Daura Residents Demand End To Power Outage

Residents of the ancient city of Daura on Wednesday called on the Katsina State Government to urgently intervene to end the persistent power outage affecting the town and its environs.

The residents made the call a week after the Emir of Daura, Alhaji Faruk Umar, summoned the PHCN Area Manager, Alhaji Ibrahim Dayyabu, over the situation.

A cross section of the residents who spoke with the News Agency of Nigeria (NAN) in Daura lamented that the area had remained in darkness for more than three weeks.

The situation, they said, had adversely affected socio-economic activities of the people.

They urged the state government to complete work on the Daura electricity sub-station, which was abandoned by the Federal Government for decades.

``The entire Daura emirate has not been enjoying stable electricity supply for years, hence the need for the state government and the PHCN to do something to address the situation.

``For instance, for the past one month we do not have electricity in our houses and no explanation was made by the PHCN over the situation, yet they send bills and threaten us with disconnection,” Alhaji Abdulfatah Mahmud, a resident said.

The Dan’Madamin Daura, Alhaji Abdulrahaman Dan’Malam, also appealed to the government and the PHCN to address the problem in order to reduce the suffering of people in the area.

NAN observed that some of the residents now rely on power generating sets for their domestic electricity needs and businesses, while others were forced to close down their businesses.

It was also observed that the incessant power failure had forced many operators of grinding machines in the town to operate with gasoline, thereby hiking the cost of grinding a measure of grain from N10 to N30.

Reacting to the development, the PHCN Manager in Daura, Alhaji Ibrahim Dayyabu, attributed the problem to the breakdown of some electricity transformers.

``Two transformers in Daura metropolis have problems, but we are working round the clock to repair them so as restore normal supply of electricity to the town.

``I have briefed the Emir of Daura on the situation.''  

               

              

Continue ReadingDaura Residents Demand End To Power Outage

NSE Market Capitalisation Rises By N24bn

Trading on the Nigerian Stock Exchange closed  for the week on bullish note on Thursday with the market capitalisation appreciating by N24 billion.

This was due to price gains by some highly capitalised equities.

The News Agency of Nigeria (NAN) reports that the market capitalisation, which opened at N10.71 trillion, grew by 0.22 per cent or N24 billion to close at N10.73 trillion.

Also, the All-Share Index increased by 67.35 points or 0.20 per cent to close at 33,536.24 against the 33,468.89 posted on Wednesday.

NAN reports that NewGold recorded the highest price gain, rising by N11 to close at N2,466 per unit

Nestle came second on the gainers' table with N10 to close at N950, while Total gained N8.05 to close at N169.05 per share.

Okomuoil appreciated by N1.90 to close at N72.30, while Lafarge Wapco gained N1.71 to close at N76 per share.

Market analysts attributed the growth to improved 2012 financial result and dividends declared by some companies within the week.

On the other hand, Dangote Cement for the second consecutive day led the losers' chart, lost 71k to close at N148.50 per share.

It was followed by International Breweries with a loss of 25k to close at N21.20, while NAHCO Aviance lost 21k to close at N7.49 per share.

May and Baker dropped 11k to close at N2.19, while Africa Prudential Registrar lost 8k to close at N1.62 per share.

 The volume of shares traded grew by 49.58 per cent as 456.72 million shares valued at N3.58 billion exchanged in 7,340 deals.

NAN reports that this was in contrast with 305.32 million shares worth N3.39 billion traded in 5,473 deals on Wednesday.

Skye Bank emerged the toast of investors, accounting for 74.90 million shares worth N473.38 million.

UBA Capital trailed with 34.73 million shares valued at N42.96 million, while Unity Bank traded 34.45 million shares worth N28.29 million.

NAN reports that the stock market will re-open on April 2, as Friday and Monday have been declared public holidays to mark the Easter celebration.

 

Continue ReadingNSE Market Capitalisation Rises By N24bn