Economy
With Epoxy, the Days of Floor Tiles are Numbered—Expert
By Dipo Olowookere
Leading provider of quality Epoxy services in Nigeria and West Africa, Alfomeg Epoxy Services says Epoxy is fast replacing the use of tiles and other outdated technology for swimming pools, flooring, walls in homes and offices in Nigeria.
According to the CEO and Head Engineer, Alfomeg Epoxy Services, Mr Michael Elikene, who spoke recently from his Lagos office, “There was a time when the use of tiles was fashionable and functional for homes and offices. When your swimming pools were decorated with it but today there is a more durable and in the long time, cheaper alternative in Epoxy.
“There was a time when tiling was the best choice for pharmacies and hospitals but that time has gone. The Epoxy technology is the better choice for homes, industries and pharmacies because it is more hygienic and durable.”
“There are two ways to look at this, the functional benefits and the aesthetic benefits. For the functional benefits – it cost less to use Epoxy technology over tiles in the long run. Tiles can break, and the sharp edges can cause bodily injuries at work or home, especially when children are involved. The gaps between broken edges on tiles can accommodate bacteria and other harmful microorganisms. To avoid these risks, opting for high-quality tiles like riad tile natural white zellige can enhance safety and hygiene. Not only do these tiles offer a smoother, more durable finish, but their handcrafted nature also adds a touch of elegance to any space, reducing the chances of harmful cracks and minimizing the risk of injuries or bacterial growth.
“For septic tank coating, it saves lives because the walls don’t easily cave in as a result of the chemical reaction of faeces which escape through the holes when you interlock tiles; insects and rodents complete the damage as the septic walls become perforated,” he added.
The aesthetic way of looking at this, Mr Elikene said, Epoxy is more durable until user decides either change the colour or design.
“You cannot customize tiles as most tiles are imported but with Epoxy you can customize it with your name, cartoon characters, your photograph or loved one’s photo.
“You can customize the children’s room to enable learning with alphabets (A,B,C), words, educational games, formulas, figures (1,2,3) and anything you want. Schools can use this for a more functional, beautiful and durable effect,” he noted.
Alfomeg Epoxy Services has a rich clientele but operates an ergonomic pricing system which allows it provide services to major corporations, government institutions and individuals who seek quality and durability. Sometimes you find visitors gazing at the finished floor or wall because it is glossy.
Alfomeg has serviced the Central Bank of Nigeria (CBN) Printing and Minting – Abuja FCT, Friesland Campina, Peak Milk (tank) – Lagos, Shell Pharmaceutical, Nemel Pharma – Enugu State, Juhel Pharma – Awka, Anambra State, Michelle Laboratories – Enugu, ECOMED Pharma – Sango Ota, Ogun State, Jopan Pharma – Ajao Estate Lagos State, New Age Pharma – Tawadada Abuja FCT etc.
Alfomeg has been providing Epoxy services across Nigeria and West Africa for over a decade and is noted for offering international standards.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.16 per cent decline on Tuesday, January 21, extending its loss this week to two.
This further depleted the market capitalisation of the alternative stock exchange by N1.65 billion at the close of transactions to N1.071 trillion from the N1.073 trillion it closed in the preceding session.
In the same vein, the NASD Unlisted Security Index (NSI) slid by 4.79 points to wrap the session at 3,100.33 points compared with 3,105.12 points recorded in the previous session.
The bourse ended with two price losers yesterday led by Geo Fluids Plc, which gave up 32 Kobo to trade at N4.38 per share versus Monday’s closing price of N4.70 per share and FrieslandCampina Wamco Nigeria Plc, which depreciated by 15 Kobo to close at N39.50 per unit compared with the previous day’s N39.65 per unit.
On the second trading day of the week, the number of deal carried out slightly went up by 8.3 per cent to 13 deals from the 12 deals executed at the previous trading session.
Also, the value of transactions increased by 97.2 per cent to N4.5 million from the N2.5 million recorded a day earlier, while the volume of securities traded in the session declined by 71.6 per cent to 183,780 units from the 767,610 units recorded on Monday.
FrieslandCampina Wamco Nigeria Plc remained the most traded equity by value (year-to-date) with 4.1 million units worth N162.9 million, followed by Geo-Fluids Plc with 9.1 million units valued at N44.0 million, and 11 Plc with 55,358 sold for N14.5 million.
