The Nation Newspaper

Author: The Nation

  • China to train 3000 Nigerian youths on creative economy 

    China to train 3000 Nigerian youths on creative economy 

    No fewer than 3,000 Nigerian youths will undergo cultural tourism training in China, billed to reduce unemployment and crime, as well as to  mobilise  them to drive the Nigerian creative cultural tourism economy. 

    This was disclosed by the Director- General, National Council for Arts and Culture (NCAC), Otunba Segun Runsewe, who led an African delegation to  the International Culture Tourism Reform for Developing Nations, put together by the Chinese Government and the Academic International for International Business Officials (AIBO) holding in Beijing, China. 

    Speaking to reporters on the sidelines of the forum in Beijing, Runsewe, who also the President, World Craft Council (WCC) Africa Region,  said the training and exposures for Nigerian youths to acquire new skills were not limited to cultural tourism economy but on technological breakthroughs and innovations. 

    “The meetings were strategic,  successful, and eye opener to how our youths can benefit from training by the Chinese government who are ready to partner and support us to bring about 3,000 youths from Nigeria at first instance to undergo diverse areas of trainings in area such as manufacturing of chips and even on  electrical car production” Runsewe said,  adding that “it will be a new beginning for us as a  nation and for our young persons as the collaboration will bear verifiable gains to our immediate and future capacity building ecosystem in cultural tourism and technology ecosystems.”

    He said the Chinese training offer will take up about 100 young persons per state, which would help reduce crime and unemployment and beneficial to rural development.

    “Am excited about this opportunity for our young persons in Nigeria. It is no elephant project, and we know how committed the Chinese are to promises  to us a nation, and this is certainly huge.  On arrival back in Nigeria, we shall, in earnest, put up strategies to actualise these milestones, “ Runsewe said.

    Runsewe in his presentation, “Public cultural Reforms and Health  Development for Developing Countries,” urged top government officials in developing nations to pay attention to cultural tourism issues as  they are the bedrock of peace and security in the world. 

    “ For tourism to thrive,  attention must be paid to  public washrooms as no tourist wants to visit a place or destination with a dirty washroom. There’s no denying the fact that people are attracted to places that are good-looking as cleanliness is next to godliness, “Runsewe noted. 

  • A businesswoman’s journey to grace

    A businesswoman’s journey to grace

    The CEO of Cornerstone Beddings, Temidayo Ogunleke, popularly known as ‘The Beddings Madam’, is one woman who leaves a lasting impression on every person she meets. Ogunleke, author of the book, entitled: Keep Saying it if you want it, runs an e-commerce platform for bedding products providing toxic-free breathable products. She is motivated by the need to inspire young and aspiring women start-ups. In this interview with EVELYN OSAGIE, she speaks on how social media changed her life and how she is bridging the gap, connecting and inspiring women all over the world.

    I have always had an entrepreneurial spirit, and after completing my studies in Beddings production, I decided to venture into the bedding business itself. I saw a gap in the market. I started business in Ibadan with zero Naira and had few customers before deciding to come to Lagos. That was another unique story on its own because at some point then I was also homeless.

    Voyage into the world of beddings

     It has been an interesting journey so far. The beddings industry is very competitive, but nothing good comes easy. However, with dedication and hard work, there’s nothing one cannot achieve. From selling ordinary pillows, I’ve been able to carve a niche for myself in the industry. You have to keep at it. Although I started very small and only learned the production part of it and not the business part, I have improved in so many ways. You have to keep improving yourselF.

    Origin of the name, The beddings madam

    (Laughs). I got that name from my customers, who identified me as the go-to person when it comes to anything related to beddings and at the time it was mostly on social media. Then when I started beddings, people found it difficult to access me online. Some will not even remember my name is Temidayo. People started calling me “the beddings madam”. I guess it stuck and I embraced it and it made it easy for people to access me.

    My life-changing decision

    Starting this company was one of my life-changing decisions for me. In fact, my life has been tremendously transformed. It has given me the opportunity to express my creativity and passion while making a positive impact in the lives of my customers and society. Indeed, there’s a big difference between learning a skill and doing business. What I actually learned was how to do bedsheets, pillows but right now we do much more. And I have gone ahead to acquire two MBAs and I’ve recently gone into Tech. We’ll be six by next month. We’ve run as a traditional business before now, but what we are doing now involves tech. So, we have to be tech enabled. And I have been taking some tech courses because of the need to know the nitty gritty of ICT.

     Taking advantage of the technology

    Young start-ups, particularly women should learn more about technology and how to leverage on it. Make use of social media. Just ensure that you’re there. And I’d say make use of whatever device you have to start whatever you want to. Some people are limited by resources, cash, gadgets, like laptops and phones; but you can use other people’s phones. I told you I got into business with zero naira. But what I did not say was that it was my use of tech (social media) that got me started. In fact, I started business because I was hungry, I didn’t have a life. I used to depend on people to feed me. I was submitting CVs but to no avail. But how did I get customers. I began to post online while I talked to people, friends, family and I also went to the market to talk to people and that time I did not have a phone I used people’s phone to post online. As a matter of fact, the first sewing machine I used was also borrowed before my Mom bought me mine. But today, all that is history, success is now my name.

    Challenges encountered

    Like I’ve said, there was a time in 2018 that I was homeless. They threw my things out and for two months I was just sleeping anywhere. During this period, I’ve already made adverts on social media. People were calling to buy products. Sometimes I would cry because I had nowhere to sleep. But I had to hide my pain and actually wanted to commit suicide. I was tired and done. And I told myself no. So, it was truly a trying time for me. Honestly, I cannot remove God from my story. Anytime it looks as though things are falling apart, He comes through for me. Sometimes we forget our identity, but He is mercy.

    By the time I had got my company running, in the early stages, a major challenge I faced was getting customers to trust and patronise my brand. However, by consistently offering quality products and exceptional customer service, I was able to gain their trust and loyalty. Also, there were times where our machines were not working for five months. And the technicians could not locate the fault. But the good thing is that for every time I wanted to quit, a customer had always made me bounce back.

    Most memorable experience in business

    I have many memorable experiences, one of which was when I was given an award of recognition for the most passionate entrepreneur of the year. This recognition boosted my confidence and made me realise that hard work pays off.

    Some patterns in career women

    One pattern I have noticed is that women tend to doubt themselves and their abilities. It is important for women to embrace their strengths and be confident in their abilities. They should also seek out mentors and build a strong network. Women bring a unique perspective and approach to business, which can lead to increased creativity and innovation. That is why I have opened a telegram group where I advise young women and where they also share same stories and more

    Inspiration behind my motivational book

     Motivate by my story, I have written the book, entitled: “Keep Saying it if you want it”.  You must have a positive mindset. Despite the test, at that my low moments, I never gave up and never allowed it show on my face. I might be crying just now and immediately a customer calls me, I hold back the tears and talk normal.  As a matter of fact, unless you are my very close friend, you might not know that I’ve been crying. You need to see yourself as an overcomer.

    Challenges will come in life: the Bible also tells us that we must face trials and tribulations but we should see ourselves as overcomers for we shall overcome. So, don’t be discouraged. Go out there as an overcomer. But don’t forget to harness the power of being a volunteer, learn the ropes.  Some people do not want to be an intern, forgetting that it is the quickest and cheapest way to learn.

    I’ve volunteered for two people for free; and now I also own a multimillion naira company. And I am still volunteering, if I’m doing that I’m also building myself too in tech specialisation. So tomorrow if I tell you that I am setting up a tech company, you won’t be surprise. Let’s push ourselves. I know it’s not easy but God has blessed us, women, with multitasking. Women can push themselves: they give birth, breast feed, take care of the home and hubby, and much more. Go to school for what you want to learn, use the internet to improve on yourself. You can be schooling and working at the same time.

    Men or women who helped me the most

      Both genders have helped me but to be honest, women have helped me more. I think it is because we relate with ourselves more. They are struggling with something they also want to help with your struggles, so men you can do better (laughs).

    My plea to the new administration

    As business people, we look forward to policies that will favour us all. I must say, the naira-dollar exchange rates is affecting us. We are looking forward to a bigger factory and we want to expand to Africa and to other places of the world and these policies are important to us. I believe that this country can do more but funding is also key.

  • Access Bank gives grants to NYSC members

    Access Bank gives grants to NYSC members

    Access Bank has rewarded 55 members of the batch A, stream two of the National Youth Service Corp (NYSC) with various cash grants.

    The bank stated that the financial grants were part of commitment to continually empower the youth through various entrepreneurial initiatives.

