ADC: Sokoto rally will hold despite intimidation-Atiku

The former Vice President and African Democratic Congress (ADC) presidential candidate, Alhaji Atiku Abubakar, has said his campaign in Sokoto will proceed despite alleged intimidation, declaring that the party will resist any attempt to turn Nigeria into a one-party state.

Atiku stated this on Tuesday in Abuja while addressing the press on developments ahead of the party’s campaign in Sokoto.

He said what was unfolding in Sokoto was not ordinary political competition but a calculated campaign to frustrate the ADC, obstruct its campaign and deny Nigerians the freedom to choose.

‘Public facilities that should be available to every political party for legitimate campaign activities have been blocked. Logistical support has been withheld. These are not harmless administrative delays. They are deliberate attempts to deny ADC a level playing field,’ he said.

Atiku alleged that the leadership of the Department of State Services was recruiting people to stage protests in Sokoto to create disorder and give the APC-controlled state government a pretext to impose a curfew and prevent the campaign from taking off.

‘We know where some of these protesters are assembled: an office behind Zenith Bank on Koko Road. Trucks are stationed there and dispatched to key points, including roundabout. These mobilised protesters are causing gridlock. Commuters are being threatened and, in some cases, beaten,’ he said.

He said security agencies existed to protect Nigerians and uphold the law, not to recruit protesters or help a political party manufacture a crisis.

‘This is not intelligence work. It is political interference dressed in official uniform. I call on every officer involved to stop immediately and return to constitutional duty of impartial service,’ he said.

Atiku accused the Tinubu administration of devoting too much energy to weakening credible opposition and too little to solving the problems facing Nigerians in the last three and a half years.

‘It has pursued politics of absorption and intimidation, while drawing former opposition figures into APC and narrowing space for political competition. Aim is to reduce Nigeria to one party state in all but name,’ he said.

He said the government was afraid of the people’s verdict, having unleashed a crushing cost-of-living crisis.

‘Food, transport, fuel, electricity and other essentials have become unaffordable for millions. Families are struggling to feed their children, pay school fees and keep their businesses alive. That is record this government should be defending before people, instead of trying to stop rally,’ he said.

Atiku promised to make life affordable again if elected.

‘We will support local production, strengthen food production, create jobs and reduce cost of doing business. We will pursue targeted production subsidy tied to fuel refined in Nigeria, so that support reaches consumers through measurable relief while also strengthening domestic industry,’ he said.

He said the APC had still not recovered from the abysmal failure of its last rally in Kaduna and should have taken it as a warning that Nigerians were withdrawing their confidence.

‘Instead, it has chosen intimidation and obstruction. These are last kicks of dying horse. The more this government tries to silence people, the clearer it becomes that it has already lost their confidence,’ he said.

Atiku described the 2027 general election as a defining moment in Nigeria’s democratic history.

‘This is more than contest between parties or candidates. It is choice between government that has shown indifference to people’s suffering and Nigerians who have endured enough and want their votes to count,’ he said.

He said the ADC would resist every gimmick, administrative roadblock and underhand manoeuvre designed to exclude the opposition.

‘We will not be intimidated into silence or irrelevance. Our campaign will proceed, and I will be in Sokoto tomorrow, God willing, to address good people of state,’ he said.

He urged the people of Sokoto to remain calm and peaceful and not allow anyone to provoke them. He also urged security agencies to protect commuters, residents and rally participants without favor.

‘To voters of Nigeria, remain resolute. Stand your ground. Democratic freedom is not a gift from any government. It is your right. Do not allow anyone to intimidate you,’ he said.

Atiku added that the ADC would stand with officers who refused to be used against democracy.

‘Those who choose to betray their duty and collude in suppression of political freedom will be held accountable under law. Nigeria belongs to its people, not to any party or temporary occupant of power,’ he said.

Cebu Catholic school donates textbooks to Moro student

Army officials turned over 2,000 textbooks donated by the Sacred Heart School-Ateneo de Cebu in Mandaue City in Cebu, to a school in Talayan, Maguindanao del Sur, on Monday, November 2.

