Economy
Lagos Threatens to Shut Down Oke-Odo Market
By Modupe Gbadeyanka
Traders at the popular Oko-Odo market, also known as Ile-Epo market, have been given one week to put an end to illegal activities perpetrated at the market or risk being shut down indefinitely by the Lagos State government.
This warning came yesterday when leaders of Agbado Oke-Odo Market held meeting at the Lagos House in Ikeja with the state government.
Secretary to the State Government (SSG), Mr Tunji Bello, who represented Governor Akinwunmi Ambode at the meeting, lamented that traders at the market were in the habit of displaying their wares on the road for sale beyond the confines of the market, thereby causing traffic gridlock and other environmental nuisance.
He said their activities had reached a level which the state government could no longer condone, hence the need for a final warning.
He said aside causing avoidable and needless traffic, the traders were also in the habit of dumping their refuse on the road, thereby causing environmental and health hazards.
“This is just to come and deliberate on the Agbado Oke-Odo Market because of the situation there. The market has become a stumbling block particularly to those using the road.
“The traders have blocked the Lagos-Abeokuta Expressway to the extent that even the contractors working there don’t have place to work because they have taken over the area.
“They cause a lot of traffic gridlock and people coming from Ota or from Abule Egba don’t have the road to connect other areas of the State.
“We have warned them consistently but we are yet to get any result. That is why we have summoned today’s meeting,” Mr Bello said.
“The meeting is basically to call them to order and give them the last warning. The idea initially was to shut down the market today but the Governor decided that we should give them just one week to put things in order,” he added.
He said in as much as government was not interested in shutting down markets, but it would have no choice than to wield the big stick if traders continue constituting themselves as menace to other road users.
“What we are saying is that the government is not interested in shutting down any market because of the economic implication on the people who have to survive and live.
“As a government, we are not interested in shutting down business enterprises and all that, but if it is constituting menace and inconveniencing other people, we will have no choice than to wield the big stick, and that is why we are giving the market leaders the last warning to go and re-order their market.
“The leaders of the market must sit up and look at how to help government because we cannot say because we are trading, we should inconvenience people who go to work from Abule Egba to Lagos Island for instance and to other places and they have to spend hours on that road just because of the activities of the traders.
“Apart from that, we have a lot of filth on the road because the market people just dump their refuse on the road. We don’t want that anymore and that is why we are giving this last warning.
“We don’t want anybody on the road again and whatever we have to do internally as a government, we will not hesitate to do. We will send Task Force and the men of the Kick Against Indiscipline (KAI) to the place to ensure sanity.
“This warning to Agbado Oke-Odo traders also applies to other markets in the State. Any market where their traders are blocking the road and constituting menace to others will be shut down till further notice,” Mr Bello threatened.
Responding on behalf of others, the Babaloja Araromi Agbado Oke-Odo, Mr Mukaila Oyinlola, said as market leaders, they had warned the traders who were in the habit of selling on the road to desist, but their warnings had fallen on deaf ears, adding that the resolve of government was a welcome development.
Also, Iyaloja Araromi Oke-Odo Market, Mrs Dupe Shonola and Babaloja General of Agbado Oke-Odo Market, Mr Abiodun Kosoko, urged government to make examples of the perpetrators of the illegal act, but called for expansion and modernization of the market.
By Adedapo Adesanya
NASD Over-the-Counter (OTC) Securities Exchange remained in the negative territory after it further depreciated by 0.64 per cent on Friday, July 24, despite recording four price gainers.
The NASD Security Index (NSI) dropped 27.4 points at the close of business to settle at 4,294.75 points versus the previous day’s 4,383.48 points, while the market capitalisation gave up N16.49 billion to end at N2.577 trillion, in contrast to the N2.594 trillion it ended a day earlier.
The bourse was down during the session amid heavy sell-offs, with the volume of transactions skyrocketing by 693.9 per cent to 2.99 million units from Thursday’s 377,635 units.
Equally, the value of trades went up by 71.6 per cent to N69.4 million from N40.4 million, and the number of deals increased by 41.0 per cent to 55 deals from the preceding day’s 39 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 75.6 million units traded for N5.4 billion.
GNI Plc was also the most active stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
The market ended the session with four price gainers and two price losers, led by FrieslandCampina Wamco Nigeria Plc, which lost N7.44 to trade at N136.19 per share compared with the previous day’s N143.63 per share, and CSCS Plc, which declined by N1.64 to N93.63 per unit from N95.27 per unit.
