THE Federal Government has said that over 30 million Nigerians have no access to electricity supply because they are yet to be connected to the national electricity grid

Buyers of the assets of the defunct Power Holding Company of Nigeria’s, (PHCN) are in for tough times in the days ahead.

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A factional leader in the oil-rich Ugborodo community, Warri South-West Local Government Area of Delta State, Chief Thomas Ereyitomi, has blamed the recurring violence in the community on the failure of security operatives to challenge the unlawful eviction of some indigenes from their homes in Aruton (Ode-Ugborodo) by armed youths.

Special Adviser to the President on Niger Delta Affairs, Mr. Kingsley Kuku, has warned Nigerians being trained by the Federal Government in foreign institutions not to do anything that could embarrass the government or be repatriated.

THE Land Rover Evoque has scored yet another first by becoming the first sport utility vehicle (SUV) to be fitted with a nine-speed automatic transmission. The new transmission developed by transmission experts, ZF specially for front-transverse driveline cuts fuel and emissions to the bearest minimum.

Florence Omagbemi, the former Pelican Stars midfielder who captained the Super Falcons for more than 20 years, is one of the FIFA officials working at the Women’s U17 World Cup in Costa Rica.

One Ikechukwu Egbo, a labourer, was remanded in prison by an Ebute-Metta Magistrate, Ms. S. Solebo for allegedly raping a 12 year old girl and strangulating her to death.

During the week, a total of 159.40 million units of Vetiva Griffin 30 ETF Securities at N17.27 were admitted to trade at the Exchange on Friday, March 14th, 2014. The fund is an open-ended Exchange Traded Fund managed by Vetiva Fund Managers Limited. Termed VG 30 ETF, it is designed to track the performance of the constituent companies of the NSE 30 Index and to replicate the price and yield performance of the Index. The fund seeks to give investors optimal exposure to the Nigerian bourse (over 90 percent exposure on a market capitalisation basis).

The underlying securities are held by a Custodian in the name of a Trust for investor protection, while the entry and exit costs for ETFs are generally lower when compared to traditional Unit Trusts. Information from the NSE website stated that the fund is expected to pay bi-annual distributions.

The Executive Director in charge of Business Development, NSE, Mr Haruna Jalo-Waziri, in a statement noted that the Vetiva Griffin 30 Exchange Traded Fund (VG 30 ETF) is an open-ended fund that will be listed on the Exchange. “The VG 30 ETF is designed to track the performance of the constituent companies of the NSE 30 Index and to replicate the price and yield performance of the Index. The NSE 30 Index comprises of the top 30 companies listed on the Nigerian Stock Exchange in terms of market capitalisation and liquidity and is a price index weighted by adjusted market capitalisation”.

“In order to provide an alternative investment window for investors, the first ETF was launched on the Nigeria bourse in December 2011. We are using the ETF product category to open up cost-effective diversification opportunities for investors, while giving the broker-dealer community an instrument to better service their clientele.This listing of the VG 30 ETF is anticipated to help advance the investor market in Africa’s fastest growing economy by further broadening the choice of asset classes open to local investors,” said Jalo-Waziri.

Speaking about the new ETF, the Exchange’s Product Lead for ETFs, Mr Osahon Aire, explained that “ETFs are essentially index funds that are listed and traded on the Exchange like shares. Buying and selling ETFs is as simple as buying /selling of shares. Unlike shares and mutual funds however, the ETFs will trade continuously all day long and allow investors to lock in a price for the underlying stocks immediately, rather than being bought and sold based on end-of-day prices”

The Managing Director of Vetiva Fund Managers Limited, Mr. Damilola Ajayi, said “In line with the growing ETF industry, Vetiva developed the VG 30 ETF to give investors optimal exposure to the Nigerian bourse by tracking the movement of the NSE 30 index. The offer for subscription of 100 million units of the Vetiva Griffin 30 Exchange Traded Fund Securities commenced on Monday, 13 January 2014 and closed on Friday, 31 January 2014”.

“Further to the successful completion of the offer, we expect that the VG30 ETF securities will be listed on the Floors of the Nigerian Stock Exchange by March 2014” said the Vetiva Chief, ahead of the listing.

According to the third largest multinational professional  services firm in the world, Ernst & Young, the global ETF industry as at October 2013 had 5,042 ETFs, with 10,053 listings, assets of US$2.3 trillion, from 215 providers on 58 exchanges and annual growth of 15 percent to 30 percent is predicted around the globe over the coming five years.

In response to the change and the increasing need for improved quality of service with latest technology, Etisalat and Ericsson have signed a Memorandum of Understanding, MoU, for a new collaboration to actualise the objective.

A Consultant Nephrologists, and Clinical Director, St Nicholas Hospital, Dr. Ebun Bamgboye, has raised alarm over the running of dialysis units in the country by unskilled personnel.

On the top 10 performing stocks last week were shares of Oasis Insurance Plc, Prestige Assurance Plc, NPF Micro-finance Bank Plc, Conoil Plc, Skye bank plc and Fidson Healthcare Plc.

A beauty contest that will celebrate young African women and presenting them as ambassadors for peace and unity in Nigeria will debut shortly in what organiserss have called the Miss Green and White Nigeria.

COALITION of civil society organisations in Edo State, yesterday, protested the collection of N750 from customers by the Benin Electricity Distribution Company, BEDC, as monthly charge irrespective of whether the customer enjoys electricity or not.

Governor Godswill Akpabio of Akwa Ibom State, has charged Akwa Ibom delegates to the national conference to be united and defend the unity of Nigeria as an indivisible entity.