Economy

Ambode Tasks Investors At LFTZ On CSR

Published

9 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

NBA Demands Suspension of Controversial Tax Laws

Published

12 hours ago

24/12/2025

Modupe Gbadeyanka

By Modupe Gbadeyanka

The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.

In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.

A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.

To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”

“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.

It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”

“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.

“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.

“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.

“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.

Economy

MRS Oil, Two Others Raise NASD Bourse Higher by 0.52%

Published

14 hours ago

24/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.

The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.

Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.

Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.

Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.

The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.

By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.

In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.

Economy

NGX All-Share Index Soars to 153,354.13 points

Published

14 hours ago

24/12/2025

Dipo Olowookere

By Dipo Olowookere

It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.

The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.

Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.

Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.

At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.

This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.

VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.

In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.