Connect with us

Economy

Phase One of Dala Inland Dry Port in Kano to Gulp N2.3bn

Published

on

Dala Inland Dry Port

By Adedapo Adesanya

The Kano State Government has disclosed plans to spend not less than N2.3 billion for the development of Dala Inland Dry Port in the state.

This was disclosed by Governor Abdullahi Ganduje at a working visit to the Nigerian Shippers’ Council (NSC) in Lagos yesterday.

The stipulated amount, according to the Governor, is for the development of the first phase of the port, which he noted would boost Kano State’s economy and that of Nigeria in general.

He then called on the council to ensure that inland dry port was linked with the railway network, stressing the need for effective collaboration between shippers and shipping lines.

He said, “The reason why we are here is to create a synergy between the shippers’ council and other stakeholders to ensure that the inland dry port in Kano is actualised.

ALSO READ  Naira Gains N2 Against Dollar At Parallel Market

“For more than 10 years, this project was initiated in Kano but there was no enabling environment to make sure it was actualised. With the coming of our administration, we are committed to seeing that the dry inland port is a reality.

“For phase one of it, we have committed N2.3 billion to provide access roads, electricity, water to the site. We are ready for the take-off of this very important project. We are here to show the shippers council that Kano state has come of age as far as the dry port is concerned.

ALSO READ  BREAKING: Senate Finally Lays 2018 Budget Report

“The inland dry port is not only serving the Kano people, but it is also serving the northern part of this country, West African countries like the Republic of Niger and it is serving the Republic of Chad and the northern part of Cameroon. Import is made easy as well as export. Kano has come of age.”

On the part of the Executive Secretary of NSC, Mr Hassan Bello, he said with the status of Kano State as a centre of trade and commerce in Nigeria, the port would align with the council’s vision to increase the country’s gross domestic product (GDP), adding that the state’s economic viability made the Dala Inland Dry Port very significant.

ALSO READ  VAIDS: NASME Chief Urges Small Business Owners to Avoid Tax Prosecution

The federal government had made it known that it would construct more dry ports across the country as part of moves to stimulate trade and economic development.

The government’s commitment to building dry ports are particularly necessary considering that the major seaport facilities have been over-stretched.

Business Post had reported that there were plans to build the Ibadan Inland Dry Port in Olorisa-Oko, Oyo State. The federal government and China Railway Construction Corporation Limited (CRCC), the preferred bidder, has signed the implementation of the $111 million project.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply

Economy

11 Plc Joins NASD Exchange, Trades at N215 Per Unit

Published

on

11 Plc

By Dipo Olowookere

An energy company, 11 Plc, formerly known as Mobil Oil Nigeria Plc, has joined the NASD over-the-counter (OTC) Securities Exchange.

The firm joined the NASD Exchange on Friday, June 18, 2021, after it voluntarily delisted its stocks on the Nigerian Exchange (NGX) Limited last month.

Business Post gathered that when 11 Plc was admitted into the unlisted securities market, it was allotted the trading symbol, SD11PLC, and its securities were listed at N215 per unit.

Recall that in February 2021, Business Post reported that 11 Plc would trade its shares on the NASD platform after it exits the country’s main stock exchange.

ALSO READ  VAIDS: NASME Chief Urges Small Business Owners to Avoid Tax Prosecution

The energy firm had explained that it was leaving the NGX to “focus on revenue generation, consider strategic opportunities, alliances and collaborations; and tremendously shift from regulatory, administrative, and financial reporting regulations that companies listed on the exchange must adhere to.”

Before leaving, it offered shareholders who intend to sell their stake in the firm N213.90 for each of the unit held by them, noting that this amount was reached because it was the price shares of the company were sold at the exchange six months preceding the notice of the Annual General Meeting (AGM) of 2020, where the decision to delist was agreed.

ALSO READ  Nigeria Hikes Petrol Price by 9.3% to N151.56 Per Litre

At the close of business on Tuesday, February 9, 2021, shares of the company traded flat at N228 per unit. The firm had shares outstanding of 360,595,262 and a market capitalisation of N82.2 billion.

“The interest of dissenting shareholders shall be bought by the company for a consideration of N213.90 per ordinary share, being the highest price at which 11 Plc shares have traded, six months preceding the notice of the AGM at which the resolution to delist was deliberated, as provided by the rules of the NSE,” 11 Plc had said.

ALSO READ  Crude Prices Further Drop on Expectations of Higher US Crude Inventories

In a related development, the NASD OTC Exchange has also admitted Capital Bancorp Plc on its trading platform. The company also joined last Friday.

Capital Bancorp, which offers financial services, was given the trading symbol SDCBANCO and was listed at N3.83 per unit.

This brings the total number of companies on the trading exchange to 41. The OTC platform was created for securities that are not listed on any other securities exchange, providing a secure regulated platform for investors to trade on them.

