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Lagos Waives N410m Interest on N2.8bn Loans to MSMEs

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By Adedapo Adesanya

Micro, Small and Medium Enterprises (MSMEs) in Lagos will get N410 million moratorium on loans spread across three months in order to stay afloat during the current coronavirus pandemic that has affected business activities in the state.

This was done as directed by Governor Babajide Sanwo-Olu.

It means interest up to N410 million will not be paid on the N2.8 billion loans given out through the Lagos State employment Trust Funds (LSETF).

Governor Sanwo-Olu said this gesture was part of the state’s palliatives to cushion the effect of the coronavirus pandemic on micro and medium-scale businesses.

Announcing the relief, he said: “We are supporting small businesses. At LSETF, we have 1,170 SMEs and 2,160 Micro Enterprises across sectors in Agriculture, Education, Information Technology, Food Processing, Transport, among many others with a total outstanding loan balance of over N2.8 billion.

“We are granting a three months moratorium on principal and interest worth over N410 million.

“This will go a long way to reduce the pressure on these businesses as a result of the economy freeze occasioned by COVID-19.”

In addition, the state government would be providing a free meal to 100,000 young people across communities in Lagos on a daily basis.

The daily feeding scheme, Mr Sanwo-Olu said would be decentralised, with each local council having its food kitchen domiciled at a pre-arranged location agreed upon by residents. The Governor also said residents of each local council would know the food vendors to be engaged by the Government for the feeding programme.

It was reiterated that 250,000 vulnerable persons already identified in social registers of the Lagos State Residents Registration Agency (LASRRA) would be getting conditional cash transfer as a form of support for them in the period of the lockdown.

The beneficiaries, according to the Governor will not be part of the people that had already got relief food packages from the Government in previous weeks.

He further disclosed that the State met its set target of reaching out to 200,000 households in the first segment of the Food Stimulus Package coordinated by the Ministry of Agriculture and Community Development Associations (CDAs), pointing out that the State Government still had a large cache of food items in its warehouse to be shared among various segments of the residents.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

Haldane McCall, Others Lift Stock Exchange by 0.01%

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Haldane McCall shares

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.

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Economy

Oil Prices Dip as Israel Agrees Ceasefire Deal With Lebanon

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New Oil Grade

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.

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Economy

Oando Holds AGM December 17 as Former PwC Nigeria Head Joins Board

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Oando

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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