Economy
Osun Woos Investors With Stable Electricity, Others
By Adedapo Adesanya
Governor Gboyega Oyetola of Osun State has urged investors in the Nigerian capital market to consider putting their money in the Land of Virtue because they will never regret taking this investment decision.
Mr Oyetola, who was at the Nigerian Stock Exchange (NSE) on Thursday for the 2019 Osun State Facts Behind the Economy, assured investing public of stable electricity, which he said would boost their returns.
He said his administration was doing everything possible boost the economic potentials of Osun State, calling on both local and foreign investors to be part of the success story. He said the relationship between his government and the investment community would be mutually beneficial.
The Governor, who was honoured with the closing gong ceremony yesterday, said his administration was committed to expanding the size of the state by focusing on inclusiveness, diversification, and sustainable growth.
He also rolled out the opportunities in Osun State, saying his plan for development were based on “four pillars” which were economic development, infrastructure, human capital development and security as well as environmental sustainability.
Governor Oyetola further informed investors that the state offeres resources like stable electricity, infrastructure, and human capital for manufacturing and other industrial activities, complemented by easy access to land, with prompt issuance of certificate of occupancy (C-of-O). According to him, to obtain a C-of-O in Osun State takes not more than 90 days.
During the parley with investors, the Governor said from November 19 to 21, 2019, the state government would hold this year’s edition of the Osun State Economic and Investment Summit in Osogbo, the state capital.
“There are a lot of investment opportunities in Osun that the rest of the world does not know about and we want to showcase these to prospective investors during the Economic Summit. We have massive landmass for agriculture, many mineral resources in large deposits and tourist attractions,” he said.
Speaking on agriculture, Mr Oyetola said that with the presence of a land bank in the state, the barriers of negotiating with the communities were eliminated.
“Osun State has a lot of potential and it is a place to be in the area of agriculture. If you remember, in the past, our state was the leading producer of cocoa, which used to be the major revenue earner for even the Western Region and even Nigeria.
“So, we have quite a lot of opportunities for agriculture and we are blessed with abundant mineral resources,” he added.
The Osun State Governor also said that with the abundance of mineral resources in the state, mining was a core area for investment, saying that there has been regulation of mining activities in the sector to allow the state generate adequate revenue.
With the forthcoming Osun State Economic and Investment Summit scheduled to take place in the state capital, Osogbo, the Governor said that his administration was committed to enhancing the state’s development under a public-private-partnership (PPP) model.
To show its commitment, Mr Oyetola disclosed that the state has embarked on economic reforms through the provision of infrastructures like roads, rail, and cargo airport as well as regulating mining operations to pave the way for new investors.
He added that in order to create an enabling environment for investors, the state had also beefed up its security, noting that it was adjudged to be the most peaceful state in Nigeria.
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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