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European stocks extend losses on fear of virus pandemic

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European stock markets fell further on Tuesday but declines in midday trading were far less than during a major sell-off a day earlier.

Fashola urges top ministry officials to work as team

World equities suffered dizzying declines Monday, sparked by fears that the COVID-19 outbreak could derail the global economy.

More deaths and a surge in new coronavirus cases in Iran, Italy, Japan and South Korea has fanned fears of a pandemic.

Tokyo’s main stocks index closed Tuesday with a hefty 3.3-percent loss as traders caught up with global markets after a Japanese public holiday Monday.

Other Asian equity markets recovered a bit meanwhile, with increases in Hong Kong and Seoul.

After rebounding early on Tuesday, major European markets then headed lower once again, although with much less momentum compared with their losses of between 3.0 and 4.0 percent the day before.

– ‘Positive mood not short-lived’ –

“Equity markets in Europe enjoyed a rebound in early trading in the wake of yesterday’s bloodbath of a session, but the positive move was short-lived,” said CMC Markets UK analyst David Madden.

“The brutal losses endured yesterday coaxed a few buyers out of the woodwork, but given that equity benchmarks are back in the red suggests that sentiment is still sour.

“The coronavirus crisis in Italy remains at the forefront of traders’ minds,” Madden added.

Italy has seen a serious jump in cases — from six to 229 since Friday — and now has the biggest number of confirmed infections in Europe.

News at the weekend that COVID-19 was now spreading and claiming lives far beyond China sparked Monday’s market rout, with Wall Street’s Dow index suffering its worst day in two years.

The rapid spread abroad came as the World Health Organization said the epidemic had peaked at its epicentre in China, where it has killed more than 2,600 people and infected more than 77,000 others.

But the situation has worsened elsewhere with nearly 2,700 other cases and more than 40 deaths globally, prompting restrictions on travellers from infected nations, the cancellation of football matches and national efforts to isolate suspected carriers.

“What was largely a Chinese issue to resolve has soon become an international problem, with European eyes transfixed on Italian efforts to curb the spread of the virus,” IG analyst Joshua Mahony said.

“Fears over a potential coronavirus contagion throughout Europe is likely to provide substantial risk-off sentiment for days and weeks to come, with significant pressure on the Italians to stop this outbreak from spreading throughout the continent.”

Italian Prime Minister Giuseppe Conte blamed the management of a hospital in northern Italy for an outbreak there.

Elsewhere Tuesday, haven investment gold slid after hitting a seven-year high on Monday.

Oil prices, which tanked by around 3.8 percent on Monday, remained in negative territory owing to concerns that the global economy would require less crude in the days and weeks to come.

– Key figures around 1215 GMT –

London – FTSE 100: DOWN 0.7 percent at 7,103.80 points

Frankfurt – DAX 30: DOWN 0.5 percent at 12,974.07

Paris – CAC 40: DOWN 0.6 percent at 5,756.01

Milan – FTSE Mib: DOWN 0.6 percent at 23,293.34

Madrid – IBEX 35: DOWN 1.1 percent at 9,379.00

EURO STOXX 50: DOWN 0.7 percent at 3,621.61

Tokyo – Nikkei 225: DOWN 3.3 percent at 22,605.41 (close)

Hong Kong – Hang Seng: UP 0.3 percent at 26,893.23 (close)

Shanghai – Composite: DOWN 0.6 percent at 3013.05 (close)

New York – Dow: DOWN 3.6 percent at 27,960.80 (close)

Euro/dollar: DOWN at $1.0834 from $1.0854

Pound/dollar: UP at $1.2965 from $1.2924

Euro/pound: DOWN at 83.54 pence from 83.98 pence

Dollar/yen: DOWN at 110.53 from 110.72

Gold: DOWN at $1,655.59 per ounce from $1,659.38 late on Monday

Brent Crude: DOWN 0.3 percent at $55.60 per barrel

West Texas Intermediate: DOWN 0.1 percent at $51.33

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“Nigeria’s Biggest Ever Coalition, Civil Groups, Professionals, Labour, Artisans, Declare for Bola Tinubu”

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In what is being described as an unprecedented political development ahead of the 2027 general elections, a broad-based national coalition cutting across civil society organisations, professional bodies, labour groups, artisan associations, and other grassroots networks has announced plans to formally endorse President Bola Ahmed Tinubu for a second term in office.

The coalition, spearheaded by the Coalition of Civil Society Organisations in Nigeria, COCSON, now extends far beyond the traditional civic space, bringing together over 1,500 groups from diverse sectors of the Nigerian society. Participants include human rights organisations, medical and legal professionals, trade and artisan unions, community-based organisations, and influential labour leaders, reflecting a wide national spread and multi-sectoral backing.

The historic convention is scheduled to hold on May 17, 2026, where leaders and representatives of the various groups are expected to converge in what organisers say will be the largest endorsement gathering in Nigeria’s history. The event will serve as the official platform for the coalition to collectively declare support for President Tinubu’s re-election bid.

In a major demonstration of grassroots mobilisation, the coalition also revealed plans to submit a compiled total of 20 million signatures of Nigerians who have endorsed the President’s candidacy. The signatures, gathered through extensive nationwide engagement, are being positioned as a clear indication of public support cutting across regions, professions, and social strata.

Organisers of the event stated that the decision to back President Tinubu is driven by what they described as tangible strides in economic reforms, governance, and national stability. They emphasised that the inclusion of non-traditional actors such as artisans, market groups, and labour unions underscores a broader national consensus that transcends the usual civil society framework.

