Economy

Ambode Tasks Investors At LFTZ On CSR

Published

8 years ago

13/11/2016

Modupe Gbadeyanka

lekki-free-trade-zone

By Modupe Gbadeyanka

Lagos State Government at the weekend charged investors in the Lekki Free Trade Zone (LFTZ) corridor to step up their Corporate Social Responsibilities (CSR) to the host communities as that is one of the ways to secure the multi-billion dollars investment in the corridor.

The Government said the administration of Governor Akinwunmi Ambode was passionate about the investment in the corridor as it is the future hub of commerce and industry in Africa.

Executive Director, Finance and Administration, Lekki Worldwide Investments Limited, Mr Popson Jaiyesimi who spoke at a 3-day workshop on “Communication and Team Skills in Effective Interfacing on Community Service and Relations” for Stakeholders in the LFZ communities at the La Campagne Beach Resort, Lekki, Lagos, said CSR had become so critical that it could not be neglected by investors willing to secure their investments.

“We have a strategic plan to move Lekki Worldwide Investments limited forward and one of the things we identified is how to get the investors and the communities talking and we decided that there should be a workshop of information sharing between the investors and the communities. We are just the moderators.

“The governor is quite keen on this project because Lekki Free Trade Zone is the future of Nigeria businesses and it is a product of research. The fundamental thing is to make sure that there is security and it comes when the communities are walking in tandem with the investors.

“This is to keep them talking because when you keep the people around the table, they share their fears and sometimes, you find out that it is just miscommunication as there is no issue at all,” he said.

Mr Jaiyesimi added that the state government had understudied the Niger Delta crisis and what led to the agitation, saying that government would find a way out to address the needs of the people in Lekki in order to ensure the projects in the area were not truncated.

“We have found out that we need to get it right, because we have multi-billion dollars investments in that corridor and government has spent so much money in compensation and investment in the corridor. We are interested in knowing what the investors are putting down as Corporate Social Responsibilities to the communities,” he said.

Mr Jaiyesimi stressed that coordinated effort of all stakeholders in matters of CSR was required to ensure that the goal of the Lagos megacity was achieved, thereby guaranteeing prosperity for investors and communities.

“Numerous research findings have shown that CSR requires communication and teamwork for effective interfacing and relationship with host communities; guaranteeing safety and security for business,” he said.

He added that community development projects through CSR must meet people’s hierarchy of needs for lasting appreciation and goodwill, saying that impact assessment was a requirement for sustainability of any community project.

Mr Jaiyesimi stated that government had done a need assessment of the communities and found out that what was paramount among their needs was employment for their children by the investors, but lamented that in some cases their children were not qualified for the jobs.

According to him, conscious efforts should be made by the investors to educate and train children from the host communities on the skills and competency they needed to be gainfully employed in their establishments.

Also speaking, Mr Gokil Rajan, Operational Head, Lekki Free Trade Zone said that part of its CSR to the communities was in the area of ensuring health, hygiene and sanitation, saying that the organisation had reduced open defecation in schools through construction of toilets.

He stated that the lives of about 10,000 students had been touched while 36 schools in the Lekki corridor had been provided with toilets which had helped in curbing open defecation.

Group General Manager, Corporate Relations, Dangote Oil Refining Company Limited, Mr Yinka Akande, said the importance of community keying into investors’ projects in Lekki could not be over-emphasized as any investor willing to make impact must relate with the host communities in order to secure the project.

He said failure to cooperate with the host communities could impede the project, with the investors losing large chunks of their investments.

A community leader in the area, Ayodele Olayinka said the over 200 communities in the Lekki corridor fully supported government’s effort to develop the LFTZ as it would impact positively on the lives of people in the area.

Olayinka, who is the Chairman, Abomiti Zone in Parcel ‘B’ however, appealed to the state government to give them the land which had been earmarked for them after they were made to relinquish their original land, while describing the LFTZ development as a laudable project.

Economy

Nigeria Led Africa’s Upstream Oil, Gas Investments in 2024

Published

12 hours ago

21/01/2025

Adedapo Adesanya

By Adedapo Adesanya

Nigeria ranked as Africa’s leading destination for upstream oil and gas investment in 2024, new research from market intelligence firm, Wood Mackenzie, has shown, accounting for three out of four Final Investment Decisions (FIDs) announced by global oil and gas majors, totaling $13.5 billion.

The FIDs announced within the Nigerian market included Shell’s $122 million investment in the Iseni Gas Project, TotalEnergies’ $566 million commitment to the Ubeta Gas Project and Shell’s approval of the Bonga North Tranche 1 project valued at around $5 billion.

According to the Special Adviser to President Bola Tinubu on Energy, Ms Olu Verheijen, these investments reflected Nigeria’s ongoing efforts to unlock its hydrocarbon potential through investor-friendly policies and strategic global partnerships.

