Economy

Akeredolu Proposes Port Ondo to Solve Apapa Gridlock

Published

4 years ago

28/09/2021

By Aduragbemi Omiyale

To solve the perennial Apapa gridlock in Lagos, the federal government can consider establishing a deep seaport in Ondo State, the governor of the state, Mr Rotimi Akeredolu, has suggested.

Speaking on Tuesday at the South-West Export Enlightenment and Engagement Forum held at the International Culture and Event Centre, Igbatoro Road, Akure, the state capital, he said the state was strategically positioned to allow the easy movement of goods to the Southeast, South-south, North-west and North-central regions of the country.

According to him, investors have already shown interest in developing the port, saying the state has the deepest draught in West Africa.

“Everything going to southeast or South-South and the North pass through Ondo State; all these activities will make us advise the federal government on the importance of Port Ondo,” Mr Akeredolu said at the event themed Maximizing Export Potentials In The South-West Region For Economic Growth.

“Apapa will be decongested. We can boast of the deepest draught in West Africa. We are ready and we have done our work and people have shown interest. It is a pity we have to go through a lot of protocols including the port declaration,” the Governor said.

Mr Akeredolu, who also highlighted his administration’s efforts on agriculture development, disclosed that Governors in the Southwest are steadily working together on the sector through the Southwest Agric Company (SWAgCo).

According to him, SWAgCo is a registered company under the Oodua conglomerate which was created for effective exploration of agricultural resources in the region.

He said the Akure airport, which was originally designed as a cargo airport, should be given due attention so that it can serve its purpose.

“The airport in Akure is very busy now but it is not serving the purpose for which it was established. The Akure airport was established as a cargo airport. We have said it should have a refrigerated area where people can refrigerate their goods before exporting them,” he said.

While speaking on the efforts of his administration in improving cocoa production, the Governor said, “In Ondo State, we have had some transformation since we got in. Ondo is the leading exporter of cocoa in Nigeria. It is an unfortunate development that we are not the leading producer in West Africa.

“When we came in, we knew there must be a transition. I see agriculture as a business. When we came in, I met experts who spoke to us. They made a case for Agricpreneurs. That led us to Youth on the Ridges. We have trained about 5000 youth. That was our approach to it.

“Today, we try to unlock the agricultural sector by creating a conducive environment. In creating it, we are a One-Stop-Shop. We have the Ondo State Development and Investment Promotion Agency (ONDIPA) here, when you need land they must look for it.

“Today, we are not seriously exporting cassava but we need to do that. Many countries are in dire need of cassava. We have the cassava to the ethanol plant. We have gone into partnership with the Nigerian National Petroleum Corporation (NNPC). Another cassava-to-ethanol company is coming up in Ose. Cassava for us becomes very important.

“And poultry. We have set up an industry that will be producing powder eggs. The company is almost afoot to produce powder eggs. And on cocoa added value, we have tried to do that. Today, Ondo State can be proud of a chocolate factory.

“We have put a lot of intervention in place to double our cocoa export. We have a single estate approach in Jugbere. We have 10,000 hectares in Jugbere. We should be able to improve to 150,000 metric tons per year from the 80,000 that we currently produce.

“We have started a major revolution in Nigeria here in Ondo State called red gold. It has to do with palm. We must support the zero oil economy,” Governor Akeredolu stated.

Economy

Nigerian Capital Market to Transition to T+1 Settlement May 29

Published

4 minutes ago

17/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigerian capital market will transition to a T+1 settlement cycle from May 29, as part of efforts to enhance efficiency and align with global standards, the Central Securities Clearing System (CSCS) Plc said in a notice.

If this is achieved, it would be about six months after the Nigerian central depository, clearing, and settlement agent switched to a T+2 settlement cycle from the previous T+3 cycle. The previous transitioning was precisely on November 28, 2025.

This switch will shorten the settlement period for trades, allowing transactions to be completed one business day after the execution date, instead of the current two-day cycle.

CSCS Plc, in the disclosure, said the move represents the next phase in the development of Nigeria’s capital market infrastructure.

It stated that the new settlement cycle is expected to improve post-trade efficiency, reduce settlement risk and speed up the movement of securities and funds across the capital market.

The company added that trades executed on Thursday, May 28, the final trading day under the T+2 cycle, and those executed on Friday, May 29, the first trading day under the T+1 cycle, would both settle on Monday, June 1.

“This transition requires coordinated readiness across all market participants, including exchanges, brokers, custodians, registrars, settlement banks and institutional investors.

“Industry-wide engagements and technical readiness initiatives are ongoing to ensure a seamless transition.