The textbooks are intended for students of the Hadji Baganian Memorial School (HBMS) in Barangay Tambunan in Talayan, most of whom come from marginalized Maguindanaon families.

Brig. Gen. Edgar Catu, commander of Army’s 6th Infantry Division, personally handed over the books to HBMS officials during a symbolic turnover ceremony on Monday.

The donation aims to support the educational needs of students in the community by providing additional learning materials.

The simple turnover ceremony, held at the headquarters of the 6th ID at Camp Siongco in Barangay Awang, Datu Odin Sinsuat, Maguindanao del Norte, was witnessed by Catu’s subordinate officers and representatives of HBMS and the school that donated the textbooks.

The textbooks were coursed through the 6th ID by officials of Sacred Heart School-Ateneo de Cebu, who recognized the division’s links with Moro communities in Maguindanao del Sur and Maguindanao del Norte, where its units conduct extensive multi-sector peacebuilding activities that complement the government’s Southern Mindanao peace process.

The 2,000 textbooks were personally received by Albert Hadjihil, a senior official of HBMS, one of the schools in Talayan, hometown of Maguindanao del Sur Gov. Ali Midtimbang.

Midtimbang told reporters on Tuesday that he was grateful to the donor for the textbooks donation.

Catu said he hoped other big schools outside the Bangsamoro region would also donate textbooks for elementary and high school students in Maguindanao del Sur and Maguindanao del Norte to support their studies.

Carrefour shuts CBD store four years later

Supermarket chain Carrefour has shut its Comet House outlet in Nairobi’s Central Business District, four years after opening the store seeking to challenge its well-established competitors.

The closure, effective October 31, comes as Kenya’s supermarket industry continues to be reshaped by fierce competition.

In a statement, Majid Al Futtaim, which operates the Carrefour franchise in Kenya, said the decision followed a regular review of its operations.

‘Majid Al Futtaim regularly reviews its operations to ensure they continue to meet the needs of our customers and the business,’ the Kenya management team said.

When Carrefour opened its Comet House branch along Monrovia Street on November 9, 2022, the move marked its return to Nairobi’s CBD after years of concentrating on shopping malls in the city’s suburbs.

According to data by market intelligence firm Sagaci Research, Carrefour controlled 14 percent of the retail market un 2025.

‘As part of this ongoing review, we have made the decision to close our Carrefour store at Comet House in Nairobi.’

The retailer sought to reassure customers that the closure did not signal a retreat from Kenya, where it continues to expand its operations.

‘Carrefour continues to operate 35 stores across Kenya, and we remain committed to serving our customers and supporting our long-term operations in the country,’ the statement added.

The company said it was supporting employees affected by the closure through the transition but did not disclose how many workers would be affected or whether they would be redeployed to other branches.

When Carrefour opened its Comet House branch along Monrovia Street on November 9, 2022, the move marked its return to Nairobi’s CBD after years of concentrating on shopping malls in the city’s suburbs.

The launch was accompanied by promotional offers, including discounts of up to 50 percent on selected products, as the retailer sought to attract shoppers and challenge established competitors operating in the city centre.

The outlet became Carrefour’s 19th store in Kenya at the time and stocked more than 9,000 product lines, including fresh produce, groceries, household goods and personal-care products.

Majid Al Futtaim said the store would serve customers who previously struggled to access Carrefour’s products while working in the CBD.

‘Kenya remains a key market in our expansion strategy, with many opportunities to grow our network across the country through physical stores and e-commerce offering,’ the company said at the time.

Four years later, however, the outlet has shut its doors, with the company yet to explain whether the decision was linked to sales performance, operating costs, competition, lease arrangements or a broader review of its store network.

The closure comes against the backdrop of a retail market increasingly dominated by a handful of large supermarket chains.

Data published by Business Daily on October 19, citing market intelligence firm Sagaci Research, showed that Naivas, Quickmart and Carrefour controlled a combined 60 percent of Kenya’s formal retail market in 2025.

Naivas commanded an estimated 31 percent share, followed by Quickmart at 15 percent and Carrefour at 14 percent.

The three chains have expanded aggressively as they seek to capture customers and retail space left vacant by the collapse of former industry heavyweights.

