Economy
Eva Adelaja Girls’ at 60: Family Unveils Ben and Eva Adelaja Prize
By Adedapo Adesanya
The week-long 60th Anniversary of Eva Adelaja Girls’ Secondary Grammar School, Bariga, commenced on Saturday, February 17 with the Praise Day and Community Hymn Singing held at Chapel of Christ the Light in Alausa, Ikeja, Lagos.
The event witnessed personalities from different sets of the six-decade-old school grace the chapel at the heart of Lagos to sing hymns to honour God and extol the virtues of the late founder, Mrs Eva Adebayo Adelaja.
Eva Adelaja Girls’ Secondary Grammar School, Bariga was founded in 1964 by Mrs Evangeline Adebayo Adelaja. The school was formerly known as Girls Secondary School. It was privately owned until 1969 when it became grant-aided by the Lagos State Government. In 1974, it was completely taken over by the government.
Speaking during the service, Revd Oladele Ajayi, the Presiding Chaplain, lauded the life of the educator and appreciated her contribution to the education of the girl child.
He called on those present, including family members, alumni, present students, and other well-wishers to emulate her.
On her part, the president of the Eva Adelaja Girls’ Secondary Grammar School Old Girls’ Association, Mrs Rhoda Ayinde, said the milestone provided an opportunity to thank God for using Mrs Adelaja as a vessel to raise a generation of girls on the right path.
“It’s an opportunity for us to thank God for the impact of the last six decades, for the journey of raising role models that Mama started 60 years ago and that’s why we decided to start our celebration with thanksgiving.
“It is of great impact that the mighty tree that Mama planted is providing shade and is being felt by everyone. By the Bariga community, by the state, and the nation at large,” she said.
The highlight of the event was the announcement of the establishment of the N1 million Prize known as the Ben and Eva Adelaja Prize, which will be awarded to the best-graduating student moving forward.
This was announced by the representative of the family of the founder, Mrs Kehinde Kamson, the daughter of the late founder in memory of their mother and father.
“To commemorate this milestone anniversary, the Adelaja family has decided to commit in perpetuity, to providing an annual prize to be called the Ben and Eva Adelaja Prize.
She said the prize would be given at the end of each school year to a graduating student across the board with criteria including the best performance in academic excellence, leadership, commitment to community, and vision.
She added that the family wished this would be the top prize at the school in honour of the founder’s legacy starting in 2024, noting that a fund will be established to also recognise other exemplary students at the school.
On her part, the Chairman of the Organising Committee, Mrs Folashade Laja, lauded the foot at which the celebrations commenced and said the next set of activities would impact others.
The next event will be a Fun Day scheduled for Tuesday, February 20, at the school compound located at 1, Adepeju Street, Bariga, Lagos from 8 a.m. onwards. This will feature a novelty match, charity visit, rally, health talk, and a raffle draw.
On Thursday, February 22, there will be an anniversary lecture and documentary from 10 a.m. at 10 Degrees Event Centre Plot A2, along Billings Way in Oregun.
The celebration will culminate with a dual event starting with a thanksgiving at Chapel of Christ the Light scheduled to start by 9 a.m. This is followed by a reception and awards ceremony by 12 noon.
By Adedapo Adesanya
The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.
Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.
Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.
There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance (IGI )Plc with 10.7 million units sold for N2.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
By Adedapo Adesanya
The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.
According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.
The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.
The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.
On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.
As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).
However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.
Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1 per cent to $693.30.
On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Dipo Olowookere
Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.
The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.
The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.
At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.
Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.
Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.
The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.
On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.
Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.
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