Economy
Lagos Governor Assures Investors Business-Friendly Environment
By Aduragbemi Omiyale
Those interested in investing in Lagos State have been assured by the Governor, Mr Babajide Sanwo-Olu, of a business-friendly environment.
Mr Sanwo-Olu gave this assurance at the commissioning of the new ultra-modern Ecobank Nigeria head office, the Ecobank Pan African Centre (EPAC), in Victoria Island last week.
He said the state government was determined to continue to attract foreign direct investments (FDIs) as it is one of the critical needs of the state and Nigeria at large.
The Governor described the Ecobank building as a masterpiece, which he said has a strong connection that will enhance the state’s Smart City Project and modernize infrastructure within the metropolis.
He lauded the management of the Pan African bank for the vision behind the project as it was redefining building and infrastructure development in the state, stressing that the building meets the various vital parameter such as the latest energy-efficient technology, environmental sustainability, sparkling ambience and state-of-the-art amenities that will further enhance staff sustainability and service delivery.
He expressed excitement over the state-of-the-art facilities at the complex, noting that “This Pan African centre is indeed an intelligent building designed with energy efficiency and is one of the things we need in Nigeria.”
“I know that this building will speak to a lot of the very best. It is a state-of-the-art building focused on environmental sustainability and I am sure that from what I have seen around, it is a redefining building and infrastructural development,” he added.
Governor Sanwo-Olu further said, “The government of Lagos state is happy to let us know that we are building one of the audacious and vibrant infrastructures in the whole of Africa.
“You know that we are currently deploying over 3000 km of fibre connectivity to support businesses that require low-cost connectivity. We will continue to create enabling environment for you.”
While lauding Ecobank management for its sustained attainments of the bank over the years, he urged them to continue to attract the underbanked to the banking space.
Welcoming guests, Chairman, Ecobank Nigeria, Ms Bola Adesola, said the centre is a dream come true, noting that it is a tribute to the vision of the founding fathers in creating a world-class Pan-African Banking group and providing excellent financial services across Africa.
She said the centre with sparkling ambience boasts of state-of-the-art amenities, houses smart offices, a restaurant, multipurpose conference hall, gym, crèche, a parking lot that can accommodate 130 vehicles at a time, experience and game centre and a rooftop terrace, among others, stating it is targeted to further enhance productivity and service delivery to customers.
Also speaking, Group Chief Executive, Ecobank Transnational Incorporation (ETI), Mr Ade Ayeyemi, said EPAC is an important milestone as it consolidates achievements of several years of the company.
According to him, “The office complex brings together our staff. It is a testament to the effort of the people that have come before us. It allows us to be able to create a new working environment where our staff can attend to customers and our customers can do business in the smart working environment. We can bring all our staff to one location instead of distributing them across multiple locations.”
Talking about the uniqueness of the Ecobank brand, Managing Director, Ecobank Nigeria, Mr Patrick Akinwuntan, said the vision of the founding founders was to build a pan African centre, stressing that the bank is presently in 35 countries of Africa.
According to him, “In Nigeria, we are a major player in the financial industry. Recall we launched the first international credit card in the history of banking in Nigeria, the Ecobank Master card and Visa card in 2004. We are also a pioneer in mobile banking, *326# was one of the first mobile banking platforms approved.
“In this era of AFCTA, where Africa aims at operating as one market, this pan African centre has opened its doors to every SMEs, individuals seeking to expand their business across Africa.
“We are the go-to bank for trade, payment, and collection in Africa because we have one pan African switch to make instant payment across Africa. The way you see the Nigerian Interbank Settlement System (NIBSS) transfer within Nigeria is the way Ecobank is across Africa. Our mobile app is one bank that has 33 countries on it.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was further pulled back by 0.50 per cent on Tuesday as a result of profit-taking in some heavyweight stocks.
Like the preceding session, the key sectors of Customs Street were depressed yesterday, with the banking index down by 2.82 per cent. The consumer goods declined by 0.52 per cent, the insurance space lost 0.10 per cent, and the energy counter shrank by 0.03 per cent, while the industrial goods segment was flat.
Consequently, the All-Share Index (ASI) eased by 1,437.54 points to 241,984.80 points from 243,422.34 points, and the market capitalisation contracted by N922 billion to N155.204 trillion from N156.126 trillion.
The worst-performing stock was International Energy Insurance, which gave up 10.00 per cent to close at N5.76. Vitafoam dipped by 10.00 per cent to N189.00, Austin Laz crashed by 9.93 per cent to N3.90, SUNU Assurances depleted by 9.82 per cent to N3.58, and Sovereign Trust Insurance lost 8.37 per cent to finish at N2.30.
