Economy
Lagos Registers 400 Money Lenders, 10,000 Churches, Mosques
By Modupe Gbadeyanka
In two years about 400 money lenders were registered by the Lagos State government, the Commissioner for Home Affairs, Mr Anofiu Elegushi, has disclosed.
The Commissioner stated that this was done to coordinate activities of players in the money lending sector, saying it is also to protect residents of the metropolis.
“The ministry registers, profiles and monitors the viability of such companies in ensuring that while the money lenders are in business, the general public is also protected from scammers and people of questionable character, while also regulating activities of the companies,” he said.
He also said the collaboration with stakeholders in the sector has greatly assisted small scale business owners in Lagos to keep their petty businesses afloat without having to contend with high-interest rates of the big banks, adding that this activity has contributed to the micro-economic growth of businesses in the state.
Mr Elugushi, who was addressing newsmen at the Y2021 ministerial press briefing at the Bagauda Kaltho Press Centre, Alausa, Ikeja over the weekend, said the ministry is presently in the process of imputing data of every worship centre located in the state on a centralised database to allow the state government have reliable data of churches, mosques and their locations with a view to carrying them along in state government policies.
He expressed hopes that the policy, because of the inherent effective resource allocation and efficient management, will bring about extended benefits to many more churches and mosques in the state, saying that at present, the website designed for the enumeration has over 10,000 details of both Muslim and Christian religious organisations across the state.
The Commissioner also reported on the state of religious harmony and peaceful coexistence of people belonging to the two major religions in the state.
“We pride ourselves in saying that what divides and creates security breach in other parts of the country are what unites us in Lagos, bearing in mind that the state has become a home to people from across Nigeria and beyond.
“I am happy to report to you gentlemen of the press that in the last two years, the State has enjoyed tremendous religious harmony and peaceful co-existence, through one of the critical functions of our Ministry which is facilitating, maintaining and enhancing harmonious relations among faith-based groups and organisations in the state,” he said.
Mr Elegushi added that the feat was achieved through regular, vigorous and consistent engagements and discussions with religious leaders in the state under the umbrella of the Nigeria Inter-Religious Council (NIREC).
While giving the accounts of stewardship of both Muslim and Christian pilgrims welfare boards, the Commissioner disclosed that the ministry went the extra length to partner with the Ministry of Health in ensuring a seamless vaccination exercise for all intending pilgrims.
“As part of measures to ensure a successful pilgrimage exercise, intending pilgrims were screened both administratively and medically.
“Over 2,500 intending pilgrims were vaccinated with the Oxford AstraZeneca COVID-19 vaccine between Saturday, March 27 and Sunday, March 28, 2021, by the Christian and Muslim pilgrims welfare boards in collaboration with the state Ministry of Health. This was in fulfilment of the requirements for gaining entry into the Kingdom of Saudi Arabia for the performance hajj and Jerusalem pilgrimages,” he stated.
On the readiness for the Y2021 pilgrimage exercise by intending Christian pilgrims, Mr Elegushi informed that the permanent secretary in the Ministry led a six-man delegation to Jordan, ahead of the proposed May 2021 pilgrimage, to ascertain the preparedness of pilgrimage handlers and to also have a better and clearer view of historical sites in Jordan.
Also, the Commissioner said the ministry received 74 applications for naturalisation on behalf of the Federal Ministry of Home Affairs in two years. He said of these, 35 have been screened and recommended to the Federal Ministry of Interior for approval.
He explained that the Ministry is also in talks with foreign business owners, who intend to acquire Nigeria citizenship via naturalisation and/or special immigrant status, saying that with the ongoing engagement, Nigeria, especially Lagos State, stands to benefit foreign direct investment while the immigrant business owners also benefit by growing their businesses in one of the biggest markets in the world.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.22 per cent on Tuesday, April 28, with the market capitalisation down by N4.8 billion to N2.420 trillion from N2.425 trillion, and the NASD Unlisted Security Index (NSI) down by 9.01 points to 4,044.96 points from 4,053.97 points.
During the session, the price of Central Securities Clearing System (CSCS) Plc went down by N1.82 to N767.05 per share from N78.87 per share, while FrieslandCampina Wamco Nigeria Plc appreciated by N1.90 to N100.00 per unit from N98.10 per unit.
According to data, the value of trades increased by 265.7 per cent to N27.1 million from N7.4 million units, and the volume of transactions surged by 305.2 per cent to 1.3 million units from 319,831 units, while the number of deals decreased by 6.9 per cent to 27 deals from 29 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.8 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also finished as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
By Adedapo Adesanya
Pressure is beginning to mount on the Nigerian Naira in the different segments of the foreign exchange (FX) market despite an oil windfall triggered by the Middle East crisis.
On Monday, April 27, the domestic currency further weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N16.47 or 1.2 per cent to N1,380.71/$1 from the previous day’s N1,364.24/$1.
It was not different against the Pound Sterling in the same market window, as it lost N16.04 to trade at N1,863.76/£1 versus Monday’s closing rate of N1,847.72/£1, and against the Euro, it slipped by N12.72 to close at N1,615.01/€1 versus N1,602.29/€1.
The Naira also depreciated against the Dollar at the black market yesterday by N5 to quote at N1,390/$1 compared with the previous price of N1,385, and at the GTBank forex counter, it further crashed by N9 to settle at N1,379/$1 compared with the preceding session’s N1,370/$1.
The continued decline of the Naira comes as traders increasingly seek other safe-haven currencies amid continued global disruptions.
The benefit awash in the global market is making foreign portfolio investors stay short in Nigerian markets. Despite this, the daily FX publication released showed that interbank turnover rose to $98.829 million across 78 deals, up from $76.65 million.
Meanwhile, the cryptocurrency market remained cautious, with Bitcoin (BTC) trading at $77,216.66 despite surging oil prices and geopolitical tensions over a potential extended US naval blockade of the Strait of Hormuz.
Analysts say the supply overhang has finally dried up, and the sellers who were spooked by macro shifts or quantum fears have already exited, leaving the market much thinner on the sell-side.
Investors will await decisions made by central banks this week. The US Federal Reserve will announce its rate decision later on Wednesday, while the European Central Bank (ECB) follows on Thursday.
Ethereum (ETH) gained 1.5 per cent to trade at $2,324.59, Dogecoin (DOGE) chalked up 1.4 per cent to sell for $0.1016, Solana (SOL) appreciated by 0.6 per cent to $84.85, Cardano (ADA) grew by 0.5 per cent to $0.2483, and Binance Coin (BNB) advanced by 0.2 per cent to $627.15.
However, TRON (TRX) depreciated by 0.6 per cent to $0.3224, and Ripple (XRP) lost 0.03 per cent to sell at $1.39, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were unchanged at $1.00 each.
By Adedapo Adesanya
Oil was up by nearly 3 per cent on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz continued, with Brent futures for June rising by $3.03 or 2.8 per cent to $111.26 a barrel, and the US West Texas Intermediate (WTI) crude futures growing by $3.56 or 3.7 per cent to $99.93 a barrel.
An earlier round of negotiations between the United States and Iran collapsed last week after face-to-face talks failed.
Ship-tracking data showed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade, but some traffic is still moving.
Prices trimmed some of the advances after the United Arab Emirates (UAE), the fourth-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said on Tuesday it would exit the group on this Friday, May 1, 2026.
This dealt a blow to the oil-exporting group and its de facto leader, Saudi Arabia.
The UAE could quickly add between 1 million and 1.5 million barrels per day of output. However, with the Strait of Hormuz effectively closed, analysts said that there’s nowhere for that supply to go.
The UAE joined OPEC in 1967, but tension with Saudi Arabia over production quotas has been building for years.
Under the OPEC+ deal, the country has been held to roughly 3 million barrels per day while sitting on capacity above 4 million. It has been pushing toward 5 million barrels per day by 2027, and that target is hard to achieve with quotas built around someone else’s view of the market.
The war in Yemen broke whatever was left of diplomatic patience.
President Donald Trump said he was unhappy with the latest Iranian proposal to end the war. The proposal would avoid addressing the nuclear programme until hostilities cease and Gulf shipping disputes are resolved.
The Idemitsu Maru, a Panama-flagged tanker carrying 2 million barrels of Saudi oil, and an LNG tanker managed by the Abu Dhabi National Oil Company (ADNOC) crossed the Strait on Tuesday, shipping data showed.
Vortexa data showed that the amount of crude oil held around the world on tankers that have been stationary for at least seven days rose to 153.11 million barrels as of April 24.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
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