Economy
Lagos Safe for Investments, Business Owners–Commissioner
By Dipo Olowookere
Commissioner for Special Duties and Inter-Governmental Relations in Lagos State, Mr Seye Oladejo, has assured business owners in the metropolis that their investments were in safe hands.
Mr Oladejo gave this assurance during the simulation exercise carried out by officials of Lagos State Emergency Management Agency (LASEMA) alongside other emergency stakeholders code named ‘Operation Oko Jasosa’ at the early hours of Sunday, April 29, 2018, as a way of reassuring investors and entire residents of Lagos of the preparedness of the State emergency responders to swiftly respond to emergency situations in a very coordinated manner.
The Commissioner, who spoke through the Permanent Secretary in the Ministry, Dr Jemilade Longe, disclosed that the exercise shows the capability of the various emergency responders in the state and should further convince Lagosians beyond mere promises that Lagos state government places high premium on protection of life and property.
He added that Governor Akinwunmi Ambode, since inception of his tenure three years ago, made a commitment to deploy a sizable chunk of the resource of the state towards protecting Lagosians as well as foreigners residing in the state.
“Disasters and accidents are thing that you cannot predict but for our investors, what the state government is saying is that if for whatever reason there is an accident, they should be rest assured that we have skilled officials, the needed synergy and equipment to combat surmount such situations. The implication of this is that our people can now go to sleep without any fear because there is a government that cares for them,” the Commissioner stated.
Giving an overview of the operation, General Manager of LASEMA, Mr Tiamiyu Adeshina, explained that the main rationale behinde the entire simulation process was the display of synergy that exists among all those involved in attending to emergency situations.
He added that exercise was intended to sharpen synergy, foster collaboration, improve the level of preparedness and increase the response capability of relevant stakeholders in the management of multiple casualty incident especially along the 3rd Mainland Bridge known do such multiple accident cases.
“There is nothing to panic about, this simulation exercise is delibrately planned to prepare our men, that is all emergency responders for a situation like this.
“After this exercise now, LASEMA and other stakeholders involved in this simulation process will go back to the drawing board to reappraise our performances, evaluate the entire rescue operation and design a better way to handle this type of scenario whenever it happens.
“It is part of the proactive measures we decided to carry out so that we won’t start learning how to combat real accident scenes when very precious lives would be involved,” the General Manager averred.
He described the entire synergy among the responders as perfect, saying that the equipment and professional skills of the rescuers have been put to test and can successfully handle real-life situations similar to the simulated accident scene.
He reassured Lagosians that wherever they are and at whatever time of the day, LASEMA with the support of other relevant stakeholders will do all within their power to make sure that they are safe.
Mr Tiamiyu disclosed that the simulation exercise that was concluded within an hour on the 3rd Mainland Bridge was a result of meticulous paper work, planning and several round table meetings that lasted for over 4 months.
The General Manager urged residents of the state to always remember the free-toll emergency line of 767 and 112.
He said, “Dont leave anything to chance, take advantage of this free lines and activate the call immediately an emergency is perceived so that swift assistance can come and the degree of injuries or casualities will be very minimal.”
He said that throughout the period of the rescue operation there was adequate traffic traffic control on the bridge, live update on television stations where motorists and Lagosians at large were advised not to panic.
The nickname given to the rescue operation ‘Oko Jasosa’ derived its name from the vehicle that plunged into the Lagos lagoon from the simulated accident that involved a luxurious bus and five other vehicles.
The exercise involves men of the LASEMA Response Unit (LRU), Lagos State Fire Service, Lagos State Ambulance Service (LASAMBUS) State Environmental Health and Monitoring Unit (SEHMU ), Lagos State Traffic Management Authority (LASTMA), Lagos State Neighborhood Safety Corps, Lagos State Waterway Authority (LASWA), Rapid Response Squard (RRS), Marine Police National Emergency Management Agency (NEMA) Nigerian Security & Civil Defence Corp and Federal Road Safety Corps (FRSC).
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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