Last year, Nigeria introduced several initiatives to create a conducive environment for oil and gas investors, including new tax incentives aimed at attracting up to $10 billion in natural gas investments.

Nigeria, which is Africa’s largest oil producer, also offered tax relief for gas investors, reducing corporate income tax and extending capital allowance benefits – for deepwater gas projects.

Other policies include the Presidential Directive on Local Content Compliance Requirements 2024 to address the reduction in oil and gas investments caused by high operating costs compared to global markets.

Also, the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines 2024 reduces the time spent to award contracts for oil and gas projects.

In addition to the directives, Nigeria also launched its 2024 oil and gas licensing round, offering 19 blocks for exploration, demonstrating its commitment to continued collaboration with local, regional and international partners.

Market analysts note that with this momentum, further FIDs are anticipated, including TotalEnergies’ expected $750 million commitment to the Ima Shallow Gas Project in 2025.

Economy

UBN Property Triggers 0.22% Loss at NASD OTC Exchange

Published

15 hours ago

21/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.22 per cent decline on Monday, January 20, with the market capitalisation shedding N2.35 billion to close at N1.073 trillion compared with the preceding session’s N1.075 trillion and the NASD Unlisted Security Index (NSI) going down by 6.79 points to wrap the session at 3,105.12 points compared with 3,111.91 points recorded in the previous session.

It was observed that the loss recorded on the first trading day of the week was triggered by UBN Property Plc, which crashed by 20 Kobo to trade at N2.00 per share versus last Friday’s N2.20 per share.

However, the share price of Industrial and General Insurance (IGI) Plc went up by 4 Kobo to 40 Kobo per unit from 36 Kobo per unit, it could not stop the bourse from going down at the close of transactions.

The activity chart showed that on Monday, the volume of securities traded by investors increased by 57.9 per cent to 767,610 units from the 486,215 units traded in the preceding session, while the value of shares traded yesterday slumped by 17.7 per cent to N2.3 million from the N2.8 million recorded in the preceding trading day, as the number of deals declined by 14.3 per cent to 12 deals from the 14 deals carried out in the previous trading day.

At the close of transactions, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value on a year-to-date basis with the sale of 4.1 million units worth N162.9 million, followed by Geo-Fluids Plc with a turnover of 9.1 million units valued at N44.0 million, and 11 Plc with the sale of 55,358 for N14.5 million.

Also, Industrial and General Insurance (IGI) Plc closed the day as the most active stock by volume on a year-to-date basis with 25.3 million units sold for N5.9 million, Geo-Fluids Plc came next with 9.1 million units valued at N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units worth N162.9 million.

Economy

Naira Weakens to N1,550/$1 at Official Market, Gains N5 at Black Market

Published

16 hours ago

21/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The value of the Naira weakened against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, January 20 amid FX pressures associated with this period.

Most people who came into the country for Christmas and New Year holidays are already going back and are in need of forex, putting pressure on the local currency.

Also, the poor performance of the domestic currency could be attributed to end to the 42-day access granted by the Central Bank of Nigeria (CBN) to Bureaux de Change (BDC) operators to buy forex at official price.

According to data from the FMDQ Securities Exchange, the Nigerian Naira lost 0.16 per cent or N2.47 on the greeback yesterday to sell at N1,550.05/$1, in contrast to last Friday’s rate of N1,547.58/$1.

Similarly, the Naira slumped against the Pound Sterling in the spot market on Monday by N23.39 to trade at N1,906.98/£1 versus N1,883.59/£1 and depreciated against the Euro by N23.14 to sell for N1,613.48/€1 compared with last Friday’s N1,590.34/€1.

However, in the parallel market, the Nigerian currency improved its value against the Dollar during the session by N5 to quote at N1,665/$1 compared with the previous session’s N1,670/$1.

As for the cryptocurrency market, it turned red yesterday as the US President, Mr Donald Trump, didn’t bring up the much-expected subject of crypto in his inauguration speech on Monday afternoon.

Mr Trump had promised a far more friendly crypto policy stance than the previous administration but in the long speech that announced his plans in the coming days, he didn’t make mention of Bitcoin or crypto.

Just over the weekend, the President ignited a speculative frenzy with the Friday evening launch of the Trump meme coin, which was shortly followed by a meme coin associated with his wife, Melania.

Dogecoin (DOGE) crumbled yesterday by 6.3 per cent to $0.3419, Solana (SOL) slumped by 4.7 per cent to $235.32, Cardano (ADA) fell by 3.6 per cent to $0.9777, and Litecoin (LTC) moderated by 1.9 per cent to $114.98.

Further, Ethereum (ETH) went down by 1.7 per cent to $3,241.36, Binance Coin (BNB) retreated by 1.4 per cent to $693.30, Ripple (XRP) depreciated by 1.2 per cent to $3.06, and Bitcoin (BTC) tumbled by 0.8 per cent to $101,746.99, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.