Economy
Lagos Safe for Investments, Business Owners–Commissioner
By Dipo Olowookere
Commissioner for Special Duties and Inter-Governmental Relations in Lagos State, Mr Seye Oladejo, has assured business owners in the metropolis that their investments were in safe hands.
Mr Oladejo gave this assurance during the simulation exercise carried out by officials of Lagos State Emergency Management Agency (LASEMA) alongside other emergency stakeholders code named ‘Operation Oko Jasosa’ at the early hours of Sunday, April 29, 2018, as a way of reassuring investors and entire residents of Lagos of the preparedness of the State emergency responders to swiftly respond to emergency situations in a very coordinated manner.
The Commissioner, who spoke through the Permanent Secretary in the Ministry, Dr Jemilade Longe, disclosed that the exercise shows the capability of the various emergency responders in the state and should further convince Lagosians beyond mere promises that Lagos state government places high premium on protection of life and property.
He added that Governor Akinwunmi Ambode, since inception of his tenure three years ago, made a commitment to deploy a sizable chunk of the resource of the state towards protecting Lagosians as well as foreigners residing in the state.
“Disasters and accidents are thing that you cannot predict but for our investors, what the state government is saying is that if for whatever reason there is an accident, they should be rest assured that we have skilled officials, the needed synergy and equipment to combat surmount such situations. The implication of this is that our people can now go to sleep without any fear because there is a government that cares for them,” the Commissioner stated.
Giving an overview of the operation, General Manager of LASEMA, Mr Tiamiyu Adeshina, explained that the main rationale behinde the entire simulation process was the display of synergy that exists among all those involved in attending to emergency situations.
He added that exercise was intended to sharpen synergy, foster collaboration, improve the level of preparedness and increase the response capability of relevant stakeholders in the management of multiple casualty incident especially along the 3rd Mainland Bridge known do such multiple accident cases.
“There is nothing to panic about, this simulation exercise is delibrately planned to prepare our men, that is all emergency responders for a situation like this.
“After this exercise now, LASEMA and other stakeholders involved in this simulation process will go back to the drawing board to reappraise our performances, evaluate the entire rescue operation and design a better way to handle this type of scenario whenever it happens.
“It is part of the proactive measures we decided to carry out so that we won’t start learning how to combat real accident scenes when very precious lives would be involved,” the General Manager averred.
He described the entire synergy among the responders as perfect, saying that the equipment and professional skills of the rescuers have been put to test and can successfully handle real-life situations similar to the simulated accident scene.
He reassured Lagosians that wherever they are and at whatever time of the day, LASEMA with the support of other relevant stakeholders will do all within their power to make sure that they are safe.
Mr Tiamiyu disclosed that the simulation exercise that was concluded within an hour on the 3rd Mainland Bridge was a result of meticulous paper work, planning and several round table meetings that lasted for over 4 months.
The General Manager urged residents of the state to always remember the free-toll emergency line of 767 and 112.
He said, “Dont leave anything to chance, take advantage of this free lines and activate the call immediately an emergency is perceived so that swift assistance can come and the degree of injuries or casualities will be very minimal.”
He said that throughout the period of the rescue operation there was adequate traffic traffic control on the bridge, live update on television stations where motorists and Lagosians at large were advised not to panic.
The nickname given to the rescue operation ‘Oko Jasosa’ derived its name from the vehicle that plunged into the Lagos lagoon from the simulated accident that involved a luxurious bus and five other vehicles.
The exercise involves men of the LASEMA Response Unit (LRU), Lagos State Fire Service, Lagos State Ambulance Service (LASAMBUS) State Environmental Health and Monitoring Unit (SEHMU ), Lagos State Traffic Management Authority (LASTMA), Lagos State Neighborhood Safety Corps, Lagos State Waterway Authority (LASWA), Rapid Response Squard (RRS), Marine Police National Emergency Management Agency (NEMA) Nigerian Security & Civil Defence Corp and Federal Road Safety Corps (FRSC).
By Dipo Olowookere
About 0.04 per cent was recovered on Friday from the loss recorded by the Nigerian Exchange (NGX) the previous due to profit-taking.
Yesterday, investors were in the market with renewed vigour, mopping up stocks trading at relatively cheaper prices.
According to data, the insurance counter gained 0.41 per cent, the banking sector appreciated by 0.38 per cent, and the consumer goods index grew by 0.14 per cent.
The gains achieved by these three sectors were enough to lift Customs Street at the close of business despite the 0.26 per cent decline printed by the industrial goods segment and the 0.14 per cent loss suffered by the energy industry. The commodity counter was flat during the session.
A total of 43 equities gained weight on the last trading day of this week, while 26 equities shed weight, indicating a positive market breadth index and strong investor sentiment.
Red Star Express increased its share price by 10.00 per cent to N13.20, NCR Nigeria grew by 9.97 per cent to N128.55, SCOA Nigeria inflated by 9.96 per cent to N14.90, Omatek appreciated by 9.94 per cent to N1.77, and Deap Capital expanded by 9.85 per cent to N4.46.
On the flip side, McNichols decreased by 8.81 per cent to N6.00, Legend Internet crumbled by 7.56 per cent to N5.50, Cornerstone Insurance crashed by 6.48 per cent to N6.35, C&I Leasing contracted by 6.29 per cent to N8.20, and Austin Laz slipped by 5.78 per cent to N3.75.
Yesterday, 539.9 million shares valued at N16.7 billion were transacted in 48,023 deals versus the 1.0 billion shares worth N31.6 billion executed in 51,227 deals in the preceding day, implying a shrink in the trading volume, value, and number of deals by 46.01 per cent, 47.15 per cent, and 6.26 per cent apiece.
Zenith Bank was the most active for the day with 54.6 million stocks sold for N3.8 billion, Jaiz Bank traded 41.5 million units worth N359.4 million, Secure Electronic Technology transacted 37.7 million units valued at N39.2 million, Access Holdings exchanged 30.5 million units for N699.2 million, and Lasaco Assurance transacted 27.2 million units worth N68.3 million.
When the market closed for the day, the All-Share Index (ASI) went up by 72.21 points to 166,129.50 points from 166,057.29 points and the market capitalisation gained N31 billion to N106.354 trillion from N106.323 trillion.
By Adedapo Adesanya
It was a positive ending for the Naira this week after it further appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, January 16 by N1.33 or 0.09 per cent to sell for N1,417.95/$1 compared with the previous day’s N1,419.28/$1.
The domestic currency also gained N2.41 against the Euro in the official market to close at N1,647.51/€1 versus the preceding session’s closing price of N1,649.92/€1, however, it suffered a N7.97 loss against the Pound Sterling in the same market window to trade at N1,901.32/£1, in contrast to Thursday’s closing price of N1,893.35/£1.
In the same vein, the Nigerian Naira depleted against the Dollar at the GTBank FX counter by N2 to quote at N1,427/$1 compared with the previous day’s N1,425/$1, but strengthened against the greenback at the black market yesterday by N5 to settle at N1,485/$1 versus the N1,490/$1 it was exchanged a day earlier.
Improved supply conditions helped keep the market within range as exporters’ and importers’ inflows in addition to non-bank corporate supply enhanced liquidity as the Central Bank of Nigeria (CBN) made no visible intervention.
Stronger external inflows from foreign portfolio investors (FPIs) and improving current account dynamics, continue to align with structural support in the wider economy.
Nigeria has seen projections of a stronger economic or gross domestic product (GDP) growth and lower inflation in 2026, with these forecasts citing improved macroeconomic fundamentals and reform impacts.
As for the cryptocurrency market, it was mixed following selloff in precious metals and lower US stocks appeared to be denting crypto sentiment.
Gold and silver, both of which also enjoyed big rallies earlier this week, tumbled 1.2 per cent and 5 per cent, respectively while key US stock indexes — the Nasdaq, S&P 500 and Dow Jones Industrial Average — all reversed from early gains to modest losses in Friday trade.
Dogecoin (DOGE) shrank by 2.2 per cent to $0.1370, Ripple (XRP) slipped by 0.8 per cent to $2.05, Ethereum (ETH) went down by 0.7 per cent to $3,228.56, and Bitcoin (BTC) slumped by 0.6 per cent to $95,086.80.
Conversely, Litecoin (LTC) appreciated by 3.2 per cent to $74.48, Solana (SOL) rose by 0.4 per cent to $143.70, Cardano (ADA) jumped by 0.2 per cent to $0.3942, and Binance Coin (BNB) increased by 0.1 per cent to $935.88, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Oil prices settled higher amid lingering worries about a possible US military strike against Iran, a decision that may still occur over the weekend.
Brent crude settled at $64.13 a barrel after going up by 37 cents or 0.58 per cent and the US West Texas Intermediate (WTI) crude finished at $59.44 a barrel after it gained 25 cents or 0.42 per cent.
The US Navy’s aircraft carrier USS Abraham Lincoln was expected to arrive in the Persian Gulf next week after operating in the South China Sea.
Market analysts noted that it doesn’t seem likely anything will happen soon. However, the weekends have become the perfect time for actions so as not offset the markets.
The market had risen after protests flared up in Iran and US President Donald Trump signalled the potential for military strikes, but lost over 4 per cent on Thursday as the American president said Iran’s crackdown on the protesters was easing, allaying concerns of possible military action that could disrupt oil supplies.
Iran produces approximately 3.2 million barrels per day, accounting for roughly 4 per cent of global crude production, so it was not a coincidence that markets rallied sharply through Tuesday and Wednesday as President Trump canceled meetings with Iranian officials and posted that “help is on its way” to Iranian protesters, raising fears of potential US military strikes that sent prices surging toward multi-month highs.
Weighing against those fears are potential supply increases from Venezuela.
The Trump administration is exploring plans to swap heavy Venezuelan crude for US medium sour barrels that can actually go straight into Strategic Petroleum Reserve (SPR) caverns, since not all all oil belongs in the reserve.
According to Reuters, the Department of Energy is considering moving Venezuelan heavy crude into commercial storage at the Louisiana Offshore Oil Port, while US producers deliver medium sour crude into the SPR in exchange.
Analysts expect higher supply this year, potentially creating a ceiling for the geopolitical risk premium on prices.
Some investors covered short positions ahead of the three-day Martin Luther King holiday weekend in the US.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 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 agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn