Economy
Ogun Speaker Urges Dangote to Sustain Investments in Critical Sector
By Modupe Gbadeyanka
The Speaker of the Ogun State House of Assembly, Mr Oludaisi Elemide, has described lauded the contributions of Dangote Industries Limited to the Nigerian economy.
The lawmaker described the company’s contributions as second to none, urging the owner of the firm, Mr Aliko Dangote, not to be deterred by challenges facing businesses in the country.
“There is no doubt that Mr Aliko Dangote has contributed immensely to the economic well-being of this country with his investments across various sectors. There is no household in this country that does not use one of Dangote products. I buy Dangote salt and it’s what we use in my house and in my farm,” Mr Elemide stated at the Dangote Special Day at the ongoing 14th Gateway International Trade Fair in Abeokuta.
He encouraged Mr Dangote to continue to invest in critical sector of the economy just as he has done in the oil and gas sector with the world class petroleum refinery, tasking others to “emulate him and imbibe his patriotism.”
Speaking in the same vein, the Permanent Secretary in the Ministry of Industries, Trade and Investment, Mr Olu Aikulola and the Chairman of Yewa North Local Government, Mr Olusola Adebode, said if Nigerians had been lucky to have two investors of Dangote stature, the country would have ranked among the developed countries.
They stated that the DIL has remained the backbone of Nigeria’s economy and urged the management not to rest on its oars.
Welcoming guests earlier, Dangote Cement’s Sales Director, Lagos/Ogun, Mr Tunde Mabogunje, said Dangote Group is committed to producing critical household items, with some of its other products serving as either feedstock or raw materials for other manufacturers as a sure way of galvanizing the nation’s economic independent through industrialization.
“At Dangote Group, our focus is on manufacturing. As a manufacturer, we rely on a network of suppliers and service providers for inputs and materials that we cannot source on our own,” Mr Mabogunje noted.
“This commitment informs our active partnership with Ogun State Chamber of Commerce, Mines and Agriculture (OGUNCCIMA). Businesses need connections at various levels—business-to-business, distributorship, and ultimately with the final consumers.
“With our Petroleum Refinery and Petrochemical, we are optimistic that many new manufacturing outfits will emerge relying on both the products and by-products of the petroleum complex as feedstock in their production processes,” he noted.
According to him the evolution of different businesses under the Group is expected to crystallise Nigeria’s economy by creating linkages between different industrial sectors. The linkages will provide cushions to the economy, preventing disruptions in production as raw materials are available.
“Linkages are vital in sustainable economic and industrial development. We are envisaging a connected and interlinked manufacturing sector that will produce goods that are usually imported, and in the process create more jobs for the growing youth population,” he added.
The Dangote Cement boss explained that the Group’s participation at the Fair, apart from the exhibitions, is to seek connections with other businesses.
On the Group’s interventions, Mr Mabogunje disclosed that the Company has commenced export of products from its petroleum refinery to other parts of the world of which Saudi Aramco is the latest destination of its petroleum export while Dangote fertilizer is also exported to other countries thus bringing in the much-needed foreign exchange.
“Dangote Group has actively participated in road construction and rehabilitation projects aimed at improving transport conditions. The Group also plays a critical role in export financing, particularly through its cement business.
“Our business units are at the forefront of creating values. It is on record that Dangote Cement enabled Nigeria to attain self-sufficiency in local production of cement. Nigeria is not only a leading producer of cement, but our export capacity has helped also reduced pressure on foreign exchange,” he stated.
The President of OGUNCCIMA, Mr Niyi Oshiyemi, said the Dangote Group has remained a consistent pillar of support for his Chamber despite the present challenges confronting Nigeria’s economy. They have displayed steadfast commitment to OGUNCCIMA for which Ogun State government has been grateful.
He added that the Dangote Group’s journey is a story of strategic diversification and visionary leadership, capitalizing on Nigeria’s rich natural resources and creating millions of jobs, opportunities for SMEs, and an environment for foreign investments.
He further said that the Group’s commitment to backward integration, where inputs are sourced locally whenever possible, has not only reduced its exposure to foreign exchange volatility but also spurred local industry development.
By Dipo Olowookere
Weak investor sentiment sliced 0.63 per cent from the Nigerian Exchange (NGX) Limited on Monday, the first trading session after a one-day break last Friday for Democracy Day celebration in Nigeria.
The stock market came under selling pressure yesterday, leaving all the major sectors of the bourse facing southwards.
The energy index shed 3.20 per cent, the banking space lost 1.17 per cent, the insurance counter declined by 0.68 per cent, and the consumer goods sector crumbled by 0.39 per cent, while the industrial goods segment closed flat.
Consequently, the market capitalisation decreased by N844 billion to N156.126 trillion from N156.970 trillion, and the All-Share Index (ASI) contracted by 1,316.40 points to 243,422.34 points from 244,738.74 points.
