Economy
Lawmaker Buoys Oyo Economy With N300m Cash Grants, Others
By Dipo Olowookere
A federal lawmaker from Oyo State, Ms Tolulope Akande-Sadipe, has contributed her own quota in improving the economy of the state by empowering some of her constituents.
The House of Representatives member over the weekend distributed cash grants and some items like vehicles, laptops, amongst others to about 300 small business owners in the Oluyole federal constituency.
The items were given to participants of a vocational training programme, which was concluded on Sunday, November 21, 2021, in Ibadan, the state capital.
Business Post gathered that Ms Akande-Sadipe, who is the House Committee Chairman of Diaspora, facilitated several vocational skills and economic enhancement schemes and shared no fewer than 15 cars, 35 laptops, 165 vocational equipment and cash grants worth N300 million to the beneficiaries.
The programs included indigenous fabric production (tie and dye) practical in Abeokuta; Aso Oke production in Oyo town and aquatic agriculture fish rearing with value-adding marketing options in Ibadan city.
She organised the week-long training in conjunction with the Nigerian Institute for Oceanography and Marine Research, the National Commission for Refugees, Migrants and Internally Displaced Persons, the National Directorate of Employment (NDE) and the New Partnership for Africa’s Development (NEPAD).
Speaking at the event, she disclosed that it was the 15th program of its kind since she was elected into the National Assembly in 2019, noting that, “My primary function is to make laws for my constituency, but because of the state of our nation, I have prioritized empowerment in my constituency as a key responsibility, still within my WWREEEP campaign promises.”
The lawmaker disclosed that “this empowerment programme is in fulfilment of my electoral promises during the 2019 general elections. I am poised to do more, as a lawmaker representing this constituency.”
“The present crop of leaders at the 9th Assembly is unrepentantly committed to our constituencies. We honestly are working on ways to lift the majority of Nigerians out of poverty and this is why we promulgate laws that will affect every stratum in Nigeria,” she further said.
She assured the people that, “I am still vehemently focused on facilitating the rehabilitation of key road construction projects.
“To mention a few, I have facilitated repairs on Odo-Ona Elewe Idi-Iroko Olugbemi Adewole (Liberty Academy) Road, Ayegun Oleyo-bare Abeokuta Road and Olomi Olojuoro-ita Egba-Ijebu Igbo Road and will continue to lobby the appropriate agencies, FERMA and the Ministry of Works and Housing on these roads.”
“I believe so much in empowerment, and this is why at every given opportunity, I collaborate with relevant agencies to empower my people in a bid to add more value to their socio-economic well-being,” she added.
Ms Akande-Sadipe implored the beneficiaries to ensure that the materials are used for income potential, urging them to use the items for long term economic gain and not to sell the empowerment items allotted but to use them and multiply wealth
While the lawmaker thanked all agencies who collaborated with her in ensuring her constituents are happy, she also eulogized party leaders for supporting her.
The Deputy Chairman, Oyo State All Progressive Congress (APC), Mr Adegboyega Adeyemo, in his remarks, said “this has been a good decision for the residents of Oluyole Constituency to give us a chance to represent them in 2019.”
According to him, the federal legislator has already surpassed all legislators in Oyo State, describing her as the “best I have seen.”
“Oyo APC will do everything to support Akande-Sadipe in 2023 because she has done more than enough to achieve this,” he assured.
One of the beneficiaries, Basiru Adewale, confessed that the empowerment programmes of Ms Akande-Sadipe have been “one of the best things the people of Oluyole Constituency have enjoyed. She is the best, no doubt. I advise other political leaders to emulate the woman’s virtue and values. We can all achieve more.”
One of the highlights of the event was a raffle draw, where a constituent won a 7-seater Opel car that can be used for both personal use and income generation.
By Adedapo Adesanya
Three securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 1.38 per cent on Friday, July 3, with the NASD Security Index (NSI) up by 58.80 points to 4,307.26 points from 4,248.46 points, and the market capitalisation closing higher by N35.30 billion to N2.585 trillion from N2.549 trillion.
The price gainers were led by 11 Plc, which expanded by N20.05 to close at N220.55 per share compared with the previous day’s N200.50 per share, FrieslandCampina Wamco Nigeria Plc increased by N5.36 to N151.82 per unit from N146.46 per unit, and Central Securities Clearing System (CSCS) Plc appreciated by N3.52 to N90.74 per share from N87.22 per share.
