Economy

Lagos to Officially Engage Traders, Artisans to Boost Economy

Published

8 years ago

03/11/2017

By Dipo Olowookere

Governor Akinwunmi Ambode of Lagos State has promised that government would now start to officially engage traders and artisans on jobs that would improve their economy.

Mr Ambode made this disclosure yesterday when he presented certificates to 1,500 artisans and traders in the state who were retrained on modular employability programme as part of efforts to scale up the informal sector with the view to making members meet up with current realities.

The beneficiaries drawn from various associations under the auspices of the Lagos State Council of Tradesmen and Artisans (LASCOTA) and were solely trained by the state government for enhanced productivity in a total of 24 trades including entrepreneurship, computer appreciation, writing business proposals, among others.

Speaking at the graduation ceremony and 8th Tradesmen and Artisans Day held at De Blue Roof, LTV 8 Compound in Ikeja, Governor Ambode said the role of artisans and traders in the pyramid of socio-economic development of the nation was very critical in achieving sustainable growth and overall prosperity of the people.

He said it was in recognition of such fact that his administration had shown commitment towards ensuring that the event was not only sustained eight years after, but also designed to be more rewarding.

Governor Ambode, who recalled various initiatives designed to scale up the informal sector such as the N25billion Employment Trust Fund (ETF), among others, assured traders and artisans in the State that government would continue to implement strategies and programmes to promote their businesses and create conducive environment for their operation.

He said, “Giving the strategic role of the informal sector in our economic development in this State, our administration has opened an online portal designed to facilitate interaction among artisans, customers/end-users and relevant stakeholders.

“It is our primary role to make it easy and convenient for people in need of high quality service to meet reliable, trusted and verifiable service providers. It is also aimed at enhancing the productivity, competitiveness, creativity and vitality of this sector.”

While expressing excitement with the fact that tailors from the state produced the academic gowns used for the graduation, the Governor, while speaking on specific requests made by LACOSTA, stated that, “As a start, we instruct the Ministry of Wealth Creation and Employment to see the capabilities and the opportunities that we can spread out from state jobs and contracts and give to our artisans.”

“I am very happy to note that we have graduates among you and also graduates who are also your children. So, we hereby create an immediate opportunity through your associations to be able to recruit into key areas in the public service where we can need your services. These are not political promises, we keep our promises and we will fulfil all our promises,” Governor Ambode said.

While congratulating the artisans and traders for successfully undergoing the training, the Governor urged them to put all they have learnt to effective practice, and leverage on the endless opportunities of the strategic position of Lagos as one of the fastest growing economies in the world to be solution providers, just as he assured that the State Government would continue to provide and maintain the required infrastructure and conducive environment for businesses to thrive.

Besides, Governor Ambode launched a compendium of artisans in the State to boost the informal sector, and also inaugurated operational bus donated to LACOSTA by the State Government.

Earlier, in his opening remarks, Commissioner for Wealth Creation and Employment, Mr Babatunde Durosinmi-Etti, said since the last edition of the event, Governor Ambode, as requested by LACOSTA, had already approved N12million annual subvention to the association and increased the number of beneficiaries in 2017 to 1500 from the 500 that were trained in 2016.

Also, LACOSTA President, Alhaji Nurudeen Buhari commended Governor Ambode for keeping his promise of scaling up the informal sector and prioritizing the interest of artisans and traders in the State. He said as promised by the Governor, many of their members have benefited from the ETF loan, among other fulfilled promises.

Economy

NGX RegCo Delists ASO Savings from Stock Exchange

Published

3 hours ago

16/01/2026

Dipo Olowookere

By Dipo Olowookere

ASO Savings and Loans Plc has been delisted from the daily official list of the Nigerian Exchange (NGX) Limited.

This action followed the revocation of the operating licence of the company by the Central Bank of Nigeria (CBN) in December 2025.

In a circular on behalf of the NGX Regulation (NGX RegCo) by Ugochi Eke, it was disclosed that the effective date of the delisting is today, Friday, January 16, 2026.

Already, the company has been notified of this development, according to the notice obtained by Business Post.

Before ASO Savings lost its operating licence, it had failed to meet some post-listing requirements, a part of the disclosure from the NGX RegCo stated.

