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 Adedapo Adesanya
Three securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 1.38 per cent on Friday, July 3, with the NASD Security Index (NSI) up by 58.80 points to 4,307.26 points from 4,248.46 points, and the market capitalisation closing higher by N35.30 billion to N2.585 trillion from N2.549 trillion.
The price gainers were led by 11 Plc, which expanded by N20.05 to close at N220.55 per share compared with the previous day’s N200.50 per share, FrieslandCampina Wamco Nigeria Plc increased by N5.36 to N151.82 per unit from N146.46 per unit, and Central Securities Clearing System (CSCS) Plc appreciated by N3.52 to N90.74 per share from N87.22 per share.
Yesterday, the value of transactions surged by 1,431.2 per cent to N160.1 million from the preceding session’s N10.5 million, and the volume of trades rose by 303.7 per cent to 1.8 million units from 440,653 units, while the number of deals decreased by 34.4 per cent to 21 deals from 32 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 70.7 million units transacted for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Dipo Olowookere
The losing streak on the Nigerian Exchange (NGX) Limited was halted on Friday after the bourse closed higher by 2.19 per cent at the close of trading activities.
The gains reported by Nigerian stocks were buoyed by renewed bargain-hunting by investors, which resulted in all the key sectors of Customs Street ended in the green territory.
The banking space rose by 2.78 per cent, the insurance counter appreciated by 1.26 per cent, the energy segment expanded by 0.36 per cent, the consumer goods index chalked up 0.06 per cent, and the industrial goods sector grew by 0.05 per cent.
Consequently, the All-Share Index (ASI) went up by 4,918.37 points to 229,240.34 points from 224,321.97 points, and the market capitalisation increased by N3.156 trillion to N147.103 trillion from N143.947 trillion.
Investor sentiment was bullish after 34 stocks ended on the price gainers’ chart and 18 stocks finished on the losers’ log, representing a positive market breadth index.
The quintet of The Initiates, Universal Insurance, DAAR Communications, Omatek, and Airtel Africa surged by 10.00 per cent to sell for N25.85, 88 Kobo, N1.65, N1.76, and N5,274.00, respectively.
On the flip side, International Energy Insurance lost 9.96 per cent to trade at N4.70, Meyer shed 9.95 per cent to close at N18.55, Veritas Kapital dropped 5.07 per cent to finish at N1.31, Fidelity Bank slipped by 2.17 per cent to N18.00, and Jaiz Bank crashed by 1.84 per cent to N28.12.
During the session, a total of 414.7 million equities worth N25.1 billion exchanged hands in 47,106 deals compared with the 855.4 million equities valued at N28.4 billion transacted in the preceding day in 51,609 deals, implying a contraction in the trading volume, value, and number of deals by 51.52 per cent, 11.62 per cent, and 8.73 per cent, respectively.
By Adedapo Adesanya
The Naira closed flat against the United States Dollar at N1,370.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 3.
However, it appreciated against the Pound Sterling in the same market segment by N2.29 to settle at N1,829.88/£1 compared with the previous day’s N1,832.17/£1, and marginally depreciated against the Euro by 4 Kobo to close at N1,568.32/€1 versus Thursday’s closing price of N1,568.28/€1.
At the parallel market, the Naira also traded flat against the US Dollar at N1,390/$1, and at the GTBank forex desk, it also maintained stability at N1,832/$1.
Market conditions improved shortly after the following minimal intervention by the Central Bank of Nigeria (CBN) through modest Dollar sales, which boosted liquidity and supported stronger trading activity.
Easing pressure came after half-year profit-taking tapered down, while continued stronger policy signals from the central bank add to near-term support.
Deals executed at the official market on Friday came in at $70.430 million across 82 interbank deals, from $85.517 million the previous day.
Meanwhile, the cryptocurrency market continued its recovery after June non-farm payrolls printed at 57,000, less than half the 113,000 consensus, sending the implied probability of a September Federal Reserve rate hike from 64 per cent to 54 per cent and dragging AI stocks sharply lower.
Weak labour data reduces inflationary pressure and, by extension, the Federal Reserve’s justification for holding rates elevated. That transmission mechanism is direct: lower rate-hike odds compress the opportunity cost of holding non-yielding assets like crypto.
Bitcoin regained the $62,000 mark after it rose by 1.3 per cent to $62,475.29.
Cardano (ADA) gained 6.6 per cent to trade at $0.1759, Ripple (XRP) appreciated by 3.5 per cent to $1.14, Ethereum (ETH) expanded by 2.4 per cent to $1,756.82, Dogecoin (DOGE) improved by 2.1 per cent to $0.0768, Solana (SOL) chalked up 1.8 per cent to $82.65, TRON (TRX) increased by 1.5 per cent to $0.3235, and Binance Coin (BNB) soared by 1.4 per cent to $569.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz4 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn