Economy
Elumelu Backs Entrepreneurship As Career Choice
By Modupe Gbadeyanka
Foremost Nigerian business mogul, Mr Tony Elumelu, has charged African youths to think towards leadership, stressing the time for it “is now.”
While addressing students of the Lagos State University (LASU), faculty members and officials of the Lagos State government, Mr Elumelu noted that leadership is demonstrated at all levels of an institution.
The UBA Chairman, while delivering the institution’s 1st Distinguished Lecture Series in Ojo, Lagos on Wednesday, gave short thrift to the idea that not only Presidents, Governors and CEOs are leaders.
“A leader is simply someone who gets results” he said, challenging the students to embrace leadership, even at this early stage in their lives, “whether you are leading a team of people, or just yourself, your responsibility is to generate, secure or deliver results. I believe you can be a leader at any stage in your life and career, and in any career path you choose,” the philanthropist said while addressing the audience on the topics of leadership and entrepreneurship.
Mr Elumelu stated that leadership can be learned and that it was important to keep learning and honing one’s leadership skills.
“Just as I seek to democratise luck, with the work of the Tony Elumelu Foundation, so equally I believe every soldier carries a general’s baton in his pack. The key is self-belief – and an environment that enables,” he said.
Unveiling what it means to him to assist budding entrepreneurs across Africa, Mr Elumelu expressed his profound thoughts saying: “What value is wealth or money in an individual’s bank account if we cannot use it to positively impact society?”
“The seeds we plant today will help us move the needle as it relates to the development of Nigeria and Africa. Embrace entrepreneurship, develop yourselves as leaders. For your dreams to come true you need to be courageous, optimistic and bold. There are no shortcuts,” Elumelu advised the over 1500 students in the auditorium.
Mr Tony Elumelu is the proponent of Africapitalism, and he had the opportunity to share this economic philosophy that encourages the private sector to invest for the long term, in sectors that advance the economic and social development of our societies.
Africapitalism underpins Mr Elumelu’s investments and his belief that entrepreneurship is capable of helping to grow and develop the African continent. It drives his decision to commit $100 million dollars to identify and grow 10,000 entrepreneurs on the continent over a 10-year period.
“Through the Tony Elumelu Foundation’s Entrepreneurship Programme which is in its second year, we will identify, train, mentor and seed 10,000 African businesses over the next 10 years, creating 1 million jobs and $10 billion in additional revenues across the continent.
“Your idea CAN transform Africa” he stated.
He called on the students to embrace entrepreneurship as a career.
According to him, “If you pursue entrepreneurship, your options for advancement will not be limited to just finding a job, you can create your own employment opportunities and create jobs for others. You can help to transform your communities, and the country.”
Lagos State Governor, Mr Akinwunmi Ambode, who was represented at the event by Ms Toyin Ademuiya, the Director of Creativity of the Lagos State government, noted that the choice of the guest speaker in Mr Tony Elumelu and the topic he discussed, underscores the thinking of his own administration in strengthening the capacity of the University and supporting its mission to mould leaders out of students.
As he thanked Mr Elumelu for sharing his knowledge on entrepreneurship to the students, the Governor promised to continue supporting the university.
“Education is the bedrock of Nigeria’s future,” the Governor asserted.
Chairman of the occasion and the Chancellor of the University, Justice Adesola Oguntade (rtd), in his remarks, buttressed this saying: as he said, “Entrepreneurship is an essential topic of great essence given the current wave of youth unemployment. The choice of the guest speaker demonstrates the university’s passion and commitment to excellence. Tony Elumelu is indeed an icon of success”.
Vice Chancellor of LASU, Professor Lanre Fagbohun, urged the students to follow the advice of the Guest Speaker, Mr Tony Elumelu, who he described as a ‘serial investor and quintessential philanthropist who has continuously impacted on the continent through the creation of jobs and building young Africans in entrepreneurship’.
By Dipo Olowookere
A 0.17 per cent growth was recorded by the Nigerian Exchange (NGX) Limited on Friday, extending the stay of the local bourse in the positive territory.
This uptrend was maintained despite profit-taking in the banking sector, which left its index down by 0.23 per cent at the close of trading activities.
Business Post reports that the insurance industry expanded by 4.04 per cent during the session, the energy counter improved by 1.05 per cent, and the consumer goods space gained 0.58 per cent, while the industrial goods sector closed flat.
Consequently, the All-Share Index (ASI) went up by 170.62 points to 102,353.68 points from 102,183.06 points and the market capitalisation grew by N541 billion to N62.851 trillion from N62.310 trillion.
There were 34 price gainers and 22 price losers yesterday, indicating a positive market breadth index and strong investor sentiment.
The trio of Caverton, Livestock Feeds and Sovereign Trust Insurance appreciated by 10.00 per cent each during the session to quote at N2.20, N5.94, and N1.10, respectively, as Neimeth jumped by 994 per cent to N3.43, and Royal Exchange increased by 9.88 per cent to 89 Kobo.
On its part, Academy Press lost 9.74 per cent to close at N3.15, PZ Cussons declined by 9.09 per cent to N25.00, DAAR Communications weakened by 8.64 per cent to 74 Kobo, Transcorp Power shed 5.91 per cent to settle at N46.95, and Dangote Sugar fell by 4.94 per cent to N38.50.
A total of 327.8 million shares valued at N11.8 billion were traded in 11,905 deals on Friday versus the 472.2 million shares worth N16.7 billion transacted in 12,336 deals on Thursday, representing a decline in the trading volume, value, and number of deals by 30.58 per cent, 29.34 per cent and 3.49 per cent apiece.
Access Holdings recorded the highest sales with 49.1 million stocks sold for N1.2 billion, Fidelity Bank exchanged 20.4 million shares valued at N359.0 million, UBA traded 20.1 million equities worth N681.0 million, Oando transacted 14.8 million shares for N998.1 million, and Universal Insurance traded 13.8 million stocks worth N8.7 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its upward movement with a 0.26 per cent gain on Friday, January 17 amid renewed interest in unlisted stocks.
This raised the market capitalisation of the trading platform by N2.79 billion at the close of business to N1.075 trillion from the N1.072 trillion it closed in the preceding session.
In the same vein, the NASD Unlisted Security Index (NSI) went up by 8.08 points at the close of transactions to 3,111.91 points from the 3,103.83 points recorded at the previous session.
Yesterday, the volume of securities traded by investors went down by 606 per cent to 486,215 units from 1.2 million units, the value of shares shrank by 84.7 per cent to N2.8 million from N18.0 million, and the number of deals decreased by 65 per cent to 14 deals from the 33 deals carried out a day earlier.
In the final trading day of the week, there were three price gainers and one price loser, Geo-Fluids Plc, which lost 9 Kobo to finish at N4.70 per unit versus the preceding session’s price of N4.79 per unit.
On the flip side, Okitipupa Plc gained N3.60 to settle at N39.59 per share compared with the previous day’s N35.99 per share, Industrial and General Insurance (IGI) Plc added 3 Kobo to wrap at 36 Kobo per unit compared with the preceding session’s 33 Kobo per share, as FrieslandCampina Wamco Nigeria Plc improved its value by 49 Kobo to N39.65 per unit from N39.16 per unit.
At the close of business, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 3.4 million units worth N134.9 million, trailed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and Afriland Properties Plc with 690,825 sold for N11.1 million.
The most active stock by volume (year-to-date) remained IGI Plc with 23.5 million units worth N5.3 million, followed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and FrieslandCampina Wamco Nigeria Plc with 3.4 million units sold for N134.9 million.
By Adedapo Adesanya
The Naira extended its appreciation against the US Dollar by 0.06 per cent or N89 Kobo on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 17, trading at N1,547.58/$1 compared with the previous day’s value of N1,548.47/$1.
Market analysts expect that the Naira will appreciate in the first quarter of the year, backed by continued policy support by the Central Bank of Nigeria (CBN).
Vestance Nigeria, an agribusiness advisory firm, projects that the exchange rate will trade between N1,650/$1 and N1,750/$1 this year in its Resilience and Recovery for Agribusiness in 2025 outlook report.
“The Central Bank of Nigeria (CBN) will continue implementing reforms to enhance exchange rate market transparency while maintaining higher interest rates to curb inflationary pressures and attract foreign portfolio management,” it said.
Also, the Nigerian currency improved its value against the Pound Sterling by N20.84 to wrap the session at N1,883.59/£1 versus the preceding day’s N1,904.43/£1 and against the Euro, the Nigerian currency gained N10.45 to settle at N1,590.34/€1, in contrast to Thursday’s closing price of N1,600.79/€1.
In the parallel market, the domestic currency appreciated against the greenback by N5 yesterday to sell for N1,675/$1 compared with the N1,675/$1 it was traded a day earlier.
As for the cryptocurrency market, there was profit-taking amid excitement for a new era of crypto-friendly US government mounts ahead of Donald Trump’s inauguration next week.
Crypto investors expect a change from Mr Trump who promised on the campaign trail to position the US as a leader in the crypto space including creating a national stockpile of Bitcoin, in stark contrast to past years’ regulatory crackdowns and enforcements.
Litecoin (LTC) fell by 9.9 per cent to trade at $124.56, Ripple (XRP) slumped by 6.2 per cent to $3.10, Cardano (ADA) dipped by 4.9 per cent to $1.06, Ethereum (ETH) dropped 3.1 per cent to finish at $3,270.61, Binance Coin (BNB) went down by 2.3 per cent to $698.57 and Dogecoin (DOGE) depreciated by 2.2 per cent to $0.3927.
However, Solana (SOL) rose by 8.8 per cent to end at $235.12, Bitcoin (BTC) expanded by 0.8 per cent to $102,494.03, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
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