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Economy

Fashola Hinges Success of ERGP on Surveyors

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**Wants National Digital Map Developed

By Dipo Olowookere

The success of the Economic Recovery and Growth Plan (ERGP) would depend significantly on the work of the surveying profession.

This submission was made by the Minister of Power Works and Housing, Mr Babatunde Fashola (SAN), on Tuesday in Abuja while swearing-in President and nine other members of the Surveyors Council of Nigeria (SURCON).

Speaking on the occasion, Mr Fashola advocated the development of a National Digital Map for the whole country saying aside enhancing internal security, the electronic map would benefit weather forecasts, agriculture and internal transport systems.

The Minister noted that there was need for all the state governments in the country to come together to strategize on how to raise funding and digitalize all the mappings of their territories adding that the mappings would then form the basis for the National Digital Map.

The Minister, who recalled that the issue was discussed at the recent National Council on Housing, added, “It will help our internal security enormously, police will benefit from it, Civil Defence will benefit from it, weather forecasts and weather predictions will benefit from it, agriculture will benefit from it and our internal transport, rail transport, land transport will benefit from it”.

He said the success of the Economic Recovery and Growth Plan, recently launched by the President, would depend significantly on the work of the Surveying profession for the revival, development and sustenance of the economy as well as launching it into global competitiveness.

The Minister said the need for states to digitalize all the mappings of their territories had become expedient because of the importance of the exactitude of the science of Surveying not only to national security but also to the safety of life and properties, adding, “But beyond security is the fact that the Economic Recovery and Growth Plan has as one of its pillars the development of our infrastructure, the development of Energy”.

“It will be easier to then read all the maps that we carry on our phones because they are local and domestic coordinates and data,” Mr Fashola said, adding that going digital would also help avoid wrong targeting in surveying as a result of wrong coordinates or wrong interpretation.

Stressing the importance of security in creating a stable economic development, the Minister added, “We have had in some parts some errors made in targeting which sometimes may not be unconnected with wrong coordinates; or if they are not wrong co-ordinates then improper interpretation”.

Still on the importance of surveying to the economic growth of the country, Mr Fashola said in terms of the nation’s infrastructure such as roads and bridges, railways and the Housing projects, nothing would have been done without the input of the Surveying profession citing the example of the National Housing programme now going on in the 33 states of the country.

“In each of the 33 housing sites where construction is going on now, we couldn’t have started work without a survey plan, because it is from the survey plan that we created a layout plan and it is from the layout plan that designs that were created were then imposed and building could start”, he said adding that none of the highways currently being constructed across the country could have started without a right-of-way.

Mr Fashola, who also said the same impact of surveying also applied to transmission lines, transmissions stations and so on, however, expressed the commitment of the Government to supporting the Council to facilitate its function.

“I think that the Surveyor-General himself will be the first testimonial to say that since the Buhari administration the budgetary provision of this department has been quite expanded and will hopefully be sustained,” he disclosed.

On the role of the Council, the Minister declared, “What this Council is supposed to do is really to regulate the practice, the trade and profession of Surveying; decide who and who are eligible to practice it, under what conditions and so on and so forth”.

“So you have an onerous burden of leadership. It is not made easy by the fact that, as the Surveyor General has said, it is an ubiquitous profession; ubiquitous in the sense that it is so highly impacting; and in these days of Digital Mapping, global security challenges, your responsibilities are not made easier at all”, he told the members.

The Minister conveyed to the Council the felicitations of President Muhammadu Buhari, who, according to him, “charges you to discharge your statutory responsibilities without fear or favour and with your very best endeavours in accordance with the oath of allegiance that you have sworn”.

He added, “The statutory requirements for the constitution of this Council are very clear; the Surveyor-General of the Federation, a representative of the Military, the Director of Surveys, the representative of Women in Surveying, representative of the Office of Surveyor-General of the Federation and also representatives of tertiary institutions, a broad cross-cutting representation, and also from the School of Survey”, pointing out that every interest group “has been thoughtfully considered in the membership of the Council”.

