Economy
Lord’s London Dry Gin Honours Nigerian Innovators
By Modupe Gbadeyanka
On Saturday, March 26, 2022, one of the leading premium spirit brands, Lord’s London Dry Gin, rolled out the drums to celebrate Nigerian innovators.
The impact makers were honoured amid pomp and pageantry at the Landmark Event Centre, Lagos at the fourth edition of the Lord’s Achievers Awards.
“Since the establishment of the Lord’s Achievers Awards in 2018, we have worked towards the vision with doggedness, birthing a platform that helps us to fulfil our desire to celebrate the journey towards success and every achievement along the way.
“Today, we recognise young, exceptional, and outstanding people who have recorded notable success and kindled within us a desire to contribute to national socio-economic development,” the General Manager, Marketing at Grand Oak Limited, Mr Stanley Obi, stated.
It was gathered that this year’s event themed The Bold and Audacious was to recognise and celebrate young and exceptional Nigerians between the ages of 25 and 40, who have recorded notable success in their chosen endeavours.
Mr Obi, while explaining the criteria for being nominated and chosen as a Lord’s Achiever, said, “A Lord’s Achiever is young and vibrant, bold and audacious with their ideas, confident and unflinching in their resolve to develop innovative solutions.
“They are deliberate about impact, outstanding and exemplary in leadership. In choosing each honouree, we consider the following: reach and scope of their work; duration since they commenced the work or initiative; and the potential for scale and future impact on wider socio-economic outcomes.
“With the increasing brain-drain in Africa, we are especially proud of the strength and resilience of these individuals we honour today.”
On his part, the Category Manager, Schnapps, Gin & Bitters at Grand Oak Limited (GOL), Mr Tony Ogbonna, expressed the brand’s gratitude to the honourees, resource partners, fans and their entire team.
“This evening could not have been a success without our special guests, tonight’s honourees, lovers of Lord’s London Dry Gin and our partners.
“This fourth edition of the Lord’s Achievers Award is a milestone that has strengthened our resolve to keep the momentum and commitment to celebrating the successes of our people. More importantly, we recognise the importance for the younger generation who look up to these achievers and need to understand that there is no limit if we can only believe,” he said.
The beneficiaries for this year cut across all segments of the Nigerian ecosystem, including Finance: Tosin Olasiende, the founder/CEO of Ladda and Money Africa, a platform that enhances financial literacy and investments leveraging technology; Tech: Akintola Adensami, co-founder and CEO at Spleet Africa, a property tech solutions company whose work realises a basic amenity needed by all, Shelter; Science: Bukola Bolarinwa, founder of Haima Health, Nigeria’s first online and mobile blood bank revolutionising the country’s blood supply system; and Arts: Dapo Adedeji (DapoKing), a visual storyteller whose visual works help bring awareness to vulnerable groups.
Others were Agriculture: Jennifer Onyebuagu, the co-founder and Chief Commercial Officer at Voriancorelli, which aims to solve food insecurity by bridging the gap between actors in the agricultural value chain; Fashion and Lifestyle: Ore Runsewe, founder of Arami Essentials, a beauty brand centred on beauty with integrity and encouraging people to make better decisions for their body, being mindful of it as a sacred place; Literature: Sarah Aluko, a Nigerian-British author and poet whose poetry speaks about womanhood, being black, love and loss; Social Development: Wilson Atumeyi, the founder and CEO of Water With Development (WaterWide), a non-profit organisation that solves water sanitation and hygiene-related issues for vulnerable communities; Start up: Maya Horgan Famodu, MD at Ingressive Capital, a $10 million VC fund targeting early-stage startups across Sub-Saharan Africa’s key tech markets; and Entertainment: Tomike Adeoye, an award-winning TV and radio presenter, brand influencer, actress, and on-air-personality.
By Adedapo Adesanya
Energy stocks influenced the 4.76 per cent loss recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, December 5.
The culprits were the duo of 11 Plc and Nipco Plc,with the former shedding N32.17 to end at N291.83 per share compared with the previous day’s N324.00 per share, and the latter down by N21.00 to sell at N195.00 per unit versus the previous session’s N216.00 per unit.
Consequently, the NASD Unlisted Security Index (NSI) slumped by 170.16 points to 3,401.37 points from 3,571.53 points and the market capitalisation lost N101.81 billion to close at N2.035 billion from the N2.136 trillion quoted in the preceding session.
The OTC securities exchange suffered the decline yesterday despite the share prices of three companies closing green.
Central Securities Clearing System (CSCS) Plc was up by N1.80 to close at N39.80 per share compared with Thursday’s price of N38.00 per share, Air Liquide Plc appreciated by N1.09 to N11.99 per unit from N10.90 per unit, and FrieslandCampina Wamco Nigeria Plc grew by 78 Kobo to N56.57 per share from N55.79 per share.
During the session, the volume of transactions rose by 6,885.3 per cent to 18.2 million units from 4.3 million units, the value of transactions ballooned by 10,301.7 per cent to N389.7 million from N347.2 million, but the number of deals declined by 29.7 per cent to 26 deals from 37 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units worth N16.4 billion, followed by Okitipupa Plc with 170.4 million units valued at N8.0 billion, and Air Liquide Plc with 507.5 million units worth N4.2 billion.
InfraCredit Plc also finished the day 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 worth N524.9 million.
By Adedapo Adesanya
The Naira depreciated further against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, December 5, as FX demand pressure mounts.
The Nigerian currency lost N2.60 or 0.18 per cent against the greenback to close at N1,450.43/$1 compared with the previous day’s N1,447.83/$1.
Equally, the domestic currency declined against the Pound Sterling in the official forex market during the session by N4.48 to trade at N1,935.45/£1, in contrast to Thursday’s closing price of N1,930.97/£1 and shrank against the Euro by 43 Kobo to end at N1,689.17/€1 versus the preceding session’s rate of N1,688.74/€1.
Similarly, the local currency performed badly against the US Dollar at the GTBank FX counter by N2 to close at N1,455/$1 versus Thursday’s N1,453/$1 but traded flat at the parallel market at N14.65/$1.
As the country gets into the festive period, pressure mounted on the local currency reflecting higher foreign payments and lower FX inflows.
However, there are expectations that the Nigerian currency will be stable, supported by interventions by to the Central Bank of Nigeria (CBN) in the face of steady dollar Demand and inflows from Detty December festivities that will give the Naira a boost after it depreciated mildly last month.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450/$1 next week, buoyed by improved FX interventions by the apex bank.
As for the crypto market, it was down yesterday due to profit-taking associated with year-end trading. However, the December 1-Year Consumer Inflation Expectation by the University of Michigan fell to 4.1 per cent from 4.5 per cent previously and 4.5 per cent expected. The 5-Year Consumer Inflation Expectation fell to 3.2 per cent from 3.4 per cent previously and 3.4 per cent expected.
With the dearth of official economic data of late, these private surveys have taken on a new level of significance and the market banks of them to make decisions.
Cardano (ADA) depreciated by 5.7 per cent to $0.4142, Dogecoin (DOGE) slid by 5.1 per cent to $0.1394, Ethereum (ETH) dropped by 3.9 per cent to $3,039.75, Solana (SOL) declined by 3.8 per cent to $133.24, and Litecoin (LTC) fell by 3.7 per cent to $80.59.
Further, Bitcoin (BTC) went down by 2.6 per cent to sell at $89,683.72, Binance Coin (BNB) slumped by 2.2 per cent to $883.59, and Ripple (XRP) shrank by 2.1 per cent to $2.04, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
The oil market was up on Friday on increasing expectations the US Federal Reserve will cut interest rates next week, which could boost economic growth and energy demand.
Brent futures rose by 49 cents or 0.8 per cent to $63.75 per barrel and the US West Texas Intermediate (WTI) futures expanded by 41 cents or 0.7 per cent to $60.08 per barrel.
Investors digested a US inflation report and recalibrated expectations for the Federal Reserve to reduce rates at its December 9-10 meeting.
US consumer spending increased moderately in September after three straight months of solid gains, suggesting a loss of momentum in the economy at the end of the third quarter as a lackluster labor market and the rising cost of living curbed demand.
Traders have been pricing in an 87 per cent chance that the US central bank will lower borrowing costs by 25 basis points next week, according to CME Group’s FedWatch Tool.
Investors also focused on news from Russia and Venezuela to determine whether oil supplies from the two sanctioned members of the Organisation of the Petroleum Exporting Countries and allies (OPEC+) will increase or decrease in the future.
The failure of US talks in Moscow to achieve any significant breakthrough over the war in Ukraine has helped to boost oil prices so far this week.
A loss of Venezuelan oil production in case of a US military intervention will materially impact global benchmark prices as the market will have to replace Venezuela’s heavy crude.
Venezuela is estimated to pump about 1.1 million barrels per day of crude oil at present, so if the US-Venezuela tension escalation into an invasion in the South American country, this volume of crude would be at risk.
Reuters reported that the Group of Seven countries and the European Union are in talks to replace a price cap on Russian oil exports with a full maritime services ban in a bid to reduce the oil revenue that helps finance Russia’s war in Ukraine.
Any deal that could lift sanctions on Russia, the world’s second-biggest crude producer after the US, could increase the amount of oil available to global markets, weakening prices.
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