    A total of N15.5million was given out to corps members with winning entrepreneurial ideas in Abuja, Delta, Kaduna, Kwara and River States with the star winners receiving N1million each.

    Group Head, Consumer Banking, Access Bank, Njideka Esomeju said as an institution, the bank understands the role that young people play in the community and the nation, and it is committed to supporting their aspirations.

    “We believe that the youths represent the future and hope of our nation. And we will do all we can to support their innovative ideas.

    “Access Bank has been in a strategic partnership with NYSC since 2016. The relationship further evolved into the launch of Accessprenuer: The NYSC edition in February 2021. We have completed 13 editions of Accessprenuer competition, impacting 490 corps members with N195m seed capital. We have a facebook community where the winners of this editions will interact freely amongst themselves and inspire young entrepreneurs with similar aspirations. The facebook community has about 5,800 members” Esomeju said.

    The star prize winner in Rivers State, Obot, who wants to go into palm oil business, thanked Access Bank for motivating him with a seed capital to realize his dream and have a brighter future.

    Second runner up winner in Abuja,  Nifemi Ademola, who pitched on tomatoes harvesting and reproduction and won N700,000 said “ I really want to thank Access Bank for this initiative. The seed capital money I won today will really assist to expand my business and also help me to acquire more tools that I need for efficient production in the future”.

    Ugah Ebuka, one of the N400,000 winner in Kwara said “A very big thank you to Access Bank and I pray that utilizing this cash for what it is actually meant for, my business will not just grow but be heard across the globe”.

    The bank also rewarded other corps members across the country in the 3rd, 4th, 5th, 6th -10th positions with N400,000, N250,000, N150,000, and N100,000 respectively.

  • Daikin supports Nigeria’s tech development with new training centre

    Daikin supports Nigeria’s tech development with new training centre

    Daikin Industries, world’s leader in cooling and heating systems, yesterday opened its second training centre in Nigeria with a promise to foster technical know-how and skills among Nigerians.

    Speaking at the opening of the new centre, Vice President, Daikin Middle East and Africa (MEA), Tuna Gulenc, said the second training and development centre in Nigeria, in partnership with Field of Skills and Dream VTE (FSD), will be an extension of Daikin’s expertise and know-how to further build the skills and knowledge in the market.

    He said the training centres would foster best practices of sustainable cooling and further contribute actively to the socio-economic development of Nigeria.

    “We are proud to collaborate with FSD which comes with a proven track record of training technicians and positively contributing to the betterment of the Nigeria society for development and growth,” Gulenc said.

    He reiterated that Daikin was committed to serving the local market where it operates noting that Africa is a key market for Daikin, and Nigeria is going through a rapid transformation.

    “With the increase in climate change, the demand for air conditioners is on the rise even in Nigeria. This demand comes at the price of its impact on the environment, hence the realization of promoting sustainable cooling practices can be met faster by educating the local market and its users.”

    The newly established centre is equipped with state-of-the-art facilities and training equipment, allowing the technicians to gain hands-on experience with Daikin’s cutting-edge HVAC solutions,” Gulenc said.

    According to him, Daikin is striving hard for the people of Africa to provide access to better air quality and energy efficiency, while simultaneously strengthening service and aftermarket support.

    “With a strong localization strategy, Daikin’s focus is on sustainability, energy efficiency, Indoor Air Quality (IAQ), driving more awareness towards a healthy living environment, and introducing new inverter R32 product solutions,” Gulenc said.

    He noted that Daikin MEA had in 2022 opened its first training centre in Lagos, following the establishment of the group’s first sales office in Lagos in 2020.

    Director, Field of Skills and Dream, Omowale Ogunrinde, said the intervention of Daikin to upgrade FSD’s TVET skills development workshop for HVAC technicians could not have come at a better time than when the company was expanding its training facilities to enable it to empower more young Nigerians with skills to access new jobs and start small businesses of their own.

    “FSD has always said that there are jobs but no skilled people because we have a 100 per cent employment rate for our trainees. With the provision of modern and state-of-the-art HVAC training equipment by Daikin and upskilling the trainers at FSD, our goal of producing more technicians equipped with the requisite skills to deploy professional services in global cooling technology would be met across Nigeria,” Ogunrinde said.

    He noted that the training centre, located at Oko Oba, Agege, Lagos, provides vocational, technical, and entrepreneurship training for new technicians including theoretical and practical exercises across topics such as system installation, troubleshooting, maintenance, and energy efficiency.

    He added that, with the partnership with Daikin, the training centre aims to build a community of skilled workforce and equip them with all the necessary education required to excel in their career and contribute to Africa’s climate efforts by promoting sustainable cooling solutions.

    Daikin Industries is the global leader in developing and manufacturing advanced, high-quality air conditioning, heating, ventilation, and refrigeration products (HVAC-R) and solutions for residential, commercial, and industrial applications.

    Founded in Japan in 1924, the company strives to combine expertise and experience to create new innovative technologies by anticipating the future requirements of customers and society. Daikin has evolved over nine decades to employ 96,000 people with 110 production bases and a presence in 170 countries worldwide.

    Daikin Middle East & Africa promotes and provides aftermarket support for a full range of air conditioning equipment and systems in all GCC, Middle East, and Africa regions.

    Daikin Nigeria & West Africa is the new sales entity for Daikin MEA. Based in Lagos, it is responsible for all sales and aftermarket support for the products sold in Nigeria and distributed in West Africa through channel sales partners.

  • NASCON’s shareholders get 150% dividend increase

    NASCON’s shareholders get 150% dividend increase

    Shareholders of NASCON Allied Industries Plc have approved payment of N2.65 billion as cash dividends for the 2022 business year, an increase of 150 per cent on N1.06 billion paid for the previous year.

    At the annual general meeting in Lagos, shareholders approved the board recommendation for the payment of a dividend per share of N1 for the 2022 business year, as against 40 kobo per share paid for the comparative period of 2021.

     Key extracts of the audited report and accounts of NASCON for the year ended December 31, 2022, showed that profit after tax rose by 84 per cent, from N2.97 billion to N5.47 billion. Profit before tax had increased significantly by 98 per cent, from N4.24 billion to N8.37 billion, representing an increase of N4.12 billion.  Turnover was on the upswing, increasing from N33.28 billion to N58.79 billion, a 77 per cent increase compared to 2021.  Earnings per share also increased to 206 kobo in 2022 in contrast to 112 kobo in 2021. 

    Addressing the shareholders, Chairman, NASCON Allied Industries Plc, Mrs ‘Yemisi Ayeni, said the company reduced greenhouse gas emissions by five per cent as it also implemented waste reduction programmes, achieving a 28 per cent reduction in hazards and non-hazardous waste generated in 2022.

    “We have strengthened  our relationships with our employees, customers, suppliers, and communities and supported initiatives that promote social well-being,” Ayeni said.

    She said that health, safety and environment and sustainability considerations remain major drivers of policy and strategy at NASCON.

    “Although global and national pressures continue to pose challenges, we are optimistic about the future outlook as we continue to monitor the business environment. Despite the identified challenges, the board and management of NASCON are determined to continue on the right path to develop the business,” Ayeni said.

    Acting Managing Director, NASCON Allied Industries Plc, Mr Thabo Mabe, said insecurity, congested ports and poor road infrastructure, unstable power supply along with employee emigration, traffic gridlock and foreign exchange issues contributed to the challenges of doing business in 2022.

    He expressed optimism that “2023 will involve capitalisation on our gains, leading to greater productive efficiency and enhanced resource utilisation in spite of the challenges in 2022.”

    Speaking on future plans, he said that the company would continue to embrace strategies that would boost its market share.

    “Our core competence in our business is to refine crude salt for both human and animal consumption. This is an area that we have focused our business to attain leading customer service standards.

    “Our plan for future growth is to continue to develop these markets and drive cost savings within the business, as input costs skyrockets.

    “Nigeria is blessed with a huge consumer base and opportunities; we will be part of these opportunities and contribute our quota to power eradication,” Mabe said.

    Shareholders who spoke at the meeting commended the board and management of the company for sustained operational growth and increase in returns to shareholders.

    A shareholder, Mr Tunde Badmus, commended the management for the impressive performance and efficient running of the company, amid harsh economic environment. Badmus appreciated the company for the dividend declared despite the challenging operating environment.

    Also,  the former National-Coordinator, Independent Shareholders Association of Nigeria, Mr Anthony Omojola, lauded the board and management of NASCON for improved performance and declaration of dividend. Omojola said that the company had remained consistent in dividend payment over the years.

    He, however, urged the company to work with registrars and investors relations department to tackle the rising unclaimed dividends in the market.

    National Salt Company of Nigeria was established as a salt refinery at Ijoko, Ogun State in 1973, as a venture between the Federal Military Government and Atlantic Salt & Chemical Inc. of Los Angeles, California, USA. The company was privatised in 1991 with its shares listed on the Nigerian Exchange in October 1992, through which Dangote Industries Limited purchased majority shares. Following the reverse takeover of NASCON by Dangote Salt Limited (DSL) in 2007, NASCON acquired the assets, liabilities, and business undertakings of DSL.

    Principal activities of the company include processing raw salt into refined, edible, and industrial salt. NASCON is also into the production of seasoning and vegetable oil.

  • Development Bank to begin N100b capital raising

    Development Bank to begin N100b capital raising

    Development Bank of Nigeria (DBN) Plc has launched a process to float the first tranche under its N100 billion capital raising programme.

    DBN plans to float a N20 billion bond as the debut issuance under the N100 billion medium term note programme aimed at expanding the capital base of the development finance institution promoted by the federal government.

    Preliminary reports obtained by The Nation indicated that DBN will issue a N20 billion Series 1 Fixed Rate Bond, with the offer expected to open within the next few weeks.

    Already, the top management team of DBN will be meeting with select high networth investors and advisors this week to highlight the potential of the bank and its issue. The book building for the bond issue is expected to follow after conclusion of the preliminary details.

    The reports showed that DBN and the N20 billion bond have been rated Aaa by Agusto and AAA by Global Credit Rating (GCR).

    The net proceeds of the N20 billion issue would be used to expand DBN’s capacity to provide funding to micro, small & medium enterprises (MSMEs), in furtherance of its core corporate objective.

    DBN was set up to bridge the gap created by the inability of other development banks, microfinance banks, and commercial banks to satisfy the funding needs of the MSMEs in Nigeria.

    The principal objective of the bank is to improve the access of micro, small, and medium enterprises to longer-tenured finance.

    The bank plays a focal and catalytic role in providing funding and risk-sharing facilities to MSMEs and small corporates through financial intermediaries.

    The operations of the bank also play an important role in developing the Nigerian financial sector by incentivising financial institutions, predominantly deposit-money and microfinance banks, to lend to the productive sector, using technical assistance to augment their capacity where necessary and by providing them with funding facilities designed to meet the needs of these smaller customers.

  • Capital market enthusiastic about pro-market president

    Capital market enthusiastic about pro-market president

    There was palpable excitement at the Nigerian capital market yesterday after President Bola Tinubu’s  inaugural address broadly outlined direction of the new administration.

    Capital market stakeholders described the inaugural address and the key policy outlines as “investors- friendly”, expressing optimism that the capital market may witness a major fillip in the period ahead with renewed interest by foreign and domestic investors.

    Tinubu had, beyond addressing general issues of security, economy, infrastructure and monetary outlook, directly addressed investors’ concerns on multiple taxations, returns repatriation and foreign exchange (forex) among others.

    “I have a message for our investors, local and foreign, our government shall review all their complaints about multiple taxation and various anti-investment inhibitions. We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home,” Tinubu said, immediately after being sworn in at the Eagle Square, Abuja, on Monday.

    Managing Director, Arthur Stevens Asset Management, Mr. Olatunde Amolegbe said the pronouncements by the president were “extremely important” to the capital market, noting that “they will impact the economy and the investment market in the short to medium term if implemented as mentioned”.

    “The President has hit the ground running. If you are holding fixed income securities at present rates, you better consider holding on to them. We expect influx of foreign portfolio investors into the stock market now that the coast seems clear. So, a bull run might not be far behind. This will be interesting times,” Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS) said.

    Ahead of Monday’s inauguration, anticipatory deals had seen Nigerian equities closing among world’s best returns last week, with net capital gains of N428 billion.

    Against the generally negative performance of most advanced and emerging markets, Nigerian equities closed last weekend with average return of 1.51 per cent, driven by widespread positive sentiments across the sectors.

    With nearly three gainers to every decliner, the benchmark index, the All Share Index (ASI) rose from its opening index of 52,187.93 points to close at 52,973.88 points.  Aggregate market value of all quoted equities rose simultaneously from its opening value of N28.417 trillion to close at N28.845 trillion.

    Market analysts said the inaugural address directly spoke to market expectations. Most of the points earlier raised by the CIS, the largest professional group in the capital market, were captured in the President’s maiden speech.

    President, Chartered Institute of Stockbrokers (CIS), Mr Oluwole Adeosun, had described Tinubu as a pro-market activist whose leadership will lead to positive transition of policies.

    He had attributed the rally at the stock market after the presidential election partly to investors’ confidence and expectations due to imminent change in leadership.

    Tinubu, a former Treasurer of the global oil multinational, Mobil Oil and a globally renowned accountant, is reputed for public finance reengineering, whose ingenuity and reforms reshaped Nigeria’s former capital, Lagos, as Africa’s fifth largest economy and one of the continent’s investment hub.

    Under his political leadership, Lagos has remained as the largest sub-national issuer at the capital market, with high-grade ratings by domestic and global rating agencies.

    Global investment news media, Bloomberg, had also reported investors’ enthusiasm on Nigerian bonds.

    According to Bloomberg, five of 10 top-performing emerging-market bonds, as the presidential election pattern became clearer, were Nigerian while sovereign-risk premium had narrowed by 104 basis points in three days.

    “Nigerian bonds are posting some of the best gains in emerging markets as investors bet that ruling-party candidate Bola Tinubu, who’s taken an early lead in the nation’s presidential election tally, will offer reforms to pull Africa’s largest economy out of a fiscal mess,” Bloomberg reported.

    Adeosun said the market performance “signals great expectation and trust”, urging the incoming administration to strengthen the Nigerian capital market and reposition it for accelerated growth and development of the economy.

    According to him, the incoming administration should pay close attention to the capital market in order to maximize its array of opportunities while both the capital and money market should receive balanced attention from the government.

    Adeosun underscored the need for a unified exchange rate for the naira to encourage participation of foreign investors in the market. Foreign exchange (forex) reform is one of the economic plans of the Tinubu blueprint.

    “The fundamentals of the market are getting stronger day by day as a result of so many reasons. The elections actually excite the market, because of the imminent positive changes we expect” Adeosun said, noting that the market “expect the new president and his government to hit the grounds running before the inauguration by immediately opening engagement with the capital market community”.

    He expressed the readiness of the capital market professionals in working with the team of the President-elect in crafting an effective plan of action for the administration.

    “We expect a stable and unified exchange rate which will increase the level of foreign investors’ participation in our market. We also expect policy and positive pronouncements that will boost the confidence of stakeholders

    “First, is to properly situate the capital market in the scheme of things in the Nigerian economy. The capital and money markets must receive balanced attention for the economy to grow maximally, even optimally as the capital market provides the barometer that measures the state of the economy. Second is to address the issue of trading liquidity. Get the banks and Central Bank of Nigeria (CBN) to give more support to capital market operators.

    “We have to revisit margin lending and trading in the financial markets .Furthermore, persuade the pension funds to invest a lot more on equities, to create that stability that will motivate other high networth investors to invest. Also to make the exchange rate stable to spur foreign investments. The government should lend more support to investor literacy, and specifically support CIS with annual grants to enable it perform and widen its work in this area,” Adeosun said.

  • OPS, MOMAN, DAPPMAN back petrol subsidy removal

    OPS, MOMAN, DAPPMAN back petrol subsidy removal

    Members of the Organised Private Sector (OPS) yesterday backed petrol subsidy removal, saying it was long overdue.

    Some OPS members, including the Manufacturers Association of Nigeria (MAN) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), believe President Bola Tinubu got it right.

    MAN Director General, Segun Ajayi-Kadir, said: “It (fuel subsidy removal) is long overdue. It has become unsustainable.”

    He added that money saved from subsidy payments should be redirected to the provision of infrastructure, for instance.

    Read Also : Five benefits of fuel subsidy removal

    The MAN DG said the decision to do away with the subsidy regime, incidentally, was on the ‘must-do list within the first 100 days after the swearing-in’ which the association suggested to President Tinubu.

    The leadership of NACCIMA was not immediately available for comments, but a reliable source close to the Chamber said it rather prefers a gradual removal of fuel subsidy, with attendant policy initiatives to cushion its effect on the economy.

    LCCI Director General, Dr. Chinyere Almona, in a statement, also said: “We recommend that the removal is phased and with a complement of heavy investment in critical infrastructure that supports production in the economy.

    “More production means more job creation, poverty reduction, and improved economic growth.”

    The Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) endorsed the policy.

    In a statement jointly issued by the bodies, they noted that the decision is not merely a fiscal reform, but a significant stride toward social justice. 

    “We appreciate the clarity of policy from the Tinubu administration, a direction that signals a courageous and pragmatic shift in our nation’s economic trajectory.

    “We ask our suppliers to continue supplying products to all legitimate marketers. We also urge all stations to remain open and avoid hoarding products. 

    “We eagerly await the day when the Dangote Petroleum Refinery, as well as other licensed importers, join the current supplier in a bid to diversify the source of petroleum products and enhance market competition.”

    It is still unknown what the new ex-depot price (what marketers pay to get petrol from depots) will be.

    The depot owners and marketers are waiting to know what the Nigerian National Petroleum Company Limited (NNPCL) would sell to them at the depots.

    Independent Petroleum Marketers Association of Nigeria (IPMAN) National Vice President, Alhaji Abubakar Maigandi, told our correspondent that all the depots across the country had stopped loading (supplying) the product.

    He said: “The product is available, but up till now they (depots) refused to start loading (supplying). Our trucks are in all Nigerian depots but they are not loading now.”

  • Tinubu, Shettima resume

    Tinubu, Shettima resume

    President Bola Ahmed Tinubu yesterday walked into the warm embrace of top government officials and some of his aides on his first day at the State House in Abuja as President.

    Those who received him at the forecourt of his office within the Presidential Villa at about 2.30pm were led by Vice President Kashim Shettima.

    Also at the forecourt were House of Representatives Speaker Femi Gbajabiamila; the Permanent Secretary of the State House, Tijjani Umar; Central Bank of Nigeria (CBN) Governor Godwin Emefiele, the Group Chief Executive Officer (GCEO), Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari; former Lagos State Commissioner for Finance, Mr. Wale Edun; Mr. Dele Alake; and House of Representatives member (Ikeja Federal Constituency James Faleke.

    Read Also : JUST IN: Tinubu, Shettima conferred with GCFR, GCON

    The CBN boss and the NNPCL chief executive were at the Presidential Villa to hold talks with Tinubu.

    In his inauguration address on Monday, President Tinubu spoke on the petrol subsidy regime, high interest rate  and multiple rates’ convergence.

    He, specifically, said that petrol subsidy had ended because of the huge financial strain it had placed on the national economy over the years.

    The presence of the heads of the two critical agencies at the Villa, was believed, had to do with the President’s pronouncements, which instantly triggered artificial scarcity of petrol and return of long queues at filling stations nationwide.

  • Stock market gains N1.5tr on Tinubu’s policy direction

    Stock market gains N1.5tr on Tinubu’s policy direction

    • Gain is highest in 30 months
    • Naira firms up marginally

    The Nigerian stock market yesterday gave a rousing welcome to President Bola Ahmed Tinubu’s policy direction.

    Intense bargain-hunting for Nigerian equities rallied the market to a net capital gain of N1.51 trillion, its highest gain in a day in two and half years.

    The naira also recorded a marginal gain in response to the Presidential policy enunciation.

    The benchmark index for the Nigerian stock market, the All Share Index (ASI), posted an average return of 5.23 per cent, its highest gain since November 12, 2020. 

    The gain by ASI, a value-based index that tracks all quoted shares at the Nigerian Exchange (NGX), was equivalent to N1.51 trillion.

    The rally, on the first trading day after Tinubu’s Monday Inauguration Day address, pushed the average year-to-date return for Nigerian equities to 8.77 per cent, putting Nigeria back on the world’s chart of top stock market returns.

    Read Also : ‘Stock market needs policy shifts to drive growth’

    The aggregate market value of all quoted equities crossed the N30 trillion mark to N30.349 trillion yesterday, as against N28.844 trillion recorded at the weekend.

    The momentum of activities at the stock market doubled by 133.4 per cent with a turnover of 1.08 billion shares valued at N15.8 billion in 9,916 deals, compared with a turnover of 461.78 million shares worth N7.68 billion in 6,520 deals recorded in the previous trading day.

    Sectoral analysis showed a market-wide positive sentiment. 

    The NGX Banking Index rose by 8.2 per cent. The NGX Consumer Goods Index rallied 6.5 per cent. The NGX Industrial Goods Index rose by 6.1 per cent. 

    The NGX Oil & Gas Index appreciated by 4.0 per cent while the NGX Insurance Index improved by 2.3 per cent.

    Tinubu, in a speech that had been described as market-friendly, addressed general issues of security, economy, infrastructure and monetary outlook. 

    The president also directly addressed investors’ concerns on multiple taxations, returns repatriation and convergence of multiple foreign exchange (forex) rates among others. He also spoke about putting an end to petrol subsidy.

    “I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxations and various anti-investment inhibitions. 

    “We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home,” Tinubu said in his inauguration speech.

    Market analysts were unanimous that the stock market performance was in response to Tinubu’s inauguration address, with a consensus that the general policy direction would significantly uplift the Nigerian economy and drive foreign and domestic investments in Nigerian assets.

    The equities rally also came as Nigeria’s sovereign dollar-denominated bonds rallied on the back of the announcement of both subsidy removal and the harmonisation of the exchange rates on the investors and exporters window (NAFEX) and the parallel markets.

    The forex market also responded positively with the naira appreciating by 10 basis points at the popular parallel market. 

    A spot market survey showed that the naira yesterday rebounded to N770 per dollar at the parallel market, as against N780 per dollar recorded in the previous day.  

    The naira was, however, flat at N464.50 per dollar at the official Investors and Exporters (I&E) window.

    Managing Director, APT Securities and Funds Limited, Mallam Garba Kurfi, said the market was responding to the expectations of reforms implied in the president’s address.

    “The speech is excellent, especially as regards converging exchange rates into one; that will attract an inflow of foreign Investors. 

    “The removal of fuel subsidy will attract more investments in the refineries and removal of double taxes will also bring more Investments into the country, and all these will reduce unemployment and increase productivity,” Kurfi said.

    Group Executive Director, Investment Banking, Cordros Capital, Mr. Femi Ademola, said the market was expected to respond to the pro-economy outlook of the Tinubu administration.

    He said the peaceful transition of power and the inaugural speech “struck the right cords” since markets react to sentiments.

    According to him, the market is expected to react very strongly and positively to the government agenda, including the end to fuel subsidy, lower interest rates, end to multiple exchange rates and ease of capital repatriation by foreign investors.

    “These are expected to attract investments back into the country as investors return and strengthen the country’s exchange rate. Perhaps, one very notable issue is the issue of lower interest rates. 

    “This may indicate that the administration will not be looking at attracting portfolio investment with high-interest rates but the more likely direct and patient investment that would stay for a longer period.

    “While the market may still continue with its usual zigzag movements, the implementation of these policy reforms would ensure more positive movements on the market than negative. 

    “Supporting the monetary policy changes with the required fiscal reforms such as infrastructure development would add to the sustainability of the growth plan for the economy.

    “I am happy with the inaugural speech and the plans of action as it is what is needed at this time. However, it has to go beyond words and intentions, the administration must hit the ground and run with the implementation of the policies,” Ademola, a senior investment banker, said.

    Chief Operating Officer, GTI Capital Group, Mr. Kehinde Hassan, said the general economic outlook enunciated by the president would herald new thematic growth for the economy.

    He said investors appeared favourably disposed to the various initiatives, noting that the market response was a sort of vote of confidence in the president’s economic direction.

    Afrinvest Securities said “economy reform optimism” bolstered the market performance, noting that “the rally in the market followed the promise of critical reforms by the President Bola Tinubu administration”.

     ”President Tinubu’s inaugural address sparked the equity market’s imagination, with a rally of 5.23 per cent today (yesterday). 

    “The announcement of key market reforms, including phasing out fuel subsidies and unifying foreign exchange rates, shows that pro-market policies were not just items in the manifesto but issues which he is setting out to fix. If they are fixed, we expect much more from the equity market,” Coronation Securities Limited stated.

    Analysts at Arthur Steven Asset Management said the equities market’s bullish momentum was “because of the new administration which tends to affect the market positively”.

    “The market reacted to the high expectation from the new administration as the government promised the investors easy repatriation of their investment and profit,” they stated.

    Cordros Securities said the resumption of the market on a positive note was similar to investors cheering “President Tinubu’s pro-market policies”.