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 Adedapo Adesanya
Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.
The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.
During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 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 exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.
This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.
Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.
At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.
Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.
The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.
As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.
By Adedapo Adesanya
The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.
Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.
At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.
Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.
Also, a stronger greenback has generally put significant pressure on emerging-market currencies.
Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).
The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.
If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.
At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.
On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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