International Energy Insurance gave up 9.99 per cent to trade at N6.40, eTranzact crashed by 9.97 per cent to N14.90, Abbey Mortgage Bank lost 9.65 per cent to finish at N10.30, Oando dropped 9.43 per cent to quote at N48.00, and NAHCO tumbled by 9.19 per cent to N163.00.
On the flip side, Royal Exchange appreciated by 10.00 per cent to N1.65, Ikeja Hotel moved up by 9.97 per cent to N47.45, Neimeth improved by 9.94 per cent to N9.40, Consolidated Hallmark gained 9.58 per cent to sell for N9.04, and University Press climbed 9.09 per cent to N6.00.
Yesterday, market participants traded 569.1 million shares valued at N31.4 billion in 77,652 deals compared with 1.7 billion shares worth N52.8 billion exchanged in 49,807 deals in the preceding session, showing a rise in the number of deals by 55.91 per cent, a tightening in the trading volume by 66.52 per cent, and a shrinkage in the trading value by 40.53 per cent.
Sterling Holdings was the busiest stock on Monday with a turnover of 103.0 million units worth N805.5 million, GTCO exchanged 41.3 million equities for N5.6 billion, FCMB traded 37.9 million shares for N433.7 million, Access Holdings sold 27.3 million equities worth N666.0 million, and UBA transacted 20.4 million stocks valued at N877.3 million.
By Adedapo Adesanya
The oil market went down by $4 a barrel to a three-month low on Monday after President Donald Trump said the United States and Iran have signed a memorandum of understanding aiming to end the Iran war and reopen the Strait of Hormuz.
Brent crude futures declined by $4.16 or 4.76 per cent to $83.17 a barrel, and the US West Texas Intermediate (WTI) crude futures shed $4.13 or 4.87 per cent to sell for $80.75 a barrel.
The US and Iran reached a deal to reopen the Strait of Hormuz, though analysts voiced caution over the agreement’s prospects. According to reports, the MoU has been signed by President Donald Trump, Vice President JD Vance and Iranian Parliament Speaker, Mr Mohammad Bagher Qalibaf.
Pakistan and Qatar, the two lead mediators in the deal, also confirmed the agreement, while an official signing ceremony for the agreement is due to be held on Friday in Geneva.
Reuters reported that the draft deal called for reopening the Strait of Hormuz within 30 days under Iranian arrangements, while President Trump said ships could traverse the waterway within days and would not be charged a toll.
Market analysts noted that the deal and the potentially imminent reopening of the Strait of Hormuz do not mean that the oil and gas trade will quickly return to its previous levels. The announcement of the deal is just the first step, and it could take months for oil and gas shipments in the region to return to pre-war levels.
The world has lost millions of barrels of oil and gas supply since the war closed the Strait of Hormuz, a chokepoint for a fifth of the world’s oil and liquefied natural gas supplies, for more than three months.
According to the International Energy Agency (IEA), more than 14 million barrels per day of oil output is shut, equivalent to about 14 per cent of world demand. It is unclear how quickly those barrels will return to market once the waterway is opened.
E4 nations, which include the United Kingdom, France, Germany and Italy, said on Sunday that the countries were prepared to lift sanctions on Iran in response to steps on its nuclear programme.
By Adedapo Adesanya
United Capital Plc has acquired a 5 per cent equity stake in the Nigerian Exchange (NGX) Group Plc for an undisclosed fee, deepening its involvement in Nigeria’s capital market.
The pan-African investment banking and financial services group announced this in a statement on Monday, noting that the transaction had been successfully completed and describing the investment as a key milestone in its long-term growth strategy.
NGX Plc, which serves as the holding company for Nigeria’s premier securities exchange and related market infrastructure businesses, plays a central role in Nigeria’s capital formation, market development, and economic growth.
United Capital said the acquisition reflects its confidence in the future of Nigeria’s capital markets and positions the Group to contribute more actively to the development of the nation’s financial system.
Commenting on the development, the chief executive of United Capital, Mr Peter Ashade, said the investment aligns with the company’s vision of creating sustainable value while supporting institutions critical to economic development.
“This acquisition reflects our confidence in Nigeria’s capital markets and our responsibility to contribute to their growth actively,” Mr Ashade said.
“We have always said that United Capital is not just a participant in Nigeria’s capital markets; we are also builders. This strategic investment in NGX Plc is exactly that: we are building for impact. It is our vote of confidence in the leadership and strategic direction of the NGX and where the capital market is headed,” he added.
According to him, the acquisition underscores the firm’s commitment to supporting the continued evolution of Nigeria’s capital market infrastructure while delivering long-term value to shareholders.
United Capital, which operates across 12 countries in West, East and Central Africa, provides a range of services spanning investment banking, asset management, securities trading and wealth management.
The company said the stake in NGX Plc would enable it to leverage its regional footprint and market expertise to support the Exchange’s next phase of growth and transformation.
The acquisition comes amid a series of strategic milestones for the financial services group, including the successful recapitalisation of all its subsidiaries ahead of regulatory deadlines and the recent acquisition of operational licences in Ethiopia and Rwanda.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn