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 Dipo Olowookere
The Nigerian equity market showed no signs of slowing down, as it further appreciated by 1.30 per cent on Friday on the back of sustained buying pressure.
Unlike the preceding sessions, investor sentiment was bullish yesterday after the Nigerian Exchange (NGX) Limited ended with 43 price gainers and 26 price losers, implying a positive market breadth index, the first this week.
UPDC gained 10.00 per cent to close at N4.40, Academy Press also appreciated by 10.00 per cent to quote at N7.70, Haldane McCall improved by 9.97 per cent to N3.97, Zichis soared by 9.94 per cent to N15.60, and Wema Bank added 9.84 per cent to settle at N31.25.
Conversely, Meyer lost 9.92 per cent to sell for N16.80, Trans-Nationwide Express also crashed by 9.92 per cent to end at N7.90, C&I Leasing slipped by 8.53 per cent to N5.90, Omatek dipped by 7.34 per cent to N2.02, and eTranzact decreased by 5.28 per cent to N17.05.
When the bourse closed its doors to business, the All-Share Index (ASI) rose by 2,884.81 points to 225,722.49 points from 222,837.68 points, and the market capitalisation grew by N1.858 trillion to N145.335 trillion from N143.477 trillion.
A look at the activity chart showed that market participants transacted 627.6 million shares worth N44.5 billion in 55,232 deals during the trading day compared with the 667.9 million shares valued at N38.1 billion traded in 53,062 deals a day earlier.
This indicated that the volume of transactions went down by 6.03 per cent, the value of trades went up by 16.80 per cent, and the number of deals jumped by 4.09 per cent.
Access Holdings closed the session as investors’ toast, with a turnover of 75.6 million units worth N2.4 billion. UBA transacted 43.1 million units valued at N2.3 billion, Wema Bank exchanged 41.5 million units for N1.3 billion, Zenith Bank traded 38.4 million units valued at N5.2 billion, and Universal Insurance sold 29.5 million units for N35.9 million.
By Aduragbemi Omiyale
Mr Taiwo Oyedele has set some goals he intends to achieve as Nigeria’s Minister of Finance and Coordinating Minister of the Economy.
While taking over from his predecessor, Mr Wale Edun, on Thursday, the tax expert assured that he has no plans to overturn some of the reforms already put in place by the former occupier of the seat.
In a message on Friday, he emphasised that, “Our immediate task is to consolidate these gains, deepen ongoing reforms, and ensure they translate into tangible benefits for all Nigerians.”
He promised to ensure fiscal discipline by embracing transparent and prudent management of public resources, while also harmonising revenue administration, broadening the tax base, reducing the burden on the vulnerable population, and supporting economic growth.
Mr Oyedele further said his other strategic priorities include creating a predictable and investor-friendly environment anchored on policy coherence, consistency, and clarity; and aligning efforts across all tiers and institutions to maximise policy impact.
He also said efforts would be made to deepen collaboration with the private sector and other key stakeholders for data-driven policy design, co-implementation, and feedback for continuous improvement.
According to him, “Good policy design alone is not enough; success will be defined by execution. We are committed to disciplined implementation, accountability, and measurable results.”
“I look forward to working with colleagues across government, the private sector, and all Nigerians as we move from reform to result, accelerate growth and build a more stable, inclusive, and prosperous economy,” he stated.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.
The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.
Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.
During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
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