Ifezuluke (consumer affairs) were the senior managers affected.
The new appointments also affected Adedeji Roberts (manager, consumer affairs), Basil Okoye (manager, enforcement dept), Saeeda Farooq Musa (manager, corporate services, USPS), and M.L Ahmed (manager, enforcement, CME).
Others affected are: Margaret Amaku (deputy manager, consumer affairs), Chioma L. Nwogu (deputy manager, policy competition), Gbenedio Emokivie (deputy manager, procurement dept), Fred Adogo(deputy manager, consumer affairs bureau) and Yvonne Onianwa (deputy manager, consumer affairs).
Also, Josiah Kato (senior officer, registry, EVC office), Michael N. Ozoemena (senior officer, compliance monitoring), Udodirim V. Okoro (senior officer, sec. human capital), Bibian I.Igbokwe (senior officer, commission secretariat) and Mohammed Fatahu (officer, compliance monitoring, CMD) have their positions reshuffled.
The EVC, who said the new “appointments” were done for “proper realignment of the personnel to improve efficiency and productivity,” also directed the staff affected in the last deployment to revert to their former roles.
He said: “All staff deployment as conveyed in internal memoranda dated 27th July 2015, 3rd August, 2015 and 6th August, 2015 are hereby reversed. Without prejudice to the staff on the list above all should immediately revert to their former roles.”

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BUSINESS

Stock futures fall ahead of a big week of retail earnings

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Stock futures fell early on Monday after a week of steep losses that ended on a high note, and ahead of a big earnings week for retailers.

Futures tied to the Dow Jones Industrial Average slipped by 31 points, or 0.1%, while S&P 500 futures fell 0.47%. Nasdaq 100 futures were down 0.71%.

On Friday, the Dow rose 466.36 points, or 1.47%, while the S&P 500 climbed 2.39%. The Nasdaq Composite jumped 3.82% and posted its strongest one-day gain since November 2020. Still, all three averages posted losing weeks.

The gains came as investors went into relief rally mode to cap off a bad week for stocks in which the S&P 500 nearly descended into bear market territory.

It remains to be seen, however, how long the rally will last or how much further stocks have to fall before this year’s downtrend bottoms.

“Given the history of bear markets, coupled with the fact that the Fed has just begun its rate hike cycle and would like to see financial conditions continue to tighten so that demand pulls back further, this rally will most likely weaken,” said Quincy Krosby, chief equity strategist for LPL Financial.

Still, some investors and analysts say, whether or not the bottom is in, there are good buying opportunities at the market’s current lows.

“I’m not calling the bottom here, but there’s some opportunity here to dollar cost average,” said Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs, told CNBC. “If you’re sitting on a bunch of cash, you’re locking in losses because of inflation. Investing in equities or asset classes that you believe in… it is the lesser evil. The selling fatigue will wane, the market will reset. It’s unlikely the Dow and the S&P are going to be in correction territory six months to a year from now.”

Retail earnings season kicks off this week with several big-box retailers set to report results for the first quarter, including Walmart, Target and Home Depot. Elsewhere, Deere is also on deck, along with a handful of technology companies.

Investors will also have their eye on retail sales data this week, which could give them insight into how retailers are managing inflation, which remains near 40-year highs.

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BUSINESS

Nigeria issues new guidelines on cryptocurrencies 

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The Nigerian government has released new guidelines aimed at protecting investors in digital assets as trades in cryptocurrencies get boost in Africa’s most populous nation.

The rules issued by the Securities and Exchange Commission (SEC) offers more clarity on trading in cryptocurrencies, it was learnt.

The rules cover “issuance, offering platforms and custody of digital assets” for virtual technologies, according to a statement on its website.

This is coming amidst controversy over the acceptability of cryptocurrencies in Nigerian financial ecosystem.

Despite order by the Central Bank of Nigeria (CBN) to commercial banks to stop transactions in cryptocurrencies, Nigeria is said to account for the largest volume of cryptocurrency transactions outside the U.S., as data from Paxful, a Bitcoin marketplace reveals.

Experts however believe this would go a long way in boosting trading in cryptocurrencies which is gaining global traction.

The new rules cover the issuance of digital assets as securities, the registration of platforms and digital asset custodians, exchanges and virtual assets service providers.

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BUSINESS

Apple is no longer the world’s most valuable company

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Oil giant Saudi Aramco on Wednesday surpassed Apple as the world’s most valuable firm.

Aramco’s market valuation was just under $2.43 trillion on Wednesday, according to FactSet, which converted its market cap to dollars. Apple, which fell more than 5% during trading in the U.S. on Wednesday, is now worth $2.37 trillion.

Energy stocks and prices have been rising as investors sell off equities in several industries, including technology, on fears of a deteriorating economic environment. Apple has fallen nearly 20% since its $182.94 peak on Jan. 4.

The move is mostly symbolic, but it shows how markets are shifting as the global economy grapples with rising interest rates, inflation, and supply chain problems.

Aramco stock is up over 27% so far in 2022. In March, the oil giant reported that its full-year profit last year more than doubled due to soaring oil prices.

Apple passed Saudi Aramco to become the world’s most valuable publicly traded company in 2020.

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