The Nation Newspaper

Tag: MARKET

  • Lagos community gets market stalls

    Lagos community gets market stalls

    The Odoragunshin community of Eredo Local Council Development Area (LCDA) in Epe, a Lagos suburb, celebrated in grand style on September 7, when BHL Investment and Technology Ltd handed over 12 market lock-up stalls to the community at an event attended by Vice Chairman, Eredo LCDA, Chief (Mrs) Olayinka Olusanya, Board member and founder of Pro Natura-International (PNI) a Non Governmental Organisation (NGO), Mr. Phill Hall (OBE), representative of BHL Investment and Technology Ltd, Mr. Guus Hak, The Aladegunsebi of Odoragunshin, Oba Olawale Olagoke Ogunsanya and members of the Odoragunshin community.

    Speaking at the event, PNI’s Acting Executive Director, Mrs. Nike Olaoye, noted that the handing over of the market lock-up stalls in Odoragunshin is one of many community development projects being implemented by PNI in six communities in the Eredo LCDA.

    “These projects were selected as a result of the needs assessment carried out in the area. It was based on the felt needs of the people after holding a series of forums and discussions with various groups.PNI is implementing these projects through the Eredo Community Development Foundation (ErCDF). The ErCDF is a Community Based Foundation that was set-up by PNI in 2010 with the full participation and cooperation from the six communities namely: Odoragunshin; Ibonwon; Ilara; Ijih; Igbonla and Odoshiwola. This was done with the financial and moral support of BHL Investment and Technology Ltd as part of the company’s CSR strategy as it prepares to kick off a bus assembly plant in the Eredo area in 2013,” Mrs. Olaoye said.

    In his remark, Mr. Phill Hall (OBE) commended the Odoragunshin community in accepting to partner with PNI through the ErCDF. He expressed his organisation’s gratitude to Oba Ogunsanya for his cooperation and support for the project which resulted in the lock-up market stalls. He thanked the management of BHL Investment & Technology Ltd for their philanthropist role in the development of rural communities in Eredo LCDA.

    Mr. Guus Hak while responding expressed joy seeing the completion of the stalls. He expressed his gratitude to the people of Odoragunshin for their warm reception and entertainment. He also informed the community on the impending BHL Bus Assembly Plant to be located in Ilara community where the company has acquired land from government. He solicited for their support and explained that it was BHL’s intention to build the capacity and train members of the community to work on the assembly plant once it takes off.

    The Chairman of Eredo LCDA, Honourable S. Adelaja represented by his Vice , Chief (Mrs) Olayinka Olusanya commended the efforts of market leaders for the tireless support given to the PNI and ErCDF staff during the construction of the lock up stalls. She advised Odoragunshin youths to desist from acts of destroying of community development projects. She expressed gratitude to PNI, ErCDF and BHL staff, promising that the community would continue to give more support and co-operation.

    The members of the community expressed their gratitude to all stakeholders of the project, adding that they were originally cynical about the project coming to fruition after the needs assessment exercise was carried out.

    Oba Ogunsanya while declaring the stalls open, praised the management of BHL Investment & Technology Ltd, PNI and ErCDF for their effort in implementing the project as well as promoting peace and harmony among his people. He urged the community to keep the market clean and welcome non indigenes (Hausa’s, Igbo’s, Urobo’s) to join them in the market in order to expand the level of patronage.

     

  • Exciting places to shop in Enugu

    Exciting places to shop in Enugu

    Enugu, known as a civil service state, has many super stores and markets that excite shoppers. The super stores have comfortable environment; the markets offer good bargain depending on what a customer wants. But the evening market has found a place in the hearts of many shoppers. STANLEY EZEONYEASI and Ogechukwu EMEDIKE report.

     

    There are many places where one can shop in Enugu, the capital of the old Anambra State. It is a safe and tranquil city, highly developed with a good road network. There are lots of supermarkets, shopping malls and plazas, as well as open markets where one can make purchases at reasonable prices.

    The most popular market in Enugu is the Ogbete Main Market beside the Holy Ghost Catholic Church, on Market Road, Enugu.

    The market is central and attracts buyers from within and outside the state. The most attractive thing in Ogbete Market is that most shoppers enjoy the evening market that starts at 3pm daily, at the car park, at the entrance of the market.

    There, items are sold at very cheap prices. The evening market also known as uwa mgbede, in Igbo, meaning evening world, usually draws sellers and buyers from various places within the city.

    It is observed that the traders who sell in this evening market, most times sell more than those who have shops inside the market. This market makes shopping a pleasurable experience for students who are attracted by their cheap food stuff, bags, shoes and second hand clothing.

