Economy
Why Lagos Joined Odu’a Investment Group—Ambode
By Dipo Olowookere
Outgoing Governor of Lagos State, Mr Akinwunmi Ambode has explained why he made efforts to allow the commercial capital of Nigeria join the Odu’a Investment Limited.
The group is the only regional investment group existing in the country at the moment and it comprises the six states in the southwest region of the country; Lagos, Ogun, Oyo, Ekiti, Ondo and Osun States.
Speaking on Monday, Governor Ambode explained that the desire to see the total economic integration of the south west region propelled his administration to join the group, saying that it would be a win-win situation for not just every State in the zone but also the nation at large.
“My belief in the total economic integration of the South West arising from our vision of the South Western Governors Forum that there is a need for all of us to come together as a regional force to be able to help each other in the areas of our comparative advantages was what drove me to make sure that we become partners in the Oodua Investment Group and I am happy we were able to do it with the support of the State Executive Council, we are happy also that we would be bringing in part of our own competences and expertise to grow this Investment Group.
“We are very proud that it is the only regional investment group that is existing in this country right now and because of that I am very happy that I was able to do this at least to lay down the foundation and the framework that would allow the bigger economic integration to take place even with the kind of infrastructure that we have tried to put in place also, we believe strongly that in the overall interest of the country, there is need for a regional interplay of competences so that the nation can grow its GDP, while we can also grow our own region,” he said.
Responding to the request by the Group for the state to nominate representatives for Lagos on the Board of Odu’a Investment Company Limited, Governor Ambode said he would defer the opportunity for the incoming administration to undertake, saying that it would be a means to ensure that the interest of the State is fully represented and sustained.
“That in itself will propel the payment of the remaining residue for the Shares also. You can have our commitment that we would put it in our handing over note so that it becomes something of priority.
“The whole idea as we have said is to be able to use our God found location in geographical terms to our best advantage and that’s what Oodua Investment Group stands for,” the Governor said.
Also speaking, Director of the Odu’a Investment Company, Mr Tajudeen Bello, described the entrance of Lagos into the Group as courageous, expressing confidence that it will engender a positive impact on the socio-economic development and advancement of the South West geo-political zone based on its commercial enterprise and uncommon resilience and resourcefulness.
Mr Bello lauded the Governor for seeing through the Lagos State membership of Odu’a with the epoch making signing of the Share Purchase Agreement in March 2018, saying that it was indeed a soothing reunion with Lagos joining forces with the other five South West States which would have significant economic benefits for the region on the long run.
“We will like to put in on record the overwhelming support and excitement of Yorubas across the Length and breadth of Nigeria and indeed in the diaspora on that landmark event within the cherished concept of regional economic development and integration last witnessed during the hay days of Western Region.
“It is our cherished desire and commitment in Odu’a Investment that this membership will unleash a geometric impact on the socio-economic development of our geo-political zone as a result of mutual benefits arising from the synergy of the ebullience of the commercial enterprise of Lagos and the uncommon resilience and resourcefulness that the Yoruba hinterland is reputed for since immemorial,” Mr Bello said.
The Odu’a chief commended Governor Ambode for his landmark achievements, adding that the Group will continue to explore for collaboration opportunities including the Lagos State Embedded Power Supply Act structured to guarantee 24-hour power supply for the State, Rice Mill at Imota as well as numerous investment opportunities created by his administration.
He also commended the Governor for his sterling achievements in office, saying that his tenure recorded peace and positive transformation of Lagos as well as his sincere love and unalloyed support for the progress of the people.
Mr Bello, who later presented the State’s Shares Certificate to the Governor, said the Group was confident that the six States in the region which make up the investment company will leverage on its comparative advantages and work together for the betterment and development of the entire region and its people.
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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