How ergonomic seating is tackling Nigeria’s silent back pain crisis

ACROSS Nigeria’s sprawling commercial centres and quiet educational institutions, millions of citizens spend between eight and twelve hours every single day seated at desks, classroom benches, and computer workstations. Behind this ordinary picture of daily work and study lies a severe public health crisis that is developing silently across decades. Chronic low back pain and progressive spinal deformation have become widespread conditions affecting Nigerians of all ages. Clinical studies and physical assessments across the country reveal that over 65% of citizens regularly endure severe postural strain caused by standard, unergonomic furniture. The cumulative impact of sitting on poorly designed seats begins in early childhood, worsens throughout secondary and university education, and culminates in debilitating musculoskeletal disorders during peak working years.

The evidence of early postural damage is clearly documented in primary school classrooms across North-Central Nigeria. A 2026 study conducted by Abdulraheem and Abdulrasak from the University of Ilorin, published in the Journal of Environmental Spectrum, evaluated six hundred and twelve primary school pupils aged six to twelve years across Ilorin Metropolis. The researchers measured key physical body dimensions against standard classroom furniture parameters and discovered alarming physical mismatches. Seat height exceeded the lower leg height in 68 % of pupils, desk height exceeded sitting elbow height in 74%, and seat depth exceeded buttock to popliteal length in 59%. These physical incompatibilities forced young children into forward trunk flexion, unnatural shoulder elevation, and dangling feet without ground support. The study established that exposure to unergonomic furniture during formative physical growth creates a direct foundation for long-term spinal misalignments.

As students progress into secondary education, the physical strain intensifies due to the widespread practice of supplying identical furniture sizes to growing adolescents. A 2023 study led by Dr. Aiyegbusi and his colleagues at the University of Lagos examined secondary school classrooms in Lagos State. The researchers found that manufacturing homogeneous furniture without considering adolescent growth variations creates severe anthropometric mismatches. This continuous physical mismatch was identified as a direct primary risk factor for adolescent spinal deformities, establishing a pattern of postural overload that students carry into adulthood. Meanwhile, by the time young adults transition into the corporate workforce, decades of uncorrected seating strain manifest as chronic medical conditions. A 2021 investigation conducted by Salihu and colleagues from the National Orthopaedic Hospital Dala in Kano surveyed three hundred office workers across the Kano metropolis. The researchers found a 65.3% prevalence of active low back pain among office staff. Furthermore, 68% of respondents reported suffering from previous musculoskeletal disorders, with 54.4% specifically reporting persistent hip pain. The study highlighted that only 33.7% of office workers maintained proper seating posture and 37.7% had access to an ergonomic chair, demonstrating a widespread lack of supportive seating in Nigerian workplaces.

Addressing this national health challenge requires a clear understanding of how health-focused seating differs from conventional/traditional furniture. In an interview conducted with Mr Endurance Thompson Ukoyo, Managing Director and Chief Executive Officer of Thekan Ergonomic Chairs and Table, he highlighted the fundamental difference between ordinary office seating and engineered ergonomic solutions. Unfortunately, it has taken us decades in Nigeria to fully absorb and understand the difference between basic furniture and specialised seating. People often use the blanket term ‘office furniture’ when referring to chairs and tables, without realising there are distinct functional categories. Standard furniture simply provides a place to sit, whereas ergonomic furniture is health-focused. It is engineered to enhance productivity, manage space effectively, and support human anatomy. Just as smartphones replaced basic mobile phones to offer advanced capabilities, ergonomic furniture has emerged to deliver measurable medical, ergonomic, and productivity benefits in the workplace.

Mr Ukoyo explained that the modern Nigerian workday combines extended desk hours with daily commutes, multiplying the risk of physical degeneration over a career. Many professionals do not realise the severe threat posed by spending 8 to 12 hours daily sitting at a desk under work pressure. Prolonged sitting causes physical degeneration and contributes to abdominal weight gain, which people often misattribute solely to diet or lifestyle choices. To compound the issue, after spending 8 to 10 hours seated in an office, workers commute home in Lagos traffic, spending another 3 to 4 hours in the exact same sitting position inside a car. Upon arriving home, they sit in front of the TV to eat dinner and then go straight to bed. This sedentary lifestyle accumulates over 10, 20, or 30 years. Upon retirement, or even after just a decade of work, individuals experience severe chronic waist pain, back pain, knee issues, reduced mobility, and obesity.