But MRS Oil gained N13.50 to sell at N148.50 per share versus N135.00 per share, Afriland Properties Plc advanced by 56 Kobo to N17.41 per unit from N16.85 per unit, UBN Property Plc surged by 18 Kobo to N1.93 per share from N1.75 per share, and Food Concepts Plc climbed by 1 Kobo to N2.50 per unit from N2.49 per unit.
By Dipo Olowookere
Nigeria’s stock exchange succumbed to profit-taking on Friday, losing 0.19 per cent when the closing gong was hit at 4 pm.
Shares in the banking and energy sectors influenced the decline suffered by the Nigerian Exchange (NGX) Limited during the session, as they respectively closed lower by 0.40 per cent and 0.04 per cent.
The industrial goods index was flat yesterday, while the insurance counter gained 0.68 per cent and the consumer goods space chalked up 0.25 per cent. The gains by these two segments could not keep Customs Street in the green territory at the close of business.
As a result, the All-Share Index (ASI) retreated by 474.00 points to 247,357.40 points from 247,831.40 points, and the market capitalisation decreased by N306 billion to N159.588 trillion from N159.894 trillion.
Presco dropped 10.00 per cent during the trading day to close at N2,070.00, Thomas Wyatt crumbled by 9.93 per cent to N3.63, Trans-Nationwide Express plunged by 8.44 per cent to N2.82, Royal Exchange slipped by 7.86 per cent to N1.29, and LivingTrust Mortgage Bank shrank by 7.32 per cent to N3.80.
On the flip side, C&I Leasing improved by 9.48 per cent to N6.35, Cornerstone Insurance rose by 9.09 per cent to N6.00, RT Briscoe jumped by 8.61 per cent to N13.25, Honeywell Flour expanded by 7.38 per cent to N17.45, and Africa Prudential increased by 6.98 per cent to N13.80.
Despite the poor performance, the local bourse recorded a positive market breadth index after finishing with 35 price gainers and 25 price losers, representing strong investor sentiment.
It was a relatively quiet market on Friday, as the activity level dropped, with the trading volume down by 27.72 per cent to 565.5 million units from 782.4 million units, and the trading value contracted by 46.89 per cent to N29.9 billion from N56.3 billion, while the number of deals executed by investors soared by 16.03 per cent to 53,688 deals from 46,273 deals.
Access Holdings was the busiest stock for the session, with a turnover of 128.0 million units sold for N3.8 billion, First Holdco transacted 35.4 million units worth N4.3 billion, Chams exchanged 34.8 million units valued at N154.3 million, Zenith Bank traded 30.4 million units for N3.9 billion, and UBA sold 30.4 million units worth N1.5 billion.
By Adedapo Adesanya
The Naira marked a whole week of appreciation against the United States Dollar on Friday, July 24, further gaining N5.67 or 0.41 per cent to close at N1,362.09/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) compared with N1,367.76/$1 it ended on Thursday.
Equally, the local currency appreciated against the Pound Sterling in the official FX market yesterday by N10.83 to trade at N1,813.62/£1 versus the preceding day’s N1,824.45/£1, and improved against the Euro by N7.68 to settle at N1,549.10/€1, in contrast to the N1,556.78/€1 it was exchanged a day earlier.
However, at the parallel market and GTBank forex counter, the Nigerian currency remained unchanged against the greenback during the session at N1,400/$1 and N1,379/$1, respectively.
The Central Bank of Nigeria (CBN) buffer has been strengthened with sustained foreign portfolio inflows and robust foreign reserves, which stand above $52 billion.
The apex bank’s policy signals that the Naira will be stronger in the near term, with Nigeria clearing hurdles with FX reforms and settlement of all backlogs.
However, some traders expect that pressure may come due to foreign-currency buying from fuel importers as they make Dollar purchases to build inventories.
Meanwhile, Bitcoin (BTC), in the digital currency landscape, trimmed recent gains as it fell by 2.3 per cent to $63,787.73.
The weak action in the AI momentum trade is feeding through to crypto as well.
Further, Cardano (ADA) dropped 3.7 per cent to close at $0.1615, Solana (SOL) dipped by 2.8 per cent to $73.71, Ripple (XRP) crashed by 2.3 per cent to $1.08, Ethereum (ETH) slid by 1.9 per cent to $1,851.58, Dogecoin (DOGE) retreated by 0.8 per cent to $0.0694, Binance Coin (BNB) contracted by 0.7 per cent to $564.18, and TRON (TRX) lost 0.5 per cent to trade at $0.3292, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
