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10 Osun Artisans Receive N3m Grant from Goldberg’s Isedowo

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10 Osun Artisans Receive N3m Grant from Goldberg’s Isedowo

By Modupe Gbadeyanka

No fewer than 10 artisans in Osun State have been rewarded with N3 million grant to boost their businesses.

The funding package was given to the entrepreneurs by Goldberg lager beer, Nigeria’s leading culture-centric beer brand, through its Isedowo youth empowerment initiative in the Southwest region of Nigeria.

The initiative, which is aimed at supporting young Yoruba men and women to grow their businesses, was launched at the palace of the revered monarch, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II last week Thursday in Ile-Ife, Osun State.

The 10 artisans from different skilled crafts were empowered with N300,000 each to support their businesses.

The beneficiaries included Adeola Olajide, Akanbi Musibau, Lateef Muibi, Ojudale Akinola and Oluwanifemi Abiodun. Others were Makinde Tolulope, Owojori Temitayo, Akinyanran Oluwaseun, Adetola Agbeniyi and Jaiyeoba Olufemi.

An elated Olufemi, who specialises in clutch and brake reconditioning in all types of motor vehicles, expressed joy at the occasion and commended the brand for having the plight of Yoruba youth in its agenda.

“It is a day of joy for me and I am grateful to Goldberg for deeming it fit to uplift Yoruba youth with Isedowo,” he said.

He noted that his grant will be channelled into his business to boost efficiency.

Agbeniyi, a cobbler from Ilesa, Osun State, who resides and works in Ile-Ife, said that Isedowo had empowered her with the resources to expand her business from a production angle.

“With my ₦300,000 business grant, I intend to buy more materials to increase my output. Before now, I have been producing smaller quantities of shoes which do not meet the demands of my clients. But with this grant, I will be able to acquire more materials to boost my output and ensure that supply meets demand,” she said.

She commended Nigerian Breweries for the partnership with artisans through Isedowo and promised to utilise her grant judiciously.

Other beneficiaries included artisans who are skilled in panel beating, fashion designing, catering, decorating and repairing of mobile phones. They expressed their excitement and commended Goldberg for the initiative which they said would put a smile in the faces of young Yoruba business men and women in the Southwest region.

Emmanuel Agu, Portfolio Manager, Mainstream Lager and Stout brands, Nigerian Breweries Plc, said that, in addition to Goldberg’s commitment to culture and tradition of the Yoruba people, it would use Isedowo to inspire entrepreneurship in the region thus impacting on employment and income generation.

“Through Isedowo, Goldberg will extend its links with the Southwest beyond culture and tradition to the entrepreneurial passion of the people,” he said.

Commenting on the modalities of the scheme, Agu said: “Interested participants who wish to benefit from the initiative are required to showcase their business ideas and how they impact the society at any of the Isedowo centres across the Southwest region.

“There will be screening of these participants and their business ideas after which the top 100 participants will be rewarded with a grant of N300,000 each to the tune of N30 million for all successful artisans in the region.”

The first five artisans were rewarded at the unveiling of the campaign at the Ooni’s palace, while the last five were rewarded during the concert in the evening where artistes like Taiye Currency and Leye Williams entertained the crowd.

The train moves to Ekiti State on September 13 to begin registration and collation of business proposals submitted by interested artisans in the state. Then there will be screening and selection of artisans who will undergo a live audition and reward on September 22 in Ado-Ekiti.

Goldberg is known across the Southwest region as a leading supporter of culture and tradition and through Isedowo, it has deepened its connections with the people by supporting their economic aspirations.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Economy

NGX Upgrades Price Stock Group of Eterna

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price stock group of Eterna

By Dipo Olowookere

The price stock group of Eterna Plc has been moved upward by the Nigerian Exchange (NGX) Limited, Business Post reports.

In a regulatory notice on Monday, the bourse noted that it upgraded the stock category of the energy company from a low-price stock group to a medium-price stock group.

This action, according to the exchange, was necessitated after the stability in the price of the company’s equities within four of the last six months in the new price category, in line with its price methodology framework.

