Economy
Ogun Government Calls Dangote Cement Worthy Partner
By Aduragbemi Omiyale
Dangote Cement Plc has been described by the Ogun State government as a worthy partner due to its efforts to complement the state’s poverty alleviation programmes.
The company received this commendation at the graduation of 305 youths from the 17 host communities of the Ibese plant of Dangote Cement recently.
The beneficiaries underwent training and were empowered with start-up packs to enable them to start a meaningful business after completing their skills acquisition programme, courtesy of the cement firm.
The Commissioner for Youths and Sports Development in Ogun State, Mr Wasiu Isiaka, confessed that the partnership programmes of Dangote Cement have helped the state government tremendously in the area of poverty alleviation and job creation.
He, however, challenged Dangote Cement to sustain the trend by helping to ensure it creates markets for the products the youth beneficiaries would be churning out, noting that when there is a market for the products, the beneficiaries will be encouraged to double their efforts.
The Commissioner assured that the state government would be ready to assist in whatever is required to foster joint development of the state by empowering its people, especially the youths.
Mr Isiaka advised the company to ensure the diversification of its empowerment programme so that different skills can be acquired by the youths in various fields of vocation and in turn teach others.
He urged the youths and other stakeholders in the host communities to reciprocate the gesture of the Dangote Cement, Ibese by making peace and tranquillity their priority.
Speaking at the event, the Acting Plant Director of the Ibese Cement Plant, Mr Michael Johnson, described the conclusion of the skills acquisition programme as another testament to Dangote Cement’s commitment to the socio-economic development of its host communities and their people.
“Our focus is to support the indigenous people to become self-sustaining by delivering and sustaining values that are pivotal to their overall growth and development,” he said.
He explained that the beneficiaries are “being provided with multi-million Naira start-up packs comprising SR-810 Professional Single Needle Post-bed Heavy-lock Stick Shoe Patch sewing machine, Master Flex MF-2008BG Shoe filling machine and other accessories like scissors, hammer & sewing needle.”
The Plant Director also urged the beneficiaries to make good use of the opportunity to set up their businesses, grow them and become employers of labour by hitting the ground running immediately, saying a journey of a thousand miles starts with a step.
“Be bold and courageous to start your journey to greatness now! We live in a technology-driven world, which the advent of Artificial Intelligence (AI) has taken to another level.
“Hence, you need to remain focused and be conversant with the latest developments in your areas of specialization by embracing technology to remain relevant and competitive,” he said.
Responding on behalf of the beneficiaries, 21-year-old Olowookere Sadiq Opeyemi from Abule-Oke Community thanked Dangote Cement for the initiative.
“What Dangote Cement has done for us is unquantifiable. They have lessened the burden off our parents and the society at large will be better for it. With this, Dangote Cement, Ibese has proven that they are not just corporate citizen but a socially responsible corporate citizen,” he stated.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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