Economy
Ogun Recalls Sacked Workers
By Modupe Gbadeyanka
Twelve out of 16 workers in the Ogun State Public Service, who were dismissed by the state government, have now been recalled.
Also, all the 19 employees suspended from work have been directed to return to work.
It would be recalled that the affected workers were punished for their alleged unethical conducts during this year’s Teachers’ Day celebration.
A statement signed on Tuesday by the Ogun State Head of Service, Elder Sola Adeyemi, directed the sacked workers recalled by the state government to return to work with effect from January 2, 2017, while those dismissed are to resume at their duty posts with effect from December 1, 2016.
Elder Adeyemi explained in the statement that the workers were ‘forgiven’ following interventions from National and State leaderships of the Nigeria Labour Congress (NLC), the Trade Union Congress (TUC), the Nigeria Union of Teachers (NUT), traditional rulers, elders, religious leaders, eminent personalities as well as the affected workers.
He said this forced the government to revisit the matter and after a careful consideration of the report at the conclusion of the review exercise, it decided to immediately pardon 31 of the concerned workers on compassionate grounds.
“Let me state at this juncture that cases of the other remaining four dismissed workers, including Messrs Dare Ilekoya, Eniola Atiku, Nola Balogun and Akeem Ambali are still undergoing evaluation and assure you that government will come out with the conclusion in their cases in due course.
“Government appreciates the noble roles of all stakeholders for their interventions that have resulted in this review. We are particularly grateful to the leaderships of the organized labour at the national and local levels for their support.
“We equally appreciate our highly revered traditional rulers, elders, religious leaders, eminent personalities as well as other well-meaning individuals for their interventions.
“Let me also use this medium to reiterate that the commitment of the Senator Ibikunle Amosun-led administration to the welfare of workers will continue to remain paramount as it pursues a tranquil industrial environment in the state,” he said.
It would also be recalled that 35 workers were sanctioned on Monday, October 31, 2016 after a Panel of Investigation set up to investigate them individually on the allegations levied against them by concerned members of the public, found them guilty of committing various infractions of the Public Service Rules.
“Nineteen of them were suspended while 16 were dismissed on the recommendations of the panel.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange dropped for the third consecutive session on Wednesday, March 18, by 0.39 per cent due to continued sell-offs.
In what would be the final trading session of the week due to public holidays on Thursday and Friday for Eid-el-Fitr, the NASD Unlisted Security Index (NSI) further dipped by 16.14 points to 4,114.75 points from 4,130.89 points, and the market capitalisation lost N9.66 billion to close at N2.461 trillion versus the previous day’s N2.471 trillion.
FrieslandCampina Wamco Nigeria Plc depreciated by N10.32 to sell at N112.00 per share versus N122.32 per share, NASD Plc dropped N4.50 to finish at N41.50 per unit compared with the previous session’s N46.00 per unit, and Geo-Fluids decreased by 9 Kobo to N3.02 per share from N3.11 per share.
On the flip side, Air Liquide Plc improved by N2.23 to N24.57 per unit from N22.34 per unit, Central Securities Clearing System (CSCS) Plc advanced by 90 Kobo to N76.33 per share from N75.43 per share, Food Concepts Plc rose by 24 Kobo to N3.30 per unit from N3.06 per unit, UBN Property Plc surged by 20 Kobo to N2.18 per share from N1.98 per share, Impresit Bakalori Plc jumped 16 Kobo to N1.83 per unit from N1.67 per unit, and First Trust Mortgage Bank Plc added 14 Kobo to trade at N1.89 per share versus N1.75 per share.
During the trading day, the volume of securities went up by 43,404.4 per cent to 400.8 million units from 921,265 units, the value of securities grew by 2,108.7 per cent to N1.2 billion from N54.7 million, and the number of deals soared by 23.7 per cent to 47 deals from 38 deals.
CSCS Plc ended the day as the most traded stock by value (year-to-date) with 38.7 million units valued at N2.4 billion, followed by Infrastructure Guarantee Credit Plc with 400 million units exchanged for N1.2 billion, and Okitipupa Plc with 6.4 million units traded for N1.2 billion.
Resourcery Plc finished the session as the most traded stock by volume (year-to-date) with 1.1 billion units worth N415.7 million, trailed by Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion, and Geo-Fluids Plc with 131.1 million units valued at N505.6 million.
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