Economy
Petrol Subsidy: NUC, TUC Clap For FG
By Adedapo Adesanya
The two prominent labour unions in the country, the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have described the federal government’s decision to suspend the removal of petrol subsidy as the “best option” due to the current economic climate.
Mr Benson Upah, Head of Information of the NLC, while reacting to the suspension of the subsidy removal by the federal government yesterday, said the organisation was happy that the right step was being taken.
Business Post reported on Thursday that the National Economic Council (NEC) announced the halt of the removal of subsidy on petroleum products due to the wrong timing.
“Because the path they wanted to toe to the detriment of the ordinary Nigerians would have set the country on fire.
“There would have been an instantaneous reaction. Of course, we would have been glad to coordinate those reactions.
“But happily, they have begun to see the light. Our advice would be that they should take a lesson from the document we gave them on the so-called fuel subsidy removal.
“The answer cannot be far from domestic production,’’ he said.
He said the decision would enable all the corruption building into the system to be minimised.
Mr Upah, therefore, called on the federal government to fix the existing refineries or build new ones instead of importing refined petroleum products.
On his part, Mr Nuhu Toro, the Secretary General of TUC, said that the federal government’s decision to suspend fuel subsidy removal was a good move.
“Though it’s coming late, the federal government’s decision to suspend the move to remove fuel subsidy has alluded to the fact that such harsh economic policy ought to have been a product of social dialogue which was not done.
“We told Nigerians earlier on that the policy is ill-timed and is not acceptable. So it is good that the government has done a U-turn because the policy cannot be forced down our throat,” he said.
Mr Toro said it was good that the government had to rethink its decision on the removal of fuel subsidy.
He also added that refurbishing the existing refineries and production of petroleum products in our country is in the best interest of the country because of the huge advantages.
“First, it would create jobs, make the petroleum products available for consumption and probably reduce the price of the products. It will also guarantee foreign direct investment and make Nigeria a better place.
“We are confused that our refineries are not working, and we have asked over time why the refineries are not working.
“So there is a strong need for a deliberate effort by the incoming government to ensure that our refineries work.
“All the monies they claim goes to the process of deregulation can actually be utilised to make our refineries functional,’’ he said.
He added that the decision to revise that policy had further vindicated Nigerians as this was the right thing.
He, however, charged the incoming government that the instrumentality of social dialogue should be leveraged upon issues that affect the general project of Nigeria, adding that the voice and interest of Nigerians could be accommodated.
“Policies should not just be drafted overnight and pushed through people’s throats. Nigeria belongs to all of us.
“We are all critical stakeholders and must be part of decision-making and implementation body to ensure that our country moves forward,’’ he said.
By Dipo Olowookere
The first trading session of the new week on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note on Monday after a marginal 0.02 per cent growth.
This was influenced by bargain-hunting activities in the financial and industrial goods ecosystems.
According to data obtained from Customs Street, the insurance space grew by 2.12 per cent, the industrial goods sector appreciated by 0.17 per cent and the banking space expanded by 0.12 per cent.
However, due to profit-taking, the consumer goods index went down yesterday by 0.46 per cent and the energy counter decreased by 0.11 per cent.
When the bourse ended for the session, the bulls were in charge after dealing with the bears, leaving the All-Share Index (ASI) higher by 16.68 points to 102,370.36 points from 102,353.68 points and the market capitalisation increased by N10 billion to N62.861 trillion from N62.851 trillion.
Investor sentiment was strong during the session after the stock exchange finished with 32 price gainers and 26 price losers, indicating a positive market breadth index.
Caverton gained 10.00 per cent to close at N2.42, Coronation Insurance improved by 9.91 per cent to N2.44, SCOA Nigeria expanded by 9.68 per cent to N2.72, UPDC jumped by 9.52 per cent to N1.84, and Universal Insurance also rose by 9.52 per cent to 69 Kobo.
On the flip side, Eunisell declined by 9.99 per cent to N14.06, John Holt lost 9.63 per cent to trade at N9.20, Secure Electronic Technology shed 8.99 per cent to quote at 81 Kobo, Honeywell Flour dropped 7.58 per cent to settle at N9.15, and PZ Cussons weakened by 6.00 per cent to N23.50.
