Economy

Oyo Butchers to Access Micro-Credit Loan

Published

7 years ago

08/06/2018

Dipo Olowookere

**As Ibadan Central Abattoir Begins Full Operation

By Dipo Olowookere

Full operation has commenced at the newly resuscitated Ibadan Central Abattoir, Business Post is reporting.

The facility, which was revived by the Oyo State government, started butchering activities on Monday, June 4, 2018.

The Ibadan Central Abattoir, located in Amosun Village area of Akinyele local government, is a facility operated on Public Private Partnership (PPP) and the project belongs to Oyo State government, the 11 local governments and LCDAs in Ibadan as well as a private firm, C & E Limited.

Butchers in Ibadan metropolis under the auspices of the National Butchers Union of Nigeria (NUBN) have lauded the state government for bringing the place back to life.

The butchers, in their separate interviews, lauded the state government during the official ceremony held at the facility to commemorate the commencement of operations.

South Western Coordinator of NUBN, including Kwara, Mr Biliaminu Elesinmeta, said the commencement of operations at the abattoir was a welcome development, noting that the project would create more than 1000 jobs and ensure hygienic meats are produced for peoples’ consumption.

According to him, “the commencement of operations on this facility is worth being celebrated. This abattoir is the best in Nigeria and the whole of West Africa.

“It is a little bit stressful to move from one house to another, but we will in conjunction with the government talk to recalcitrant members on why they must move to the facility. I am sure my people are law-abiding and would comply with the directive.”

In his own speech, the Oyo State Secretary, National Butchers Union of Nigeria (NBUN), Mr Lateef Olagoke, expressed joy that the abattoir was officially inaugurated, saying “Government has directed us to move down to the this place and you can see the turn out today. We will ensure that our members comply with this directive.”

He commended the Ajimobi-led administration in the state for ensuring that the place was completed and functional, stressing that the union would make efforts to ensure hygienic meat is supplied to the people.

Speaking, Executive Secretary of the Bureau of Investment Promotion, Oyo State, Mr Yinka Fatoki, said that the commencement of operations at the abattoir was another milestone, explaining that the state government, local government, partners and butchers have agreed to work together in the interest of the state.

Mr Fatoki said that there was no legal slaughter slab or abattoir in Ibadan since 2014 on account of unsanitary circumstances of the major slaughter slabs like Bodija, Aleshinloye and Gege, stating that the situation necessitated the structuring and birth of the facility.

He promised that government would offer butchers micro-credit loan and assist them in acquiring meat vans, saying, “This is a state of the art facility and unarguably the most modern abattoir in West Africa. This is a plus to the Ajimobi-led administration,” he said.

He assured the public that the facility would be coordinated by professionals to ensure hygienic meats are produced, noting this facility will be moderated by relevant agencies of government including the Veterinary Doctors who were back after four years off the facility.

In his own speech, the Veterinary Doctor in charge of the facility, Dr Ibikunle Akanbi, led some other professionals on anti-mortem of some cattle to certify their health fitness, adding that any of the cows discovered to be unfit would be condemned and later incinerated or buried.

Economy

Afriland Properties, Geo-Fluids Shrink OTC Securities Exchange by 0.06%

Published

1 hour ago

12/12/2024

Adedapo Adesanya

By Adedapo Adesanya

The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.

The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.

Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.

At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.

The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.

When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.

Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.

Economy

Naira Weakens to N1,547/$1 at Official Market, N1,670/$1 at Black Market

Published

2 hours ago

12/12/2024

Adedapo Adesanya

By Adedapo Adesanya

The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.

It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.

The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.

At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.

As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.

A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.

The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.

The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.

The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.

Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.

Economy

Dangote Refinery Makes First PMS Exports to Cameroon

Published

3 hours ago

12/12/2024

Aduragbemi Omiyale

By Aduragbemi Omiyale

The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.

In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.

However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.

In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.

Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.

Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.

“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.

“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.

His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.

“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.

“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”