Economy
Irona Tasks Imo Communities on Public Infrastructure Security
Leaders of communities in Imo State have been charged to prioritize security of public infrastructure in their localities. This call was made by the Deputy Governor of the state, Mr Gerald Irona, during a meeting with leaders of Ochia, Awarra, Assa, Obile and Obitti communities in Ohaji/Egbema Local Government Area of Imo State on the plans of the present administration for the area.
During the meeting, Mr Irona said an electrification project, jointly funded by the state government, through the Imo State Oil Producing Areas Development Commission (ISOPADEC) and Waltersmith, a multinational oil and gas company in the state, is about to commence, seeking the cooperation of the communities.
He warned that the state government will not tolerate vandalism of infrastructural projects in any part of the state, challenging stakeholders to evolve strategies towards ensuring security of public amenities in their areas.
“On behalf of the Governor, Mr Emeka Ihedioha, I invited you. We promised that our administration will ensure the provision of electricity in our place. Our people have suffered for years and God has come to wipe our tears dry. It is difficult to believe, but it is true that there are some communities in Ohaji/Egbema/Oguta that have never had electricity.
“Your area and Agwa in Oguta Local Government Area are among such communities. While Waltersmith is partnering with us in Ohaji, Sterling Global is partnering with us in Oguta to ensure that the electrification projects are realized,” he announced.
“We have done a survey covering Obitti, Awarra, Ochia, Assa, Obile and Umuapu communities in Ohaji Egbema Local Government Area. After the survey, we will get back to Waltersmith and ISOPADEC, which have both shown commitment to doing the electrification project.
“Before the end of this year, work will commence. The implications of this power project are far reaching. It will be connected to gas turbine, being the first of its kind in Imo. When you are connected, your place will become an industrial hub. Your place will be the most attractive for businesses. We shall develop our area,” he added.
“Why I called this meeting is to plead that you take deliberate steps to ensure the security of the electricity installations in your area. You know your children, including the bad ones.
“As you get back home, invite your children; warn them to desist from any temptation to vandalize the electricity installations. Set up systems locally to ensure adequate security of the installations,” the Deputy Governor appealed.
In his response, Chairman, Interim Management Committee, Ohaji Egbema Local Government Area, Mr Damian Ezeru, expressed gratitude to Mr Irona for what he described as his commitment to taking development to the door steps of people of the area.
He urged him to extend their gratitude to Governor Emeka Ihedioha for his good governance exploits, assuring him of the continued support of people of the area.
Adding his voice, member representing Ohaji/Egbema Local Government Area at the Imo State House of Assembly, Mr Cyriacus Okoro, commended the state government for steps towards providing electricity in the area, assuring the Deputy Governor of their continued support.
Also speaking, Chairman of ISOPADEC, Mr Magnus Obido, commended the state government for the initiative, assuring the Governor of the continued support of people of the area.
In his submission, the traditional ruler of Assa autonomous community, Eze Emmanuel Assor, commended the Deputy Governor for changing the narrative of people of the area, particularly, reduction in violent crimes in the area.
“We are very excited that these days, we are no longer invited to recruit cult boys and people to fight our brothers, but for developmental issues. Honestly, we have never had this kind of leadership before. Now that you are laying this foundation, God will bless you,” the royal father said.
He, however, called on the government to make a declaration that “any community that allows any public infrastructure in its vicinity to be vandalized forfeits it forever.”
In their separate submissions, traditional tuler of Obile, Eze Abyssinia Ogbuji; his Obitti counterpart, Eze E.C. Odunze; Eze Ekwueme Ekwueme of Ochia and Eze A.N. Ezenwaike poured encomiums on the the Deputy Governor, describing him as a good friend of the area.
They gave their blessings to the setting up of a joint security outfit to combat crime in the area, even as they vowed to secure the electricity installations.
The monarchs further commended the state government for the new security measures in the area, pursuant to resolutions of the recent Security Summit of Ohaji/Egbema/ Oguta local government Areas.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited had a narrow escape from the claws of the bears on Tuesday after it closed higher by a marginal 0.01 per cent.
This happened as investor sentiment waned yesterday, with profit-taking witnessed in the banking space, which fell by 0.21 per cent at the close of transactions.
However, bargain-hunting from the other sectors ensured that the bulls took charge of the bourse, with the insurance index rising by 0.91 per cent.
Further, the industrial goods sector appreciated by 0.76 per cent, the energy counter improved by 0.36 per cent, and the consumer goods space gained 0.09 per cent.
Consequently, the All-Share Index (ASI) moved up by 13.61 points to 97,639.88 points from 97,626.27 points and the market capitalisation expanded by N9 billion to N59.178 trillion from the preceding day’s N59.169 trillion.
The market breadth index was negative during the trading session as Customs Street ended with 24 price gainers and 25 price losers.
Haldane McCall topped the gainers’ chart after it chalked up 9.98 per cent to trade at N6.17, Sunu Assurances grew by 9.80 per cent to N3.81, Japaul increased its value by 9.72 per cent to N2.37, Prestige Assurance jumped by 9.64 per cent to 91 Kobo, and Neimeth leapt by 9.55 per cent to N2.18.
Conversely, Multiverse lost 9.92 per cent to finish at N5.90, Tantalizers slowed by 9.30 per cent to N1.17, UPDC REIT tumbled by 9.01 per cent to N5.05, Universal Insurance retreated by 5.88 per cent to 32 Kobo, and RT Briscoe fell by 5.67 per cent to N2.66.