On the flip side, Conoil gained 9.79 per cent to trade at N213.00, Prestige Assurance also expanded by 9.79 per cent to N1.57, Neimeth jumped 9.74 per cent to N8.45, eTranzact chalked up 9.40 per cent to close at N16.30, and Cornerstone Insurance improved by 9.09 per cent to N5.40.
The bourse witnessed heavy sell-offs in some equities, with Sterling Holdings recording the sale of 100.9 million units worth N782.8 million to lead the activity log. UAC Nigeria transacted 49.4 million units valued at N9.1 billion, Access Holdings sold 28.8 million units for N699.3 million, Zenith Bank exchanged 29.4 million units worth N3.0 billion, and GTCO traded 20.2 million units valued at N2.7 billion.
At the close of transactions, market participants bought and sold 535.5 million shares worth N36.8 billion in 55,123 deals compared with 569.1 million shares valued at N31.4 billion traded in 77,652 deals on Monday. This implied that the trading value went up by 17.20 per cent, while the trading volume and the number of deals went down by 5.90 per cent and 29.01 per cent, respectively.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange was further down by 0.48 per cent on Monday, June 16, as a result of the losses printed by three bellwethers, led by MRS Oil Plc, which fell by N15.80 to N142.20 per unit from N158.00 per unit.
Further, FrieslandCampina Wamco Nigeria Plc dipped by N2.94 to close at N180.14 per share versus the previous day’s N183.08 per share, and Central Securities Clearing System (CSCS) Plc crumbled by 38 Kobo to N80.24 per share from N80.62 per share.
Consequently, the market capitalisation of the trading platform moderated by N12.55 billion to N2.605 trillion from N2.605 trillion, while the NASD Unlisted Security Index (NSI) weakened by 20.98 points to 4,333.35 points from 4,354.33 points.
During the trading day, the value of transactions surged by 16.5 per cent to N45.6 million from the preceding session’s N39.2 million, and the number of deals soared by 34.8 per cent to 31 deals from 23 deals, while the volume of securities declined by 30.6 per cent to 688,290 units from 992,164 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis with a turnover of 3.4 billion units valued at N8.4 billion. The second spot was occupied by Infrastructure Credit Guarantee (Infracredit) Plc, with 2.3 billion sold for N6.5 billion, and the third position was taken by CSCS Plc, with 66.9 million units exchanged for N4.6 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Naira suffered a 0.55 per cent or 91 Kobo loss against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, June 16, closing at N1,357.18 /$1 compared with the previous day’s N1,356.27/$1.
It also weakened against the Pound Sterling at the official market during the session by N11.53 to trade at N1,820.39/£1 versus Monday’s rate of N1,808.86/£1, but appreciated against the Euro by N2.06 to quote at N1,573.79/€1 versus the preceding session’s N1,575.85/€1.
In the black market, the Nigerian currency crashed against the Dollar yesterday by N5 to sell for N1,385/$1, in contrast to the N1,380/$1 it was traded a day earlier, and at the GTBank FX desk, it traded flat at N1,373/$1.
Nigeria’s gross external reserves surged to $50.505 billion, the highest international Dollar balance since January 2009, affirming expectations that the local currency will remain along a stable band. The FX reserves position was buoyed by inflows from oil sales.
In its Article IV consultation report on Nigeria, the International Monetary Fund (IMF) said that the Naira remains significantly undervalued despite recent gains from FX reforms. It noted that its Real Effective Exchange Rate (REER) assessment showed the local currency was still trading below levels supported by the country’s economic fundamentals, saying the Naira should have traded around N1,142.04/$1 using the end-of-2025 exchange rate benchmark, or N1,130.88/$1 when calculated using the average exchange rate for the year.
As for the cryptocurrency market, prices showed renewed risk appetite as total 24-hour trading volume jumped 51 per cent to $207 billion, open interest rose 2.4 per cent to $113.41 billion, and liquidations surged 64 per cent to $561 million, with shorts accounting for the bulk of the forced exits, according to Coindesk data.
Cardano (ADA) slid 2.7 per cent to $0.1731, Binance Coin (BNB) slumped 1.6 per cent to $605.80, Ripple (XRP) declined by 1.5 per cent to $1.22, Bitcoin (BTC) fell 0.8 per cent to $65,739.70, Dogecoin (DOGE) also tumbled by 0.6 per cent to $0.0873, and TRON (TRX) depreciated by 0.6 per cent to $0.3166.
However, Ethereum (ETH) grew by 0.5 per cent to $1,795.40, and Solana (SOL) rose by 0.2 per cent to $73.81, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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