The Nation Newspaper

Tag: investors

  • Equities lose N37b as investors slow down on blue chips

    The profit-taking trend at the Nigerian equities market continued for the second consecutive trading session yesterday as investors made last-minute trades for ahead of the Muslim’s Eid-ul-Fitri. The Federal Government had declared Friday June 15 and Monday June 18, 2018 as public holiday to celebrate the Muslim’s festival that marks the end of a month-long compulsory fasting period.

    The two main indices at the Nigerian Stock Exchange (NSE) showed average loss of 0.27 per cent, equivalent to net capital depreciation of N37 billion. The sustained decline shaved the average return for Nigerian equities so far this year to 1.79 per cent.

    The All Share Index (ASI)-the main index for Nigerian equities declined from its opening index of 39,031.72 points to close at 38,928.02 points. Aggregate market value of all quoted equities dropped from its opening value of N14.139 trillion to close at N14.102 trillion.

    With nearly two gainers for every loser, the negative overall market position was mainly due to selloffs in large-cap stocks in the oil and gas, manufacturing and banking sectors.

    Seplat Petroleum Development Company led the 17-stock losers’ list with a drop of N14.10 to close at N754.90. Nigerian Breweries followed with a loss of N5 to close at N110. Presco lost N1.70 to close at N72. International Breweries declined by 45 kobo to close at N41.30 while Zenith Bank dropped by 35 kobo to close at N26.40 per share.

    On the positive side, Okomu Oil Palm led 27 other gainers with a gain of N8.40 to close at N90.40. Nascon Allied Industries followed with a gain of 95 kobo to close at N23.15. Stanbic IBTC Holdings rose by 50 kobo to close at N49. Dangote Sugar Refinery added 40 kobo to close at N19.40 while Eterna chalked up 30 kobo to close at N6.30 per share.

    The total volume traded declined by 26.26 per cent to 336.62 million shares valued at N5.25 billion in 3,667 deals. Transactions in the shares of United Capital topped the activity chart with 101.63 million shares valued at N327.68 billion. United Bank for Africa followed with 66.1 million shares worth N720.8 million. Diamond Bank traded 20.21 million shares valued at N31.64 million. Guaranty Trust Bank traded 14.24 million shares valued at N587.3 million while Transnational Corporation of Nigeria recorded a turnover of 13.78 million shares worth N20.48 million.

  • Investors recover N672b amid bargain-hunting

    Investors in Nigerian equities rode on the back of renewed bargain-hunting to recover N672 billion in net capital gains by the weekend after losing some N908 billion the previous week.

    Benchmark indices for Nigerian equities showed a major rally with average net capital gain of 5.03 per cent during the five-day trading session, equivalent to net capital gain of N672 billion. The sustained rally reversed the negative average year-to-date return of -3.73 per cent or a net loss of N273 billion recorded two weeks ago. Average year-to-date return turned positive at 1.11 per cent at the weekend.

    GTI Capital Chief Operating Officer, Mr Kehinde Hassan, said the recovery was driven by bargain-hunting by institutional investors, who sought to take advantage of the recent decline in share prices.

    He said the trading momentum, despite the profit-taking dip in the last trading session at the weekend, suggested that the price recovery will continue this week.

    Analysts at Cordros Capital stated that “relatively lower prices of value stocks, coupled with still-positive macro-economic fundamentals, will further sustain gains in the equities market”.

    Aggregate market value of all quoted equities at the Nigerian Stock Exchange (NSE) rose from the week’s opening value of N13.336 trillion to close weekend at N14.008 trillion. The All Share Index (ASI)-the main index that tracks share prices at the Exchange, rallied from the week’s opening index of 36,816.29 points to close at 38,669.23 points.

    Total turnover at the equities market stood at 1.75 billion shares worth N31.18 billion in 24,604 deals last week compared with a total of 2.70 billion shares valued at N84.78 billion traded in 19,715 deals two weeks ago.