Yesterday, the value of transactions surged by 1,431.2 per cent to N160.1 million from the preceding session’s N10.5 million, and the volume of trades rose by 303.7 per cent to 1.8 million units from 440,653 units, while the number of deals decreased by 34.4 per cent to 21 deals from 32 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 70.7 million units transacted for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Dipo Olowookere
The losing streak on the Nigerian Exchange (NGX) Limited was halted on Friday after the bourse closed higher by 2.19 per cent at the close of trading activities.
The gains reported by Nigerian stocks were buoyed by renewed bargain-hunting by investors, which resulted in all the key sectors of Customs Street ended in the green territory.
The banking space rose by 2.78 per cent, the insurance counter appreciated by 1.26 per cent, the energy segment expanded by 0.36 per cent, the consumer goods index chalked up 0.06 per cent, and the industrial goods sector grew by 0.05 per cent.
Consequently, the All-Share Index (ASI) went up by 4,918.37 points to 229,240.34 points from 224,321.97 points, and the market capitalisation increased by N3.156 trillion to N147.103 trillion from N143.947 trillion.
Investor sentiment was bullish after 34 stocks ended on the price gainers’ chart and 18 stocks finished on the losers’ log, representing a positive market breadth index.
The quintet of The Initiates, Universal Insurance, DAAR Communications, Omatek, and Airtel Africa surged by 10.00 per cent to sell for N25.85, 88 Kobo, N1.65, N1.76, and N5,274.00, respectively.
On the flip side, International Energy Insurance lost 9.96 per cent to trade at N4.70, Meyer shed 9.95 per cent to close at N18.55, Veritas Kapital dropped 5.07 per cent to finish at N1.31, Fidelity Bank slipped by 2.17 per cent to N18.00, and Jaiz Bank crashed by 1.84 per cent to N28.12.
During the session, a total of 414.7 million equities worth N25.1 billion exchanged hands in 47,106 deals compared with the 855.4 million equities valued at N28.4 billion transacted in the preceding day in 51,609 deals, implying a contraction in the trading volume, value, and number of deals by 51.52 per cent, 11.62 per cent, and 8.73 per cent, respectively.
By Adedapo Adesanya
The Naira closed flat against the United States Dollar at N1,370.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 3.
However, it appreciated against the Pound Sterling in the same market segment by N2.29 to settle at N1,829.88/£1 compared with the previous day’s N1,832.17/£1, and marginally depreciated against the Euro by 4 Kobo to close at N1,568.32/€1 versus Thursday’s closing price of N1,568.28/€1.
At the parallel market, the Naira also traded flat against the US Dollar at N1,390/$1, and at the GTBank forex desk, it also maintained stability at N1,832/$1.
Market conditions improved shortly after the following minimal intervention by the Central Bank of Nigeria (CBN) through modest Dollar sales, which boosted liquidity and supported stronger trading activity.
Easing pressure came after half-year profit-taking tapered down, while continued stronger policy signals from the central bank add to near-term support.
Deals executed at the official market on Friday came in at $70.430 million across 82 interbank deals, from $85.517 million the previous day.
Meanwhile, the cryptocurrency market continued its recovery after June non-farm payrolls printed at 57,000, less than half the 113,000 consensus, sending the implied probability of a September Federal Reserve rate hike from 64 per cent to 54 per cent and dragging AI stocks sharply lower.
Weak labour data reduces inflationary pressure and, by extension, the Federal Reserve’s justification for holding rates elevated. That transmission mechanism is direct: lower rate-hike odds compress the opportunity cost of holding non-yielding assets like crypto.
Bitcoin regained the $62,000 mark after it rose by 1.3 per cent to $62,475.29.
Cardano (ADA) gained 6.6 per cent to trade at $0.1759, Ripple (XRP) appreciated by 3.5 per cent to $1.14, Ethereum (ETH) expanded by 2.4 per cent to $1,756.82, Dogecoin (DOGE) improved by 2.1 per cent to $0.0768, Solana (SOL) chalked up 1.8 per cent to $82.65, TRON (TRX) increased by 1.5 per cent to $0.3235, and Binance Coin (BNB) soared by 1.4 per cent to $569.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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