Political analysts say the scale and diversity of this coalition mark a significant shift in Nigeria’s political landscape, where support structures are no longer confined to political parties and elite stakeholders but are increasingly driven by a fusion of grassroots and professional constituencies.

As momentum builds towards the May 17 convention, observers are keenly watching how this expansive alliance will shape political narratives and influence voter sentiment in the lead-up to the 2027 elections.

Further details on the convention and breakdown of participating groups are expected to be unveiled in the coming days.

In what is being described as an unprecedented political development ahead of the 2027 general elections, a broad-based national coalition cutting across civil society organisations, professional bodies, labour groups, artisan associations, and other grassroots networks has announced plans to formally endorse President Bola Ahmed Tinubu for a second term in office.

The coalition, spearheaded by the Coalition of Civil Society Organisations in Nigeria, COCSON, now extends far beyond the traditional civic space, bringing together over 1,500 groups from diverse sectors of the Nigerian society. Participants include human rights organisations, medical and legal professionals, trade and artisan unions, community-based organisations, and influential labour leaders, reflecting a wide national spread and multi-sectoral backing.

The historic convention is scheduled to hold on May 17, 2026, where leaders and representatives of the various groups are expected to converge in what organisers say will be the largest endorsement gathering in Nigeria’s history. The event will serve as the official platform for the coalition to collectively declare support for President Tinubu’s re-election bid.

In a major demonstration of grassroots mobilisation, the coalition also revealed plans to submit a compiled total of 20 million signatures of Nigerians who have endorsed the President’s candidacy. The signatures, gathered through extensive nationwide engagement, are being positioned as a clear indication of public support cutting across regions, professions, and social strata.

Organisers of the event stated that the decision to back President Tinubu is driven by what they described as tangible strides in economic reforms, governance, and national stability. They emphasised that the inclusion of non-traditional actors such as artisans, market groups, and labour unions underscores a broader national consensus that transcends the usual civil society framework.

Political analysts say the scale and diversity of this coalition mark a significant shift in Nigeria’s political landscape, where support structures are no longer confined to political parties and elite stakeholders but are increasingly driven by a fusion of grassroots and professional constituencies.

As momentum builds towards the May 17 convention, observers are keenly watching how this expansive alliance will shape political narratives and influence voter sentiment in the lead-up to the 2027 elections.

Further details on the convention and breakdown of participating groups are expected to be unveiled in the coming days.

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How ISWAP killed Army Col. Six others in Borno.

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☆☆☆As Troops Foil Series of Ambushes.

Troops of the Nigerian Army under operation Hadin Kai have foiled a series of ambush by suspected members of the Islamic State West Africa Province (I SWAP) terrorist along the Monguno in Borno state.

Islamic state of West Africa province (ISWAP) have attacked the Nigerian army from Monguno 242 Battion Barrack in Borno State on their way to reinforce the camp.

A serving Nigerian Army Colonel was  reportedly  killed in an ambush by  insurgents in Monguno, Borno State, during a reinforcement mission

Source added said that colonel I.A. Muhammad was ambushed by ISWAP and killed along with four other soldiers.

Community confirmed that the troops who were on a fighting patrol as part of operation,came under fire from suspected terrorists 

As of the time of felling this report, there has been no official statements from the Nigerian Army regarding the accident.

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Dogara Felicitates Dangote at 69, Applauds His Enduring Impact on Africa

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Hon. Yakubu Dogara, former Speaker of the House of Representatives and Chairman of the Credit Guarantee Company Limited (NCGC), has joined Nigerians and the global business community in celebrating Alhaji Aliko Dangote on his 69th birthday. In a detailed tribute, Dogara described Dangote as “a visionary whose life’s work has become a cornerstone of Africa’s economic transformation.”

Dogara emphasized that Dangote’s entrepreneurial journey is one of resilience and foresight. From humble beginnings, he built the Dangote Group into Africa’s largest conglomerate, with investments spanning cement, sugar, salt, fertilizers, and the landmark Dangote Refinery. These ventures, Dogara noted, have not only revolutionized industries but also created millions of jobs, strengthened Nigeria’s economy, and reduced dependence on imports. “Alhaji Dangote is not just an entrepreneur; he is a nation-builder whose vision has redefined what is possible for Nigeria and Africa,” Dogara said.

He pointed out that the Dangote Refinery, in particular, represents a turning point in Nigeria’s energy sector, offering the promise of self-sufficiency in petroleum products and positioning the country as a major player in global energy markets. “This singular achievement underscores his commitment to solving Africa’s most pressing challenges through bold and innovative solutions,” Dogara remarked.

Beyond his industrial empire, Dogara praised Dangote’s philanthropy through the Dangote Foundation, which has invested heavily in healthcare, education, and humanitarian relief. From building hospitals and funding scholarships to providing aid during crises, Dangote’s generosity has touched countless lives across the continent. “His philanthropy reflects a deep commitment to humanity. He has shown that true greatness lies not only in building industries but also in uplifting lives,” Dogara added.

Dogara also reflected on the inspirational power of Dangote’s story, stressing that his rise from modest beginnings to global prominence serves as a beacon of hope for young Africans. “His journey proves that with hard work, faith, and determination, Africans can build enterprises that rival the best in the world. He remains a shining example of African excellence,” he concluded.

As Dangote celebrates his 69th birthday, his legacy continues to resonate far beyond Nigeria’s borders. His life stands as a testament to the transformative power of vision, enterprise, and compassion—an enduring reminder that Africa’s future can be defined by innovation, resilience, and generosity

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