Continue Reading

Economy

Unlisted Securities Suffer 0.01% Loss in 24th Trading Week

Published

on

Unlisted Securities Traders

By Adedapo Adesanya

Investors suffered a marginal loss of 0.01 per cent at the 24th trading week of 2021 on the floor of the NASD Over-the-Counter (OTC) Securities Exchange.

This reduced the NASD Unlisted Security Index (NSI) by 0.07 points to close the week at 746.12 points in contrast to 746.19 points of the previous week.

Also, the market capitalisation of the unlisted securities ecosystem went down by N0.05 billion to N530.35 billion from N530.4 billion it closed in the preceding week.

The decline witnessed in the four-day trading week was buoyed by two equities; Nigerian Exchange (NGX) Group Plc and Central Securities and Clearing System (CSCS) Plc.

ALSO READ  Crude Prices Further Drop on Expectations of Higher US Crude Inventories

NGX Group lost 3.1 per cent to close the week at N19.28 per unit compared with the previous N19.89 per unit, while CSCS went down by 0.01 per cent to close at N17.99 per share in contrast to N18.00 per share it ended the preceding week.

During the week, the volume of stocks transacted by investors decreased by 21.03 per cent to 11.8 million units from 14. 9 million units of the previous week, while the value of shares traded went down by 20.13 per cent to N240.4 million from N301.0 million recorded a week earlier, with the number of deals going down by 18.4 per cent to 124 deals from 152 deals of the previous week.

ALSO READ  Buhari Presents 2018 Budget to Parliament Today

The most active security by value in the week was NGX Group with the sale of N205.1 million. It was trailed by CSCS Plc with N26.4 million, Nipco Plc with N8.4 million, FrieslandCampina WAMCO Nigeria Plc with N497,202 and VFD Group Plc with N114,484.

Also, NGX Group was the most traded stock by volume last week with 10.3 million units. CSCS Plc traded 1.4 million units, VFD Group Plc exchanged 1.1 million units, Nipco Plc transacted 120,050 units, while UBN Property Plc traded 7,000 units.

ALSO READ  Shareholders of Mobil Oil to Get N8.25 Dividend Payment Alerts October

On a year-to-date basis, investors have traded 395.4 million securities worth N8.6 billion in 2352 deals.

Continue Reading

Economy

Weekly Investment in Equities Shrinks to N10.4bn

Published

on

equities Investment Strategy

By Dipo Olowookere

Investment in equities in Nigeria shrank last week following the public holiday declared by the federal government last Monday to mark June 12 Democracy Day.

Data from the Nigerian Exchange (NGX) Limited showed that in the four-day trading week, investors only traded 981.2 million shares worth N10.4 billion in 15,001 deals as against the 1.1 billion shares worth N12.8 billion transacted in 17,854 deals the preceding week.

If not for the holiday, the turnover would have increased in the week as market participants traded an average of 245.3 million stocks worth N2.6 billion in 3,750 deals.

Business Post observed that Zenith Bank, Sterling Bank and Wema Bank accounted for 265.7 million units valued at N2.5 billion in 2,742 deals, contributing 27.08 per cent and 23.60 per cent to the total trading volume and value respectively.

ALSO READ  BREAKING: Senate Finally Lays 2018 Budget Report

Also, financial stocks accounted for 695.8 million units worth N5.2 billion in 8,616 deals, contributing 70.92 per cent and 49.86 per cent to the total trading volume and value respectively.

Consumer goods shares followed with 75.9 million units worth N1.2 billion in 2,263 deals, while conglomerates equities recorded 67.4 million units worth N367.3 million in 612 deals.

A total of 38 equities closed on the gainers’ chart in the week, higher than 35 equities of the previous week, while 25 stocks finished on the losers’ log, lower than 36 stocks of the preceding week, with 93 shares closing flat, higher than 89 shares of the prior week.

ALSO READ  Buhari Presents 2018 Budget to Parliament Today

Berger Paints was the highest price gainer, appreciating by 14.93 per cent to trade at N7.70. Lasaco Assurance gained 10.29 per cent to sell for N1.50, Champion Breweries increased by 10.00 per cent to quote at N1.98, Morison Industries went up by 9.68 per cent to trade at N1.36, while Red Star Express gained 8.06 per cent to sell for N3.35.

On the flip side, UAC Nigeria closed the week with the highest week-on-week loss of 11.01 per cent to trade at N9.70.

ALSO READ  Nigeria Hikes Petrol Price by 9.3% to N151.56 Per Litre

Airtel Africa lost 10.00 per cent to close at N753.30, Abbey Mortgage Bank fell by 9.52 per cent to trade at 95 kobo, Consolidated Hallmark Insurance reduced by 9.46 per cent to 67 kobo, while Okomu Oil dropped 9.44 per cent to quote N105.50.

At the close of transactions for the week, the All-Share Index (ASI) and market capitalisation depreciated by 1.30 per cent to close at 38,648.91 points and N20.143 trillion respectively.

Continue Reading

Like Our Facebook Page

Latest News on Business Post

Trending

%d bloggers like this: