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
The Nigerian National Petroleum Company (NNPC) Limited has signed a Memorandum of Understanding (MoU) with two Chinese companies to get the Port Harcourt and Warri refineries working again after decades of repeated failures.
The deal, through a potential Technical Equity Partnership (TEP) in support of the completion and operation of the refineries, was signed by the chief executive of the NNPC, Mr Bayo Ojulari; the chairman, Sanjiang Chemical Company, Mr Guan Jianzhong; and the chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Company Ltd, Mr Bill Bi, in Jiaxing City, China, on Thursday, April 30, 2026.
The potential framework would cover completion of outstanding work at the two refineries, together with operating and maintaining both facilities to achieve best-in-class, sustainable performance.
Planned expansion and upgrades would elevate both facilities to cleaner, more profitable product standards, according to a statement by the NNPC’s Chief Corporate Communications Officer, Mr Andy Odeh, on Monday.
The NNPC said that the deal reflects the parties’ shared intent to progress discussions in good faith, with any definitive arrangements to follow in due course and subject to customary approvals.
“The potential collaboration also contemplates expanding the refineries’ petrochemical capacities and harnessing gas and downstream opportunities through the development of co-located, gas-based industrial hubs,” it added.
Speaking shortly after the signing, the NNPC helmsman described the MoU execution as a significant milestone, following more than six months of concerted engagement between the technical and management teams of NNPC and the two Chinese partners, Sanjiang and Xinganchen.
“All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria, and the collective weight required for success,” Mr Ojulari noted.
He further stated that the MoU was an important step on the journey towards identifying potential technical equity partner(s) to restart and expand NNPC’s refineries, and to explore opportunities in co-located petrochemicals and gas-based industries.
“The MoU reflects the parties’ shared intent to progress discussions in good faith, with any definitive arrangements to follow in due course and subject to customary approvals,” the statement added.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange started the new week on an upward trajectory after it closed higher by 0.52 per cent on Monday, May 4.
This raised the market capitalisation by N12.48 billion to N2.409 trillion from last Thursday’s N2.396 trillion, and moved the NASD Unlisted Security Index (NSI) higher by 20.86 points to 4,026.64 points from 4,005.78 points.
The unlisted securities market gained weight yesterday despite recording two price gainers and two price losers.
FrieslandCampina Wamco Nigeria Plc added N8.92 to sell at N98.14 per share versus N89.24 per share, and Central Securities Clearing System (CSCS) Plc appreciated by N1.12 to N77.14 per unit from N76.02 per unit.
Conversely, NASD Plc lost N3.47 to sell at N31.23 per share compared with the previous price of N34.70 per share, and Food Concepts Plc declined by 26 Kobo to settle at N2.41 per unit, in contrast to the previous rate of N2.67 per unit.
During the session, the volume of securities traded by investors fell by 14.4 per cent to 751,518 units from 877,682 units, and the number of deals decreased by 44.1 per cent to 31 deals from 56 deals, while the value of securities climbed 32.8 per cent to N35.4 million from N26.7 million.
The most active stock by value on a year-to-date basis remained Great Nigeria Insurance (GNI) Plc with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 60.2 million units transacted for N4.1 billion, and Okitipupa Plc with 27.8 million units sold for N1.9 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
By Adedapo Adesanya
The Naira opened the week in the green territory in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday after it further appreciated against the US Dollar by N9.71 or 0.7 per cent to quote at N1,365.23/$1 compared with the previous session’s value of N1,374.94/$1.
The scenario was not different with the Pound Sterling at the same market window, where it gained N6.99 to sell for N1,851.25/£1 versus last Thursday’s closing price of N1,858.24/£1, and appreciated against the Euro by N8.62 to close at N1,607.58/€1, in contrast to the N1,612.87/€1 it was traded in the previous trading day.
Similarly, at the black market, the Naira improved its value against the greenback yesterday by N5 to settle at N1,380/$1 versus the previous rate of N1,385/$1, and at the GTBank FX desk, it closed flat at N1,384/$1.
The Nigerian Naira put up a good performance against the Dollar during the session due to sustained monetary tightening by the Central Bank of Nigeria (CBN) and a steady increase in foreign exchange inflows.
Specifically, stronger diaspora remittances, oil-related inflows, and a decline in speculative demand for the Dollar played pivotal roles in anchoring market expectations.
Sufficient FX liquidity has continued to keep the Naira stable. The local currency stayed strong despite an 83 per cent decline in CBN FX intervention in April to $150 million from $985 million in March.
As for the cryptocurrency market, prices were mixed as broader crypto markets were diverse and macro risks persisted, amid ongoing US-Iran tensions and steady central bank policy, with upcoming US earnings and jobs data seen as potential catalysts for further bitcoin volatility.
Bitcoin (BTC) gained 1.3 per cent to sell at $80,889.94, Ethereum (ETH) jumped 0.3 per cent to $2,376.40, Cardano (ADA) increased by 0.2 per cent to $0.2529, and TRON (TRX) appreciated by 0.2 per cent to $0.3399.
On the flip side, Dogecoin (DOGE) slid 0.8 per cent to $0.1113, Ripple (XRP) went down by 0.5 per cent to $1.40, Binance Coin (BNB) dropped 0.4 per cent to $626.41, and Solana (SOL) shrank by 0.3 per cent to $84.60, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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