Yesterday, investors transacted 552.1 million stocks valued at N8.0 billion in 9,305 deals versus the 671.3 million stocks sold for N10.6 billion in 10,464 deals a day earlier, representing a decline of 17.75 per cent, 24.53 per cent, and 11.08 per cent in the trading volume, value and number of deals, respectively.
The most traded equity for the day was Haldane McCall, which exchanged 177.1 million units for N1.1 billion, followed by Tantalizers with 37.0 million units sold for N46.7 million, UBA transacted 29.6 million units valued at N947.3 million, Prestige Assurance traded 28.6 million units worth N25.6 million, and FBN Holdings transacted 21.5 million units valued at N536.2 million.
By Adedapo Adesanya
Oil prices settled lower on Tuesday after Israel agreed to a ceasefire deal with Lebanon, reducing oil’s risk premium, with Brent crude futures down by 20 cents or 0.27 per cent to $72.81 a barrel and the US West Texas Intermediate(WTI) crude futures trading at $68.77 a barrel after a decline of 17 cents or 0.25 per cent.
Israel’s security cabinet has agreed a ceasefire deal with Lebanon on Tuesday. The accord was expected to take effect on Wednesday.
The Prime Minister of Israel, Mr Benjamin Netanyahu, said he was ready to implement a ceasefire deal with Lebanon and would “respond forcefully to any violation” by Hezbollah.
Prices had fallen more than $2 on Monday following multiple reports that Israel and Lebanon had agreed to the terms of a ceasefire in the Israel-Hezbollah conflict.
A ceasefire could pressure crude oil prices because the US administration would likely reduce sanctions on oil from Iran, a supporter of Hezbollah.
Also, the Organisation of the Petroleum Exporting Countries and its allies, OPEC+ are discussing a further delay to a planned oil output hike that was due to start in January.
Saudi Arabia, Russia, and Iraq, the three biggest producers in the OPEC+ alliance, met on Tuesday to discuss the state of the global oil market.
This happened days before the wider group will meet on December 1 to decide how to proceed with the production cuts.
Iraq’s Prime Minister Mohammed S. Al-Sudani held on Tuesday a joint meeting with Russian Deputy Prime Minister Alexander Novak and Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman Al Saud.
The meeting focused on discussions regarding global energy market conditions, crude oil production, and its flow to markets to meet demand.
The group pumps about half the world’s oil and had planned to gradually roll back oil production cuts with small increases over many months in 2024 and 2025.
However, a slowdown in Chinese and global demand, and rising output outside the group, have put a dampener on that plan.
Plans by incoming US President, Mr Donald Trump, have also created jitters for the market after he said he would impose a 25 per cent tariff on all products coming into the US from Mexico and Canada.
Crude oil inventories in the US fell by 5.935 million barrels for the week ending November 15, according to The American Petroleum Institute (API).
The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
By Aduragbemi Omiyale
The much-awaited Annual General Meeting (AGM) of Oando Plc will take place on Tuesday, December 17, 2024, at 10 am in Lagos, a statement from the energy company has revealed.
The day would be used to present the audited financial statements of the organisation for the year ended December 31, 2023, to shareholders.
Oando will also seek the approval of investors to appoint Mr Ken Igbokwe and Mr Bashir Bello to the boards of the company with effect from Monday, November 25, 2024.
Mr Igbokwe is a highly experienced management and consulting professional with over 35 years of expertise in various sectors, including oil and gas, financial services and the public sector.
During his distinguished career at PwC Nigeria, he held key leadership roles in Assurance, Tax and Consulting.
His experience spans a wide range of areas such as statutory, financial and process audits and assurance, business valuations, dispute resolution, financial and information systems risk management, corporate strategy development, corporate performance management, and tax planning.
In his role as Country Leader of PwC Nigeria, Mr Igbokwe was responsible for driving strategic thinking and the visioning that underpinned the growth of the firm.
He was in this leadership position for 10 years during which PwC Nigeria’s business recorded tremendous growth with PwC becoming the leading “Big 4” brand. He led the PwC West Africa business into the Africa-wide PwC merger in 2012.
The new appointee contributes to public discourse and debates on public sector transformation in Nigeria and on matters which focus on corporate governance and the strengthening of the investment climate.
Mr Igbokwe holds a B.Sc. (Eng) degree in Mechanical Engineering from Imperial College, London University, which he attended as a Shell Scholar and graduated from, in 1978.
He is a current member of the Institutes of Chartered Accountants in England and Wales and Nigeria. He is also a current member of the Chartered Institute of Taxation of Nigeria.
On his part, Mr Bello is an oil and gas professional with over 32 years of experience in Technical and Executive Management positions across the industry. His expertise spans all sectors, from Downstream (Refining) to Midstream (LNG) and Upstream (Exploration and Production), with a strong focus on Operations, Engineering, Project Management, and Corporate Governance.
He has served as a Board Member for Shell Petroleum Development Company of Nigeria Limited, Bonny Gas Transport Company, NLNG Ship Manning Company Limited, and various Board Committees of Nigeria LNG.
With a proven ability in Interface and Stakeholder Management, he is skilled at delivering business value in Joint Ventures with diverse shareholder agendas, managing projects with complex interfaces and stakeholder expectations, and overseeing operations with diverse functional requirements and limited resources.
Mr Bello holds a Bachelor of Engineering (B.Eng.) in Mechanical Engineering from Bayero University Kano, Nigeria. He is a Fellow of the Nigeria Society of Engineers (NSE), and a Registered Engineer with the Council for the Regulation of Engineering in Nigeria (COREN).
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