Yesterday, a total of 1.3 billion shares worth N17.7 billion exchanged hands in 13,891 deals compared with the 327.8 million shares valued at N11.8 billion traded in 11,905 deals last Friday, implying an increase in the trading volume, value, and number of deals by 304.48 per cent, 50.00 per cent, and 16.68 per cent, respectively.
The busiest stock was Wema Bank with a turnover of 980.0 million units worth N9.8 billion, Universal Insurance sold 31.3 million units for N21.2 million, AIICO Insurance traded 22.2 million units valued at N36.9 million, Oando transacted 19.8 million units for N1.5 billion, and Zenith Bank exchanged 19.7 million units worth N926.0 million.
By Adedapo Adesanya
Nigeria’s maiden shipment under the African Continental Free Trade Area (AfCFTA) has successfully arrived at the Mombasa Port in Kenya.
According to the Nigeria AfCFTA Coordination Office in a statement, the development marks a historic moment for Africa’s trade landscape.
The Senior Trade Expert at the Nigeria AfCFTA Coordination Office, Mr Olusegun Olutayo, said in line with its mandate under the leadership of the National Coordinator, Mr Olusegun Awolowo, the office had coordinated the landmark event.
He said the achievement marked a significant milestone for Nigeria in realising the vision of increased intra-African trade and economic integration championed by the agreement in line with the decision of the AU Assembly at the 31st Ordinary Session of the Assembly.
“In times of escalating geopolitical tension and looming geo-economic fragmentation, AfCFTA presents a perfect opportunity for Africa to leverage trade as a strategic instrument for enhanced market access among state parties.
“This is a historic moment, a realisation of the vision of our continent’s founding fathers and mothers.”
He also said the first consignment which was a synthetic filaments product of Nigeria’s Lucky Fibres Limited (Lush), a subsidiary of the Tolaram Group, was exported under AfCFTA preferential terms.
Mr Olutayo lauded the bold economic reforms of President Bola Tinubu, emphasising their catalytic role in enabling the country’s active participation in AfCFTA, fostering continental economic integration and industrialisation goals.
He also commended the seamless cooperation and commitment from Kenyan authorities, which exemplifies the true spirit of AfCFTA.
He acknowledged the pivotal leadership role of the AfCFTA Secretariat in fostering the success and emphasised the collaborative efforts of the Kenya AfCFTA Implementation Committee and the Kenya Revenue Authority (Customs).
According to him, the shipment, exported under AfCFTA preferential trade terms, underscores partnership, shared vision, the agreement’s potential to transform Africa’s economic landscape and pave the way for a new era of trade-driven prosperity.
The AfCFTA seeks to create a single market across Africa by reducing barriers to trade, investment, and labour.
The agreement’s goal is to increase socioeconomic development, reduce poverty, and make Africa more competitive globally.
On March 21, 2018, the AfCFTA agreement was adopted and opened for signature in Kigali, Rwanda. The agreement entered into force on May 30, 2019 and officially commenced on January 2021
Former President Muhammadu Buhari established the National Action Committee on AfCFTA (NAC) in December 2019.
By Adedapo Adesanya
The Nigerian Securities and Exchange Commission (SEC) has fixed January 31 as deadline for all Capital Market Operators (CMOs) to renew their operating licence.
In a circular to the operators on Sunday, the apex regulatory agency in the country’s capital market said the annual registration renewal would last between January 1 and 31, 2025.
SEC said the annual registration renewal enforcement for CMOs was aimed at ensuring that only “fit and proper” persons operate in the capital market, warning that CMOs without valid registration will be penalised and may be excluded from capital market activities.
”This is to inform all CMOs and the general public that the annual renewal of registration of CMOs for the year 2025 will commence from January 01.
“All CMOs applying for renewal are required to include their 2025 annual subscription receipt from their respective trade groups as part of their application.
“In line with the commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for 2025 on or before January 31 via registration renewal portal at www.eportal.sec.gov.ng,” it said.
The commission added that CMOs desiring to make enquiries or get support to complete the process should contact [email protected].
The regulator said it had in 2021 re-introduced periodic registration renewal by CMOs to create a reliable active operators’ data bank in the country’s capital market.
It said the renewal arrangement aimed at updating operators information on capital market for official use by local and foreign investors, other regulatory agencies and the public.
The agency added that the renewals would drastically reduce incidences of unethical practices by CMOs which may affect investors’ confidence and impact the capital market negatively, noting that the exercise will strengthen supervision and monitoring of CMOs by the commission.
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