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Don’t Lose Ibadan Inland Dry Port to Ogun—Lawmaker Begs Makinde

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Ibadan Inland Dry Port

By Dipo Olowookere

The Oyo State Governor, Mr Seyi Makinde, has been urged not to lose the Ibadan Inland Dry Port to the neighbouring Ogun State.

This appeal was made by a federal lawmaker from the state, Mrs Tolulope Akande-Sadipe, via a statement issued by her media aide, Mr Olamilekan Olusada.

The lawmaker, representing Oluyole Federal Constituency at the National Assembly, said she worked hard to bring the project to the state.

Mrs Akande-Sadipe, who is Chairman of the House of Representatives Committee on Diaspora, recalled that when she served as the Special Adviser on Projects and Public-Private Partnership to late Governor of Oyo State, Mr Abiola Ajimobi, she conceived the idea of the dry port during “a visit to Lagos to see my mother.”

According to her, “the traffic from trucks queuing to get into the Apapa ports led to the brainwave that this could be another economic opportunity for Oyo State, which had an advantage based on its geographical position and the new train line from Lagos and knowing that this would further stir up the economic revival in our beloved Oyo State. I approached the Governor with the idea and he gave his consent to commence the leg work.”

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“I contacted Mr Hassan Bello led Shippers Council through Mr Anifowoshe who was based in the Ibadan office in 2018 and extensive talks about decongesting Lagos by setting up an Inland Dry Port in Oyo began,” she further recalled.

The lawmaker stated further that the rationale for Olorisha Oko was based on its location as the point where the first phase of the new train line from Lagos to the north passing through Ibadan would terminate.

“That way, containers could be shipped by train from Lagos ports to Ibadan and further on with the completion of other stages of the project, as is the case in developed nations.

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“I and my Bureau of Investment Promotions and Project Office team most especially Mr Kunle Olusina with the support of our principal, late Senator Abiola Ajimobi, worked tirelessly to make it a reality,” she said.

Mrs Akande-Sadipe added that, “I put so much effort into making the inland dry port a reality, my sweat and support from Ajimobi secured the federal government approval of the project during the administration of Koseleri. I, therefore, appeal to the current PDP led state government not to play politics with the socio-economic development of Oyo State.”

The lawmaker noted that the Inland Dry Port would bring about 24,000 direct new jobs and also attract new investors and big corporations to take advantage of the free trade zone. We all know what that will mean to the youths of Oyo State – job creation, both blue and white-collar

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She further emphasised her worry about losing the project to Ogun State over the delays since the change of administration, urging the current administration to do more about road infrastructure to alleviate the worries of the increased traffic expected from the port operation as it has not done enough in terms of road infrastructure, unlike the neighbouring state where Governor Dapo Abiodun, has embarked on and completed many road projects.

The project had gone far with the bidding closed with a successful selection of a concessionaire developer in line with federal government laws and regulations governing Public-Private Partnership Procurement. Sequel to which the project was adjudged viable thus bankable and had been issued an OBC compliance certificate by the Infrastructure Concession and Regulatory Commission in line with the 2005 ICRC Act.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Economy

SEC Introduces Regulatory Incubation Program for Fintechs

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fintechs

By Modupe Gbadeyanka

A regulatory incubation (RI) program for financial technology (fintech) companies operating or seeking to operate in Nigeria has been introduced by the Securities and Exchange Commission (SEC).

A circular issued by SEC disclosed that this framework would be officially launched in the third quarter of 2021 and will operate by admitting identified Fintech business models and processes in cohorts for a one-year period.

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Participation in the RI program will encompass an Initial Assessment Phase and the Regulatory Incubation Phase.

The categories to be admitted into each cohort will be determined based on submissions received through the Fintech Assessment Form and communicated ahead of each take-off date.

SEC explained that the scheme was designed to address the needs of new business models and processes that require regulatory authorisation to continue carrying out full or ancillary technology-driven capital market activities.

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The RI Program has thus been conceived as an interim measure to aid the evolution of effective regulation which accommodates the innovation by fintechs without compromising market integrity and within limits that ensure investor protection.