The medical effectiveness of ergonomic seating interventions is supported by clinical research in southern Nigeria. A 2023 experimental trial conducted by Ubom Achalu from the Department of Health Education at the University of Port Harcourt, published in the Partners Universal International Innovation Journal, evaluated fifty patients suffering from chronic back conditions at the University of Port Harcourt Teaching Hospital. The trial demonstrated that introducing adjustable ergonomic chairs, height-adjustable desks, anti-fatigue mats, and structured posture education significantly promoted proper spinal alignment and brought about measurable reductions in low back pain among both outpatient and spine physiotherapy groups. Technological advancements in active workspace design are also helping professionals maintain continuous spinal health. Modern ergonomic seating features multi-directional adjustments including four-dimensional armrests, adjustable seat depth, dynamic recline mechanisms, and customisable lumbar supports that adapt to individual spinal curves.

In addition, automated smart power tables incorporate built-in height controls that automatically raise the desk to a standing position after two or three hours of sitting. This automated feature encourages workers to alternate between sitting and standing, stimulating blood circulation and relieving continuous pressure on the lumbar spine throughout the working day. Despite these proven health benefits, financial perceptions remain a primary barrier to widespread adoption in Nigeria. Standard office chairs sell for fifty thousand to one hundred thousand Naira, whereas high-quality ergonomic chairs range between seven hundred thousand and one point five million Naira. Mr Ukoyo addressed this price gap by contrasting the initial purchase price with the long-term cost of medical treatments.

In Nigeria, prospective buyers often ask why they should spend 700,000 Naira or 1.5 million Naira on an ergonomic chair when they can buy a standard chair for 50,000 Naira or 100,000 Naira. While they may look similar visually, functionally they are completely different. Ergonomic chairs are engineered to align joints, support spinal curvature, and prevent muscular strain. After visiting orthopedic hospitals and witnessing patients undergoing knee replacements, hip replacements, and severe spinal surgeries, my perspective changed. Many individuals spend millions in healthcare costs for preventable conditions that stemmed from decades of poor seating. It is surprising that people readily spend 20 million Naira to 30 million Naira on luxury vehicles or high-end real estate, yet hesitate to invest 700,000 Naira in an ergonomic chair that directly protects their daily health and physical mobility.

To make health-engineered furniture accessible across different income levels, manufacturers have developed practical financial solutions. These include tiered product models that preserve core anatomical lumbar support, flexible installment plans for verified employees, and four-year buyback programmes that allow customers to trade in used chairs for upgrade credits. To build local technical capacity and reduce dependence on expensive imports, domestic producers have partnered with public institutions. Government collaboration is vital. We have partnered successfully with the Nigerian Content Development and Monitoring Board (NCDMB) to establish a technical training and manufacturing facility in Akwa Ibom State. We brought in international experts from the US and India to train Nigerian youth in specialized manufacturing skills and build local industrial capacity.

Ongoing academic collaborations between manufacturing firms and Nigerian tertiary institutions, such as postgraduate thesis research at the University of Lagos, continue to build local scientific data on workspace ergonomics. As public health awareness grows, experts emphasize that addressing back pain requires systemic policy changes, including enforcing anthropometric furniture standards in public schools and prioritizing locally manufactured ergonomic products in government procurement. Protecting spinal health from childhood through adult employment is essential to securing the long-term well-being and economic productivity of the nation.

Failing to prioritize proper ergonomics shortens productive careers and forces people to spend their retirement and savings in hospitals treating preventable spinal injuries. You do not need to suffer through that.

