Economy
New King of Delta Region – New Hope For Nigerian Youngsters
After the crowning of the oil-rich but poor Niger Delta region’s dashing monarch, several young Nigerians have taken an interest again in royalty, tradition, and heritage.
The Itsekiri people of the Iwere Kingdom in Delta state anointed a new monarch, Ogiame Atuwatse III, in front of thousands of spectators and dignitaries from across the world.
A new generation has been inspired by the prince’s progressive approach, and his address was a highlight of the event for those who have long bemoaned the failings of leadership in the country.
“We must move beyond oil and gas,” he said in a wide-ranging address. With 86 per cent of Nigeria’s entire export earnings coming from oil, Nigeria is the continent’s largest oil producer.
This region of Nigeria’s Niger Delta has had to contend with militants, oil spills, and pollution produced by the region’s energy giants.
As he remarked, “We must go beyond oil and gas to focus our attention on initiatives that will result in increased value for everyone.” Because of the progressive promises and claims, some of the richest Forex traders in Nigeria, think that the country’s currency will become less volatile and be more demanded in the marketplace. In addition to that, a lot of people are hoping that when the new Olu of Warri takes office, things will get moving to rewrite the history of the region.
“It’s been either pollution or insecurity in the Niger Delta, and I think this is a tipping point,” Oritsema Jemide told CNN.
He also promised to empower women so they could play a more active part in their society.
“We will guarantee that women of all ages, young and old, are recognized and appreciated, not merely verbally, but also in actual cultural practice. Our ladies will no longer be invisible, I tell them.”
Tara Fela Durotoye, an Itsekiri businesswoman, attended the coronation event. She said to the journalists: “Many people began to dance as he arrived. Someone exclaimed… I believe Nigerians are searching for something new and fresh. His age, his exposure, his education, and the lineage make him a perfect example of all of that and more”.
“As a monarch, he brought so much to the throne: a futuristic monarch who knows technology, who understands the importance of women. Being a part of it gave me hope,” as Durotoye said to CNN,
Itsekiri’s ancestral house, Ode-Itsekiri, hosted a celebration honouring the Olu of Warri.
A large number of people watched local broadcasts and congregated at watching centres to see history unfold across the country and the diaspora.
Her father, a historian, made sure his children were well-versed in their culture, according to Durotoye.
At 10, she attended the coronation of her father, the current Olu of Warri. “To be able to participate in and witness another coronation in my life as a 44-year-old woman and mother of three was an honour,” she stated.
During the intermission, the Olu of Warri entertained the crowd by singing Christian praise hymns. The king was criticized by some for not embracing his ancestors’ beliefs.
Olu Erejuwa II is supposed to have cursed Nigeria with his grandpa Olu Erejuwa II’s blood.
“When it comes to spirituality, I feel that the spiritual and physical are intimately intertwined. I reverse the curse in my capacity as spiritual, cultural, political, and traditional monarch of this land,’ he said.
To individuals in the diaspora who desire to strengthen their links to Itsekiri culture, the new age gives optimism that a supportive atmosphere will be established for those who want to do so.
Because she’s been playing with the notion of spending more time establishing a foundation and setting down roots, she adds, “I feel like this coronation is very meaningful for me.”
This new monarch, who I believe has a vision for the kingdom that will provide an enabling atmosphere for those ambitions, is really crucial.
Economy
FAAC Disburses 1.727trn to FG, States Local Councils in December 2024
By Modupe Gbadeyanka
The federal government, the 36 states of the federation and the 774 local government areas have received N1.727 trillion from the Federal Accounts Allocation Committee (FAAC) for December 2024.
The funds were disbursed to the three tiers of government from the revenue generated by the nation in November 2024.
At the December meeting of FAAC held in Abuja, it was stated that the amount distributed comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.
According to a statement signed on Friday by the Director of Press and Public Relations for FAAC, Mr Bawa Mokwa, the money generated last month was about N3.143 trillion, with N103.307 billion used for cost of collection and N1.312 trillion for transfers, interventions and refunds.
It was disclosed that gross statutory revenue of N1.827 trillion was received compared with the N1.336 trillion recorded a month earlier.
The statement said gross revenue of N628.972 billion was available from VAT versus N668.291 billion in the preceding month.
The organisation stated that last month, oil and gas royalty and CET levies recorded significant increases, while excise duty, VAT, import duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and EMTL decreased considerably.
As for the sharing, FAAC disclosed that from the N1.727 trillion, the central government got N581.856 billion, the states received N549.792 billion, the councils took N402.553 billion, while the benefiting states got N193.291 billion as 13 per cent derivation revenue.
From the N585.700 billion VAT earnings, the national government got N87.855 billion, the states received N292.850 billion and the local councils were given N204.995 billion.
Also, from the N455.354 billion distributable statutory revenue, the federal government was given N175.690 billion, the states got N89.113 billion, the local governments had N68.702 billion, and the benefiting states received N121.849 billion as 13 per cent derivation revenue.
In addition, from the N15.046 billion EMTL revenue, FAAC shared N2.257 billion to the federal government, disbursed N7.523 billion to the states and transferred N5.266 billion to the local councils.
Further, from the N671.392 billion Exchange Difference earnings, it gave central government N316.054 billion, the states N160.306 billion, the local government areas N123.590 billion, and the oil-producing states N71.442 billion as 13 per cent derivation revenue.
Economy
Okitipupa Plc, Two Others Lift Unlisted Securities Market by 0.65%
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
Economy
Naira Trades N1,533/$1 at Official Market, N1,650/$1 at Parallel Market
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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