Economy
Irona Tasks Imo Communities on Public Infrastructure Security
Leaders of communities in Imo State have been charged to prioritize security of public infrastructure in their localities. This call was made by the Deputy Governor of the state, Mr Gerald Irona, during a meeting with leaders of Ochia, Awarra, Assa, Obile and Obitti communities in Ohaji/Egbema Local Government Area of Imo State on the plans of the present administration for the area.
During the meeting, Mr Irona said an electrification project, jointly funded by the state government, through the Imo State Oil Producing Areas Development Commission (ISOPADEC) and Waltersmith, a multinational oil and gas company in the state, is about to commence, seeking the cooperation of the communities.
He warned that the state government will not tolerate vandalism of infrastructural projects in any part of the state, challenging stakeholders to evolve strategies towards ensuring security of public amenities in their areas.
“On behalf of the Governor, Mr Emeka Ihedioha, I invited you. We promised that our administration will ensure the provision of electricity in our place. Our people have suffered for years and God has come to wipe our tears dry. It is difficult to believe, but it is true that there are some communities in Ohaji/Egbema/Oguta that have never had electricity.
“Your area and Agwa in Oguta Local Government Area are among such communities. While Waltersmith is partnering with us in Ohaji, Sterling Global is partnering with us in Oguta to ensure that the electrification projects are realized,” he announced.
“We have done a survey covering Obitti, Awarra, Ochia, Assa, Obile and Umuapu communities in Ohaji Egbema Local Government Area. After the survey, we will get back to Waltersmith and ISOPADEC, which have both shown commitment to doing the electrification project.
“Before the end of this year, work will commence. The implications of this power project are far reaching. It will be connected to gas turbine, being the first of its kind in Imo. When you are connected, your place will become an industrial hub. Your place will be the most attractive for businesses. We shall develop our area,” he added.
“Why I called this meeting is to plead that you take deliberate steps to ensure the security of the electricity installations in your area. You know your children, including the bad ones.
“As you get back home, invite your children; warn them to desist from any temptation to vandalize the electricity installations. Set up systems locally to ensure adequate security of the installations,” the Deputy Governor appealed.
In his response, Chairman, Interim Management Committee, Ohaji Egbema Local Government Area, Mr Damian Ezeru, expressed gratitude to Mr Irona for what he described as his commitment to taking development to the door steps of people of the area.
He urged him to extend their gratitude to Governor Emeka Ihedioha for his good governance exploits, assuring him of the continued support of people of the area.
Adding his voice, member representing Ohaji/Egbema Local Government Area at the Imo State House of Assembly, Mr Cyriacus Okoro, commended the state government for steps towards providing electricity in the area, assuring the Deputy Governor of their continued support.
Also speaking, Chairman of ISOPADEC, Mr Magnus Obido, commended the state government for the initiative, assuring the Governor of the continued support of people of the area.
In his submission, the traditional ruler of Assa autonomous community, Eze Emmanuel Assor, commended the Deputy Governor for changing the narrative of people of the area, particularly, reduction in violent crimes in the area.
“We are very excited that these days, we are no longer invited to recruit cult boys and people to fight our brothers, but for developmental issues. Honestly, we have never had this kind of leadership before. Now that you are laying this foundation, God will bless you,” the royal father said.
He, however, called on the government to make a declaration that “any community that allows any public infrastructure in its vicinity to be vandalized forfeits it forever.”
In their separate submissions, traditional tuler of Obile, Eze Abyssinia Ogbuji; his Obitti counterpart, Eze E.C. Odunze; Eze Ekwueme Ekwueme of Ochia and Eze A.N. Ezenwaike poured encomiums on the the Deputy Governor, describing him as a good friend of the area.
They gave their blessings to the setting up of a joint security outfit to combat crime in the area, even as they vowed to secure the electricity installations.
The monarchs further commended the state government for the new security measures in the area, pursuant to resolutions of the recent Security Summit of Ohaji/Egbema/ Oguta local government Areas.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.
The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.
When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.
Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.
Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.
By Adedapo Adesanya
The Naira continued to claw back some gains against the Dollar in the different segments of the foreign exchange (FX) market, as its value was strengthened on Friday.
In the black market, it gained N10 against the United States Dollar yesterday to close at N1,400/$1 compared with the preceding day’s rate of N1,410/$1, and at the GTBank forex counter, it chalked up N6 to close at N1,385/$1, in contrast to the N1,391/$1 it was traded a day earlier.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), it appreciated against the greenback during the session by N5.28 or 0.38 per cent to quote at N1,366.23/$1 versus Thursday’s closing price of N1,371.51/$1.
It also improved its value against the Pound Sterling in the official market on Friday by N21.81 to settle at N1,812.99/£1 compared with the previous day’s N1,834.80/£1, and gained N13.86 against the Euro to sell at N1,568.03/€1 versus N1,581.89/€1.
Pressure eased further on the FX market as the Central Bank of Nigeria (CBN) continued interventionist operations this week, selling Dollars to banks to boost liquidity after a $500 million boost last week.
This was complemented by inflows from foreign investors, exporters and non-bank corporates, among others, while Nigeria’s gross external reserves remained above $50 billion, the highest since 2009.
The Governor of the apex bank, Mr Yemi Cardoso, also eased fears of a Naira devaluation, saying the country’s financial system has been strengthened by reforms.
Regardless, external pressure looms as the US Dollar strengthened globally due to its war with Iran, now ongoing for three weeks.
Meanwhile, the cryptocurrency market was largely down as traders and investors continue to align with current realities.
The market is adapting to the conflict in real time. Early in the war, every headline produced an outsized reaction because nobody could price the tail risk. Now, traders have a framework where strikes happen, oil spikes and bitcoin dips only to recover again.
Cardano (ADA) depreciated by 3.8 per cent to $0.2623, Dogecoin (DOGE) lost 1.7 per cent to finish at $0.0948, Ripple (XRP) slumped 1.5 per cent to $1.39, Solana (SOL) dropped 1.4 per cent to sell for $87.33, Binance Coin (BNB) went down by 1.3 per cent to $653.58, Bitcoin (BTC) declined by 1.1 per cent to $70,670.63, and Ethereum (ETH) decreased by 0.9 per cent to $2,078.78.
However, TRON (TRX) appreciated by 1.7 per cent to $0.2941, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Adedapo Adesanya
The price of the major crude oil grade, Brent crude oil, closed above $100 on Friday for the second consecutive session, as the Iran war heads toward its third week, with oil tanker traffic through the Strait of Hormuz still effectively at a standstill.
It gained 2.67 per cent or $2.68 during the trading day to close at $103.14 per barrel, while the US West Texas Intermediate (WTI) crude oil grade appreciated by 3.11 per cent or $2.98 to settle at $98.71 per barrel.
Brent futures were up about 10 per cent for the week following the 27 per cent rise seen last week, which marked the biggest weekly gain in oil prices since the COVID-19 pandemic in 2020. WTI futures, which saw their best week since 1983 last week, ended the week more than 8 per cent higher.
US President Donald Trump said American forces launched a major bombing raid on Iran’s strategic Kharg Island, targeting military facilities on the key Persian Gulf outpost while warning Iran that its vital oil infrastructure could be destroyed if shipping in the Strait of Hormuz is disrupted.
The terminal accounts for roughly 90 per cent of Iranian crude shipments, loading millions of barrels per day onto tankers bound largely for Asian markets.
The US and Israel’s strikes in the conflict have largely targeted Iranian military and nuclear infrastructure. Oil facilities elsewhere in Iran have been hit, but Kharg’s massive storage tanks, jetties, and pipelines had remained untouched until the latest strike.
Iran’s new supreme leader, Mojtaba Khamenei, vowed to keep fighting in a message delivered via state television.
There have been a number of attacks on foreign ships in or near the Strait, feeding into concerns that a prolonged war could translate to a global economic shock.
Prices are rising despite the US and its allies rolling out some measures to keep a lid on energy costs.
The International Energy Agency (IEA) has agreed to release 400 million stockpiled barrels, the largest such action in history.
The US has issued a 30-day waiver for India to purchase sanctioned oil from Russia. President Donald Trump is considering loosening rules under the Jones Act that require American ships to transport goods between domestic ports, including oil and gas, in an effort to lower costs.
Traders are continuing to monitor developments in the Middle East.
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