Cyprus fleet registry up by 27% in last three years, Deputy Minister says

Deputy Minister for Shipping Marina Hadjimanoli has said that the aim of the Ministry is for Cyprus to have a positive influence on global maritime events and be a strong protagonist in shaping maritime policies. Hadjimanoli, who presented on Monday the Deputy Ministry’s budget before the House of Representatives’ Finance Committee, said that from September 2023 to date the capacity of the Cyprus Registry has increased by approximately 27%.

Referring to the Deputy Ministry’s budget for 2027, she noted that it is in surplus, with revenue amounting to pound 21.7 million, while expenditure amounts to pound 18.2 million.

In addition, the implementation costs for enhancing the competitiveness and improving the quality of the Cyprus Registry amount to pound 2.4 million, she said.

‘The steady upward trend of the Cyprus Registry over the last three years confirms that Cyprus remains a reliable and competitive shipping destination,’ the Deputy Minister said.

Moreover, Hadjimanoli noted that since September 2023 the tonnage of the Cyprus Registry, the Cypriot flag, has increased by approximately 27%.

This, she went on to say ‘reflects the confidence of the international shipping community in our country.’

She added that the Ministry’s revenue has increased by 17.5% over the last three years.

Regarding the number of vessel, Hadjimanoli said that since the beginning of 2026, 119 new ships, with a total gross tonnage of over 2.4 million tons, have been registered in the Cyprus Registry, while since September 2023, the tonnage of the Cyprus flag fleet has increased by approximately 27%.

The Deputy Minister also talked about an increase in revenue from tonnage tax.

She noted that in the fiscal year 2025, an increase in revenue from tonnage tax of 8.92% was recorded compared to the fiscal year 2024.

Concluding, she said that the vision and ongoing goal of the Deputy Ministry is to make Cyprus an important and strong protagonist in the formulation of maritime policy as well as an attractive maritime center.

Osun APC cautions NLC against planned strike, UBA picketing

The Osun State chapter of the All Progressives Congress (APC) has cautioned the state leadership of the Nigeria Labour Congress (NLC) against embarking on its planned three-day sympathy strike and picketing of United Bank for Africa (UBA) branches over the lingering dispute surrounding local government allocations.

The state chapter of the NLC had said in a communique signed by Christopher Arapasopo, its chairman that the sympathy strike that would begin on the 8th of November, 2026 would end at midnight on Wednesday, November 11, 2026, and would be subsequently followed by peaceful picketing of all United Bank for Africa (UBA) branches across Osun State from Thursday, November 12.

The party also called on the police and other security agencies to remain on alert ahead of the planned action, warning that any breakdown of law and order should attract the arrest and prosecution of those responsible.

In a statement issued on Tuesday by Kola Olabisi, the party’s Director of Media and Information, the APC said, ‘we consider it a criminal act for the state NLC to contemplate the threat of industrial action and picketing against UBA as such is counterproductive because legal and administrative disagreements should ideally be addressed through appropriate institutional channels.’

The party further said, ‘being a labour leader does not make someone to be above the laws of the land; it should not be a licence to brazenly promote crises in the society and utterly becomes a willing tool in the hands of the state with an ulterior mission to constantly rock the public peace in the society.

‘Should there be a breakdown of law and order based on the planned illegal strike of the Osun State NLC led by Arapasopo, the police and other statutory security services should not hesitate where to beam their searchlight on with a view to arresting and prosecuting the perpetrators.

‘It is our resolve that the bank should be allowed to operate in accordance with lawful directives and applicable financial regulations without undue political pressure.

‘While we are acknowledging the need for the organised labour to protect workers’ salaries, pensions and allowances, we are faulting the labour union’s approach in this situation as it had failed to adequately account for the legal questions surrounding the leadership of the councils.

‘It is misplaced and unheard of for the organised labour to willingly disregard the rights of the reinstated elected APC chairmen and councillors because they belong to a political party different from that of the state government,’ the APC stated.

The APC maintained that the NLC should remain impartial in the dispute and prioritise workers’ welfare and respect for the rule of law, rather than allow partisan political considerations to influence its position on the local government crisis.

It argued that the allocations from the Federation Account belonged to the local government council areas and not the state government, citing the Supreme Court judgment on local government autonomy, which it said was intended to strengthen grassroots administration and development. The statement partly reads: ‘The proposed Osun State NLC strike is evidently political as it is tailored to tilt public perception against the current occupants of local government offices in Osun State.

‘There’s no justification for the proposed strike as the strikers have no business with the local government allocations; they have never come out to say their salaries were unpaid or delayed; they have never come out to complain about their entitlements, pensions, or other benefits being unpaid or delayed, and they have never engaged in any discussion or agreement with the local government council authorities in the state.’

It called on the national leadership of the NLC to intervene and prevent its Osun State chapter from proceeding with the planned industrial action.

Metro prosecutors back Zalameda for CJ

FIFTEEN Metro Manila chief prosecutors have endorsed the bid of Supreme Court Associate Justice Rodil V. Zalameda as the next Chief Justice.

In Resolution 03, Series of 2026, the NCR Chief Prosecutors Association Inc. said Zalameda was the most qualified candidate to succeed Chief Justice Alexander G. Gesmundo, who is set to retire on November 6.

They cited Zalameda’s legal expertise, leadership skills and record of public service as his advantage over other nominees included on the shortlist submitted by the Judicial and Bar Council (JBC) to President Marcos.

The resolution was signed by Chief Prosecutors Ma. Aileen D. Guño of Caloocan City, Marylin Cynthia Fatima Madamba-Luang of Las Piñas City, Dindo G. Venturanza of Makati City, Rennet D. Evangelista of Malabon City and Elinore Concepcion R. Aquino-Laluces of Mandaluyong City.

Other signatories were Chief Prosecutors Giovanne T. Lim of Manila, Laurence Joel M. Taliping of Marikina City, Aileen Marie S. Gutierrez of Muntinlupa City, Armando H. Cavalida of Navotas City and Benjamin S. Vermug Jr. of Parañaque City. Also signing were Chief Prosecutors Elmer Cris L. Rillo of Pasay City, Rey Camilo B. Dumlao II of Pasig City, Vimar M. Barcellano of Quezon City, Vincent M. Villena of Taguig City and Lemuel B. Nobleza of Valenzuela City.

Zalameda began his career as a public prosecutor in Mandaluyong City in 1995 and rose through the ranks to become city prosecutor in 2002.

He later served as a Court of Appeals justice for 11 years before joining the Supreme Court in 2019, becoming the first former city prosecutor to sit on the High Tribunal.

The association said Zalameda’s extensive experience in prosecution and the judiciary made him well-suited to lead the country’s highest court.

‘Supreme Court Associate Justice Rodil V. Zalameda’s years of law practice attests to his unyielding pursuit of justice, effective leadership skills and administrative acumen,’ it said.

The group also cited Zalameda’s ‘academic excellence and impeccable record of public service’ in declaring him the most qualified candidate for the position.

It stressed that the next chief justice must possess ‘outstanding legal credentials with exceptional moral, administrative and leadership traits.’

Aside from Zalameda, also included on the JBC’s shortlist are SC Senior Associate Justice Marvic M.V.F. Leonen and Associate Justices Alfredo Benjamin S. Caguioa, Japar B. Dimaampao, and Jose Midas P. Marquez.

Former Vice President and now Naga City Mayor Maria Leonor G. Robredo has endorsed the bid of Leonen to get the top post in the Judiciary.

Robredo noted that Leonen is the most senior among all the justices of the Court and has proven his ‘competence, independence, probity, and integrity.’

She also pointed out that Leonen has written thousands of decisions and separate opinions which show his awareness on various issues.

On the other hand, Marquez was nominated by the Association of Retired Regional Trial Court Judges of the Philippines and former SC Associate Justice Arturo Brion for the post.

They cited Marquez’ contribution in improving court operations during his stint as Court Administrator.

Marquez served as Court Administrator for 11 years or from January 2010 until his appointment as associate justice on November 16, 2021. He also served as spokesperson of at least four chief justices.

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As Court Administrator, Marquez initiated the E-warrant and e-subpoena, implemented The Hague Service Convention and spearheaded the creation of Office of Judiciary Marshals by petitioning Congress.

As an associate justice, Marquez is the working chairman of Judiciary Budget Committee and advocated online appearances of overseas Filipino workers abroad before the courts in real time through videoconferencing.