“Equity securities of quoted companies on the exchange (NGX) are classified into three stock price groups or categories; high-priced, medium-priced, and low-priced stocks, based on their market price.

“In this regard, securities must have traded for at least four out of the most recent six-month period within a stock price group’s specified price band to be classified into the category.

“Accordingly, a review of Eternal Plc stock price and trade activities over the most recent six-month period provides the basis for reclassifying the security from the low-priced stock group to the medium-priced stock group.

“This reclassification also necessitates the attendant change in the tick size change from N0.01 kobo to N0.05 kobo, in line with Rule 15.29: Pricing Methodology, Rulebook of the exchange, 2015 (trading license holders’ rules),” the statement from the platform stated.

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Economy

Unlisted Securities Investors Gain N18.29bn in Five Days

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unlisted securities investors

By Dipo Olowookere

It was another positive week for unlisted securities investors in Nigeria as they smiled home with N18.29 billion last week on the floor of the NASD over-the-counter (OTC) Securities Exchange.

This was buoyed by the 1.98 per cent week-on-week growth recorded by the alternative bourse in the country during the five-day trading week, which had five stocks closing on the gainers’ chart, with none on the opposite table.

Data harvested by Business Post indicated that FrieslandCampina Wamco Nigeria appreciated by 10.44 per cent to settle at N69.00 per unit. UBN Property Gain 7.14 per cent to trade at 75 Kobo per share, Niger Delta Exploration and Production improved by 6.95 per cent to N200.00 per unit, Geo-Fluids rose by 6.12 per cent to N1.04 per share, and Central Securities Clearing System (CSCS) increased by 3.85 per cent to N13.50 per unit.

In the week, the volume of trades declined by 35.51 per cent to 24.5 million units from 62.6 million units, the number of deals went down by 12.82 per cent to 66 deals from the preceding week’s 71 deals, while the value of transactions increased by 122.48 per cent to N96.6 million from N87.6 million.

The most active security for the week by volume was Geo-Fluids, with the sale of 20.0 million units, followed by UBN Property with 3.4 million units. FrieslandCampina traded 581,021 units, CSCS transacted 375,512 units, and VFD Group exchanged 111,104 units.

However, the most active equity by value for the week was FrieslandCampina, with a sale of N38.5 million. VFD Group recorded N27.2 million, Geo-Fluids traded N20.7 million, CSCS transacted 5.1 million, and UBN Property traded N2.6 million.

Data showed that the NASD unlisted securities index (NSI) increased in the week by 13.92 points to 717.15 points from 703.23 points, as the market capitalisation grew by N18.29 billion to N942.35 billion from N924.06 billion.

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Economy

Nigeria’s External Reserves Shed 0.14% to $37.020bn

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Nigeria's external reserves

By Aduragbemi Omiyale

In one week, Nigeria’s external reserves depreciated by a marginal 0.14 per cent to $37.020 billion from $37.070 billion in the preceding week.

Data obtained by Business Post from the Central Bank of Nigeria (CBN) disclosed that the balance in the coffers was as of Thursday, February 2, 2023.

The FX balance in the country’s purse was supposed to expand during this period when prices of crude oil were relatively stable, but this has not been the case because of low production.

Nigeria relies heavily on the sale of crude oil to earn forex, which is currently scarce in the country, putting the Naira under pressure.

The federal government has blamed low crude oil output on the theft of the commodity and has promised to make efforts to address the issue.

Recall that in August 2022, Nigeria’s crude oil production plunged below one million barrels per day (972,394 bpd), the lowest ever in several years.

However, according to the Organisation of Petroleum Exporting Countries (OPEC), the output improved by 171,000 barrels per day in November to 1.186mbpd, though about 700,000 barrels per day less than its quota for the month.

The Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed, said the federal government plans to improve the country’s crude oil production to 1.6 million barrels per day by the first quarter of 2023.

It is believed that this would boost the FX earnings of the nation and bolster the reserves and the local currency in the foreign exchange market.

Last week, the Nigerian Naira depreciated against the United States Dollar on a week-on-week basis by 25 Kobo or 0.05 per cent to N461.50/$1 compared with the preceding week’s N461.75/$1.

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