“The board of NGX Regulation Limited via its decision dated January 1, 2026, approved that the step below should be taken pursuant to the process for regulatory delisting of issuers.

“The board has approved the delisting of ASO Savings and Loans Plc from the Nigerian Exchange Limited’s daily official list effective January 16, 2026.

“ASO Savings is hereby notified of this enforcement action and is advised to direct any communication in respect of the foregoing to [email protected].

“NGX RegCo was engaging the listed entity, concerning its outstanding post-listing obligations. However, due to the revocation of the operating license of ASO Savings by its primary regulator, the Central Bank of Nigeria (CBN) effective December 16, 2025; NGX RegCo will delist the entity from the daily official list effective January 16, 2026.

“In view of the foregoing, NGX RegCo has proceeded with publishing the name of the Company in the national dailies.

“The company has been duly notified of this enforcement action, and this publication serves as notification to the investing public, particularly shareholders of the company and investors in the Nigerian capital market,” the statement read.

Economy

Lokpobiri Warns Oil License Bidders Against Hoarding

Published

4 hours ago

16/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has issued a stern warning to oil and gas investors that petroleum licences in Nigeria are strictly for active development, not asset hoarding or speculative holding, declaring that operators must drill or risk losing their rights.

He made this admonition while delivering his message at the 2025 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Licensing Bid Round Conference in Lagos, where he outlined the government’s hardline stance on asset utilisation and investor accountability.

“The oil assets in portfolio are not mere symbols or souvenirs,” Mr Lokpobiri said, adding that, “Holders of licences are obligated to drill, drill and drill for a shared benefit for the Government, Nigerians and the operators.”

He stressed that the administration is determined to ensure petroleum assets are translated into tangible economic value, noting that licences are time-bound rights granted solely for productive use.

“These assets belong to the Federal Government, and licences are granted strictly for a defined period for productive use, not passive ownership,” the minister said. “Our licensing framework is designed to eliminate speculation and ensure that only serious, capable investors participate.”

Mr Lokpobiri also issued a strong caution to bidders seeking to participate in the 2025 licensing round, urging them to fully understand the process and obligations before submitting bids.

“As prospects take part in this bid round, a clear understanding of the modus operandi guiding the process is essential,” he said, recalling previous bid rounds where some winners attempted to reverse their commitments.

“Past experiences have shown instances where some winning bidders sought refunds based on unmet expectations or perceived asset limitations,” Lokpobiri stated. “Such actions are untenable, as there is no provision in law for the refund of a bid already won.”

According to him, the conference was convened to remove ambiguity and protect the integrity of the licensing system, stressing that the government would strictly enforce all contractual obligations arising from the process.

“This conference serves to provide clarity upfront,” he said. “Participants must be fully informed, deliberate and committed, as the Government will uphold the sanctity of the process and enforce all obligations.”

The minister’s remarks reinforce the Federal Government’s broader push to accelerate upstream development, boost production and attract only technically and financially capable investors into Nigeria’s oil and gas sector, amid renewed licensing activity under the Petroleum Industry Act (PIA).

Economy

NGX Removes Embargo on Trading in Premier Paints Stocks After Four Years

Published

5 hours ago

16/01/2026

Dipo Olowookere

By Dipo Olowookere

The suspension earlier placed on Premier Paints Plc, preventing investors from buying and selling its stocks on the Nigerian Exchange (NGX) Limited, has now been lifted.

The embargo was removed on Wednesday, a notice from the stock exchange, seen by Business Post, disclosed.

Almost four years ago, Premier Paints was suspended from the bourse due to the inability of its board to file the company’s financial results.

The NGX had on July 1, 2022, informed the investing community it had prohibited the trading of the organisation’s securities “in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).

The part of the rules provides that: “If an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will; a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”

In the latest disclosure dated Wednesday, January 14, 2026, and signed by the Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, it was revealed that Premier Paints has now done the needful.

“The company has now filed all outstanding financial statements to Nigerian Exchange Limited.

“In view of the company’s submission of its outstanding financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Premier Paints Plc was lifted (on) Wednesday, January 14, 2026,” the circular stated.