Dimaampao, on the other hand, was endorsed by the National Commission on Muslim Filipinos and the Bangsamoro Transition Authority Parliament.

Under Article VIII, Section 4 (1), the President is mandated to make appointments in the judiciary within 90 days from the occurrence of the vacancy.

Cargo ship hit in Strait of Hormuz, one person killed

An Indian cargo vessel carrying 14 crew members has come under an aerial attack off the coast of Oman, leaving one sailor dead.

India’s Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, confirmed the incident.

“On November 2, the Indian-flagged vessel MSV AL JUSUFI, carrying 14 Indian sailors on board, was struck by an unidentified aerial object off the coast of Oman,” Sonowal wrote on social media platform X.

He said that 13 crew members had been safely evacuated and rescued by the Omani Coast Guard.

“However, it is with profound sorrow that I inform you that one of our sailors, Gandhar Nahim Ajic, from the state of Gujarat, succumbed to his injuries,” the minister added.

Sonowal said India’s Ministry of Ports, Shipping and Waterways and the Indian Embassy in Oman were coordinating with local authorities to provide emergency assistance to the 13 survivors, arrange their earliest possible return to India, and repatriate the body of the deceased crew member.

SOCAR, KazMunayGas discuss expanding Kazakh oil transportation via Azerbaijan

SOCAR President Rovshan Najaf met with KazMunayGas Chairman Askhat Khasenov to discuss expanding the transportation of Kazakh oil through Azerbaijan and strengthening cooperation across various areas of the energy sector.

During the meeting, the sides highlighted the successful development of strategic relations between Azerbaijan and Kazakhstan, including in the energy sector.

They also reviewed progress under the Strategic Cooperation Memorandum signed between SOCAR and KazMunayGas in 2024, with a focus on expanding cooperation in transporting Kazakh oil through Azerbaijan and exploring further partnership opportunities.

The two sides last met on June 1 during Baku Energy Week. At that meeting, they discussed the ongoing transportation of Kazakh oil through Azerbaijan, joint investment opportunities in third countries and other areas of mutual interest.

NGX ASI inches up 0.02% as bearish sentiment persists

Nigerian equities market recorded a marginal recovery on Wednesday, as gains in select heavyweight stocks lifted the benchmark NGX All-Share Index by 0.02 per cent to 254,289.35 points, despite continued selling pressure across a larger number of stocks.

The modest appreciation increased the market’s year-to-date return to 63.41 per cent, while market capitalisation rose by N28.66 billion to close at N165.11 trillion.

However, the positive index performance masked weak underlying market sentiment, as declining stocks significantly outnumbered gainers, reflecting investors’ cautious positioning and sustained profit-taking in several equities.

Market breadth closed negative at 0.6x, with 32 stocks recording losses against 19 advancers. Fortis Global Insurance, Vitafoam and UPDCREIT led the decliners, indicating that the marginal market recovery was concentrated in selected stocks rather than broad-based buying interest.

Sectoral performance was mixed, with four of the six sectoral indices closing in positive territory.

The Commodities index led the gainers, appreciating by 0.22 per cent, followed by Consumer Goods, which advanced 0.18 per cent.

The Banking index gained 0.03 per cent, while Oil and Gas edged up 0.02 per cent. In contrast, the Insurance index declined by 1.15 per cent, emerging as the worst-performing sector, while the Industrial index closed unchanged.

Trading activity presented a mixed picture, with the value and number of transactions declining despite a marginal increase in traded volume.

Market turnover fell by 52.38 per cent to ?22.61 billion, while the number of deals dropped by 27.65 per cent to 39,078 transactions. Volume, however, increased by 1.58 per cent, suggesting that the higher number of shares traded did not translate into stronger transaction value.

The combination of negative market breadth and declining turnover points to a market recovery that remains fragile, with investors yet to demonstrate broad-based conviction.

Analysts at Cowry noted that going forward, selective accumulation of fundamentally sound stocks could provide support for the market, although persistent selling pressure and weak investor sentiment may limit the scope for further gains in the near term.