Economy
Lagos Partners Farmers on Maize Production
By Sodeinde Temidayo David
The Lagos State Government has announced the plan to partner with the Maize Farmers’ Association of Nigeria (MAAN) in a bid to explore the possibilities of maize production.
This was revealed over the weekend by the Commissioner for Agriculture, Ms Abisola Olusanya, when she received members of the group.
Ms Olusanya explained that the meeting was convened to explore the opportunities available for the sourcing of silage from the partnership.
“Silage is a very cheap and affordable source of feed for livestock in the State, particularly cows, and there is a need for collaboration with the Maize Farmers Association of Nigeria, which is coming on the heels of my visit to the Igbodu Feedlot in Epe,’ the Commissioner said.
According to her, in this year’s farming season, MAAN would be planting about 167,000 hectares of maize across Nigeria with an average crop output of five metric tonnes per hectare.
As stated by the Commissioner, the collaboration with the association will help the state grow its own maize and would serve as a major source of production for cattle feed.
“I am particularly delighted about this initiative because it is in line with the State’s Five-Year Agricultural Roadmap, particularly the reform of the red meat value chain,” she said.
The senior government official further noted that there is a potential for about 835,000 metric tonnes of silage, which could be available for the Feedlots in the State.
Lagos’s partnership with MAAN is aimed at establishing feedlots and fattening centres that will help with the traceability and hygiene of the cattle before they are slaughtered for consumption.
In a different development, the Lagos state government has restated the vow to intensify raids on clubs, bars and lounges, over noise pollution in the state.
The alarm was made yesterday as the state government read the riot act to nightclubs, bars and lounges, especially those in the Lekki axis, to desist from noise pollution. Following this, any club that fails to adhere to the act will risk being shut.
Also, apart from putting such clubs or bars under lock and key, the owners of the relaxation points would also be prosecuted according to the dictates of the law.
A statement signed by the Commissioner for the Environment and Water Resources, Mr Tunji Bello, said enforcement raids were carried out on some nightclubs in Lekki following repeated complaints by residents of the area and environs.
According to him, a visit by enforcement officers of the Lagos State Environmental Protection Agency (LASEPA) to a club at Lekki, following complaints of flagrant noise pollution, revealed the use of different giant speakers and musical instruments for stage plays and shows, necessitating its closure.
The Commissioner also noted that many residents especially elderly citizens, have always come to his office with petitions and complaints about the adverse effects of noise pollution on their health every night until the early hours of the next day.
It was also noted that the exercise will be a continuous one, and all clubs that engage in noise pollution are advised to retrace their steps.
Mr Bello stated that no one organisation would be treated as a sacred cow in the latest campaign, pointing out that research has also shown noise pollution as one of the causative factors for reduced lifespan.
The campaign is attributed to the second pillar of the six-point Development Agenda of the present administration is Health and Environment, as it includes combating noise pollution.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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