It was disclosed that review of completed Fintech Assessment Forms will continue on an ongoing basis and those who consider that there is no specific regulation governing their business models or who require clarity on the appropriate regulatory regime for seeking the authorisation of the commission, are encouraged to complete the Fintech Assessment Form.

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Economy

NGX Suspends Trading on GTBank Shares Ahead of Delisting

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GTBank Branch

By Dipo Olowookere

In preparation for the eventual delisting of shares of Guaranty Trust Bank (GTBank) Plc from its trading platform, the Nigerian Exchange (NGX) Limited on Friday, June 18, 2021, placed the banking stock on a full suspension.

GTBank, a tier-one lender trading its equities on the exchange, intends to transform into a financial holding company (Holdco) so as to offer a wide range of services it is restricted to do.

Some years ago, the Central Bank of Nigeria (CBN) directed banks in the country to offload their subsidiaries not performing core lending services.

This was after many deposit money banks (DMBs) were delving into different business ventures, including insurance, stockbroking, asset management, amongst others.

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For the CBN, which regulates the banking industry in Nigeria, most of these banks were losing focus and were not supporting businesses that need funds to grow and then stimulate the economy in the process.

To address this issue, the apex bank asked banks to sell off their non-banking assets and this forced many of them to offload their companies not offering core banking services.

However, there was an opening for banks to still delve into other sectors within the financial and capital markets and this was by operating as a Holdco.

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A few of them towed this path, including FBN Holdings, Stanbic IBTC Holdings and FCMB Group.

Not wanting to be left out, GTBank is joining the party and to achieve this, it is delisting its banking arm, which is the popular GTBank from the stock exchange.

GTBank will now operate as a private company, while the new Holdco, Guaranty Trust Holding Company Plc, will now be a public company. The shares of this new firm will be listed on the NGX after the delisting of GTBank.

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Last Friday, the stock exchange informed the investing community of the latest development, announcing the suspension of trading on GTBank shares.

In the circular sighted by Business Post, the NGX explained that the rationale behind placing GTBank stocks on full suspension is to “prevent trading in the shares of the bank” in preparation of its “eventual delisting”

Before trading on its stocks was suspended on Friday, GTBank closed at N28.55 on Thursday after appreciating by 50 kobo or 1.78 per cent.

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Economy

DLM Capital Remains Best Structured Finance & Securitization Team in West Africa

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DLM Capital

A prominent developmental investment bank, DLM Capital Group, has emerged winner at the Capital Finance International (CFI) 2021 awards as the best-structured finance and securitization team in West Africa.

This award has been won consecutively in three years and affirms the group’s strong performance as a leading investment institution and asset manager.

CFI awards seek to identify the contributions of individuals and organizations that contribute significantly to the advancement of economies and truly add value for all stakeholders.

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DLM Capital Group creates bespoke business solutions for alternative financing and harnessing funds for growth.

The group focuses on four key sectors — consumer credit, agriculture, microfinance, and education with a mandate to reduce poverty and improve living conditions for Africans while mobilizing resources for the continent’s economic and social development.

“In the past three years, our portfolio management team’s performance has remained consistent, and our clients have benefited immensely from exposure to our solutions, including the NMRC securitization deal and the DLM Primero BRT Securitization,” said Head of Corporate Communications and Marketing, DLM Capital Group, Ms Chinwendu Ohakpougwu.

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“We are positioned to provide services to an expansive client base of retail, high net-worth and institutional customers.

“DLM Capital Group remains committed to constantly providing financial solutions that will enable our clients to make a difference, and we are honoured to be recognized once again as a reflection of the quality of support offered to our clients,” she added.

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DLM has won recognition in West African capital markets, acting as a sole arranger to over 80 per cent of structured finance transactions in Nigeria — and all the securitization transactions. It provides deal structuring, advisory execution and capital raising services across the Nigerian capital market.

The institution recently launched an asset financing scheme and is preparing a venture into digital banking under its subsidiary, Sofri.

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