Economy
Excitement As Kwara Senator Rolls Out Programs For Women, Youth
By Modupe Gbadeyanka
The Senator representing Kwara South Senatorial District at the National Assembly, Mr Rafiu Adebayo Ibrahim, has launched a foundation aimed at giving empowerment to youth and women in the state.
Speaking at the unveiling of the Rafiu Ibrahim Bilal (RIB) Foundation in Offa, Kwara State on Sunday, the lawmaker emphasised that the foundation will focus on educational support and entrepreneurship education; empowerment of indigent youth and women; and enterprise development services.
At the occasion also to mark his 50th birthday, the Senator noted that he was inspired to start the foundation after reflecting on his “humble beginning.”
Describing himself as “fortunate”, the amiable and easy-going Senator revealed that though “growing up was difficult” for him, he, however, “remained focused and determined to achieve greatness.”
The respected and big-hearted lawmaker also stressed that his decision to start a foundation did not just happen, pointing out that he has “been doing [it] for many years”, but only felt like taking it to “another dimension.”
“RIB FOUNDATION is targeted at giving back to my community either while in office or out of office. We are also in partnership with the recently launched Saraki Employment and Empowerment Centre for Skill-acquisition, Training Empowerment Programme (SEEC-STEP) of our leader, distinguished Senate President, Dr Abubakar Bukola Saraki, to provide jobs for 40,000 Kwarans.
“In my own capacity, Kwara South-STEP, as part of our programme under RIB FOUNDATION, targets 8,000 Kwara Southerners in four years to reduce poverty and unemployment in line with the current economic reality in the country now.
“This and many other programmes under RIB FOUNDATION and our regular empowerment, bursary, scholarship awards, business financial supports, health bills, provision of school fees and books for our students etc are what I pray to continue to do for the rest of my life. I pray this should not be the end of it, Amin,” he said at the occasion also witnessed by the Senate President and other political bigwigs in the state.
Senator Ibrahim showered praises on the Saraki political dynasty, praying for God’s increased protection and divine guidance on Dr Bukola Saraki.
Recalling his foray into politics, the lawmaker narrated that it started in in 2009, when late Olusola Saraki (Senate President’s father) “endorsed me for the Kwara State House of Assembly to represent Oke-Ogun Constituency.
“That day, Baba Saraki told all the stakeholders from Oyun LGA that I was one of the most trustworthy persons he had met in his life time.
“I was moved to tears and vowed never to disappoint my destiny which had brought me this unimaginable favour from such a man of unquantifiable and unequalled greatness.
“Behold, with his endorsement, I was elected a Member of Kwara State House of Assembly for Oke-Ogun Constituency of Oyun Local Government Area in a re-run election in 2009 after the demise of Raufu Lambe. (RIP)
“As destiny would have it, my election in to the state Assembly was just a precursor that shot me into the National politics. In 2011, I was elected into the National Assembly, as a Federal Honourable of the House of Representatives to represent Ifelodun/Offa/Oyun Federal Constituency.
“Four years later, despite the hullabaloo in the polity of our country, our Leader, Dr Abubakar Bukola Saraki gave me the nod to consider the seat for the Kwara South Senatorial District.”
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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