    It was gathered that traders in Ogbete make more sales on Mondays and Saturdays than other days. This is because Monday is a new week and new goods are brought into the market. On Saturdays, more families like to shop for the coming week. Besides, workers who did not have the time to shop during the week are free on Saturdays and could go to the market.

    The market has also gained a lot of patronage from travellers and passersby, as it is surrounded by several transport companies and motor parks.

    Many believe that Enugu is small, as it is mainly populated with good number of super stores. Most residents, especially civil servants, believe that items sold in super stores are more expensive than those sold in the market.

    The Nation Shopping found that this perception is not 100 per cent correct. However, prices of goods in the city are generally normal in the market, malls and super stores except for some female items like bags, shoes and clothing that are a little bit on the high side.

    The favourite super market, Erico Super Market, Paully -Pet super stores are some of the stores serving over five million people in Enugu.

    Some of the items in the super markets and stores range from cosmetics to beverages, clothing, shoes, wine, household equipment and lots more.

    However, the coming of the popular grocery and household goods store, Shoprite, at Polo Park, Ogui Road, has in no small measure given a boost to shopping in the city.

    Ogbete Market, New Market, Gariki Market, Afia Nine Market, New Haven Market, Abakpa Market are some in the Coal City for those who want to purchase within their means. Kenyetta Market also thrives in the evening.

    On food stuffs, meat, fish and condiments, Ogbete and New markets are the best to visit. When going for yam in large quantity, Gariki is the most suitable market.

    Looking for chicken, turkey, goat meat and fresh fish (point and kill)? Artisan Market is the place to make such purchases, though the market is referred to as ‘rich man’s market’ because things are said to be unnecessarily expensive.

    Odegba Market behind the New Market, is popular for fruits and vegetables.

    Traders who sell in Odegba Market are from the rural areas and their buyers are from the Enugu metropolis.

    Another good place to shop in Enugu is Stadium Complex, C to C plaza, Red Wrappings, Women’s World boutique, Front roll Boutique, Gossip, Pentagon Shopping Mall and Eastern Shop, an old mall that has existed for the past 20 years. It is a departmental store where you can buy general goods, clothing and cosmetics.

    The most outstanding shopping mall in the city is the Roban Stores. It is regarded as a shop for the elite. The beauty of the store is that you can get everything you want under a roof. This mall has saved a lot of people in Enugu the stress of going to the market. Prices of goods in Roban Stores are same or better than the markets.

    A shopper, Professor J.C. Igweh, spoke to The Nation Shopping in Enugu, saying: “The market is far, huge and oversized. Everything is concentrated in the market and you have a long distance to walk in the market. It is extremely stressful shopping in Ogbete Main Market. But if I must shop here, in Enugu, I shop at Favourite Shopping Centre or Roban Stores.”

  • Council improves market

    Council improves market

    The Caretaker Committee Chairman of Ibadan North Local Government Area of Oyo State, Hon. Idris Babatunde Lapade, in his efforts to ensure healthy environment, has commissioned eight public toilets and four boreholes in the four major markets in the area.
    The inauguration and handover of the facilities to market users took place at Gbaremu, Bodija, Sango and Moloka markets respectively.
    The facility include: two blocks of pubic toilets with three conveniences, two tap water pools and a borehole each at the market The council chief who was accompanied by his secretary, Mr. Adamu Bello, members of his committee, ACN chairman in the local government Alhaji  Akibu Animasahun while commissioning the projects, urged the benefited markets to make use of the facilities as he charged them to use them well,  saying there will be effective monitoring to ensure  maintenance
    He said the motive behind the provision  of the toilets  and  markets is to meet the demand of stakeholders who have been urging the council to ensure healthy environment in the market.
    The council boss, therefore, urged residentts   of the state to support the governor, Senator Abiola Ajimobi,  in his quest to rebuild the  the state and meet the desires of all and sundry.
  • Market recovery: Firms revive fund raising plans

    Market recovery: Firms revive fund raising plans

    Many companies that had shelved earlier plans to raise new capital from the capital market due to the lingering recession have restarted discussions about prospects of accessing new equity funds from the market.

    Investment banking sources said there were indications of renewed interests in the new issue market following sustained recovery in the stock market, which has seen considerable restoration of equities’ values and investors’ confidence in recent period.

    They indicated that ongoing discussions could lead to debut of early new issues in the market around the first quarter of 2013 if the market sustained its ongoing recovery.

    Market sources said although the talks were still not definitive, the discussions pointed to imminent rebound of the new issue market.

    From a whooping N1.3 trillion in 2007, the recession that started in 2008 had withered enthusiasms for new issues, especially equities, as new issues dropped to about N86 billion in 2009. It has since declined consecutively with the few new equity issues in recent years – largely rights issues motivated by large core investors seeking to recapitalize their companies.

    Companies were however, said to be considering that the positive sentiments from the secondary market recovery would impact on new equity issues.

    Reports by boards of directors of several companies had indicated that companies were constrained by their inability to source new equity capital due to the meltdown at the capital market while recourse to high-interest bank loans depressed probable returns to shareholders.

    Reports by quoted companies highlighted the twin-problem of high cost of fund and liquidity squeeze on corporate earnings.

    Several companies had earlier indicated plans for supplementary equity issues and initial public offering (IPO) but suspended the plans due to what they described as unfavourable situation at the primary market.

    Not less than 11 companies had earlier indicated interests in raising new equity funds. These included companies such as Cement Company of Northern Nigeria (CCNN), May and Baker Nigeria, Fidson Healthcare, RT Briscoe, DN Meyer, Nigerian Aviation Handling Company (Nahco), Lafarge Wapco Cement Nigeria Plc and UACN Property Development Company (UPDC) Plc. Two prospective new listings- Promasidor Nigeria Limited and Notore Chemical Industries Limited had also mulled plans to float IPOs.

    Many banks were said to be considering proactive fund-raising plans to boost their lending capacity and forestall adverse impact from global and domestic regulatory changes.

    Many banks have subsisting shareholders’ resolutions to raise new funds through equity and debt issues.

    Most of the companies had already intimated shareholders of the necessity of accessing new funds while many have started and completed some key steps in the new issue process. Already, CCNN had secured shareholders’ approval to raise N45 billion. The company had gotten approval to raise N15 billion each through rights issue, public offer and a rights-based secured convertible debenture issue.

    This implied that the company would be seeking to raise up to N30 billion from existing shareholders while new investors and existing shareholders would contribute N15 billion. A secured convertible debenture would give opportunity to debenture holders to choose to convert their holdings to ordinary shares at a later date.

    While some of the companies plan to use net proceeds of their offers for business expansion, most of the companies would use the funds to restructure their balance sheets by reducing bank loans and providing additional working capital to support long-term growth.

    CCNN was planning to raise funds to finance expansion while Promasidor and Notore plan to use net proceeds of their IPOs to partly finance its new factory.

    Notore plans to raise more than N160 billion. The net proceeds from the IPO would be used to finance a brand new fertilizer plant, with a conservative estimated cost of $1 billion. The new fertilizer plant was part of the company’s expansion programme, which aimed to build new capacity to support the current attainable capacity of the existing plant of 750,000 metric tonnes.

  • Labour market defies economic slump

    THE LABOUR market in the UK continued to recover strongly in the three months to July/August, despite the double dip recession, the Office for National Statistics revealed on Friday.

    Employment rose 236,000 in May to July, compared to the February to April period, putting the total at 29.56m, just 11,000 below its all-time peak in early 2008.
    The unemployment picture also improved, edging down 7,000 during May to July on the labour force survey measure, and slipping 15,000 on the claimant count measure for August, also released.

    Big increases in population, and 181,000 fewer economically inactive individuals aged 16-64 compared to the previous three months – the largest decrease since records began in 1977 – account for the fact unemployment is basically flat despite rapid job growth.

    Of the close to a quarter of million gaining jobs, 102,000 were full-time employees, and 134,000 part-time. Self-employment hit a new all-time high at 4.2m, with 52,000 extra people officially working for themselves.

    The rise in jobs has not come from ministerial fiat. Excluding the reclassification of institutions providing further and higher education, the public sector shed 39,000 staff in the second quarter, while the private sector increased employment by 275,000. Although this data is one month in arrears compared to the rest of the data, it fits in well with the overall trend.

    But some analysts said that the employment picture was too good to last in such a gloomy overall economic climate. “The economy would have to be growing in excess of trend rates to sustain these levels of job creation, so we must expect some payback in the form of falling employment levels in the months ahead,” said Andrew Goodwin at the Item Club.

    Average weekly earnings were just 1.4 per cent up in the three months to July, compared to the year before, despite consumer prices going up 2.6 per cent, meaning workers took a real wage cut. The upshot of a real wage cut is that workers look more attractive to employers, potentially helping to explain the employment boost.

  • Council gets new market

    Council gets new market

    The new market built by Oriade Local Council Development Area in Lagos State has begun to attract buyers and sellers of various goods from far and near.

    The facility conceived after several markets in the council were demolished to pave way for the 10-lane Badagry road ,has become a centre of economic activities in the area.

    Taking newsmen round the market recently,the Baba-Oja of Ijegun Egba in Oriade Local Council Development Area, Alao-Idowu Abisoro, lauded the council’s committee on land and properties, for its prompt response and building the shops in different grades to meet the demand of traders.

    According to Abisoro who was accompanied by some of the council officials and the host community royal kinsmen, the market site has long been allocated to the council for public use by the two royal houses in Ijegun Egba.

    “About 15 markets with more than 1000 locked up and open shops were destroyed during the demolition of structures carried out by the government to create way for the road construction that is going on and since then, traders don’t have place to sell but I am happy with the timely intervention of the council for developing this satellite market.

    “As you can see, traders are happy selling in a peaceful atmosphere, unlike the former situation when buying and selling were done by the roadside. Now there is security and toilet, parking space and the council is traders- friendly. Traders now display their wares or goods in groups and those who sell fruits from neighbouring states”.

    Also showering praises on the council for bringing smiles back to the faces of traders in the area, Alhaji Babatunde Adeo Sogunro , said their father was delighted to give the land for public use, noting that the new market is wish of the founding fathers of the community.

    He debunked the insinuation that his father sold the piece of land to Management Enterprise Limited saying “My father has power of Altorney on the land as the head of Ibasa Alagbo family. I heard that somebody claimed the council is an illegal occupant of this market site saying my father who gave the land out for community thumb printed.

    He said:“I must tell you that my father was a Cambridge certiificate holder who later worked in the Nigerian Air Force. He is learned, so for somebody to have alleged that my father thumb printed in any alleged transaction giving out this piece of land is a white lie. My father took a plane down to Ibasa here in 1940.”

    According to Hon Akeem Agbelega , the council leader, the peaceful atmosphere in the market is a reflection of the council area at large which is devoid of violence and acrimony irrespective of differences in the tribes of residents.

  • NSE to withdraw license of erring market makers

    NSE

    The management of Nigerian Stock Exchange (NSE) yesterday warned that it may withdraw the operating license of any erring market maker.

    The Exchange also said it would deduct 10 per cent of total value of transaction engaged in by a defaulting market maker in the case of a less-impact breach.

    Chief Executive Officer, NSE, Mr. Oscar Onyema read the riot act yesterday while speaking at a workshop organised by the Exchange on the ‘Market Making, Securities Lending and Short Selling.’

    Onyema, who said the Market Making programme will be carried out in phase of limited securities at a time, informed the financial market community that the market will roll out the rest of the securities over a period of six months.
    “We are going to roll out over a six months period. During that period, we are going to learn a lot.

    There have been a lot of efforts that has gone into this. When it comes to the ability in lending securities, we know that AMCON will lend the credit. With regards to retail participants, we want to start with professional (institutional investors) to manage the risk and the process.

    The whole idea at the end of the day is to improve the market quality. The primary market maker will be there to provide liquidity where you don’t have liquidity. By allowing a very symmetrical market there will be a lot of sanctions for defaulters” he added.

    Also, joining the two Securities Lending Agents (SLA) Stanbic IBTC and United Bank for Africa (UBA) are First Bank and City Bank who have also gotten approval by the Securities and Exchange Commission (SEC) to operate as agents to the market makers.

    For the SLA, they are expected to provide additional income and increase business volume in the market.
    Explaining further details on how the programme will go, the Head of Transformation at NSE, Mr. Olumide Lala said the lower/upper trading limit will be increased from five per to 10 per cent for securities that get rolled out into the programme.

    Lala, who noted that no ‘naked selling’ will be entertained in the operation of Market Maker on the Exchange, stressed that Covered selling will be allowed even as there will be no failed trade.

    The market makers include Capital Bancorp, CSL Stockbrokers, ESS/DunnLoren Merrifiled, FBN Capital, Future Capital, Future View Securities, Greenwich Securities, Renaissance Capital, Stanbic IBTC, Vetiva and Capital and WSTC.

    Among companies selected by the 10 Market Makers to act in the pilot scheme includes; PZ Cusson, Presco, International Breweries, Lafarge Wapco, Fidson Healthcare, Redstar, DN Meryer, Diamond Bank, Fidelity Bank, Nigerian Breweries, Guaranty Trust Bank and UAC Nigeria Plc.

    The Market Makers programme, which will debut in the market on September 18 are expected to play a central role in the provision of two-way quotes (comprising of buy and sell prices) for the securities that they are making markets on. Leveraging the Securities Lending process, Market Makers will be able to borrow securities in order to settle ‘buy order imbalances’ from customers.

    A ‘hybrid’ market, allowing both market makers to provide two way quotes and licensed broker/dealers of The Exchange to submit orders as is currently done, will be operated from the commencement date of this key initiative.

  • Traders pledge support for market development

    Hon Adepitan in a group photograph with sectional leaders of the market during a peace meeting at the council secretariat

    Traders in Mushin market have pledged to give maximum support to the development of the popular Mushin market if the construction works will be carried out in phrases. This assurance was given when the Mushin Local Government leadership held a consultative meeting with all the 33 sectional leaders in the market.

    According to their spokesperson, all the traders will love to see development in the market provided it will not bring hardship to them. They, therefore, appealed to the chairman of the council, Hon Olatunde Adepitan, to ensure that after the construction of the market, the current crop of traders would be considered first for allocation before the money bags deny the traders the opportunity to return to the shops.

    The traders also demanded for more time to enable them prepare for the new challenges while insisting that their leaders did not inform them of the previous meeting held with the local government in relation to the reconstruction of the market.
    Replying, Hon.Adepitan assured the traders that adequate arrangement had been made to mitigate any inconveniences as an alternative arrangement had been made to cushion the effects of the reconstruction exercise .

    He immediately directed the councillors to enact a bye-law that will enable the traders to operate without any inhibition around the streets in the area pending when the construction work would have been concluded.

    Adepitan said since the beginning of the year, he had directed the council officials to stop the collection of tolls from Mushin market, this was meant to prepare the traders for the eventual temporary relocation from their present state.

    He further explained that the representatives of the traders should constantly liaise with the contractor handling the job to ensure that the time frame for the completion of the job is met.

    Mr. Adefusika Adeojo, the Legal Adviser to Mushin Market traders advised the council authority to abide by all the terms of agreements concerning the comfort of the traders.

    The traders had protested the plan demolition of their market last week due to the short notice for them to vacate their shops. The chairman explained that they had close to a year to move their wares away having met with the market leader ship several times before the final notice was issued.

  • Furniture firm targets upscale market

    Consumer’s furniture company, Aframero Limited, exhibited some of its product recently at the just-concluded furtex international furniture, home textiles and home suppliers trade fair held in Lagos, last week.

    Aframero Limited not only supplies premium quality building and woodworking materials to the construction and furniture sector, it also provides advisory services.

    Its Managing Director, Mrs. Yetunde Oghomienor said the company was birthed to fill the gap in high quality interior finishing materials at affordable prices. She said the company’s main products include wood composite panels like medium density fibrewood, and Formica brand counter tops.

    In addition, she said their products carry the widest range of colours, finishes, and sizes.
    According to her, Aframero’s kitchen accessories include magic corner, pantry unit, pullout basket and other items that makes a kitchen beautiful and making working easier and more pleasurable.

    The company’s general manager Mr. clement Sampson describe Aframero limited as a one stop shop were you get all your furniture materials and accessories.

    On the target market she revealed that the product is targeted at professionals, specifiers in the building sectors, architects, builders, furniture manufacturers are their major target.

  • Kwali central market for upgrade

    The Federal Capital Territory Administration has said that plans to upgrade the Kwali Central Market have reached advanced stage.

    The Manager of Kwali Central Market, Joshua Madaki, who revealed this in Abuja assured traders and residents of Kwali Area Council that the market will soon be upgraded to attract more investors to the area.

    Speaking with reporters, Madaki lamented the lingering sewage problem which he said is affecting the market. He further expressed the determination of the area council to carry out necessary repairs on the market.

    According to him, some security measures have been put in place to ensure safety of the traders and their property.

    “We discovered recently that the market has become over-stretched due to the influx of people on daily basis. You know that residents in the city centre do come to the market to buy their foodstuff and other commodities. As a result of this, the available infrastructure become over-stretched,” he said.

    Madaki also identified lack of parking space as one of the problems confronting the market.
    “Most of the cars that should have come in to discharge one commodity or the order are usually parked outside due to lack of space in the market,” he said.

    According to him, apart from the crowded environment, poor drainage system is another challenge confronting the market, even as he added that the council’s chairman, Joseph Shazin has visited the market and took note of the problems confronting the market.

    He further disclosed that a borehole will soon be sunk in the market. He therefore urged traders to continue to transact their businesses and avoid acts that would engender violence in the market.