Economy

Ambode Begs Ladipo Traders for Support

Published

9 years ago

13/01/2017

Modupe Gbadeyanka

**To Turn Yaba to Main Tech Hub

By Modupe Gbadeyanka

Lagos State Governor, Mr Akinwunmi Ambode, on Wednesday sought the support of traders at the popular auto spare parts market in Ladipo, Mushin.

Speaking at the market where he was received by hundreds of traders amidst pump and pageantry, Governor Ambode said from next month, his administration will commence construction of Alhaji Akinwunmi Street and Ladipo Street, as well as Obagun Avenue, off Fatai Atere Road.

He also said that a multi-layer car park will be constructed to address the chaos in the area in terms of parking of vehicles, but solicited the cooperation of the traders and residents of the area, saying that government would organize a stakeholders’ meeting to discuss modalities for the construction.

Also on Wednesday, Mr Ambode said plans were going on to transform the Sabo Industrial Estate in Yaba area of the state to a technology hub and another Silicon Valley where new set of entrepreneurs and innovators would be raised to address the challenges confronting the nation in the Information and Communication Technology (ICT) sector.

Silicon Valley, which is in San Francisco Bay Area of California, United States, is home to many of the world’s largest high-tech corporations and thousands of startup companies.

Governor Ambode, who spoke during an extensive inspection tour across the state, said government will actualize the plan of transforming Sabo to the new hub for technology in 2017 and assist the already established technology incubators in the area to achieve their full potentials.

Some of the technology outfits visited in the area by the Governor included Ardela, IDEA and CC Hub, among others.

Mr Ambode, who was joined on the inspection by top government functionaries and former Minister of Communications and Technology, Mrs Omobola Johnson, said government was desirous of assisting entrepreneurs in the ICT sector to become good startups, adding that his administration would explore all the available initiatives in that regard.

He said to start with, entrepreneurs in the sector would be allowed to access the N25 billion Employment Trust Fund (ETF), which is an initiative of his administration, to grow their businesses, as well as other interventions from the State’s Ministry of Wealth Creation and Employment.

He said: “I decided to come here just for me to feel the state of things and to learn about your challenges. Our government is seriously committed to assisting entrepreneurs like the ones here to be able to be good startups.

“I want to also say that we will use our Employment Trust Fund to support this concept here.”

The Governor said one of the factors considered when government was setting up the ETF was the need to set up incubators, but with the progress made in that regard by the private sector, government would now only build on the existing technology incubators.

“All we need to do is to now send people here and also support by way of infrastructure to scale up this place and others like this that can help in churning out more people.

“Our aim is to create enabling environment for our youth to thrive, to be more creative and enterprising. We so much believe in innovation and creativity. We strongly believe that youths are the ones that can take us out of this economic recession and the truth is that we must create enabling environment for our youths to optimally utilize their talents.

“You can recall that throughout my campaign, I promised to use tourism, hospitality and entertainment to create employment and jobs for our youths. This is the fundamental basis our government is built upon.

“The whole idea is that these young ones here should not just leave this place and go back to where they started from. I think that value chain is what we as government must tap into and then we would be able to move this nation forward. I believe strongly that the youths are the future of this country and we need to pay greater attention to everything that they are doing and I also believe strongly that technology is the key that we are going to use to grow this economy,” he said.

The Governor said government would explore the possibility of addressing the power challenges confronting the area, especially by linking the estate to the Mainland Independent Power Project.

In her remarks, the former Minister commended the initiative of Governor Ambode on the plan to scale up the industrial park in Sabo, saying that the development signalled a new beginning for the technology sector.

Economy

Food Concepts Return NASD OTC Exchange to Danger Zone

Published

1 hour ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.

Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.

This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.

Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.

Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.

At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.

InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.

Economy

Investors Gain N97bn from Local Equity Market

Published

1 hour ago

05/12/2025

Dipo Olowookere

By Dipo Olowookere

The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.

This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.

UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.

On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.

Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.

Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.

A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.

This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.

For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.

Economy

Naira Loses 18 Kobo Against Dollar at Official Market, N5 at Black Market

Published

2 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.

At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.

It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.

Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.

Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.

Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.

“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.

Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.

If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.

Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.