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 Aduragbemi Omiyale
The ban on the export of raw shea nuts from Nigeria has been extended by one year by President Bola Tinubu.
A statement from the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Wednesday disclosed that the ban is now till February 25, 2027.
It was emphasised that this decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda.
The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products, the statement noted.
To further these objectives, President Tinubu has authorised the two Ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation of a unified, evidence-based national framework that aligns industrialisation, trade, and investment priorities across the shea nut value chain.
He also approved the adoption of an export framework established by the Nigerian Commodity Exchange (NCX) and the withdrawal of all waivers allowing the direct export of raw shea nuts.
The President directed that any excess supply of raw shea nuts should be exported exclusively through the NCX framework, in accordance with the approved guidelines.
Additionally, he directed the Federal Ministry of Finance to provide access to a dedicated NESS Support Window to enable the Federal Ministry of Industry, Trade and Investment to pilot a Livelihood Finance Mechanism to strengthen production and processing capacity.
Shea nuts, the oil-rich fruits from the shea tree common in the Savanna belt of Nigeria, are the raw material for shea butter, renowned for its moisturising, anti-inflammatory, and antioxidant properties. The extracted butter is a principal ingredient in cosmetics for skin and hair, as well as in edible cooking oil. The Federal Government encourages processing shea nuts into butter locally, as butter fetches between 10 and 20 times the price of the raw nuts.
The federal government said it remains committed to policies that promote inclusive growth, local manufacturing and position Nigeria as a competitive participant in global agricultural value chains.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange expanded for the first session this week by 1.27 per cent on Wednesday, February 25.
This lifted the NASD Unlisted Security Index (NSI) above 4,000 points, with a 50.45-point addition to close at 4,025.25 points compared with the previous day’s 3,974.80 points, as the market capitalisation added N30.19 billion to close at N2.408 trillion versus Tuesday’s N2.378 trillion.
At the trading session, FrieslandCampina Wamco Nigeria Plc grew by N5.00 to trade at N100.00 per share compared with the previous day’s N95.00 per share, Central Securities Clearing System (CSCS) Plc improved by N4.18 to sell at N70.00 per unit versus N65.82 per unit, and First Trust Mortgage Bank Plc increased by 14 Kobo to trade at N1.59 per share compared with the previous day’s N1.45 per share.
However, the share price of Geo-Fluids Plc depreciated by 27 Kobo at midweek to close at N3.27 per unit, in contrast to the N3.30 per unit it was transacted a day earlier.
At the midweek session, the volume of securities went down by 25.3 per cent to 8.7 million units from 11.6 million units, the value of securities decreased by 92.5 per cent to N80.7 million from N1.2 billion, and the number of deals slipped by 33.3 per cent to 32 deals from the preceding session’s 48 deals.
At the close of business, CSCS Plc remained the most traded stock by value on a year-to-date basis with 34.1 million units exchanged for N2.0 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with 122.0 million units valued at N478.0 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.05 billion units valued at N408.7 million, followed by Geo-Fluids Plc with 122.0 million units sold for N478.0 million, and CSCS Plc with 34.1 million units worth N2.0 billion.
By Dipo Olowookere
The bears consolidated their dominance on the Nigerian Exchange (NGX) Limited on Wednesday, inflicting an additional 0.09 per cent cut on the market.
At midweek, the market capitalisation of the domestic stock exchange went down by N73 billion to N124.754 trillion from the preceding day’s N124.827 trillion, and the All-Share Index (ASI) slipped by 114.32 points to 194,370.20 points from 194,484.52 points.
A look at the sectoral performance showed that only the consumer goods index closed in green, gaining 1.19 per cent due to buying pressure.
However, sustained profit-taking weakened the insurance space by 3.79 per cent, the banking index slumped by 2.07 per cent, the energy counter went down by 0.24 per cent, and the industrial goods sector shrank by 0.22 per cent.
Business Post reports that 25 equities ended on the gainers’ chart, and 54 equities finished on the losers’ table, representing a negative market breadth index and weak investor sentiment.
RT Briscoe lost 10.00 per cent to sell for N10.35, ABC Transport crashed by 10.00 per cent to N6.75, SAHCO depreciated by 9.98 per cent to N139.35, Haldane McCall gave up 9.93 per cent to trade at N3.99, and Vitafoam Nigeria decreased by 9.93 per cent to N112.50.
Conversely, Jaiz Bank gained 9.95 per cent to settle at N14.03, Okomu Oil appreciated by 9.93 per cent to N1,765.00, Trans-nationwide Express chalked up 9.77 per cent to close at N2.36, Fortis Global Insurance moved up by 9.72 per cent to 79 Kobo, and Champion Breweries rose by 5.39 per cent to N17.60.
Yesterday, 1.4 billion shares worth N46.2 billion were transacted in 70,222 deals compared with the 1.1 billion shares valued at N53.4 billion traded in 72,218 deals a day earlier, implying a rise in the trading volume by 27.27 per cent, and a decline in the trading value and number of deals by 13.48 per cent and 2.76 per cent, respectively.
Fortis Global Insurance ended the session as the busiest stock after trading 193.7 million units for N152.7 million, Zenith Bank transacted 120.7 million units worth N11.1 billion, Japaul exchanged 114.8 million units valued at N407.0 million, Ellah Lakes sold 98.4 million units worth N999.2 million, and Access Holdings traded 63.1 million units valued at N1.7 billion.
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