    A breakdown of the trading pattern showed that the financial services sector accounted for 1.42 billion shares valued at N19.72 billion in 13,950 deals; representing 81.4 per cent and 63.2 per cent of the total equity turnover volume and value respectively. The consumer goods sector followed with 153.105 million shares worth N6.805 billion in 4,512 deals while conglomerates sector placed third with a turnover of 60.47 million shares worth N186.60 billion in 905 deals.

    Banking stocks dominated the activities chart with the trio of Guaranty Trust Bank Plc, Access Bank Plc and Zenith Bank International Plc leading the chart with a turnover of 588.61 million shares worth N16.57 billion in 4,120 deals, representing 33.65 per cent and 53.14 per cent of the total equity turnover volume and value respectively.

    Further analysis indicated that industrial and consumer goods stocks were the major drivers of the rally last week. The NSE Industrial Goods Index recorded average week-on-week gain of 9.36 per cent, appreciating by 6.55 per cent. The NSE Banking Index posted a gain of 4.48 per cent. The NSE 30 Index, which tracks the 30 most capitalised stocks, rallied by 5.25 per cent. However, the NSE Oil and Gas Index declined by 1.34 per cent while the NSE Insurance Index dropped by 0.61 per cent.

    The market had witnessed its worst decline with a net loss of N908 billion two weeks ago. The week-on-week average decline of 6.38 per cent eroded positive return and left the market with average negative return of -3.73 per cent penultimate weekend.

    The profit-taking fluctuations, which had started in March, worsened considerably into a swinging sell-off last month. Nigerian equities lost N1.15 trillion in May 2018, equivalent to average month-on-month decline of 7.67 per cent.  Nigerian equities had lost N557 billion in March and showed restraint with a modest loss of N44 billion in April.

    Nigerian equities had last January hit all-time high market capitalisation of N15.3 trillion while the ASI had risen to 43,041.54 points, its highest index points since October 2008. The ASI had opened 2018 at 38,243.19 points while total market value of quoted equities opened the year at N13.609 trillion.

    Nigerian equities had closed 2017 with full-year average return of 42.30 per cent, ranking within the top 10 best-performing equities across the world. Aggregate market value of quoted equities closed 2017 with net capital appreciation of N4.36 trillion.

    Most analysts expected Nigerian equities to record double-digit gain this year, despite the political risks of political transition.

    FSDH stated that Nigerian equities have potential to generate average return of 27.43 per cent in 2018, building on the average gain of 42.3 per cent recorded in 2017.

    FBNQuest Capital Limited, the investment banking subsidiary of FBN Holdings Plc, predicted that the Nigerian equities market would sustain a bullish run for the second consecutive year with a double digit return of 25 per cent in 2018.

  • SEC warns investors over banned firms

    Securities and Exchange Commission (SEC) has warned investors to shun a proposed restructuring plan by Partnership Investment Company and its subsidiaries.

    In a circular, SEC stated that its attention had been drawn to an electronic message being circulated to investors on behalf of Partnership Investment Company Plc and its subsidiaries, purporting to be undergoing restructuring.

    SEC noted that following the hearing of the complaints against the Partnership Investment Company and its subsidiaries in June 2017, the Administrative Proceedings Committee (APC) of the Commission had cancelled the registration of the Partnership Investment Limited and Partnership Securities Limited and banned the principal officers and executives of the companies from participating in the capital market.

    “In view of the above, the general public is hereby warned to be wary of the proposal and hereby direct Partnership Investment Company Plc and its subsidiaries to submit their repayment plan officially to the Commission for the protection of affected investors,” SEC stated.

  • Investors in ‘danger zone’ as returns turn negative

    From a huge gain of some N1.34 trillion 32 days ago, investors in equities for the first time this year have entered the ‘danger zone’ of negative average return.