“All market participants are encouraged to review their internal processes, systems and operational workflows to ensure alignment with the new settlement framework,” the company stated.

After the T+2 settlement cycle went live last year, the erstwhile chief executive of the company, Mr Haruna Jalo-Waziri, at the time said CSCS Plc is already preparing to shift to a T+1 settlement cycle by mid-2026.

Mr Kalo-Waziri, who has since been replaced by Mr Shehu Yahaya Shantali, said the organisation had been strengthening its capacity over time, ensuring that the eventual migration would be efficient, stable, and cost-effective, stressing that the transition aligns with global best practices and reflects the market’s readiness for faster, more reliable settlement processes.

Economy

FrieslandCampina, Geo-Fluids Collapse NASD Exchange by 0.12%

Published

5 hours ago

17/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The duo of FrieslandCampina Wamco Nigeria Plc and Geo-Fluids Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.12 per cent on Monday, March 16.

FrieslandCampina Wamco Nigeria Plc lost N1.45 during the session to sell at N123.55 per share versus the previous price of N125.00 per share, and Geo Fluids Plc depreciated by 5 Kobo to N3.05 per unit from N3.10 per unit.

The losses recorded by the two securities lowered the market capitalisation by N8.88 billion to N2.480 trillion from N2.489 trillion, and crashed the NASD Unlisted Security Index (NSI) by 14.86 points to 4,145.60 points from 4,160.46 points.

On the first trading day of the week, the value of securities transacted by investors went up by 10.8 per cent to N33.2 million from N29.9 million, but the volume of securities dipped 97.5 per cent to 265,610 units from 10.4 million units, and the number of deals decreased by 43.5 per cent to 26 deals from 46 deals.

At the close of trades, Central Securities Clearing System (CSCS) Plc was the most active stock by value on a year-to-date basis with 38.6 million units sold for N2.4 billion, followed by Okitipupa Plc with 6.4 million units traded for N1.2 billion, and FrieslandCampina Wamco Nigeria Plc with 6.5 million units worth N609.6 million.

Resourcery Plc closed the day as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units transacted for N504.5 million, and CSCS Plc with 38.6 million units exchanged for N2.4 billion.

Economy

Naira Gains N8.46 to Trade N1,357/$ at Official Market

Published

5 hours ago

17/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira opened the week stronger against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, March 16, by N8.46 or 0.62 per cent to trade at N1,357.77/$1 compared with the previous session’s N1,366.23/$1.

In the same vein, the local currency appreciated against the Pound Sterling in the same market segment yesterday by N23.45 to quote at N1,789.54/£1 compared with last Friday’s value of N1,812.99/£1, and improved its value against the Euro by N9.72 to N1,558.31/€1 from N1,568.03/€1.

Similarly, the Naira gained N5 against the greenback in the parallel market during the trading session to sell for N1,395/$1 compared with the previous rate of N1,400/$1, and closed flat at the GTBank FX desk at N1,385/$1.

The pressure that piled on the domestic currency appeared to have eased, buoyed by higher oil prices, which have continued to bolster market sentiment.

A report by Coronation Merchant Bank Research said Brent crude prices advanced by 11.16 per cent week-on-week, rising from $91.00 per barrel to close at $101.16 per barrel amid escalating geopolitical tensions in the Middle East.

The bank noted that developments in the region heightened concerns about potential disruptions to global oil supply, increasing volatility in energy markets.

Nigeria recorded modest portfolio inflows as investors sought higher-yielding opportunities, but the inflows helped support liquidity in the FX market and contributed to the Naira’s recovery during the past week.

Also, Nigeria’s inflation cooled to 15.06 per cent in February 2026 from 15.10 per cent in January 2026, data from the National Bureau of Statistics (NBS) showed.

As for the cryptocurrency market, prices continued to weigh the tensions around the Strait of Hormuz — a critical oil shipping route between the Persian Gulf and global markets — appeared to ease slightly.

US President Donald Trump called on other nations to help secure the waterway, while some tankers reportedly have crossed the Strait, suggesting that traffic through the corridor has not been fully disrupted.

This weakened some coins, including Dogecoin (DOGE), which slumped by 1.7 per cent to $0.0998, and Cardano (ADA), which depreciated 1.6 per cent to $0.2832. Binance Coin (BNB) lost 1.5 per cent to sell for $674.25, TRON (TRX) declined by 0.6 per cent to $0.2964, and Solana (SOL) dropped 0.2 per cent to $93.66.

On the flip side, Ripple (XRP) jumped 2.2 per cent to $1.51, Ethereum (ETH) grew by 1.5 per cent to $2,302.08, and Bitcoin (BTC) appreciated by 0.1 per cent to $73,951.40, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.