Economy
Onitsha Shoprite Idles Away
It was set up to compete with other shopping malls in Awka and Nnewi. But the shopping mall in Onitsha, housing Shoprite is not being patronised. Reason? The people have so many markets that offer cheaper prices as Okegwo Kenechukwu in Onitsha, reports,
In fairness to the former Governor of Anambra State, Mr Peter Obi, there was no doubt that he had the desire to make Anambra State a megacity to reckon with in Nigeria and beyond.
To some people, he was the Messiah who turned the fortune of the state around but to some, Obi came on a business voyage with an overriding interest to explore and exploit all avenues of untapped mineral and material resources of the state.
Among the enterprise of the former governor that are visible are the Sab Milla Breweries, makers of Hero beer, the non-functioning Orient Petroleum Resources and the Shopping Mall complexes sited in the three business zones of Awka, Onitsha and Nnewi. Although, the Orient Petroleum Resources in Umuoba Anam in Anambra West and Ayamelum Area is yet to commence production, over 85 per cent of the people of South East hailed the venture because it launched the state into the membership of oil producing states in Nigeria but since the completion and commissioning of the shopping mall in Onitsha on April 14 , 2016, by the present Governor of the state, Chief Willie Obiano, the Shoprite, which people thought would dwarf others in the South East zone has remained deserted, contrary to the expectation of the people.
This, according to inhabitants of the commercial city was because it was a misplaced economic venture.
Investigation has also shown that while the ones in Awka and Nnewi are at different stages of activities, that of Onitsha has remained deserted and a ghost of itself Onitsha Shopping Mall, according to them was located at the former Anambra Broadcasting Service (ABS) Station office in Onitsha, inside the heart land of the commercial city to draw the expected customers that would patronize it to stand the test of time from within and around the city.
Investigation revealed that so many reasons have been adduced for the poor patronage of the business, while some believed that the location of the mall was ab initio, a subject of controversy between the people of Onitsha and Anambra State government on one side and the ABS on the other. Some alleged that the Onitsha people leased the land to the then Anambra State when one Chief Boniface Offorkaja was the General Manager of the Anambra Broadcasting Corporation in the early 1980s and as such, was a subject of controversy.
Meanwhile, a random opinion conducted by our correspondent showed that most people in the commercial city have little or no time to go to the mall for shopping which according to them was luxury for the wealthy people and not the lower income earners and business men. “Oga, that thing no go work for Onitsha oh.
Who get time to go there to buy tomatoes or yam when you can pick it in Ose Okwuodu market at a cheaper price? They are just wasting their time. For me, I will not even go there unless I am going for site seeing” “Well, I think the idea of citing a shopping mall in the city is a wise one and a step in right direction”, said another trader “but my fear was that it may not survive competition.
You see Onitsha is a commercial city and everywhere in and around the town, you find open one market or the other. There is nothing you can find in that place that you cannot find along the street of Onitsha, even at a cheaper rate,” said a trader in the city.
“Another one is the level of literacy in the commercial city” a commercial motorcyclist said. “Most of the people here are traders that deal with one good or the other. They have all varieties of the commodity around them.
“There are no universities or other higher institutions either from where the students can come to make shopping like that one in Enugu State and the level of government institutions in Onitsha is quite low. I doubt if it will survive.” However the general opinion about the Shoprite is that the apathy already shown by the people and the investment made by the owners of the Shoprite could have been channelled into other ventures.
Source: https://newtelegraphonline.com/onitsha-shoprite-idles-away/
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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