Economy
Bad Roads: Residents Threaten to Shut Down Ogun Economy
By Adedapo Adesanya
Protests erupted in Ogun State on Wednesday morning as members of the Nigeria Labour Congress (NLC) and residents lamented the poor state of roads in the state.
They complained bitterly about the deplorable condition of roads, giving the state Governor, Mr Dapo Abiodun, a 21-day ultimatum to address the issue or they will bring down the economy of the state.
This morning, the demonstrators blocked the Sango Ota section of the Lagos—Abeokuta Expressway in the Ado-Odo/Ota Local Government Area of the state from Joju Bus-Stop to the Garage area.
According to images circulating on social media, many of the frustrated residents of the states lamented the price hike in bus fares and the loss of lives happening due to the roads.
A Punch newspaper report said that the protesters carried placards with various inscriptions such as Repair our road with immediate effect or face the wrath of the masses; 400% hike in transport fare due to bad road; Our roads are death traps fix our roads; No good roads, No payment of tax; Our taxes are meant for fixing road so what happened; Industries in Ota are relocating and closing down due to bad roads, amongst others.
Speaking at the protest, the state’s NLC chairman, Mr Emmanuel Bankole, said the union decided to protest to show its displeasure over the continued attitude of the government despite cries from residents and stakeholders.
He explained that nothing had been done even after the visit of the Minister of Works and Housing, Mr Babatunde Fashola to the location, a visit which has not brought any result.
The threat to shut down the state comes at a time when Governor Abiodun faced backlash for his trip to the United Kingdom, where he paid a courtesy visit to the national leader of the ruling All Progressive Congress, Mr Bola Tinubu.
The criticism followed the handing over the affairs of the government to the Secretary to the State Government, Mr Tokunbo Talabi, instead of the deputy governor, Mrs Noimot Salako-Oyedele who over the rift reportedly left the state at the same when the Speaker of the Ogun State House of Assembly, Mr Olakunle Oluomo, was also said to have left the state to attend a conference in the United States of America.
Sources confirmed to Business Post that the governor returned to the state on September 30 to mark the Independence Day celebrations.
According to an Ogun resident, Mr Yemi Ajala, who spoke to this newspaper, lamented that many of the road projects of the previous administration of Mr Ibikunle Amosun are still abandoned and only a few ones have been done by the Abiodun-led administration.
He said, “Areas that needed serious attention six years ago are still begging for it, especially in the borders towns of Ifo and Sango Otta local governments, and the wider Yewa axis.
“Thousands of man-hours are lost daily to these terrible roads while the economic costs of frequent car repairs are frankly life-threatening.
“In the specific case of Sango Otta, I know of only two good roads in the entire local government.”
“Yes, the state will say many of the bad roads are federal roads that FG warned them off, but I will like to ask Governor Dapo Abiodun, are their federal people? Do adequate palliatives on this road and chuck the cost up to doing social good or something. The suffering is too much!” he quipped.
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.
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.
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.
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