Also, Industrial and General Insurance (IGI) Plc closed the day as the most active stock by volume (year-to-date) with 25.3 million units worth N5.9 million, trailed by Geo-Fluids Plc with 9.1 million units sold for N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units valued at N162.9 million.
By Adedapo Adesanya
Pressure further mounted on the Nigerian Naira in the different segments of the foreign exchange market on Tuesday, making its value to shrink against the United States Dollar at the close of business.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency crashed against its American counterpart during the session by 0.18 per cent or N2.73 to settle at N1,552.78/$1, in contrast to Monday’s closing price of N1,550.05/1.
But against the Pound Sterling and the Euro, the local currency traded flat in the official market yesterday at N1,906.98/£1 and N1,613.48/€1, respectively.
As for the black market segment, the Naira weakened against the Dollar on Tuesday by N5 to sell for N1,670/$1 compared with the preceding day’s value of N1,665/$1.
Meanwhile, the cryptocurrency market heaved a sigh of relief during the session as President Donald Trump created a crypto task force dedicated to “developing a comprehensive and clear regulatory framework for crypto assets.”
The task force will be led by Commissioner Hester Peirce, a long-time advocate for the crypto industry, and will work closely with the crypto industry to develop regulations. This is after Mr Gary Gensler, an opponent of crypto, officially stepped down as chairman of the US Securities and Exchange Commission (SEC) after Mr Trump’s term started.
The task force will also work with Congress, providing “technical assistance” as it crafts crypto regulations.
Solana (SOL) recorded a 9.2 per cent growth to sell at $257.09, Dogecoin (DOGE) rose by 7.6 per cent to $0.36789, Ripple (XRP) added 4.0 per cent to finish at $3.18, and Bitcoin (BTC) increased by 3.7 per cent to $105,515.03.
Further, Binance Coin (BNB) appreciated by 2.8 per cent to close at $699.01, Cardano jumped by 2.1 per cent to trade at $0.9972, Ethereum (ETH) soared by 2.0 per cent to settle at $3,308.21, and Litecoin (LTC) went up by 1.5 per cent to end at $116.72, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Adedapo Adesanya
The price of the Brent crude oil grade went below the $80 mark on Tuesday after it shed 86 cents or 1.1 per cent to trade at $79.29 per barrel after the US President, Mr Donald Trump, signaled the possibility of his country boosting its oil production.
This move raised concerns of higher US output in a market widely expected to be oversupplied this year, with the US West Texas Intermediate (WTI) crude futures falling by $1.99 or 2.6 per cent during the session to $75.89 per barrel.
On his first day in office, the US President signed an executive order to unleash America’s energy by easing the barriers to oil and gas extraction and production and revoking a series of climate orders by former President Joe Biden.
As pledged in the campaign, the executive order follows the declaration of a national energy emergency.
The declaration includes measures to expedite energy infrastructure delivery, and emergency approvals by agencies “to facilitate the identification, leasing, siting, production, transportation, refining, and generation of domestic energy resources, including, but not limited to, on Federal lands.”
This will likely confirm expectations that the oil market will be oversupplied this year after weak economic activity and energy transition efforts weighed heavily on demand in top-consuming nations the US and China.
President Trump also said he was considering imposing 25 per cent tariffs on imports from Canada and Mexico from February 1, rather than on his first day in office as promised.
The delay helped ease concerns of an immediate tightening of the market among US refiners, many of which are geared to process the type of crude oil supplied by these countries.
The US Energy Information Administration (EIA) reiterated on Tuesday its expectations for oil prices to decline both this year and next.
On its part, the Organisation of the Petroleum Exporting Countries (OPEC) projects robust demand growth in the world both this year and next.
In 2025, OPEC says demand is set to grow by 1.4 million barrels per day leaving its projection unchanged from the December report.
However, losses were also limited after the US president said his administration would “probably” stop buying oil from Venezuela. The U.S. is the second-biggest buyer of Venezuelan oil after China.
Also weighing on prices on Tuesday was the potential end to the shipping disruption in the Red Sea.
Yemen’s Houthis said on Monday they will limit their attacks on commercial vessels to Israel-linked ships provided the Gaza ceasefire is fully implemented.
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