    This is as a result of the losing streak at the Nigerian Stock Exchange (NSE), which has continued for the 11th consecutive trading session.

    Average year-to-date return on equities plummeted to -3.73 per cent at the weekend, implying that all gains so far recorded this year had been eroded and investors now carry average loss of 3.73 per cent. Compared to net capital gain of N1.34 trillion at the beginning of May 2018, net capital loss for Nigerian equities stood at N273 billion at the weekend.

    Benchmark indices at the NSE indicated steep declines in share prices over the past 11 trading sessions as panic selling exacerbated mild profit-taking transactions that had moderated the market since March 2018. The equities market started last month with a year-to-date return of 7.91 per cent, a slight decline but considerable return compared with 8.53 per cent recorded at the end of the first quarter.

    The All Share Index (ASI)-the common value-based index that tracks share prices at the NSE, closed weekend at 36,816.29 points while the aggregate market value of all quoted equities slumped to N13.336 trillion, their lowest values this year.

    The market witnessed its worst decline last week, losing N908 billion in four trading sessions. The week-on-week average decline of 6.38 per cent eroded positive return and left the market with average negative return of -3.73 per cent at the weekend.

    NSE Chief Executive Officer, Mr. Oscar Onyema attributed the performance of the equities market to the uncertainties in the macro-economic environment.

    “Since the market is a leading indicator, we cannot take our eyes off the ball and must continue to press for positive catalysts that will propel the economy to new heights,” Onyema said.

    He said the government was grappling “with the task of articulating a clear economic blue print for the short to midterm within which credible fiscal and monetary policies can emerge” and underscored the critical importance of the capital market to “sustainability of growth and development in an economy”.

    He spoke at the fifth NSE/LSEG Dual Listings Conference organised by the NSE and the London Stock Exchange Group.

    The profit-taking fluctuations that had started last March worsened considerably into a swinging selloff in last month. Nigerian equities lost N1.15 trillion last month, equivalent to average month-on-month decline of 7.67 per cent.  Nigerian equities had lost N557 billion last March and showed restraint with a modest loss of N44 billion last April.

    Nigerian equities in January hit all-time high market capitalisation of N15.3 trillion while the ASI had risen to 43,041.54 points, its highest index points since last October. The ASI had opened the year at 38,243.19 points while total market value of quoted equities opened the year at N13.609 trillion.

    Nigerian equities had closed 2017 with full-year average return of 42.30 per cent, ranking within the top 10 best-performing equities across the world. Aggregate market value of quoted equities closed 2017 with net capital appreciation of N4.36 trillion.

    Analysts at GTI Capital noted that the selloff was triggered by political uncertainty as preparations for the elections in 2019 continue.

    Analysts said the appreciation recorded by the Dollar in foreign exchange market also contributed to the selloff by foreign investors.

    Analysts at Cordros Capital, who had sounded more upbeat, took a cautionary view at the weekend noting that “while acknowledging potential bargain hunting in the short term, in what follows relatively lower stock prices, we guide investors to trade cautiously and focus primarily on fundamentally sound stocks”.

     

  • Making agric attractive to investors

    The agriculture sector has continued to be attractive to investors. However, operational challenges are hampering them from making good returns. This was the concern of the Institute of Directors (IoD) during its Members’ Evening in Lagos, DANIEL ESSIET reports

    As Nigerians consider ways of improving their livelihoods, experts have said food security is one area to invest. They said efforts must be channelled towards making farming the engine of transforming the economy.

    This was the position of captains of industry and corporate giants, who gathered for the Institute of Directors (IoD) Nigeria Members’ Evening in Lagos.

    According to them, agriculture is suffering from years of under-investment, limited research, and scant input in technology and services for farmers.

    They highlighted the challenges in the sector and urged the government to address  to enhance productivity and  reduce food importation.

    Institute of Bankers President Prof. Joseph Olusegun Ajibola said farmers were trying their best to grow more food, but lack of infrastructure was responsible for their losses.

    In Ekiti where his farm is located, Ajibola said farmers’ lack of access to productivity-enhancing technologies such as quality seeds of superior varieties, mineral fertiliser and crop protection products were some of the challenges being faced.

    He said input needed to increase the land’s productivity – from seed, to fertiliser, machinery, irrigation, and finance – were scarce nationwide.

    He called on the government to invest in roads and electricity– to create an efficient and well-functioning agricultural chain.

    IoD President Ahmed Rufai Mohammed urged the government to take enough measures to revive   agriculture, noting that small and medium-scale enterprises (SMEs) are involved in food production, but their biggest constraint remains limited access to finance.

    He said  what the sector needed was higher agricultural credit and other incentives to boost farmers’ productivity.

    According to him, a discussion on breaking new grounds in agriculture financing was not only necessary for promoting sustainable investment in the sector, but complementary to efforts at enhancing the socio-economic well-being of the people and the economy.

    He said Members’ Evening was one of such platforms that provide opportunities for members to make meaningful inputs and suggest policy options that could enhance government’s decision making process on issues bordering on provision of an enabling environment for businesses across sectors.

    Former Managing Director of the defunct Nigerian Airways Mr. Yomi Jones said despite its importance to food security, the seed industry was still struggling.

    He lamented that lack of database for the agricultural sector has not only made the sector unattractive to both the foreign and local investors, but has continued to retard agribusiness growth.

    Other directors highlighted challenges that affected food production to include absence of government support, insecurity, kidnapping and poor support for agricultural extension.

    Against this backdrop, they also saw technology as a solution for boosting agriculture. The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), said it has  introduced artificial intelligence and aerial imagery analytics to make farming processes more efficient and lead to better decisions for improving yield and productivity.

    NIRSAL Managing Director Mr Aliyu Abdulhameed said offering  agronomic intelligence to help  farmers to plant crops was based  on the situation on ground.

    He  said there is a lot of scope to increase agricultural productivity by using technology in crop selection, package of practices and pest and disease management.

    Establishing an effective modern agricultural extension service, he said, is key to the revitalisation of agriculture. According to him, this is the vision behind its Project Monitoring Reporting and Remediation Offices (PMRO) scheme.

    He said: “The PMRO structure is very critical to our operations. Agriculture is a field business. The PMROs would act as our eyes to ensure that agricultural projects that we facilitate finance for are executed in line with agreed terms and also serve to extend the reach of our interventions.”

     

  • Edo Govt. reinstates commitment to attract investors

     

     

    The state Deputy Governor, Mr Philip Shaibu, stated this at a one-day investment promotion workshop with the theme “Investment promotion in Edo state as a tool for enhancing economic growth.”

    Shaibu said that the workshop was to examine ways to attract potential investors to the state and to provide ease of doing business in the state.

    He said the one-day deliberation among the resource persons and other participants would proffer solutions to the challenges that confronted investors when trying to set up businesses in the state.

    The deputy governor said that development strategy had shown that the state was focused on achieving millage in the areas of agriculture, solid minerals, power, culture, tourism and housing among others.

    Read also:staging.thenationonlineng.net/edo-committed-attaining-self-sustenance-igr-shaibu/

     

    He assured investors that the state government had new security architecture in place being implemented ”to give total security coverage to all.”

    Shaibu further assured that the state government had embarked on massive construction of access roads in the state with particular importance to roads leading to industrial sites.

    In his presentation, one of the resource persons, Kenny Aliu, said that investment in the state would among others, creation jobs opportunities, especially the unemployed.

    (NAN)

  • Our $5b investment under threat, say investors

    fish giants have begged the Federal Government to save their investments of over $5 billion from imminent collapse.

    They said from 40 fishing companies operating almost 250 industrial vessels 15 years ago, the industry is nothing to write home about today.

    Speaking under the aegis of the Trawler Owners Association (NITOA), they said their operations were being affected by what they called the economic harsh environment.

    NITOA National Vice President, Gen Morounfolu Aromire (rtd), said: “Despite the more than $5.2 billion investment of our members on jetty facilities, equipment and infrastructure, only about 130 vessels are in operation due to the harsh situations that the industrial fishing operators have had to contend with.

    “These have led to several companies going into limbo to the extent that only 12 companies are operating now.”

    The group said with support, it would assist “in generating the much-needed foreign exchange from the non-oil exports”.

    NITOA’s operations, Aromire added, provided employment to over 6,000 Nigerians and more than 600,000 jobs indirectly across the country before their predicament, adding that the government needs to assist them.

    The group, he said, would have improved on its shrimp production and export capabilities and increase local fish production level from 10 per cent to 35 per cent, if not for the challenges facing them.

    “Sea armed robbery and piracy have led to the killing and maiming of crew men, thus making the highly productive areas in our marine waters inaccessible.

    “While we must accept that the situation is much better than it was few years back, there is still a lot of room for improvement. Attacks were still reported some few days ago. NIMASA must synergise much more with the Nigerian Navy to ensure that our maritime environment is safe and secure.

    “While we appreciate efforts by the Federal Government at earmarking a fisheries terminal at the KLT in Lagos, the encumbrances on the way of those efforts may not allow it mature as quickly as one may wish.

    “We, therefore, want to further suggest that companies already operating from KLT 1 and 2 be allowed to continue to operate from their locations.

    “NPA may only need to charge some reasonable commercial rates, but which will not drive operators out of business,” he said.

    The Shippers Association of Lagos (SAL) has also cried out over the rising robbery on the waterways.

    The waterways, it said, had become a haven for robbery, urging the Nigeria Maritime Administration and Safety Agency (NIMASA) to secure the terrain.

    SAL President Mr Jonathan Nicol said NIMASA must collaborate with the law enforcement agencies to tackle the problem. Nicol urged NIMASA to do more to secure goods and ships on waterways.

    “NIMASA should use helicopter regularly to checkmate these pirates and also seek the protection of the Navy, Customs and the police on the issue.

    “If the Federal Government fails to do this, it means we are going to lose so much revenue from the maritime sector,” Nicol said.

    A shipper, Mr Solomon Anderson has suggested radar and satellite technology as part of the measures NIMASA should look into in finding a solution to the problem.

    He called on the National Assembly to look at the Anti-Piracy Bill before it as many indigenous companies have been crippled and many children orphaned because sea pirates activities.

    Anderson also identified radar technology and effective information sharing as the solution to the incessant high-jacking and robbery of shipping trawlers and oil vessels.

    “Nigeria’s food security is being affected; our foreign exchange is being affected because these activities lead to capital flight as more foreign vessels now do most of the jobs,” he said.

    But NIMASA’s Director-General Dr Dakuku Peterside, said the agency was addressing the security challenges on the waterways.

    He added that the agency had initiated some positive measures to enhance security within and outside the nation’s territorial waters.

    Peterside said the agency was working with security agencies, such as the Air Force, Navy, Army and Police, to ensure that the waterways are safe for freighting and fishing.

    He advised trawler owners to ensure that they paid adequate attention to the remuneration of their crew because many are poorly paid; noting that poor pay usually leads them into criminal activities, such as selling their first catch at sea and subsequently drawing the attention of pirates.

     

  • Our $5b investment under threat, say investors

    fish giants have begged the Federal Government to save their investments of over $5 billion from imminent collapse.

    They said from 40 fishing companies operating almost 250 industrial vessels 15 years ago, the industry is nothing to write home about today.

    Speaking under the aegis of the Trawler Owners Association (NITOA), they said their operations were being affected by what they called the economic harsh environment.

    NITOA National Vice President, Gen Morounfolu Aromire (rtd), said: “Despite the more than $5.2 billion investment of our members on jetty facilities, equipment and infrastructure, only about 130 vessels are in operation due to the harsh situations that the industrial fishing operators have had to contend with.

    “These have led to several companies going into limbo to the extent that only 12 companies are operating now.”

    The group said with support, it would assist “in generating the much-needed foreign exchange from the non-oil exports”.

    NITOA’s operations, Aromire added, provided employment to over 6,000 Nigerians and more than 600,000 jobs indirectly across the country before their predicament, adding that the government needs to assist them.

    The group, he said, would have improved on its shrimp production and export capabilities and increase local fish production level from 10 per cent to 35 per cent, if not for the challenges facing them.

    “Sea armed robbery and piracy have led to the killing and maiming of crew men, thus making the highly productive areas in our marine waters inaccessible.

    “While we must accept that the situation is much better than it was few years back, there is still a lot of room for improvement. Attacks were still reported some few days ago. NIMASA must synergise much more with the Nigerian Navy to ensure that our maritime environment is safe and secure.

    “While we appreciate efforts by the Federal Government at earmarking a fisheries terminal at the KLT in Lagos, the encumbrances on the way of those efforts may not allow it mature as quickly as one may wish.

    “We, therefore, want to further suggest that companies already operating from KLT 1 and 2 be allowed to continue to operate from their locations.

    “NPA may only need to charge some reasonable commercial rates, but which will not drive operators out of business,” he said.

    The Shippers Association of Lagos (SAL) has also cried out over the rising robbery on the waterways.

    The waterways, it said, had become a haven for robbery, urging the Nigeria Maritime Administration and Safety Agency (NIMASA) to secure the terrain.

    SAL President Mr Jonathan Nicol said NIMASA must collaborate with the law enforcement agencies to tackle the problem. Nicol urged NIMASA to do more to secure goods and ships on waterways.

    “NIMASA should use helicopter regularly to checkmate these pirates and also seek the protection of the Navy, Customs and the police on the issue.

    “If the Federal Government fails to do this, it means we are going to lose so much revenue from the maritime sector,” Nicol said.

    A shipper, Mr Solomon Anderson has suggested radar and satellite technology as part of the measures NIMASA should look into in finding a solution to the problem.

    He called on the National Assembly to look at the Anti-Piracy Bill before it as many indigenous companies have been crippled and many children orphaned because sea pirates activities.

    Anderson also identified radar technology and effective information sharing as the solution to the incessant high-jacking and robbery of shipping trawlers and oil vessels.

    “Nigeria’s food security is being affected; our foreign exchange is being affected because these activities lead to capital flight as more foreign vessels now do most of the jobs,” he said.

    But NIMASA’s Director-General Dr Dakuku Peterside, said the agency was addressing the security challenges on the waterways.

    He added that the agency had initiated some positive measures to enhance security within and outside the nation’s territorial waters.

    Peterside said the agency was working with security agencies, such as the Air Force, Navy, Army and Police, to ensure that the waterways are safe for freighting and fishing.

    He advised trawler owners to ensure that they paid adequate attention to the remuneration of their crew because many are poorly paid; noting that poor pay usually leads them into criminal activities, such as selling their first catch at sea and subsequently drawing the attention of pirates.

     

  • Adron Homes woos investors with Val jig

    With over 60 million Nigerians living in indecent houses, a private estate developer, Adron Homes and Properties Limited, is set to intervene to reduce the figure. The firm is to expand its portfolio by developing Town Park and Gardens and Central Park and Gardens in Imota, Lagos, and Kuje area of the Federal Capital City (FCT), Abuja.

    Its Group Managing Director,  Mr. Adetola Emmanuel-King, who disclosed this in Lagos, explained that the need to adopt a pragmatic approach to bridge the housing deficit and solve the problem of housing for Nigerians, remains the focus of his firm.

    One of such measures to achieve this,  he said, is through the  Lemon De Val Promo 2018, which is aimed at celebrating this year’s Valentine season with Nigerians home and abroad. Attendants at the event will benefit from a 14 per cent discount on purchases made in any of the firm’s estate.

    Emmanuel-King explained that the firm does not base its development plans on economic indices, but it designs products to suit the pocket of every Nigerian such that with N500, anyone can start from the entry level. “We focus on the traditional style of mortgage, but also accommodate those under the National Housing Fund through the primary mortgage banks,” he explained. Besides, he noted that the promo was designed to appreciate all the firm’s customers in a special way and encourage new ones to invest.

    “Pay an initial deposit of N140,000 for a plot; spread the balance over a period of 14 months and you qualify for a free ticket to our Lemon De Val Promo 2018. Pay outright for a plot of land and you qualify for a raffle draw to win a set of sofa, king sized bed and 100 bags of cement. Buy a house and enjoy 10 per cent discount plus a free ticket to our Biggest Lemon De Val Party,” he explained.

    At the inception of the Lemon de Val Promo in 2016, about 5,000 people subscribed for properties with the firm. Adron Homes has over 10,000 hectares of land spread across the country to meet the needs of investors.

    According to him, the party, which is planned to be the biggest Valentine party, is also a way of asking more Nigerians to invest in real estate. “This year’s promo is the third edition, and it comes uniquely with an amazing discount of 14 per cent on all Adron Homes’ estates and land in Abuja, Lekki, Ikorodu, Shimawa, Ota, Shagamu and Ibadan. Also, with a minimum initial deposit of N140,000, a client can get a free ticket to the Adron Lemon De Val party with the likes of Falz, Small Doctor, Saidi Balogun, Fela Durotoye, Tiwa Savage, Ricado Banks and Woli Arole, among others,” he explained.

    Emmanuel-King said the company has partnership with some mortgage institutions and admonished its clients, who subscribed to National Housing Fund (NHF) to access mortgage financing windows in their quest to own a house.

    “We focus mainly on the traditional style of mortgage because if you look at what is happening in Nigeria today, considering that workers in both government and private establishments are not being paid, access to mortgage is becoming a herculean task and mirage day by day. So, the best way out is to go for us to go vis a vis traditional mortgage system whereby you access our products and pay up to 20 years, that is 140 months  on zero per cent interest rate, nobody has ever done that in the whole world and this is a plus for Adron Homes,” he explained.

    In a related development, Adron Homes has unveiled its new brand ambassador, Mr. Wasiu Alabi, a.k.a Pasuma.

     

  • Ekiti governorship aspirant to attract investors

    Ekiti governorship aspirant to attract investors

    An All Progressives Congress (APC) governorship aspirant in Ekiti State, Dr. Wole Oluyede, has promised to attract local and international investors to free the state from dependence on federal allocations.

    Oluyede said he was not afraid of competing against former governors Segun Oni and Kayode Fayemi in the primary for the July 14 poll.

    The doctor-turned politician is confident of winning the party’s ticket and election.

    Speaking with The Nation yesterday, Oluyede promised to galvanise a knowledge-based economy and ensure effective utilisation of human resources to stimulate investments.

    The aspirant said Ekiti cannot continue to depend on Abuja for monthly “financial handouts” amid abundant agricultural, mineral and tourism resources.

    He said: “Our federal allocation should just be a plus to us. We cannot go to Abuja to get money we did not work for every time.

    “What we should do is develop what we have. We need to develop our agriculture, we need to develop tourism. We have one of the most important sources of wealth in the world: knowledge.

    “That is what countries have, and that is what China is developing now. We need to become innovators and entrepreneurs.

    “What I am trying to say is that we must encourage one another to invest in our own economy to create jobs.

    “We have a good number of educated people; we must use them. We don’t need to buy Okada for our youths because we want them to produce things we can sell to others.”