Economy
Cooperative College Will Boost Lagos Economy—Lawmaker
By Modupe Gbadeyanka
Speaker of the Lagos State House of Assembly, Mr Mudashiru Obasa, on Thursday said that the establishment of Lagos State Cooperative College would further enhance economic progress of the state.
Mr Obasa made this disclosure at the public hearing on a bill for a law to Establish the Lagos State Cooperative College and for Connected Matters organised by the House Committee on Commerce and Industry led by Mr Oladele Adekanye.
The lawmaker, who was represented by his deputy, Mr Wasiu Eshinlokun-Sanni, said that the bill, when passed into law, would afford cooperators with adequate skills for economic promotion.
Mr Obasa said, “This bill is geared towards effective administration of cooperative societies and enhancing the economic progress of the state.
“If the bill is passed into law, it will ensure the qualitative training of cooperators who with their professional skills in turn promote the economic activities.
“The bill when passed into law also will empower the college to provide courses of instructions leading to the award of degrees, diplomas and certificates and other studies as prescribed by the college.
“This bill, which seeks to give statutory backing to the Lagos State Cooperative College, will go a long way in the production of seasoned and well-trained cooperators to enhance the cooperative movement in the state.”
Speaking with newsmen at the end of the event, Mr Adekanye said: “It (Bill) is meant to afford cooperators especially book keepers and the trustees the opportunity of getting better training.
“Hitherto, we have had cases of fraud and misunderstanding among cooperators.
“It is not in every occasion that we have this problem that we can trace it to people having the mind to defraud the cooperative societies.
“Sometimes, it has been happening because necessary trainings have not been given to them.
“Many of them do not have a wherewithal in terms of training that would enhance their knowledge and that would promote the economic interest of members of such cooperatives.
“We can’t take that for granted, apart from people who have the mind to defraud cooperative societies, there are some people that are genuinely not armed and fortified with the needed training and expertise.”
According to him, this bill will afford such people that have good intention ordinary but who are deficient in term of acquisition of necessary skills to get trained.
Mr Adekanye said that the bill would afford Lagos State to rub shoulders above its counterparts in the southwest region.
He said: “If I must say it, this is the only state that is left behind in terms of having this kind of college that is certified in the southwest.
One of the stakeholders, Mr Abdulwaheed Baruwa, President, Zero Interest Multipurpose Cooperative Society, Alausa advocated the inclusion of Islamic Finance Mechanism in the curriculum of the college.
Mr Baruwa called for inclusion of experts in Islamic financial system in the governing council of the college.
Speaking on behalf of the Cooperative Movement in Lagos State, Mr Oriyomi Ayeola congratulated the state government and the Assembly for the move to provide legal status to cooperative college.
“Lagos State Cooperative is the most outstanding cooperative movement in Nigeria. By giving legal status to the college, it will strengthen the cooperative activities in the state.
“Very soon, we shall be talking of University of Cooperatives in Lagos,” Mr Ayeola, the President of the Lagos State Cooperative Federation said.
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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