Economy
Lawmaker Buoys Oyo Economy With N300m Cash Grants, Others
By Dipo Olowookere
A federal lawmaker from Oyo State, Ms Tolulope Akande-Sadipe, has contributed her own quota in improving the economy of the state by empowering some of her constituents.
The House of Representatives member over the weekend distributed cash grants and some items like vehicles, laptops, amongst others to about 300 small business owners in the Oluyole federal constituency.
The items were given to participants of a vocational training programme, which was concluded on Sunday, November 21, 2021, in Ibadan, the state capital.
Business Post gathered that Ms Akande-Sadipe, who is the House Committee Chairman of Diaspora, facilitated several vocational skills and economic enhancement schemes and shared no fewer than 15 cars, 35 laptops, 165 vocational equipment and cash grants worth N300 million to the beneficiaries.
The programs included indigenous fabric production (tie and dye) practical in Abeokuta; Aso Oke production in Oyo town and aquatic agriculture fish rearing with value-adding marketing options in Ibadan city.
She organised the week-long training in conjunction with the Nigerian Institute for Oceanography and Marine Research, the National Commission for Refugees, Migrants and Internally Displaced Persons, the National Directorate of Employment (NDE) and the New Partnership for Africa’s Development (NEPAD).
Speaking at the event, she disclosed that it was the 15th program of its kind since she was elected into the National Assembly in 2019, noting that, “My primary function is to make laws for my constituency, but because of the state of our nation, I have prioritized empowerment in my constituency as a key responsibility, still within my WWREEEP campaign promises.”
The lawmaker disclosed that “this empowerment programme is in fulfilment of my electoral promises during the 2019 general elections. I am poised to do more, as a lawmaker representing this constituency.”
“The present crop of leaders at the 9th Assembly is unrepentantly committed to our constituencies. We honestly are working on ways to lift the majority of Nigerians out of poverty and this is why we promulgate laws that will affect every stratum in Nigeria,” she further said.
She assured the people that, “I am still vehemently focused on facilitating the rehabilitation of key road construction projects.
“To mention a few, I have facilitated repairs on Odo-Ona Elewe Idi-Iroko Olugbemi Adewole (Liberty Academy) Road, Ayegun Oleyo-bare Abeokuta Road and Olomi Olojuoro-ita Egba-Ijebu Igbo Road and will continue to lobby the appropriate agencies, FERMA and the Ministry of Works and Housing on these roads.”
“I believe so much in empowerment, and this is why at every given opportunity, I collaborate with relevant agencies to empower my people in a bid to add more value to their socio-economic well-being,” she added.
Ms Akande-Sadipe implored the beneficiaries to ensure that the materials are used for income potential, urging them to use the items for long term economic gain and not to sell the empowerment items allotted but to use them and multiply wealth
While the lawmaker thanked all agencies who collaborated with her in ensuring her constituents are happy, she also eulogized party leaders for supporting her.
The Deputy Chairman, Oyo State All Progressive Congress (APC), Mr Adegboyega Adeyemo, in his remarks, said “this has been a good decision for the residents of Oluyole Constituency to give us a chance to represent them in 2019.”
According to him, the federal legislator has already surpassed all legislators in Oyo State, describing her as the “best I have seen.”
“Oyo APC will do everything to support Akande-Sadipe in 2023 because she has done more than enough to achieve this,” he assured.
One of the beneficiaries, Basiru Adewale, confessed that the empowerment programmes of Ms Akande-Sadipe have been “one of the best things the people of Oluyole Constituency have enjoyed. She is the best, no doubt. I advise other political leaders to emulate the woman’s virtue and values. We can all achieve more.”
One of the highlights of the event was a raffle draw, where a constituent won a 7-seater Opel car that can be used for both personal use and income generation.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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