Economy
Residents Rush Lake Rice at Sale Centres
By Modupe Gbadeyanka
Residents of Lagos State on Thursday besieged the various sale centres across the state to buy the much-anticipated LAKE Rice, with vast majority of the people lauding the initiative of government to introduce the commodity at a critical time of the Yuletide season.
LAKE Rice, which is locally produced, came into being following a partnership between Lagos and Kebbi States, and was aimed at ensuring food security as well as to showcase the ability of Nigeria to become a producing nation.
Governor Akinwunmi Ambode and his Kebbi State counterpart, Mr Atiku Bagudu had launched the rice on Wednesday in Lagos, describing the development as a great and historic moment not just for the two states but the country at large.
As promised by Lagos State government, the rice was sold for N12,000 per 50kg; N6000 for 25kg; and N2,500 for 10kg.
When our correspondent visited some of the designated centres listed for the sale of the rice, it was discovered that the commodity was available for sale with people queuing in an orderly manner and waiting for their turn to buy.
In Oshodi, residents had besieged the Ikeja Grammar School in Bolade, Oshodi, the selling point for the sale of the LAKE Rice.
Speaking to journalists shortly after successfully purchasing his bag of rice, a resident, Mr Alanran Muyideen Kehinde said he was glad to be among the first.
He also urged Lagosians to patronise LAKE Rice as a means to guard against the incident of purchasing adulterated rice.
“I feel very happy, I feel encouraged. I also thank the state government for giving us the opportunity because when we go outside, we know the cost of rice, but we thank the Lagos State Governor for this opportunity and we hope that more would be made available so that the process of purchasing would be easier.
“With the issue of plastic rice flooding the market, this is a safer option because we can trust the source,” he said.
Another resident, Mrs Alebiousu Olufunmilayo, said the cost of the LAKE Rice was pocket friendly.
“I will like to tell Lagosains that this is for real. If they get to any of the centres, they should queue orderly and they will get the rice,” she said.
At Mobolaji Johnson Sports Centre (Rowe Park) in Yaba, residents were seen queuing orderly to buy the commodity at government approved prices.
An elated resident, Mrs Alabi Aminat, who spoke to journalists after buying the product, said the development was a thing of joy, as there was no discrimination of any sort in the sale of the commodity.
“I got here this morning and I was told I could pay through the POS and I did. The process was free and fair and the most commendable aspect is that the people in charge of selling the rice are not particular about whether you work with Lagos State government or you belong to any tribe or creed, as long as you are a resident of the state, you are entitled to buy.
“I was allowed to buy one bag and I got 50kg at the N12,000 price earlier announced by the government. They just told us to stay on the queue and when it is your turn, you will be asked to pay and take away your rice. It’s as simple as that,” she said.
At the Teslim Balogun Stadium, there were complaints of late arrival of the commodity, but it was eventually sold in the afternoon.
Some residents however urged the government to sustain the sale of the rice beyond the yuletide season.
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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