Economy
Lagos Assembly Begs NNPC to Relocate Apapa Tank Farms
By Modupe Gbadeyanka
The Nigeria National Petroleum Corporation (NNPC) has been urged to relocate the tank farms in Apapa so as to decongest traffic in the area.
A member of the Assembly representing Apapa Constituency 1, Mrs Mojisola Miranda, lamented that the traffic congestion in the area has made live unbearable for residents, business owners as well as school children.
She noted that urgent steps must be made to restore sanity to Apapa.
Speaking on Thursday during plenary, the lawmaker said the activities of the trailer drivers in Apapa are not only affecting traffic in the area, but that it has extended to other parts of the state.
She urged the Assembly to invite the state’s acting Commissioner for Transport and the Managing Director of the Lagos State Traffic Management Authority (LASTMA) to brief the house on how they would handle the matter.
This was supported by the lawmaker representing Apapa Constituency 2, Mr Olumuyiwa Jimoh.
Mr Jimoh, who said that he had been having sleepless night on the matter, stressed that the residents of the area have been coming to him on the issue and that it should be resolved once and for all.
Speaker of the House, Mr Mudashiru Obasa, emphasized that the House should not wait until the necessary officials were invited to brief them, but that necessary steps should be taken urgently to handle the situation.
“It is better we caution the trailer drivers to stop parking on the roads and bridges in the area. We will definitely call on the officials of LASTMA and Lagos State Safety Commission on the matter.
“We also have to call on the Federal Ministry of Works and Housing to provide alternative roads to motorists, while the roads in Tin Can Island were being repaired,” he said.
Mr Obasa stated that the tank farms should be relocated from the area because, according to him, they were located in the area before the place became a densely populated area.
In his comment, Mr Rotimi Olowo from Shomolu Constituency 1 stated that the activities of the trailer drivers were affecting the economy of the state.
He said that the House had invited the people in charge of the road in the past and that the National Union of Petroleum and Natural Gas Workers (NUPENG) was a powerful union and that the House should meet the trailer drivers on the issue.
Also commenting, Mr Abiodun Tobun from Epe Constituency 1 wondered why the Federal Government that he said is collecting money in the ports was not doing the necessary things about the roads there.
Mr Tobun added that the government could get a location close to Tin Can Island Port to park the trailers and that Lagos State should be allowed to control the ports.
Mr Rasheed Makinde, in his contribution said that some of the trailers come from the eastern and northern parts of the country and that they disobey the laws of the state.
These views were supported by other lawmakers, who urged the House to urgently handle the matter, and the House adjourned sitting to Monday, September 25, 2017.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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