Wishing the Council success in the “Challenging task” before it, the Minister declared, “Let me say in closing that in constituting this Council we are appointing leaders to solve problems; we are not appointing leaders to create problems and I think what I have not said there has said itself”, adding, “I hope that at the end of your tenure of service, the President and Commander in Chief will be able to give you a very warm handshake of congratulations”.

In his response on behalf of the members, the newly inaugurated President of SURCON, Surveyor Joseph Olorunjuwon Agbenla, pledged that the Council, under his watch, would discharge its responsibilities to the best of their ability adding that the Council members would not create problems for Government but would rather solve problems.

Earlier in his welcome remarks, the Surveyor General of the Federation, Surveyor Ebisintei Awudu, stressed the importance of the Surveying Profession pointing out that the Federal Government’s diversification drive in restructuring the economy, National security, National Sustainable Development would not achieve the desired result without the input of Surveying Profession.

He pledged the determination of his office, which, according to him, “is the nation’s apex Mapping Office which coordinates the activities of Surveying and Mapping”, to partner constructively with SURCON in the areas of leadership, research, policy and strategy formulations for better services to government and the citizens of the country.

Also present at the occasion with the Minister were the two Ministers of State in the Ministry, Mr Mustapha Baba Shehuri and Surveyor Suleiman Zarma Hassan, Acting Permanent Secretary Works and Housing, Mr Ibrahim Tumsah, Directors and Special Advisers in the Ministry while on the SURCON side, were the representatives of the Military, Tertiary Institutions and Women in Surveying among other representatives and other SURCON members.

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

Economy

Unlisted Securities in Nigeria Down 0.41%

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local unlisted securities

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange opened the week on a sad note after it depreciated by 0.41 per cent on Monday, April 14.

The loss was influenced by the decline in the share price of Central Securities Clearing System (CSCS) Plc during the session by N1.80 to close at N20.90 per unit compared with the N22.70 per unit it closed last Friday.

This brought down the market capitalisation of the trading platform  by N7.78 billion to N1.911 trillion from N1.919 trillion as the NASD Unlisted Security Index (NSI) was also pulled down by 13.28 points to 3,264.29 points from the previous session’s 3,277.57 points.

Business Post reports that the bourse crumbled yesterday despite two securities on the platform finishing on the gainers’ chart.

UBN Property Plc appreciated by 19 Kobo on Monday to sell for N2.17 per share versus the preceding session’s N1.98 per share, and FrieslandCampina Wamco Nigeria Plc gained 8 Kobo to settle at N35.63 per unit, in contrast to last Friday’s N35.55 per unit.

Yesterday, there was a 99.7 per cent decline in the volume of securities traded by the market participants to 436,357 units from the 152.3 million units recorded in the previous trading day.

There was also a 99.8 per cent fall in the value of transactions to N10.1 million from N4.6 billion, while the number of deals increased by 218.8 per cent to 51 deals from 16 deals.

At the close of business, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units valued at N520.9 million, trailed by Okitipupa Plc with 153.6 million units worth N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units sold for N24.2 million.

Okitipupa Plc was the most traded stock by value (year-to-date) with 153.6 million worth N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with 14.7 million units sold for N566.9 million, and Impresit Bakolori Plc with 533.9 million units valued at N520.9 million.

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Economy

Fears of CBEX Crashing Trigger Looting of Offices in Ibadan, Others

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CBEX

By Aduragbemi Omiyale

Offices of a popular Ponzi scheme operator, CBEX, in Ibadan and a few other places in Nigeria have been looted by some aggrieved investors.

This followed news that the company has shut down its services, with funds of several investors trapped.

Last week, there were speculations that CBEX has crashed following the inability of members to withdraw their funds.

The company quickly dispelled this, noting that it locked the wallets of its investors because of the bonuses gifted members, which must be used for trading before withdrawal.

CBEX, thereafter, assured that from Tuesday, April 15, 2025, members of the Ponzi scheme would be able to withdraw their funds without ease.

However, on Monday, it was gathered that funds in the accounts of investors were wiped off, with a notice to members that they would only be access their money upon the payment of a reactivation fee, a similar pattern of other defunct operators.

“All accounts need to undergo the following verification steps to ensure their authenticity.

“For accounts with funds below $1,000 before any losses, a deposit of $100 is required.

“For accounts with funds exceeding $1,000, a deposit of $200 is required.

“Additionally, please keep your deposit receipts to ensure you can prove the authenticity of the account during future withdrawal reviews,” the message from CBEX stated.

This development shattered the hopes of some investors, triggering a looting spree of the company’s offices.

Some videos of the internet showed moments some irate youth stormed the Ibadan office of the organisation, carting away with some valuables, including office items and others.

Many Nigerians have expressed shock at the level of acceptance of the Ponzi scheme in the country despite the harrowing experience of MMM some years ago.

Business Post reports that some weeks ago, a similar Ponzi scheme operator, Cheersway, went away with investors’ funds after it claimed its platform was hacked.

Just like CBEX, it asked members to pay a reactivation fee of their exact level, which ranges from $50, $150, $400, and $1,000, to have access to their money, but most of those who paid were never granted any access until the company folded up.

Also, those who invested in a new investment vehicle it came up with, TikTok Shop, could not receive their capital and return-on-investment as promised.

It later assured investors that it would move them to a new company established last month known as C&P Capital, noting that they would get their funds back after the new organisation makes profit, probably after two years of operations.

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Economy

Naira Strengthens to N1,605/$1 at NAFEM, N1,615/$1 at Black Market

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Naira redesigning1

By Adedapo Adesanya

The Naira further strengthened against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, April 14, by N5.83 or 0.36 per cent to settle at N1,605.25/$1, in contrast to the N1,611.08/$1 it was traded in the previous session, which was last Friday.

Equally, the local currency appreciated against the Pound Sterling in the official FX market during the session by N34.55 to quote at N2,056.03/£1 versus the preceding trading day’s value of N2,090.58/£1 and gained N45.66 on the Euro to finish at N1,770.14/€1 compared with the N1,815.82/€1 it was exchanged in the previous trading session.

In the same vein, the domestic currency improved its exchange rate against the Dollar yesterday by N5 in the black market to sell for N1,615/$1 compared with the preceding session’s N1,620/$1.

The pressure on the Nigerian currency eased on Monday as tariffs from the United States were paused, and recent signals showed that the government was complementing efforts to stabilise the market via adequate liquidity and supporting orderly market functioning.

A look at the cryptocurrency market showed a mixed outcome as President Donald Trump of the United States, after pausing sweeping global tariffs, made some concessions on electronics imports.

Further easing concerns was the European Commission, the executive arm of the EU, confirming to hold off on retaliatory tariffs on US goods worth €21 billion until July 14 to allow space for negotiations.

The US Federal Reserve also signalled that a return of the original punitive Mr Trump tariffs would trigger the need for sizable “bad news” rate cuts.

Dogecoin (DOGE) depreciated yesterday by 3.5 per cent to sell at $0.1593, Solana (SOL) which lost 1.2 per cent to trade at $130.99, Litecoin (LTC) went down by 0.6 per cent to $77.74, and Cardano (ADA) dropped 0.3 per cent to close at $0.6405.

On the flip side, Bitcoin (BTC) grew by 1.2 per cent to $85,435.17, Ethereum (ETH) rose by 0.9 per cent to $1,636.35, Ripple (XRP) appreciated by 0.5 per cent to $2.14, and Binance Coin (BNB) went up by 0.08 per cent to $588.65, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

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