Economy
Kaduna Seeks Lagos’ Support on Service Reforms
By Modupe Gbadeyanka
The Lagos State government, through the Office of Transformation, Creativity and Innovation (OTCI), has assured Kaduna State’s Bureau of Public Service Reforms (BPSR) delegation of its willingness to give necessary support and assistance in improving public service performance in Kaduna State.
Speaking while receiving the 9-man visiting team in Alausa recently, the Director General of OTCI, Mr Toba Otusanya, commended the decision to understudy Lagos reforms experience, saying it is a step in the right direction which more States should emulate, as this would encourage knowledge sharing and better service delivery to the people.
According to him, service reforms in Lagos State entails poverty eradication, sustainable economic growth through infrastructural renewal and development, adding that infrastructural renewal is not only physical infrastructure but also infrastructural renewal of the mind.
“Before any project is embarked on in Lagos, the question that is usually asked is how it will help with the policy thrust and achieve the set goals of the state. Also there is usually a clear policy link between all the initiatives going on in the State and the State Development Plan,” he said.
While highlighting some progress made in the areas of reforms to include the Independent Power Project (IPP); Agric-Yes Programme; Traffic Law; Procurement Law; Computerized Pay-Roll System; Introduction of the Lagos State Traffic Management Authority (LASTMA) Law; and the Public Service, Mr Otusanya noted that the State tailored its reforms towards development in specific sectors.
The Director-General explained further that the primary role of the Office of Transformation, Creativity and Innovation, is to fast track these Public Service Reforms and collaborate with Ministries, Departments and Agencies (MDAs) in ensuring that their sectorial objectives are achieved.
Responding, the Director-General, Kaduna State Bureau of Public Service Reforms (BPSR), Mr Bashir Muhammad thanked the Lagos State Government for hosting them, saying that their quest for success in the area of reforms informed their decision to also visit countries like Malaysia and Singapore which have a very high success rate in reforms.
He emphasised that the choice of Lagos was largely informed by the giant strides recorded in the area of reforms as such it will not only be good to understudy them but to also share best practices with them.
The Kaduna team was taken through the history of OTCI and other reforms championed by the Office such as reforming and restructuring Ministries, Department and Agencies (MDAs) in Lagos through Corporate Planning and Mandate reviews; transition from Personnel Management to Human Resources and Administration, the Lagos experience; Implementing the Service Charter initiative, key lessons and challenges; and Creativity and Innovation.
The two-day event was attended by representatives of the Kaduna State Bureau of Public Service Reforms(BPSR); Mr Ifeanyi Ugwuoke, DFID’s – Accountable, Responsive and Capable Governance (ARC) Technical Partner as well as members of staff of the OTCI.
By Aduragbemi Omiyale
The listing of Dangote Industries Limited’s N300 billion series 1 and 2 bonds on the Nigerian Exchange (NGX) Limited has been described as an indicator of the depth of the Nigerian capital market.
The Group Chief Executive Officer of the conglomerates, Mr Olakunle Alake, said this on Wednesday when a closing gong ceremony was held to celebrate the completion of the listing of the corporate debt instrument on the local stock exchange.
Mr Alake, represented by the Group Chief Finance Officer, Mr Mustapha Ibrahim, said, “We are pleased to have showcased the depth and liquidity of the domestic capital market whilst we reflect the strong quality of the issuer, despite the current global market realities.”
According to him, the depth of the market was reflected in the successful issuance of the bond, which was the largest aggregate local currency bond issued in the capital market so far within the year.
He further noted that the listing of the bond recorded participation from a wide range of investors, including domestic pension funds, asset managers and insurance companies and further demonstrated investors’ confidence in Nigeria’s credit reality.
On his part, the Divisional Head of Capital Markets at NGX, Mr Jude Chiemeka, speaking at the event, applauded the listing of the bond, which provides corporates with the opportunity to raise capital.
“The listing of this transaction on our platform not only allows for a more liquid capital market, but it also shows our capacity to facilitate large transactions towards enabling a more robust ecosystem,” Mr Chiemeka said.
He further noted that NGX remains committed to fostering similar transactions through its digital gateways such as this and a confident market where corporates and investors can achieve their respective objectives.
By Adedapo Adesanya
Trading activities ended in a stalemate on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, with no single price gainer or a price loser at the close of business.
As a result of this development, the market capitalisation of the bourse remained intact at N1.03 trillion, as the NASD Unlisted Securities Index (NSI) also remained unchanged at 743.15 points.
The unlisted securities market closed flat in the midweek session amid low investor appetite for the market, as attention shifted to the fixed-income market, where the Central Bank of Nigeria (CBN) sold treasury bills at the primary market, with the stop rate over 14 per cent.
Data from the bourse showed that the volume of securities traded yesterday was abysmally low as it went down by 99.9 per cent to 8,299 units from the 20.1 million units transacted a day earlier.
Likewise, the value of shares traded during the session dropped to N1.2 million, 97.3 per cent lower than the N44.5 million posted in the preceding trading day.
These transactions were carried out yesterday in nine deals, 75 per cent lower than the 36 deals executed on Tuesday.
Geo-Fluids Plc remained the most traded stock by volume on a year-to-date basis with a turnover of 482.1 million units valued at N544.1 million, UBN Property Plc occupied second place with the sale of 365.8 units worth N309.5 million, while Industrial and General Insurance (IGI) Plc was in third place with the sale of 71.1 million units valued at N5.1 million.
Also, VFD Group Plc ended the session as the most traded stock by value on a year-to-date basis with a turnover of 7.3 million units worth N1.7 billion, Geo-Fluids Plc was in second place with a turnover of 482.1 million units worth N544.1 million, while UBN Property Plc was in third place with the sale of 365.8 million units valued at N309.5 million.
By Adedapo Adesanya
The Nigerian Naira appreciated against the US Dollar in the Peer-2-Peer (P2P) and the Investors and Exporters (I&E) windows of the foreign exchange market on Wednesday, March 30, but depreciated in the black market.
In the P2P segment, it gained N3 against its American counterpart to quote at N764/$1, in contrast to the N767/$1 it was traded on Tuesday as the demand for cryptos, which most traders in this category use the funds to buy, was relatively mild.
In the I&E window or the spot market, the Naira appreciated against the greenback yesterday by 51 Kobo or 0.11 per cent to settle at N461.24/$1 compared with the previous day’s N461.75/$1, according to data obtained from FMDQ Securities Exchange, with the forex turnover put at $74.31 million.
But in the parallel market, the domestic currency depreciated against the US Dollar in the midweek session by N4 to trade at N747/$1 versus Tuesday’s exchange rate of N743/$1.
Also, in the interbank window, the Naira lost N1.93 against the Pound Sterling to sell at N567.68/£1 versus Tuesday’s N565.52/£1, and against the Euro, it slid by N2.25 to at N499.21/€1 compared with the preceding day’s N496.66/€1.
Meanwhile, the digital currency market swayed to the bulls yesterday as most of the tokens tracked by Business Post ended in the green territory amid better-than-expected consumer confidence figures from the United States.
Data from the US Conference Board showed that its monthly survey rose to a reading of 104.2 basis points, better than the 101 mark expected, lifting Bitcoin (BTC) by 4.2 per cent to $28,519.76, as Ethereum (ETH) rose by 0.5 per cent to $1,788.52.
Solana (SOL) grew by 2.1 per cent to $21.08, Dogecoin (DOGE) gained 1.4 per cent to sell at $0.0751, Litecoin (LTC) increased by 0.6 per cent to $90.14, while Cardano (ADA) chalked up 0.5 per cent to quote at $0.3797.
However, Ripple (XRP) dropped 0.4 per cent to trade at $0.5336, Binance Coin (BNB) lost 0.2 per cent to settle at $313.02, and Binance USD (BUSD) and the US Dollar Tether (USDT) traded flat at $1.00 apiece.
